Morningstar Investor Conference 2012

8/2/2019 Morningstar Investor Conference 2012

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The Morningstar ChicagoInvestment Conference June 2022, 2012


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An Independent Broker/DealerRegistered Investment Adviser| Established 1979 | Member FINRA/SIPC | 866.877.6689 | commonwealth.com

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3/16

Welcome

As investors ace both challenges and opportunities on a global scale, we will

gather or the 24th annual Morningstar Investment Conerence, to be held June 2022,

2012, at Chicagos McCormick Place. Financial advisors, members o academia,

journalists, and und company leaders will discuss and debate investment trends and

issues, investing ideas, and client portolio best practices.

Our conerence agenda eatures some o the top thought leaders in the investment

industry. Keynote speakers include Michael Hasenstab, senior vice president,

Franklin Templeton Fixed Income Group; George Gatch, CEO o Investment Management

Americas, J.P. Morgan Asset Management; Jeremy Grantham, chie investment

strategist and co-ounder, GMO; and William James Adams, the Arthur F. Thurnau

Proessor o Economics at the University o Michigan.

General sessions will showcase timely topics being debated by some o the top minds

in mutual unds. Susan Byrne o Westwood Holdings; Will Dano o Fidelity

Investments; and Brian Rogers o T. Rowe Price will share the time-tested wisdom

achieved by spending a quarter-century at the helm o their respective unds.

Three seasoned investorsMark Kiesel o PIMCO; Meggan Walsh o Invesco; and

Don Yacktman o Yacktman Asset Managementwill discuss fnding opportunities or

growth and proftability across sectors and capital structures. Dan Fuss o Loomis,

Sayles & Co.; Penny Foley rom TCW; and Steve Walsh, Western Asset Management;will explore the changing global environment or bonds.

The conerences breakout sessions will eature a broad range o expert voices

discussing current trends and issues aecting alternatives, cash strategies, emerging

markets, equity valuations, ETF managed portolios, municipal bond risk, retirement

income, technology investing, and trading costs.

Additionally, Morningstar clients can receive individual training on our advisor sotwareproducts by attending our User Forum June 20 at our headquarters in Chicagos Loop.

I hope you will join us or the Morningstar Investment Conerence this June in Chicago

or an event packed with thoughtul investing insight and orward-thinking dialogue,

all to help advisors better serve investors as they take on todays challenging terrain.

Sincerely,

Karen Dolan

Director, Mutual Fund Analysis

Morningstar, Inc.


4/16

Wednesday, June 20

8:30 a 2:00 p

Preconerence Event:Advisor User ForumMorningstar, Inc. Global Headquarters

22 West Washington Street, Chicago

Morningstar is hosting its seventh annual Advisor

User Forum at our headquarters in downtown

Chicagoan exclusive event or our Morningstar

OceSM, Principia, Advisor WorkstationSM,

and QuoteSpeedSM subscribers. Sessions will

include inormation rom our analysts on popularindustry topics that you can use with your

clients and ways to integrate your Morningstar

subscription more eectively into your practice

and workfow. In addition, you will have

one-on-one access to our Morningstar analysts and

product experts. Limited seating is available, so

register today.

A separate Advisor User Forum fee of $49 applies.

Attend both the Advisor User Forum and

Morningstar Investment Conference and save $74.

Call +1 866 839-9729 for details.

The Morningstar

Investment ConerenceMcCormick Place, South Building

3:00 p 4:00 p

Opening Remarks and Opening KeynoteSpeaker

Joe Mansueto, Morningstar

Michael Hasenstab, Franklin Templeton

4:10 p 5:00 p

Fund Research Round Table

Scott Burns, Morningstar

Karen Dolan, Morningstar

Russel Kinnel, Morningstar

Don Phillips, Morningstar

5:00 p 5:10 p

Break

5:10 p 6:00 p

General SessionThe Quarter-Century Club

Competition in the asset management business

is intense; only the best and the brightest survive.

Heres your chance to hear rsthand insights

rom some o the industrys savviest players. Youresure to benet rom the time-tested wisdom o

these three panelists.

Moderated by Don Phillips

Susan Byrne, Westwood Holdings, Inc.

