The Independent Adviser for Vanguard Investors
•
April 2014
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REVIEW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
3/31
Price
March
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return
12-Mo.
Yield Risk
INTERNATIONAL/GLOBAL
DevelopedMarkets Index (227)
(CLOSED)
VDMIX
—
— Sell
$11.62
-0.4% 0.4% 17.2% 7.3% 16.0% 2.6% 1.46
EmergingMarkets Stock Index (533)
VEIEX
$3K
— Hold $25.70
3.9% -0.4% -3.0% -3.7% 13.7% 2.7% 1.52
EmergingMarkets Select Stock (752)
VMMSX
$3K
— Hold $19.74
3.6% -0.7% 0.5% — — 1.3% 1.52
European Index (79)
VEURX
$3K
— Hold $31.65
-0.7% 2.2% 24.9% 8.7% 17.7% 3.7% 1.58
Global Equity (129)
VHGEX
$3K
— Buy $23.95
0.6% 2.0% 20.3% 10.6% 20.3% 1.5% 1.16
GlobalMinimumVolatility (1194)
VMVFX
$3K
— Hold $10.56
0.7% 2.5% — — — — —
International Explorer (126)
VINEX
$3K
— Hold $19.22
0.7% 4.3% 27.6% 7.9% 20.6% 2.2% 1.32
International Growth (81)
VWIGX
$3K
— Buy $23.16
-0.2% -0.8% 18.4% 7.0% 18.2% 1.5% 1.47
International Value (46)
VTRIX
$3K
— Hold $37.35
0.1% -0.1% 19.5% 7.1% 15.6% 1.9% 1.46
Pacific Index (72)
VPACX
$3K
— Hold $11.29
-0.1% -2.6% 5.1% 5.1% 13.1% 2.4% 1.45
Tax-Managed International (1397)
VDVIX
$3K
— Sell
$10.27
-0.5% 0.4% — — — — 1.50
Total International Stock Index (113)
VGTSX
$3K
— Hold $16.76
0.4% 0.8% 12.7% 4.3% 15.4% 3.1% 1.40
TotalWorld Stock Index (628)
VTWSX
$3K
— Hold $24.31
0.4% 1.4% 17.1% 8.8% 18.0% 2.2% 1.16
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$19.83
0.4% 0.4% 12.3% 4.1% 15.5% 3.1% 1.41
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
0.25%f&r
Hold $40.86
0.1% 4.4% 17.3% 4.9% — 2.4% 1.37
Minimum
refers to the dollar amount (e.g., $3Kmeans
$3,000) needed to open a new taxable account.
Loads
are
denotedwith an “f” for front-end and “r” for back-end.
Holding periods are noted for loads imposed on sales of
shares held less than twomonths (<2mo.) or one year (<1).
3-year
and
5-year returns
are compound, annualized
returns.
Averagematurity
is in years for bond funds and
days for moneymarket funds.
12-month yields
are based
on trailing 12-month dividend/income distributions.
SEC
yields
are reported 30-day yields.
Taxableequivalent
yields
are based on SEC yields. For state funds, taxable
equivalent yields incorporate state taxes.
Risk
is fund vola-
tilitymeasured over the previous 24months. Equity fund risk
ismeasured 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 aremore limited.
* Tax equivalent yields incorporate the 3.8% health care sur-
tax into the 33%, 35% and 39.6% tax rates.
