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Vanguard - Year-end fund distributions

Investment Products  »  Tax Center  »  Tax Information for Vanguard Funds  »  Year-end Vanguard Fund Distributions for 2013

Year-end Vanguard fund distributions for 2013

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The tables below list Vanguard funds' year-end dividend and capital gains distribution declarations.

Important fund performance information »

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.

Click on a fund name to view standardized and after-tax returns.

Year-end fund distributions
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About Share Classes

Vanguard® multiple share classes offer added value by reducing our already low fund-management costs even more for retirement plan sponsors, endowments, foundations, trusts, and other institutional clients with qualifying accounts.

Investor shares

Vanguard's low-cost fund lineup begins with our trademark Investor shares. With the lowest average expense ratios in the industry, low initial investment amounts, and no tenure requirements, institutional clients can select from a vast array of mutual funds to build diversified portfolios.

Signal™ shares

Signal shares are available for a number of Vanguard's index funds. They offer lower expense ratios than Investor shares to institutional clients who meet certain criteria. The minimum initial investment varies depending on the type of institution and relationship with Vanguard.

Admiral™ shares

Admiral shares reward clients who have large and long-standing accounts with expense ratios that are up to 25% lower than traditional Investor shares.

Institutional and Institutional Plus shares

Institutional Shares are designed for companies, retirement plans, endowments, foundations, trusts, and other organizations and individuals with large account balances. Funds in this share class charge the lowest expense ratios of Vanguard's share classes but require larger minimum investment amounts. Institutional Fund/Shares and Institutional Plus shares require larger minimum investment amounts, yet they offer lower expense ratios than standard Institutional Shares.

 Investor  |  Admiral™  |  Signal™  |  Institutional  |  ETFs
Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

500 Index Fund Inv Income $0.86900 12/20/2013 12/23/2013 12/24/2013 $168.42 1.83% B

500 Index Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Admiral Trsy Money Mkt Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

Admiral Trsy Money Mkt

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

Balanced Index Fund Inv Income $0.13100 12/24/2013 12/26/2013 12/27/2013 $27.46 1.74% B

Balanced Index Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

CA IT Tax-Exempt Investor Income $0.03136 12/31/2013 12/31/2013 01/02/2014 $11.27 3.27% 2.36% A

CA IT Tax-Exempt Investor

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

CA LT Tax-Exempt Investor Income $0.03805 12/31/2013 12/31/2013 01/02/2014 $11.25 3.98% 3.36% A

CA LT Tax-Exempt Investor

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

CA Tax-Exempt Money Mkt Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

CA Tax-Exempt Money Mkt

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

Capital Opportunity Inv Income $0.07200 12/16/2013 12/17/2013 12/18/2013 $44.73 0.56% B

Capital Opportunity Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.11600 12/16/2013 12/17/2013 12/18/2013 $44.73 0.56% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $1.54800 12/16/2013 12/17/2013 12/18/2013 $44.73 0.56% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Capital Value Fund Income $0.11100 12/16/2013 12/17/2013 12/18/2013 $13.74 0.91% B

Capital Value Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.99200 12/16/2013 12/17/2013 12/18/2013 $13.74 0.91% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.38000 12/16/2013 12/17/2013 12/18/2013 $13.74 0.91% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Convertible Securities Income $0.21400 12/24/2013 12/26/2013 12/27/2013 $13.61 2.50% B

Convertible Securities

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.28700 12/24/2013 12/26/2013 12/27/2013 $13.61 2.50% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

  Long-Term Capital Gain $0.67800 12/24/2013 12/26/2013 12/27/2013 $13.61 2.50% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Diversified Equity Inv Income $0.28300 12/24/2013 12/26/2013 12/27/2013 $30.40 0.95% B

Diversified Equity Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.19300 12/24/2013 12/26/2013 12/27/2013 $30.40 0.95% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.18700 12/24/2013 12/26/2013 12/27/2013 $30.40 0.95% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Dividend Apprec Idx Inv Income $0.15200 12/18/2013 12/19/2013 12/20/2013 $29.49 1.94% B

Dividend Apprec Idx Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Dividend Growth Fund Income $0.20000 12/16/2013 12/17/2013 12/18/2013 $20.48 1.98% B

