(PUB) Vanguard Advisor

MODEL PORTFOLIOS

THISMONTH’SCHANGES None.

GROWTHMODEL Ticker Shares NAV

PAST PERFORMANCE

Value % Mo. Return

About ourModel Portfolios The Growth portfolio is aimed at investorswith long time horizonswho canwithstand a certain amount of monthly volatility in exchange for above-average returns.Most appropriate for younger investorswho continue to addmoney asmarkets gyrate. Since inception themodel has been slightly less volatile than the stock market. The ConservativeGrowth portfolio is appropriate for investors seeking tomatch themarket’s risk-adjusted returns over time. Since inception it has been just 80% as volatile as the stockmarket. The Income portfolio is designed for investorswho desire a higher level of income plus the opportunity for capital growthwith low risk, such as retirees or near- retirees. Since inception themodel has been only two-thirds as volatile as the stockmarket. Returns have been substantially higher than the bondmarket. The Growth Index model is designed for young investorswhowish to index exclusively. AllModel relative volatility figures aremeasured against the stockmarket. When trades are recommendedwewill announce them on our Hotline and theywill also appear on this page. Our AverageVanguard Investor index (see page 1) measures themonthly performance of the typical Vanguard fund investor. The aver- age Vanguard Investor index (VII) is a dollar- weighted performancemeasure for the entire Vanguard fund group, including stock, bond, balanced andmoneymarket funds. It provides a yardstick against which tomeasure an indi- vidual portfolio’s performance. NOTE: All returns are total returnswith distri- butions reinvested. Flagship investorsmay open new accounts in all closed funds in themodel portfolios to amaximum of $25,000 per year. If you don’t qualify, here are some alternatives. With Capital Opportunity (and PRIMECAP Odyssey AggressiveGrowth) closed I recom- mend investors consider PRIMECAPOdyssey Growth (POGRX) as a replacement. PRIMECAP Odyssey Stock (POSKX) is the preferred replacement for PRIMECAPCore . Both can be purchased directly at www.OdysseyFunds.com or for a fee through Vanguard Brokerage.

2013: 34.2% 2001: -6.4% 2012: 14.3% 2000: 20.4% 2011: -1.4% 1999: 36.3% 2010: 14.3% 1998: 23.5% 2009: 34.4% 1997: 23.2% 2008: -38.4% 1996: 16.6% 2007: 10.0% 1995 26.1% 2006: 18.4% 1994: -0.2% 2005: 11.4% 1993: 16.6% 2004: 15.7% 1992: 6.1% 2003: 32.0% 1991: 28.9% 2002: -17.8% 2013: 29.8% 2001: -3.5% 2012: 13.8% 2000: 14.0% 2011: 1.0% 1999: 19.7% 2010: 12.0% 1998: 15.2% 2009: 29.1% 1997: 22.6% 2008: -33.6% 1996: 17.6% 2007: 8.6% 1995 21.5% 2006: 15.8% 1994: 1.1% 2005: 8.8% 1993: 14.9% 2004: 13.0% 1992: 6.5% 2003: 28.9% 1991: 26.0% 2002: -16.4% 2013: 18.6% 2001: -1.1% 2012: 11.5% 2000: -3.5% 2011: 5.1% 1999: 9.9% 2010: 11.2% 1998: 18.2% 2009: 21.9% 1997: 22.5% 2008: -24.1% 1996: 18.4% 2007: 3.8% 1995 28.4% 2006: 10.6% 1994: -1.2% 2005: 6.2% 1993: 10.8% 2004: 8.4% 1992: 6.3% 2003: 19.1% 1991: 22.4% 2002: -4.5% 2013: 30.7% 2004: 15.1% 2012: 14.8% 2003: 28.2% 2011: -0.3% 2002: -16.9% 2010: 18.8% 2001: -2.4% 2009: 33.2% 2000: -15.6% 2008: -40.3% 1999: 21.4% 2007: 11.7% 1998: 26.7% 2006: 16.0% 1997: 25.8% 2005: 12.1% 1996: 19.9% PAST PERFORMANCE PAST PERFORMANCE PAST PERFORMANCE

Selected Value

VASVX

6,064 1,773 6,918 2,914 1,146 2,281 250

$28.80 $94.10 $21.71 $48.62 $195.23 $23.16 $10.73

$174,646 $166,866 $150,186 $141,696 $48,741 $26,549 $24,476

24% 1.2% 23% -0.5% 20% 1.6% 19% -1.9% 7% -2.0% 4% -0.2% 3% -0.1%

S&PMidCap 400Growth ETF

IVOG

DividendGrowth Capital Opportunity

VDIGX VHCOX VGHCX VWIGX VFSTX

Health Care

International Growth Short-Term Inv.-Grade

TOTAL

$733,159

Mar. 0.0%

YTD 2.9%

1-yr 23.8%

3-yr 14.0%

5-yr 20.6%

CURRENT PERFORMANCE Beg. Value: $50,000 (1/1/91)

