(PUB) Vanguard Advisor

PERFORMANCE REVIEW

VANGUARD EQUITY FUNDS

3/31 Price

March 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 $68.78

1.8% 2.5% 14.6% 2.0% 15.1% 1.6% 1.42 -3.1% 7.2% -17.8% -22.1% 2.4% 0.0% 2.31 -2.0% 8.8% 36.2% 23.3% 22.8% 1.2% 1.05 0.5% 9.9% 4.1% 10.4% 28.5% 3.7% 1.30 0.6% -0.6% -2.1% 6.6% — 3.2% 1.51 -1.9% 5.3% 29.3% 16.6% 22.4% 0.1% 1.15 -1.2% 0.8% 29.3% 14.5% 25.2% 0.0% 1.21 1.0% 1.9% 23.0% 14.6% — 0.5% 1.14 -1.5% 1.5% 22.3% 13.5% 23.0% 0.0% 1.16 -2.2% 1.6% 24.7% 13.6% 27.0% 0.5% 1.19 -0.3% 2.6% 25.1% 14.2% 26.6% 1.1% 1.15 1.3% 3.4% 24.5% 14.5% 26.1% 1.7% 1.14 0.7% 4.6% 30.2% 17.2% 26.9% 1.1% 1.18 0.6% 3.5% 29.2% 16.1% 27.0% 0.7% 1.25 0.7% 1.1% 27.7% 15.8% 26.1% 0.9% 1.16 0.2% 5.2% 34.0% 13.5% 29.5% 0.7% 1.38 -0.7% 2.7% 25.7% 14.2% 25.8% 0.9% 1.15 -1.6% 0.8% 21.9% 14.7% 21.4% 1.1% 1.05 -1.7% 2.6% 20.7% 11.5% 23.6% 0.5% 1.13 -0.3% 3.2% 23.4% 13.4% 24.9% 1.0% 1.08 1.0% 3.8% 24.9% 15.2% 26.0% 1.3% 1.07 -2.5% 0.9% 24.8% 12.9% 20.8% 0.6% 1.12 -0.0% 5.0% 28.5% 16.4% 21.7% 0.8% 1.01 0.7% 5.2% 26.5% 15.7% 21.5% 0.8% 0.95 1.2% 2.1% 28.9% 16.4% 24.7% 1.1% 0.98 0.7% 2.8% 25.6% 16.3% 23.1% 1.3% 1.07 0.4% 1.7% 15.5% 9.7% 17.0% 1.9% 0.86 0.6% 2.1% 23.2% 14.8% 21.8% 1.5% 1.02 -3.0% 0.7% 24.4% 14.8% 20.3% 0.4% 1.20 0.8% 1.8% 21.7% 14.5% 21.0% 1.8% 1.00 -0.2% 3.9% 16.3% 7.9% 16.6% 2.9% 0.68 -0.4% 2.0% 24.7% 14.6% 22.1% 0.9% 1.07 0.9% 0.4% 16.7% 13.0% 18.8% 1.8% 0.99 1.6% 1.9% 20.7% 15.6% 19.1% 1.9% 0.93 2.4% 2.3% 19.6% 16.2% 21.7% 2.6% 0.96 0.8% 1.7% 22.0% 15.0% 20.8% 1.5% 1.02 2.5% 1.9% 18.6% 15.9% 21.6% 2.8% 0.97 0.7% 1.9% 21.9% 14.4% 21.2% 1.7% 1.00 1.9% 2.8% 8.4% 4.4% 2.2% 0.0% 0.40 0.3% 1.8% 11.4% 8.2% 14.1% 1.9% 0.65 0.8% 1.8% 21.7% 14.5% 21.1% 1.8% 1.00 0.5% 2.0% 22.5% 14.5% 21.9% 1.7% 1.01 2.7% 4.6% 23.2% 16.6% 22.0% 1.8% 1.08 2.6% 2.8% 21.7% 14.0% 21.0% 2.1% 1.03 1.3% 3.5% 26.0% 15.4% 22.7% 0.9% 1.11 2.0% 2.9% 21.9% 14.8% 21.1% 1.9% 0.99 0.2% 2.0% 12.9% 10.3% 15.0% 1.8% 0.60 0.6% 2.2% 12.0% 8.2% 14.9% 5.6% 0.75 0.0% 2.2% 14.4% 10.1% 15.4% 1.8% 0.70 0.2% 1.9% 7.5% 6.4% 11.0% 2.0% 0.45 0.1% 2.0% 3.7% 4.7% 7.9% 2.0% 0.30 0.2% 2.4% 11.3% 9.9% 13.0% 2.1% 0.52 0.9% 2.6% 7.8% 9.6% 13.2% 3.1% 0.43 0.9% 2.4% 14.4% 11.2% 15.9% 2.4% 0.66 0.4% 1.7% 17.5% — — 1.3% 0.96 0.5% 1.7% 17.5% 10.8% — 1.5% 0.97 0.4% 1.7% 17.5% 10.7% 18.5% 1.8% 0.97 0.4% 1.7% 17.5% 10.8% 18.5% 1.8% 0.97 0.4% 1.7% 17.5% 10.7% 18.4% 1.7% 0.97 0.4% 1.7% 16.4% 10.3% 18.1% 1.9% 0.92 0.4% 1.7% 15.0% 9.8% 17.2% 1.7% 0.84 0.3% 1.8% 13.4% 9.3% 16.1% 1.8% 0.76 0.3% 1.8% 12.0% 8.7% 14.9% 1.8% 0.68 0.2% 1.8% 9.9% 8.0% 13.7% 1.7% 0.59 0.2% 1.7% 7.2% 7.1% 12.1% 1.6% 0.47