Dividend Growth Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.10400 12/16/2013 12/17/2013 12/18/2013 $20.48 1.98% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Em Mkt Gov Bond Ix Inv Income $0.04000 12/20/2013 12/23/2013 12/24/2013 $9.54 4.69% A

Em Mkt Gov Bond Ix Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Emerging Mkts Stk Idx Inv Income $0.12600 12/18/2013 12/19/2013 12/20/2013 $25.50 — —
Emrg Mkts Select Stk Fund Income $0.26200 12/16/2013 12/17/2013 12/18/2013 $19.43 — —
Energy Fund Investor Income $1.12800 12/16/2013 12/17/2013 12/18/2013 $64.57 1.75% B

Energy Fund Investor

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.03800 12/16/2013 12/17/2013 12/18/2013 $64.57 1.75% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $1.19900 12/16/2013 12/17/2013 12/18/2013 $64.57 1.75% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Equity Income Fund Inv Income $0.20100 12/16/2013 12/17/2013 12/18/2013 $28.67 2.69% B

Equity Income Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

  Short-Term Capital Gain $0.03700 12/16/2013 12/17/2013 12/18/2013 $28.67 2.69% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.76200 12/16/2013 12/17/2013 12/18/2013 $28.67 2.69% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

European Stock Index Inv Income $0.11600 12/18/2013 12/19/2013 12/20/2013 $30.34 — —
Explorer Fund Investor Income $0.04000 12/16/2013 12/17/2013 12/18/2013 $99.18 0.20% B

Explorer Fund Investor

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $1.72200 12/16/2013 12/17/2013 12/18/2013 $99.18 0.20% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $9.10000 12/16/2013 12/17/2013 12/18/2013 $99.18 0.20% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Explorer Value Fund Income $0.16800 12/16/2013 12/17/2013 12/18/2013 $30.39 0.67% B

Explorer Value Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.69800 12/16/2013 12/17/2013 12/18/2013 $30.39 0.67% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $1.34400 12/16/2013 12/17/2013 12/18/2013 $30.39 0.67% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Extended Mkt Index Inv Income $0.59000 12/20/2013 12/23/2013 12/24/2013 $62.17 0.96% B

Extended Mkt Index Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

FTSE AW xUS Sm-Cp Idx Inv Income $0.58600 12/18/2013 12/19/2013 12/20/2013 $37.90 — —
FTSE All-World ex-US Inv Income $0.14500 12/18/2013 12/19/2013 12/20/2013 $19.34 — —
FTSE Social Index Inv Income $0.14900 12/16/2013 12/17/2013 12/18/2013 $11.17 1.45% B

FTSE Social Index Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Federal Money Mkt Fund Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

Federal Money Mkt Fund

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

GNMA Fund Investor Shares Income $0.02351 12/31/2013 12/31/2013 01/02/2014 $10.42 2.65% 2.66% J

GNMA Fund Investor Shares

BASED ON HOLDINGS' ACTUAL INCOME FOR THE PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Gbl ex-US Real Est Ix Inv Income $0.62100 12/18/2013 12/19/2013 12/20/2013 $21.17 — —
Global Equity Fund Income $0.35800 12/24/2013 12/26/2013 12/27/2013 $23.25 — —
Global Min Vol Investor Income $0.02400 12/24/2013 12/26/2013 12/27/2013 $10.25 — —
Growth Index Fund Inv Income $0.16000 12/20/2013 12/23/2013 12/24/2013 $47.38 1.16% B

Growth Index Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Growth and Income Inv Income $0.32300 12/16/2013 12/17/2013 12/18/2013 $38.11 1.57% B

Growth and Income Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Health Care Fund Inv Income $2.31900 12/16/2013 12/17/2013 12/18/2013 $179.70 1.27% B

Health Care Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.67000 12/16/2013 12/17/2013 12/18/2013 $179.70 1.27% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $9.47700 12/16/2013 12/17/2013 12/18/2013 $179.70 1.27% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

High Dividend Yld Idx Inv Income $0.20600 12/18/2013 12/19/2013 12/20/2013 $24.21 2.93% B

High Dividend Yld Idx Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

High-Yield Corp Fund Inv Income $0.02921 12/31/2013 12/31/2013 01/02/2014 $6.03 5.70% 4.36% A

