The Independent Adviser for Vanguard Investors
•
April 2014
•
11
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REVIEW
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%.
VANGUARD EXCHANGE-TRADED FUNDS
Fund
Ticker Advice
3/31
Price
March
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return
12-Mo.
Yield
SEC
Yield Risk
BROAD EQUITY ETFS
SmallCapGrowth
VBK
Buy $124.23
-2.3% 1.6% 25.1% 13.8% 27.1% 0.6% — 1.20
S&P SmallCap 600Growth VIOG
Buy $101.80
0.1% 0.0% 27.4% 15.7% — 0.5% — 1.14
Russell 2000Growth
VTWG Hold $99.07
-2.3% 0.6% 27.4% 13.6% — 0.6% — 1.33
SmallCap
VB
Hold $112.95
-0.2% 2.7% 25.5% 14.4% 27.0% 1.3% — 1.15
S&P SmallCap 600
VIOO Hold $99.29
0.7% 0.9% 27.6% 15.8% — 0.8% — 1.18
Russell 2000
VTWO Hold $93.08
-0.6% 1.2% 24.8% 13.1% — 1.0% — 1.21
SmallCap Value
VBR
Hold $100.64
1.3% 3.4% 24.8% 14.6% 26.3% 1.8% — 1.15
S&P SmallCap 600 Value VIOV
Hold $97.67
0.9% 2.2% 27.8% 16.0% — 0.9% — 1.23
Russell 2000 Value
VTWV Hold $87.47
1.0% 1.8% 22.5% 12.5% — 1.4% — 1.22
ExtendedMarket
VXF
Sell
$84.98
-0.7% 2.8% 25.9% 14.4% 26.2% 1.1% — 1.16
Growth
VUG
Hold $93.48
-1.6% 0.8% 22.3% 14.9% 21.7% 1.2% — 1.07
S&P 500Growth
VOOG Buy $89.36
-0.7% 1.4% 23.1% 15.1% — 1.4% — 0.96
Russell 1000Growth
VONG Hold $88.95
-0.8% 1.3% 23.3% 14.5% — 1.4% — 1.00
MegaCapGrowth
MGK
Buy $72.40
-1.5% 0.2% 22.3% 15.5% 21.1% 1.3% — 1.07
MidCapGrowth
VOT
Buy $92.61
-1.7% 2.6% 21.0% 11.7% 23.9% 0.6% — 1.14
S&PMidCap 400Growth IVOG
Buy $94.10
-0.5% 2.1% 20.8% 12.6% — 0.6% — 1.17
MidCap
VO
Hold $113.58
-0.3% 3.3% 23.7% 13.6% 25.1% 1.1% — 1.08
S&PMidCap 400
IVOO
Buy $92.65
0.3% 2.8% 21.1% 13.2% — 0.9% — 1.12
MidCap Value
VOE
Hold $82.83
1.1% 3.8% 25.2% 15.4% 26.3% 1.5% — 1.08
S&PMidCap 400 Value
IVOV
Buy $90.94
1.2% 4.0% 21.3% 13.7% — 0.8% — 1.11
S&P 500
VOO
Buy $171.35
0.9% 1.8% 22.0% 14.6% — 1.4% — 1.01
Russell 1000
VONE
Buy $86.50
0.8% 2.0% 22.3% 14.5% — 1.7% — 1.01
DividendAppreciation
VIG
Buy $75.23
0.8% 0.4% 16.8% 13.1% 18.9% 1.9% — 0.99
HighDividend Yield
VYM Hold $63.12
2.5% 1.9% 18.6% 16.0% 21.8% 2.8% — 0.97
LargeCap
VV
Buy $86.02
0.7% 1.9% 22.2% 14.5% 21.4% 1.8% — 1.00
MegaCap
MGC
Buy $63.88
0.9% 1.6% 21.8% 14.7% 20.7% 1.9% — 1.02
Total StockMarket
VTI
Hold $97.47
0.5% 2.1% 22.7% 14.6% 22.1% 1.8% — 1.03
Russell 3000
VTHR
Hold $87.21
0.7% 2.1% 22.6% 14.4% — 1.6% — 1.01
Value
VTV
Hold $78.11
2.7% 2.8% 24.1% 14.8% 21.7% 3.9% — 1.06
S&P 500 Value
VOOV Hold $83.39
2.5% 2.2% 20.3% 13.7% — 1.9% — 1.05
Russell 1000 Value
VONV Hold $84.43
2.6% 3.0% 21.6% 14.6% — 2.0% — 1.04
MegaCap Value
MGV
Hold $56.18
2.8% 2.7% 21.4% 14.0% 20.2% 2.3% — 1.04
INTERNATIONAL ETFS
EmergingMarkets Stock
VWO Hold $40.58
4.6% -1.1% -2.6% -3.6% 13.9% 2.9% — 1.58
DevelopedMarkets
VEA
Sell
$41.27
-0.4% 0.1% 17.3% 7.1% 15.9% 3.3% — 1.48
European
VGK
Hold $58.95
-0.6% 1.8% 25.2% 8.7% 17.9% 3.8% — 1.63
Pacific
VPL
Hold $59.08
-0.4% -3.4% 4.4% 5.1% 13.0% 2.6% — 1.49
Total International Stock
VXUS
Hold $52.20
0.5% 0.4% 13.1% 4.2% — 3.2% — 1.40
TotalWorld Stock
VT
Hold $59.67
0.5% 1.0% 17.0% 8.8% 18.1% 2.3% — 1.19
World ex-U.S.
