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Morningstar Index Funds U.S. Style Overview XXXX –XXXX, 2011 Largest U.S. Index Mutual Funds Sorted By Total Net Assets In $US Millions November/December 2012 Total Return % Annualized Return % Fund Name Ticker Assets Exp Ratio 3-Mo YTD 2011 2010 3-Yr 5-Yr 10-Yr 15-Yr P/E Std Dev Yield Vanguard Total Stock Mkt, Inv Shrs VTSMX 73,450.2 0.18 7.59 13.16 0.96 17.09 13.86 1.66 7.21 5.18 14.8 16.36 1.72 Vanguard Institutional, Instl Shrs VINIX 66,940.1 0.04 7.93 13.49 2.09 15.05 13.61 1.31 6.51 4.93 14.5 15.63 1.91 Vanguard 500, Adm Shrs VFIAX 58,281.0 0.05 7.94 13.49 2.08 15.05 13.61 1.30 6.49 4.88 14.5 15.64 1.92 Vanguard Total Stock Mkt, Adm Shrs VTSAX 57,367.6 0.06 7.65 13.26 1.08 17.26 13.99 1.77 7.31 5.26 14.8 16.39 1.83 Vanguard Institutional, Instl+ Shrs VIIIX 47,245.0 0.02 7.94 13.50 2.12 15.07 13.64 1.33 6.54 4.96 14.5 15.63 1.93 Vanguard Total Bond Mkt II, Inv Shrs VTBIX 42,497.7 0.12 1.49 3.82 7.59 6.41 6.40 - - - - 2.80 2.48 Vanguard Total Stock Mkt, Instl Shrs VITSX 36,484.7 0.05 7.62 13.26 1.09 17.23 13.98 1.78 7.34 5.30 14.8 16.37 1.83 Vanguard Total Bond Mkt, Adm Shrs VBTLX 34,522.8 0.10 1.48 3.90 7.69 6.54 6.49 6.66 5.46 6.09 - 2.86 2.83 Vanguard Total Intl Stock, Inv Shrs VGTSX 34,326.0 0.22 9.40 6.89 -14.56 11.12 3.25 -4.01 7.80 4.10 10.6 20.30 2.87 Vanguard 500, Inv Shrs VFINX 26,520.1 0.17 7.90 13.39 1.97 14.91 13.47 1.19 6.39 4.81 14.5 15.63 1.80 Vanguard 500, Sig Shrs VIFSX 25,642.7 0.05 7.92 13.48 2.08 15.05 13.61 1.30 6.45 4.85 14.5 15.63 1.92 Vanguard Total Bond Mkt, Instl Shrs VBTIX 23,024.1 0.07 1.49 3.92 7.72 6.58 6.52 6.70 5.50 6.16 - 2.86 2.85 Vanguard Instl Total Stock Mkt, Instl+ Shrs VITPX 19,764.1 0.03 7.66 13.35 1.11 17.25 14.04 1.84 7.42 - 14.8 16.38 1.86 Fidelity Spartan 500, Adv Cl FUSVX 19,644.7 0.06 7.93 13.48 2.06 15.01 13.57 1.26 6.45 4.80 14.7 15.63 1.87 Vanguard Total Bond Mkt II, Instl Shrs VTBNX 17,342.9 0.05 1.51 3.87 7.67 6.47 6.45 - - - - 2.80 2.56 Fidelity Spartan 500, Instl Cl FXSIX 16,160.6 0.04 7.95 13.49 2.09 14.98 13.57 1.25 6.44 4.79 14.7 15.63 1.88 T. Rowe Price Equity 500 PREIX 14,663.8 0.30 7.88 13.29 1.87 14.71 13.32 1.07 6.23 4.63 14.6 15.63 1.76 Vanguard Total Bond Mkt, Instl+ Shrs VBMPX 14,592.1 0.05 1.49 3.94 7.74 6.57 6.51 6.63 5.40 6.05 - 2.86 2.87 Vanguard Total Intl Stock, Adm Shrs VTIAX 14,297.5 0.18 9.37 6.91 -14.52 11.04 3.25 -4.01 7.80 4.10 10.6 20.26 2.89 Vanguard Total Intl Stock, Instl+ Shrs VTPSX 12,390.8 0.10 9.39 6.99 -14.49 11.09 3.30 -3.98 7.81 4.11 10.6 20.28 2.98 Schwab S&P 500 SWPPX 12,306.1 0.09 7.97 13.49 2.07 14.97 13.54 1.29 6.45 4.80 15.0 15.58 1.79 Vanguard Total Bond Mkt, Inv Shrs VBMFX 12,302.7 0.22 1.45 3.83 7.56 6.42 6.37 6.55 5.36 6.03 - 2.86 2.71 Vanguard Total Bond Mkt, Sig Shrs VBTSX 12,043.8 0.10 1.48 3.90 7.69 6.54 6.49 6.66 5.42 6.07 - 2.86 2.83 Fidelity Spartan 500, Inv Cl FUSEX 10,547.1 0.10 7.92 13.46 2.03 14.98 13.54 1.23 6.43 4.78 14.7 15.63 1.84 Fidelity Series 100 FOHIX 7,906.8 0.20 8.81 14.85 2.98 12.39 13.16 1.04 - - 14.3 15.19 