(PUB) Investing 2015

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16 • Fund Family Shareholder Association
Daniel P. Wiener is America’s leading expert on
the Vanguard family of funds. He is founder of
the Fund Family Shareholder Association and
chairman and chief executive officer of Adviser
Investments, LLC, a Newton, Massachusetts,
investment advisory firm (800-492-6868). As
editor of The Independent Adviser for Vanguard
Investors , he is a five-time recipient of the Newsletter Publishers
Foundation’s Editorial Excellence Award. He also edits the
annual Independent Guide to the Vanguard Funds. Mr. Wiener is
often quoted in the nation’s leading financial publications.
Jeffrey D. DeMaso, Editor/Director of
Research, works directly with Dan Wiener
researching and writing the multiple-award
winning Independent Adviser for Vanguard
Investors newsletter. He also leads the analyst
team for Adviser Investments, LLC. Jeff gradu-
ated magna cum laude from Tufts University
with a B.A. in economics, holds the Chartered Financial
Analyst designation and is a member of the CFA Institute and
the Boston Security Analysts Society.
DAN’S DO-IT-NOW ACTION RECOMMENDATIONS
4 Before the Federal Reserve raises rates later this year, make sure you’ve passed “Bonds 101.”
(See page 1)
4 Emerging Market Stocks Index will add Chinese A-shares to its portfolio. Sounds bold and
makes for a nice headline, but the impact for shareholders is tiny. (See page 12)
4 After 10 years, Diversified Equity doesn’t look any better than it did on day one. This is still
one to avoid. Why pay active-management fees for essentially an index? (See page 14)
Online Resources
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while the average investor earned
the average return of funds like Total
Stock Market and Diversified Equity.
Oh yes, not a single one of these ter-
rific funds or, for the most part, their
managers (Jim Barrow is an exception)
can be found in the lineup at Diversified
Equity.
Investors may be getting the point.
Asset growth has slowed after a big
spurt during the financial crisis when
the “promise” of active management
may have held sway.
I’m guessing this is one 10-year
birthday Vanguard won’t be celebrat-
ing. n
>
500 ETF $0.902 @ $192.28
500 Index $0.860 @ $194.57
Balanced Index $0.122 @ $30.16
Convertible Securities $0.035 @ $13.50
Developed Markets Stock Index $0.125 @ $10.19
Dividend Appreciation ETF $0.442 @ $80.09
Dividend Appreciation Index $0.166 @ $32.00
Dividend Growth $0.202 @ $22.98
Emerging Markets Stock ETF $0.386 @ $41.25
Emerging Markets Stock Index $0.232 @ $26.38
Equity Income $0.208 @ $31.47
European Stock ETF $0.879 @ $56.27
European Stock Index $0.460 @ $30.19
Financials ETF $0.238 @ $50.66
FTSE All-World ex-U.S. ETF $0.557 @ $49.89
FTSE All-World ex-U.S. Index $0.213 @ $19.72
FTSE All-World ex-U.S. Small-Cap ETF $0.699 @ $104.17
FTSE All-World ex-U.S. Small-Cap Index $0.255 @ $39.69
FTSE Developed Markets ETF $0.513 @ $40.94
Global ex-U.S. Real Estate ETF $0.393 @ $56.30
Global ex-U.S. Real Estate Index $0.144 @ $22.57
Growth and Income $0.352 @ $42.93
Growth ETF $0.296 @ $109.42
Growth Index $0.133 @ $56.30
High Dividend Yield ETF $0.560 @ $68.66
High Dividend Yield Index $0.217 @ $27.14
Large-Cap ETF $0.446 @ $96.62
Large-Cap Index $0.166 @ $39.03
LifeStrategy Conservative Growth $0.101 @ $18.57
LifeStrategy Growth $0.291 @ $29.67
LifeStrategy Income $0.078 @ $14.85
LifeStrategy Moderate Growth $0.241 @ $24.52
Mega Cap ETF $0.357 @ $71.77
Mega Cap Growth ETF $0.303 @ $84.76
Mega Cap Value ETF $0.360 @ $61.05
Pacific Stock ETF $0.450 @ $62.12
Pacific Stock Index $0.081 @ $11.89
REIT ETF $0.762 @ $75.90
REIT Index $0.243 @ $25.03
Russell 1000 ETF $0.444 @ $97.39
Russell 1000 Growth ETF $0.359 @ $103.43
Russell 1000 Value ETF $0.464 @ $91.51
Russell 3000 ETF $0.428 @ $98.07
S&P 500 Growth ETF $0.385 @ $104.39
S&P 500 Value ETF $0.490 @ $90.46
STAR $0.180 @ $25.31
Target Retirement Income $0.059 @ $12.97
Tax-Managed Balanced $0.125 @ $27.13
Total International Stock ETF $0.547 @ $51.74
Total International Stock Index $0.173 @ $16.63
Total Stock Market ETF $0.468 @ $109.01
Total Stock Market Index $0.214 @ $53.07
Total World Stock ETF $0.453 @ $62.96
Total World Stock Index $0.177 @ $25.63
Utilities ETF $0.838 @ $90.73
Value ETF $0.510 @ $85.17
Value Index $0.187 @ $33.29
Wellesley Income $0.180 @ $25.43
Wellington $0.243 @ $39.47
Windsor $0.195 @ $22.36
Windsor II $0.412 @ $38.01
JUNE SPECIAL DISTRIBUTIONS