The Independent Adviser for Vanguard Investors
•
May 2014
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
4/30
Price
April
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
$10.42
1.5% 1.8% — — — 2.9% 1.49
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $25.83
0.5% 0.1% -3.8% -4.6% 10.5% 2.7% 1.53
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $19.84
0.5% -0.2% -0.3% — — 1.3% 1.53
European Index (79)
VEURX
$3K
— Hold $32.46
2.6% 4.8% 22.8% 6.7% 15.4% 3.6% 1.57
Global Equity (129)
VHGEX
$3K
— Buy $24.00
0.2% 2.3% 17.7% 9.0% 17.5% 1.5% 1.16
Global Minimum Volatility (1194)
VMVFX
$3K
— Hold $10.65
0.9% 3.4% — — — — —
International Explorer (126)
VINEX
$3K
— Hold $19.11
-0.6% 3.7% 22.3% 6.0% 17.3% 2.2% 1.33
International Growth (81)
VWIGX
$3K
— Buy $23.25
0.4% -0.4% 15.6% 5.0% 15.5% 1.4% 1.48
International Value (46)
VTRIX
$3K
— Hold $37.70
0.9% 0.9% 15.1% 5.6% 13.3% 1.8% 1.45
Pacific Index (72)
VPACX
$3K
— Hold $11.26
-0.3% -2.9% -1.0% 3.9% 11.0% 2.4% 1.45
Total International Stock Index (113)
VGTSX
$3K
— Hold $16.98
1.3% 2.1% 10.2% 3.0% 12.9% 3.1% 1.40
Total World Stock Index (628)
VTWSX
$3K
— Hold $24.49
0.7% 2.1% 14.9% 7.6% 15.6% 2.2% 1.16
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$20.11
1.4% 1.8% 9.7% 2.8% 13.0% 3.0% 1.41
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
0.25%f&r
Hold $40.92
0.1% 4.5% 14.6% 3.2% 16.6% 2.4% 1.38
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
4/30
Price
April
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
$18.27
0.4% 1.0% 1.1% 2.1% 4.3% 0.47
Total Bond Market Annuity (67)
Hold
$35.80
0.8% 2.6% -0.8% 3.1% 4.4% 1.02
High-Yield Bond Annuity (146)
Buy
$29.15
0.5% 3.2% 4.0% 7.5% 12.3% 1.48
Conservative Allocation Annuity (801) Hold
$24.79
0.6% 2.4% 6.4% — — 0.45
Moderate Allocation Annuity (803)
Hold
$26.76
0.6% 2.3% 9.9% — — 0.65
Balanced Annuity (69)
Buy
$77.93
1.0% 3.4% 12.9% 10.2% 14.6% 0.66
Capital Growth Annuity (603)
Buy
$34.08
-1.4% 3.5% 22.6% 14.3% 18.9% 1.01
Diversified Value Annuity (145)
Buy
$27.39
1.1% 4.0% 19.1% 13.7% 18.9% 0.93
Equity Income Annuity (8)
Buy
$65.83
1.6% 3.9% 18.1% 14.9% 19.7% 0.97
Equity Index Annuity (68)
Buy
$72.04
0.7% 2.4% 19.9% 13.3% 18.6% 1.00
Growth Annuity (10)
Sell
$34.74
-0.8% -0.2% 22.6% 12.9% 17.7% 1.21
MidCap Index Annuity (143)
Buy
$42.50
-0.9% 2.3% 20.1% 11.8% 21.1% 1.09
REIT Index Annuity (147)
Hold
$46.76
3.3% 13.5% 0.5% 9.2% 22.1% 1.31
Small Company Growth Annuity (160) Hold
$59.71
-4.6% -5.4% 23.5% 12.1% 22.5% 1.31
Total Stock Market Annuity (604)
Hold
$26.56
0.0% 1.9% 20.2% 13.0% 19.1% 1.02
International Annuity (86)
Buy
$39.37
0.3% -0.6% 15.7% 4.9% 15.4% 1.48
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
4/30
Price
April
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
0.2% 0.4% 0.1% 0.9% 1.3% 0.4% 0.38% — — — — — 0.24
Short-Term Federal (49)
VSGBX Sell
2.3 $10.74
0.2% 0.6% -0.1% 1.2% 1.8% 0.6% 0.50% — — — — — 0.34
Short-Term Inflation Index (1967)
VTIPX
Hold 2.4 $24.84
0.5% 0.6% -1.0% — — 0.0% -1.38% — — — — — 0.55
Short-Term Investment-Grade (39)
VFSTX
Buy 3.3 $10.75
0.3% 1.1% 1.3% 2.4% 4.6% 1.9% 1.51% — — — — — 0.45
Short-Term Bond Index (132)
VBISX Hold 2.8 $10.52
0.3% 0.7% 0.3% 1.5% 2.5% 1.0% 0.76% — — — — — 0.36
Inflation-Protected Sec. (119)
VIPSX Hold 8.4 $13.41