** Fund soldwith a 0.75% front-end load
VANGUARDVARIABLEANNUITIES
Fund (fund #)
Advice
3/31
Price
March
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return Risk
MoneyMarket Annuity (64)
— $1.90
-0.0% -0.0% -0.2% -0.2% -0.1% —
Short-Term Inv.-GradeAnnuity (144)
Buy
$18.21
-0.2% 0.6% 1.0% 2.2% 4.6% 0.47
Total BondMarket Annuity (67)
Hold
$35.54
-0.2% 1.9% -0.6% 3.3% 4.3% 1.02
High-Yield BondAnnuity (146)
Buy
$29.01
0.3% 2.7% 5.2% 7.9% 14.0% 1.45
ConservativeAllocationAnnuity (801) Hold
$24.64
0.1% 1.8% 7.3% — — 0.45
ModerateAllocationAnnuity (803)
Hold
$26.61
0.3% 1.7% 11.1% — — 0.65
BalancedAnnuity (69)
Buy
$77.12
0.9% 2.3% 14.3% 10.9% 15.7% 0.66
Capital GrowthAnnuity (603)
Buy
$34.58
-0.0% 5.0% 27.3% 16.2% 21.3% 1.00
Diversified ValueAnnuity (145)
Buy
$27.10
2.2% 2.9% 20.5% 14.5% 20.6% 0.94
Equity IncomeAnnuity (8)
Buy
$64.81
2.3% 2.3% 19.3% 15.7% 21.1% 0.97
Equity Index Annuity (68)
Buy
$71.54
0.8% 1.7% 21.3% 14.2% 20.6% 1.00
GrowthAnnuity (10)
Sell
$35.02
-2.9% 0.6% 24.0% 14.5% 19.9% 1.20
MidCap Index Annuity (143)
Buy
$42.86
-0.3% 3.2% 23.1% 13.1% 24.5% 1.08
REIT Index Annuity (147)
Hold
$45.26
0.5% 9.8% 3.8% 10.0% 28.1% 1.30
Small Company GrowthAnnuity (160) Hold
$62.59
-2.3% -0.8% 29.2% 15.2% 26.6% 1.23
Total StockMarket Annuity (604)
Hold
$26.54
0.5% 1.9% 22.1% 14.1% 21.5% 1.01
International Annuity (86)
Buy
$39.24
-0.3% -0.9% 18.3% 6.9% 18.1% 1.47
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
3/31
Price
March
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return
12-Mo.
Yield
SEC
Yield
——TaxEquivalent Yield——
Risk
25% 28% 36.8%
*
38.8%
*
43.4%
*
TAXABLE INCOME
Short-Term Treasury (32)
VFISX
Sell
2.2 $10.68 -0.2% 0.1% -0.0% 1.0% 1.2% 0.4% 0.33% — — — — — 0.24
Short-Term Federal (49)
VSGBX Sell
2.5 $10.72 -0.2% 0.3% -0.1% 1.4% 1.8% 0.6% 0.54% — — — — — 0.34
Short-Term Inflation Index (1967)
VTIPX
Hold 2.5 $24.72 -0.4% 0.2% -1.9% — — 0.0% -1.49% — — — — — 0.53
Short-Term Investment-Grade (39)
VFSTX
Buy 3.3 $10.73 -0.1% 0.8% 1.3% 2.5% 5.0% 1.8% 1.53% — — — — — 0.44
Short-TermBond Index (132)
VBISX Hold 2.8 $10.50 -0.3% 0.4% 0.3% 1.7% 2.6% 1.0% 0.72% — — — — — 0.36
Inflation-Protected Sec. (119)
VIPSX Hold 8.5 $13.23 -0.5% 2.0% -6.8% 3.3% 4.7% 1.6% -0.26% — — — — — 1.97
Intermed. Treasury (35)
VFITX
Sell
5.5 $11.19 -0.6% 1.3% -2.1% 3.5% 3.1% 1.5% 1.55% — — — — — 1.16
Intermed. Investment-Grade (71)
VFICX
Buy 6.5 $9.81 -0.0% 2.4% 0.6% 5.5% 9.1% 3.2% 2.73% — — — — — 1.27
Intermed.-TermBond Index (314)
VBIIX
Hold 7.2 $11.28 -0.3% 2.5% -1.5% 5.3% 6.6% 2.9% 2.58% — — — — — 1.53
Total BondMarket (84)
VBMFX Hold 7.6 $10.69 -0.1% 1.9% -0.3% 3.6% 4.6% 2.4% 2.06% — — — — — 1.00
GNMA (36)
VFIIX
Sell
8.3 $10.56 -0.3% 2.0% -0.3% 3.0% 4.0% 2.4% 2.61% — — — — — 1.06
Long-Term Treasury (83)
VUSTX Sell 24.3 $11.62
