Morningstar Advisor - June/July 2013 - (Page Cover4)

VEUFTSE All-World ex-U.S. ETF Vanguard VEU has a 58% lower expense ratio than the industry average. * ® Every client’s portfolio could use some Vanguarding. Lower expense ratios mean your clients can keep more of their returns. So take a closer look at the Vanguard FTSE All-World ex-U.S. ETF With a lower expense ratio . than the industry average, it can have a real impact on your clients’ portfolio. Take a closer look at advisors.vanguard.com/ VEU 800 523-1145 All investments are subject to risk. To buy or sell Vanguard ETF Shares, contact your financial advisor. Usual commissions apply. Not redeemable. Market price may be more or less than NAV. For more information about Vanguard ETF Shares, visit advisors.vanguard.com/VEU, call 800 523-1145, or contact your broker to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing. Foreign investing involves additional risks including currency fluctuations and political uncertainty. Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries. *Source: Morningstar as of 5/1/2012. Based on 2012 ETF industry average expense ratio for FTSE All-World ex-U.S. ETFs of 0.43% and Vanguard VEU expense ratio of 0.18%. Morningstar data © 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) 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. Past performance is no guarantee of future results. All rights in the FTSE All-World ex-U.S. Index (the “Index”) vest in FTSE International Limited (“FTSE”). “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under licence. The Vanguard FTSE All-World ex-U.S. ETF (the “Product”) has been developed solely by Vanguard. The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Product and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b )investment in or operation of the Product. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by Vanguard. © 2013 The Vanguard Group, Inc. All rights reserved. U.S. Pat. No. 6,879,964 B2; 7 ,337 ,138; 7 ,720,749; 7 ,925,573; 8,090,646. Vanguard Marketing Corporation, Distributor. http://advisors.vanguard.com/VEU http://advisors.vanguard.com/VEU http://advisors.vanguard.com/VEU http://advisors.vanguard.com/VEU

Table of Contents for the Digital Edition of Morningstar Advisor - June/July 2013

Morningstar Advisor - June/July 2013
Contents
Contributors
Letter From the Editor
Not Your Values
How Do You Use Alternatives for Clients?
Working to Build a Niche
How to Put Buffett’s Investing Philosophy into Practice
Sophisticated Strategies for the Masses
Investments á la Carte
Investment Briefs
The Percentile Trap
Defense Firms Will Stay Aloft
Beware the Lure of Diversification
Using Alternatives in Practice
Managed Futures and Cash Rates
The World Is Getting Grayer
Waiting to Pull Up Anchor
The Price of Managing Volatility
Let’s Get Back to Basics
Our Favorite Mutual Funds
50 Most-Popular Equity ETFs
Undervalued Stocks With Wide Moats
Mutual Fund Urban Myths

Morningstar Advisor - June/July 2013