Will Dano, Fidelity Investments

Brian Rogers, T. Rowe Price

5:30 p 7:30 p

Exhibit Hall Open

6:00 p 7:30 p

Opening Reception in Exhibit Hall

Thursday, June 21

7:00 a 7:00 pExhibit Hall Open

7:00 a 8:00 a

Breakfast in Exhibit Hall

7:30 a 5:00 p

Training Lab Open

8:00 a 9:00 a

General SessionInvesting Across

the Capital Structure

Corporate balance sheets are strong, butuncertainties about uture growth and

protability persist. Three seasoned investors will

bring together their unique perspectives on

prospects or corporations across sectors and

capital structures.

Moderated by Karen Dolan

Mark Kiesel, PIMCO

Meggan Walsh, Invesco

Don Yacktman, Yacktman Asset Management Co.

9:10 a 10:00 a

Breakout Session 1A (choose one of the

four topics)

Alternative Spotlight: Managed Futures

In a world o systemic risk and highly correlated

assets, advisors are focking to managed

utures as the answer to diversication. Find out

how managed-utures strategies work and whether

or not they will work or you.

Moderated by Nadia Papagiannis

Matt Osborne, Altegris Advisors, LLC

Brian Hurst, AQR Capital Management

Ryan Harder, Rydex SGI

Help! What Should I Do With My Cash?

Minuscule yields have made saety more expensive

than ever. Is cash really trash? Three experts

will discuss cash strategies in a climate

o regulatory change, strained liquidity, sovereign

debt risks, and zero rates.

Moderated by Miriam Sjoblom

Jerome Schneider, PIMCO

Bob Brown, Fidelity Investments

Paul Schott Stevens, Investment Company Institute

Modern Portfolio Theory

in a Non-Normal World

Does diversication still work or is it the letdown o

a century? Thomas Idzorek, chie investment ocer

and director o research or Morningstar Investment

Management, will explore diversication, risk,

asset allocation, and Modern Portolio Theory in

this session. Idzorek will also discuss tools advisors

can use to evaluate risk and appropriate

asset-allocation models or their clients.

Thomas Idzorek, CFA, Morningstar

Investment Management

Equity Valuations: The Good, the Bad,

and the Ugly

Ater more than a decade o bond outperormance,

will the next decade belong to equities? Looking

at global equities through a long-term lens,

well discuss which actors will infuence returns

over the next 10 years and how investors should

think about them.

Moderated by Kevin McDevitt

Mason Hawkins, Southeastern Asset Management

Steve Romick, First Pacic Advisors

10:00 a 11:00 a

Break in Exhibit Hall

11:00 a 11:50 a

Breakout Session 1B (choose one of the

previous four topics)

r r r


5/16

Investment risks exist with equity, fxed-income and alternative investments. Sophisticated and aggressive investment techniques such asleverage, derivatives and short-selling can result in loss.

1 Natixis, CoreData Research Survey, June 2011, 970 people responded I orced to choose, I would choose saety over perormance.

Natixis Global Asset Management consists o Natixis Global Asset Management, S.A., NGAM Distribution, L.P., NGAM Advisors, L.P.,NGAM International, LLC, NGAM, S.A., and NGAM, S.A.s business development units across the globe, each o which is an afliate oNatixis Global Asset Management, S.A. The afliated investment managers and distribution companies are each an afliate o NatixisGlobal Asset Management, S.A.

452261ADUS188-0212

Today the most importantportfolio characteristicmay be durability.Volatility and uncertainty are taking a toll on investors. In act, more than 60% said they would

choose saety over perormance.1 We know building the durable portolio investors crave starts

with risk as a primary concern. And adding alternative investments is an option that can help

better manage it. But more than this, it means taking a more measured approach to protecting

principal and making sound long-term decisions. At Natixis Global Asset Management, we have

many solutions to help investors pursue the durability they want, rom equity to fxed-income to

innovative strategies in alternative investments.

Its the result o a process we call Better t hinking. Together.

uVisit ngam.natixis.comto seehow our intellectual capital

can sharpen your thinking.

Better thinking. Together.


6/16

12:00 p 1:30 p

Keynote Luncheon

George Gatch, J.P. Morgan Asset Management

1:40 p 2:30 p

Breakout Session 2A (choose one of thefour topics)

Meet the New Boss: Prominent Funds,

New Managers

These legendary unds have new managers. Learn

how they are keeping their unds legacies going

and where they are fnding opportunities today.