High-Yield Corp Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

High-Yield Tax-Exempt Inv Income $0.03801 12/31/2013 12/31/2013 01/02/2014 $10.50 4.26% 3.79% A

High-Yield Tax-Exempt Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

I-T Investment-Grade Inv Long-Term Capital Gain $0.11000 12/16/2013 12/17/2013 12/18/2013 $9.73 3.27% 2.89% A

I-T Investment-Grade Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.02714 12/31/2013 12/31/2013 01/02/2014 $9.67 3.27% 2.89% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

Inflation-Protect Sec Inv Income $0.10700 12/24/2013 12/26/2013 12/27/2013 $12.99 -0.04% E

Inflation-Protect Sec Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR 30 DAYS AS OF END OF PREVIOUS WEEK.
DOES NOT INCLUDE ANY INCOME ADJUSTMENT RESULTING FROM CHANGE IN INFLATION RATE

Inter-Term Bond Index Inv Long-Term Capital Gain $0.08000 12/20/2013 12/23/2013 12/24/2013 $11.14 2.97% 2.73% A

Inter-Term Bond Index Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.02831 12/31/2013 12/31/2013 01/02/2014 $11.09 2.97% 2.73% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Inter-Term Tax-Exempt Inv Income $0.03892 12/31/2013 12/31/2013 01/02/2014 $13.72 3.34% 2.40% A

Inter-Term Tax-Exempt Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Inter-Term Treasury Inv Long-Term Capital Gain $0.04600 12/16/2013 12/17/2013 12/18/2013 $11.24 1.61% 1.52% A

Inter-Term Treasury Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.01534 12/31/2013 12/31/2013 01/02/2014 $11.12 1.61% 1.52% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

International Growth Inv Income $0.33600 12/16/2013 12/17/2013 12/18/2013 $22.29 — —
International Value Fund Income $0.69700 12/24/2013 12/26/2013 12/27/2013 $36.95 — —
Internatl Explorer Fund Income $0.42000 12/16/2013 12/17/2013 12/18/2013 $17.68 — —
  Short-Term Capital Gain $0.13700 12/16/2013 12/17/2013 12/18/2013 $17.68 — —
  Long-Term Capital Gain $0.15100 12/16/2013 12/17/2013 12/18/2013 $17.68 — —
Large-Cap Index Fund Inv Income $0.16600 12/20/2013 12/23/2013 12/24/2013 $33.84 1.72% B

Large-Cap Index Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

LifeStrategy Consrv Grwth Income $0.10600 12/24/2013 12/26/2013 12/27/2013 $18.01 2.08% B

LifeStrategy Consrv Grwth

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.03600 12/24/2013 12/26/2013 12/27/2013 $18.01 2.08% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

  Long-Term Capital Gain $0.05800 12/24/2013 12/26/2013 12/27/2013 $18.01 2.08% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

LifeStrategy Growth Fund Income $0.28000 12/24/2013 12/26/2013 12/27/2013 $27.48 1.99% B

LifeStrategy Growth Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.02000 12/24/2013 12/26/2013 12/27/2013 $27.48 1.99% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.03400 12/24/2013 12/26/2013 12/27/2013 $27.48 1.99% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

LifeStrategy Income Fund Income $0.08400 12/24/2013 12/26/2013 12/27/2013 $14.31 2.13% B

LifeStrategy Income Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.01400 12/24/2013 12/26/2013 12/27/2013 $14.31 2.13% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.06900 12/24/2013 12/26/2013 12/27/2013 $14.31 2.13% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

LifeStrategy Mod Growth Income $0.23400 12/24/2013 12/26/2013 12/27/2013 $23.02 2.04% B

LifeStrategy Mod Growth

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.01900 12/24/2013 12/26/2013 12/27/2013 $23.02 2.04% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.04600 12/24/2013 12/26/2013 12/27/2013 $23.02 2.04% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Long-Term Bond Index Income $0.04765 12/31/2013 12/31/2013 01/02/2014 $12.41 4.49% 4.54% A

Long-Term Bond Index

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Long-Term Invest-Gr Inv Long-Term Capital Gain $0.05100 12/16/2013 12/17/2013 12/18/2013 $9.71 4.90% 4.64% A

