(PUB) Investing 2016

PERFORMANCE REV I EW

VANGUARD ADMIRAL FUNDS

10/31 Price

Oct. Return

YTD Return

12-Mo. Return

3-Year Return

5-Year Return

12-Mo. Yield

SEC Yield Risk

Admiral Fund (fund #)

Ticker

Min.

Loads Advice

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

VCDAX $100K VCSAX $100K

— — $63.47 — — $66.97 — Hold $94.41 — — $46.98 — — $25.18 — Buy $81.06 — — $61.72 — — $55.73 — — $61.30 — — $53.13 — Hold $115.97 — — $46.37 — — $54.12 — Buy $121.81 — Hold $78.07 — Buy $43.84 — Hold $56.15 — Hold $46.13 — Buy $56.29 — Buy $44.09 — Hold $155.37 — Hold $47.28 — Hold $77.98 — Buy $108.19 — Hold $76.97 — Buy $196.55 — Buy $22.33 — Buy $65.28 — Hold $67.34 — Buy $49.15 — Hold $53.00 — Hold $33.56 — Hold $66.48 — Buy $62.18 — Hold $30.43 — Hold $62.53 — Buy $66.28 — Hold $31.33 — Hold $58.85 — Buy $23.86 — Hold $26.45 — Buy $70.96 — Hold $26.92 — Hold $74.10 — Hold $24.89 Hold $32.33 — Sell $66.56 — Sell $11.73

