The Morningstar Investment Conference

Chicago June 20–22, 2012

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As investors face both challenges and opportunities on a global scale, we will gather for the 24th annual Morningstar Investment Conference, to be held June 20–22, 2012, at Chicago’s McCormick Place. Financial advisors, members of academia, journalists, and fund company leaders will discuss and debate investment trends and issues, investing ideas, and client portfolio best practices. Our conference agenda features some of the top thought leaders in the investment industry. Keynote speakers include Michael Hasenstab, senior vice president, Franklin Templeton Fixed Income Group; George Gatch, CEO of Investment Management Americas, J.P. Morgan Asset Management; Jeremy Grantham, chief investment strategist and co-founder, GMO; and William James Adams, the Arthur F. Thurnau Professor of Economics at the University of Michigan. General sessions will showcase timely topics being debated by some of the top minds in mutual funds. Susan Byrne of Westwood Holdings; Will Danoff of Fidelity Investments; and Brian Rogers of T. Rowe Price will share the time-tested wisdom achieved by spending a quarter-century at the helm of their respective funds. Three seasoned investors—Mark Kiesel of PIMCO; Meggan Walsh of Invesco; and Don Yacktman of Yacktman Asset Management—will discuss finding opportunities for growth and profitability across sectors and capital structures. Dan Fuss of Loomis, Sayles & Co.; Penny Foley from TCW; and Steve Walsh, Western Asset Management; will explore the changing global environment for bonds. The conference’s breakout sessions will feature a broad range of expert voices discussing current trends and issues affecting alternatives, cash strategies, emerging markets, equity valuations, ETF managed portfolios, municipal bond risk, retirement income, technology investing, and trading costs. Additionally, Morningstar clients can receive individual training on our advisor software products by attending our User Forum June 20 at our headquarters in Chicago’s Loop. I hope you will join us for the Morningstar Investment Conference this June in Chicago for an event packed with thoughtful investing insight and forward-thinking dialogue, all to help advisors better serve investors as they take on today’s challenging terrain. Sincerely,

Karen Dolan Director, Mutual Fund Analysis Morningstar, Inc.

Wednesday, June 20
8:30 a – 2:00 p

Preconference Event: Advisor User Forum
Morningstar, Inc. Global Headquarters 22 West Washington Street, Chicago Morningstar is hosting its seventh annual Advisor User Forum at our headquarters in downtown Chicago—an exclusive event for our Morningstar Office , Principia®, Advisor Workstation , and QuoteSpeed subscribers. Sessions will include information from our analysts on popular industry topics that you can use with your clients and ways to integrate your Morningstar subscription more effectively into your practice and workflow. In addition, you will have one-on-one access to our Morningstar analysts and product experts. Limited seating is available, so register today.

5:10 p – 6:00 p General Session—The Quarter-Century Club Competition in the asset management business is intense; only the best and the brightest survive. Here’s your chance to hear firsthand insights from some of the industry’s savviest players. You’re sure to benefit from the time-tested wisdom of these three panelists. Moderated by Don Phillips Susan Byrne, Westwood Holdings, Inc. Will Danoff, 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

9:10 a – 10:00 a Breakout Session 1A (choose one of the four topics)
Alternative Spotlight: Managed Futures In a world of systemic risk and highly correlated assets, advisors are flocking to managed futures as the answer to diversification. Find out how managed-futures strategies work and whether or not they will work for 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 safety more expensive than ever. Is cash really trash? Three experts will discuss cash strategies in a climate of 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

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.

Thursday, June 21
7:00 a – 7:00 p Exhibit 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 Session—Investing Across the Capital Structure Corporate balance sheets are strong, but uncertainties about future growth and profitability persist. Three seasoned investors will bring together their unique perspectives on prospects for corporations across sectors and capital structures. Moderated by Karen Dolan Mark Kiesel, PIMCO Meggan Walsh, Invesco Don Yacktman, Yacktman Asset Management Co.

The Morningstar Investment Conference
McCormick Place, South Building 3:00 p – 4:00 p Opening Remarks and Opening Keynote Speaker 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

Modern Portfolio Theory in a Non-Normal World Does diversification still work or is it the letdown of a century? Thomas Idzorek, chief investment officer and director of research for Morningstar Investment Management, will explore diversification, risk, asset allocation, and Modern Portfolio Theory in this session. Idzorek will also discuss tools advisors can use to evaluate risk and appropriate asset-allocation models for their clients.

