2018

Morningstar
Media Kit
Simplify Your Media Planning With Morningstar

We provide opportunities across a number of media

properties and conferences targeted to high-net-worth
investors, advisors, and institutional investors. We
have decades of experience delivering messaging to an
engaged, investing-minded audience.
Table of Contents

2 Site Statistics and Audience Profiles

8 Digital

32 Print

40 Events

44 Global

1
10.9 million 250,000 118,571
Individuals served Financial advisors Premium Members
served on Morningstar.com
®
Site Statistics and Audience Profiles

Morningstar is a leading provider of independent

investment research in North America, Europe, Australia,
and Asia. Your message and our brand recognition
help you reach engaged investors looking to make educated
investing decisions.

9 million 37 27
Registered users Websites Countries
on Morningstar.com worldwide
Reaching Individual Investors

Morningstar.com is our site for individual investors looking

to discover new investments, build/upgrade a portfolio,
monitor investments, and view real-time market data.
Morningstar offers an independent voice supported by more
than 318 analysts who provide continuous investment
coverage and commentary.

Site Statistics
Average monthly page views 32 million
Average monthly unique visitors 1.4 million
Average time spent per visit 27 minutes
Mobile visits per month 20%

Source: comScore 2017 YTD, mobile number from Google Analytics 2017 YTD 4
Individual Investor Demographics

Premium Members Basic Members

Average Household Income Average Portfolio Size Average Household Income Average Portfolio Size

$215,843 $1,649,925 $148,709 $1,056,294

Annual Household Income Annual Household Income

1.3% < $25,000

4.3% < $25,000

1.0% $25,000–$34,999
3.9% $25,000–$34,999

2.8% $35,000–$49,999
7.7% $35,000–$49,999

10.4% $50,000–$74,999
16.5% $50,000–$74,999

13.0% $75,000–$99,999
16.9% $75,000–$99,999

27.1% $100,000–$149,999
24.4% $100,000–$149,999

24.9% $150,000–$249,999
16.9% $150,000–$249,999

13.3% $250,000–$499,999
6.5% $250,000–$499,999

6.3% > $500,000

3.0% > $500,000

Size of Investment Portfolio (%) Size of Investment Portfolio (%)

< $25,000 0.9 < $25,000 6.5
$25K–$49K 0.7 $25K–$49K 3.4
$50K–$99K 1.8 $50K–$99K 5.3
$100K–$249K 5.5 $100K–$249K 11.0
$250K–$499K 9.7 $250K–$499K 15.3
$500K–$999K 19.8 $500K–$999K 21.3
$1M–$1.999M 26.3 $1M–$1.999M 20.2
> $2M 35.3 > $2M 17.0

Perspectives From 2017 Investor Survey

“Morningstar.com is by far the most useful, convenient, and “For me, the biggest thing is trust. I definitely trust Morning-
objective market tool that I know of. I would credit much of star, and have done so for all the years I’ve invested. It is my
my investment success to information they have provided! ” most trusted, respected source of investment information. ”

Source: 2017 Morningstar Individual Investor Survey 5

Reaching Financial Advisors

We offer three ways to reach our advisor audience:

Morningstar.com, Morningstar magazine, and the Morningstar
Investment Conference. We can help place your message in
front of advisors who are actively looking for tools to research,
analyze, present, and support their recommendations.

Advisor Statistics
Registered advisors 250,000
Average assets under management $274 million
Average number of clients 213
Refer their clients to Morningstar 54%

Source: 2017 Morningstar Advisor Survey and Quarterly Company Statistics 6

Financial Advisor Demographics

Type Assets Under Management (%)

15.3% Broker/Dealer: Independent <$5,000,000 8.0

$5M–$9.9M 5.5
3.3% Broker/Dealer: Wirehouse
$10M–$24.9M 11.4
19.5% Dually Registered
$25M–$49.9M 15.6
29.9% RIA
$50M–$99.9M 17.2
4.0% Institutional Investor
$100M–$199.9M 12.3

28.0% Financial Professional $200M–$249.9M 2.8

$250M–$499.9M 5.2
$500M–$999.9M 3.0
> $1B 4.2
I do not manage assets 10.5
Prefer not to say 9.3

Compensation Method Perspectives From 2017 Morningstar

Advisor Survey
6.4% Commission Only

33.0% Fee Only

“I have used Morningstar Reports
42.6% Fee and Commission for over 25 years to validate my
investment suggestions to my clients.
15.9% Salary
The independent reputation of
2.1% Other
Morningstar lends credibility to my
presentations and a sense of comfort
to my clients.”

“Morningstar is invaluable to my
practice. I don’t know what I’d do
without it.“

Users Who
Use Morningstar software platforms 64.3%
Own or are their firm’s decision-maker 67.0%
Have visited Morningstar.com for 5 + years 94.0%

Source: 2017 Morningstar Advisor Survey 7

Digital

We help you develop programs that reach your target

audience—whether it’s a branding campaign,
product launch, or thought-leadership distribution. We
have a unique approach to developing the right
solutions for you.
A Brand New Morningstar.com®
We’re rebuilding our site from the ground up to provide a
simpler, streamlined experience for individual investors
and advisors. All of the changes are focused on delivering the
best of Morningstar to our users.
Improved Content Curation
We’re redesigning Morningstar.com to support the investing tasks
that Morningstar is distinctly positioned to serve: evaluating
and discovering new investments, building/upgrading a portfolio,
and monitoring investments and the markets. The independent
analysis and data investors rely on will be organized in a more
relevant and useful way.
Updated Site Functionality
p M
orningstar.com will be responsive so your message reaches
across all devices—desktops, tablets, and mobile phones.
p S
 ticky ads will remaining in view as the user scrolls down
the page.
p S
 afeFrame technology adds a layer of security for advertisers
and publishers.
New Advertising Opportunities
Today Page: The new home page for Morningstar.com will
provide a powerful buyout experience. With a leaderboard,
homepage video center, and half page and rectangle
options, your message will be more visible. Editorial events will
be better surfaced for monthly sponsorship opportunities.
Data Reports and Articles: Key data and research will appear all
on one page, making it easier for investors and advisors to
find what they need. Time spent on these pages will likely increase,
keeping the investor or advisor engaged with our content and
your message. All content has been organized in a way to encour-
age continuous scrolling of our pages, making any unit above or
below the fold a valuable one. As part of this enhanced design we
have also added horizontal content modules on the data report
pages. These new content modules fit into the workflow of the
page for a more integrated feel.
10
11
Targeting Capabilities and Online Ad Units

