(PUB) Vanguard Advisor

PERFORMANCE REV I EW

DISTRIBUTIONS

VANGUARD EXCHANGE-TRADED FUNDS

8/29 Price

August Return

YTD Return

12-Mo. Return

3-Year Return

5-Year Return

12-Mo. Yield

SEC Yield Risk

Fund

Dist.

Fund

Ticker Advice

AUGUST REGULAR Short-Term Treasury

BROAD EQUITY ETFS SmallCap Growth S&P SmallCap 600 Growth VIOG VBK

$0.00 $0.01 $0.02 $0.01

Buy $126.44 Buy $101.34

4.7% 3.4% 18.0% 19.7% 19.4% 0.6% — 1.39 3.9% -0.5% 16.1% 19.2% — 0.5% — 1.46 5.6% 1.3% 17.2% 19.2% — 0.6% — 1.60 5.0% 6.3% 22.2% 21.0% 19.1% 1.2% — 1.32 4.2% 1.4% 18.4% 20.5% — 0.8% — 1.39 4.9% 1.8% 17.7% 19.3% — 1.0% — 1.45 5.1% 8.5% 25.5% 22.0% 18.3% 1.7% — 1.30 4.3% 3.3% 20.1% 22.1% — 0.9% — 1.34 3.8% 1.6% 17.3% 18.6% — 1.4% — 1.39 4.9% 6.5% 22.6% 20.8% 19.1% 1.1% — 1.31 4.6% 10.1% 27.4% 20.6% 18.1% 1.2% — 1.12 4.3% 10.5% 27.4% 20.1% — 1.3% — 1.03 4.4% 9.5% 26.2% 20.0% — 1.3% — 1.05 4.5% 9.9% 28.1% 20.9% 17.8% 1.3% — 1.12 5.6% 9.9% 23.2% 18.3% 19.1% 0.6% — 1.22 4.7% 5.5% 20.9% 17.1% — 0.6% — 1.37 4.7% 10.2% 25.2% 20.4% 19.2% 1.1% — 1.11 5.1% 7.9% 23.1% 19.8% — 0.9% — 1.30 3.9% 10.3% 26.8% 22.3% 19.1% 1.4% — 1.09 5.2% 10.7% 25.3% 21.8% — 0.8% — 1.26 4.0% 9.8% 25.3% 20.6% — 1.6% — 1.02 4.1% 9.8% 25.3% 20.7% — 1.6% — 1.00 3.6% 4.8% 18.5% 16.8% 15.0% 1.9% — 1.13 3.8% 10.0% 23.2% 20.4% 16.9% 2.7% — 1.01 4.0% 9.8% 25.1% 20.5% 17.0% 1.7% — 1.00 3.8% 9.7% 25.2% 20.6% 16.5% 1.8% — 1.02 4.2% 9.2% 24.8% 20.7% 17.3% 1.7% — 1.05 4.0% 9.0% 24.4% 20.7% — 1.6% — 1.02 3.4% 9.5% 25.5% 21.4% 16.3% 3.7% — 1.05 3.6% 9.1% 22.9% 20.8% — 1.9% — 1.04 3.6% 10.2% 24.3% 21.4% — 1.9% — 1.06 3.4% 9.5% 22.9% 20.4% 15.3% 2.2% — 1.03 3.8% 11.7% 23.5% 4.1% 7.8% 2.4% — 1.60 0.3% 2.3% 16.8% 11.3% 8.3% 3.2% — 1.28 0.7% 1.4% 17.7% 12.8% 8.9% 4.0% — 1.45 -0.4% 3.0% 14.5% 9.1% 7.6% 2.5% — 1.42 1.2% 4.9% 18.3% 9.3% — 3.1% — 1.22 2.6% 7.0% 21.6% 14.4% 12.1% 2.3% — 1.07 1.0% 4.6% 18.3% 9.3% 8.2% 3.1% — 1.27 1.5% 7.0% 20.8% 9.3% 11.0% 2.5% — 1.27 4.4% 3.4% 20.6% 24.4% 23.4% 0.8% — 1.29 4.7% 6.4% 17.4% 16.9% 16.4% 2.1% — 1.26 2.7% 12.5% 24.2% 14.3% 15.6% 1.5% — 1.38 3.9% 7.4% 21.3% 21.3% 12.1% 1.8% — 1.12 5.2% 15.9% 31.9% 27.2% 20.5% 1.0% — 1.23 4.5% 3.9% 24.8% 22.1% 19.3% 1.0% — 1.27 4.2% 13.2% 31.9% 20.9% 17.2% 0.9% — 1.17 4.2% 10.0% 27.1% 15.8% 15.6% 1.7% — 1.23 3.0% 21.4% 24.6% 14.5% 18.9% 3.6% — 1.43 0.3% 8.7% 15.8% 11.4% — 3.4% — 1.50 -0.6% 5.7% 17.1% 14.7% 15.5% 3.7% — 1.44 5.1% 15.4% 20.6% 13.4% 13.3% 3.3% — 1.60 0.2% 0.4% 0.8% 0.4% — 0.3% 0.37% 0.14 -0.1% 1.2% 1.6% — — 0.0% -0.84% 0.59 0.3% 1.6% 3.6% 2.9% — 1.6% 1.40% 0.62 0.4% 1.1% 1.7% 1.1% 2.2% 1.1% 0.90% 0.39 1.1% 3.4% 3.7% 1.5% — 1.3% 1.59% 1.13 1.5% 7.4% 9.9% 5.7% — 2.8% 3.00% 1.73 1.5% 6.2% 7.2% 3.6% 6.0% 2.9% 2.46% 1.58 1.2% 4.8% 5.9% 2.8% 4.3% 2.5% 2.05% 1.06 0.7% 4.3% 5.5% 2.0% — 1.6% 1.40% 0.91 4.2% 17.6% 14.7% 5.8% — 2.6% 2.90% 3.39 3.3% 14.5% 17.8% 9.0% — 3.9% 4.32% 3.01 4.0% 16.5% 17.1% 7.5% 9.0% 4.1% 3.85% 3.03 7.1% 30.3% 23.9% 10.4% 10.3% 2.8% 3.11% 5.41 1.1% 8.3% 13.2% — — 4.2% 4.42% 2.48 1.3% 6.2% 7.5% — — 1.4% 1.21% 0.85