Moderated by Russel Kinnel

Ian Lapey, Third Avenue Funds

Matthew McLennan, First Eagle Funds

Guy Pope, Columbia Management

ETF Managed Portfolios: Tactical Asset

Allocation in a Single Solution

ETF managed portolios are one o the astest

growing areas in fnance. Find out how three

leading managers are utilizing passive

products to deliver a tactical asset-allocation

solution to investors.

Moderated by Andy Gogerty

James Peters, Tactical Allocation Group

John Wing, Quantitative Advantage LLC

Eric Biegeleisen, Windhaven Investment

Management

Dividends, Moats, and Risk Control: Strategies

to Enhance Equity Portfolios

Risk control isnt just about diversifcation. Join us

or an in-depth discussion o stock-selection

strategies that combine valuation with an emphasis

on the sustainable proftability, fnancial health,

and dividend policy o companies.

Moderated by Elizabeth Collins

Josh Peters, Morningstar

Paul Larson, Morningstar

Warren Miller, Morningstar

The Hidden Performance Edge: Why Trading

Costs Matter

Trading costs can make or break a unds success.

These experts will bring trading costs to light.

They will reveal what they do to gain an edge, and

they will tell investors how to look to see i their

unds are doing the same.

Moderated by Harry Milling

Bob Deere, Dimensional Fund Advisors

Jonathan Clark, BlackRock

2:40 p 3:30 p

Breakout Session 2B (choose one of the

previous four topics)

3:30 p 4:30 p


4:30 p 5:30 p

General SessionA Global Perspective

on BondsFewer attractive sae opportunities are meeting

head-on with demographic shits that are pushing

investors more heavily into bonds. This varied

panel o bond managers will discuss how to serve

client needs in this challenging environment.

Moderated by Eric Jacobson

Dan Fuss, Loomis, Sayles & Company

Penny Foley, TCW

Steve Walsh, Western Asset Management

5:30 p 7:00 p

Reception in Exhibit Hall

Friday, June 22

7:00 a 12:00 pExhibit Hall Open

7:00 a 8:00 a

Breakfast in Exhibit Hall

7:30 a 11:00 a

Training Lab Open

8:00 a 9:00 a

Keynote Presentation

Jeremy Grantham, GMO

9:10 a 10:00 a

Breakout Session 3A (choose one of the

four topics)

The Three Faces of Emerging Markets: Stocks,

Bonds, and Currency

Come explore the nuances by investment vehicle

in emerging markets. Three managers with

dierent emerging-markets mandates will shed

light on the varied risk and rewards they encounter,

as well as where todays opportunities lie.

Moderated by Bridget B. Hughes

John Carlson, Fidelity Investments

David Nadel, The Royce Funds

Matt Ryan, MFS Investment Managment

Tackling the Retirement-Income Challenge

Todays retirees are acing numerous challenges:

rock-bottom bond yields, volatile equity

markets, and the threat that rising bond yields

could crunch existing bond-und holdings.

Our panelists will share concrete strategies ormanaging retiree portolios and assess the current

crop o retirement-income products.

Moderated by Christine Benz

John Ameriks, Vanguard

Bill Bernstein, Efcient Frontier

Sue Stevens, Stevens Wealth Management

Time for Tech?

Attractive valuations and robust growth prospects

have drawn a wide variety o und managers

to tech stocks. Well discuss potential risks and

rewards with three managers who know thesector well.

Moderated by Shannon Zimmerman

James Kieer, Artisan Partners

Walter Price, RCM Allianz Technology Fund

Zachary Sharan, Ivy Science and Technology

Analyzing Municipal-Bond Risk in

Your Portfolio

What trends do we see in municipal credit quality

and what issuers are most at risk? Join

Morningstars director o municipal analytics and

Morningstar credit analysts as they discussemerging themes in the muni-bond market and how

they impact bond portolios.

Moderated by Je Westergaard

Elizabeth Foos, Morningstar

Rachel Barkley, Morningstar

Candice Lee, Morningstar

10:00 a 10:50 a


10:50 a 11:40 a

Breakout Session 3B (choose one of theprevious four topics)

11:45 a 12:45 p

Closing Keynote SessionHow Fragile

Is the Euro?