A
A
C

D
B
D

Core Audience Standard IAB Units

Individual investors, basic and Premium Members of A Leaderboard 728 x 90
Morningstar.com, and financial advisors B Rectangle 300 x 600, 300 x 250
C Button 120 x 60, 88 x 31
Investment-Specific Targeting
Locates users who are monitoring or researching specific D Text Link 65 characters
investments.
p Investment category and editorial keyword targeting Custom High-Impact Units
Intro Ad 760 x 500
Workflow Targeting Content Distribution Modules Custom
Identifies investment and recommendation pathways where users
make purchase decisions.
p Editorial, tools, and data channels

Geo-Targeting
Directs your message to users determined by:
p City, designated market area, or country

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Data Report Sponsorship
A A
C B
D
Investors and advisors dedicate much of their research
time to our data report pages. Sponsoring your own
report pages helps you reach prospects when they are much
closer to making an investment decision.
B
For total ownership, a leaderboard, rectangle, or half page unit can
be added to the program. This is a popular tactic for high-exposure
branding initiatives.
These data pages also provide areas for content distribution,
allowing the advertiser to share thought leadership, white papers,
and fund manager commentary specific to each ticker.
13
Advisor-Focused Opportunities

At Morningstar, we have several multifaceted advisor-focused

sponsorship opportunities. These programs offer thought
leadership and content distribution to our select audience.

Also, for 2018 we have added a new advisor hub on
Morningstar.com. For years MorningstarAdvisor.com has been a
standalone website, but we have now integrated it onto
the Morningstar.com platform. This move provides advisors with
seamless access to practice management content, in-depth
investment commentary, and other advisor-focused resources
critical to their daily workflow.
2018 Advisor Sponsorhip Opportunities Available:
p Collateral distribution program
p Portfolio watchlist sponsorship
p Quarter-end review package
p Advisor Talking Points with Christine Benz

14
Morningstar—Advisor Portal

15
Advisor-Focused Opportunities

Collateral Distribution Program
Let Morningstar.com serve as an extension of your sales team.
Advisors use Morningstar.com to conduct pre-purchase research
and analysis before recommending investments to their clients.
p Put your sales materials directly into the hands of advisors as
they conduct fund-related research
p Give interested advisors seamless access to your sales managers
as they’re making fund selections
p Includes static and dynamic links that update with ticker
In addition to the resource center, we’ll also provide an
advisor-targeted link on each of your tickers to direct advisors
back to your site.
*Program requires a 12-month, non-cancellable commitment, and
is only available to asset managers directly (the program cannot be
purchased through advertising agencies).

16
Portfolio Watchlist Sponsorship
Reach advisors or investors as they monitor specific holdings in
their portfolio. The watchlist sponsorship allows advertisers
to present a selection of their investment picks in our Portfolio
Manager tool. The content module serves as a microsite
where advertisers can provide thought leadership and additional
education materials.
This sponsorship will include:
p Portfolio Manager sponsor unit
p Feature page with client sponsored watchlist of Morningstar
data reports embedded in portfolio tool
p Content module (100% client content)
p 300x600 display unit

17
Advisor-Focused Opportunities

?
Market Outlook
Q2 2017

Morningstar, Inc. Talking Points

× The S&P 500 gained 3.09% during the second quarter.

Contents
1 Talking Points × Healthcare, financial services and industrials stocks outperformed during the quarter.
2 Stock Market Outlook:
Equity Valuations Look Lofty
4 Second Quarter in U.S. Stock Funds: × Energy and communication services stocks finished the quarter in the red.
Growth on Fire
6 International-Stock Funds Continue to
Prosper × The market-cap-weighted price/fair value estimate ratio for our equity analysts' coverage universe is
8 Bonds In The Second Quarter: The 1.05, suggesting that the market overall is slightly overvalued.
Flattening
10 Index Returns
11 Fund Category Returns × Energy is currently the most undervalued sector, with a price/fair value estimate ratio of 0.96. Basic
materials remains the most overvalued sector, with a price/fair value estimate of 1.24.

× The large growth category led the pack this quarter among style-based fund categories, while small
value lagged.

× Most international-equity Morningstar Categories enjoyed strong gains during the quarter, with the
exception of Latin America stock funds.

× Long government funds led the fixed-income pack during the quarter.

Quarter-End Review Package Quarter-end review package schedule:

At the end of every quarter, Morningstar reflects on p Last week of March: 1st Quarter Review/Market Outlook
the market over the previous three months and identifies the best p Last week of June: 2nd Quarter Review/Market Outlook
opportunities for investors. Coverage includes a quarter-end review. p Last week of September: 3rd Quarter Review/Market Outlook
We also publish a series of 10-12 market outlook articles that p Last week of December: 4th Quarter Review/Market Outlook
outline our analysts’ take on various parts of the market and their
picks in each sector.

Package Components
p 1
 00% SOV on all quarter-end-focused editorial content on
Morningstar.com for five days
p Home
 page presence throughout the week, with
leaderboard and logo

Advisors Only
p Market Outlook PDF, promoted via email and on
Morningstar.com during the following quarter
p T
wo full page ads to sponsor in the PDF

18
 Page 2 of 9
?
Insights from the 2017 Morningstar Investment Conference | May 2017

Insights from the 2017 Morningstar Investment Conference

The Best Investments—Anywhere
Panelists from Dodge & Cox, Capital Group, and Moerus Capital
Management discuss where they are finding the best opportunities
around the globe.
Christine Benz’s Talking Points
May 2017
By Karen Wallace If you could go anywhere in the world to find attractive investment opportunities, where would you
Talking Points Published April 27, 2017 focus?

That'sare
× Most managers agreed that the U.S. stock and bond markets thefairly
question Kevin McDevitt,
or over-valued today.senior analyst in Morningstar's manager research group, posed to
panelists Charles Pohl of Dodge & Cox, Noriko Chen of Capital Group, and Amit Wadhwaney of Moerus
Capital Management.
× Equity managers from Dodge & Cox, Capital Group, and Moerus Capital Management are finding values
in emerging markets. Moerus Capital is interested in Turkey and Colombia, in particular.
Specifically, McDevitt asked, with valuations at elevated levels around the globe, where are they finding
× Dodge & Cox thinks the pharmaceutical industry—both in opportunity?
the developed and emerging markets—is
undervalued relative to other sectors and to historical valuations.
Contents Pohl said at Dodge & Cox they consider themselves long-term value investors, so they start with markets
1 Talking Points
2 The Best Investments—Anywhere
that &look
× Managers are finding value among global financials. Dodge Coxcheap on a relative,
is especially fond oflong-term
Europeanbasis.
banks,
4 A Flexible Approach to Fixed Income while Moerus Capital Management likes Italian banks, in particular.
6 What to Expect in the Bond Market "Emerging markets have lots of attractive stuff," Pohl said. "Pharma is under pressure, in developed and
× Managers of flexible-bond funds aren't overly concernedemerging markets.
about rising Valuations
interest [in pharmaceuticals]
rates, because they say are low relative to other sectors and relative to
that they have the ability to buy into idiosyncratic risk. history."