1.77 Vanguard Total Stock Mkt, Sig Shrs VTSSX 7,524.5 0.06 7.62 13.23 1.09 17.23 13.98 1.77 7.28 5.22 14.8 16.38 1.83 Fidelity Spartan Total Mkt, Adv Cl FSTVX 6,938.4 0.07 7.60 13.22 1.01 17.44 13.95 1.67 7.24 - 14.9 16.29 1.66 Vanguard Balanced, Adm Shrs VBIAX 6,883.3 0.10 5.16 9.54 4.29 13.29 11.36 4.25 6.94 6.04 14.8 9.35 2.10 Vanguard Mid-Cap, Instl Shrs VMCIX 6,638.2 0.08 5.63 10.52 -1.96 25.67 15.54 2.07 9.24 - 16.2 18.54 1.25 Vanguard REIT, Adm Shrs VGSLX 6,636.0 0.12 7.58 16.97 8.62 28.49 23.87 3.93 11.22 9.55 38.0 19.13 3.24 Vanguard Mid-Cap, Adm Shrs VIMAX 6,587.8 0.10 5.65 10.51 -1.97 25.59 15.51 2.03 9.19 - 16.2 18.54 1.23 Vanguard Emerging Mkts Stock, Adm Shrs VEMAX 6,504.9 0.20 5.96 5.59 -18.67 18.99 6.53 -0.60 14.77 7.56 9.6 22.73 2.25 Vanguard Total Intl Stock, Instl Shrs VTSNX 6,428.8 0.13 9.39 6.97 -14.51 11.09 3.29 -3.99 7.81 4.11 10.6 20.28 2.97 Vanguard Growth, Instl Shrs VIGIX 6,192.9 0.08 7.76 15.95 1.89 17.17 16.03 4.02 6.99 5.13 17.0 16.72 1.15 Vanguard Small-Cap, Adm Shrs VSMAX 6,162.6 0.16 7.26 11.94 -2.69 27.89 15.55 3.36 10.19 6.79 16.6 21.08 1.23 Vanguard Intermediate Bond, Adm Shrs VBILX 5,999.9 0.11 2.13 6.08 10.73 9.49 9.25 8.52 6.74 7.09 - 4.48 3.26 Spartan US Bond, Inv Cl FBIDX 5,955.6 0.22 1.59 3.90 7.68 6.29 6.39 6.23 5.28 6.07 - 2.76 2.52 Vanguard Short-Term Bond, Sig Shrs VBSSX 5,829.1 0.11 0.67 1.68 3.08 4.03 3.23 4.40 3.89 4.82 - 1.65 1.65 Vanguard Growth, Adm Shrs VIGAX 5,637.7 0.10 7.78 15.97 1.87 17.12 16.00 3.98 6.95 5.08 17.0 16.73 1.13 Vanguard Extended Mkt, Adm Shrs VEXAX 5,615.8 0.14 6.27 12.10 -3.59 27.57 15.41 2.85 9.97 6.46 16.2 20.20 1.02 Vanguard Small-Cap, Instl Shrs VSCIX 5,530.8 0.14 7.26 11.95 -2.65 27.95 15.59 3.40 10.24 6.86 16.6 21.08 1.25 PIMCO EM Fundamentl IndexPLUS, Instl Cl PEFIX 5,441.6 1.25 10.02 13.30 -16.81 25.86 12.57 - - - - 23.71 1.92 Vanguard Extended Mkt, Instl Shrs VIEIX 5,431.1 0.12 6.27 12.12 -3.57 27.59 15.43 2.88 10.02 6.54 16.2 20.22 1.03 Vanguard Balanced, Instl Shrs VBAIX 5,398.8 0.08 5.17 9.55 4.31 13.34 11.39 4.29 6.97 6.07 14.8 9.37 2.11 Vanguard Developed Mkts, Instl Shrs VIDMX 5,187.6 0.08 11.03 7.60 -12.44 8.76 2.73 -4.60 6.77 - 10.7 20.12 3.50 Vanguard Extended Mkt, Instl+ Shrs VEMPX 5,096.7 0.10 6.27 12.12 -3.53 27.37 15.36 2.76 9.86 6.39 16.2 20.21 1.06 Vanguard Mid-Cap, Instl+ Shrs VMCPX 4,932.6 0.06 5.66 10.54 -1.91 25.67 15.56 2.08 9.24 - 16.2 18.52 1.26 Fidelity Spartan Ext Mkt, Adv Cl FSEVX 4,788.9 0.07 6.05 12.05 -3.79 28.62 15.48 3.06 9.98 - 15.9 19.85 1.16 Schwab 1000 SNXFX 4,788.5 0.29 7.59 13.03 1.27 15.96 13.53 1.31 6.59 4.98 15.3 15.90 1.73 Vanguard Mid-Cap, Sig Shrs VMISX 4,554.0 0.10 5.68 10.54 -1.99 25.62 15.50 2.03 9.21 - 16.2 18.54 1.23 Fidelity Inüation-Protected Bond FSIPX 4,453.8 0.20 0.81 4.02 8.63 5.06 - - - - - - 0.15 Vanguard Value, Instl Shrs VIVIX 4,400.0 0.08 7.53 10.83 1.17 14.49 11.50 -0.88 6.79 4.92 12.8 15.42 2.62 Vanguard Short-Term Bond, Adm Shrs VBIRX 4,293.6 0.11 0.67 1.68 3.08 4.03 3.23 4.40 3.92 4.85 - 1.65 1.65 ING US Stock, Cl I INGIX 4,267.2 0.26 7.87 13.36 