There Is No Frigate Like a Book Essay Example

There Is No Frigate Like a Book Essay Example There Is No Frigate Like a Book Essay There Is No Frigate Like a Book Essay In the poem â€Å"There is no Frigate like a Book†, Emily Dickinson uses words with particular connotations to give her poem a more rich and meaningful aspect. Her belief that literature is powerful enough to allow one’s mind to distance itself from reality and its immediate surroundings is enforced in the poem throughout her use of words like â€Å"frigate† â€Å"traverse† which connate a sense of journey or adventure. Dickinson compares books to means of transportation to emphasize this idea of the power of imagination. â€Å"There is no Frigate like a Book; To take us Lands away† Here the word â€Å"frigate† though its literal meaning is a warship, is used to connote a sense of adventure and exploration while â€Å"land† gives off an intriguing idea of exotic and unknown. By selecting these words and comparing them to books Dickinson expresses how powerful literature is over one’s mind for it to can take us to distant places. The poem follows by expressing the spirituality and joyfulness that can be found in literature â€Å"Nor any Coursers like a Page; Of prancing poetry† Dickinson substitutes â€Å"coursers† for horses in this passage to conveys a stronger emphasize of majestic, beautiful and elegant also describing poetry as â€Å"prancing† thus giving it a sense of spiritual, harmony and energetic. The connotations implied by these words and their comparison to poetry in this line help imply the beauty that Dickinson beliefs to find in literature In the following line Dickinson reminds us how books are able to touch anyone no matter from what stratus they come from. â€Å"This Traverse may the oppress may the poorest take; Without oppress of Toll† Here â€Å"traverse† which literal term means to travel through is used to express a sense of danger and mystery, while â€Å"oppress† connotes a sense of a powerlessness, something that holds us back or keeps us down and â€Å"toll† suggest a meaning of a limit or burden that one must suffer through. The words in this passage work together to give the idea off the idea of the troubles that goes with traveling by comparing it to books, Dickinson is able to show how literature can do take us away without any of these burdens. In the last lines Dickinson again reinstates her idea how powerful books are, in that they can take us away. â€Å"How Frugal is the Chariot; That bears the Human soul. † By comparing books to a chariot she gives books a more magical, romanticizes tone for â€Å"chariot† connotes a sense of fantasy and fairytale, Dickinson uses â€Å"frugal† to describe the how economical book are while implying a aspect of moral goodness to them. Her use of â€Å"bear† in this passage also suggests the importance of the human soul for bearing something connotes an idea of carrying something with great significance or meaning this works with the final word â€Å"soul† for soul connotes an idea of beauty and one’s whole self by using soul instead of mind Dickinson emphasizes how literature is able to take its readers and transport them not just mentally but also emotionally and spiritually into a completely different world. Dickinson uses connotation powerfully in her poem to give it a more elegant and magical feel to it, by carefully selecting her words Dickinson’s focuses more on their connotations than their denotations to give the poem the sense of power and adventure she wants to express about literature.

The future of warfare essays

The future of warfare essays Nuclear Deterrence and The Future of Warfare Throughout my life and in all of my history classes, I have heard about the Cold War. I would hear people talk of it on the news or would watch movies that took place in that specific era. I never had a course that was aimed to specifically teach national security or give organized lectures about the Cold War. Generally speaking, all I knew up to this course, was that the Cold War was a time when the United States and USSR were threatening each other by the action of using nuclear weapons. I was aware that there was much tension and citizens in this country were preparing for the worst. Not until I took this course did I learn about how much nuclear capability there was between the two countries and how close we actually came to a nuclear holocaust. The concept of deterrence is the most impacting and significantly interesting concept I have learned in this course. To say it was an effective defense policy is an understatement. The fact is, deterrence was the most effective a nd successful way to deter the use of nuclear weapons to this date. This paper will go in depth to explain the concept of nuclear deterrence; its effect in the Cold War and in the future, will it still work against the threats of today? The first nuclear explosion and the dawn of the nuclear age was born on July 16, 1945 in New Mexico when the Manhattan Project (name for atom bomb development) was tested. General Lesley Grove, commander of the Manhattan Project, was heard to say, This is the end of traditional warfare. This statement is false because traditional warfare still continued even after the new destructive capability was introduced. What did come about from the birth of the atom bomb was that this technology was going to dictate all wars in the future. The clear difference however, is that wars are now conducted under the shadow of the mushroom-shaped cloud, especially ...