He also added
× Unconstrained bond-fund managers emphasized the importance that investors
of patience could gain emerging-markets exposure by investing in one of the many
and evaluating
performance over a full market cycle. developed-market pharmaceutical companies that have some exposure to emerging markets.

Pohl said
× Fixed-income managers from BlackRock, PIMCO, and Franklin financialexpect
Templeton stockstwo
have
oralso
threebecome
rate interesting post-global financial crisis. There was a huge
increases this year; next year is the real unknown. shock, followed by a tremendous regulatory burden, he explained. Regulators demanded improved
balance sheets and extra liquidity, but President Donald Trump is now interested in repealing some of
those regulations.
× Franklin Templeton thinks the market is too complacent about Addittothinks
inflation, which that the prolonged
could zero interest-rate environment, which has weighed on
top 3% in
the next 18 months. banks, but which we're starting to move away from.

"Financials started from low valuations," Pohl said. "You can see that the earnings progression will
× Emerging-markets debt is a good value today to managers from BlackRock, PIMCO and Franklin
improve, but the stocks are still undervalued because the financial crisis is fresh in investors' minds."
Templeton. Franklin Templeton is especially interested in Latin American debt. PIMCO sees Mexican
bonds as a good long-term value.
Chen also sees opportunity in emerging markets. There is growth in emerging-markets consumer
spending as well as increased trade among emerging-markets countries.
× BlackRock favors securitized assets; PIMCO likes housing-related bonds.

"While we do see attractive sectors, we focus on the companies. A lot of these political events give us
the opportunity to buy the companies we like at slightly cheaper valuations. There are a lot of global

Advisor Talking Points with Christine Benz The monthly series will include:
An educational thought leadership series with topics curated p Email sent to Morningstar’s advisor audience summarizing the
by Morningstar’s personal finance director, Christine Benz. Each topic with links to editorial and video commentary on
month, Benz and Morningstar’s editorial team publish a Morningstar.com
collection of articles for advisors. Topics revolve around investment p Talking-points PDF for advisors to use in their practice—also
trends that advisors can address with their clients. available for download on Morningstar.com

The articles and video commentary are then summarized in Sponsor opportunities:
an email sent to advisors to help them start the conversation with p 300 x 250 ad unit with possible content module in the
their clients. monthly email
p Five- to six-page PDF with logo and full-page ad for sponsor
p Digital presence on all talking-point content on Morningstar.com
p Digital presence in articles by Christine Benz on
Morningstar.com

19
Content Distribution Modules

Make Morningstar your communication medium. Use our

content distribution modules to distribute your own content on
Morningstar.com

Content Distribution Module Options:

Deliver your content to Morningstar.com users consistently.
Our content distribution modules integrate the tools and materials
you provide into the workflow of investors and advisors. Our
readers come to Morningstar.com for our independent perspective
and unique content. Let them come to expect the same
quality perspectives, commentary, and thought leadership from you.
p Data Reports: new horizontal content module in data reports
p Articles
p As part of a center sponsorship
p As part of a fund report sponsorship
p Newsletters
p Research centers—button and text links

20
21
Morningstar.com Today Page Buyout

Our newly redesigned Today page features current news

and our latest analysis delivered with our upgraded leaderboard
and rectangle units. The page introduces a number of
new features, including a dominant video player that rotates
new commentary daily, new Best Investments lists, and
Your Portfolio preview.

Take over Morningstar.com’s home page for an entire day. Placements:

Morningstar’s Today page buyout is a great opportunity p Today Page leaderboard
for branding and product launches or for pairing your message p Video rectangle
with market events. p Pre-roll (optional)
p Half page (optional)
p Rectangle
p Footer

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23
Morningstar Content Sponsorships
Content sponsorships align your brand or product with
Morningstar’s editorial events and investment centers.
Center Sponsorship
Firms can be the exclusive sponsor of an entire investment
center on Morningstar.com. It’s a great way to gain exposure in the
most popular areas, while advertising investment-related product
offerings or advice. This opportunity includes a content distribution
module and 100% SOV in each investment center.
Available centers include:
Exchange-Traded Funds, Bonds, Personal Finance, ETF Managed
Portfolios, and Alternatives
Special Report Weeks
Our site editors produce content that addresses timely topics such
as retirement, tax planning, and college savings. This is an
opportunity to align your brand directly with a particular topic or
audience. Receive exclusive, 100% SOV sponsorship of a
week long editorial event featured on Morningstar.com’s home
page, articles, and video pages.
See our 2018 editorial calendar for more information.
24
Morningstar.com 2018 Editorial Calendar
Editorial topics are subject to change.
January 22–27
A 2018 Portfolio Tuneup
Morningstar provides investors with a thorough, yet accessible,
framework for evaluating their portfolios in the new year. Topics
covered during the week include asset allocation and benchmark-
ing, performance evaluation, savings progress, sustainability check,
fee evaluation, and tax considerations.
February 26–March 2
Morningstar’s Guide to IRAs
Morningstar provides investors with a comprehensive guide to
investing in IRAs. Topics covered during the week include deter-
mining what type of IRA to invest in, how to make the most of
contributions, effectively withdrawing from IRAs, IRA mistakes to
avoid, and Morningstar’s favorite investments for an IRA.
March 19–23
Morningstar’s Guide to Dividend and Income Investing
Morningstar helps investors craft a durable plan for generating
income and identify the most promising investments. We’ll cover
the spectrum of options for income-seeking investors, suggest
best practices for income seekers, and share top picks in dividends,
bonds, and other income payers.
April 16–20
Morningstar’s Guide to Indexing
Morningstar analysts, researchers, and strategists will discuss how
to effectively invest in passive funds. We’ll clarify how to evaluate
passive investments, offer ways to best combine strategies in
portfolios, and share some of our favorite passive investment ideas.
May 3–6
Berkshire Hathaway Annual Meeting Coverage (meeting is on
Saturday, May 5)
Readers will join Morningstar editors and strategists for coverage
of the annual “Woodstock for Capitalists,” including a live blog
of the meeting Q&A with Warren Buffett and Charlie Munger, video
reports, an in-depth analysis of Berkshire Hathaway today, and
funds that buy like Buffett.
May 29
529 Day
One-day coverage of National 529 College Savings Plan Day.
June 11–20
Morningstar Investment Conference (conference runs June 11–13)
Morningstar analysts and editors will convene with top fund
managers in Morningstar’s flagship annual event for advisors.
Morningstar.com coverage includes on-the-spot blog reports on
panel discussions, video interviews with top managers, and preview
and post-event analysis on the big themes from the conference.
September 17–21
7 Days to Retirement Readiness
Whether you’re five, 10, or two years away from retirement, let
Morningstar experts walk you through practical steps to ensure
you’re on track. Topics covered include ballparking how much you’ll
spend in retirement, strategies for maximizing income in retirement,
determining how much income your portfolio can safely provide,
bridging a retirement shortfall, and how to build a portfolio today
that’ll let you retire comfortably tomorrow.
October
529 College Savings Report (Best and Worst Plans: 2 days, TBD)
Every year Morningstar fund analysts revisit their assessment of
the nation’s 529 plans, including the top- and bottom-rated options.
This content will be coupled with articles and video reports on col-
lege savings basics for investors, including how to prioritize college
and retirement savings, select a 529, assess alternatives to 529s,
size up college loans, and manage/minimize college expenses.
November 5–9
Portfolio Makeover Week
Morningstar’s Christine Benz will make portfolios for real investors
of different stripes. Each makeover will be accompanied by related
article and video reports to help investors in similar situations sort
through their options and manage their portfolios more effectively.
December 3–7
Morningstar’s Year-End Tax Guide
Morningstar’s experts share strategies investors can execute before
year-end to minimize the tax bite. Topics covered include what to
expect during capital-gains distribution season, tax-gain harvesting
and tax-loss selling, tax-smart strategies when taking Required
Minimum Distributions, effectively managing tax-advantaged and
taxable accounts, and formulating a retirement tax plan. Plus, we’ll
highlight our top tax-efficient picks.
25
Multimedia Events and Apps

