(PUB) Vanguard Advisor

MODE L PORT FOL I OS

THIS MONTH’S CHANGES None.

GROWTH MODEL Ticker Shares NAV

PAST PERFORMANCE

Value % Mo. Return

About our Model Portfolios The Growth portfolio is aimed at investors with long time horizons who can withstand a certain amount of monthly volatility in exchange for above-average returns. Most appropriate for younger investors who continue to add money as markets gyrate. Since inception the model has been slightly less volatile than the stock market. The Conservative Growth portfolio is appropriate for investors seeking to match the market’s risk-adjusted returns over time. Since inception it has been just 80% as volatile as the stock market. The Income portfolio is designed for investors who desire a higher level of income plus the opportunity for capital growth with low risk, such as retirees or near- retirees. Since inception the model has been only two-thirds as volatile as the stock market. Returns have been substantially higher than the bond market. The Growth Index model is designed for young investors who wish to index exclusively. All Model relative volatility figures are measured against the stock market. When trades are recommended we will announce them on our Hotline and they will also appear on this page. Our Average Vanguard Investor index (see page 1) measures the monthly performance of the typical Vanguard fund investor. The aver- age Vanguard Investor index (VII) is a dollar- weighted performance measure for the entire Vanguard fund group, including stock, bond, balanced and money market funds. It provides a yardstick against which to measure an indi- vidual portfolio’s performance. NOTE: All returns are total returns with distributions reinvested. Flagship investors may open new accounts in all closed funds in the model portfolios, though some may only allow a maximum of $25,000 per year. If you don’t qualify, here are some alternatives. With Capital Opportunity (and PRIMECAP Odyssey Aggressive Growth) closed I recommend investors consider PRIMECAP Odyssey Growth (POGRX) as a replacement. PRIMECAP Odyssey Stock (POSKX) is the preferred replacement for PRIMECAP Core . 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 2,288 250

