(PUB) Investing 2015

•

Fund Family Shareholder Association

www.adviseronline.com

PERFORMANCE REV I EW

VANGUARD ADMIRAL FUNDS

Admiral Fund

(fund #)

Ticker

Min.

Loads

Advice

10/30

Price

Oct.

Return

YTD

Return

12-Mo.

Return

3-Year

Return

5-Year

Return

12-Mo.

Yield

SEC

Yield

Risk

ADMIRAL SECTOR SHARES

Consumer Discret. Index (5483)

VCDAX $100K

— — $65.71

7.8% 9.7% 16.7% 21.4% 19.2% 2.0% — 1.21

Consumer Staples Index (5484)

VCSAX $100K

— — $63.26

5.8% 4.7% 9.5% 15.7% 15.1% 3.7% — 0.98

Energy (551)

VGELX

$50K

— Hold $88.18 10.8% -12.4% -22.8% -3.9% 0.3% 2.5% — 1.79

Energy Index (5480)

VENAX $100K

— — $47.18 11.4% -13.5% -21.7% -0.7% 3.9% 4.4% — 1.74

Financials Index (5486)

VFAIX

$100K

— — $24.58

5.9% -0.0% 3.7% 16.1% 12.4% 1.9% — 0.99

Health Care (552)

VGHAX $50K

— Buy $95.31

5.8% 9.8% 12.8% 26.7% 21.5% 1.2% — 1.08

Health Care Index (5485)

VHCIX $100K

— — $65.49

6.8% 5.2% 7.8% 23.9% 20.6% 1.9% — 1.16

Industrials Index (5482)

VINAX $100K

— — $53.05

8.8% -1.9% 1.0% 16.7% 13.7% 3.0% — 1.12

Info.Technology Index (5487)

VITAX $100K

— — $56.54 10.3% 6.7% 10.5% 18.9% 14.6% 2.0% — 1.20

Materials Index (5481)

VMIAX $100K

— — $50.20 12.8% -6.6% -5.8% 9.1% 7.9% 3.5% — 1.47

REIT Index (5123)

VGSLX

$10K

— Hold $113.22

5.8% 1.2% 5.2% 11.8% 12.1% 3.9% — 1.36

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

VGRLX

$10K 0.25%f/0.25%r

Hold $32.47

5.2% 1.2% -1.7% 5.0% — 3.7% — 1.04

Telecom Svcs. Index (5488)

VTCAX $100K

— — $43.62

8.6% 4.0% 1.5% 10.6% 10.3% 5.4% — 1.00

Utilities Index (5489)

VUIAX $100K

— — $47.57

1.9% -4.8% -0.7% 10.2% 11.1% 3.5% — 1.21

ADMIRAL EQUITY SHARES

Capital Opportunity (5111)

(CLOSED)

VHCAX

—

— Buy $124.41

7.2% 2.2% 6.1% 22.8% 15.7% 0.6% — 1.05

Explorer (5024)

VEXRX

$50K

— Hold $84.28

5.1% -2.5% -0.5% 15.6% 12.9% 0.3% — 1.23

SmallCap Growth Index (5861)

VSGAX $10K

— Buy $43.35

4.6% -1.5% 0.1% 13.9% — 1.6% — 1.18

SmallCap Index (548)

VSMAX $10K

— Hold $54.69

5.7% -1.2% 1.0% 15.1% 13.3% 2.3% — 1.12

SmallCap Value Index (5860)

VSIAX

$10K

— Hold $44.38

6.6% -1.1% 1.7% 15.9% — 3.0% — 1.12

Extended Mkt. Index (598)

VEXAX

$10K

— Sell $65.37

5.6% -1.0% 1.2% 15.5% 13.3% 2.2% — 1.11

Growth Index (509)

VIGAX

$10K

— Buy $56.24

9.0% 5.7% 7.8% 17.5% 15.1% 1.3% — 1.09

MidCap Growth Index (5832)

VMGMX $10K

— Buy $44.23

5.6% 1.6% 4.5% 16.8% — 1.2% — 1.06

MidCap Index (5859)

VIMAX

$10K

— Hold $153.13

6.0% 1.1% 4.2% 17.4% 14.0% 2.2% — 0.98

MidCap Value Index

VMVAX $10K

— Hold $45.85

6.3% 0.5% 3.8% 17.8% — 3.0% — 0.94

Morgan Growth (526)

VMRAX $50K

— Hold $85.02

8.4% 8.3% 10.5% 18.6% 14.5% 0.8% — 1.07

PRIMECAP (559)

(CLOSED)

VPMAX

—

— Buy $109.41

8.8% 2.7% 5.7% 20.9% 15.4% 1.2% — 0.99

U.S. Growth (523)