1.81 14.74 13.35 1.05 - - 14.5 15.65 1.61 Fidelity Spartan US Bond, Adv Cl FSITX 4,262.7 0.11 1.53 3.89 7.71 6.29 6.40 6.23 5.28 6.07 - 2.78 2.60 Vanguard Mid-Cap, Inv Shrs VIMSX 3,964.9 0.24 5.60 10.39 -2.11 25.46 15.33 1.89 9.06 - 16.2 18.52 1.07 Vanguard Small Cap, Sig Shrs VSISX 3,890.8 0.16 7.26 11.96 -2.68 27.85 15.56 3.36 10.14 6.75 16.6 21.09 1.24 Vanguard Small Cap, Inv Shrs NAESX 3,884.1 0.30 7.24 11.83 -2.80 27.72 15.39 3.22 10.06 6.70 16.6 21.07 1.08 Vanguard FTSE All-World ex-US, Instl Shrs VFWSX 3,642.7 0.13 9.64 6.99 -14.21 11.93 3.76 -3.28 - - 10.5 20.38 3.29 ING US Bond, Cl I ILBAX 3,619.3 0.41 1.51 3.77 7.20 6.14 6.14 - - - - 2.63 2.28 Source: Morningstar. Data as of August 31, 2012. Exp Ratio is expense ratio. 3-Mo is 3-month. YTD is year-to-date. 3-, 5-, 10- and 15-yr returns are annualized. P/E is price-to-earnings ratio. Std Dev is 3-year standard deviation. Yield is 12-month dividend yield. www.journalofindexes.com November / December 2012 59
Morningstar U.S. Style Overview Jan. 1 - Aug. 31, 2012 Trailing Returns % 3-Month YTD 1-Yr 3-Yr 5-Yr 10-Yr Morningstar Indexes US Market 7.63 13.31 17.72 13.68 1.99 7.26 Large Cap 8.13 14.09 19.28 13.06 1.54 6.25 Mid Cap 6.12 11.16 13.22 15.12 2.69 9.63 Small Cap 6.60 11.02 14.09 15.00 3.71 10.21 US Value 7.58 9.60 14.97 10.81 –1.11 6.42 US Core 7.61 13.53 19.51 14.20 3.23 7.86 US Growth 7.61 16.98 18.60 16.05 3.60 7.22 Morningstar Market Barometer YTD Return % Large Cap US Market 13.31 14.09 Value 9.60 Core 13.53 Growth 16.98 9.56 14.23 18.78 Large Value 8.18 9.56 15.36 10.14 –2.35 5.42 Large Core 8.27 14.23 20.83 13.31 2.93 7.00 Large Growth 7.82 18.78 21.60 15.77 3.77 5.94 Mid Cap 11.16 9.36 11.70 12.40 Mid Value 5.96 9.36 12.85 11.82 1.38 8.42 Mid Core 5.51 11.70 17.12 16.93 3.73 9.85 Mid Growth 6.83 12.40 9.58 16.57 2.65 10.26 Small Cap 11.02 10.61 10.85 11.62 Small Value 6.13 10.61 17.01 14.73 4.80 10.39 Small Core 6.13 10.85 11.49 14.06 2.46 9.86 Small Growth 7.63 11.62 14.01 16.17 3.69 10.13 –8.00 –4.00 0.00 +4.00 +8.00 Sector Index YTD Return % Communication 26.06 Technology 18.03 Industry Leaders & Laggards YTD Return % Residential Construction 61.52 Oil & Gas Refining & 54.13 Biggest Influence on Style Index Performance Best Performing Index YTD Return % Large Growth 18.78 Constituent Weight % Real Estate 17.90 Consumer Cyclical 17.37 Financial Services 17.09 Healthcare 15.01 Consumer 10.49 Basic Materials 8.69 Industrials 8.51 Energy 3.62 Utilities 3.18 Consumer Electronics 45.15 Lumber & Wood Production 40.06 Broadcasting - Radio 37.35 Airports & Air Services 35.96 –13.11 Pollution & Treatment Controls –13.50 Steel –21.79 Electronic Gaming & Multimedia –37.72 Coal –40.79 Solar –41.59 Education & Training Services Apple Inc. 64.96 11.41 Amazon.com Inc. 43.43 1.85 Oracle Corp. 24.18 3.03 Philip Morris International Inc. 15.84 4.19 eBay Inc. 56.51 1.02 Worst Performing Index Mid Value 9.36 Sprint Nextel Corp. 107.26 0.77 HollyFrontier Corp. 81.30 0.50 Western Digital Corp. 35.12 0.79 CA Inc. 32.56 0.82 Tesoro Corp. 