$29.31 $93.06 $22.07 $49.01 $198.58 $23.61 $10.78

$177,738 $165,019 $152,677 $142,833 $49,577 $27,065 $24,669

24% 2.4% 22% 1.9% 21% 1.2% 19% 4.2% 7% 3.7% 4% 1.5% 3% 0.4%

S&P MidCap 400 Growth ETF

IVOG

Dividend Growth Capital Opportunity

VDIGX VHCOX VGHCX VWIGX VFSTX

Health Care

International Growth Short-Term Inv.-Grade

TOTAL

$739,577

May 2.4%

YTD 3.8%

1-yr 20.1%

3-yr 13.3%

5-yr 17.2%

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

Risk last 24 months 1.00

Risk since inception 0.97

CONSERVATIVE GROWTH MODEL Ticker Shares NAV

Value % Mo. Return

Dividend Growth Capital Opportunity S&P MidCap 400 ETF

VDIGX VHCOX

5,191 2,210

$22.07 $49.01 $92.80 $29.31 $198.58 $23.61 $10.78 $6.15

$114,557 $108,304 $77,461 $71,368 $41,954 $35,436 $34,657 $30,940

22% 1.2% 21% 4.2% 15% 1.7% 14% 2.4% 8% 0.9% 7% 3.7% 7% 1.5% 6% 0.4%

IVOO

835

Selected Value

VASVX

2,435

High-Yield Corporate

VWEHX 6,822

Health Care

VGHCX VWIGX VFSTX

178

International Growth Short-Term Inv.-Grade

1,468 2,870

TOTAL

$514,678

May 2.2%

YTD 4.3%

1-yr 18.4%

3-yr 13.1%

5-yr 15.9%

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

Risk last 24 months 0.88

Risk since inception 0.83

INCOME MODEL Ticker Shares NAV

Value % Mo. Return

Dividend Growth PRIMECAP Core

VDIGX VPCCX VFICX VFSTX VGHCX VIMSX VWIGX

4,135 3,873 7,200

$22.07 $20.91

$91,265 $80,990 $71,708 $39,194 $28,905 $23,341 $21,108 $14,189

25% 1.2% 22% 3.8% 19% 1.2% 10% 0.9% 8% 0.4% 6% 3.7% 6% 2.3% 4% 1.5%

Int-Term Investment-Grade

$9.96 $6.15

High-Yield Corporate Short-Term Inv.-Grade

VWEHX 6,373

2,681

$10.78 $198.58 $31.43 $23.61

Health Care MidCap Index

118 672 601

International Growth

TOTAL

$370,700

May 1.9%

YTD 4.9%

1-yr 14.0%

3-yr 11.0%

5-yr 13.4%

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

Risk last 24 months 0.64

Risk since inception 0.61

GROWTH INDEX MODEL Ticker Shares NAV

Value % Mo. Return

S&P MidCap 400 Growth ETF S&P MidCap 400 Value ETF Dividend Appreciation ETF

IVOG IVOV

910 790 798 490 191 205 135

$93.06 $92.12 $77.21 $92.58 $108.50 $53.88 $80.49

$84,640 $72,772 $61,599 $45,382 $20,727 $11,049 $10,880

27% 1.9% 24% 1.6% 20% 1.6% 15% 3.4% 7% 2.9% 4% 1.9% 3% 0.5%

VIG

S&P 500 Growth ETF

VOOG

Health Care ETF

VHT

Total International Stock ETF Short-Term Corporate ETF

VXUS VCSH

TOTAL

$307,049

May 2.0%

YTD 3.5%

1-yr 18.3%

3-yr 12.3%

5-yr 17.9%

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

Risk last 24 months 1.03

Risk since inception 1.04

The Alternative Funds in the table to the left are both current and past recommendations I’ve made for Vanguard funds that either closed or were saddled with high minimums. 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 sold with a front-end load, though clients of private money managers can sometimes buy the fund no-load. Please refer to the note above for my current alternative recommendations .

PAST ALTERNATIVES TO CLOSED/HIGH MINIMUM FUNDS

5/30 Price

May Return

YTD Return

12-Mo. Return

3-Year Return

5-Year Return

Fund

Ticker

Alternative For

Artisan MidCap Artisan MidCap Value Polaris Global Value

ARTMX $46.80 ARTQX $27.47

2.7% -1.7% 18.6% 12.7% 20.7%

Capital Opp.

1.4% 1.7% 16.9% 13.3% 18.5% Selected Value 1.0% 5.6% 23.0% 13.9% 19.2% Global Equity 1.0% 0.7% 19.8% 8.8% 16.0% International Expl. 1.7% 5.1% 20.2% 11.3% 18.6% International Expl. 1.5% 3.9% 19.4% 9.7% 16.4% International Expl.

PGVFX FISMX

$21.79 $26.98

Fidelity International SmallCap Fidelity International SmallCap Opp. T. Rowe International Discovery

FSCOX $14.67

PRIDX

$57.90

Hartford Healthcare ICON Healthcare

HGHAX $32.53

3.4% 7.5% 31.0% 20.0% 22.0% 4.3% 10.0% 31.4% 21.4% 21.5% 2.7% 2.9% 17.7% 13.9% 19.4% 3.4% 2.9% 27.9% 19.6% 26.2%

Health Care Health Care PRIMECAP Capital Opp.

ICHCX

$21.06

PRIMECAP Odyssey Growth

POGRX $24.29

PRIMECAP Odyssey Aggressive Growth POAGX $30.50

PRIMECAP Odyssey Stock Fidelity High Income

POSKX $22.28

2.3% 5.3% 20.3% 14.7% 18.3% PRIMECAP Core 0.8% 3.5% 6.1% 7.4% 13.0% High-Yield Corporate

SPHIX

$9.49

2 • Fund Family Shareholder Association

www.adviseronline.com