VWUAX $50K

— Hold+ $83.73

7.9% 8.2% 10.9% 19.9% 16.0% 0.7% — 1.12

500 Index (540)

VFIAX

$10K

— Buy $192.07

8.4% 2.7% 5.2% 16.2% 14.3% 2.0% — 1.00

Dividend Appreciation Index (5702)

VDADX $10K

— Buy $21.35

6.7% -1.4% 1.9% — — 2.3% — 1.00

Equity Income (565)

VEIRX

$50K

— Buy $65.23

8.2% 1.9% 3.9% 14.2% 14.5% 2.7% — 0.97

Growth & Income (593)

VGIAX

$50K

— Sell $69.77

8.1% 3.4% 6.1% 16.7% 15.0% 1.7% — 0.97

LargeCap Index (5307)

VLCAX

$10K

— Buy $48.14

8.2% 2.5% 4.9% 16.2% 14.2% 1.9% — 0.99

Total Stock Market Index (585)

VTSAX

$10K

— Hold $51.85

7.9% 1.9% 4.4% 16.0% 14.1% 1.9% — 0.99

Value Index (506)

VVIAX

$10K

— Hold $32.24

7.6% -0.3% 2.5% 15.0% 13.4% 2.5% — 0.96

Windsor (5022)

VWNEX $50K

— Hold $71.04

7.1% -0.9% 1.9% 16.3% 13.7% 1.7% — 1.05

Windsor II (573)

VWNAX $50K

— Buy $65.19

7.4% -0.4% 1.6% 13.7% 13.1% 2.2% — 1.00

Balanced Index (502)

VBIAX

$10K

— Hold $29.75

4.6% 1.7% 3.5% 10.2% 9.8% 2.0% — 0.59

Wellesley Income (527)

VWIAX $50K

— Hold $61.90

3.4% 2.2% 3.3% 6.6% 8.0% 3.0% — 0.39

Wellington (521)

VWENX $50K

— Buy $67.30

5.4% 1.5% 3.1% 10.5% 10.1% 2.5% — 0.65

Developed Markets Index (127)

VTMGX $10K

— Sell $12.22

6.8% 2.6% -1.2% 7.9% 4.7% 2.9% — 1.08

Emerging Markets Stock Index (5533)

VEMAX $10K

— Hold $29.09

5.6% -10.3% -15.6% -2.8% -2.9% 3.1% — 1.40

European Index (579)

VEUSX

$10K

— Hold $65.16

6.1% 1.9% -0.6% 8.0% 5.0% 3.3% — 1.17

Global Minimum Volatility (594)

VMNVX $50K

— Buy $23.62

3.9% 7.1% 10.0% — — 2.4% — —

International Growth (581)

VWILX

$50K

— Buy $69.48

9.3% 1.5% -1.8% 7.7% 4.9% 2.4% — 1.21

Pacific Index (572)

VPADX

$10K

— Hold $71.30

7.5% 3.0% -2.9% 7.4% 4.4% 2.4% — 1.10

Total International Stock Index (569)

VTIAX

$10K

— Hold $25.27

6.3% -1.0% -4.9% 5.0% — 2.8% — 1.08

World ex-U.S. Index (570)

VFWAX $10K

— Sell $28.23

6.4% -1.1% -5.1% 4.9% — 2.9% — 1.09

ADMIRAL INCOME SHARES

Ultra-Short-Term Bond (592)

VUSFX

$50K

— Buy $19.99

0.0% — — — — — 0.75% —

Short-Term Treasury (532)

VFIRX

$50K

— Sell $10.73

-0.1% 1.0% 1.0% 0.7% 0.8% 0.8% 0.60% 0.30

Short-Term Federal (549)

VSGDX $50K

— Sell $10.79

-0.2% 1.1% 1.2% 0.8% 1.1% 0.9% 0.78% 0.31

Short-Term Gov’t Index (1942)

VSBSX

$10K

— Sell $20.37

-0.1% 0.9% 0.8% 0.6% 0.6% 0.6% 0.52% 0.22

Short-Term Inflation Index (567)

VTAPX

$10K

— Hold $24.27

0.0% 0.2% -1.2% -0.7% — 0.8% 0.31% 0.59

Short-Term Inv.-Grade (539)

VFSUX

$50K

— Buy $10.64

0.1% 1.5% 1.4% 1.6% 2.1% 2.0% 1.91% 0.36

Short-Term Corp. Index (1945)

VSCSX

$10K

— Buy $21.64

0.1% 1.7% 1.6% 1.7% 2.5% 1.9% 1.93% 0.45

Short-Term Bond Idx. (5132)

VBIRX

$10K

— Hold $10.51

-0.2% 1.4% 1.4% 1.0% 1.4% 1.3% 1.06% 0.42

Inflation-Protected Securities (5119)

VAIPX

$50K

— Hold $25.69

0.2% -0.7% -1.3% -2.0% 2.0% 1.3% 0.36% 1.55

Interm.-Term Treasury (535)