70.64 0.37 1-Year 3-Year 5-Year Value Core Growth Value Core Growth Value Core Growth Large Cap 15.36 20.83 21.60 Large Cap 10.14 13.31 15.77 Large Cap –2.35 2.93 3.77 Mid Cap 12.85 17.12 9.58 Mid Cap 11.82 16.93 16.57 Mid Cap 1.38 3.73 2.65 Small Cap 17.01 11.49 14.01 Small Cap 14.73 14.06 16.17 Small Cap 4.80 2.46 3.69 –20 –10 0 +10 +20 –20 –10 0 +10 +20 –20 –10 0 +10 +20 Source: Morningstar. Data as of Aug. 31, 2012 Source: Morningstar. Data as of Feb. 29, 2012. Notes and Disclaimer: ©2012 Morningstar, Inc. All Rights Reserved. Unless otherwise noted, all data is as of most recent month end. Multi-year returns are annualized. NA: Not Available. Biggest Influence on Index Performance lists are calculated by multiplying stock returns for the period by their respective weights in the index as of the start of the period. Sector and Industry Indexes are based on Morningstar's proprietary sector classifications. The information ? contained herein is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 60 November / December 2012
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Plus Blitzer on the history of opti
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Contributors Mark Abssy Mark Abssy
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STOXX LIMITED INNOVATIVE INDEXING.
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People’s futures are in your hand
Page 10 and 11: ©2012 Morningstar, Inc. All rights
Page 12 and 13: Exchange-traded products span a wid
Page 14 and 15: Figure 5 Median notional Volume ($B
Page 16 and 17: the put spread in this example is $
Page 18 and 19: The Loch Ness Monster. Sightings of
Page 20 and 21: TAKE A NEW LINE WITH YOUR EQUITY Po
Page 22 and 23: Over the past 12 years, U.S. invest
Page 24 and 25: Figure 6 $15 $12 $9 $6 $3 5 Indexes
Page 26 and 27: 500 BuyWrite Index (BXM)—was anno
Page 28 and 29: volatility that was about 30 percen
Page 30 and 31: Most investors are familiar with op
Page 32 and 33: equired to establish this position
Page 34 and 35: THE POWERSHARES DB COMMODITY INDEX
Page 36 and 37: Depression was history, rather than
Page 38 and 39: academic assessment of the very exi
Page 40 and 41: Alternative Investments 4.0% Real E
Page 42 and 43: tion and management. Within it, an
Page 44 and 45: Much ink has been spilled on the pe
Page 46 and 47: Figure 1 sectors No. of top dogs Re
Page 48 and 49: over the 30-year span. “Business
Page 50 and 51: States, the average concentration p
Page 52 and 53: Figure 10 sectors Source: Research
Page 54 and 55: investors were charging, ProShares
Page 56 and 57: of health care services, primarily
Page 58 and 59: open the Etracs Long-Short S&P 500
Page 62 and 63: Exchange-Traded Dow Jones U.S. Indu
Page 64 and 65: ETF Analytics Your clients want mor
Page 66 and 67: PICK THE HIGH HANGING FRUIT. Find 1
Page 68 and 69: InsideETFs portFolio management str
Page 70 and 71: ©2012, THE NASDAQ OMX GROUP, INC.
Page 72: Crossword Thinking About Options Te
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