The Independent Adviser for Vanguard Investors
•
September 2014
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
8/29
Price
August
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
$10.37
0.3% 2.6% — — — 2.9% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $28.73
3.6% 12.4% 22.3% 3.9% 7.6% 2.2% 1.50
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $22.04
2.9% 10.9% 23.9% 6.6% — 1.2% 1.49
European Index (79)
VEURX
$3K
— Hold $31.06
0.6% 1.9% 17.6% 12.9% 8.9% 3.8% 1.40
Global Equity (129)
VHGEX
$3K
— Buy $25.17
2.7% 7.2% 23.1% 16.1% 13.5% 1.4% 1.02
Global Minimum Volatility (1194)
VMVFX
$3K
— Hold $11.15
3.0% 8.3% — — — — —
International Explorer (126)
VINEX
$3K
— Hold $19.40
0.6% 5.3% 21.7% 12.7% 11.4% 2.1% 1.07
International Growth (81)
VWIGX
$3K
— Buy $23.79
1.1% 1.9% 18.3% 11.2% 10.5% 1.4% 1.32
International Value (46)
VTRIX
$3K
— Hold $38.40
0.0% 2.7% 18.1% 12.1% 8.2% 1.8% 1.27
Pacific Index (72)
VPACX
$3K
— Hold $11.92
-0.2% 3.6% 14.4% 8.9% 7.4% 2.4% 1.35
Total International Stock Index (113)
VGTSX
$3K
— Hold $17.31
1.1% 5.2% 18.3% 9.3% 8.1% 3.0% 1.19
Total World Stock Index (628)
VTWSX
$3K
— Hold $25.54
2.6% 7.3% 21.3% 14.3% 11.9% 2.2% 1.02
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$20.52
1.0% 5.0% 17.9% 9.2% 8.1% 3.0% 1.20
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $41.59
1.3% 6.9% 20.9% 8.9% 10.8% 2.3% 1.24
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
8/29
Price
August
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% -0.1% —
Short-Term Inv.-Grade Annuity (144)
Buy
$18.37
0.3% 1.6% 2.8% 2.2% 3.0% 0.45
Total Bond Market Annuity (67)
Hold
$36.50
1.1% 4.6% 5.3% 2.5% 4.0% 1.01
High-Yield Bond Annuity (146)
Buy
$29.66
1.5% 5.0% 9.1% 8.9% 10.2% 1.42
Conservative Allocation Annuity (801) Hold
$25.67
1.9% 6.1% 12.2% — — 0.47
Moderate Allocation Annuity (803)
Hold
$27.90
2.4% 6.7% 15.4% — — 0.64
Balanced Annuity (69)
Buy
$81.27
2.5% 7.8% 17.2% 14.4% 12.1% 0.65
Capital Growth Annuity (603)
Buy
$37.16
3.7% 12.8% 30.2% 22.3% 17.6% 1.00
Diversified Value Annuity (145)
Buy
$28.65
3.3% 8.8% 21.4% 19.8% 15.3% 0.94
Equity Income Annuity (8)
Buy
$68.74
3.6% 8.5% 21.3% 19.8% 16.7% 0.98
Equity Index Annuity (68)
Buy
$77.06
3.9% 9.5% 24.7% 20.1% 16.4% 1.00
Growth Annuity (10)
Sell
$37.79
4.2% 8.5% 26.5% 20.2% 16.3% 1.19
MidCap Index Annuity (143)
Buy
$45.66
4.7% 9.9% 24.6% 19.9% 18.7% 1.10
REIT Index Annuity (147)
Hold
$49.81
2.9% 20.9% 23.8% 13.9% 18.3% 1.41
Small Company Growth Annuity (160) Hold
$61.87
5.1% -1.9% 16.2% 18.8% 19.3% 1.48
Total Stock Market Annuity (604)
Hold
$28.36
4.1% 8.9% 24.1% 20.1% 16.7% 1.03
International Annuity (86)
Buy
$40.21
1.1% 1.5% 17.9% 10.9% 10.3% 1.32
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
8/29
Price
August
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
Short-Term Treasury (32)
VFISX
Sell
2.2 $10.70
0.1% 0.5% 0.9% 0.4% 1.3% 0.4% 0.43% — — — — — 0.24
Short-Term Federal (49)
VSGBX Sell
2.4 $10.75
0.1% 0.8% 1.3% 0.7% 1.7% 0.6% 0.53% — — — — — 0.34
Short-Term Inflation Index (1967)
VTIPX
Hold 2.6 $24.97 -0.2% 1.2% 1.4% — — 0.0% -0.94% — — — — — 0.56
Short-Term Investment-Grade (39)
VFSTX
Buy 3.2 $10.75
0.3% 1.8% 3.1% 2.5% 3.3% 1.9% 1.44% — — — — — 0.43
Short-Term Bond Index (132)
VBISX Hold 2.8 $10.52
0.3% 1.0% 1.7% 1.1% 2.1% 1.1% 0.80% — — — — — 0.37
Inflation-Protected Sec. (119)
VIPSX Hold 8.6 $13.68