Analytical Character comparison using epic similies Essay

Analytical Character comparison using epic similies - Essay Example Thesis Statement: The brilliance regarding the use of epic simile has emerged in the hands of Homer as an effective instrument though which he captured a complete impression of a situation, churned out the contrast among characters and finally led the audience to the layers of emotions dimensions of the character. The Use of Epic Simile to understand Ulysses’ character: The instances of Homer’s poetic magnificence regarding the use of simile to analyze the character, physical stature and emotional status of Ulysses are abundant throughout the Odyssey. However, in the book XI â€Å"The Descent into Hell† his craftsmanship has reached to its culmination. The character of Ulysses, in the Odyssey, has been presented by Homer in a unique way because the character, compared to the other epic heroes, does not appear to be invincible. While the humane side of his character has been presented through the shades of fear, deprivation, and agony, on the other hand, the stren gth of him has been projected through his courage, ruthlessness and anger. During his journey though the Hell, Ulysses has experienced several traumatic visions that evoked a sense of tremendous. However, the spontaneity of human morality and aspiration to overcome all the obstacles makes him a human being. Irrespective of the fact that he witnessed a fierce scene of human suffering in the Hell, however, the same could not stop him from rejuvenating his insatiable source of courage: â€Å"Now I the strength of Hercules behold, / A towering spectre of gigantic mould, / A shadowy form! for high in heaven’s abodes / Himself resides, a god among the gods;† (11. 741-11. 744). He feels himself in the same state like that of the great Greek God who is surrounded by â€Å"fowl†, â€Å"hovering ghosts† (11, 747). However, the prevailing evil though shrouded the divine glory but that could not stop him from fighting. The same courage that lurked in Hercules’ s heart, in the gloomy surrounding of the Hell Ulysses can feel the same: â€Å"Around his breast a wondrous zone is roll’d, / Where woodland monsters grin in fretted gold: / There sullen lions sternly seem to roar† (11. 751-11. 753). With the use of images from an array of references the poet has provided such an impression about Ulysses’ character that is empathetic in nature, gets troubled by the human angst and is ready to empathize with such situations. However, the moral strength of the character can be realized through his readiness to encounter all odds and through his confidence that with the traits of divine courage that every man possesses, he will be able to emerge as a triumphant against all evils; consequently he will be able to retain his dignity as a human being. Use of Epic Simile to understand Penelope’s character: Penelope, the wife of Ulysses, exists quite at a diametrically opposite pole compared to the features of her husband’ s nature as projected in the epic. Though the sings of respecting her self-dignity and empathy for other cannot be missed, however, Penelope seems to appear as a manifestation of traditional womanhood. Irrespective of

