(PUB) Vanguard Advisor

PERFORMANCE REVIEW

VANGUARDADMIRAL FUNDS

3/31 Price

March Return

12-Mo. Yield

YTD Return

12-Mo. Return

3-Year Return

5-Year Return

SEC Yield

Loads Advice

Admiral Fund (fund #)

Risk

Ticker

Min.

ADMIRAL SECTORSHARES Consumer Discret. Index (5483) Consumer Staples Index (5484)

VCDAX $100K VCSAX $100K

— NA $54.79 — NA $54.59 — NA $129.10 — NA $64.12 — NA $22.82 — NA $82.36 — NA $53.48 — NA $51.67 — NA $46.85 — NA $54.13 — Hold $100.07 — NA $43.29 — NA $45.39 — Buy $112.28 — Hold $96.96 — Buy $43.66 — Hold $54.08 — Hold $43.25 — Sell $64.45 — Buy $48.10 — Buy $39.86 — Hold $140.63 — Hold $42.89 — Hold $80.08 — Buy $100.57 — Sell $74.76 — Buy $172.63 — Buy $20.42 — Buy $63.35 — Sell $65.66 — Buy $43.43 — Hold $47.43 — Hold $30.45 — Hold $71.02 — Buy $67.14 — Hold $27.93 — Hold $61.24 — Buy $66.65 — Sell $33.44 — Hold $33.75 — Hold $73.71 — Buy $73.67 — Hold $73.27 — Sell $13.27 — Hold $28.03 — Sell $31.24 — Sell $10.68 — Sell $10.72 — Sell $20.30 — Hold $24.74 — Buy $10.73 — Buy $21.73 — Hold $10.50 — Hold $25.98 — Sell $11.19 — Sell $21.35 — Buy $9.81 — Hold $11.28 — Hold $10.69 — Sell $10.56 — Sell $20.65 — Sell $11.62 — Sell $22.93 — Hold $10.13 — Hold $20.17 — Buy $15.86 — Buy $11.04 — Buy $13.97 — Hold $11.34 — Hold $10.85 — Buy $11.52 — Sell $11.64 — Sell $11.92 — Sell $11.37 — Sell $11.32 Hold $32.73 Hold $21.14 Buy $22.77 Hold $23.25 — Buy $6.11 Buy $19.44

