(PUB) Vanguard Advisor
PERFORMANCE REVIEW
DISTRIBUTIONS
VANGUARD EXCHANGE-TRADED FUNDS
3/31 Price
March Return
YTD Return
12-Mo. Return
3-Year Return
5-Year Return
12-Mo. Yield
SEC Yield Risk
Fund
Dist.
Fund
Ticker Advice
MARCHREGULAR Short-Term Treasury Short-Term Federal Short-Term Investment-Grade Short-TermBond Index Intermediate-Term Treasury
BROAD EQUITY ETFS SmallCapGrowth S&P SmallCap 600Growth VIOG VBK
$0.00 $0.01 $0.02 $0.01
Buy $124.23 Buy $101.80
-2.3% 1.6% 25.1% 13.8% 27.1% 0.6% — 1.20 0.1% 0.0% 27.4% 15.7% — 0.5% — 1.14 -2.3% 0.6% 27.4% 13.6% — 0.6% — 1.33 -0.2% 2.7% 25.5% 14.4% 27.0% 1.3% — 1.15 0.7% 0.9% 27.6% 15.8% — 0.8% — 1.18 -0.6% 1.2% 24.8% 13.1% — 1.0% — 1.21 1.3% 3.4% 24.8% 14.6% 26.3% 1.8% — 1.15 0.9% 2.2% 27.8% 16.0% — 0.9% — 1.23 1.0% 1.8% 22.5% 12.5% — 1.4% — 1.22 -0.7% 2.8% 25.9% 14.4% 26.2% 1.1% — 1.16 -1.6% 0.8% 22.3% 14.9% 21.7% 1.2% — 1.07 -0.7% 1.4% 23.1% 15.1% — 1.4% — 0.96 -0.8% 1.3% 23.3% 14.5% — 1.4% — 1.00 -1.5% 0.2% 22.3% 15.5% 21.1% 1.3% — 1.07 -1.7% 2.6% 21.0% 11.7% 23.9% 0.6% — 1.14 -0.5% 2.1% 20.8% 12.6% — 0.6% — 1.17 -0.3% 3.3% 23.7% 13.6% 25.1% 1.1% — 1.08 0.3% 2.8% 21.1% 13.2% — 0.9% — 1.12 1.1% 3.8% 25.2% 15.4% 26.3% 1.5% — 1.08 1.2% 4.0% 21.3% 13.7% — 0.8% — 1.11 0.9% 1.8% 22.0% 14.6% — 1.4% — 1.01 0.8% 2.0% 22.3% 14.5% — 1.7% — 1.01 0.8% 0.4% 16.8% 13.1% 18.9% 1.9% — 0.99 2.5% 1.9% 18.6% 16.0% 21.8% 2.8% — 0.97 0.7% 1.9% 22.2% 14.5% 21.4% 1.8% — 1.00 0.9% 1.6% 21.8% 14.7% 20.7% 1.9% — 1.02 0.5% 2.1% 22.7% 14.6% 22.1% 1.8% — 1.03 0.7% 2.1% 22.6% 14.4% — 1.6% — 1.01 2.7% 2.8% 24.1% 14.8% 21.7% 3.9% — 1.06 2.5% 2.2% 20.3% 13.7% — 1.9% — 1.05 2.6% 3.0% 21.6% 14.6% — 2.0% — 1.04 2.8% 2.7% 21.4% 14.0% 20.2% 2.3% — 1.04 4.6% -1.1% -2.6% -3.6% 13.9% 2.9% — 1.58 -0.4% 0.1% 17.3% 7.1% 15.9% 3.3% — 1.48 -0.6% 1.8% 25.2% 8.7% 17.9% 3.8% — 1.63 -0.4% -3.4% 4.4% 5.1% 13.0% 2.6% — 1.49 0.5% 0.4% 13.1% 4.2% — 3.2% — 1.40 0.5% 1.0% 17.0% 8.8% 18.1% 2.3% — 1.19 0.5% -0.0% 12.2% 4.1% 15.5% 3.2% — 1.47 -0.6% 3.8% 16.4% 4.7% — 2.6% — 1.40 -2.5% -2.1% 25.8% 20.3% 30.0% 0.9% — 1.20 2.3% 0.6% 12.4% 16.4% 19.6% 2.2% — 1.03 2.5% 1.6% 15.3% 5.1% 18.2% 1.7% — 1.42 2.5% 2.8% 21.9% 12.7% 21.6% 1.8% — 1.18 -2.0% 5.8% 30.4% 23.0% 22.7% 1.1% — 1.11 0.7% 0.6% 27.3% 14.6% 26.3% 1.1% — 1.14 -0.2% 2.2% 26.9% 13.7% 22.0% 1.0% — 1.22 0.8% 3.0% 22.0% 8.8% 21.6% 1.8% — 1.27 0.5% 10.1% 4.2% 10.6% 28.7% 3.8% — 1.31 0.8% -0.8% -2.0% 