(PUB) Investing 2015

August 2015

Morningstar FundInvestor

23

Data through July 31, 2015 Vanguard Global Minimum Volatility Inv

Ticker

Status Yield Total Assets

Mstar Category

VMVFX Open

2.3% $987 mil

World Stock

Morningstar Analyst Rating 07-15-15

Investment Style Equity Stock %

Historical Profile Return Risk Rating Not Rated

´

Manager Change Partial Manager Change

Morningstar Pillars Process Performance

10.0 10.7 11.4 12.1

Growth of $10,000

Positive Neutral Positive Positive Positive

Investment Values of Fund Investment Values of MSCI WexUS

¶

People Parent Price

9.0

Performance Quartile (within Category) History

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 07-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis.

NAV 11.03 10.30 . . . . . . . . . Total Return % 7.89 11.90

13.74 . . . . . . . . . . +/-MSCI WexUS 4.14 17.61 . . . . . . . . . . +/-MSCI Ac Wrld ND 4.34 9.58 . . . . . . . . . . Income Return % 0.00 2.72 . . . . . . . . . . Capital Return % 7.89 11.02 . . . . . . . . . . Total Rtn % Rank Cat 16 4 . . . . . . . . . . Income $ 0.00 0.28 0.30 . . . . . . . . . . Income Ratio % . 3.18 . . . . . . . . . . Turnover Rate % . 49 . . . . . . . . . . Net Assets $mil 485 381

Analyst Rating Spectrum Œ „ ´ •

• ¨

Pillar Spectrum Positive

0.02 . . . . . . . . . Capital Gains $ 0.00 0.40 0.00 . . . . . . . . . Expense Ratio % .

§ Negative

¶ Neutral

Performance 07-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

. . . . . . . . . . . . . . . 2.52 3.98 0.46 6.21 13.74 5.26 -0.43 . . . *

300 . . . . . . . . .

Portfolio Analysis 03-31-15 Share change since 12-14 Total Stocks:371 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Galenica AG

Hlth care Switzerland

1.41 1.41 1.39 1.36 1.36 1.30 1.28 1.19 1.17 1.17 1.15 1.12 1.12 1.12 1.11 1.08 1.05 1.01 1.00 1.00

1 Yr 3 Yr 5 Yr

16.70

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Church & Dwight Company, Kaiser Aluminum Corp

Cnsmr Def Basic Mat

United States United States

Return% WexUS Ac Wrld ND

Cat

$10,000

. . . . . . . . . . . .

3 Mo 6 Mo 1 Yr

2.85 7.42 6.34 2.44

4.48 1.14

11 10,285 43 10,634

Mengniu Dairy

. .

10 Yr Incept

CLP Holdings Limited

Utilities Industrl

Hong Kong

16.70 21.27 13.87 1 11,670 . . . . . . . . . . . . . . . . . . . .

15.60

Jack Henry & Associates,

United States United States

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Clorox Co

Cnsmr Def

Other Measures

Standard Index MSCI WexUS

Best Fit Index

Takeda Pharmaceutical Co

Hlth care Japan Comm Svs Canada Cnsmr Cyc U.K. Hlth care India

BCE Inc Next PLC

Alpha

. . . . . .

. . .

Beta

Dr Reddy Laboratories Lt Beneficial Bancorp Inc New York Community Banco People’s United Financia CACI International Inc C Fortis Inc

R-Squared

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) . . . . . . . . . . . . Morningstar’s Take by Alex Bryan 07-15-15 Vanguard Global Minimum Volatility is a compelling fund for risk-averse investors. Its low fee and well-constructed defensive portfolio earn it a Morningstar Analyst Rating of Bronze. This fund attempts to offer investors a smoother ride than the FTSE Global All Cap Index, which includes both U.S. and foreign stocks. To do this, the managers select stocks from this index with an optimization algorithm. This algorithm takes into account each correlations between stocks. But the fund limits sector and country tilts relative to the FTSE Global All Cap Index. In order to further mitigate risk, the fund hedges its currency exposure. From January 2014 through June 2015, the fund has exhibited about two thirds the volatility of its parent index. This is a rules-driven approach that does not rely on qualitative security selection. But because the fund does not track an index, the managers have some discretion over implementation, which may help reduce costs. For instance, they can spread turnover Potential Capital Gain Exposure: 10% of assets

Finan Svs United States Finan Svs United States Finan Svs United States Technology United States Hlth care United States Utilities Canada

Standard Deviation

Mean

Sharpe Ratio

Henry Schein Inc

Want Want China Holdings

Cnsmr Def Cnsmr Def

China

Dollarama Inc Maximus Inc

Canada

throughout the year rather than concentrating trades on an index rebalancing date. They can also adjust the model as needed to balance the cost and benefits of trading. Turnover can be high, which can reduce tax efficiency. The fund is competitive with its indexed peers on fees. Like other low-volatility strategies, this fund will likely lag during strong bull markets. Investors should not expect it to generate market-beating returns over the long run. But there is a good chance that it might offer a more-favorable trade-off between risk and reward than most global-stock funds. Low-volatility stocks may offer lower expected returns than the market, which can make them unattractive to benchmark-sensitive investors. This can depress their prices relative to their risk and set up strong risk-adjusted returns. These stocks also tend to be more profitable than average and enjoy relatively help it weather market downturns better than its peers. ‘

Industrl

United States

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 17.7 Large 26.2 Mid 38.7 Small 13.9 Micro 3.5 Avg $mil: 8,179

Value Blnd Growth

Cyclical 32.28 BasicMat 3.02 CnsmrCyc12.52 FinanSvs 8.45 Real Est 8.29 Sensitive 30.29 CommSrvs 8.09 Energy 2.72 Industrl 12.24 Technlgy 7.24 Defensive37.42 CnsmrDef13.35 Hlthcare 16.73 Utilities 7.34

.

h r t y u j i o p a k s d f

Large Mid Small

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

19.97 2.30 1.35 5.79 2.74

1.35 1.19 1.04 0.81 1.12

% Rel Category

9.33 2.06 4.60 3.43 2.94

0.83 1.00 17.69

Country Exposure United States 48 U.K. 9 Canada 7 UK/W. Europe 19 Japan 5 Asia X Japan 18 Regional Exposure

% Stock

4.40 0.06

N. America 55 Latn America 3 Other 0

Address:

Vanguard Whitehall Funds Valley Forge, PA 19482 800-662-6273 www.vanguard.com

Minimum Purchase: Min Auto Inv Plan:

$3000 $3000

Add: . Add: .

IRA: $3000

Sales Fees:

No-load 0.20% 3Yr:$97 Annually

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

% Stock

Cash

1.5

Bonds Other

0.0 1.1

12-12-13

Actual Fees:

Mgt:0.25% Dist: .

Australia

5 5

Vanguard Group, Inc.

Expense Projections: Income Distribution:

5Yr:$169 10Yr:$381

Stocks

97.4

None

Japan

Foreign

52.7

(% of Stock)

N/A

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobeaccurate, correct, completeor timely. Pastperformance isnoguarantee of future results.Access updated reports at Toorder reprints, call 312-696-6100. mfb.morningstar.com.

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