0.5% 6.3% 5.7% 2.0% 5.2% 2.3% -0.25% — — — — — 1.94
Intermed. Treasury (35)
VFITX
Sell
5.6 $11.34
1.0% 3.3% 3.7% 1.5% 3.9% 1.6% 1.54% — — — — — 1.13
Intermed. Investment-Grade (71)
VFICX
Buy 6.5 $9.98
1.1% 5.5% 7.4% 4.8% 6.8% 3.1% 2.49% — — — — — 1.26
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.2 $11.54
1.4% 6.1% 7.1% 3.7% 6.0% 2.8% 2.36% — — — — — 1.52
Total Bond Market (84)
VBMFX Hold 7.9 $10.88
1.1% 4.8% 5.5% 2.8% 4.3% 2.5% 1.92% — — — — — 1.00
GNMA (36)
VFIIX
Sell
7.7 $10.74
1.0% 4.9% 6.1% 2.1% 4.1% 2.6% 2.45% — — — — — 1.15
Long-Term Treasury (83)
VUSTX Sell 24.1 $12.57
4.2% 17.8% 14.6% 5.8% 7.6% 3.0% 2.80% — — — — — 3.39
Long-Term Investment-Grade (28)
VWESX Hold 23.5 $10.76
3.1% 15.1% 17.1% 9.0% 9.6% 4.4% 3.91% — — — — — 2.70
Long-Term Bond Index (522)
VBLTX
Sell 24.1 $14.05
3.5% 16.4% 16.7% 7.7% 9.0% 4.0% 3.75% — — — — — 2.91
High-Yield Corporate (29)
VWEHX Buy 6.6 $6.13
1.6% 5.4% 9.8% 9.5% 10.7% 5.5% 4.40% — — — — — 1.43
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.5 $10.07
0.7% 8.9% 12.6% — — 4.1% 4.27% — — — — — 2.43
Total International Bond Index (1231)
VTIBX Hold 8.5 $10.42
1.3% 6.3% 7.5% — — 1.7% 1.16% — — — — — 0.89
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 58 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
(CLOSED)
VMFXX
— 54 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 55 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 46 $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% —
CA Tax-Exempt MM (62)
VCTXX
— 42 $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% —
NJ Tax-Exempt MM (95)
VNJXX
— 46 $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% —
NY Tax-Exempt MM (163)
VYFXX
— 36 $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
— 36 $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
— 35 $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% —
TAX-FREE INCOME
Short-Term Tax-Exempt (41)
VWSTX Buy 1.3 $15.87
0.1% 0.6% 1.1% 0.8% 1.1% 0.7% 0.27% 0.4% 0.4% 0.4% 0.4% 0.5% 0.15
Limited-Term Tax-Exempt (31)
VMLTX Buy 2.9 $11.09
0.3% 1.7% 2.9% 1.6% 2.2% 1.6% 0.73% 1.0% 1.0% 1.2% 1.2% 1.3% 0.45
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.0 $14.25
1.1% 6.0% 8.7% 4.3% 4.7% 3.1% 1.66% 2.2% 2.3% 2.6% 2.7% 2.9% 1.29
Long-Term Tax-Exempt (43)
VWLTX Hold 6.3 $11.69
1.4% 9.0% 12.2% 5.7% 5.7% 3.9% 2.46% 3.3% 3.4% 3.9% 4.0% 4.3% 1.72
High-Yield Tax-Exempt (44)
VWAHX Hold 6.8 $11.19
1.5% 9.4% 12.5% 6.3% 6.5% 3.9% 2.79% 3.7% 3.9% 4.4% 4.6% 4.9% 1.75
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.5 $11.78
1.1% 6.7% 9.6% 5.2% 5.4% 3.1% 1.59% 2.4% 2.5% 2.8% 2.9% 3.1% 1.37
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.2 $12.02
1.5% 9.6% 13.4% 6.5% 6.2% 3.7% 2.30% 3.4% 3.6% 4.1% 4.2% 4.5% 1.85
MA Tax-Exempt (168)
VMATX Sell
6.5 $10.86
1.5% 8.6% 12.0% 4.8% 5.0% 3.2% 2.25% 3.2% 3.3% 3.8% 3.9% 4.2% 1.74
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.6 $12.24
1.5% 8.3% 11.6% 5.4% 5.2% 3.5% 2.49% 3.6% 3.8% 4.3% 4.5% 4.8% 1.68
NY Long-T. Tax-Exempt (76)
VNYTX Sell
5.9 $11.76
1.5% 9.0% 12.1% 5.2% 5.2% 3.5% 2.22% 3.2% 3.4% 3.9% 4.0% 4.3% 1.68
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.1 $12.59
1.4% 9.2% 12.9% 5.5% 5.4% 3.6% 2.53% 3.6% 3.8% 4.3% 4.4% 4.8% 1.81
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.6 $11.64
1.4% 8.6% 11.9% 5.2% 5.3% 3.7% 2.46% 3.4% 3.5% 4.0% 4.1% 4.5% 1.64