0.5% 7.5% -4.6% 8.1% 4.7% 3.2% 3.25% — — — — — 3.85
Long-Term Investment-Grade (28)
VWESX Hold 23.9 $10.13
0.4% 6.3% 0.7% 9.4% 11.4% 4.7% 4.38% — — — — — 2.86
Long-TermBond Index (522)
VBLTX
Sell 24.0 $13.13
0.7% 6.9% -1.3% 8.9% 9.0% 4.2% 4.20% — — — — — 3.13
High-Yield Corporate (29)
VWEHX Buy 6.5 $6.11
0.1% 2.7% 5.5% 8.3% 14.5% 5.6% 3.97% — — — — — 1.45
EmergingMkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.3 $9.72
0.9% 3.3% — — — 3.3% 4.68% — — — — — 2.67
Total International Bond Index (1231)
VTIBX Hold 8.3 $10.09
0.3% 2.3% — — — 1.4% 1.44% — — — — — 0.89
MONEYMARKET
Admiral TreasuryMM (11)
(CLOSED)
VUSXX
— 55 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
FederalMM (33)
(CLOSED)
VMFXX
— 55 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
PrimeMM (30)
VMMXX — 54 $1.00
0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% — — — — — —
Tax-ExemptMoneyMarket (45)
VMSXX
— 34 $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-ExemptMM (62)
VCTXX
— 29 $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-ExemptMM (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-ExemptMM (163)
VYFXX
— 33 $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% —
OH Tax-ExemptMM (96)
VOHXX
— 32 $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-ExemptMM (63)
VPTXX
— 17 $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 $15.86 -0.1% 0.2% 0.4% 1.0% 1.2% 0.8% 0.28% 0.4% 0.4% 0.4% 0.5% 0.5% 0.16
Limited-Term Tax-Exempt (31)
VMLTX Buy 2.8 $11.04 -0.5% 0.6% 0.7% 2.0% 2.4% 1.6% 0.71% 0.9% 1.0% 1.1% 1.2% 1.3% 0.44
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.2 $13.97 -0.1% 2.6% 0.7% 5.2% 5.0% 3.2% 2.02% 2.7% 2.8% 3.2% 3.3% 3.6% 1.26
Long-Term Tax-Exempt (43)
VWLTX Hold 6.7 $11.34
0.3% 4.0% 0.6% 6.4% 6.1% 4.0% 3.02% 4.0% 4.2% 4.8% 4.9% 5.3% 1.65
High-Yield Tax-Exempt (44)
VWAHX Hold 7.9 $10.85
0.3% 4.4% 0.4% 7.0% 7.5% 4.0% 3.32% 4.4% 4.6% 5.3% 5.4% 5.9% 1.69
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.2 $11.52
0.0% 3.0% 1.5% 6.0% 5.7% 3.2% 1.92% 2.9% 3.0% 3.4% 3.5% 3.8% 1.34
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.3 $11.64
0.4% 4.5% 1.1% 7.3% 6.6% 3.8% 2.83% 4.2% 4.4% 5.0% 5.2% 5.6% 1.79
MA Tax-Exempt (168)
VMATX Sell
7.2 $10.52
0.2% 3.8% 0.4% 5.4% 5.0% 3.3% 2.73% 3.8% 4.0% 4.6% 4.7% 5.1% 1.67
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.8 $11.92
0.3% 3.9% 1.0% 6.2% 5.4% 3.6% 2.88% 4.2% 4.4% 5.0% 5.2% 5.6% 1.62
NY Long-T. Tax-Exempt (76)
VNYTX Sell
6.3 $11.37
0.4% 3.8% 0.5% 5.7% 5.5% 3.5% 2.79% 4.1% 4.2% 4.8% 5.0% 5.4% 1.61
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.5 $12.19
0.3% 4.2% 0.7% 6.1% 5.6% 3.7% 3.07% 4.4% 4.6% 5.2% 5.4% 5.8% 1.74
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
6.1 $11.32
0.4% 4.0% 0.8% 5.9% 5.4% 3.7% 2.95% 4.1% 4.2% 4.8% 5.0% 5.4% 1.58