Long-Term Invest-Gr Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.04046 12/31/2013 12/31/2013 01/02/2014 $9.65 4.90% 4.64% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Long-Term Tax-Exempt Inv Income $0.03936 12/31/2013 12/31/2013 01/02/2014 $11.01 4.21% 3.51% A

Long-Term Tax-Exempt Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

Long-Term Treasury Inv Long-Term Capital Gain $0.09100 12/16/2013 12/17/2013 12/18/2013 $11.09 3.43% 3.57% A

Long-Term Treasury Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.03237 12/31/2013 12/31/2013 01/02/2014 $10.90 3.43% 3.57% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Ltd-Term Tax-Exempt Inv Income $0.01543 12/31/2013 12/31/2013 01/02/2014 $11.02 1.65% 0.79% A

Ltd-Term Tax-Exempt Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

MA Tax-Exempt Fund Income $0.02999 12/31/2013 12/31/2013 01/02/2014 $10.22 3.45% 3.07% A

MA Tax-Exempt Fund

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Managed Payout Fund Income $0.04995 12/16/2013 12/17/2013 12/18/2013 $19.11 1.71% B

Managed Payout Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.70960 12/27/2013 12/30/2013 12/31/2013 $18.53 1.71% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Market Liquidity Fund Income $0.00011 12/31/2013 12/31/2013 01/02/2014 $1.00 0.13% 0.12% C

Market Liquidity Fund

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

Mid-Cap Growth Fund Income $0.00700 12/16/2013 12/17/2013 12/18/2013 $23.80 0.15% B

Mid-Cap Growth Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.77500 12/16/2013 12/17/2013 12/18/2013 $23.80 0.15% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $1.71700 12/16/2013 12/17/2013 12/18/2013 $23.80 0.15% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Mid-Cap Growth Index Inv Income $0.16600 12/20/2013 12/23/2013 12/24/2013 $35.08 0.60% B

Mid-Cap Growth Index Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Mid-Cap Index Fund Inv Income $0.30500 12/20/2013 12/23/2013 12/24/2013 $29.67 1.11% B

Mid-Cap Index Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Mid-Cap Value Index Inv Income $0.43400 12/20/2013 12/23/2013 12/24/2013 $30.99 1.59% B

Mid-Cap Value Index Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Morgan Growth Fund Inv Income $0.17200 12/16/2013 12/17/2013 12/18/2013 $24.63 0.63% B

Morgan Growth Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

  Short-Term Capital Gain $0.02900 12/16/2013 12/17/2013 12/18/2013 $24.63 0.63% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.96100 12/16/2013 12/17/2013 12/18/2013 $24.63 0.63% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Municipal Cash Management Income $0.00005 12/31/2013 12/31/2013 01/02/2014 $1.00 0.06% 0.06% C

Municipal Cash Management

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

NJ LT Tax-Exempt Investor Short-Term Capital Gain $0.00127 12/24/2013 12/26/2013 12/27/2013 $11.58 3.78% 3.36% A

NJ LT Tax-Exempt Investor

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Long-Term Capital Gain $0.02045 12/24/2013 12/26/2013 12/27/2013 $11.58 3.78% 3.36% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.03725 12/31/2013 12/31/2013 01/02/2014 $11.58 3.78% 3.36% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

NJ Tax-Exempt Money Mkt Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

NJ Tax-Exempt Money Mkt

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

NY LT Tax-Exempt Investor Income $0.03535 12/31/2013 12/31/2013 01/02/2014 $11.05 3.76% 3.27% A

NY LT Tax-Exempt Investor

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

NY Tax-Exempt Money Mkt Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

NY Tax-Exempt Money Mkt

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

OH LT Tax-Exempt Fund Short-Term Capital Gain $0.00072 12/24/2013 12/26/2013 12/27/2013 $11.81 3.89% 3.63% A

OH LT Tax-Exempt Fund

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Long-Term Capital Gain $0.04788 12/24/2013 12/26/2013 12/27/2013 $11.81 3.89% 3.63% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.03924 12/31/2013 12/31/2013 01/02/2014 $11.81 3.89% 3.63% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