6.5% — 3.3% — 1.49 5.3% 1.7% 19.2% 11.3% 18.0% 3.8% — 1.27 3.2% 9.6% 10.8% 13.6% 15.3% 3.5% — 1.22 -0.2% 0.0% 0.4% 0.7% — 0.2% 0.29% 0.13 -0.4% 0.0% -2.0% — — 0.0% -1.39% 0.56 -0.3% 0.5% 1.8% 3.3% — 1.5% 1.37% 0.64 -0.3% 0.4% 0.3% 1.8% 2.5% 2.0% 0.82% 0.38 -0.7% 1.3% -1.6% 3.6% — 1.1% 1.59% 1.15 0.0% 3.3% 1.2% 6.4% — 2.6% 3.25% 1.73 -0.5% 2.5% -1.4% 5.3% 6.5% 2.8% 2.68% 1.58 -0.2% 1.9% -0.2% 3.7% 4.6% 2.3% 2.19% 1.04 -0.4% 1.7% 0.4% 2.7% — 1.0% 1.90% 0.84 0.7% 7.5% -4.4% 8.2% — 2.6% 3.35% 3.88 0.8% 6.0% 2.1% 9.1% — 3.8% 4.74% 3.13 0.9% 7.0% -0.9% 9.0% 8.8% 4.1% 4.30% 3.22 1.9% 12.2% -6.1% 14.3% 4.5% 3.2% 3.64% 6.37 0.9% 2.9% — — — 2.6% 4.83% 2.69 0.3% 2.2% — — — 1.0% 1.47% 0.86
Russell 2000Growth
VTWG Hold $99.07
SmallCap
VB
Hold $112.95
$0.02 Intermediate-Term Investment-Grade $0.03 Intermediate-TermBond Index $0.03 Total BondMarket Index $0.02 GNMA $0.02 Long-Term Treasury $0.03 Long-Term Investment-Grade $0.04 Long-TermBond Index $0.05 High-Yield Corporate $0.03 EmergingMarkets Govt. Bond $0.04 Total International Bond $0.01 Admiral TreasuryMM $0.00001 FederalMM $0.00001 PrimeMM $0.00001 Tax-ExemptMM $0.00001 CA Tax-ExemptMM $0.00001 NJ Tax-ExemptMM $0.00001 NY Tax-ExemptMM $0.00001 OH Tax-ExemptMM $0.00001 PA Tax-ExemptMM $0.00001 Short-Term Tax-Exempt $0.01 Limited-Term Tax-Exempt $0.02 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
S&P SmallCap 600 Russell 2000 SmallCap Value Russell 2000 Value ExtendedMarket S&P 500Growth Russell 1000Growth MegaCapGrowth MidCapGrowth Growth
VIOO Hold $99.29 VTWO Hold $93.08
VBR
Hold $100.64 Hold $97.67
S&P SmallCap 600 Value VIOV
VTWV Hold $87.47
VXF VUG
Sell
$84.98
Hold $93.48
VOOG Buy $89.36 VONG Hold $88.95
MGK VOT
Buy $72.40 Buy $92.61 Buy $94.10 Hold $113.58 Buy $92.65 Hold $82.83 Buy $90.94 Buy $171.35 Buy $86.50 Buy $75.23 Buy $86.02 Buy $63.88 Hold $97.47 Hold $87.21 Hold $78.11
S&PMidCap 400Growth IVOG
MidCap
VO
S&PMidCap 400 MidCap Value
IVOO VOE IVOV VOO VONE
S&PMidCap 400 Value
S&P 500
Russell 1000
DividendAppreciation HighDividend Yield
VIG
VYM Hold $63.12
LargeCap MegaCap
VV
MGC
Total StockMarket
VTI
Russell 3000
VTHR VTV
Value
S&P 500 Value Russell 1000 Value MegaCap Value
VOOV Hold $83.39 VONV Hold $84.43
MGV
Hold $56.18
INTERNATIONAL ETFS EmergingMarkets Stock
VWO Hold $40.58
DevelopedMarkets
VEA VGK VPL
Sell
$41.27
European
Hold $58.95 Hold $59.08 Hold $52.20 Hold $59.67