Our cross-platform opportunities allow you to reach investors

and advisors at work, home, and everywhere in between.

Video iPad® App

Morningstar offers timely streaming video content on a variety
of topics including stocks, funds, market analysis, personal
finance, and fund manager interviews along with breaking news
and commentary by our team of analysts. Morningstar provides
viewers with an interactive way to connect with the investment
community.
p 15 second pre-roll and video center units available
p Larger home page presence with video-playing capabilities
directly on page
Mobile App
Morningstar offers mobile applications for iPhone® and Android
that allow advertisers to reach investors and advisors on the go.
p Functionality includes portfolio tracking and real-time
quotes for stocks, funds, and ETFs, as well as the latest
financial news and analysis
p 20% of traffic on Morningstar.com is mobile
p 300 x 50 mobile ad unit
Morningstar® for iPad® wraps our robust data and analysis
in an intuitive, elegant interface, giving users a new way
to research securities, evaluate portfolios, and monitor the markets.
31% of mobile visits are on an iPad.
With Morningstar for iPad, users can:
p Sync with their Morningstar.com account
p Find
 real-time quotes on thousands of companies and
easily revisit recent searches
p Monitor market performance
We offer sponsorship opportunties on a quarterly basis for 50%
SOV of all ad units.

26
27
Dedicated Emails

Send your message or offer to over 132,000 subscribers

and advisors who are looking for investment ideas and advice.
Communicate with those who have opted in to receive
offers and information carefully screened by Morningstar.

Dedicated HTML emails are sent from Morningstar on behalf of an Scheduling

exclusive advertiser and feature 100% client-provided content. p Delivered only on Wednesdays and Fridays, 9 a.m.–11 a.m. CT
p Assets needed seven days prior to deployment
Program Components
Email Lists Size Tracking
Basic member 71,000 p Delivered, open, and click reporting provided

Premium member 14,000

Financial advisors 47,000
Custom targeted lists Upon Request

Email list sizes are subject to change.

28
29
Investor-Focused E-Newsletters

Sponsorship of our e-newsletters presents your brand to

those who keep up with the latest investment trends. Pair your
message with any of our 16 newsletters that range from
market summaries to Morningstar analyst picks and ratings.

Morning Digest (List size: 61,800) Fund Medalist of the Week (List size: 55,180)
Highlights of new analyst reports and articles from The complete, hand-picked list of funds our analysts love (and hate)
Morningstar.com (Premium Members only). (Premium Members only).

Stock Analyst Notes (List size: 41,800) SmartInvestor (List size: 474,300)
Delivered every morning, our take on the latest news affecting Our weekly e-newsletter filled with ideas on investing better
the market’s biggest stocks. and smarter.

Fund Spy (List size: 327,100) Improving Your Finances (List size: 316,800)
An inside look at the fund industry and our favorite funds Portfolio-planning tips in this e-newsletter alternate between
through the eyes of acknowledged fund experts. the Morningstar.com columns “The Short Answer” and “Improving
Your Finances.”
Stock Strategist and Stock Strategist (ETF Edition)
(List size: 347,800) Email list sizes are subject to change.
Insights on market and industry trends as well as stock
tips from Morningstar’s stock analysts (Includes the ETF Edition
sent the second and third Wednesday of each month).

30
Advisor-Focused E-Newsletters
Fund Times (List size: 13,500)
Morningstar vice president of research John Rekenthaler’s
columns and Morningstar’s opinion on breaking fund news.
Investment Insights (List size: 13,900)
A look at mutual fund and stock investing by our team of analysts.
Practice Builder (List size: 14,000)
New techniques and tips from advisors in the field on how to
expand your practice.
Retiring with Natalie Choate (List size: 14,000)
Q&A with retirement planning expert and author Natalie Choate.
College-Savings Educator (List size: 12,900)
An in-depth look at 529 plan issues and the ever-changing
college-savings market.
Morningstar Weekly Wrap (List size: 10,000)
A summary of editorial content from MorningstarAdvisor.com.
Manager’s View (List size: 15,500)
Latest research reports and commentaries posted by
participating fund companies.
Advisor Digest (List size: 52,600)
Weekly take on the market and perspectives from industry experts.
Alternatives Monitor (List size: 1,200)
Morningstar alternatives analysts keep readers up on recent
performance trends; strategy shifts; manager insights; and
fund flows among long-short, market-neutral, currency, managed
futures, and other alternative investments.
31
Print

Readers of Morningstar magazine are decision-makers who

have looked to Morningstar for investing ideas and
insights since its first publication over a decade ago. Every
issue is an opportunity to reach a financial advisor or
an institutional investor ready to take action. Each issue
features a Spotlight section covering the latest investing trends.
Additional magazine features include current research
and original thinking from our research teams, snapshots of
investing developments in the U.S. and abroad, in-depth
profiles on top industry players and their investment ideas,
commentary on the fund industry and global developments, as
well as the best investment ideas from our analysts.
Morningstar Magazine Readex Research

The results of our most recent readership survey, carried out

by Readex Research, found that Morningstar magazine
was seen to have the most credible, in-depth, and relevant
investment analysis.