OH Tax-Exempt Money Mkt Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

OH Tax-Exempt Money Mkt

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

PA LT Tax-Exempt Investor Income $0.03689 12/31/2013 12/31/2013 01/02/2014 $10.99 3.95% 3.49% A

PA LT Tax-Exempt Investor

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

PA Tax-Exempt Money Mkt Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

PA Tax-Exempt Money Mkt

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

PRIMECAP Core Fund Income $0.17800 12/16/2013 12/17/2013 12/18/2013 $18.78 1.24% B

PRIMECAP Core Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.67700 12/16/2013 12/17/2013 12/18/2013 $18.78 1.24% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

PRIMECAP Fund Investor Income $0.83600 12/16/2013 12/17/2013 12/18/2013 $89.18 1.14% B

PRIMECAP Fund Investor

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.02000 12/16/2013 12/17/2013 12/18/2013 $89.18 1.14% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $3.75000 12/16/2013 12/17/2013 12/18/2013 $89.18 1.14% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Pacific Stock Index Inv Income $0.14600 12/18/2013 12/19/2013 12/20/2013 $11.28 — —
Prime Money Mkt Fund Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

Prime Money Mkt Fund

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

REIT Index Fund Inv Income $0.22840 12/20/2013 12/23/2013 12/24/2013 $21.46 note

The Vanguard® REIT Index Fund pays quarterly distributions consisting of dividend income, return of capital, and capital gains. However, the tax characteristics of these distributions cannot be determined until after the end of the year since the REITs in which the fund invests do not designate the composition (i.e., dividend income, return of capital, and capital gains) of their payments until the new calendar year.

Since Vanguard cannot know the taxability of the portfolio's distributions during the year, unadjusted and adjusted effective yields are calculated.

The current unadjusted effective yield is 3.66% as of 03/31/2014, which includes the entire distribution (dividend income, as well as return of capital and capital gain).

The current adjusted effective yield is 2.54% as of 03/31/2014, which is the unadjusted yield reduced by an estimated return of capital. The estimated return of capital, based on the average weighted return of capital of all the REITs on the Morgan Stanley REIT Index, for the past 2 calendar years is 29.94% in 2013 and 31.18% in 2012.

Please remember that the yield is calculated monthly like other stock funds and that Vanguard is not quoting a 30-day SEC yield.

S-T Investment-Grade Inv Long-Term Capital Gain $0.01900 12/16/2013 12/17/2013 12/18/2013 $10.73 1.94% 1.55% A

S-T Investment-Grade Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.01769 12/31/2013 12/31/2013 01/02/2014 $10.70 1.94% 1.55% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

STAR Fund Income $0.28500 12/24/2013 12/26/2013 12/27/2013 $23.78 1.96% B

STAR Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.01700 12/24/2013 12/26/2013 12/27/2013 $23.78 1.96% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.14100 12/24/2013 12/26/2013 12/27/2013 $23.78 1.96% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

STerm Inf Pro Sec Idx Inv Income $0.00400 12/18/2013 12/19/2013 12/20/2013 $24.69 -1.01% E

STerm Inf Pro Sec Idx Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR 30 DAYS AS OF END OF PREVIOUS WEEK.
DOES NOT INCLUDE ANY INCOME ADJUSTMENT RESULTING FROM CHANGE IN INFLATION RATE

Selected Value Fund Income $0.33000 12/16/2013 12/17/2013 12/18/2013 $27.31 1.35% B

Selected Value Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $1.22000 12/16/2013 12/17/2013 12/18/2013 $27.31 1.35% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Short-Term Bond Index Inv Long-Term Capital Gain $0.02400 12/20/2013 12/23/2013 12/24/2013 $10.49 1.02% 0.68% A

Short-Term Bond Index Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.00914 12/31/2013 12/31/2013 01/02/2014 $10.49 1.02% 0.68% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Short-Term Federal Inv Income $0.00561 12/31/2013 12/31/2013 01/02/2014 $10.70 0.62% 0.61% A

Short-Term Federal Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Short-Term Tax-Exempt Inv Income $0.01030 12/31/2013 12/31/2013 01/02/2014 $15.85 0.76% 0.34% A

Short-Term Tax-Exempt Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Short-Term Treasury Inv Short-Term Capital Gain $0.00200 12/16/2013 12/17/2013 12/18/2013 $10.70 0.42% 0.29% A