Alkali flies in the Mono Basin (Mono Lake) Article

Alkali flies in the Mono Basin (Mono Lake) - Article Example Alkali flies also known as brine flies or Ephydra hians are a very rare species to find (Eagen 29). This is attributable to the fact that the species breeds well only in certain habitats, especially in alkaline waters. This probably explains why the insect is called the alkali fly. Found in Mono Lake, California, the fly breeds well on the surface, shorelines, as well as beneath the lake. Most of these species of fly are dark brown in color with an adult measuring between 4 to 7 mm long (Carle, and Banta 25). The fly has segmented thorax, which is bluish in color, while the wings are brownish in color. Unlike the ordinary flies, alkali flies normally spend most of their life circles entirely beneath the water surface. This makes the fly unique in addition to the fact that it breeds well in alkaline environment. Mono Lake is one of the most dominant lakes in California. Circular in shape, Mono Lake draws most of its waters from the surrounding streams. However, since the lake has no outlet, the lake is highly alkaline (Eagen 29; Jiang, Steward, Jellison, Chu, Choi 19). This is attributable to the continuous accumulation of salt in the lake. A research conducted more than three decades ago indicated a correlation between the alkalinity of Mono Lake and the availability of alkali flies. According to the research, the alkalinity of Mono Lake provides a suitable breeding ground for alkali flies (Tierney 15). Other researchers have also demonstrated that salinity and alkalinity of Mono Lake has a huge impact on the algae found on the lake. The presence of these algae on the lake also influences the growth and development of alkali-fly. According to Wiens, Patten and Botkin (595), the salinity of the lake makes it difficult for algae to thrive. This leads to a reduction in the number of algae in Mono Lake, thereby compelling larvae to utilize high amount of energy to rummage. This normally leaves very little osmoregualation to take

Improving ones own performance Essay Example for Free

Improving ones own performance Essay Every fortnight on a Friday morning my line manager and I have a meeting to discuss my progress. This meeting is also for her feed back so she can see if there is anything I am struggling with, anything I need help with or I am not happy about. To the right is a picture of the scheduled meetings. This is on our Microsoft outlook account. The reason for this is so that if there are areas I am slipping with, for example my time keeping, we can discuss these issues comfortably and resolve them before they become an occurring issue. The need for these meetings is very important. They help monitor my progress by reflecting to my manager what I’ve been working on and how fast/slow I’ve been completing them. By doing these meetings it improves my performance by clearly showing my improvements giving me job satisfaction. I can also gain benefits from theses meetings too as I am improving my performance I may be more likely to be put forwards for a promotion because when my manager sees my hard work, she will inform the managing director and update him upon my progress. She gives me feedback on how I’ve been working and encourages me to do the same as without this I wouldn’t know what to improve or keep the same. Its adds value to my work as I am continuously improving, it also strengthens our relationship as I know what to do next time. During these meeting I have been asked to keep a record of achievement. I have also been asked to evaluate my own performance with a SWOT analysis every six months, so we can compare if there are any changes or areas of improvement. At times she suggest ways of possibly improving my work this helps me greatly as I may not have thought of the idea myself or even have tried it as I am not used to the method. It sometimes saves me a lot of time; this benefits my team and I as I can take on new tasks as I have spare time. Throughout my work I am constantly improving as I am learning new things all the time. As discussed by my manager and me, I have picked up a lot of important information just being in the office. When I am continuously learning it is helping me as when I learn something new I can apply it to situations, where needed. When I am enhancing my skills this helps me too as I know and understand more making my more aware. With my knowledge that has grown I will, in the future, apply it to other companies/organisations. This will benefit my career as I will know crucial information needed, not only to help me with an interview but help me secure another job. In my later life I would like to either study more business administration at university or possibly stay in the world of work and work my way up to become a manager in an office environment. At the end of my contract with Medilink I hope they would keep me on as I could grow my skills to adapt to learning about the other opportunities