(PUB) Investing 2016

PERFORMANCE REV I EW

VANGUARD EXCHANGE-TRADED FUNDS

DISTRIBUTIONS

10/31 Price

Oct. Return

YTD Return

12-Mo. Return

3-Year Return

5-Year Return

12-Mo. Yield

SEC Yield Risk

Fund

Dist.

Fund

Ticker Advice

OCTOBER REGULAR Ultra-Short-Term Bond

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

$0.01 $0.01 $0.01 $0.02 $0.01 $0.01 $0.02 $0.02 $0.02 $0.02 $0.02 $0.03 $0.04 $0.04 $0.03 $0.04 $0.05 $0.01 $0.01 $0.01 $0.03 $0.01 $0.03 $0.03 $0.03 $0.03 $0.03 $0.04 $0.03 $0.03 $0.03 $0.04 $0.14 $0.10 $0.09 $0.23 $0.17 $0.16 $0.07 $0.17 $0.33 $0.28 $0.30 $0.06 $0.07

Buy $124.68 Buy $111.38 Hold $117.22 Hold $107.84 Hold $107.43 Hold $103.06 Hold $87.92 Hold $109.38 Buy $106.83 Buy $85.54 Buy $102.46 Buy $104.71 Hold $125.47 Buy $101.57 Hold $91.31 Buy $99.75 Buy $195.13 Buy $97.43 Buy $82.31 Buy $97.36 Buy $72.59 Hold $108.89 Hold $97.29 Hold $86.05 Hold $90.12 Hold $90.99 Hold $62.01 Hold $47.01 Hold $54.68 Hold $55.83 Hold $60.02 Hold $46.31 Hold $59.65 — $122.67 — $135.81 — $94.07 — $50.28 — $123.35 — $108.47 — $119.72 Hold $81.76 Hold $53.45 — $90.98 — $107.92 Sell $87.77 Hold $37.75 Sell $36.51 Sell $44.66 Hold $96.59 Hold $49.66 Buy $80.32 Hold $80.52 Buy $88.56 Hold $86.65 Hold $83.19 Hold $53.70 Sell $66.08 Sell $61.11

