(PUB) Investing 2016

PERFORMANCE REV I EW

VANGUARD EQUITY FUNDS

10/31 Price

Oct. Return

YTD Return

12-Mo. Return

3-Year Return

5-Year Return

12-Mo.

Fund (fund #)

Ticker

Minimum

Loads Advice

Yield Risk

SECTOR Alternative Strategies (1298)

VASFX 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 VMMSX VEURX VHGEX VMVFX VINEX VWIGX VIHIX VTRIX VPACX VGTSX VTWSX VFWIX VFSVX VDVIX VEIEX

$250K

— — $21.28

-1.5% 3.8% 5.7% — — 0.4% — -3.0% 22.5% 9.8% -5.9% -0.5% 2.1% 1.89 -6.7% 68.0% 50.2% 0.3% -12.5% 1.5% 3.33 -7.7% -10.6% -8.2% 11.3% 16.8% 0.9% 1.21 -5.7% 5.3% 6.5% 10.0% 11.2% 4.0% 1.35 -4.6% 5.4% 2.7% 1.1% 7.5% 3.1% 1.10 -4.1% 2.6% 3.1% 9.7% 15.9% 0.5% 1.21 -5.0% 4.3% 2.5% 3.3% 11.0% 0.3% 1.26 -3.5% 7.0% 4.7% 5.0% 12.5% 0.7% 1.16 -2.9% -3.1% -5.5% 4.6% 10.4% 0.3% 1.13 -5.4% 3.2% 2.1% 3.0% 10.8% 0.9% 1.20 -4.1% 6.8% 4.2% 5.1% 12.3% 1.4% 1.12 -3.0% 10.0% 6.0% 6.9% 13.5% 1.8% 1.10 -3.2% 4.0% 1.4% 7.5% 14.1% 1.6% 1.06 -4.0% 4.2% 1.1% 5.7% 12.8% 1.1% 1.07 -4.3% 8.3% 5.7% 6.1% 13.5% 1.1% 1.10 -2.2% 3.0% 0.4% 1.5% 10.6% 1.2% 1.43 -3.9% 5.6% 3.2% 5.0% 12.2% 1.3% 1.16 -2.7% 3.6% 1.3% 8.7% 13.2% 1.2% 1.10 -3.8% 3.1% 0.4% 6.4% 11.3% 0.8% 1.11 -3.1% 5.4% 2.9% 7.4% 12.8% 1.4% 1.05 -2.5% 7.5% 5.1% 8.3% 14.1% 1.8% 1.00 -2.3% 1.0% -0.4% 8.4% 12.5% 0.6% 1.08 -3.0% 4.7% 4.7% 10.5% 15.3% 1.0% 1.10 -3.0% 5.0% 4.0% 9.8% 14.5% 1.1% 1.07 -1.4% 5.4% 2.2% 4.6% 12.2% 1.6% 1.10 -1.9% 4.4% 2.9% 9.0% 14.2% 1.7% 1.06 -1.8% 5.5% 3.5% 4.9% 9.0% 2.1% 0.80 -1.9% 5.5% 4.0% 8.5% 13.5% 1.7% 1.01 -2.8% -0.3% 0.1% 9.5% 13.9% 0.5% 1.10 -1.8% 5.8% 4.4% 8.7% 13.4% 1.9% 1.00 -1.7% 4.1% 1.6% 2.2% 7.2% 1.9% 0.66 -2.4% 3.0% 1.4% 6.9% 12.7% 1.1% 1.07 -1.9% 7.4% 6.8% 6.5% 11.3% 2.0% 0.89 -3.1% 3.1% 2.4% 7.6% 12.1% 1.8% 0.89 -1.7% 7.6% 6.5% 8.1% 13.2% 2.8% 0.91 -2.2% 5.3% 3.9% 9.1% 14.0% 1.8% 0.97 -1.3% 8.9% 8.1% 9.0% 13.6% 2.9% 0.92 -1.9% 5.5% 4.1% 8.4% 13.2% 1.9% 1.00 0.7% -2.6% -2.5% 2.7% 2.6% 0.0% 0.48 -1.6% 5.6% 4.0% 4.7% 7.6% 2.1% 0.60 -2.2% 5.7% 4.1% 8.0% 13.2% 1.8% 1.01 -2.0% 3.7% 1.9% 7.4% 13.6% 2.0% 0.93 -1.1% 7.4% 6.7% 8.2% 13.3% 2.4% 0.94 -1.7% 3.7% 1.3% 5.6% 12.9% 1.5% 1.17 -1.5% 5.8% 2.9% 6.1% 12.0% 2.1% 1.02 -1.7% 5.6% 4.4% 6.2% 9.0% 2.0% 0.60 -1.3% 5.8% 3.9% 4.3% 7.2% 3.8% 0.56 -1.8% 5.2% 3.7% 5.1% 8.4% 1.9% 0.69 -1.4% 5.5% 4.2% 4.5% 6.1% 2.1% 0.42 -1.2% 5.4% 4.4% 4.1% 4.5% 2.0% 0.28 -1.3% 4.3% 4.1% 6.3% 8.6% 2.1% 0.46 -1.2% 7.4% 6.6% 6.1% 7.6% 2.8% 0.41 -1.2% 6.4% 4.9% 6.5% 9.7% 2.5% 0.67 -1.9% 5.4% 3.3% 4.9% — 1.8% 0.91 -1.9% 5.5% 3.3% 4.9% 9.6% 1.8% 0.91 -1.9% 5.5% 3.3% 4.9% 9.6% 1.9% 0.91 -1.9% 5.5% 3.4% 4.9% 9.6% 2.0% 0.91 -1.9% 5.5% 3.3% 4.9% 9.6% 2.0% 0.90 -1.8% 5.5% 3.4% 4.9% 9.4% 2.0% 0.83 -1.7% 5.5% 3.6% 4.9% 8.8% 2.0% 0.75 -1.7% 5.6% 3.8% 4.8% 8.3% 2.0% 0.67 -1.5% 5.5% 3.9% 4.7% 7.8% 2.0% 0.60 -1.4% 5.3% 3.8% 4.4% 7.0% 1.9% 0.50 -1.2% 5.1% 3.9% 4.0% 5.9% 1.8% 0.37 -1.1% 5.2% 4.1% 3.7% 4.9% 1.7% 0.33 -2.4% 1.5% -1.3% — — 2.7% 1.11 0.6% 16.8% 10.2% -1.3% 0.8% 2.2% 1.48 0.4% 20.0% 13.0% -2.1% 1.9% 1.6% 1.57 -3.4% -3.1% -6.6% -2.7% 4.8% 3.4% 1.16 -2.3% 4.1% 2.5% 4.3% 9.9% 1.6% 1.00 -2.3% 5.6% 4.3% — — 1.7% 0.62 -4.1% — — — — — — -3.2% -0.8% -0.1% 2.7% 8.3% 1.5% 1.08 -3.1% 5.7% 3.6% 0.9% 6.6% 1.3% 1.30 -0.8% — — — — — — -1.6% 3.9% -0.7% -2.4% 4.8% 2.0% 1.20 -1.0% 7.1% 6.4% 1.4% 6.3% 2.2% 1.15 -1.7% 4.8% 1.3% -0.9% 4.3% 2.7% 1.12 -2.0% 5.3% 2.8% 3.5% 8.4% 2.2% 1.02 -1.6% 4.8% 1.0% -1.1% 4.1% 2.7% 1.12 -2.9% 5.1% 3.9% 0.6% 5.3% 2.5% 1.08