-2.5% 1.2% -2.0% 7.7% 16.0% 1.5% — 1.13 -0.8% 7.0% 8.4% 10.4% 14.4% 2.3% — 0.85 -3.0% 22.5% 9.9% -5.8% -0.4% 2.2% — 1.89 -3.7% 15.4% 2.4% -6.2% 0.8% 2.7% — 1.83 1.8% 5.2% 4.8% 8.1% 14.5% 2.1% — 1.16 -7.7% -10.6% -8.2% 11.4% 16.9% 0.9% — 1.22 -7.1% -6.2% -4.4% 10.1% 17.3% 1.5% — 1.28 -2.1% 9.0% 7.2% 7.2% 14.1% 1.9% — 1.09 -0.6% 11.7% 10.0% 14.4% 15.0% 1.3% — 1.39 -2.5% 12.1% 7.9% 4.2% 9.0% 1.8% — 1.60 -5.7% 5.5% 6.7% 10.2% 11.3% 4.1% — 1.35 -4.6% 5.6% 2.9% 1.2% 7.7% 3.3% — 1.16 -3.6% 10.6% 9.3% 6.0% 11.7% 2.8% — 1.09 0.8% 17.5% 17.5% 12.1% 11.7% 3.1% — 1.12 -4.1% 2.7% 3.1% 9.7% 15.9% 0.6% — 1.23 -5.0% 4.4% 2.6% 3.4% 11.2% 0.4% — 1.27 -5.4% 3.3% 2.2% 3.2% 11.0% 1.0% — 1.20 -4.1% 6.9% 4.3% 5.3% 12.5% 1.5% — 1.13 -3.0% 10.0% 6.1% 7.1% 13.7% 1.9% — 1.09 -3.9% 5.7% 3.3% 5.1% 12.4% 1.4% — 1.16 -2.6% 3.8% 1.4% 8.8% 13.4% 1.3% — 1.10 -3.8% 3.2% 0.6% 6.5% 11.5% 0.9% — 1.11 -3.1% 5.5% 3.0% 7.6% 13.0% 1.5% — 1.04 -2.5% 7.6% 5.2% 8.4% 14.3% 2.0% — 1.00 -2.3% 1.0% -0.3% 8.5% 12.7% 0.8% — 1.08 -3.0% 4.8% 4.7% 10.6% 15.4% 1.1% — 1.09 -2.8% -0.1% 0.3% 9.6% 14.1% 0.6% — 1.10 -1.8% 5.8% 4.5% 8.8% 13.5% 2.0% — 1.00 -1.9% 7.4% 6.8% — — 2.1% — 0.89 -1.7% 7.7% 6.6% 8.2% 13.3% 2.9% — 0.91 -2.2% 5.4% 4.0% 9.2% 14.1% 1.9% — 0.97 -1.9% 5.6% 4.2% 8.5% 13.4% 2.0% — 1.00 -2.2% 5.8% 4.2% 8.1% 13.3% 1.9% — 1.01 -1.1% 7.5% 6.8% 8.3% 13.5% 2.5% — 0.95 -1.7% 3.8% 1.4% 5.7% 13.1% 1.6% — 1.16 -1.4% 5.8% 3.0% 6.2% 12.1% 2.2% — 1.02 -1.7% 5.7% 4.5% 6.4% 9.2% 2.1% — 0.61 -1.2% 7.5% 6.7% 6.2% 7.7% 2.9% — 0.41 -1.2% 6.4% 5.0% 6.6% 9.8% 2.6% — 0.67 -2.3% 1.5% -1.2% -0.7% 5.6% 2.8% — 1.10 0.7% 17.0% 10.4% -1.1% 1.0% 2.4% — 1.48 -3.4% -2.9% -6.5% -2.6% 4.9% 3.5% — 1.16 -2.4% 5.6% 4.4% — — 1.8% — 0.63 -4.1% — — — — — — — -3.1% 5.8% 3.7% 1.0% 6.8% 1.5% — 1.29 -0.7% — — — — — — — -1.0% 7.2% 6.6% 1.6% 6.5% 2.4% — 1.14 -1.7% 4.9% 1.4% -0.8% 4.4% 2.8% — 1.11 -1.6% 4.9% 1.1% -0.9% 4.3% 2.8% — 1.14 0.1% 1.3% 1.2% — — 1.0% 1.12% — -0.1% 1.7% 1.2% 0.9% 0.8% 0.9% 0.78% 0.72 -0.1% 2.0% 1.7% 1.3% 1.1% 1.1% 1.09% 0.36 -0.0% 1.2% 0.8% 0.7% 0.6% 0.8% 0.80% 0.29 0.0% 2.9% 2.5% 0.4% — 0.0% -0.59% 0.62 -0.0% 3.6% 3.3% 2.2% 2.4% 2.0% 1.67% 0.44 -0.1% 3.5% 3.0% 2.2% 2.7% 2.1% 1.80% 0.51 -0.3% 2.4% 1.9% 1.4% 1.4% 1.4% 1.23% 0.49 -0.5% 6.9% 5.8% 2.1% 1.4% 0.8% -0.10% 1.33 -0.7% 4.1% 3.3% 2.8% 2.2% 1.6% 1.30% 1.20 -0.8% 3.9% 3.2% 2.7% 2.2% 1.6% 1.29% 1.20 -0.6% 6.5% 5.9% 4.5% 4.4% 2.9% 2.38% 1.05 -0.7% 8.2% 7.2% 5.2% 5.1% 3.2% 2.80% 1.32 -0.9% 6.3% 5.4% 4.3% 3.8% 2.5% 2.12% 1.33 -0.8% 5.1% 4.4% 3.4% 2.8% 2.4% 1.97% 1.01 -0.8% — — — — — 1.95% — -0.2% 3.6% 3.7% 3.5% 2.6% 2.4% 2.07% 0.52 -0.2% 3.3% 3.1% 3.1% 2.5% 1.8% 1.55% 0.49 -4.2% 10.3% 9.1% 9.1% 5.2% 2.6% 2.34% 4.01 -4.2% 10.2% 9.0% 9.1% 5.2% 2.5% 2.36% 3.94 -2.5% 12.5% 11.6% 8.9% 6.6% 4.1% 3.64% 2.74 -2.1% 14.8% 12.6% 8.2% 6.2% 4.2% 4.14% 2.93 0.3% 10.8% 7.3% 4.8% 6.7% 5.4% 5.09% 1.78 -1.0% 12.6% 10.9% 5.8% — 4.6% 4.26% 1.84 -0.9% — — — — — 4.50% — -1.2% 5.5% 5.5% 4.9% — 1.5% 0.50% 1.08 0.0% 0.8% 0.7% 0.7% 0.8% 0.9% 1.00% 0.17 -0.1% 1.3% 1.4% 1.5% 1.6% 1.6% 1.20% 0.52 -0.8% 2.7% 3.7% 4.2% 4.0% 2.8% 1.62% 0.73 -0.9% 3.0% 4.4% — — 1.6% 1.70% 0.83 -1.1% 3.7% 5.5% 6.1% 5.3% 3.6% 2.11% 0.94 -1.2% 4.5% 6.3% 6.6% 5.7% 3.7% 2.61% 0.93 -0.9% 2.7% 3.8% 4.5% 4.5% 2.7% 1.54% 0.75 -1.2% 3.5% 5.4% 6.4% 5.7% 3.4% 1.97% 1.00 -1.0% 4.8% 6.9% 5.6% 5.0% 3.6% 2.43% 1.04 -1.1% 3.4% 5.2% 6.0% 4.9% 3.3% 1.86% 0.90 -1.0% 3.4% 5.1% 6.0% 5.0% 3.6% 2.22% 0.88