Short-Term Treasury Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Long-Term Capital Gain $0.00900 12/16/2013 12/17/2013 12/18/2013 $10.70 0.42% 0.29% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.00382 12/31/2013 12/31/2013 01/02/2014 $10.68 0.42% 0.29% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Small-Cap Growth Idx Inv Income $0.16300 12/20/2013 12/23/2013 12/24/2013 $34.14 0.53% B

Small-Cap Growth Idx Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Small-Cap Index Fund Inv Income $0.61100 12/20/2013 12/23/2013 12/24/2013 $52.24 1.09% B

Small-Cap Index Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Small-Cap Value Index Income $0.39600 12/20/2013 12/23/2013 12/24/2013 $23.10 1.58% B

Small-Cap Value Index

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Strategic Equity Fund Income $0.36000 12/24/2013 12/26/2013 12/27/2013 $29.91 1.08% B

Strategic Equity Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

Strategic Sm-Cap Equity Income $0.23200 12/24/2013 12/26/2013 12/27/2013 $30.31 0.80% B

Strategic Sm-Cap Equity

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.03100 12/24/2013 12/26/2013 12/27/2013 $30.31 0.80% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.24500 12/24/2013 12/26/2013 12/27/2013 $30.31 0.80% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2010 Income $0.42200 12/24/2013 12/26/2013 12/27/2013 $25.54 1.84% B

Target Retirement 2010

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.00200 12/24/2013 12/26/2013 12/27/2013 $25.54 1.84% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.29900 12/24/2013 12/26/2013 12/27/2013 $25.54 1.84% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2015 Income $0.26100 12/24/2013 12/26/2013 12/27/2013 $14.73 1.95% B

Target Retirement 2015

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.00200 12/24/2013 12/26/2013 12/27/2013 $14.73 1.95% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.08500 12/24/2013 12/26/2013 12/27/2013 $14.73 1.95% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2020 Income $0.48400 12/24/2013 12/26/2013 12/27/2013 $27.00 2.05% B

Target Retirement 2020

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.00400 12/24/2013 12/26/2013 12/27/2013 $27.00 2.05% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.00700 12/24/2013 12/26/2013 12/27/2013 $27.00 2.05% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2025 Income $0.28700 12/24/2013 12/26/2013 12/27/2013 $15.68 2.03% B

Target Retirement 2025

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.01700 12/24/2013 12/26/2013 12/27/2013 $15.68 2.03% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

Target Retirement 2030 Income $0.49100 12/24/2013 12/26/2013 12/27/2013 $27.51 2.02% B

Target Retirement 2030

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.03300 12/24/2013 12/26/2013 12/27/2013 $27.51 2.02% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.00300 12/24/2013 12/26/2013 12/27/2013 $27.51 2.02% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2035 Income $0.32400 12/24/2013 12/26/2013 12/27/2013 $16.89 2.00% B

Target Retirement 2035

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2040 Income $0.50000 12/24/2013 12/26/2013 12/27/2013 $28.15 1.98% B

Target Retirement 2040

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.00100 12/24/2013 12/26/2013 12/27/2013 $28.15 1.98% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.00600 12/24/2013 12/26/2013 12/27/2013 $28.15 1.98% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2045 Income $0.33400 12/24/2013 12/26/2013 12/27/2013 $17.66 1.99% B

Target Retirement 2045

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2050 Income $0.51800 12/24/2013 12/26/2013 12/27/2013 $28.03 1.99% B

Target Retirement 2050

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2055 Income $0.47700 12/24/2013 12/26/2013 12/27/2013 $30.18 1.98% B

Target Retirement 2055

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.00400 12/24/2013 12/26/2013 12/27/2013 $30.18 1.98% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement 2060 Income $0.36700 12/24/2013 12/26/2013 12/27/2013 $26.59 1.98% B

Target Retirement 2060

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.00100 12/24/2013 12/26/2013 12/27/2013 $26.59 1.98% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Target Retirement Income Income $0.06400 12/24/2013 12/26/2013 12/27/2013 $12.48 1.75% B