Morningstar Magazine Readex Survey Results

Top Amongst Leading Competitors Financial Advisors Institutional Investors

Preferred publication 43% 28%

Average time spent per issue 45 minutes 38 minutes
Took action due to content or data 69% 76%
Took action due to advertisements 28% 36%
Most credible 59% 35%
Most in-depth 61% 39%
Most relevant 54% 38%

Source: 2016 Readex Survey. The Readex survey is conducted every two years, so this is the latest data. 34
Morningstar Magazine Demographics

Type of Investment Professional Assets Under Management (%)

15.8% Broker/Dealer: Independent < $5,000,000 5.6

$5–$9.9M 5.3
1.4% Broker/Dealer: Wirehouse
$10–$24.9M 11.5
19.1% Dually Registered
$25–$49.9M 17.9
33.3% RIA
$50–$99.9M 20.3
2.6% Institutional Investor
$100–$199.9M 11.8

14.8% Financial Professional $200–$249.9M 3.1

$250–$499.9M 6.1
13.1% Other
$500–$999.9M 3.3
> $1B 2.8
I do not manage assets 8.7
Prefer not to say 3.6

Compensation Method Perspectives From 2016 Readex

Research Survey
4.2% Commission Only

39.8% Fee Only “I find Morningstar magazine the

easiest to navigate and most useful
41.8% Fee and Commission
for my day-to-day responsibilities.”
11.5% Salary

2.8% Other

“[Morningstar magazine] is
excellent, informative, and has
worldwide coverage.”

Source: 2017 Morningstar Advisor Survey—Advisors who read Morningstar Magazine. Quotes are from Readex Survey. 35
 Morningstar Magazine Print Ad Units

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typical subscriber has been in the financial services industry for Inside Front Cover $15,900 $15,150
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 A
Strategies
Market Underestimates Nuclear’s
ESG Benefits
Industry has a key role in improving
utilities’ sustainability profiles.
I NV ES TM ENT RES EA RCH : EQ UI TY
Travis Miller, Doug Marrow, and Luke Raftis
Nuclear power is at an inflection point in
the United States, with a wide gap developing
between antinuclear and pronuclear
FULL PAGE
factions. This is a critical debate. The 99 nuclear
units in the U.S. provide 20% of the nation’s
electricity and meet essential reliability needs
for major cities. Competition from cheap natural
B
gas generation and renewable energy are
(full bleed)
pinching profits now, but we think a long-term
perspective is important.
Contrary to many forecasts that show nuclear
dying a slow death, we forecast that U.S.
nuclear-generation capacity will remain mostly
flat during the next two decades. In our fair value
estimates and earnings forecasts, we assume
nuclear generation contributes positive value
for the 18 U.S. utilities we cover that own nuclear
generation. We expect some plants to close,
but on average, the U.S. nuclear fleet will remain
economic, continue to operate cost-effectively,
and keep its market share near 17% of U.S.
electricity production.
We differ from the consensus because of three
main views:
1 Our forecast for flat or growing U.S. nuclear
capacity is more bullish than most forecasts. In
particular, we disagree with the U.S. Energy
Information Administration’s prediction that
nuclear capacity will fall 11% by 2040. We think the
U.S. could add as much as 5% net new nuclear
capacity by 2040.
58 Morningstar October/November 2017
Trim Dimensions 8.75” x 10.75” Live 7.625” x 4.375”
Live 8.25” x 10.25”
Bleed 0.125”
C
FULL PAGE SPREAD
(full bleed)
Trim Dimensions 17.5” x 10.75”
Live 17” x 10.25”
Bleed 0.125”
2 We think the market underestimates the returns
for nuclear uprates. (The U.S. Nuclear
Regulatory Commission restricts the maximum
electricity output a nuclear plant can produce.
Plants can request an “uprate” to exceed
those levels.) Most market forecasts assume
natural gas is the marginal generation source,
but our calculations show nuclear uprates
have similar economic returns and less long-term
capital reinvestment risk.
3 Nuclear has a more favorable environmental,
social, and governance, or ESG, profile than most
other nonrenewable energy sources. Its low
carbon-emissions profile and reliability make it a
critical contributor to meeting state and federal
1/2 PAGE
environmental policy goals.
E X HI B I T 1
(non-bleed)
Low Emissions Nuclear power has a lifecycle carbon emissions profile similar
to renewable energy.
Carbon Intensity
4 12 16 18
Hydro Wind Nuclear Biopower
Source: U.S. Department of Energy.
In this article, we will focus on the third point:
The market underestimates the nuclear
power industry’s positive ESG attributes. With the
help of Sustainalytics, we will look at the
environmental, social, and governance factors
of nuclear operators.
Environmental
Greenhouse Emissions
The electricity sector is the largest emitter of
greenhouse gases, responsible for 29% of total U.S.
carbon emissions, followed by the transportation
(27%) and industrial (21%) sectors.
Political pressure—particularly through
the U.S. Environmental Protection Agency’s 2015
Clean Power Plan and the international
Paris Agreement—is pushing utilities to continue
reducing their carbon footprint. Nuclear and
large-scale hydro are the only baseload
generation sources that emit minimal greenhouse
gas emissions, helping meet environmental
requirements for carbon emissions reductions.
Wind and solar are emissions-free, but to
match nuclear as a firm baseload generation
source, wind and solar require expensive battery
backup or standby natural gas generation,
which emits carbon dioxide.
gCO2e/kwh
1,200
1,001
840
800
469
400
34
Solar Natural Gas Oil Gas
E X HI B I T 2
Generation Mix Utilities generate power with a wide range of sources. How they do it directly affects their carbon
emissions intensity.
Carbon Intensity (gCO2e/kwh)
900
600
300
0
WEC Great Alliant DTE
Energy Plains Energy Energy
Group Energy
Source: Sustainalytics.
Nuclear power in the United States generates an
average of 16 grams of carbon dioxide equivalent
per kilowatt-hour, according to the U.S.
Department of Energy ( EX HIB IT 1 ). This output is
comparable to that of renewable energy, on
average. In fact, nuclear slightly outperforms solar
and biopower on a lifecycle basis. Coal and
petroleum are the highest carbon emitters. Natural
gas has a significantly lower carbon-intensity
profile than coal and oil but is still well above
nuclear and renewable energy.
Most U.S. utilities are responding to long-term
pressure from regulators and investors to cut
emissions. Many of the largest utilities, including
Duke Energy DUK and American Electric Power AEP,
have made notable reductions. With new-build
nuclear plants uneconomic, U.S. utilities have
achieved the bulk of these reductions by tilting
their generation mix toward renewable energy and
gas. However, U.S. utilities still trail their
European counterparts, such as Spain’s Iberdrola
IBE:ES, Italy’s Enel ENEL:IT, and the United
Kingdom’s SSE SSE:GB, in emissions performance.
U.S. utilities’ carbon emissions intensity
varies dramatically. Carbon intensity is a function
0 of generation mix. Utilities that are overweight
nuclear and renewable energy have a lower
carbon intensity, while utilities that are long on
Morningstar
December/January 2017
The magazine of independent research for the world’s financial professionals
India
Alternatives Style Box
REITs
D
global.morningstar.com/Morningstarmagazine
Prosperity in the Wings
Long hyped for its potential, India makes strides in improving its investing environment.
Also in this issue
gActive Strategies: Science or Baloney? gRetirement Hope gAnd the latest investing trends from around the world...
Trim Dimensions 18.875” x 6”
Live 18.375” x 5.5”
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Ameren Westar NRG American FirstEnergy SCANA Duke The Xcel Pinnacle Public Dominion Entergy NextEra
Energy Energy Electric Energy Southern Energy West Service Energy
Power Co. Company Capital Enterprise
Group
fossil generation—especially coal—have a
higher carbon intensity ( EX HIB IT 2 ).
The financial materiality of this differential
depends to a large degree on uncertain U.S.
environmental policies. But we think utilities with
superior carbon-intensity profiles are best prepared
to adapt to rising investor expectations for
emissions performance and tightening carbon
regulations, which we believe is a given in the
United States in the long run.
Morningstar’s Carbon Emissions Outlook
Utilities have made significant progress in reducing
carbon emissions. Carbon emissions from
power generators are down 26% since their 2007
peak. We expect decarbonization to continue
through 2030 even after considering the Trump
administration’s decision to suspend the
Obama administration’s Clean Power Plan and
withdraw from the Paris Agreement.
We think utilities can achieve at least a 31%
drop in carbon emissions from 2005 levels by 2025,
primarily based on our forecast for state-level
renewable portfolio standards, underconstruction
gas generation capacity, and changes in
nuclear generation. Through 2025, we expect
utilities to reduce their carbon emissions
by 119 million metric tons, from 1,797 million metric
BELLY BAND
(full bleed)
Generation
Fuel Mix
Coal
Oil
Oil & Gas
Natural Gas
Biopower
Hydro
Renewables
Nuclear
PG&E Exelon
Energy
tons in 2016. Most of this reduction comes
from much higher natural gas and renewable
energy generation offsetting a steep drop
in coal generation. Our forecasts assume nuclear
generation grows slightly as uprates and
new-build capacity offset planned and possible
retirements. Achieving these carbon emissions
reductions would put the U.S. power sector
ahead of schedule to meet the Clean Power
Plan’s targeted 32% reduction from 2005 levels
( EX HIB IT 3 ).
Waste Management: Avoiding Pitfalls
Waste management is a crucial concern for
all power generators, but it is particularly
important for nuclear operators because of the
long-term health and environmental impacts
associated with radioactive waste. Ultimately, we
view waste management as an unfavorable
ESG issue for nuclear power. Radioactive waste
and other hazardous waste produced at
nuclear sites are subject to strict regulation.
Violations can result in penalties or even the loss
of operating licenses.
The Department of Energy is responsible
for developing a long-term storage solution for
high-level nuclear waste, but those efforts
have met social and political roadblocks. In the
meantime, utilities remain responsible for
global.morningstar.com/Morningstarmagazine 59
December/January 2017
37
Morningstar Magazine 2018 Editorial Calendar
Spotlight topics are subject to change based on availability of research.

