Index Fund and ETF Expenses

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The table below lists the current management expenses, turnover and unrealized capital gains for some low cost index funds and ETFs.
This data was collected in July, 2006.

For the Vanguard funds, the fees represent Admiral shares where available. Also, the turnover is the average of the last 5 calendar years.

Unrealized cap gains are as of 6-30-2006.

U.S. Equities

Fund Fees Turnover Unrealized Capital Gains
Vanguard 500 Index Fund 0.09% 4% 32%
Vanguard Value Index 0.11% 25% 16%
Vanguard Small-Cap Index 0.13% 25% 24%
Vanguard Small-Cap Value Index 0.23% 50% 16%
Vanguard Tax-managed Growth and Income 0.10% 7% 30%
Vanguard Tax-managed Small Cap 0.14% 20% 38%
Vanguard Large Cap ETF 0.07% 4% 3%
Vanguard Value ETF (VTV) 0.11% 25% 16%
Vanguard Small Cap ETF (VB) 0.10% 25% 24%
Vanguard Small Cap Value ETF (VBR) 0.12% 50% 16%
State Street DJ Wilshire Large Cap (DWL) 0.2% New
State Street DJ Wilshire Small Cap (DWS) 0.25% New
State Street DJ Wilshire Small Cap Value (DWSV) 0.25% 30-50%
Spiders 500 (SPY) 0.10%
iShares S&P 500 Value (IVE) 0.18%
iShares S&P 600 Small Cap (IJR) 0.20%
iShares S&P 600 Small Cap Value (IJS) 0.25%

International Developed Equities

Fund Fees Turnover Unrealized Capital Gains
Vanguard Developed Markets Index 0.29% 7% 29%
Vanguard Tax-managed International Fund 0.20% 7% 27%
Vanguard Europe Index 0.19% 5% 27%
Vanguard Pacific Index 0.19% 7% 17%
Spartan International Index Fund (Fidelity) 0.10%
Vanguard European ETF (VGK) 0.18% 5% 27%
Vanguard Pacific ETF (VPL) 0.18% 7% 17%
iShares MSCI EAFE Index (EFA) 0.35%

International Emerging Equities

Fund Fees Turnover Unrealized Capital Gains
Vanguard Emerging Markets Index 0.30% 20+% 27%
Vanguard Emerging Markets ETF (VWO) 0.30% 20+% 27%
Shares MSCI Emerging Markets Index (EEM) 0.75%

Real Estate

Fund Fees Turnover Unrealized Capital Gains
Vanguard REIT Index 0.14% 11% 32%
Vanguard REIT ETF (VNQ) 0.12% 11% 32%
State Street DJ Wilshire REIT ETF (DWRT) 0.25% 15%
iShares Cohen and Steers Majors Index (ICF) 0.35%

US Treasuries

Fund Fees Turnover Unrealized Capital Gains
Vanguard Intermediate Treasury Fund 0.10% 50-60% -2%
Vanguard Long Term Treasury Fund 0.10% 50% 2%
iShares Lehman 7-10 year bond fund 0.15%
iShares Lehman 20+ year bond fund 0.15%
iShares Lehman 20+ year bond fund 0.15%

US Inflation Protected Treasuries

Fund Fees Turnover Unrealized Capital Gains
Vanguard Inflation-Protected Treasuries Fund 0.11% 70% -2%
iShares Lehman TIPS Fund 0.20%