Target Retirement Income

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

  Short-Term Capital Gain $0.00300 12/24/2013 12/26/2013 12/27/2013 $12.48 1.75% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.19300 12/24/2013 12/26/2013 12/27/2013 $12.48 1.75% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Tax-Exempt Money Mkt Income $0.00001 12/31/2013 12/31/2013 01/02/2014 $1.00 0.01% 0.01% C

Tax-Exempt Money Mkt

AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS

Tot Bond Mkt II Indx Inv Long-Term Capital Gain $0.00500 12/16/2013 12/17/2013 12/18/2013 $10.55 2.26% 2.05% A

Tot Bond Mkt II Indx Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.02023 12/31/2013 12/31/2013 01/02/2014 $10.49 2.26% 2.05% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Tot Intl Bond Ix Investor Income $0.01500 12/20/2013 12/23/2013 12/24/2013 $9.92 1.63% A

Tot Intl Bond Ix Investor

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Total Bond Mkt Index Inv Long-Term Capital Gain $0.00800 12/20/2013 12/23/2013 12/24/2013 $10.59 2.56% 2.11% A

Total Bond Mkt Index Inv

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

  Income $0.02305 12/31/2013 12/31/2013 01/02/2014 $10.56 2.56% 2.11% A

BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS;DISTRIBUTION MAY DIFFER

Total Intl Stock Ix Inv Income $0.14400 12/18/2013 12/19/2013 12/20/2013 $16.26 — —
Total Stock Mkt Idx Inv Income $0.22700 12/18/2013 12/19/2013 12/20/2013 $45.58 1.68% B

Total Stock Mkt Idx Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Total World Stock Idx Inv Income $0.14500 12/18/2013 12/19/2013 12/20/2013 $23.49 — —
U.S. Growth Fund Investor Income $0.11100 12/16/2013 12/17/2013 12/18/2013 $27.53 0.47% B

U.S. Growth Fund Investor

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

U.S. Value Fund Income $0.29000 12/16/2013 12/17/2013 12/18/2013 $15.06 1.89% B

U.S. Value Fund

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Value Index Fund Inv Income $0.18000 12/20/2013 12/23/2013 12/24/2013 $29.41 2.19% B

Value Index Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Fund Name Distribution Type Most Recent Distribution Record Date

record date

The date used to determine who is eligible to receive a company or fund's next distribution of dividends or capital gains.

Reinvest Date

reinvestment date

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares. Also known as the ex-dividend date.

Payable Date

payable date

The date when dividends or capital gains are paid to shareholders. For Vanguard® mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

Reinvest Price Distribution Yield

distribution yield

A measure of the amount of interest an investment received over a given period of time, net of expenses.

Yield

yield

A snapshot of interest and dividend income from a bond or fund. The yield, expressed as a percentage of the bond's face value or the fund's net asset value, is based on income earned over the past 30 days and is annualized, or projected, for the coming year.

Wellesley Income Fund Inv Income $0.20600 12/16/2013 12/17/2013 12/18/2013 $24.54 2.67% B

Wellesley Income Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.04600 12/16/2013 12/17/2013 12/18/2013 $24.54 2.67% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.63300 12/16/2013 12/17/2013 12/18/2013 $24.54 2.67% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Wellington Fund Inv Income $0.26300 12/24/2013 12/26/2013 12/27/2013 $37.82 2.34% B

Wellington Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Short-Term Capital Gain $0.22900 12/24/2013 12/26/2013 12/27/2013 $37.82 2.34% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $1.30900 12/24/2013 12/26/2013 12/27/2013 $37.82 2.34% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Windsor Fund Investor Income $0.12100 12/24/2013 12/26/2013 12/27/2013 $20.22 1.32% B

Windsor Fund Investor

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Windsor II Fund Inv Income $0.38500 12/16/2013 12/17/2013 12/18/2013 $35.31 2.17% B

Windsor II Fund Inv

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

  Long-Term Capital Gain $0.79700 12/16/2013 12/17/2013 12/18/2013 $35.31 2.17% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Abbreviation Equals Abbreviation Equals
Inv Investor Shares ST Short-term
Adm Admiral™ Shares Int-Term Intermediate-term
Inst Institutional Shares Mkt Market
Div Dividend    

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund.

   

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