Short-Term Federal

Short-Term Investment-Grade Short-Term Bond Index Intermediate-Term Treasury $0.02 Intermediate-Term Investment-Grade $0.03 Intermediate-Term Bond Index $0.03 Total Bond Market Index $0.02 GNMA $0.02 Long-Term Treasury $0.03 Long-Term Investment-Grade $0.04 Long-Term Bond Index $0.05 High-Yield Corporate $0.03 Emerging Markets Gov't Bond $0.04 Total International Bond $0.01 Admiral Treasury MM $0.00001 Federal MM $0.00001 Prime MM $0.00001 Tax-Exempt MM $0.00001 CA Tax-Exempt MM $0.00001 NJ Tax-Exempt MM $0.00001 NY Tax-Exempt MM $0.00001 OH Tax-Exempt MM $0.00001 PA Tax-Exempt MM $0.00001 Short-Term Tax-Exempt $0.01 Limited-Term Tax-Exempt $0.01 Intermediate-Term Tax-Exempt $0.04 Long-Term Tax-Exempt $0.04 High-Yield Tax-Exempt $0.04 CA Int.-Term Tax-Exempt $0.03 CA Long-Term Tax-Exempt $0.04 MA Tax-Exempt $0.03 NJ Long-Term Tax-Exempt $0.04 NY Long-Term Tax-Exempt $0.03 OH Long-Term Tax-Exempt $0.04 PA Long-Term Tax-Exempt $0.04

Russell 2000 Growth

VTWG Hold $99.76

SmallCap

VB

Hold $116.84

S&P SmallCap 600 Russell 2000 SmallCap Value Russell 2000 Value Extended Market S&P 500 Growth Russell 1000 Growth MegaCap Growth MidCap Growth Growth