William James Adams, University o Michigan

12:45 p 1:30 p

Informal Networking Lunch


7/16

Introducing the Wells Fargo AdvantageAbsolute Return Fund

Absolute return unds are not intended to outperorm stocks and bonds in strong markets, and there is no guarantee o positivereturns or that the unds objectives will be achieved. Mutual und investing involves risks, including the possible loss o principal.Consult a unds prospectus or additional inormation on risks.Carefully consider a funds investment objectives, risks, charges, andexpenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visitwellsfargoadvantagefunds.com. Read it carefully before investing. The unds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an afliate o Wells Fargo & Company. 208383 03-12. MC-3503.

Opportunity is knockingFor some o your clients, traditional investments alone may not be

getting them where they want to be nancially. But with our new

Wells Fargo Advantage Absolute Return Fund , you can ofer these

clients a nontraditional investment option that invests in areas o the

market where the und manager believes the best opportunities can

be ound while seeking to minimize downside risk.

Consider Wells Fargo Advantage Absolute Return Fund for:n Expertise. Tap into the experience o GMO LLC, the

renowned institutional-level money manager.n Flexibility. Unconstrained by allocation ranges or benchmarks,

the und has exibility in pursuing up markets.n Portfolio positioning. Well work with you on how to position

the und to complement your clients holdings.

GMOWHITE P APER

March2012

ForInvestmentProfessionalUseOnly. NotforDistribution.

Adding Absolute Return to an Investment Diet

BenInker

Whileinvestorscould nothelpbut enjoy whatthemarketsserved upin the1990s, the2000shavebeen a verydifferentstory. Notonly haveequity marketsgonenowhere forover a decade, butthevolatility hasleftinvestorsfeelingnauseous. Theold recipe takex% stocks, add y%bonds, simmerfortwo orthreedecades, rebalance

occasionally doesntseemastasty asit used to, leavinginvestorshungry forsomething new. Money managersare

.nruteretulosbadellac,hsidwenarofepicerahtiwpuemocevahdna,revewoh,skoocevitanigamitonfignihton

Thearoma isappealing,butbeforedigging in, diligentinvestorswould bewell-advised to learn a bitmoreaboutthe

ingredients, therecipesforputting themtogether, and howto makeabsolutereturn partof theirwell-balanced diet.

Ingredients: WhatAbsoluteReturn MutualFundsAre

Atitsheart, absolutereturn is a very simpleconcept. An absolutereturn mutualfund generally attemptsto make

money withoutregard fortheperformanceofany particularasset class. Principally, an absolutereturn mutualfund

considersrisk in termsoflosingactualmoney ratherthan underperforming a particularbenchmark. Itis notthatthe

ingredientsofan absolutereturn fund arenecessarily different. Thedifferencecomesin themindset ofthemanager.

Themutualfund businessisgenerallybuiltaround styleboxes, specialization, and relativeperformance. For example,a fund describesitselfas a largecapvalue fund, investsin a fairly restrictivesetof stocks, and isjudged by some

combinationofitsperformanceversusits stated benchmark, itsstylebenchmark asdetermined by Morningstaror

Lipper, and itscompetition.Investmentmanagersknowthis, and managetheir fundsaccordingly, making surenotto

stray farfromtheirstylebox styledriftis an almostunforgivablesin in theeyesof many investmentconsulting

managerwho feelsthatsmallcap growth stocksareactually themostattractive placeto investata given pointin

timemay wellmovehis own money into smallcapgrowth, butisextremely unlikely to changethecomposition of

hislargevaluefund.

Absolutereturn managersmay actdifferently. Forthem, a security only makessensein theportfolio ifit isoffering

a good expectedreturn relativeto itsrisk ofloss. The securitysweightor inclusion in a particularbenchmark

isirrelevant. Themanagersmay useany ofa varietyof differentmethodsfor determining thisattractiveness

e.g., value, momentum,macro-economicforecasting,long-termhistoricalrisk/return characteristics butthegoal is

alwaysto earn good absolutereturnsand to worry aboutabsolute, notrelative, risk. In a sense, investorsareasking

themanagersto managetheir money theway they would managetheir own, which should hopefully mean investors

aregetting theirbestthinking.

Want to turn opportunity into a

competitive advantage?

Order our exclusive white paper,

Adding Absolute Return to an

Investment Diet, written for

Wells Fargo Advantage Funds

by GMOs industry veteran,Ben Inker.

