Morningstar Advisor - February/March 2012 - (Page Cover4)

VOO 500 ETF Vanguard S&P For an expense ratio 33% lower than the industry average* Every client’s portfolio could use some Vanguarding. ® ® The Vanguard S&P 500 ETF is one of nine Vanguard S&P ETFs available to your clients. With an expense ratio of only 0.06%, it can be a great building block for any portfolio. Give your clients a low-cost way to gain diversified exposure in a wide range of sectors with the Vanguard S&P lineup. Take a closer look at advisors.vanguard.com/VOO 800-257-4333 All investments are subject to risk. Vanguard funds are not insured or guaranteed. Diversification does not ensure a profit or protect against a loss in a declining market. Vanguard ETFs are not redeemable with an Applicant Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor will incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. For more information about Vanguard ETF Shares, visit advisors.vanguard.com/VOO, call 800-257-4333, 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. Standard & Poor’s® S&P 500®, are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and have been licensed for use by The Vanguard Group, Inc. The Vanguard ETFs are not sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its Affiliates make no representation, warranty, or condition regarding the advisability of buying, selling, or holding units/shares in the ETFs. *Source: Morningstar as of 05/01/2011. Based on 2011 ETF industry average expense ratio of 0.09% for S&P 500 Index Objective Fund ETFs and Vanguard S&P 500 ETF expense ratio of 0.06%. © 2012 The Vanguard Group, Inc. All rights reserved. U.S. Pat. No. 6,879,964 B2; 7 ,337 ,138; 7 ,720,749; 7 ,925,573. Vanguard Marketing Corporation, Distributor Follow us @Vanguard_FA for important insights, news and education. http://advisors.vanguard.com/VOO http://advisors.vanguard.com/VOO http://advisors.vanguard.com/VOO http://advisors.vanguard.com/VOO

Table of Contents for the Digital Edition of Morningstar Advisor - February/March 2012

Morningstar Advisor - February/March 2012
Contents
Contributors
Letter From the Editor
Make a Difference Stories, Not Debates
How Concerned Are You About Europe?
Analytical and Independent
What to Ask When a Fund Manager Leaves
Past, Present, Future
Have Financials Gotten Cheap Enough?
Four Picks for the Present
Investment Briefs
Tactical Funds Miss Their Chance
Specialty Retail: Ad Hoc Opportunity
How Europe Is Making Its Crisis Worse
Impact on U.S. Economy Will Be Minimal
European Banks: Bargains or Value Traps?
Don’t Count the Euro Out Yet
Europe on the Brink
GoodHaven Realizes Its Vision
How Index Trading Increases Market Vulnerability
Nonlisted REITS: Handle With Care
Safety Picks for the Many Moods of Mr. Market
On the Prowl for Large- Blend Index-Beaters
Our Favorite Mutual Funds
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
The Math That Matters

Morningstar Advisor - February/March 2012