ETFDISTRIBUTIONS Short-TermGovernment Bond Short-TermCorporate Bond Intermed.-TermGovernment Bond Intermed.-TermCorporate Bond Intermediate-TermBond Mortgage-Backed Securities Bond Long-TermGovernment Bond Long-TermCorporate Bond Short-TermBond Total BondMarket
Pacific
$0.02 $0.12 $0.07 $0.08 $0.22 $0.19 $0.17 $0.08 $0.18 $0.33 $0.28 $0.29
Total International Stock TotalWorld 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
$50.31
Hold $106.86
NA $105.80 NA $110.79 NA $128.41 NA $45.53 NA $106.92 NA $100.59 NA $91.53 Hold $70.62 Hold $54.07 NA $85.11 NA $90.52 Hold $49.33 Buy $79.98 Hold $80.09 Buy $84.98 Hold $83.33 Hold $81.19 Sell $63.30 $60.86
Energy
Financials Health Care Industrials
Long-TermBond
EmergingMarkets Govt. Bond Total International Bond $0.06 Distributions are per share. All distributions are reinvested at month-endNet Asset Value unless otherwise noted.
Information Tech.
Materials
VAW NA $106.31
REIT
VNQ
Global ex-U.S. Real Estate VNQI
TelecomServices
VOX VPU
Utilities
INCOME ETFS Short-TermGovernment Short-TermCorporate Short-TermBond Short-Term Inflation Bond VTIP VCSH BSV Int.-TermGovernment Bond VGIT
VGSH Sell
Int.-TermCorporate Int.-TermBond Total BondMarket Long-TermGovernment Long-TermCorporate Long-TermBond Ext. Duration Treasury
VCIT BIV BND VGLT VCLT BLV EDV
Mortgage-Backed Securities VMBS
Sell Sell Sell Sell
$51.72 $68.42 $86.73 $98.83
Hold $87.26
EmergingMkts. Gov’t Bond VWOB
Buy $78.23
Total International Bond
BNDX Hold $50.61
Vanguardexchange-traded fundshares canbebought and sold like stocks, anytimemarketsareopen. Theyareexpected to track theperformanceof Vanguard’s like-named index funds closely, thoughnot precisely. Priceandperformancearebasedonactual closingprices, not net asset value. Individual investor performance can varydependingonprice variabilityduring the tradingday. Buy, Sell andHold ratingsmaydiffer fromopen-end versionsof the same index funds listed in the Investor share sectionof thePerformanceReview if analternativeETF isbetter orworse. Admiral shares are identical to regular, “investor” shares (andmy 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 fundwith an operating expense ratio of, say, 0.25%, might haveAdmiral shares availablewith an operating expense ratio of 0.21%.
The Independent Adviser for Vanguard Investors • April 2014 • 11
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