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

— Hold — Sell

$50.29 $10.48 $27.18 $21.35 $52.74 $83.91 $30.44 $21.75 $35.07 $56.12 $25.74 $29.43 $30.19 $47.67 $11.25 $66.58 $56.29 $40.27 $34.25 $35.93 $25.16 $21.87 $27.24 $13.61 $28.47 $108.05 $29.71 $12.49 $30.76 $32.93 $22.86 $31.14 $41.24 $28.20 $39.31 $11.80 $24.10 $52.98 $16.90 $33.56 $19.70 $35.03 $30.43 $17.72 $24.32 $18.55 $15.14 $27.59 $25.81 $38.38

Energy (51)

Precious Metals & Mining (53)

— Buy $192.11

Health Care (52) REIT Index (123)

— Hold

$3K 0.25%f/0.25%r

Hold

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

— Buy — Hold — Hold — Sell — Buy — Hold — Hold — Hold — Hold — Sell — Buy — Sell — Buy — Buy — Hold — Hold — Hold — Buy — Hold — Hold — Sell — Sell — Hold — Buy — Sell — Buy — Buy — Buy — Hold — Hold — Buy — Sell — Sell — Hold — Hold — Hold — Hold — Buy — Hold — Sell — Hold — Sell — Sell — Sell — Hold — Buy

Explorer (24)

Explorer Value (1690) MidCap Growth (301)

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

GROWTH Capital Value (328)

Extended Market Index (98)

Growth Index (9)

MidCap Growth Index (832) MidCap Index (859) MidCap Value Index (835) Morgan Growth (26) PRIMECAP (59) (CLOSED) PRIMECAP Core (1220) (CLOSED)

— Buy $104.39

Selected Value (934) Social Index (213) STAR Growth (122)

Admiral Tax-Mgd. Capital App. (5102)

U.S. Growth (23)

GROWTH & INCOME 500 Index (40) Convertible Securities (82) Diversified Equity (608) Dividend Appreciation Index (602) Dividend Growth (57) (CLOSED) Equity Income (65) Growth & Income (93) LargeCap Index (307) Market Neutral (634) High Dividend Yield Index (623) STAR Moderate Growth (914) Total Stock Market Index (85)

— Buy $196.54

$250K

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

Managed Payout (1498)

STAR (56)

STAR Conservative Growth (724)

STAR Income (723)

Admiral Tax-Managed Balanced (103)

Wellesley Income (27)

Wellington (21)

TARGET RETIREMENT 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) INTERNATIONAL/GLOBAL Developed Markets Index (1397) Emerging Markets Stock Index (533) Emerging Markets Select Stock (752)

— — $28.69 — — $32.52 — — $30.05 — — $18.76 — — $30.01 — — $17.76 — — $29.25 — — $16.49 — — $28.64 — — $14.98 — — $26.14 — — $12.94

— Sell — Hold — Hold — Hold — Hold — Buy — Hold — Hold — Buy — Hold — Hold — Hold — Hold — Hold — Sell — Hold

$9.08 $23.85 $18.27 $25.27 $24.60 $11.93 $21.77 $16.82 $22.30 $22.24 $32.30 $11.42 $14.88 $24.30 $17.59 $36.74

European Index (79) Global Equity (129)

Global Minimum Volatility (1194)

International Dividend Appreciation Index (2015) VIAIX

International Explorer (126) International Growth (81) International Value (46) Pacific Index (72)

International High Dividend Yield Index (1530)

Total International Stock Index (113) Total World Stock Index (628) World ex-U.S. Index (770) World ex-U.S. SmallCap Index (1684)

8 • Fund Family Shareholder Association

www.adviseronline.com