The Independent Adviser for Vanguard Investors
•
June 2014
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
5/30
Price
May
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
$10.60
1.7% 3.6% — — — 2.8% 1.36
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $26.79
3.7% 3.8% 3.7% -2.5% 7.6% 2.6% 1.56
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $20.70
4.3% 4.2% 7.0% — — 1.3% 1.55
European Index (79)
VEURX
$3K
— Hold $32.71
0.8% 5.6% 23.7% 8.1% 12.6% 3.6% 1.45
Global Equity (129)
VHGEX
$3K
— Buy $24.55
2.3% 4.6% 19.6% 10.6% 15.7% 1.5% 1.06
Global Minimum Volatility (1194)
VMVFX
$3K
— Hold $10.84
1.8% 5.2% — — — — —
International Explorer (126)
VINEX
$3K
— Hold $19.47
1.9% 5.7% 25.2% 7.5% 14.7% 2.1% 1.08
International Growth (81)
VWIGX
$3K
— Buy $23.61
1.5% 1.2% 17.7% 6.6% 12.8% 1.4% 1.37
International Value (46)
VTRIX
$3K
— Hold $38.54
2.3% 3.1% 19.3% 7.5% 10.9% 1.8% 1.33
Pacific Index (72)
VPACX
$3K
— Hold $11.62
3.2% 0.3% 10.6% 6.0% 9.2% 2.3% 1.47
Total International Stock Index (113)
VGTSX
$3K
— Hold $17.30
1.9% 4.0% 15.7% 4.7% 10.3% 3.0% 1.28
Total World Stock Index (628)
VTWSX
$3K
— Hold $25.00
2.1% 4.3% 17.8% 9.1% 13.7% 2.2% 1.06
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$20.50
1.9% 3.8% 15.4% 4.5% 10.3% 3.0% 1.30
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
0.25%f&r
Hold $41.53
1.5% 6.1% 18.7% 4.4% 13.3% 2.4% 1.26
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
5/30
Price
May
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
$18.35
0.4% 1.4% 1.9% 2.1% 3.8% 0.47
Total Bond Market Annuity (67)
Hold
$36.19
1.1% 3.7% 2.2% 3.1% 4.5% 1.02
High-Yield Bond Annuity (146)
Buy
$29.39
0.8% 4.0% 5.9% 7.6% 11.6% 1.40
Conservative Allocation Annuity (801) Hold
$25.14
1.4% 3.9% 8.7% — — 0.47
Moderate Allocation Annuity (803)
Hold
$27.20
1.6% 4.0% 12.0% — — 0.63
Balanced Annuity (69)
Buy
$79.05
1.4% 4.9% 13.8% 11.0% 13.5% 0.65
Capital Growth Annuity (603)
Buy
$35.30
3.6% 7.1% 24.1% 15.9% 18.8% 1.00
Diversified Value Annuity (145)
Buy
$27.88
1.8% 5.9% 18.3% 14.6% 17.7% 0.95
Equity Income Annuity (8)
Buy
$66.80
1.5% 5.4% 18.3% 15.6% 18.7% 0.98
Equity Index Annuity (68)
Buy
$73.68
2.3% 4.7% 19.9% 14.6% 17.9% 1.00
Growth Annuity (10)
Sell
$35.91
3.4% 3.1% 23.8% 14.7% 17.5% 1.19
MidCap Index Annuity (143)
Buy
$43.45
2.2% 4.6% 20.6% 12.8% 20.6% 1.06
REIT Index Annuity (147)
Hold
$47.84
2.3% 16.1% 9.4% 9.6% 22.1% 1.51
Small Company Growth Annuity (160) Hold
$59.46
-0.4% -5.8% 16.9% 12.1% 21.7% 1.35
Total Stock Market Annuity (604)
Hold
$27.12
2.1% 4.1% 19.9% 14.3% 18.3% 1.01
International Annuity (86)
Buy
$39.99
1.6% 1.0% 17.8% 6.5% 12.7% 1.37
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
5/30
Price
May
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 $10.71
0.1% 0.5% 0.5% 0.7% 1.3% 0.4% 0.32% — — — — — 0.24
Short-Term Federal (49)
VSGBX Sell
2.2 $10.77
0.3% 0.9% 0.8% 1.1% 1.9% 0.6% 0.42% — — — — — 0.34
Short-Term Inflation Index (1967)
VTIPX
Hold 2.6 $25.01
0.7% 1.3% 0.7% — — 0.0% -1.39% — — — — — 0.56
Short-Term Investment-Grade (39)
VFSTX
Buy 3.2 $10.78
0.4% 1.6% 2.2% 2.4% 4.1% 1.9% 1.45% — — — — — 0.44
Short-Term Bond Index (132)
VBISX Hold 2.8 $10.55
0.4% 1.0% 1.1% 1.4% 2.5% 1.0% 0.70% — — — — — 0.37
Inflation-Protected Sec. (119)
VIPSX Hold 8.5 $13.67