such as finance or even international work. Throughout my working life I use a PDP to show my achievement that aren’t actually a credited for. This adds great value to me as when I am going for an interview I can show this to my possible new employer. When Sarah and I have our fortnightly meeting I ask for feedback and on the occasion I write this down in my note book as I can reflect on it at a later date. This is because I won’t forget what she has said. I accept it with open arms as this will help me and is not said in a spiteful manor to upset me. It is constructive criticism, this is being assertive. If she wasn’t being assertive then it wouldn’t be good within our working environment. The benefit to this is that she can put her point across without sounding nasty and putting her point across in a respectful manor. I myself also have to be assertive too, for example if I get given a task and I have too much on I simply have say no as I would miss my deadline from taking over someone else job. I will offer an alternative if I can help as we work as a team and if I can save time for someone else I will. Plus when someone one is helping me and I do not agree with a certain way I voice my opinion and suggest to improve their performance, like when Tina was helping me with finding contacts on our database I suggested to sure the search bar rather than looking under the subheadings and finding them by trial and error. When having this meeting sometimes my manager, Sarah and I discus targets for when work needs to be completed. The reason for this is so that I get used to deadlines and can work to realistic target as my input is as important in these discussions as hers. It benefits me as I know I can structure myself to meet these target and they are within my reach. For example: I was given a task to go through the international managers, charlottes, mailing list in correspond to the members list, and our data base to update all three and ensure they are all up to date. We decided because there was 217 contacts on charlottes list that I would be given 22 working days to complete as this allows me to complete 10 a day so I could pick it up and put down the task in hand here and there amongst other tasks. With these discussions about targets we also discus the quality of my work. I set high standards as there are always room for improvements and if I am constantly aiming for the highest possible standard then overtime I should up the bar of my skills. This resulting in be being more knowledgeable. During day to day work there are setbacks that I may come across to overcome these and move forwards I first must accept these otherwise I can’t overcome them. When dealing with them there is one major benefit, it makes me a stronger worker as I know how to tackle them if they occur in the future. Everyday at work there are new challenges and the reason why I adapt the taking them on is because it will be a learning curve and will benefit my future. By adapting to change I grow my personality and move with the time, I am constantly growing my knowledge base and understanding what I need to take in. Treating others with respect honesty and consideration add to the business environment it ensure that the atmosphere we working in is enjoyable. When it is comfortable it promotes more effective working. When helping and supporting others at work, it saves them time as they don’t need to look for the answers and it add to the relationship within the working environment. To do this it is useful and very helpful. To show my targets in order of priority for my own work; is attached a sheet, listed in a random order but there is a coloured key to follow on the back. As you can see I have highlighted them corresponding to the coloured priority. In one of our meetings with Sarah I renegotiated the dead line of the previously mentioned task, the mailing list for Charlotte, in conjunction with the members list and our database. The reason for this was because we had a lot on for the awards event and I slipped behind due to bad time management therefore not being able to complete my task. On a weekly basis I like to achieve the highest possible outcome I can, to do this I set myself high standards. Such as: exceeding my targets. When helping Paul with his signs I completed them up to a brilliant aesthetic look and before my deadline. I laminated each one and got them all ready before he needed them. I was so committed that I stayed behind on one of the days to finish them off before my deadline. This demonstrated my passion for my work. I use my own needs to complete a task and it is my own right to use my own time during work to finish what I have been given. Like last week for example, I used my time during work to start a task I have been given by one of our members of the PR team, Martin. I treat all of my colleagues with respect, as I speak to them all with the right tone. Like in our weekly team briefing, I talk with politeness and do not use harsh tones.