Call 888-368-7742 or go to

wellsfargoadvantagefunds.com/absolute

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE


8/16

Keynote and Featured Speakers

Michael Hasenstab, Ph.D., is senior vice president

o Franklin Advisers, Inc. and co-director o

the international bond department, overseeing the

global fxed-income portolio management

team. He has won numerous awards globally,

including being named Morningstars 2010Fixed-Income Fund Manager o the Year. Hasenstab

initially joined Franklin Templeton Investments

in July 1995. Ater a leave o absence to obtain

his doctorate, he rejoined the company in

April 2001. He holds a Ph.D. in economics rom

the Asia Pacifc School o Economics and

Management at Australian National University,

a masters degree in economics o development

rom the Australian National University, and a

bachelors degree in international relations/political

economy rom Carleton College.

George Gatch is CEO o the Investment

Management Americas business o J.P. Morgan

Asset Management which includes investment

management and retirement plan services. He is the

frst and current CEO o the frms mutual und

business, J.P. Morgan Funds. In 2006, Gatch was

named Fund Leader o the Year by Institutional

Investoror overseeing the largest mutual

und merger in U.S. history between Banc One andJ.P. Morgan. He holds a bachelors degree in

political science and economics rom Washington

University. Gatch is also chairman o the Investment

Company Institute Executive Committee and

Board o Governors and serves on the board o the

Insured Retirement Institute and the fnance

committee o the Cathedral o St. John the Divine.

Jeremy Grantham co-ounded GMO in 1977. Prior

to GMOs ounding, Grantham was co-ounder

o Batterymarch Financial Management in 1969

where he began recommending commercial

indexing in 1971. He is believed to be one o the frst

to do so. He began his investment career asan economist with Royal Dutch Shell. Grantham is

GMOs chie investment strategist and an active

member o GMOs asset-allocation division.

He is a member o the GMO board and has also

served on the investment boards o several

nonproft organizations. He earned his undergrad-

uate degree rom the University o Shefeld and a

masters degree in business administration rom

Harvard Business School.

Jim Adams is Arthur F. Thurnau Proessor and

director o undergraduate studies in the department

o economics at the University o Michigan. He

has won numerous prizes or his teaching, including

the Amoco Foundation and Golden Apple awards.

His research has ranged broadly, rom public

policies toward business in the U.S. to economic

integration in Europe. His monograph, Restructuring

the French Economy: Government and the Riseof Market Competition Since World War II, has

been cited by economists, historians, and political

scientists worldwide. He has advised the Federal

Trade Commission, the U.S. Ambassador to

France, and several oreign-policy departments.

Adams holds three degrees in economics rom

Harvard University.

Michael

Hasenstab

Franklin Templeton

George Gatch

J.P. Morgan Asset

Management

William James

Adams

University o

Michigan

Jeremy Grantham

GMO


9/16

Are you ready for theRoad to Retirement?

When youre setting out on the road to retirement, make

sure youve taken everything you need for the journey.

Thornburg Investment Income Builder Fund may help

you balance your current lifestyle with your long-term retire-

ment needs. The Fund invests globally in companies with a

track record of paying dividends and a willingness to increase

dividend payouts over time. If youre looking to increase andsustain your retirement income, Thornburg Investment

Income Builder Fund could help you go the distance.

Consider Taking The Thornburg Investment

Income Builder Fund Along For The Ride.

Before investing,

carefully consider

the funds invest-

ment goals, risks,

charges, and

expenses. For a pro-

spectus containing

this and other infor-

mation, contact your

financial advisor or

visit thornburg.com.

Read it carefully

before investing.

Thornburg SecuritiesCorporation, Distributor

2300 North Ridgetop RoadSanta Fe, NM 87506

2012, Thornburg Investment Mana gement

Investments in the Fund carry risks, including possible loss of principal. Special risks may be associated with investments outsidethe United States, especially in emerging markets, including currency fluctuations, illiquidity and volatility. Investments in smallcapitalization companies may increase the risk of greater price fluctuations. Funds investing in bonds have the same interestrate, inflation, and credit risks that are associated with the underlying bonds. The principal value of bonds will fluctuaterelative to changes in interest rates, decreasing when interest rates rise. Investments in the Fund are not FDIC insured,nor are they deposits of or guaranteed by a bank or any other entity.

thornburg.com

800.369.3627


10/16

Details

Registration

Morningstar Investment Conference ($795)

Includes two breakasts, lunches, and receptions.