February/March 2018 August/September 2018

Ad Close: Dec. 8, 2017 Ad Close: June 8, 2018
Materials Due: Jan. 5, 2018 Materials Due: July 6, 2018
Mail Date: Feb. 2, 2018 Mail Date: Aug. 3, 2018

What Makes a Good Alternatives Fund A New Approach to Bonds

Using factor analysis, we pinpoint the drivers of return of
successful alternatives funds. We also explore the new
Morningstar Style Box for alternatives funds to find pockets of
value in the alternatives universe.
April/May 2018
Ad Close: Feb. 9, 2018
Materials Due: March 5, 2018
Mail Date: April 2, 2018
State of Financial Planning
As more and more financial-planning tasks are automated, what is
the value proposition for today’s financial advisors and their firms?
We’ll analyze the moats of advisors and wealth managers and look
at the generational changes occurring in the industry, with many
advisors retiring and millennials seeking out robo-advisors.
Is the way investors research the bond market out of date? Is
their obsession with data points such as duration no longer valid?
Are bond investors too focused on the past? We think investors
need to take a fresh approach to fixed income. We’ll detail how a
seemingly staid market demands new methods.
October/November 2018
Ad Close: Aug. 10, 2018
Materials Due: Sept. 6, 2018
Mail Date: Oct. 1, 2018
ESG Gets Better
Environmental, social, governance research tools continue to
improve as investors, companies, and institutions increasingly
look to improve their ESG profiles. In this issue, we look at the
continuing growth of ESG investing.

June/July 2018 December/January 2019

Ad Close: April 13, 2018 Ad Close: Oct. 12, 2018
Materials Due: May 4, 2018 Materials Due: Nov. 2, 2018
Mail Date: June 4, 2018 Mail Date: Dec. 3, 2018

Packaged Investing Popularity

Today’s investors increasingly want packaged solutions to meet
their financial goals, instead of building their portfolios from the
ground up using individual funds. We’ll examine the ramifications
of this shift toward multi-asset, target-date, and target-risk funds.
Additional Distribution: 2018 Morningstar Investment Conference,
Chicago
Special Supplement: Morningstar Medalists
When it comes to investing, you don’t want to win the popularity
contest. Research from Morningstar found that the least-loved
stocks (as measured by share turnover) go on to outperform
the most-loved ones. Is popularity the unifying concept of common
market premiums such as value, size, and liquidity? In this issue,
we’ll find out.
Special Supplement: Morningstar Medalists

38
A supplement to Morningstar magazine

The magazine of independent research for the world’s financial professionals August/September 2017

Morningstar
The Morningstar Analyst Rating for Funds was The Morningstar Analyst Rating rests on five pillars:
launched in the U.S. in 2011 as a complement to the Process, Performance, People, Parent, and Price.
Morningstar Rating (often referred to as the Analysts evaluate whether a strategy is sensible

Medalists: “star rating"). The rating has since been extended

to funds globally, including U.S. ETFs in 2016.
(and repeatable), performance history, the caliber of
management, the stewardship of the parent firm,
and annual expenses. Funds rated Gold, Silver,

The Complete While the Morningstar Rating is a mathematical

measure of past three-, five-, and 10-year risk-adjust-
ed performance, the Morningstar Analyst Rating
and Bronze are all recommended; the differences lie
in the level of analyst conviction. The ratings
don’t express a view on a given asset class or peer

U.S. List is a forward-looking assessment by analysts with

Morningstar Research Services. Morningstar
Medalists—funds rated Gold, Silver, or Bronze—are
group. Rather, the designations seek to evaluate
funds within the context of their stated objective, an
appropriate benchmark, and peer group.
Data Dashboard
funds the analysts believe can outperform a relevant
benchmark or peer group through time. Funds The following list is as of June 30, 2017.
rated Neutral or Negative are more likely to fall short.