Foul Play :: essays research papers

Foul Play Dear Members of the Board of the National Collegiate Association of America:   Ã‚  Ã‚  Ã‚  Ã‚  Since the beginning of collegiate athletics, there have been student-athletes whose actions are considered disproportionately deviant. College athletes have defied the rules and regulations set forth by the National Collegiate Association of America by such acts as accepting stipends, committing date rape, abusing drugs, and even committing homicide. For some reason, college athletes believe they are above the law and should not have to abide by the same set of rules as a normal student, because of their athletic talent. As a former NCAA Division II football player, I can attest to the feeling athletes have that they deserve special treatment because of their status. There are some people who believe that college athletics is above reproach, but the purpose of this essay is to assert the statement that college athletics is corrupt.   Ã‚  Ã‚  Ã‚  Ã‚  Year after year, college athletes make the headlines of newspapers and magazines across the country, not only for their accomplishments on the field, but more for their antics off the field. College athletes sacrifice their bodies, integrity, and character to gain an advantage over their opponent. Athletes give up the very things that make them who they are to feel appreciated by their coaches, teammates, and fans. Players cheat by taking anabolic steroids and other banned substances that give them a chemically induced physical advantage (Eitzen 3). Athletes desire to be identified with a team that works and sacrifices together to reach a common goal. The guestion we should ask ourselves is: Why? Why do individuals give up so much to be a part of a team? The answer lies within the organization of how big-time college sport exists. Fans are drawn to big sporting events such as the Super Bowl and the World Series. College athletes want to be in that spotlight, and t hey sacrifice everything to gain that status. Fans are consumed by sports. USA Today, the most widely read newspaper in the United States, devotes one-fourth of its space to sport (14). Fans know every detail about their beloved sports team. Not only the latest box scores, but also the win-loss record, point spread, current statistics, play-off probabilities, and biographical information about athletes and coaches (16). College sports appeal to the general public, young and old.   Ã‚  Ã‚  Ã‚  Ã‚  At a very young age, aspiring college athletes are taught the principles of sport and how much winning really means.