Advisor User Forum ($49)Includes all User Forum sessions, one-on-one training,

continental breakast, and lunch.

Register for both events for $770 and save $74.

Call +1 866 839-9729 for details.

Follow conerence updates on Twitter

www.twitter.com/MStarAdvisor

Conerence hashtag: #MIC2012

Register Online

www.MorningstarAdvisor.com/MIC2012

Register by Phone+1 866 839-9729 (American Express, MasterCard,

and Visa accepted)

Cancellations

Registration ees are 100% reundable i we receive your cancellation notice

by May 16, 2012. No reunds are available ater May 16, 2012. I you

have registered and cannot attend, you may send someone else in your place.

Hotel Information

Hyatt Regency McCormick Place (on site)

2233 South Martin Luther King Drive

Chicago, Illinois 60616

+1 312 567-1234

Special rate: $256 per night, single or double,

if booked by May 22, 2012.

Hyatt Regency Chicago (downtown)

151 East Wacker Drive

Chicago, Illinois 60601

+1 312 565-1234

Special rate: $249 per night, single or double,

if booked by May 22, 2012. Shuttle service

provided to McCormick Place.

Continuing-Education Credits

To help ulfll your continuing-education requirements, the Morningstar

Investment Conerence agenda has been submitted to the Certifed Financial

Planner Board o Standards or Continuing Education (CE) credit and

to the National Association o State Boards o Accountancy or ContinuingProessional Education (CPE) credit.

CFP (15 credits, pending approval)

NASBA (12 hours, pending approval)


11/16

1. Source: BlackRock Investment Institute, Bloomberg, as of 12/11. Based on number of ETFs, AUM, and market share.

Visit blackrock.com or iShares.com for a prospectus or summary prospectus, which includes investment objectives, risks, fees, charges,expenses and other information that you should read and consider carefully before investing. The iShares Funds (Funds) are distributed bySEI Investments Distribution Co. (SEI). BlackRock Fund Advisors (BFA) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRockInstitutional Trust Company, N.A., neither of which is affiliated with SEI. 2012 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS,ALADDIN, iSHARES, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered andunregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

ITS A NEW WORLD.

YIELDS ARE LOW.MARKETS ARE VOLATILE.CONFIDENCE IS SCARCE.

One question is on everyones mind:

So what do I do with my money?

To access information about these strategies that you canuse with your clients, go to blackrock.com/newworld orcall 1-855-BLK-8886 to contact a BlackRock representative.

You hear it from your clients every dayand it affectsthe answers to so many of their other questions: Whenwill I be able to retire?Will I be able to pay for my childrenseducation? Will I outlive my savings?

In this age of low yields and hyper-connected markets,the efforts youve been making to help your clientsbuild more dynamic, diverse portfolios take on newimportance. Thats why BlackRock is championing fivekey ideas to inspire even more robust conversationsand help you give investors the confidence to act.

BLACKROCK WAS BUILT FOR THESE TIMES.

Providing answers has never been more important.Its why weve embraced a new standard of analyticalrigor. We bring together a full range of active and

passive strategies, including our industry-leadingiShares ETFs,

1and a unique ability to look across asset

classes, geographies and strategies to build the moredynamic, diverse portfolios these times require.

FIVE PRACTICAL ACTIONS FOR A MORE

DYNAMIC, DIVERSE PORTFOLIO

1 Rethink the Cost of Cash

2 Seek Income in Different Places

3 Open Your Eyes to Alternatives

4 Be Active About Passive

5 Use Your Longevity


12/16

Sponsors

Listing as of February 28, 2012

The Morningstar Investment Conference sponsorships and the agenda are developed separately. There are no paid speaking slots for sponsors.

Gold

Silver

Bronze

Media Partner


13/16

Oppenheimer International Growth Fund

H H HMorningstar RatingTM

(Among 213 Foreign Large Growth Funds)

Oppenheimer International Diversifed Fund

H H H H HMorningstar RatingTM

(Among 737 Foreign Large Blend Funds)

GLOBAL

IS NOT

A PERCENTAGE.

ITSA PERSPECTIVE.

Investors need to view every company, U.S. or foreign,

from a global perspective.

Companies across the world are competing for the

same global opportunities.

Portfolios should be built from the worlds best

companies, no matter where theyre located.

With 40 years of success in global investing, we know

where to look.

