(PUB) Vanguard Advisor

PERFORMANCE REV I EW

VANGUARD ADMIRAL FUNDS

4/30 Price

April 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 SECTOR SHARES Consumer Discret. Index (5483) Consumer Staples Index (5484)

VCDAX $100K VCSAX $100K

— NA $53.82 — NA $56.06 — NA $136.09 — NA $67.37 — NA $22.43 — NA $80.79 — NA $52.74 — NA $52.14 — NA $46.45 — NA $54.27 — Hold $103.44 — NA $42.98 — NA $47.11 — Buy $108.63 — Hold $93.42 — Buy $42.04 — Hold $52.83 — Hold $42.75 — Sell $62.81 — Buy $48.15 — Buy $39.02 — Hold $139.45 — Hold $43.06 — Hold $78.71 — Buy $99.09 — Sell $74.05 — Buy $173.90 — Buy $20.62 — Buy $64.38 — Sell $66.13 — Buy $43.67 — Hold $47.46 — Hold $30.72 — Hold $71.14 — Buy $67.64 — Hold $28.03 — Hold $61.97 — Buy $67.38 — Sell $13.47 — Hold $33.93 — Hold $75.59 — Buy $73.96 — Hold $73.08 — Hold $28.40 — Sell $31.69 — Sell $10.70 — Sell $10.74 — Sell $20.32 — Hold $24.87 — Buy $10.75 — Buy $21.78 — Hold $10.52 — Hold $26.33 — Sell $11.23 — Sell $21.44 — Buy $9.87 — Hold $11.35 — Hold $10.75 — Sell $10.63 — Sell $20.81 — Sell $11.81 — Sell $23.31 — Hold $10.29 — Hold $20.27 — Buy $15.87 — Buy $11.06 — Buy $14.08 — Hold $11.47 — Hold $10.97 — Buy $11.61 — Sell $11.77 — Sell $12.04 — Sell $11.51 — Sell $11.44 Hold $33.46 Hold $21.30 Buy $22.98 Hold $23.67 — Buy $6.12 Buy $19.59