Medalist Funds
Œ • ´ Annualized Total Return %
These funds are considered best of breed. They These funds’ advantages outweigh any disadvan- Funds that receive this designation may have * Closed
Morningstar Morningstar Morningstar to New
have distinguished themselves across all of the five tages. They may have slightly higher fees relative experienced manager turnover. They might charge Name Morningstar Category Analyst Rating Fee Level Rating 1Yr 3Yr 5Yr Investors
pillars and warrant the highest level of conviction. to peers, for example, a short-term period of poor high fees, or have a record that trails higher-
Berwyn Income BERIX Allocation--15% to 30% Eq Low 6.59 2.17 6.28 No
Allocation

„ QQQQQ
These funds typically have stellar long-term performance, or shortcomings at the parent firm rated peers’. Nevertheless, these funds have
records, experienced managers, reasonable fees, that prevent a higher rating. But the analysts have sufficient strengths that the analysts believe they Fidelity Asset Manager® 20% FASIX Allocation--15% to 30% Eq ´ Low QQQ 4.59 2.82 4.05 No
and records of treating shareholders well. high conviction in the strategies and managers. are worthwhile long-term investments. Fidelity Asset Manager® 30% FTANX Allocation--15% to 30% Eq ´ Low QQQQ 6.65 3.50 5.35 No
Vanguard LifeStrategy Income Inv VASIX Allocation--15% to 30% Eq ΠLow QQQ 3.15 3.51 4.30 No
Fidelity Asset Manager® 40% FFANX Allocation--30% to 50% Eq ´ Low QQQQ 8.66 4.01 6.49 No
121 Mutual Funds 273 Mutual Funds 476 Mutual Funds
Franklin Income A FKINX Allocation--30% to 50% Eq ´ Low QQQ 13.13 2.01 7.23 No
16 ETFs 54 ETFs 80 ETFs Hartford Balanced Income Y HBLYX Allocation--30% to 50% Eq „ Low QQQQQ 8.51 5.82 8.65 No
JPMorgan Income Builder I JNBSX Allocation--30% to 50% Eq ´ Low QQQQ 10.09 3.41 6.98 No
Manning & Napier Pro-Blnd Cnsrv Trm S EXDAX Allocation--30% to 50% Eq ´ Below Average QQQ 5.48 1.62 4.43 No
Manning & Napier Pro-Blnd Mod Trm S EXBAX Allocation--30% to 50% Eq ´ Average QQQ 7.02 1.18 5.48 No
MFS Conservative Allocation I MACIX Allocation--30% to 50% Equity ´ Low QQQQ 7.10 3.68 6.00 No
MFS Diversified Income I DIFIX Allocation--30% to 50% Equity ´ Below Average QQQQQ 6.35 4.66 7.05 No
Principal Diversified Real Asset Instl PDRDX Allocation--30% to 50% Equity ´ Below Average Q 5.05 -3.33 1.91 No
Principal Global Div Inc Instl PGDIX Allocation--30% to 50% Equity ´ Below Average QQQQ 8.96 3.42 6.60 No

FULL PAGE AD T. Rowe Price Personal Strat Inc PRSIX

T. Rowe Price Retirement Balanced TRRIX
Allocation--30% to 50% Equity „
Allocation--30% to 50% Equity „
Low
Low
QQQQ
QQQ
9.95
7.69
4.31
3.44
7.22
5.86
No
No
Vanguard LifeStrategy Cnsrv Gr Inv VSCGX Allocation--30% to 50% Equity ΠLow QQQQ 6.99 4.33 6.34 No
Vanguard Tax-Managed Balanced Adm VTMFX Allocation--30% to 50% Equity ΠLow QQQQQ 8.24 6.06 8.58 No
Vanguard Wellesley® Income Inv VWINX Allocation--30% to 50% Equity Œ Low QQQQQ 4.97 5.29 7.15 No
American Funds American Balanced A ABALX Allocation--50% to 70% Equity „ Low QQQQQ 10.41 6.93 10.62 No
Columbia Balanced Z CBALX Allocation--50% to 70% Equity ´ Below Average QQQQQ 10.74 6.74 10.62 No
Dodge & Cox Balanced DODBX Allocation--50% to 70% Equity ΠLow QQQQ 20.02 6.92 12.72 No
Fidelity Advisor® Balanced M FAIGX Allocation--50% to 70% Equity ´ Average QQQQ 13.05 6.13 9.70 No
Fidelity® Balanced FBALX Allocation--50% to 70% Equity ´ Low QQQQQ 13.50 6.64 10.33 No
Fidelity® Puritan® FPURX Allocation--50% to 70% Equity „ Low QQQQQ 12.93 6.53 10.27 No
FPA Crescent FPACX Allocation--50% to 70% Equity ΠAverage QQQQ 15.84 4.89 9.51 No
Franklin Balanced Adv FBFZX Allocation--50% to 70% Equity ´ Below Average QQQ 9.05 4.17 8.02 No
Mairs & Power Balanced Inv MAPOX Allocation--50% to 70% Equity „ Low QQQQQ 8.48 5.32 9.76 No
Manning & Napier Pro-Blnd Extnd Trm S MNBAX Allocation--50% to 70% Equity ´ Average QQ 9.30 1.70 7.16 No
MFS Moderate Allocation I MMAIX Allocation--50% to 70% Equity ´ Below Average QQQQ 10.03 4.51 7.98 No
MFS Total Return A MSFRX Allocation--50% to 70% Equity ´ Below Average QQQQ 9.73 5.82 9.40 No
Oakmark Equity And Income Inv OAKBX Allocation--50% to 70% Equity „ Below Average QQQQ 17.12 4.52 9.30 No
T. Rowe Price Balanced RPBAX Allocation--50% to 70% Equity „ Low QQQQ 14.20 5.59 9.60 No
T. Rowe Price Capital Appreciation PRWCX Allocation--50% to 70% Equity ΠLow QQQQQ 12.31 9.33 12.92 Yes
*Funds closed to new investors may still be accepting money from existing fundholders.

global.morningstar.com/Morningstarmagazine 3

Morningstar Magazine supplement

Sponsorship opportunities available

39
Events

For more than 30 years, Morningstar conferences have

brought investment professionals together to engage with
some of the brightest minds in the financial industry.
Morningstar Events—United States

Morningstar Investment Conference Audience Statistics

Attendee Firm Type (%) Assets Under Management (%)
Registered Investment Advisor 35 > $1B 41
Asset Management 23 $501M–$1B 8
Other 14 $251–$500M 11
Brokerage Firm 8 $101–$250M 15
Mutual Fund Company 5 $51–$100M 9
Investment Consulting 4 $26–$50M 8
Bank 4 $5–$25M 5
Family Office 2 <$5M 3
Trust Company 1
Wirehouse 1

Morningstar Investment Conference In 2017, more than 2,000 financial professionals attended the
June 11–13, 2018 Morningstar Investment Conference. The exhibit hall featured more
McCormick Place, Chicago than 175 vendors and sponsors, ranging from fund companies and
investment managers to financial publishers and software firms.
Morningstar will host its 30th annual Morningstar Investment
Conference. This year’s event promises to be bigger than Morningstar Investment Conference Sponsorship Opportunties
ever as Morningstar celebrates 30 years in bringing the nation’s p Principal sponsor
top investment experts to discuss industry trends, investment p Lead sponsors
research, and the market environment p Major sponsors
p Associate sponsors
To serve advisors in a way that makes the most sense for p Coffee bar and lounge sponsor
their business, we made the decision to also incorporate the ETF p Game lounge sponsor
conference into the MIC for 2018. p Recharge lounge sponsor
p Professional photo booth sponsor

Perspectives From the 2017 Morningstar Post-Conference Survey

“The best thing about the Morningstar Investment

“The Morningstar Investment Conference is one of the best
Conference is the quality of the speakers and variety of
conferences I’ve attended this year.”
knowledge.”

