Morningstar FundInvestor
22 W. Washington Street
Chicago, Illinois 60602
ADDRESS SERVICE REQUESTED
Periodicals Postage
P a i d
Chicago, Illinois and
additional offices
Morningstar FundInvestor
Volume
23
, Number
8
Director of Manager Research
and Editor
Russel Kinnel
Contributing Analysts
Leo Acheson, Michael Herbst, Ben
Johnson, Alec Lucas, Michael Rawson
Copy Editors
Edward Cavanaugh, Thad Doria,
Jennifer Gierat, Elizabeth Knapik
Designer
Pegah Ahmadi
Quality Assurance
Sandra Benedict
Publisher
Peggy Seemann
Director of Manager Research
Active Strategies—North America
Michael Herbst
Director of Personal Finance
Christine Benz
Head of Global Research
Haywood Kelly, CFA
© 2015
Morningstar, Inc. All rights re-
served. Reproduction by any means
is prohibited. While data contained in
this report are gathered from reliable
sources, accuracy and completeness
cannot be guaranteed.The publisher
does not give investment advice or act
as an investment advisor. All data,
information, and opinions are subject
to change without notice.
Reprints of articles and information ap-
pearing in this publication are available
in quantity:
reprints@morningstar.comInquiries about your subscription?
newslettersupport@morningstar.comPlease address all correspondence to
Peggy Seemann, Morningstar, Inc.,
22
W. Washington Street, Chicago, IL 60602
.
Occasionally, we make our subscriber
list available to carefully screened
companies that offer products and
services that we believe would in-
terest our readers. If you do not want
to receive these offers and/or in-
formation, please send your request
by mail to: Morningstar, Inc. Attn:
Circulation, 22 W. Washington St.,
Chicago, IL 60602.
Morningstar FundInvestor
(ISSN 1099-
0402)
is published monthly by Morn-
ingstar, Inc.,
22 W. Washington Street,
Chicago, IL 60602
. For address changes,
please call our product support line
at
312-424-4288
. For subscriptions call:
toll-free
866-608-9570
.
Periodicals postage paid at Chicago, IL
and at additional mailing offices.
POSTMASTER
: Send address changes
to Morningstar FundInvestor,
22 W.
Washington Street, Chicago, IL 60602
.
FSN
201504
(ISSN
1099-0402)
This publication is printed on Cascades
Rolland Enviro 100 Satin paper,
which contains
100%
postconsumer
waste fiber and is manufactured
using biogas energy.
Morningstar Customers Save $36 on Morningstar StockInvestor.
Morningstar StockInvestor
is the perfect complement to the investing ideas you
already receive each month. Our fundamentals-based approach identifies
wide-moat companies—those with established competitive advantages and
generous free cash flows—that are trading at discounts to their intrinsic
values. As a result, you get more ideas for core holdings poised to thrive in any
economic climate.
See why we’ve outperformed the S&P 500 by more than 100% over 13 years.
At $36 off, and with Morningstar’s money-back guarantee, there’s no reason to
delay! Subscribe today and save.
Loyal Customer Savings
Morningstar StockInvestor
One-Year Subscription
Print | $135 $99
Call Now to Save
1-866-910-1145
(mention code: SAVE36)
Combined
Tortoise & Hare
254.2%
Cumulative total returns 06/18/01–01/31/15
S&P 500
114.9%
Want More Investment Ideas?
Try Morningstar
StockInvestor and
Save $36