(PUB) Vanguard Advisor

PERFORMANCE REV I EW

VANGUARD EQUITY FUNDS

7/31 Price

July Return

YTD Return

12-Mo. Return

3-Year Return

5-Year Return

12-Mo.

Fund (fund #) SECTOR Energy (51) Health Care (52) REIT Index (123)

Ticker Minimum

Loads Advice

Yield Risk

VGENX VGPMX VGHCX VGSIX VGXRX VHCOX VEXPX VEVFX VMGRX VISGX NAESX VISVX VSEQX VSTCX VTMSX VCVLX VEXMX VIGRX VMGIX VIMSX VMVIX VMRGX VPMCX VPCCX VASVX VFTSX VASGX VTCLX VWUSX VFINX VCVSX VDEQX VDAIX VDIGX VEIPX VQNPX VHDYX VLACX VMNFX VSMGX VTSMX VUVLX VIVAX VWNDX VWNFX VBINX VPGDX VGSTX VSCGX VASIX VTMFX VWINX VWELX VTTSX VFFVX VFIFX VTIVX VFORX VTTHX VTHRX VTTVX VTWNX VTXVX VTENX VTINX

$3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K — — $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K

— Hold $72.99

-4.7% 8.8% 18.1% 5.2% 11.0% 1.5% 1.35 0.0% 12.9% 10.6% -20.2% -3.6% 0.0% 2.55 -0.2% 14.3% 28.9% 23.3% 20.3% 1.1% 1.17 0.0% 17.6% 12.3% 11.1% 21.2% 3.6% 1.43 1.3% 8.4% 12.7% 8.6% — 3.3% 1.55 -1.8% 7.8% 19.8% 19.8% 17.0% 0.1% 1.26 -5.3% -3.1% 10.4% 14.5% 17.9% 0.0% 1.41 -4.7% 1.6% 12.9% 16.3% — 0.5% 1.26 -2.6% 1.7% 12.4% 14.2% 17.7% 0.0% 1.23 -5.2% -1.3% 10.4% 14.2% 18.8% 0.5% 1.40 -4.9% 1.1% 12.6% 15.5% 18.7% 1.1% 1.31 -4.7% 3.2% 14.4% 16.5% 18.3% 1.7% 1.29 -3.0% 6.0% 20.0% 19.0% 20.6% 1.1% 1.23 -4.3% 2.6% 15.3% 17.2% 20.1% 0.7% 1.39 -5.4% -2.3% 11.1% 15.8% 18.2% 0.9% 1.38 -4.2% 6.7% 18.8% 18.3% 18.7% 0.7% 1.35 -4.4% 1.4% 13.3% 15.3% 18.6% 0.9% 1.30 -1.6% 5.2% 19.4% 16.3% 17.3% 1.1% 1.10 -2.5% 4.1% 14.1% 13.0% 18.4% 0.5% 1.19 -2.5% 5.1% 16.3% 15.6% 19.1% 1.0% 1.10 -2.5% 6.2% 18.4% 18.0% 19.6% 1.3% 1.08 -1.6% 2.8% 16.5% 14.1% 16.2% 0.6% 1.16 -0.8% 9.0% 24.4% 19.0% 17.4% 0.8% 1.02 -1.2% 8.7% 21.3% 17.7% 17.2% 0.8% 0.98 -3.5% 3.9% 17.9% 18.6% 19.1% 1.1% 1.07 -1.4% 5.5% 16.9% 18.0% 17.3% 1.2% 1.04 -1.5% 4.5% 13.5% 11.0% 12.7% 2.0% 0.82 -1.7% 5.4% 17.4% 16.8% 17.1% 1.4% 1.02 -1.7% 3.9% 19.9% 16.0% 16.0% 0.4% 1.21 -1.4% 5.6% 16.7% 16.7% 16.6% 1.7% 1.00 -2.1% 4.7% 10.3% 9.7% 12.3% 2.9% 0.70 -2.3% 4.0% 16.2% 16.4% 16.9% 0.9% 1.08 -3.3% 1.1% 10.2% 14.1% 14.6% 1.9% 1.13 -1.9% 2.7% 12.5% 15.9% 15.7% 1.9% 0.98 -2.5% 4.9% 13.3% 17.6% 17.3% 2.5% 0.99 -1.0% 6.0% 17.0% 17.2% 16.8% 1.5% 1.00 -1.7% 6.0% 14.0% 17.7% 17.1% 2.8% 1.01 -1.5% 5.5% 16.8% 16.5% 16.7% 1.7% 1.00 0.9% 3.7% 7.5% 3.8% 3.2% 0.0% 0.44 -1.1% 4.4% 11.1% 9.1% 10.8% 2.0% 0.64 -2.0% 4.8% 16.2% 16.4% 17.0% 1.7% 1.03 -2.5% 6.7% 15.5% 18.8% 17.6% 1.7% 1.11 -1.3% 5.8% 14.7% 16.7% 16.2% 2.1% 1.02 -2.6% 6.1% 16.7% 18.6% 17.2% 1.2% 1.08 -2.1% 5.3% 14.5% 16.8% 16.0% 2.1% 0.98 -1.3% 4.4% 11.0% 11.1% 12.0% 1.7% 0.63 -1.0% 4.8% 11.8% 8.9% 11.3% 5.2% 0.70 -1.3% 4.5% 12.8% 10.8% 11.6% 1.9% 0.69 -0.7% 4.3% 8.8% 6.9% 8.6% 2.0% 0.47 -0.3% 4.2% 6.5% 4.8% 6.4% 2.0% 0.34 -0.7% 5.1% 11.6% 10.4% 10.7% 2.0% 0.57 -1.0% 4.9% 8.5% 9.5% 10.4% 3.0% 0.46 -1.0% 5.4% 12.0% 12.4% 12.5% 2.4% 0.65 -1.7% 4.6% 14.8% — — 1.3% 0.91 -1.7% 4.6% 14.7% 12.4% — 1.5% 0.91 -1.7% 4.6% 14.7% 12.3% 13.7% 1.8% 0.91 -1.7% 4.6% 14.7% 12.3% 13.7% 1.8% 0.92 -1.7% 4.6% 14.7% 12.3% 13.7% 1.7% 0.92 -1.6% 4.5% 14.1% 11.7% 13.4% 1.8% 0.87 -1.4% 4.5% 13.2% 11.0% 12.7% 1.7% 0.79 -1.3% 4.4% 12.2% 10.3% 12.0% 1.7% 0.73 -1.2% 4.4% 11.4% 9.6% 11.3% 1.7% 0.66 -1.0% 4.3% 10.2% 8.6% 10.4% 1.7% 0.58 -0.7% 4.0% 8.5% 7.3% 9.3% 1.6% 0.47