Investments in oreign securities entail special risks (such as currencyuctuations and political uncertainties) and may have higher expenses

and volatility. Emerging and developing market investments maybe especially volatile. Investments in securities o small-cap and

growth companies may be especially volatile. Diversifcation does notguarantee proft or protect against loss.

Not all Oppenheimer unds received 4- or 5-star ratings.

1. For each und with at least a three-year history, Morningstarcalculates ratings based on a proprietary risk-adjusted return

score that accounts or variation in a unds monthly perormance(including the eects o sales charges, loads and redemption ees),

placing more emphasis on downward variations and rewardingconsistency. The top 10% o unds in each category receive 5 stars,the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 starsand the bottom 10% 1 star with some adjustments or multiple share

class portolios. The Overall Morningstar Rating is derivedfrom a weighted average of the 3-, 5- and 10-year ratings

(where applicable). For the 3- and 5-year periods, respectively,Oppenheimer International Diversifed Fund was rated 5 and 4 starsamong 737 and 563 unds in the Foreign Large Blend category or

the time periods ended 12/31/11. For the 3-, 5- and 10-year periods,respectively, Oppenheimer International Growth Fund was rated 3,

3 and 3 stars among 213, 164 and 96 unds in the Foreign LargeGrowth category. Rating is or Class A shares and rating may include

more than one share class o unds in the category, including othershare classes o these unds. Dierent share classes may have

dierent expenses and perormance characteristics. Ratings arerelative peer group ratings and do not necessarily mean that the

unds had high total returns.

Past performance does not guarantee future results.

Beore investing in any o the Oppenheimer

unds, investors should careully consider a unds

investment objectives, risks, charges and expenses.

Fund prospectuses and summary prospectuses

contain this and other inormation about the unds,

and may be obtained by asking your fnancial

advisor, visiting oppenheimerunds.com or

calling 1.800.CALL OPP (225.5677). Read

prospectuses and summary prospectuses

careully beore investing.

2012 OppenheimerFunds Distributor, Inc.

Overall ratings of Class A shares for each fund for the 3-, 5- and 10-year

periods (if applicable) ended 12/31/11, based on risk-adjusted performance.1

globalize your thinking.com

Follow us @OppFundsSM Visit youtube.com/oppundsScan this code to test

your global IQ.Go to Yahoo! Finance and search:

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14/16

361 Capital LLC

Aberdeen Asset Management

Absolute Investment Advisers, LLC

Advisory Research, Inc.

Akre Capital Management, LLC

Allianz Global InvestorsAmerican Beacon Advisors

American Funds

AQR Capital Management

Ariel Investments

Artio Global Investors

Artisan Funds

Aston Asset Management LLC

Ave Maria Mutual Funds

Baird Advisors

Baron Capital

Becker Capital Management, Inc.

BlackRockBMO Global Asset Management

The Brandywine Funds

Bridgeway Funds

Broadridge Financial Solutions

Brown Brothers Harriman

Bualo Funds

Calamos Investments

Cambiar Investors, LLC

Castle Investment Management

Causeway Capital Management LLC

CFA Institute

Charles Schwab Investment ManagementCommonwealth Financial Network

Conestoga Capital Advisors

Cramer Rosenthal McGlynn

Davis Selected Advisors

Diamond Hill Investments

Dodge and Cox Funds

Dreman Value Management, LLC

Dreyus / BNY Mellon Asset Management

E.I.I. Realty Securities, Inc.

Eaton Vance Investment Managers

Edgewood Management LLC

Evermore Global Advisors

Fairholme Funds Inc

FAM Funds

FBR Asset Management

Fidelity Investments

Financial Advisor

Financial Planning

First Eagle Funds

FMI Funds

Forester Funds

Forward Funds

FPA Funds

Franklin Templeton Investments

Frost Investment Advisors, LLC

Gabelli Funds

GAMCO InvestorsGrandeur Peak Global Advisors

Guinness Atkinson Asset Management

Harbor Capital Advisors, Inc.

Heartland Advisors

Hotchkis & Wiley

HSBC Global Asset Management

Institutional Investor Intelligence

International Value Advisers, LLC

Intrepid Capital Funds

Invesco

Investment Managers Series Trust

InvestmentNewsJ.P. Morgan Asset Management

James Advantage Funds

Janus

Jensen Investment Management

John Hancock Mutual Funds

Keeley Funds, Inc.