1.4% 3.4% -6.2% 2.9% 5.3% 1.6% -0.17% — — — — — 1.97
Intermed. Treasury (35)
VFITX
Sell
5.6 $11.23
0.5% 1.8% -2.3% 3.1% 3.6% 1.5% 1.62% — — — — — 1.13
Intermed. Investment-Grade (71)
VFICX
Buy 6.5 $9.87
0.9% 3.2% 0.3% 5.1% 8.7% 3.2% 2.68% — — — — — 1.29
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.3 $11.35
0.9% 3.4% -1.9% 4.9% 6.7% 2.9% 2.58% — — — — — 1.52
Total Bond Market (84)
VBMFX Hold 7.7 $10.75
0.8% 2.7% -0.5% 3.4% 4.7% 2.5% 2.10% — — — — — 1.00
GNMA (36)
VFIIX
Sell
8.3 $10.63
0.9% 2.9% -0.1% 2.8% 4.1% 2.4% 2.79% — — — — — 1.09
Long-Term Treasury (83)
VUSTX Sell 24.3 $11.81
1.8% 9.5% -6.4% 8.1% 6.1% 3.2% 3.18% — — — — — 3.80
Long-Term Investment-Grade (28)
VWESX Hold 24.0 $10.29
2.0% 8.4% -0.9% 9.1% 11.8% 4.6% 4.25% — — — — — 2.89
Long-Term Bond Index (522)
VBLTX
Sell 24.0 $13.36
2.1% 9.2% -2.8% 8.8% 9.7% 4.2% 4.10% — — — — — 3.13
High-Yield Corporate (29)
VWEHX Buy 6.5 $6.12
0.6% 3.4% 4.5% 7.9% 12.9% 5.6% 3.89% — — — — — 1.47
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.4 $9.80
1.2% 4.5% — — — 3.7% 4.50% — — — — — 2.71
Total International Bond Index (1231)
VTIBX Hold 8.3 $10.14
0.6% 2.9% — — — 1.5% 1.44% — — — — — 0.91
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 45 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
(CLOSED)
VMFXX
— 48 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 51 $1.00
0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 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% —
CA Tax-Exempt MM (62)
VCTXX
— 28 $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
— 41 $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
— 31 $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-Exempt MM (96)
VOHXX
— 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% —
PA Tax-Exempt MM (63)
VPTXX
— 18 $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% 0.4% 0.5% 1.0% 1.2% 0.8% 0.31% 0.4% 0.4% 0.5% 0.5% 0.5% 0.16
Limited-Term Tax-Exempt (31)
VMLTX Buy 2.9 $11.06
0.3% 0.9% 0.8% 1.9% 2.4% 1.6% 0.78% 1.0% 1.1% 1.2% 1.3% 1.4% 0.45
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.2 $14.08
1.1% 3.7% 0.8% 5.0% 4.9% 3.2% 1.96% 2.6% 2.7% 3.1% 3.2% 3.5% 1.28
Long-Term Tax-Exempt (43)
VWLTX Hold 6.6 $11.47
1.5% 5.6% 0.9% 6.4% 5.9% 4.0% 2.86% 3.8% 4.0% 4.5% 4.7% 5.1% 1.70
High-Yield Tax-Exempt (44)
VWAHX Hold 7.3 $10.97
1.4% 5.9% 0.8% 7.0% 7.1% 4.0% 3.17% 4.2% 4.4% 5.0% 5.2% 5.6% 1.73
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.2 $11.61
1.0% 4.1% 1.6% 5.8% 5.5% 3.2% 1.85% 2.7% 2.9% 3.3% 3.4% 3.6% 1.37
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.2 $11.77
1.4% 6.0% 1.4% 7.2% 6.3% 3.8% 2.68% 4.0% 4.1% 4.7% 4.9% 5.3% 1.84
MA Tax-Exempt (168)
VMATX Sell
6.9 $10.65
1.5% 5.4% 0.7% 5.3% 5.0% 3.3% 2.63% 3.7% 3.9% 4.4% 4.5% 4.9% 1.72
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.7 $12.04
1.3% 5.2% 1.0% 6.1% 5.3% 3.6% 2.76% 4.0% 4.2% 4.8% 5.0% 5.4% 1.66
NY Long-T. Tax-Exempt (76)
VNYTX Sell
6.1 $11.51
1.5% 5.4% 1.0% 5.6% 5.3% 3.5% 2.62% 3.8% 4.0% 4.5% 4.7% 5.1% 1.66
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.4 $12.33
1.5% 5.7% 0.9% 6.1% 5.4% 3.7% 2.94% 4.2% 4.4% 5.0% 5.1% 5.6% 1.78
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
6.0 $11.44
1.4% 5.4% 1.0% 5.8% 5.3% 3.7% 2.83% 3.9% 4.1% 4.6% 4.8% 5.2% 1.62