— Sell

$11.67

Precious Metals & Mining (53)

— Buy $204.99 — Hold $24.88

$3K 0.25%f/0.25%r

Hold $23.44

Global ex-U.S. Real Estate Index (738) AGGRESSIVE GROWTH Capital Opportunity (111) (CLOSED)

— Buy

$49.78

— Hold $100.16 — Hold $32.00

Explorer (24)

Explorer Value (1690) MidCap Growth (301)

— Sell — Buy

$25.14 $33.93

SmallCap Growth Index (861) SmallCap Index (48) SmallCap Value Index (860) Strategic Equity (114) Strategic SmallCap Equity (615) Admiral Tax-Managed SmallCap (116)

— Hold $53.28 — Hold $24.07 — Hold $31.81 — Hold $31.09

$10K

— Sell

$42.53

GROWTH Capital Value (328)

— Buy — Sell — Buy — Buy

$15.37 $63.62 $50.09 $36.90

Extended Market Index (98)

Growth Index (9)

MidCap Growth Index (832) MidCap Index (859) MidCap Value Index (835) Morgan Growth (26) PRIMECAP (59) (CLOSED)

— Hold $31.55 — Hold $33.31 — Hold $26.32 — Buy $100.61

— Buy — Buy — Buy — Sell — Sell — Sell — Buy — Sell — Buy — Buy — Buy — Sell — Buy — Sell — Sell

$21.13 $29.31 $12.24 $28.57 $98.74 $29.80 $14.17 $31.78 $30.16 $21.68 $30.81 $41.60 $35.83 $11.44 $23.88

PRIMECAP Core (1220) (CLOSED)

Selected Value (934) Social Index (213) STAR Growth (122)

$10K $3K

Admiral Tax-Mgd. Capital App. (5102)

U.S. Growth (23)

GROWTH & INCOME 500 Index (40) Convertible Securities (82) Diversified Equity (608) Dividend Appreciation Index (602) Dividend Growth (57) Equity Income (65) Growth & Income (93) LargeCap Index (307) Market Neutral (634) U.S. Value (124) Value Index (6) Windsor (22) Windsor II (73) BALANCED Balanced Index (2) Managed Payout (1498) STAR Moderate Growth (914) Total Stock Market Index (85) TARGET RETIREMENT Target Retirement 2060 (1691) Target Retirement 2055 (1487) Target Retirement 2050 (699) Target Retirement 2045 (306) Target Retirement 2040 (696) Target Retirement 2035 (305) Target Retirement 2030 (695) Target Retirement 2025 (304) Target Retirement 2020 (682) Target Retirement 2015 (303) Target Retirement 2010 (681) Target Retirement Income (308) High Dividend Yield Index (623) STAR (56) STAR Conservative Growth (724) STAR Income (723) Admiral Tax-Managed Balanced (103) Wellesley Income (27) Wellington (21)

— Buy $178.32

— Hold $25.82

$250K

— Hold $48.53 — Hold $16.63 — Hold $31.18 — Hold $21.44

— Buy

$38.29

$3K $25K $1K $3K $3K $10K $3K $3K

— Hold $28.47

— Sell

$19.03

— Hold $24.78

— Sell — Sell — Sell

$18.63 $14.77 $25.92

— Hold $25.65

— Buy

$39.49

$1K $1K $1K $1K $1K $1K $1K $1K $1K $1K $1K $1K

— — $27.98 — — $31.75 — — $29.48 — — $18.57 — — $29.61 — — $17.75 — — $28.88 — — $16.45 — — $28.30 — — $15.40 — — $26.62 — — $12.87

-0.5% 3.8% 7.2% 6.1% 7.8% 1.6% 0.40 Our ratings: BUY: Best choice. Generally funds held in our Model Portfolios or funds with similar objectives. HOLD: Current prospects for the fund are not as good as those with a Buy rating. However, investors who own shares in the fund may wish to assess tax costs of trading into a Buy-rated fund. SELL: The fund’s long-term prospects are not as compelling as other funds’, or other factors may make the fund unattract- ive compared to alternatives. “+” is a rating upgrade over the previous month; “-” is a downgrade. Investors should weigh all tax implications of fund switches before making a sale or purchase. Some closed funds are available for purchase by high-net-worth investors. All funds charge a $20 annual account fee unless you have $10,000 in the fund, $100,000 with Vanguard or accept all paperwork through online means.

8 • Fund Family Shareholder Association

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