-1.8% -3.8% 19.9% 18.0% 25.0% 0.9% — 1.22 2.7% 3.3% 12.1% 15.5% 18.8% 2.1% — 1.04 5.4% 8.0% 21.1% 3.3% 14.1% 1.6% — 1.46 5.1% 6.7% 22.6% 6.4% 17.2% 1.6% — 1.44 -1.7% 1.0% 16.9% 11.8% 17.0% 1.9% — 1.20 -1.9% 6.8% 29.4% 20.2% 22.2% 1.2% — 1.09 -1.4% 4.3% 25.0% 19.9% 22.2% 1.1% — 1.15 0.9% 1.5% 30.0% 14.0% 22.2% 1.0% — 1.14 -0.9% 1.3% 25.1% 12.3% 18.9% 1.0% — 1.21 0.3% 3.2% 22.4% 8.0% 18.1% 1.8% — 1.27 3.4% 13.7% 1.0% 9.8% 22.7% 3.7% — 1.32 2.2% 1.7% -6.4% 6.0% — 3.2% — 1.53 -0.7% 0.8% 9.4% 10.2% 16.1% 3.8% — 1.26 3.8% 13.6% 9.0% 13.6% 16.1% 3.3% — 1.24 -3.3% 1.9% 22.1% 14.3% 18.9% 0.2% — 1.18 -3.7% -2.8% 24.0% 12.1% 21.4% 0.2% — 1.27 -3.7% -2.2% 20.9% — — 0.7% — 1.25 -2.3% 0.2% 22.2% 12.3% 22.0% 1.3% — 1.18 -1.2% 2.2% 23.3% — — 1.8% — 1.16 -2.5% 0.1% 22.0% 12.4% 21.7% 1.1% — 1.18 0.1% 0.9% 20.4% 13.7% 19.5% 1.2% — 1.06 -2.1% 0.5% 17.5% — — 0.6% — 1.17 -0.8% 2.4% 20.5% 12.3% 21.6% 1.1% — 1.09 0.4% 4.3% 23.5% — — 1.5% — 1.07 -1.7% -0.8% 20.9% 11.2% 18.5% 0.8% — 1.15 -1.5% 3.5% 23.7% 14.6% 19.4% 1.0% — 1.03 -0.9% -0.3% 22.8% 13.3% 18.2% 0.5% — 1.21 0.7% 2.5% 20.4% 13.8% 19.1% 1.9% — 1.00 1.0% 1.4% — — — — — 0.99 1.6% 4.0% 18.5% 15.5% 20.4% 2.6% — 0.97 0.7% 2.4% 20.9% 14.2% 19.1% 1.6% — 1.02 0.6% 2.5% 20.4% 13.6% 19.3% 1.8% — 1.00 0.1% 2.1% 20.7% 13.5% 19.6% 1.8% — 1.02 0.9% 3.7% 20.3% 13.4% 19.0% 2.2% — 1.03 0.2% 3.7% 24.8% 14.7% 20.1% 1.0% — 1.10 0.7% 3.7% 20.3% 14.0% 19.1% 2.0% — 0.98 0.4% 2.4% 11.9% 9.7% 13.8% 1.9% — 0.60 1.2% 3.9% 7.0% 9.2% 12.8% 3.2% — 0.43 1.1% 3.5% 13.2% 10.7% 14.9% 2.5% — 0.66 1.5% 2.0% 13.3% 5.6% 13.7% 3.2% — 1.46 0.5% 0.2% -3.6% -4.4% 10.7% 2.9% — 1.53 2.6% 4.8% 22.9% 6.9% 15.6% 3.7% — 1.57 0.8% 3.4% — — — — — — 0.4% -0.4% 15.8% 5.2% 15.7% 1.6% — 1.48 -0.3% -2.8% -0.8% 4.1% 11.1% 2.6% — 1.45 1.3% 2.1% 10.3% 3.1% — 3.1% — 1.40 1.4% 1.8% 9.9% — — 3.1% — 1.41 0.2% 0.4% 0.2% 1.0% 1.5% 0.5% 0.48% 0.24 0.2% 0.6% 0.0% 1.3% 1.9% 0.7% 0.60% 0.34 0.1% 0.2% 0.4% 0.6% — 0.3% 0.31% 0.13 0.5% 0.7% -0.9% — — 0.1% -1.28% 0.58 0.4% 1.2% 1.4% 2.5% 4.7% 2.0% 1.61% 0.45 0.4% 1.3% 1.5% 3.1% — 1.8% 1.37% 0.58 0.3% 0.7% 0.4% 1.6% 2.7% 1.1% 0.86% 0.36 1.3% 3.4% -6.2% 3.0% 5.4% 1.8% -0.07% 1.98 0.5% 1.8% -2.2% 3.2% 3.7% 1.6% 1.72% 1.13 0.6% 1.7% -2.0% 3.2% — 1.4% 1.65% 1.07 0.9% 3.3% 0.4% 5.2% 8.9% 3.3% 2.78% 1.29 1.2% 4.3% 0.3% 6.1% — 3.1% 3.20% 1.61 0.9% 3.4% -1.8% 5.0% 6.8% 3.0% 2.68% 1.52 0.8% 2.7% -0.3% 3.5% 4.8% 2.6% 2.23% 1.00 0.9% 3.0% 0.0% 2.9% 4.2% 2.5% 2.89% 1.09 0.9% 2.5% 0.7% 2.6% — 1.4% 1.69% 0.83 1.8% 9.6% -6.3% 8.2% 6.3% 3.3% 3.28% 3.80 1.9% 9.5% -6.2% 8.0% — 3.1% 3.27% 3.73 2.0% 8.5% -0.7% 9.2% 11.9% 4.7% 4.35% 2.89 2.2% 9.0% 0.2% 9.2% — 4.5% 4.63% 2.98 0.6% 3.4% 4.6% 8.1% 13.0% 5.7% 3.99% 1.47 1.2% 4.5% — — — 3.8% 4.65% 2.73 0.6% 2.8% — — — 1.3% 1.47% 0.91 0.1% 0.4% 0.6% 1.0% 1.3% 0.9% 0.39% 0.16 0.3% 0.9% 0.8% 2.0% 2.5% 1.7% 0.86% 0.45 1.1% 3.8% 0.9% 5.1% 5.0% 3.3% 2.04% 1.28 1.5% 5.6% 1.0% 6.5% 6.0% 4.0% 2.94% 1.70 1.5% 5.9% 0.9% 7.1% 7.2% 4.1% 3.25% 1.73 1.1% 4.1% 1.7% 5.9% 5.6% 3.2% 1.93% 1.37 1.4% 6.0% 1.5% 7.3% 6.4% 3.9% 2.76% 1.84 1.3% 5.3% 1.1% 6.2% 5.4% 3.7% 2.84% 1.66 1.5% 5.5% 1.1% 5.7% 5.4% 3.6% 2.70% 1.66 1.4% 5.4% 1.1% 5.9% 5.4% 3.8% 2.91% 1.62

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

Telecom Svcs. Index (5488) Utilities Index (5489)

VTCAX $100K VUIAX $100K

ADMIRAL EQUITY SHARES Capital Opportunity (5111) (CLOSED) SmallCap Growth Index (5861) SmallCap Index (548) SmallCap Value Index (5860) Extended Mkt. Index (598) MidCap Growth Index (5832) MidCap Index (5859) MidCap Value Index Morgan Growth (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 Stock Market Index (585) U.S. Growth (523) 500 Index (540) Dividend Appreciation Index (5702) Developed Markets Index (127) Emerging Markets Stock Index (5533) Total International Stock Index (569) World ex-U.S. Index (570) ADMIRAL INCOME SHARES Short-Term Treasury (532) Short-Term Federal (549) Short-Term Gov’t Index (1942) Short-Term Inflation Index (567) Short-Term Inv.-Grade (539) Short-Term Corp. Index (1945) Short-Term Bond Idx. (5132) Inflation-Protected Securities (5119) Interm.-Term Treasury (535) Interm-Term Gov’t Index (1943) Interm.-Term Inv.-Grade (571) Interm-Term Corp. Index (1946) Intermed.-Term Bond Idx. (5314) Mortgage-Backed Sec. Idx (1948) Long-Term Treasury (583) Long-Term Gov’t Index (1944) Long-Term Inv.-Grade (568) Long-Term Corp. Index (1947) High-Yield Corporate (529) Emerging Markets Gov’t Bond Index (520)** Total International Bond Index (511) Total Bond Market (584) GNMA (536) Wellington (521) European Index (579) Global Minimum Volatility (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 VTMGX $10K VEMAX $10K VBIAX $10K

VEUSX

$10K

VMNVX $50K

VWILX VPADX VTIAX

$50K $10K $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 sold with a 0.75% front-end load

10 • Fund Family Shareholder Association

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