Risk last 24months 0.97

Risk since inception 0.97

CONSERVATIVE GROWTHMODEL Ticker Shares NAV

Value % Mo. Return

DividendGrowth Capital Opportunity S&PMidCap 400 ETF

VDIGX VHCOX

5,191 2,210

$21.71 $48.62 $92.65 $28.80 $195.23 $23.16 $10.73 $6.11

$112,688 $107,442 $77,336 $70,126 $41,311 $34,838 $33,997 $30,698

22% 1.6% 21% -1.9% 15% 0.3% 14% 1.2% 8% 0.1% 7% -2.0% 7% -0.2% 6% -0.1%

IVOO

835

Selected Value

VASVX

2,435

High-Yield Corporate

VWEHX 6,761

Health Care

VGHCX VWIGX VFSTX

178

International Growth Short-Term Inv.-Grade

1,468 2,861

TOTAL

$508,436

Mar. 0.0%

YTD 3.0%

1-yr 21.3%

3-yr 13.7%

5-yr 18.7%

CURRENT PERFORMANCE Beg. Value: $50,000 (1/1/91)

Risk last 24months 0.86

Risk since inception 0.83

INCOMEMODEL Ticker Shares NAV

Value % Mo. Return

DividendGrowth PRIMECAP Core

VDIGX VPCCX VFICX VFSTX VGHCX VIMSX VWIGX

4,135 3,873 7,162

$21.71 $20.45

$89,777 $79,208 $70,259 $38,593 $28,679 $22,947 $20,806 $13,919

25% 1.6% 22% 0.7% 19% -0.0% 10% 0.1% 8% -0.1% 6% -2.0% 6% -0.3% 4% -0.2%

Int-Term Investment-Grade

$9.81 $6.11

High-Yield Corporate Short-Term Inv.-Grade

VWEHX 6,316

2,673

$10.73 $195.23 $30.98 $23.16

Health Care MidCap Index

118 672 601

International Growth

TOTAL

$364,188

Mar. 0.4%

YTD 3.1%

1-yr 14.6%

3-yr 11.5%

5-yr 15.1%

CURRENT PERFORMANCE Beg. Value: $50,000 (1/1/91)

Risk last 24months 0.60

Risk since inception 0.61

GROWTH INDEXMODEL Ticker Shares NAV

Value % Mo. Return

S&PMidCap400GrowthETF S&PMidCap 400Value ETF DividendAppreciation ETF

IVOG IVOV

910 790 798 490 191 135 205

$94.10 $90.94 $75.23 $89.36 $106.92 $79.98 $52.20

$85,587 $71,841 $60,020 $43,803 $20,425 $10,778 $10,706

28% -0.5% 24% 1.2% 20% 0.8% 14% -0.7% 7% -2.0% 4% -0.3% 3% 0.5%

VIG

S&P 500Growth ETF

VOOG

HealthCare ETF

VHT

Short-TermCorporate ETF Total International Stock ETF

VCSH VXUS

TOTAL

$303,160

Mar. 0.1%

YTD 2.2%

1-yr 20.6%

3-yr 12.8%

5-yr 21.2%

CURRENT PERFORMANCE Beg. Value: $50,000 (3/1/95)

Risk last 24months 0.98

Risk since inception 1.04

TheAlternative Funds in the table to the left are both current and past recommendations I’vemade for Vanguard funds that either closed or were saddledwith highminimums. Some of these funds have subsequently closed, but many of you own them, so I’ve provided this performance data for your interest. Note that HGHAX is typically soldwith a front-end load, though clients of privatemoneymanagers can sometimes buy the fund no-load. Please refer to thenoteabove formy current alternative recommendations .

PASTALTERNATIVESTOCLOSED/HIGHMINIMUM FUNDS

3/31 Price

March Return

YTD Return

12-Mo. Return

3-Year Return

5-Year Return

Fund

Ticker

Alternative For

ArtisanMidCap ArtisanMidCap Value Polaris Global Value

ARTMX $48.80 ARTQX $27.48

-4.1% 2.5% 29.5% 15.4% 26.2%

Capital Opp.

1.9% 1.8% 18.8% 14.1% 23.1% Selected Value 0.0% 4.4% 27.9% 14.1% 25.2% Global Equity -1.8% 0.0% 22.7% 9.8% 22.5% International Expl. 0.7% 4.7% 23.0% 12.2% 23.7% International Expl. -0.7% 2.6% 20.3% 10.7% 23.0% International Expl.

PGVFX FISMX

$21.55 $26.79

Fidelity International SmallCap Fidelity International SmallCapOpp. T. Rowe International Discovery

FSCOX $14.62

PRIDX

$57.17

HartfordHealthcare ICONHealthcare

HGHAX $32.44

-3.2% 7.2% 38.3% 24.0% 24.1% -1.4% 4.4% 32.2% 22.5% 22.1% -2.0% 4.3% 25.6% 16.0% 23.0% -3.5% 4.7% 39.8% 21.8% 30.1%

Health Care Health Care PRIMECAP Capital Opp.

ICHCX

$19.99

PRIMECAPOdyssey Growth

POGRX $24.62

PRIMECAPOdysseyAggressiveGrowth POAGX $31.03

PRIMECAPOdyssey Stock Fidelity High Income

POSKX $21.97

1.2% 3.8% 24.4% 15.5% 21.1% PRIMECAP Core 0.1% 2.4% 5.7% 7.5% 16.1% High-Yield Corporate

SPHIX

$9.47

2 • Fund Family Shareholder Association

www.adviseronline.com