Thomas Idzorek, CFA, Morningstar Investment Management
Equity Valuations: The Good, the Bad, and the Ugly After more than a decade of bond outperformance, will the next decade belong to equities? Looking at global equities through a long-term lens, we’ll discuss which factors will influence 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 Pacific 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

Better thinking. Together.®

Today the most important portfolio characteristic may be durability.
Volatility and uncertainty are taking a toll on investors. In fact, more than 60% said they would choose safety over performance.1 We know building the durable portfolio 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, from equity to fixed-income to innovative strategies in alternative investments. It’s the result of a process we call Better t hinking. Together.®

u Visit to see how our intellectual capital can sharpen your thinking.

Investment risks exist with equity, fixed-income and alternative investments. Sophisticated and aggressive investment techniques such as leverage, derivatives and short-selling can result in loss. 1 Natixis, CoreData Research Survey, June 2011, 970 people responded “If forced to choose, I would choose safety over performance.” Natixis Global Asset Management consists of 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 of which is an affiliate of Natixis Global Asset Management, S.A. The affiliated investment managers and distribution companies are each an affiliate of Natixis Global Asset Management, S.A. 452261 ADUS188-0212

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 the four topics)
Meet the New Boss: Prominent Funds, New Managers These legendary funds have new managers. Learn how they are keeping their funds’ legacies going and where they are finding opportunities today.

3:30 p – 4:30 p Break in Exhibit Hall 4:30 p – 5:30 p General Session—A Global Perspective on Bonds Fewer attractive “safe” opportunities are meeting head-on with demographic shifts that are pushing investors more heavily into bonds. This varied panel of 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

Tackling the Retirement-Income Challenge Today’s retirees are facing numerous challenges: rock-bottom bond yields, volatile equity markets, and the threat that rising bond yields could crunch existing bond-fund holdings. Our panelists will share concrete strategies for managing retiree portfolios and assess the current crop of retirement-income products.

Moderated by Christine Benz John Ameriks, Vanguard Bill Bernstein, Efficient Frontier Sue Stevens, Stevens Wealth Management
Time for Tech? Attractive valuations and robust growth prospects have drawn a wide variety of fund managers to tech stocks. We’ll discuss potential risks and rewards with three managers who know the sector well.

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 portfolios are one of the fastest growing areas in finance. Find out how three leading managers are utilizing passive products to deliver a tactical asset-allocation solution to investors.

Moderated by Shannon Zimmerman James Kieffer, Artisan Partners Walter Price, RCM Allianz Technology Fund Zachary Shafran, 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 Morningstar’s director of municipal analytics and Morningstar credit analysts as they discuss emerging themes in the muni-bond market and how they impact bond portfolios.

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 isn’t just about diversification. Join us for an in-depth discussion of stock-selection strategies that combine valuation with an emphasis on the sustainable profitability, financial health, and dividend policy of companies.

Friday, June 22
7:00 a – 12:00 p Exhibit 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 different emerging-markets mandates will shed light on the varied risk and rewards they encounter, as well as where today’s opportunities lie.

Moderated by Jeff Westergaard Elizabeth Foos, Morningstar Rachel Barkley, Morningstar Candice Lee, Morningstar 10:00 a – 10:50 a Break in Exhibit Hall 10:50 a – 11:40 a Breakout Session 3B (choose one of the previous four topics) 11:45 a – 12:45 p Closing Keynote Session—How Fragile Is the Euro? William James Adams, University of Michigan 12:45 p – 1:30 p Informal Networking Lunch

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 fund’s 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 if their funds 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)

Moderated by Bridget B. Hughes John Carlson, Fidelity Investments David Nadel, The Royce Funds Matt Ryan, MFS Investment Managment

Introducing the Wells Fargo Advantage Absolute Return Fund

Opportunity is knocking

For some of your clients, traditional investments alone may not be getting them where they want to be financially. But with our new Wells Fargo Advantage Absolute Return Fund, you can offer these clients a nontraditional investment option that invests in areas of the market where the fund manager believes the best opportunities can be found while seeking to minimize downside risk. Consider Wells Fargo Advantage Absolute Return Fund for: n Expertise. Tap into the experience of GMO LLC, the renowned institutional-level money manager. n Flexibility. Unconstrained by allocation ranges or benchmarks, the fund has flexibility in pursuing up markets. n Portfolio positioning. We’ll work with you on how to position the fund to complement your clients’ holdings.