VEU
Sell
$50.31
0.5% -0.0% 12.2% 4.1% 15.5% 3.2% — 1.47
World ex-U.S. SmallCap
VSS
Hold $106.86
-0.6% 3.8% 16.4% 4.7% — 2.6% — 1.40
SECTOR ETFS
Consumer Discretionary
VCR
NA $105.80
-2.5% -2.1% 25.8% 20.3% 30.0% 0.9% — 1.20
Consumer Staples
VDC
NA $110.79
2.3% 0.6% 12.4% 16.4% 19.6% 2.2% — 1.03
Energy
VDE
NA $128.41
2.5% 1.6% 15.3% 5.1% 18.2% 1.7% — 1.42
Financials
VFH
NA $45.53
2.5% 2.8% 21.9% 12.7% 21.6% 1.8% — 1.18
Health Care
VHT
NA $106.92
-2.0% 5.8% 30.4% 23.0% 22.7% 1.1% — 1.11
Industrials
VIS
NA $100.59
0.7% 0.6% 27.3% 14.6% 26.3% 1.1% — 1.14
Information Tech.
VGT
NA $91.53
-0.2% 2.2% 26.9% 13.7% 22.0% 1.0% — 1.22
Materials
VAW NA $106.31
0.8% 3.0% 22.0% 8.8% 21.6% 1.8% — 1.27
REIT
VNQ
Hold $70.62
0.5% 10.1% 4.2% 10.6% 28.7% 3.8% — 1.31
Global ex-U.S. Real Estate VNQI
Hold $54.07
0.8% -0.8% -2.0% 6.5% — 3.3% — 1.49
TelecomServices
VOX
NA $85.11
5.3% 1.7% 19.2% 11.3% 18.0% 3.8% — 1.27
Utilities
VPU
NA $90.52
3.2% 9.6% 10.8% 13.6% 15.3% 3.5% — 1.22
INCOME ETFS
Short-TermGovernment
VGSH Sell
$60.86
-0.2% 0.0% 0.4% 0.7% — 0.2% 0.29% 0.13
Short-Term Inflation Bond VTIP
Hold $49.33
-0.4% 0.0% -2.0% — — 0.0% -1.39% 0.56
Short-TermCorporate
VCSH
Buy $79.98
-0.3% 0.5% 1.8% 3.3% — 1.5% 1.37% 0.64
Short-TermBond
BSV
Hold $80.09
-0.3% 0.4% 0.3% 1.8% 2.5% 2.0% 0.82% 0.38
Int.-TermGovernment Bond VGIT
Sell
$63.30
-0.7% 1.3% -1.6% 3.6% — 1.1% 1.59% 1.15
Int.-TermCorporate
VCIT
Buy $84.98
0.0% 3.3% 1.2% 6.4% — 2.6% 3.25% 1.73
Int.-TermBond
BIV
Hold $83.33
-0.5% 2.5% -1.4% 5.3% 6.5% 2.8% 2.68% 1.58
Total BondMarket
BND
Hold $81.19
-0.2% 1.9% -0.2% 3.7% 4.6% 2.3% 2.19% 1.04
Mortgage-Backed Securities VMBS
Sell
$51.72
-0.4% 1.7% 0.4% 2.7% — 1.0% 1.90% 0.84
Long-TermGovernment
VGLT
Sell
$68.42
0.7% 7.5% -4.4% 8.2% — 2.6% 3.35% 3.88
Long-TermCorporate
VCLT
Hold $87.26
0.8% 6.0% 2.1% 9.1% — 3.8% 4.74% 3.13
Long-TermBond
BLV
Sell
$86.73
0.9% 7.0% -0.9% 9.0% 8.8% 4.1% 4.30% 3.22
Ext. Duration Treasury
EDV
Sell
$98.83
1.9% 12.2% -6.1% 14.3% 4.5% 3.2% 3.64% 6.37
EmergingMkts. Gov’t Bond VWOB
Buy $78.23
0.9% 2.9% — — — 2.6% 4.83% 2.69
Total International Bond
BNDX Hold $50.61
0.3% 2.2% — — — 1.0% 1.47% 0.86
DISTRIBUTIONS
Fund
Dist.
MARCHREGULAR
Short-Term Treasury
$0.00
Short-Term Federal
$0.01
Short-Term Investment-Grade
$0.02
Short-TermBond Index
$0.01
Intermediate-Term Treasury
$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
ETFDISTRIBUTIONS
Short-TermGovernment Bond
$0.02
Short-TermCorporate Bond
$0.12
Short-TermBond
$0.07
Intermed.-TermGovernment Bond
$0.08
Intermed.-TermCorporate Bond
$0.22
Intermediate-TermBond
$0.19
Total BondMarket
$0.17
Mortgage-Backed Securities Bond
$0.08
Long-TermGovernment Bond
$0.18
Long-TermCorporate Bond
$0.33
Long-TermBond
$0.28
EmergingMarkets Govt. Bond
$0.29
Total International Bond
$0.06
Distributions
are per share. All distributions are
reinvested at month-endNet Asset Value unless
otherwise noted.