1.9% 5.4% -0.2% 3.5% 5.4% 1.6% -0.29% — — — — — 1.96
Intermed. Treasury (35)
VFITX
Sell
5.5 $11.33
1.0% 2.8% 0.5% 2.9% 4.0% 1.5% 1.49% — — — — — 1.11
Intermed. Investment-Grade (71)
VFICX
Buy 6.4 $9.96
1.2% 4.5% 3.4% 5.1% 8.3% 3.1% 2.52% — — — — — 1.30
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.3 $11.50
1.6% 5.0% 2.1% 4.8% 6.9% 2.8% 2.41% — — — — — 1.52
Total Bond Market (84)
VBMFX Hold 7.7 $10.84
1.0% 3.7% 2.3% 3.3% 4.7% 2.4% 1.95% — — — — — 1.00
GNMA (36)
VFIIX
Sell
7.8 $10.72
1.1% 4.1% 3.5% 2.8% 4.3% 2.5% 2.52% — — — — — 1.11
Long-Term Treasury (83)
VUSTX Sell 24.1 $12.11
2.8% 12.6% 2.6% 7.9% 7.3% 3.1% 3.00% — — — — — 3.30
Long-Term Investment-Grade (28)
VWESX Hold 23.8 $10.49
2.3% 10.9% 6.5% 9.0% 11.3% 4.5% 4.11% — — — — — 2.85
Long-Term Bond Index (522)
VBLTX
Sell 24.1 $13.65
2.5% 11.9% 5.3% 8.6% 10.0% 4.1% 3.92% — — — — — 2.96
High-Yield Corporate (29)
VWEHX Buy 6.6 $6.15
0.9% 4.3% 6.3% 8.1% 12.1% 5.5% 3.93% — — — — — 1.40
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.4 $10.06
3.0% 7.6% 4.4% — — 3.9% 4.30% — — — — — 2.67
Total International Bond Index (1231)
VTIBX Hold 8.4 $10.21
0.9% 3.7% 3.6% — — 1.7% 1.36% — — — — — 0.89
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 46 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
(CLOSED)
VMFXX
— 52 $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% 0.1% 0.0% 0.01% — — — — — —
Tax-Exempt Money Market (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-Exempt MM (62)
VCTXX
— 24 $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
— 53 $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
— 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% —
OH Tax-Exempt MM (96)
VOHXX
— 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% —
PA Tax-Exempt MM (63)
VPTXX
— 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% —
TAX-FREE INCOME
Short-Term Tax-Exempt (41)
VWSTX Buy 1.3 $15.87
0.1% 0.4% 0.7% 0.9% 1.2% 0.8% 0.32% 0.4% 0.4% 0.5% 0.5% 0.6% 0.16
Limited-Term Tax-Exempt (31)
VMLTX Buy 2.9 $11.09
0.4% 1.3% 1.5% 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 5.1 $14.19
1.0% 4.8% 3.1% 4.8% 4.9% 3.2% 1.82% 2.4% 2.5% 2.9% 3.0% 3.2% 1.29
Long-Term Tax-Exempt (43)
VWLTX Hold 6.4 $11.61
1.5% 7.2% 3.9% 6.3% 5.9% 3.9% 2.61% 3.5% 3.6% 4.1% 4.3% 4.6% 1.71
High-Yield Tax-Exempt (44)
VWAHX Hold 7.1 $11.12
1.7% 7.7% 3.5% 6.9% 6.9% 3.9% 2.93% 3.9% 4.1% 4.6% 4.8% 5.2% 1.74
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.1 $11.71
1.1% 5.3% 4.0% 5.7% 5.5% 3.1% 1.68% 2.5% 2.6% 3.0% 3.1% 3.3% 1.37
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.1 $11.91
1.5% 7.5% 4.5% 7.0% 6.3% 3.7% 2.44% 3.6% 3.8% 4.3% 4.4% 4.8% 1.84
MA Tax-Exempt (168)
VMATX Sell
6.5 $10.76
1.3% 6.7% 3.8% 5.2% 5.0% 3.2% 2.40% 3.4% 3.5% 4.0% 4.1% 4.5% 1.72
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.5 $12.17
1.4% 6.7% 4.0% 6.0% 5.4% 3.6% 2.61% 3.8% 4.0% 4.5% 4.7% 5.1% 1.66
NY Long-T. Tax-Exempt (76)
VNYTX Sell
6.0 $11.64
1.4% 6.9% 3.9% 5.5% 5.4% 3.5% 2.39% 3.5% 3.6% 4.1% 4.3% 4.6% 1.67
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.2 $12.48
1.5% 7.3% 4.0% 5.9% 5.5% 3.7% 2.68% 3.8% 4.0% 4.5% 4.7% 5.1% 1.79
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.7 $11.56
1.4% 6.8% 3.8% 5.7% 5.4% 3.7% 2.62% 3.6% 3.8% 4.3% 4.4% 4.8% 1.63