VFIUX

$50K

— Sell $11.46

-0.5% 2.4% 2.9% 1.3% 2.5% 1.8% 1.38% 1.19

Interm-Term Gov’t Index (1943)

VSIGX

$10K

— Sell $21.94

-0.5% 2.3% 2.9% 1.3% 2.5% 1.6% 1.40% 1.15

Interm.-Term Inv.-Grade (571)

VFIDX

$50K

— Buy $9.78

0.4% 2.2% 2.6% 2.3% 4.2% 3.1% 2.79% 1.05

Interm-Term Corp. Index (1946)

VICSX

$10K

0.25%f

Buy $22.95

0.5% 1.9% 2.4% 2.5% 4.7% 3.3% 3.39% 1.31

Intermed.-Term Bond Idx. (5314)

VBILX

$10K

— Hold $11.45

-0.0% 2.2% 2.9% 1.9% 3.9% 2.7% 2.43% 1.40

Total Bond Market (584)

VBTLX

$10K

— Hold $10.76

0.0% 1.0% 1.8% 1.5% 2.9% 2.4% 2.14% 1.00

GNMA (536)

VFIJX

$50K

— Hold $10.70

-0.1% 1.4% 2.2% 2.0% 3.0% 2.4% 2.46% 0.83

Mortgage-Backed Sec. Idx (1948)

VMBSX $10K

— Hold $21.27

-0.0% 1.5% 2.3% 1.9% 2.7% 1.4% 1.63% 0.71

Long-Term Treasury (583)

VUSUX $50K

— Sell $12.61

-0.5% -0.3% 5.4% 2.6% 6.7% 2.9% 2.68% 4.00

Long-Term Gov’t Index (1944)

VLGSX

$10K

— Sell $25.47

-0.5% -0.3% 5.4% 2.6% 6.6% 2.7% 2.71% 3.93

Long-Term Inv.-Grade (568)

VWETX $50K

— Hold $10.17

1.0% -1.3% 1.9% 2.9% 7.2% 4.4% 4.14% 2.76

Long-Term Corp. Index (1947)

VLTCX

$10K

1.00%f

Hold $23.09

0.9% -2.7% -0.5% 1.7% 6.5% 4.6% 4.80% 2.72

High-Yield Corporate (529)

VWEAX $50K

— Buy $5.80

2.8% 1.9% 1.0% 4.4% 6.4% 5.7% 5.79% 1.50

Emerging Markets Gov’t Bond Index (520)

VGAVX

$10K

0.75%f

Buy $19.00

3.0% 3.1% -0.0% — — 4.7% 4.79% 1.87

Total International Bond Index (511)

VTABX

$10K

— Hold $21.21

0.5% 1.1% 3.1% — — 1.5% 0.94% 0.95

Short-Term Tax-Exempt (541)

VWSUX $50K

— Buy $15.83

0.1% 0.6% 0.6% 0.6% 0.9% 0.8% 0.43% 0.10

Limited-Term Tax-Exempt (531)

VMLUX $50K

— Buy $11.04

0.3% 1.3% 1.2% 1.3% 1.7% 1.6% 0.86% 0.38

Interm.-Term Tax-Exempt (542)

VWIUX $50K

— Buy $14.19

0.4% 1.9% 2.5% 2.6% 3.9% 3.0% 1.66% 0.77

Tax-Exempt Bond Index (591)

VTEAX

$50K

0.25%f

Hold $20.10

0.4% — — — —

1.77% —

Long-Term Tax-Exempt (543)

VWLUX $50K

— Hold $11.64

0.4% 2.3% 3.3% 3.5% 4.8% 3.8% 2.34% 1.02

High-Yield Tax-Exempt (5044)

VWALX $50K

— Hold $11.20

0.5% 2.5% 3.6% 3.7% 5.2% 3.8% 2.79% 1.04

CA Intermed. Tax-Exempt (5100)

VCADX $50K

— Buy $11.78

0.3% 2.2% 2.8% 3.2% 4.4% 2.9% 1.61% 0.82

CA Long-T. Tax-Exempt (575)

VCLAX

$50K

— Sell $12.07

0.4% 2.6% 3.6% 4.0% 5.3% 3.6% 2.19% 1.06

NJ Tax-Exempt (514)

VNJUX $50K

— Sell $11.96

0.6% 0.8% 1.6% 2.7% 4.1% 3.6% 2.83% 1.11

NY Tax-Exempt (576)

VNYUX $50K

— Sell $11.79

0.4% 2.5% 3.5% 3.4% 4.5% 3.4% 2.14% 0.96

PA Tax-Exempt (577)

VPALX

$50K

— Sell $11.63

0.2% 2.4% 3.3% 3.5% 4.6% 3.7% 2.49% 0.95