-5.4% 3.3% 2.2% 3.2% 11.0% 1.0% — 1.19 -5.6% 5.0% 3.5% 5.8% 13.0% 1.1% — 1.12 -6.0% 0.2% -0.3% 3.8% 11.4% 1.0% — 1.43 -4.1% 7.0% 4.4% 5.3% 12.5% 1.5% — 1.13 -4.5% 8.8% 6.3% 5.9% 13.2% 1.2% — 1.13 -4.6% 6.3% 4.2% 4.2% 11.5% 1.4% — 1.23 -2.9% 10.1% 6.1% 7.0% 13.7% 1.9% — 1.09 -4.4% 10.9% 8.8% 5.7% 13.4% 1.3% — 1.18 -3.2% 11.5% 8.6% 4.3% 11.1% 1.8% — 1.17 -3.8% 5.8% 3.4% 5.1% 12.4% 1.4% — 1.15 -2.6% 3.8% 1.4% 8.8% 13.4% 1.3% — 1.14 -2.1% 4.0% 2.5% 10.0% 13.8% 1.5% — 1.07 -2.3% 3.4% 2.2% 9.2% 13.5% 1.5% — 1.08 -2.2% 4.2% 1.7% 9.2% 13.7% 1.5% — 1.12 -3.7% 3.3% 0.6% 6.6% 11.5% 0.9% — 1.11 -3.4% 5.8% 3.4% 6.6% 11.8% 1.0% — 1.00 -3.1% 5.5% 3.0% 7.6% 13.0% 1.5% — 1.09 -2.9% 9.3% 6.2% 6.9% 12.7% 1.4% — 1.01 -2.4% 7.7% 5.3% 8.4% 14.3% 2.0% — 0.99 -1.9% 12.8% 8.7% 6.8% 13.2% 1.5% — 1.09 -1.8% 6.0% 4.6% 8.8% 13.5% 2.0% — 1.00 -2.2% 5.6% 4.0% 8.3% 13.3% 1.9% — 1.02 -1.9% 7.5% 6.8% 6.6% 11.4% 2.1% — 0.90 -1.3% 9.1% 8.2% 9.0% 13.7% 3.0% — 0.93 -1.8% 5.7% 4.2% 8.5% 13.4% 2.0% — 1.01 -1.6% 5.8% 4.5% 8.7% 13.5% 2.2% — 1.01 -2.2% 5.9% 4.2% 8.0% 13.3% 1.9% — 1.01 -2.1% 5.4% 3.7% 8.0% 13.2% 1.9% — 1.02 -1.1% 7.5% 6.9% 8.9% 13.9% 2.5% — 0.95 -1.5% 7.6% 6.3% 7.1% 12.6% 2.4% — 0.98 -1.5% 8.1% 6.2% 7.5% 13.2% 2.4% — 0.98 -1.1% 7.2% 7.0% 8.4% 13.3% 2.6% — 0.95 0.3% 17.8% 11.1% -0.7% 1.1% 2.4% — 1.47 -2.4% 1.7% -1.3% -0.8% 5.7% 2.8% — 1.09 -3.5% -2.9% -6.6% -2.7% 4.9% 3.5% — 1.14 -4.1% — — — — — — — -1.0% — — — — — — — -0.9% 7.4% 6.5% 1.6% 6.5% 2.3% — 1.16 -1.9% 4.8% 1.2% -0.9% 4.3% 2.8% — 1.13 -2.0% 5.3% 2.9% 3.6% 8.6% 2.3% — 1.05 -1.7% 5.1% 1.1% -0.9% 4.2% 2.8% — 1.14 -3.0% 5.4% 4.5% 0.6% 5.6% 2.6% — 1.10 -2.4% 1.2% -2.0% 7.6% 16.0% 1.5% — 1.15 -0.8% 7.0% 8.3% 10.4% 14.3% 2.3% — 0.86 -3.7% 15.5% 2.4% -6.2% 0.8% 2.7% — 1.84 1.9% 5.3% 4.9% 8.1% 14.5% 2.1% — 1.15 -7.2% -6.2% -4.5% 10.1% 17.3% 1.5% — 1.28 -2.2% 9.0% 7.2% 7.2% 14.0% 1.9% — 1.08 -0.5% 11.7% 9.9% 14.4% 14.9% 1.3% — 1.40 -2.5% 12.2% 7.8% 4.2% 9.0% 1.8% — 1.58 -5.7% 5.4% 6.6% 10.1% 11.3% 4.1% — 1.36 -4.8% 6.4% 3.1% 1.3% 7.6% 3.3% — 1.11 -3.6% 10.7% 9.1% 5.9% 11.7% 2.8% — 1.10 0.9% 17.5% 17.5% 12.1% 11.6% 3.1% — 1.17 -0.1% 1.2% 0.9% 0.7% 0.6% 0.8% 0.80% 0.31 0.0% 2.7% 2.6% 0.4% — 0.0% -0.61% 0.69 -0.1% 3.3% 3.0% 2.3% 2.7% 2.1% 1.79% 1.04 -0.3% 2.3% 1.8% 1.4% 1.4% 1.4% 1.23% 0.61 -0.9% 3.7% 3.3% 2.7% 2.2% 1.6% 1.29% 1.16 -0.9% 7.8% 7.1% 5.2% 5.1% 3.2% 2.81% 1.33 -1.0% 6.3% 5.2% 4.2% 3.7% 2.5% 2.12% 1.31 -0.9% 4.9% 4.3% 3.3% 2.8% 2.4% 1.97% 1.04 -0.4% 3.2% 3.1% 3.2% 2.5% 1.8% 1.54% 0.56 -4.2% 10.1% 8.9% 9.1% 5.3% 2.5% 2.37% 3.88 -2.5% 14.0% 12.3% 8.2% 6.0% 4.2% 4.15% 3.14 -3.1% 12.9% 10.6% 8.4% 5.7% 3.7% 3.47% 3.11 -6.2% 15.1% 12.6% 14.1% 7.2% 2.6% 2.59% 6.39 -1.4% 12.3% 10.7% 5.8% — 4.6% 4.26% 2.02 -1.3% 5.5% 5.5% 4.9% — 1.5% 0.50% 1.06 -0.8% 2.6% 4.2% — — 1.6% 1.70% 0.92