Source: 2017 Morningstar Investment Conference Attendee Survey. 42

Morningstar Investment Conference Statistics

2,991
attendees on-site
1,845
livestream views of five
77K
page views on Morningstar.com
main stage sessions (237%+ 2016
livestream)

76
journalists in attendance and 13 broadcast/
350+
articles, blog posts, and broadcast/video
1,373
Registrants to the post conference coverage
video crew members segments featured or mentioned
the conference (As of June 5, 2017)

Reasons Attendees Went to the Morningstar Investment Conference 2017 Morningstar Investment Conference Mobile App Use
Morningstar speakers and content 68% 1,490 unique users 71%+ 2016
To generate investment ideas based on the latest 65% 1,001 logged in users 250%+ 2016
investment research 59K minutes open 90%+ 2016
Non-Morningstar speakers and content 57% 56.2K engagements 89%+ 2016
To meet peers, known and unknown 45%
To meet with Morningstar because I’m a client 27%
To evaluate perspective investment management 17%
firms to outsource to

43
Global

Morningstar has offices in 27 countries worldwide, with 37

websites to serve our regional audiences. We can help
you expand your reach, whether it’s to showcase new products
overseas or advertise across multiple sites. We can create
a unique global sponsorship package to expand your audience.
Global Websites

Showcase your products and message across multiple countries 37 websites worldwide in:
or regions. Our international sites can help you launch global p Africa
branding strategies or let investment professionals know what p Asia
products you offer in their country. Our advertising placements p Australia/New Zealand
are high impact and consistent across countries. Reach out to our p Europe
global ad sales team to learn more. p Latin America
p North America
p Professional/advisor targeting
p Category and investment-specific targeting
p Special report weeks
p Center sponsorships
p Content distribution opportunities
p E-newsletters and dedicated emails

46
Global Conferences

Morningstar events are a global opportunity to showcase your Morningstar Investment Conferences
brand to audiences worldwide. Our conferences and workshops p Cape Town
draw thousands of attendees annually from the U.S., Europe, p London
Asia, and Australia. Our global sponsorship team can tell you more p Madrid
about how to bring your message to our international audiences. p Melbourne
p Milan
p Mumbai
p Paris
p Sydney

Morningstar Institutional Conference

p Amsterdam
p Hong Kong

47
General Advertising Guidelines
Morningstar prides itself on providing an independent voice to
help investors make better-informed decisions. In turn, we
seek advertisers that share our customer-centric philosophy.
Our mission to put investors first encompasses all our data,
analysis, articles, marketing, promotions, and advertising. To ensure
that products and services advertised are relevant, lawful, and
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Advertisers should avoid language considered sensational,
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p Fast cash p Meaty
We also do not accept advertising from investment firms that are
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FINRA typically wants advertisements to be fair and balanced.
In terms of financials—what are the rewards and what are the
risks of investing in a certain type of product or service?
We have a duty to manage investor expectations about the risks
and rewards of investing. Advertisements that mislead or
confuse investors about the risks and rewards of investing, or that
attempt to incite a trading frenzy, harm the investing public, or
undermine investor confidence in the integrity of the markets will
not be accepted by Morningstar.
Advertisements will be considered on a case-by-case basis. We
may accept one campaign while rejecting or requesting revisions
on another campaign from the same advertiser. We may also
accept some portions of a campaign while requesting revisions to
other pieces of the same campaign.
Additional Guidelines:
p Morningstar has the right to refuse advertising that, in
Morningstar’s opinion, is not factually accurate or in good taste.
p Morningstar will not permit at any time the placement of
any advertising for illegal or objectionable products.
p Advertising must not contain or link to fraudulent,
provocative, deceptive, or offensive material, including
material that misrepresents, ridicules, or attacks an
individual or group on the basis of age, color, national
origin, race, religion, sex, sexual orientation, or disability.
p No messages advertising gambling, alcohol, illegal narcotics,
firearms, ammunition, fireworks, tobacco and materials,
religion, politics, and products and adult services related to
pornography will be allowed.
Morningstar.com inventory is sold site-direct only. Any
Morningstar.com inventory represented via a programmatic or
network exchange is fraud. Morningstar has the right to refuse any
nefarious pixels attached to ad tags that may block impressions,
collect data, or cause impression discrepancies larger than 10%.
Any creative that includes Morningstar IP, including but not limited
to the Morningstar Rating, Morningstar Category averages and
rankings, Morningstar Style Box, Morningstar qualitative analysis,
or Sustainability ratings and rankings requires a Morningstar®
Essentials™ license and is subject to Essentials usage guidelines
and terms.
48
Global Contacts

Advertising Sales and General Inquiries, Europe, Morningstar Magazine

Conferences Asia-Pacific Production
Mary Uribe Simon Hodge Alex Skoirchet
Head of Business Development, Audience Communication Director Senior Designer
Advertising +44 203 194 1058 +1 312 696-6545
+1 312 384-3811 simon.hodge@morningstar.com alex.skoirchet@morningstar.com
mary.uribe@morningstar.com
Chris Elliott
Kurt Edwards Sales Director
Director of Operations +44 203 194 1066
+1 312 384-3866 chris.elliott@morningstar.com
kurt.edwards@morningstar.com
Australasia
U.S. New York/New Jersey Peter Williamson
Stuart Roge Sales Director
Vice President +61 2 9276 4422
+1 312 384-4855 peter.williamson@morningstar.com
stuart.roge@morningstar.com
France and Benelux
U.S. Midwest/Canada Martin Delcourt
Dan Atkinson Sales Director
Vice President +33 1 5550 1321
+1 312 696-6570 martin.delcourt@morningstar.com
dan.atkinson@morningstar.com
Operations
U.S. West and East Coasts campaigns@morningstar.com
Tony Lignelli
Vice President
+1 312 696-6914
tony.lignelli@morningstar.com
22 West Washington Street
Chicago, Illinois 60602