VIOO Hold $99.74 VTWO Hold $93.71

VBR

Hold $105.60 Hold $98.80

S&P SmallCap 600 Value VIOV

VTWV Hold $87.33

VXF VUG

Sell

$88.03

Hold $101.84

VOOG Buy $97.04 VONG Hold $95.78

MGK VOT

Buy $79.17 Buy $99.21 Buy $97.18 Hold $121.17 Buy $97.21 Hold $87.95 Buy $96.77 Buy $183.99 Buy $92.74 Buy $78.12 Buy $92.29 Buy $68.67 Hold $103.88 Hold $92.75 Hold $82.73

S&P MidCap 400 Growth IVOG

MidCap

VO

S&P MidCap 400 MidCap Value

IVOO VOE IVOV VOO VONE

S&P MidCap 400 Value

S&P 500

Russell 1000

Dividend Appreciation High Dividend Yield

VIG

VYM Hold $67.66

LargeCap MegaCap

VV

MGC

Total Stock Market

VTI

Russell 3000

VTHR VTV

Value

S&P 500 Value Russell 1000 Value MegaCap Value

VOOV Hold $88.59 VONV Hold $89.85

MGV

Hold $59.60

INTERNATIONAL ETFS Emerging Markets Stock

VWO Hold $45.40

Developed Markets

VEA VGK VPL

Sell

$41.69

European

Hold $57.79 Hold $62.53 Hold $53.97 Hold $62.76

ETF DISTRIBUTIONS Short-Term Government Bond Short-Term Corporate Bond Intermed.-Term Government Bond Intermed.-Term Corporate Bond Intermediate-Term Bond Mortgage-Backed Securities Bond Long-Term Government Bond Long-Term Corporate Bond Short-Term Bond Total Bond Market

Pacific

$0.02 $0.12 $0.08 $0.09 $0.23 $0.20 $0.17 $0.07 $0.18 $0.34 $0.31 $0.30

Total International Stock Total World Stock World ex-U.S. SmallCap SECTOR ETFS Consumer Discretionary Consumer Staples World ex-U.S.

VXUS

VT

VEU VSS VCR VDC VDE VFH VHT VIS VGT

Sell

$52.03

Hold $109.37

NA $111.78 NA $117.12 NA $142.29 NA $47.34 NA $117.17 NA $103.96 NA $101.40 Hold $77.18 Hold $58.84 NA $88.42 NA $94.61 Hold $49.92 Buy $80.24 Hold $80.28 Buy $87.15 Hold $85.26 Hold $82.60 Sell $64.20 $61.01

Energy

Financials Health Care Industrials

Long-Term Bond

Emerging Markets Gov't Bond Total International Bond $0.06 Distributions are per share. All distributions are reinvested at month-end Net Asset Value unless otherwise noted.

Information Tech.

Materials

VAW NA $113.53

REIT

VNQ

Global ex-U.S. Real Estate VNQI

Telecom Services

VOX VPU

Utilities

INCOME ETFS Short-Term Government Short-Term Corporate Short-Term Bond Short-Term Inflation Bond VTIP VCSH BSV Int.-Term Government Bond VGIT

VGSH Sell

Int.-Term Corporate Int.-Term Bond Total Bond Market Long-Term Government Long-Term Corporate Long-Term Bond Ext. Duration Treasury

VCIT BIV BND VGLT VCLT BLV EDV

Mortgage-Backed Securities VMBS

Sell Sell

$52.68 $73.95

Hold $92.59

Sell

$92.79

Sell $113.82 Buy $80.82

Emerging Mkts. Gov’t Bond VWOB

Total International Bond

BNDX Hold $52.24

Vanguard exchange-traded fund shares can be bought and sold like stocks, anytime markets are open. They are expected to track the performance of Vanguard’s like-named index funds closely, though not precisely. Price and performance are based on actual closing prices, not net asset value. Individual investor performance can vary depending on price variability during the trading day. Buy, Sell and Hold ratings may differ from open-end versions of the same index funds listed in the Investor share section of the Performance Review if an alternative ETF is better or worse. Admiral shares are identical to regular, “investor” shares (and my recommendations are the same as those for “investor” shares) except that their operating expenses are several basis points lower. (One basis point equals one one-hundredth of a percent.) For instance, a fund with an operating expense ratio of, say, 0.25%, might have Admiral shares available with an operating expense ratio of 0.21%.

The Independent Adviser for Vanguard Investors • September 2014 • 11

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