-2.4% -2.1% 25.8% 20.3% 30.0% 0.9% — 1.19 2.2% 0.6% 12.4% 16.4% 19.4% 2.2% — 1.02 1.8% 2.5% 14.6% 2.0% 15.2% 1.7% — 1.42 2.5% 1.5% 15.3% 5.0% 18.1% 1.7% — 1.41 2.6% 2.7% 21.9% 12.7% 21.6% 1.8% — 1.19 -2.0% 8.9% 36.3% 23.4% 22.8% 1.2% — 1.05 -2.1% 5.8% 30.5% 23.1% 22.6% 1.1% — 1.12 0.6% 0.6% 27.3% 14.6% 26.2% 1.0% — 1.14 -0.3% 2.2% 27.0% 13.7% 22.0% 1.0% — 1.21 0.8% 2.9% 22.1% 8.8% 21.6% 1.8% — 1.26 0.5% 10.0% 4.2% 10.6% 28.7% 3.8% — 1.30 0.6% -0.5% -1.9% 6.8% — 3.3% — 1.51 5.1% 1.5% 19.0% 11.3% 18.0% 3.8% — 1.25 3.2% 9.5% 10.9% 13.6% 15.5% 3.5% — 1.21 -1.9% 5.3% 29.4% 16.7% 22.5% 0.2% — 1.15 -1.2% 0.8% 29.5% 14.7% 25.4% 0.2% — 1.21 -2.2% 1.6% 25.0% — — 0.6% — 1.19 -0.3% 2.6% 25.3% 14.3% 26.8% 1.3% — 1.15 1.3% 3.4% 24.7% — — 1.8% — 1.14 -0.7% 2.7% 25.9% 14.4% 26.0% 1.1% — 1.15 -1.6% 0.8% 22.1% 14.8% 21.5% 1.2% — 1.05 -1.7% 2.7% 20.9% — — 0.6% — 1.13 -0.3% 3.3% 23.7% 13.6% 25.0% 1.1% — 1.08 1.1% 3.9% 25.1% — — 1.5% — 1.07 -2.5% 0.9% 24.9% 13.1% 21.0% 0.8% — 1.13 0.0% 5.1% 28.7% 16.5% 21.8% 0.9% — 1.02 -3.0% 0.7% 24.6% 15.0% 20.5% 0.5% — 1.20 0.8% 1.8% 21.8% 14.6% 21.1% 1.9% — 1.00 0.8% 0.4% — — — — — 0.99 2.4% 2.3% 19.7% 16.3% 21.8% 2.7% — 0.96 0.8% 1.7% 22.1% 15.1% 21.0% 1.6% — 1.02 0.7% 1.9% 22.1% 14.6% 21.4% 1.8% — 1.00 0.5% 2.0% 22.7% 14.6% 22.1% 1.8% — 1.01 2.6% 2.8% 21.9% 14.2% 21.2% 2.2% — 1.03 1.3% 3.5% 26.1% 15.5% 22.8% 1.0% — 1.10 2.0% 2.9% 22.0% 14.9% 21.2% 2.0% — 0.99 0.2% 2.0% 13.1% 10.5% 15.2% 1.9% — 0.60 0.9% 2.7% 7.8% 9.7% 13.3% 3.2% — 0.43 0.9% 2.4% 14.5% 11.3% 16.0% 2.5% — 0.66 -0.4% 0.5% 17.4% — — 2.7% — 1.46 3.9% -0.3% -2.8% -3.5% 13.9% 2.9% — 1.52 -0.6% 2.2% 25.1% 8.8% 17.9% 3.8% — 1.58 0.7% 2.7% — — — — — — -0.2% -0.7% 18.5% 7.1% 18.4% 1.6% — 1.47 -0.1% -2.5% 5.2% 5.3% 13.2% 2.5% — 1.45 -0.4% 0.5% 17.4% 7.2% 16.0% 3.3% — 1.46 0.4% 0.8% 12.8% 4.4% — 3.2% — 1.40 0.4% 0.4% 12.4% — — 3.2% — 1.41 -0.2% 0.2% 0.1% 1.1% 1.4% 0.5% 0.43% 0.24 -0.2% 0.4% 0.0% 1.5% 2.0% 0.7% 0.64% 0.34 -0.1% 0.1% 0.3% 0.7% — 0.3% 0.29% 0.14 -0.4% 0.2% -1.8% — — 0.1% -1.39% 0.56 -0.1% 0.8% 1.4% 2.6% 5.1% 1.9% 1.63% 0.44 -0.2% 0.9% 1.6% 3.4% — 1.8% 1.37% 0.57 -0.3% 0.4% 0.3% 1.8% 2.7% 1.1% 0.82% 0.36 -0.5% 2.1% -6.7% 3.4% 4.8% 1.8% -0.16% 1.98 -0.6% 1.3% -2.0% 3.6% 3.2% 1.6% 1.65% 1.16 -0.6% 1.2% -1.8% 3.5% — 1.4% 1.59% 1.10 -0.1% 2.3% 0.7% 5.6% 9.2% 3.3% 2.83% 1.27 -0.1% 3.1% 0.7% 6.5% — 3.2% 3.25% 1.59 -0.3% 2.5% -1.4% 5.4% 6.7% 3.0% 2.68% 1.53 -0.2% 1.9% -0.2% 3.7% 4.7% 2.5% 2.19% 1.00 -0.3% 2.1% -0.2% 3.1% 4.1% 2.5% 2.71% 1.06 -0.4% 1.6% 0.2% 2.7% — 1.3% 1.90% 0.80 0.5% 7.5% -4.5% 8.2% 4.8% 3.3% 3.35% 3.85 0.6% 7.4% -4.5% 8.1% — 3.2% 3.35% 3.78 0.4% 6.3% 0.8% 9.5% 11.6% 4.8% 4.48% 2.86 0.6% 6.7% 1.7% 9.4% — 4.6% 4.74% 2.93 0.1% 2.7% 5.6% 8.4% 14.6% 5.7% 4.07% 1.45 0.9% 3.3% — — — 3.4% 4.83% 2.69 0.3% 2.2% — — — 1.2% 1.47% 0.89 -0.1% 0.3% 0.5% 1.1% 1.3% 0.9% 0.36% 0.16 -0.5% 0.6% 0.7% 2.1% 2.5% 1.7% 0.79% 0.44 -0.1% 2.6% 0.7% 5.3% 5.1% 3.3% 2.10% 1.26 0.2% 4.0% 0.6% 6.5% 6.2% 4.0% 3.10% 1.65 0.3% 4.4% 0.4% 7.1% 7.6% 4.1% 3.40% 1.69 -0.0% 3.0% 1.6% 6.1% 5.7% 3.3% 2.00% 1.34 0.4% 4.4% 1.2% 7.4% 6.6% 3.9% 2.91% 1.79 0.3% 3.9% 1.1% 6.3% 5.5% 3.7% 2.96% 1.62 0.4% 3.8% 0.5% 5.7% 5.5% 3.6% 2.87% 1.61 0.4% 4.0% 0.8% 6.0% 5.5% 3.8% 3.03% 1.58

