(PUB) Investing 2015

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

Online Resources

JUNE SPECIAL DISTRIBUTIONS

LifeStrategy Moderate Growth

$0.241 @ $24.52 $0.357 @ $71.77 $0.303 @ $84.76 $0.360 @ $61.05 $0.450 @ $62.12 $0.081 @ $11.89 $0.762 @ $75.90 $0.243 @ $25.03 $0.444 @ $97.39 $0.359 @ $103.43 $0.464 @ $91.51 $0.428 @ $98.07 $0.385 @ $104.39 $0.490 @ $90.46 $0.180 @ $25.31 $0.059 @ $12.97 $0.125 @ $27.13 $0.547 @ $51.74 $0.173 @ $16.63 $0.468 @ $109.01 $0.214 @ $53.07 $0.453 @ $62.96 $0.177 @ $25.63 $0.838 @ $90.73 $0.510 @ $85.17 $0.187 @ $33.29 $0.180 @ $25.43 $0.243 @ $39.47 $0.195 @ $22.36 $0.412 @ $38.01

500 ETF

$0.902 @ $192.28 $0.860 @ $194.57 $0.122 @ $30.16 $0.035 @ $13.50 $0.125 @ $10.19 $0.442 @ $80.09 $0.166 @ $32.00 $0.202 @ $22.98 $0.386 @ $41.25 $0.232 @ $26.38 $0.208 @ $31.47 $0.879 @ $56.27 $0.460 @ $30.19 $0.238 @ $50.66 $0.557 @ $49.89

Mega Cap ETF

500 Index

Mega Cap Growth ETF Mega Cap Value ETF

Balanced Index

Convertible Securities

Pacific Stock ETF Pacific Stock Index

Developed Markets Stock Index Dividend Appreciation ETF Dividend Appreciation Index

REIT ETF

REIT Index

Dividend Growth

Many of you regularly access our website and its members-only features. For those who haven’t logged in lately, here’s a brief reminder of what you can do online at www. AdviserOnline.com. n STAY ON TOP OF RECENT EVENTS with news articles. n SEARCH THE WEBSITE to find archived articles and answers to your questions. n GET THE LATEST ISSUE the minute it is published online in both HTML and PDF format. n ACCESS YEARS’ WORTH OF ARCHIVES f or issues, Hotlines and news articles. n USE THE ADVISERONLINE FORUM to share and discuss investment ideas with other members of the FFSA community. n CHECK THE CUSTOMER SERVICE PAGE for help with your subscriber account. And that’s just the beginning. These features will make it easier and more enjoyable for you to get all of the advice and information you are looking for. Visit www.AdviserOnline.com now to get the most from your subscription.

Russell 1000 ETF

Emerging Markets Stock ETF Emerging Markets Stock Index

Russell 1000 Growth ETF Russell 1000 Value ETF

Equity Income

Russell 3000 ETF

European Stock ETF European Stock Index

S&P 500 Growth ETF S&P 500 Value ETF

Financials ETF

STAR

FTSE All-World ex-U.S. ETF 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

Target Retirement Income Tax-Managed Balanced Total International Stock ETF Total International Stock Index

Total Stock Market ETF Total Stock Market Index Total World Stock ETF Total World Stock Index

Utilities ETF Value ETF Value Index

Wellesley Income

Wellington

Windsor

Windsor II

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)

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

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

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.

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.

16 • Fund Family Shareholder Association

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