— Sell

$11.08

PreciousMetals&Mining (53)

— Buy $195.23 — Hold $23.45

$3K 0.25%f/0.25%r

Hold $21.61

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

— Buy

$48.62

— Hold $104.23 — Hold $32.10

Explorer (24)

Explorer Value (1690) MidCapGrowth (301)

— Sell — Buy

$25.11 $34.91

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

— Hold $54.04 — Hold $24.12 — Hold $31.38 — Hold $31.35

$10K

— Sell

$44.03

GROWTH Capital Value (328)

— Buy — Sell — Buy — Buy

$15.15 $64.44 $48.11 $36.39

ExtendedMarket Index (98)

Growth Index (9)

MidCapGrowth Index (832) MidCap Index (859) MidCap Value Index (835) MorganGrowth (26) PRIMECAP (59) (CLOSED)

— Hold $30.98 — Hold $32.58 — Hold $25.84

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

$96.97 $20.45 $28.80 $11.92 $28.10 $95.69 $28.88 $14.14 $31.15 $30.11 $21.71 $30.23 $40.21 $34.74 $11.34 $23.53 $83.94

PRIMECAPCore (1220) (CLOSED)

Selected Value (934) Social Index (213) STARGrowth (122)

$10K $3K

Admiral Tax-Mgd. Capital App. (5102)

U.S. Growth (23)

GROWTH& INCOME 500 Index (40) Convertible Securities (82) Diversified Equity (608) DividendAppreciation Index (602) DividendGrowth (57) Equity Income (65) Growth& Income (93) LargeCap Index (307) Market Neutral (634) HighDividend Yield Index (623) STARModerateGrowth (914)

— Buy $172.63

— Hold $25.01

$250K

Admiral Tax-Mgd. Gro. & Inc. (5101) (CLOSED) VTGLX

— Hold $47.41 — Hold $16.30 — Hold $30.45 — Hold $21.05

Total StockMarket Index (85)

U.S. Value (124) Value Index (6) Windsor (22) Windsor II (73) BALANCED Balanced Index (2)

— Buy

$37.83

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

— Hold $27.93 — — $18.78 — Hold $24.41

Managed Payout (1498)

STAR (56)

— Sell — Sell — Sell

$18.30 $14.54 $25.38

STARConservativeGrowth (724)

STAR Income (723)

Admiral Tax-Managed Balanced (103)

— Hold $25.28

Wellesley Income (27)

— Buy

$38.59

Wellington (21)

TARGETRETIREMENT 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)

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

— — $27.20 — — $30.87 — — $28.66 — — $18.06 — — $28.79 — — $17.27 — — $28.12 — — $16.03 — — $27.60 — — $15.03 — — $26.03 — — $12.65

0.1% 1.6% 4.9% 6.3% 9.3% 1.7% 0.36 Our ratings: BUY: Best choice. Generally funds held in ourModel Portfolios or fundswith similar objectives. HOLD: Current prospects for the fund are not as good as thosewith aBuy rating. However, investors who own shares in the fundmaywish to assess tax costs of trading into aBuy-rated fund. SELL: The fund’s long-term prospects are not as compelling as other funds’, or other factorsmaymake the fund unattract- ive compared to alternatives. “+” is a rating upgrade over the previousmonth; “-” is a downgrade. Investors shouldweigh all tax implications of fund switches beforemaking 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, $100,000withVanguard or accept all paperwork through onlinemeans.

8 • Fund Family Shareholder Association

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