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The Independent Adviser for Vanguard Investors
•
November 2015
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
Fund (fund #)
Ticker Minimum
Loads Advice
10/30
Price
Oct.
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
$9.46
6.8% 2.5% -1.3% — — 2.7% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $22.16
5.6% -10.4% -15.7% -2.9% -3.0% 2.9% 1.40
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $16.48
6.1% -9.9% -17.0% -2.9% — 1.5% 1.45
European Index (79)
VEURX
$3K
— Hold $27.98
6.1% 1.7% -0.8% 7.9% 4.9% 3.1% 1.17
Global Equity (129)
VHGEX
$3K
— Hold $24.42
6.9% 1.3% 1.2% 12.0% 8.9% 1.5% 0.96
Global Minimum Volatility (1194)
VMVFX
$3K
— Buy $11.81
4.0% 7.1% 9.9% — — 2.3% —
International Explorer (126)
VINEX
$3K
— Hold $17.76
4.6% 7.8% 5.6% 12.5% 6.7% 1.7% 0.91
International Growth (81)
VWIGX
$3K
— Buy $21.83
9.2% 1.3% -2.0% 7.6% 4.8% 2.3% 1.21
International Value (46)
VTRIX
$3K
— Hold $33.22
7.2% -2.2% -7.4% 6.2% 3.3% 2.8% 1.18
Pacific Index (72)
VPACX
$3K
— Hold $10.99
7.5% 2.9% -3.1% 7.2% 4.3% 2.2% 1.10
Total International Stock Index (113)
VGTSX
$3K
— Hold $15.11
6.3% -1.0% -4.9% 5.0% 2.6% 2.8% 1.08
Total World Stock Index (628)
VTWSX
$3K
— Hold $24.18
7.1% 0.4% -0.4% 10.1% 7.7% 2.3% 0.99
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$17.92
6.4% -1.2% -5.2% 4.8% 2.6% 2.8% 1.09
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $36.27
4.9% 0.8% -2.3% 5.8% 3.0% 2.6% 1.04
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
*** Fund sold with a 0.25% front-end load
VANGUARD VARIABLE ANNUITIES
Fund (fund #)
Advice
10/30
Price
Oct.
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
$18.59
0.1% 1.3% 1.1% 1.2% 1.7% 0.37
Total Bond Market Annuity (67)
Hold
$37.11
0.1% 0.8% 1.6% 1.2% 2.6% 1.01
High-Yield Bond Annuity (146)
Buy
$29.83
2.6% 1.4% 0.4% 3.8% 5.8% 1.44
Conservative Allocation Annuity (801) Hold
$26.08
3.0% 1.1% 1.9% 5.9% — 0.41
Moderate Allocation Annuity (803)
Hold
$28.21
4.5% 1.1% 1.7% 8.0% — 0.59
Balanced Annuity (69)
Buy
$83.51
5.3% 1.1% 2.7% 10.1% 9.7% 0.65
Capital Growth Annuity (603)
Buy
$39.87
8.3% 2.5% 5.4% 20.0% 14.9% 0.96
Diversified Value Annuity (145)
Buy
$28.82
7.6% -0.0% 0.9% 12.4% 12.5% 0.98
Equity Income Annuity (8)
Buy
$71.57
8.2% 1.7% 3.7% 13.9% 14.1% 0.97
Equity Index Annuity (68)
Buy
$81.49
8.4% 2.4% 4.8% 15.7% 13.8% 1.00
Growth Annuity (10)
Hold+
$42.40
7.7% 7.3% 10.1% 19.3% 15.4% 1.12
MidCap Index Annuity (143)
Buy
$47.41
5.9% 0.7% 3.8% 16.9% 13.6% 0.98
REIT Index Annuity (147)
Hold
$53.88
5.7% 0.8% 4.7% 11.3% 11.6% 1.36
Small Company Growth Annuity (160) Hold
$63.73
5.3% -2.0% 2.4% 15.4% 13.5% 1.28
Total Stock Market Annuity (604)
Hold
$29.65
7.9% 1.7% 4.0% 15.6% 13.6% 1.00
International Annuity (86)
Buy
$37.52
9.4% 1.1% -2.3% 7.2% 4.5% 1.23
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
10/30
Price
Oct.