Energy (551)

VGELX

$50K

Energy Index (5480) Financials Index (5486) Health Care (552) Health Care Index (5485) Industrials Index (5482) Info.Technology Index (5487) Materials Index (5481)

VENAX $100K

VFAIX

$100K

VGHAX $50K VHCIX $100K VINAX $100K VITAX $100K VMIAX $100K

REIT Index (5123)

VGSLX VGRLX

$10K

Global ex-U.S. Real Estate Index (1758)

$10K 0.25%f/0.25%r

TelecomSvcs. Index (5488) Utilities Index (5489)

VTCAX $100K VUIAX $100K

ADMIRAL EQUITYSHARES Capital Opportunity (5111) (CLOSED) SmallCapGrowth Index (5861) SmallCap Index (548) SmallCap Value Index (5860) ExtendedMkt. Index (598) MidCapGrowth Index (5832) MidCap Index (5859) MidCap Value Index MorganGrowth (526) PRIMECAP (559) (CLOSED) Growth Index (509) Equity Income (565) Growth& Income (593) LargeCap Index (5307) Value Index (506) Windsor (5022) Windsor II (573) Balanced Index (502) Wellesley Income (527) Total StockMarket Index (585) U.S. Growth (523) 500 Index (540) DividendAppreciation Index (5702) DevelopedMarkets Index (5227) (CLOSED) EmergingMarkets Stock Index (5533) Tax-Managed International (127) Total International Stock Index (569) World ex-U.S. Index (570) ADMIRAL INCOME SHARES Short-Term Treasury (532) Short-Term Federal (549) Short-TermGov’t Index (1942) Short-Term Inflation Index (567) Short-Term Inv.-Grade (539) Short-TermCorp. Index (1945) Short-TermBond Idx. (5132) Inflation-ProtectedSecurities (5119) Interm.-Term Treasury (535) Interm-TermGov’t Index (1943) Interm.-Term Inv.-Grade (571) Interm-TermCorp. Index (1946) Intermed.-TermBond Idx. (5314) Mortgage-Backed Sec. Idx (1948) Long-Term Treasury (583) Long-TermGov’t Index (1944) Long-Term Inv.-Grade (568) Long-TermCorp. Index (1947) High-Yield Corporate (529) EmergingMarketsGov’t Bond Index (520)** Total International Bond Index (511) Total BondMarket (584) GNMA (536) Wellington (521) European Index (579) GlobalMinimumVolatility (594) International Growth (581) Pacific Index (572) Explorer (5024)

VHCAX VEXRX

—

$50K

VSGAX $10K VSMAX $10K

VSIAX VEXAX VIGAX

$10K $10K $10K

VMGMX $10K

VIMAX

$10K

VMVAX $10K VMRAX $50K

VPMAX

—

VWUAX $50K

VFIAX

$10K

VDADX $10K

VEIRX VGIAX VLCAX VTSAX VVIAX

$50K $50K $10K $10K $10K

VWNEX $50K VWNAX $50K VWIAX $50K VWENX $50K VBIAX $10K

VDMAX

—

VEMAX $10K

VEUSX

$10K

VMNVX $50K

VWILX VPADX

$50K $10K

VTMGX $10K

VTIAX

$10K

VFWAX $10K

VFIRX

$50K

VSGDX $50K

VSBSX VTAPX VFSUX VSCSX VBIRX VAIPX VFIUX VSIGX VFIDX VICSX VBILX VBTLX VFIJX

$10K $10K $50K $10K $10K $50K $50K $10K $50K $10K $10K $10K $50K

0.25%f

VMBSX $10K VUSUX $50K

VLGSX

$10K

VWETX $50K

VLTCX

$10K

1.00%f

VWEAX $50K

VGAVX VTABX

$10K $10K

0.75%f

Short-Term Tax-Exempt (541) Limited-Term Tax-Exempt (531) Interm.-Term Tax-Exempt (542) Long-Term Tax-Exempt (543) High-Yield Tax-Exempt (5044) CA Intermed. Tax-Exempt (5100) CA Long-T. Tax-Exempt (575)

VWSUX $50K VMLUX $50K VWIUX $50K VWLUX $50K VWALX $50K VCADX $50K VNJUX $50K VNYUX $50K VCLAX $50K

NJ Tax-Exempt (514) NY Tax-Exempt (576) PA Tax-Exempt (577)

VPALX

$50K

** Fund soldwith a 0.75% front-end load

10 • Fund Family Shareholder Association

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