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 VGHAX VHCIX VINAX VITAX VGSLX VGRLX VHCAX VEXRX VSGAX VSMAX VSIAX VEXAX VIGAX VIMAX VMVAX VMRAX VPMAX VFIAX VDADX VEIRX VGIAX VLCAX VTSAX VVIAX VUIAX VBIAX VWIAX VTMGX VEMAX VEUSX VIAAX VWILX VIHAX VPADX VTIAX VFWAX VUSFX VFIRX VSGDX VSBSX VTAPX VFSUX VSCSX VBIRX VAIPX VFIUX VSIGX VFIDX VICSX VBILX VBTLX VCOBX VFIJX VMBSX VUSUX VLGSX VWETX VLTCX VWEAX VGAVX VEGBX VTABX VMLUX VWIUX VTEAX VWLUX VWALX VCADX VCLAX VNJUX VNYUX VPALX

$100K $50K $100K $100K $100K

VMIAX $100K

REIT Index (5123)

$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

$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) Wellington (521) 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 Ultra-Short-Term Bond (592) 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) Short-Term Tax-Exempt (541) Limited-Term Tax-Exempt (531) Interm.-Term Tax-Exempt (542) Tax-Exempt Bond Index (591) Long-Term Tax-Exempt (543) High-Yield Tax-Exempt (5044) CA Intermed. Tax-Exempt (5100) CA Long-T. Tax-Exempt (575) Emerging Markets Gov’t Bond Index (520) Emerging Markets Bond (1531) Total International Bond Index (511) Total Bond Market (584) Core Bond (1520) GNMA (536) European Index (579) Global Minimum Volatility (594) International Dividend Appreciation Index (515) International Growth (581) International High Dividend Yield Index (530) Pacific Index (572) Explorer (5024)

—

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

VMGMX $10K

VWUAX $50K

VWNEX $50K VWNAX $50K

VWENX $50K

VMNVX $50K

— Sell

$27.72

— Buy $20.03

— Sell — Sell — Sell

$10.74 $10.82 $20.37

— Hold $24.88 — Buy $10.76 — Buy $21.82 — Hold $10.55 — Hold $26.95

— Sell — Sell

$11.55 $22.29

— Buy $10.02

0.25%f

Buy $23.82

— Hold $11.72 — Hold $10.96 — Buy $20.34 — Hold $10.83 — Hold $21.45

— Sell — Sell

$13.15 $27.09

— Hold $10.73

1.00%f

Hold $24.89

— Buy $5.86

0.75%f

Buy $20.09

— — $22.51 — Hold $22.04 — Buy $15.80 — Buy $11.02 — Buy $14.31 — Hold $11.83 — Hold $11.47 — Buy $11.90 Buy $20.65

VWSUX $50K

0.25%f

— Sell — Sell — Sell — Sell

$12.29 $12.31 $11.99 $11.76

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

10 • Fund Family Shareholder Association

www.adviseronline.com