Legg Mason & Co. LLC

Leuthold Funds

Litman Gregory

Loomis, Sayles & Company

MagniCorp

Managers Investment Group, LLCManning & Napier Advisors, LLC

Matthews Asia Funds

Meridian-IQ

Merk Funds

MoneyGuidePro

Montage Investments

Morgan Stanley

Morningstar

Motley Fool Funds

Natixis Global Asset Management, L.P.

Northern Lights Fund Trust

Northern Trust

Nuveen Investments

Oakmark Funds

Oppenheimer Funds, Inc.

Osterwise Capital Management

Parnassus Investments

Pax World Investments

Payden Mutual Funds

Perritt Funds

PIMCO

Placemark Investments

Polaris Capital Management, LLC

Queens Road Funds

Rainier Investment Management

Registered Rep Magazine

RidgeWorth InvestmentsRiverNorth

RiverPark Funds

Royce & Associates

RS Investments

Saturna Capital Corporation

SBAuer Funds

Schroder Investment Management

Scout Investments

Sierra Investment Management, Inc.

Sigma Financial Corporation

Sincere & Co., LLC

Sit Mutual FundsSound Shore Management, Inc.

SteelPath Advisors

Stewart Capital Advisors, LLC

T. Rowe Price

Tactical Allocation Group, LLC

TCW

TEAM Asset Strategy Fund

Teton Advisors, Inc.

The Brandywine Funds

The Westport Funds

Third Avenue Management

Thomas White InternationalThompson Investment Management, Inc.

Thornburg Investment Management

TIAA-CREF

Touchstone Investments

TW Small Cap Growth Fund

Tweedy, Browne Company LLC

USAA Investment Management

Utah Educational Savings Plan

Van Eck Global

Virtus Investment Partners, Inc.

Wasatch Funds

Weitz Funds

Wells Fargo Advantage Funds

Westcore Funds

The Westport Funds

Westwood Management Corp.

Wiley

William Blair & Company

Wintergreen Fund, Inc.

Exhibitors

Exhibiting Opportunities

Call Daniel Skelton at +1 312 696-6151 or e-mail: [email protected].

Listing as o February 28, 2012. Sponsors in bold.

2012 Morningstar. All rights reserved. The Morningstar name and logo are registered marks o Morningstar. Marks used in conjunction with Morningstar

products or services are the property o Morningstar or its subsidiaries. Product specifcations are subject to change without notice.


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// There are risks involved with investingin exchange-traded funds (ETFs) including possibleloss of money. The funds are not actively managedand are subject to risks similar to stocks, includingthose related to short selling and marginmaintenance. Ordinary brokerage commissionsapply. Shares are not FDIC insured, maylose value and have no bank guarantee.

// Invesco PowerShares does not offer tax advice.Investors should consult their own tax advisors forinformation regarding their own tax situations. While it is not Invesco PowerShares intention,

there is no guarantee that the PowerSharesETFs will not distribute capital gains totheir shareholders. // Shares are not individually redeemableand owners of the shares may acquire thoseshares from the Funds and tender those sharesfor redemption to the funds in Creation Unitaggregations only, typically consisting of50,000 shares.

// PowerShares is a registered trademarkof Invesco PowerShares Capital Management LLC.ALPS Distributors, Inc. is the distributor for QQQ.

Invesco PowerShares Capital Management LLC isnot affiliated with ALPS Distributors, Inc. // An investor should consider theFunds investment objective, risks, chargesand expenses carefully before investing. Toobtain a prospectus, which contains this and other information about the QQQ, aunit investment trust, please contactyour broker, call 800.983.0903 orvisit www.invescopowershares.com.Please read the prospectus carefullybefore investing.

The best situation for your clients is the agility to avoid a bad one.

invescopowershares.com | Follow us @PowerShares

Taxes can be

venomous towealth creation.TAXES MAY BE ONE OF THE MOST CRITICAL AND YET OVERLOOKED FACTORS

IN WEALTH CREATION OVER TIME AS THEY CAN ERODE EVEN THE BEST FUNDS

RETURNS. DESIGNED WITH A UNIQUE STRUCTURE, POWERSHARES QQQ MAY

SERVE AS A TAX-EFFICIENT INVESTMENT TOOL FOR SHAREHOLDERS WHO

WISH TO DEFER CAPITAL GAINS UNTIL THE POINT OF SALE.


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