Want to turn opportunity into a competitive advantage?
March 2012

Adding Absolute Return to an Investment Diet
Ben Inker


hile investors could not help but enjoy what the markets served up in the 1990s, the 2000s have been a very different story. Not only have equity markets gone nowhere for over a decade, but the volatility has left investors feeling nauseous. The old recipe – take x% stocks, add y% bonds, simmer for two or three decades, rebalance occasionally – doesn’t seem as tasty as it used to, leaving investors hungry for something new. Money managers are nothing if not imaginative cooks, however, and have come up with a recipe for a new dish, called absolute return. The aroma is appealing, but before digging in, diligent investors would be well-advised to learn a bit more about the ingredients, the recipes for putting them together, and how to make absolute return part of their well-balanced diet.

Ingredients: What Absolute Return Mutual Funds Are
At its heart, absolute return is a very simple concept. An absolute return mutual fund generally attempts to make money without regard for the performance of any particular asset class. Principally, an absolute return mutual fund considers risk in terms of losing actual money rather than underperforming a particular benchmark. It is not that the ingredients of an absolute return fund are necessarily different. The difference comes in the mindset of the manager. The mutual fund business is generally built around style boxes, specialization, and relative performance. For example, a fund describes itself as a large cap value fund, invests in a fairly restrictive set of stocks, and is judged by some combination of its performance versus its stated benchmark, its “style” benchmark as determined by Morningstar or Lipper, and its competition. Investment managers know this, and manage their funds accordingly, making sure not to stray far from their style box – “style drift” is an almost unforgivable sin in the eyes of many investment consulting manager who feels that small cap growth stocks are actually the most attractive place to invest at a given point in time may well move his own money into small cap growth, but is extremely unlikely to change the composition of his large value fund. Absolute return managers may act differently. For them, a security only makes sense in the portfolio if it is offering a good expected return relative to its risk of loss. The security’s weight or inclusion in a particular benchmark is irrelevant. The managers may use any of a variety of different methods for determining this attractiveness – e.g., value, momentum, macro-economic forecasting, long-term historical risk/return characteristics – but the goal is always to earn good absolute returns and to worry about absolute, not relative, risk. In a sense, investors are asking the managers to manage their money the way they would manage their own, which should hopefully mean investors are getting their best thinking.
For Investment Professional Use Only. Not for Distribution.

Order our exclusive white paper, “Adding Absolute Return to an Investment Diet,” written for Wells Fargo Advantage Funds by GMO’s industry veteran, Ben Inker.

Call 888-368-7742 or go to


Absolute return funds are not intended to outperform stocks and bonds in strong markets, and there is no guarantee of positive returns or that the fund’s objectives will be achieved. Mutual fund investing involves risks, including the possible loss of principal. Consult a fund’s prospectus for additional information on risks. Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit Read it carefully before investing. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/
SIPC, an affiliate of Wells Fargo & Company. 208383 03-12. MC-3503.

Keynote and Featured Speakers
Michael Hasenstab, Ph.D., is senior vice president of Franklin Advisers, Inc. and co-director of the international bond department, overseeing the global fixed-income portfolio management team. He has won numerous awards globally, including being named Morningstar’s 2010 Fixed-Income Fund Manager of the Year. Hasenstab initially joined Franklin Templeton Investments in July 1995. After a leave of absence to obtain his doctorate, he rejoined the company in April 2001. He holds a Ph.D. in economics from the Asia Pacific School of Economics and Management at Australian National University, a master’s degree in economics of development from the Australian National University, and a bachelor’s degree in international relations/political economy from Carleton College. Jeremy Grantham co-founded GMO in 1977. Prior to GMO’s founding, Grantham was co-founder of Batterymarch Financial Management in 1969 where he began recommending commercial indexing in 1971. He is believed to be one of the first to do so. He began his investment career as an economist with Royal Dutch Shell. Grantham is GMO’s chief investment strategist and an active member of GMO’s asset-allocation division. He is a member of the GMO board and has also served on the investment boards of several nonprofit organizations. He earned his undergraduate degree from the University of Sheffield and a master’s degree in business administration from Harvard Business School.