Short-Term Treasury Short-Term Federal

Russell 2000 Growth

VTWG Hold $101.55

Short-Term Investment-Grade Short-Term Bond Index Intermediate-Term Treasury Intermediate-Term Investment-Grade Intermediate-Term Bond Index

SmallCap

VB

S&P SmallCap 600 Russell 2000 SmallCap Value

VIOO

VTWO Hold $95.00

VBR VIOV VTWV

S&P SmallCap 600 Value Russell 2000 Value

Total Bond Market Index

Core Bond

Extended Market

VXF VUG

GNMA

Growth

Long-Term Treasury

S&P 500 Growth Russell 1000 Growth MegaCap Growth MidCap Growth S&P MidCap 400 Growth

VOOG

Long-Term Investment-Grade Long-Term Bond Index High-Yield Corporate Emerging Markets Gov't Bond Emerging Markets Bond Total International Bond Treasury MM Federal MM Prime MM Tax-Exempt MM CA Tax-Exempt MM NJ Tax-Exempt MM NY Tax-Exempt MM OH Tax-Exempt MM PA Tax-Exempt MM Short-Term Tax-Exempt Limited-Term Tax-Exempt Intermediate-Term Tax-Exempt Tax-Exempt Bond Index Long-Term Tax-Exempt High-Yield Tax-Exempt CA Int.-Term Tax-Exempt CA Long-Term Tax-Exempt NJ Long-Term Tax-Exempt NY Long-Term Tax-Exempt OH Long-Term Tax-Exempt PA Long-Term Tax-Exempt 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 Emerging Markets Gov't Bond Total International Bond MA Tax-Exempt Short-Term Bond Total Bond Market Long-Term Bond

VONG Hold $104.33

MGK VOT IVOG IVOO VOE IVOV VOO VONE VO

MidCap

S&P MidCap 400 MidCap Value

$0.00022 $0.00026 $0.00051 $0.00056 $0.00052 $0.00046 $0.00053 $0.00052 $0.00052

S&P MidCap 400 Value

S&P 500

Russell 1000

Dividend Appreciation High Dividend Yield

VIG

VYM Hold $71.22

LargeCap MegaCap

VV

MGC

Total Stock Market

VTI

Russell 3000

VTHR VTV VOOV VONV MGV

Value

S&P 500 Value Russell 1000 Value MegaCap Value

INTERNATIONAL ETFS Emerging Markets Stock VWO

Developed Markets

VEA VGK

European

Int’l Dividend Appreciation VIGI

Int’l High Dividend Yield

VYMI

Pacific

VPL

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

Energy

Financials Health Care Industrials

Information Tech.

Materials

VAW — $104.29

REIT

VNQ

Global ex-U.S. Real Estate VNQI

Tax-Exempt Bond

Telecom Services

VOX VPU

Utilities

Distributions are per share. All distributions are reinvested at month-end Net Asset Value unless otherwise noted.

INCOME ETFS Short-Term Government Short-Term Inflation Bond Short-Term Corporate Int.-Term Corporate Int.-Term Bond Total Bond Market Long-Term Government Long-Term Corporate Long-Term Bond Ext. Duration Treasury Total International Bond Tax-Exempt Bond Short-Term Bond

VGSH VTIP VCSH BSV VCIT BIV BND VGLT VCLT BLV EDV BNDX VTEB

Int.-Term Government Bond VGIT

Mortgage-Backed Securities VMBS

Sell

$80.71

Hold $93.00

Sell

$95.30

Sell $128.03 Buy $80.21 Hold $55.28 Buy $51.72

Emerging Mkts. Gov’t Bond VWOB

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 • November 2016 • 11

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