Bus405 Final Project

Final Project Ashford University Trena Mealor Dr. James Prentice August 27, 2012 ? Final Project Investing in the total stock market allows an investor to capture the return of the stock market while at the same time diversifying an investment portfolio. The easiest way to build a total stock market portfolio is with a mutual fund or an exchange traded fund. This particular portfolio is diversified with Vanguard ETF’s that were carefully chosen to seek the highest return with moderately aggressive to aggressive risk strategy.The investment strategy associated with this portfolio is short-term with an aggressive attitude of â€Å"more risk more reward†. 7/24 priceInvestment Amount# of Shares8/13 priceValue Vanguard Consumer Discretionary ETF – (VCR)67. 8910000147. 2970971. 7410567. 0932 Vanguard Financial ETF – (VFH)30. 2510000330. 578531. 5810439. 6690 Vanguard Growth ETF – (VUG)66. 9110000149. 454570. 4810533. 5531 Vanguard Information Technology E TF – (VGT)66. 9310000149. 409871. 7710723. 1413 Vanguard Intermediate-Term Corporate Bond ETF – (VGIT)86. 9410000115. 154386. 579968. 9077 50,00052232. 36Exchange Traded Funds, also known as ETFs, are mini-portfolios of securities and derivatives that track an asset like an index and/or commodity. When creating a portfolio, it is important to note that there is a difference between diversifiable risk and market risk. According to Elton (1977), diversifiable risk may be caused by random events that are particular to an individual firm. Since these events are random, the influence of events, such as a lawsuit or strike can be almost eliminated via diversification. However, diversification cannot entirely eliminate market risk. Market risk ffects most firms. Examples of market risk include war, recessions and high interest rates. By researching the portfolio funds, the investor can gain an understanding of risk and how it fits into diversification. A single stock has more risk of not creating a positive return than a stock portfolio. In a market dominated by risk-averse investors, riskier securities must have higher expected returns Ross, Westerfield & Jordan (1993) indicates, the principle of diversification tells us that the spreading of an investment across a number of assets will eliminate some but not all the risk.Unsystematic risk is essentially eliminated by diversification, so a relatively large portfolio has almost no unsystematic risk. Ong (1982) mentions that diversification can reduce the overall portfolio risk. However, the possibility for the risk reduction depends on the correlation coefficient and the proportion of the total funds invested in each. According to Jordan, etal (2012), the benchmark for a well-diversified portfolio would be a portfolio of all stocks in the market. Relevant market risk of the stocks within the portfolio is calculated using a beta coefficient.Accordingly, a stock with a high beta will bring a lot of risk t o the portfolio. The authors further explain, as you calculate the beta for various stocks, you may begin to see groupings of low, average and high beta risk. Beta measures the stock’s risk relative to the stock market average. Calculate the weighted average of these groupings, and you will discover the market risk for the entire portfolio. A â€Å"low† beta is generally 1. 0 or below. The average beta is 1. 00 and assets with a beta greater than 1. 00 have more than average systematic risk.Rosenberg and Guy (1995) further explain the importance of beta as the value of beta measures the expected response to market returns and because the vast majority of returns in diversified portfolios can be explained by their response to the market, an accurate prediction of beta is the most important single element in predicting the future behavior of a portfolio. To the degree that one believes that one can forecast the future direction of market movement, a forecast of beta, by predicting the degree of response to that movement, provides a prediction of the resultant portfolio return.To the degree that one is uncertain about the future movement of the market, the forecast of beta, by determining one's exposure to that uncertainty, provides a prediction of portfolio risk. We begin with the first description of the portfolio. Unlike mutual funds or index baskets, the investor does not have to make multiple transactions in order to achieve a market price. With ETFs it's one trade, one price. The first fund in this portfolio is Vanguard Consumer Discretionary ETF. From July 24, 2012 to August 13, 2012 the value has risen from $67. 9 to $71. 14. The annual investment returns of this ETF are: Annual investment returns as of 12/31/2011 (Vanguard, 2012) Year EndedVanguard Consumer Discretionary ETFSpliced US IMI Consumer Discr 25/50* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20112. 28%1. 42%3. 71%3. 70%3. 83% 201029. 30%1. 27%30. 57%30. 62%30. 87% The Vanguard Consumer Discretionary ETF is generating 0. 16% of daily returns assuming volatility of 0. 71% on return distribution over 30 days investment horizon.MERGENT online indicates, the one month beta on this investment is 1. 03. This EFT includes stocks of companies that manufacture products and provide services that consumers purchase on a discretionary basis. The following risks are associated with this type of ETF: Stock market risk, Sector risk, Non-diversification and Investment style risk (Vanguard, 2012). Vanguard Consumer Discretionary ETF fund’s manufacturing segment includes the following industries: automotive, household durable goods, textiles and apparel, and leisure equipment.The services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing. The next fund in this portfolio is Vanguard Financial ETF, which includes stocks of companies that provid e financial services. The investment has a one month beta of 0. 73 which indicates that the investment is 73% less risky than the average. This ETF fund is classified as aggressive is subject to extremely wide fluctuations in share prices.The unusually high volatility associated with these funds may stem from one or more of the following strategies: a concentration of fund holdings in a relatively low number of individual stocks, or in a particular sector of the stock market, or in a particular geographical region of the world; a heavy emphasis on small-capitalization stocks or growth stocks with relatively high market valuations; holdings of international stocks or bonds, which are subject to price declines caused by changes in the value of the U. S. ollar against foreign currencies; or investments in bonds that have exceptionally long average durations, whose prices are highly sensitive to changes in interest rates. According to the Wall Street Journal online, the annual investmen t returns of this ETF: Annual investment returns as of 12/31/2011 (Vanguard, 2012): Year EndedVanguard Financials ETFSpliced US IMI Consumer Discr 25/50* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 2011-16. 