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 $10.00
0.0% — — — — — 0.67% — — — — — —
Short-Term Treasury (32)
VFISX
Sell
2.3 $10.73 -0.1% 0.9% 0.9% 0.6% 0.7% 0.7% 0.50% — — — — — 0.30
Short-Term Federal (49)
VSGBX Sell
2.6 $10.79 -0.2% 1.0% 1.1% 0.7% 1.0% 0.8% 0.68% — — — — — 0.31
Short-Term Inflation Index (1967)
VTIPX
Hold 2.6 $24.23
0.0% 0.2% -1.3% -0.8% — 0.7% 0.22% — — — — — 0.59
Short-Term Investment-Grade (39)
VFSTX
Buy 3.2 $10.64
0.1% 1.4% 1.3% 1.5% 2.0% 1.9% 1.81% — — — — — 0.36
Short-Term Bond Index (132)
VBISX Hold 2.8 $10.51 -0.2% 1.3% 1.3% 0.9% 1.3% 1.2% 1.00% — — — — — 0.42
Inflation-Protected Sec. (119)
VIPSX Hold 8.6 $13.08
0.2% -0.7% -1.3% -2.1% 1.9% 1.2% 0.26% — — — — — 1.54
Intermed. Treasury (35)
VFITX
Sell
5.7 $11.46 -0.5% 2.3% 2.8% 1.2% 2.4% 1.7% 1.28% — — — — — 1.19
Intermed. Investment-Grade (71)
VFICX
Buy 6.4 $9.78
0.4% 2.1% 2.5% 2.2% 4.1% 3.0% 2.69% — — — — — 1.05
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.2 $11.45 -0.0% 2.1% 2.8% 1.8% 3.8% 2.6% 2.40% — — — — — 1.40
Total Bond Market (84)
VBMFX Hold 7.9 $10.76
0.0% 1.0% 1.7% 1.4% 2.8% 2.3% 2.03% — — — — — 1.00
GNMA (36)
VFIIX
Hold 6.0 $10.70 -0.1% 1.3% 2.1% 1.9% 2.9% 2.3% 2.36% — — — — — 0.83
Long-Term Treasury (83)
VUSTX Sell 25.1 $12.61 -0.5% -0.4% 5.3% 2.5% 6.6% 2.8% 2.58% — — — — — 4.00
Long-Term Investment-Grade (28)
VWESX Hold 22.9 $10.17
1.0% -1.4% 1.8% 2.8% 7.1% 4.3% 4.04% — — — — — 2.76
Long-Term Bond Index (522)
VBLTX
Sell 24.1 $13.52
0.6% -1.9% 1.4% 1.9% 6.4% 4.0% 3.96% — — — — — 3.05
High-Yield Corporate (29)
VWEHX Buy 6.4 $5.80
2.8% 1.8% 0.9% 4.3% 6.3% 5.6% 5.69% — — — — — 1.50
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.2 $9.50
3.1% 3.1% -0.2% — — 4.5% 4.75% — — — — — 1.86
Total International Bond Index (1231)
VTIBX Hold 8.9 $10.61
0.5% 1.2% 3.1% — — 1.4% 0.86% — — — — — 0.96
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 33 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
VMFXX
— 44 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.06% — — — — — —
Prime MM (30)
VMMXX — 35 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.08% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 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% —
CA Tax-Exempt MM (62)
VCTXX
— 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% —
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
— 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
— 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
— 32 $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 $15.83
0.1% 0.5% 0.5% 0.6% 0.8% 0.7% 0.30% 0.4% 0.4% 0.5% 0.5% 0.5% 0.10
Limited-Term Tax-Exempt (31)
VMLTX Buy 3.0 $11.04
0.3% 1.3% 1.2% 1.2% 1.6% 1.5% 0.75% 1.0% 1.0% 1.2% 1.2% 1.3% 0.38
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.2 $14.19
0.4% 1.9% 2.4% 2.6% 3.8% 2.9% 1.58% 2.1% 2.2% 2.5% 2.6% 2.8% 0.77
Tax-Exempt Bond Index (1491)
***
VTEBX Hold 5.6 $10.05
0.4% — — — — — 1.69% 2.3% 2.3% 2.7% 2.8% 3.0% —
Long-Term Tax-Exempt (43)
VWLTX Hold 6.3 $11.64
0.4% 2.2% 3.2% 3.4% 4.7% 3.7% 2.26% 3.0% 3.1% 3.6% 3.7% 4.0% 1.02
High-Yield Tax-Exempt (44)
VWAHX Hold 6.8 $11.20
0.5% 2.4% 3.5% 3.6% 5.1% 3.7% 2.71% 3.6% 3.8% 4.3% 4.4% 4.8% 1.04
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.5 $11.78
0.3% 2.1% 2.7% 3.1% 4.4% 2.8% 1.51% 2.2% 2.3% 2.7% 2.8% 3.0% 0.82
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.6 $12.07
0.4% 2.6% 3.5% 4.0% 5.2% 3.5% 2.11% 3.1% 3.3% 3.7% 3.8% 4.2% 1.06
MA Tax-Exempt (168)
VMATX Sell
6.3 $10.83
0.4% 2.4% 3.2% 3.1% 4.3% 3.1% 2.08% 2.9% 3.1% 3.5% 3.6% 3.9% 1.05
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.4 $11.96
0.6% 0.7% 1.5% 2.7% 4.0% 3.6% 2.76% 4.0% 4.2% 4.8% 5.0% 5.4% 1.11
NY Long-T. Tax-Exempt (76)
VNYTX Sell
6.0 $11.79
0.4% 2.5% 3.5% 3.3% 4.4% 3.3% 2.06% 3.0% 3.1% 3.6% 3.7% 4.0% 0.96
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.1 $12.57
0.3% 2.5% 3.4% 3.6% 4.6% 3.4% 2.32% 3.3% 3.4% 3.9% 4.1% 4.4% 1.06
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.9 $11.63
0.2% 2.4% 3.3% 3.5% 4.6% 3.6% 2.41% 3.3% 3.5% 3.9% 4.1% 4.4% 0.95
EQUITY FUNDS (CONTINUED)