(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

FOR CUSTOMER SERVICE, PLEASE CALL 800-211-7641