04%1. 69%-14. 35%-14. 35%-14. 24% 201013. 15%1. 58%14. 74%14. 77%14. 7% Vanguard Financials ETF seeks to track the investment performance of the MSCI US Investable Market Financials 25/50 Index, a benchmark of large-, mid-, and small-cap U. S. stocks in the financials sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of companies involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, financial investment, and real estate (including REITs).The next ETF in this portfolio is the Moderately-Aggressive Vanguard Growth ETF with a closing p rice of $66. 91 on July 24, 2012 and an ending close of $70. 48 on August 13, 2012. The one month beta on this investment is 0. 99 with a positive strong direction. Annual investment returns as of 12/31/2011 (Vanguard, 2012): Year EndedVanguard Growth ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20110. 0%1. 27%1. 87%1. 84%1. 96% 201015. 66%1. 46%17. 11%17. 15%17. 23% An investment in this the fund could lose money over short or even long periods. The investor should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share price because they hold virtually all of their assets in common stocks.In general, such funds are appropriate for investors who have a long-term investment horizon (ten ye ars or longer), who are seeking growth in capital as a primary objective, and who are prepared to endure the sharp and sometimes prolonged declines in share prices that occur from time to time in the stock market. This price volatility is the trade-off for the potentially high returns that common stocks can provide. The level of current income produced by funds in this category ranges from moderate to very low.The type of risks associated with this investment is: stock market risk and investment style risk. The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market. The chance that returns from large-capitalization growth stocks will trail returns from the overall stock market.Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. The next investment in the portfolio is Vanguard information technology ETF. This ETF seeks to track the performance of a benchmark index that measures the investment return of stocks in the information technology sector. With a one month beta of 1. 1, this fund is passively managed, using a full-replication strategy when possible and a sampling strategy if regulatory constraints dictate.Includes stocks of companies that serve the electronics and computer industries or that manufacture products based on the latest applied science. The risk potential for this fund is aggressive, more risk more reward. Annual investment returns as of 12/31/2011 (Vanguard, 2012) Year EndedVanguard Information Technology ETFMSCI US Prime Market Growth Index* Capi tal Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 2011-0. 28%0. 80%0. 52%0. 53%0. 66% 201012. 08%0. 66%12. 74%12. 67%12. 99%Vanguard Information Technology ETF is made up of companies in the following three general areas: technology software and services, including companies that primarily develop software in various fields (such as the Internet, applications, systems, databases, management, and/or home entertainment), and companies that provide information technology consulting and services, data processing, and outsourced services; technology hardware and equipment, including manufacturers and distributors of communications equipment, computers and peripherals, electronic equipment, and related instruments; and semiconductors and semiconductor equipment manufacturers.Vanguard Intermediate-Term Corporate Bond ETF which seeks to provide a moderate and sustainable level of current income. Invests primarily in high-quality (investment-gra de) corporate bonds. Moderate interest rate risk, with a dollar-weighted average maturity of 5 to 10 years. Vanguard Intermediate-Term Corporate Bond ETF seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity. The fund invests by sampling the index, meaning that it holds a range of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. Annual investment returns as of 12/31/2011 (Vanguard, 2012)Year EndedVanguard Intermediate-Term Corporate Bond ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20113. 77%4. 17%7. 94%8. 97%8. 03% 20106. 16%4. 48%10. 65%9. 88%10. 80% All of the fund’s investments will be selected through the sampling process and at least 80% of the fund’s assets will be invested in bonds included in the index. The fund maintains a dollar-weighted average maturity consistent with that of the index. An investment in the fund could lose money over short or even long periods. The fund’s performance could be hurt by: Interest rate risk: The chance that bond prices overall will decline because of rising interest rates.Interest rate risk should be moderate for the fund because it invests primarily in intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds. Income risk: The chance that the fund’s income will decline because of falling interest rates. Credit risk: The chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Index sampling risk: The chance that the securities selected for the fund, in the aggregate, will not provide investment performance matching that of the index. In dex sampling risk for the fund should be low. Annual investment returns as of 12/31/2011 (Vanguard, 2012)Year EndedVanguard Intermediate-Term Corporate Bond ETFMSCI US Prime Market Growth Index* Capital Return by NAVIncome Return by NAVTotal Return by NAVTotal Return by Market PriceTotal Return 20113. 77%4. 17%7. 94%8. 97%8. 03% 20106. 16%4. 48%10. 65%9. 88%10. 80% ETFs combine the advantages of both index funds and stocks. They are liquid, easy to use and can be traded in any quantity just like stocks. At the same time an ETF provides the diversification, market coverage and low expenses of an index fund. These characteristics combine to create an investment tool that provides investors with the broad exposure they require, at the level they want; at the moment they need it.As such, they are fast gaining a reputation as an innovative investment solution – a claim greatly supported by the accelerated growth in ETFs. Reference Elton, E, & Gruber, M. (1977), Risk, reduction and portfolio size: an analytical solution. Journal of Business. Vol. 50, 415-437. Hope-Bell, E. (2008). Focus on: Index investing – exchange traded funds – an innovative investment solution. Professional Wealth Management, , 1-n/a. Retrieved from http://search. proquest. com/docview/205081570? accountid=32521 Jordan, B. , Miller, T. , & Dolvin, S. (2012). Fundamentals of investments, valuation andmanagement (6th ed. ). New York, NY: McGraw-Hill. MERGENT Online. 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