Michael Hasenstab Franklin Templeton

Jeremy Grantham GMO

George Gatch J.P. Morgan Asset Management

George Gatch is CEO of the Investment Management Americas business of J.P. Morgan Asset Management which includes investment management and retirement plan services. He is the first and current CEO of the firm’s mutual fund business, J.P. Morgan Funds. In 2006, Gatch was named “Fund Leader of the Year” by Institutional Investor for overseeing the largest mutual fund merger in U.S. history between Banc One and J.P. Morgan. He holds a bachelor’s degree in political science and economics from Washington University. Gatch is also chairman of the Investment Company Institute Executive Committee and Board of Governors and serves on the board of the Insured Retirement Institute and the finance committee of the Cathedral of St. John the Divine.

William James Adams University of Michigan

Jim Adams is Arthur F. Thurnau Professor and director of undergraduate studies in the department of economics at the University of Michigan. He has won numerous prizes for his teaching, including the Amoco Foundation and Golden Apple awards. His research has ranged broadly, from public policies toward business in the U.S. to economic integration in Europe. His monograph, Restructuring the French Economy: Government and the Rise of 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 foreign-policy departments. Adams holds three degrees in economics from Harvard University.

Road to Retirement?
Consider Taking The Thornburg Investment Income Builder Fund Along For The Ride.
When you’re setting out on the road to retirement, make sure you’ve taken everything you need for the journey. Thornburg Investment Income Builder Fund may help you balance your current lifestyle with your long-term retirement needs. The Fund invests globally in companies with a track record of paying dividends and a willingness to increase dividend payouts over time. If you’re looking to increase and sustain your retirement income, Thornburg Investment Income Builder Fund could help you go the distance.

Are you ready for the

Before investing, carefully consider the fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, contact your financial advisor or visit Read it carefully before investing.
Thornburg Securities , Corporation® Distributor 2300 North Ridgetop Road Santa Fe, NM 87506
© 2012, Thornburg Investment Management

Investments in the Fund carry risks, including possible loss of principal. Special risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity and volatility. Investments in small capitalization companies may increase the risk of greater price fluctuations. Funds investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The principal value of bonds will fluctuate relative 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. 800.369.3627

Registration Morningstar Investment Conference ($795) Includes two breakfasts, lunches, and receptions. Advisor User Forum ($49) Includes all User Forum sessions, one-on-one training, continental breakfast, and lunch. Register Online Register by Phone +1 866 839-9729 (American Express, MasterCard, and Visa accepted) Cancellations Registration fees are 100% refundable if we receive your cancellation notice by May 16, 2012. No refunds are available after May 16, 2012. If you have registered and cannot attend, you may send someone else in your place.

Register for both events for $770 and save $74. Call +1 866 839-9729 for details. Follow conference updates on Twitter Conference hashtag: #MIC2012

Hotel Information Hyatt Regency McCormick Place (on site) 2233 South Martin Luther King Drive Chicago, Illinois 60616 +1 312 567-1234

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.

Special rate: $256 per night, single or double, if booked by May 22, 2012.

Continuing-Education Credits To help fulfill your continuing-education requirements, the Morningstar Investment Conference agenda has been submitted to the Certified Financial Planner Board of Standards for Continuing Education (CE) credit and to the National Association of State Boards of Accountancy for Continuing Professional Education (CPE) credit.

CFP (15 credits, pending approval) NASBA (12 hours, pending approval)

One question is on everyone’s mind:

“So what do I do with my money?”
You hear it from your clients every day—and it affects the answers to so many of their other questions: When will I be able to retire? Will I be able to pay for my children’s education? Will I outlive my savings? In this age of low yields and hyper-connected markets, the efforts you’ve been making to help your clients build more dynamic, diverse portfolios take on new importance. That’s why BlackRock is championing five key ideas to inspire even more robust conversations— and help you give investors the confidence to act.

1 2 3 4 5 Rethink the Cost of Cash Seek Income in Different Places Open Your Eyes to Alternatives Be Active About Passive Use Your Longevity

Providing answers has never been more important. It’s why we’ve embraced a new standard of analytical rigor. We bring together a full range of active and passive strategies, including our industry-leading 1 iShares® ETFs, and a unique ability to look across asset classes, geographies and strategies to build the more dynamic, diverse portfolios these times require.
To access information about these strategies that you can use with your clients, go to or call 1-855-BLK-8886 to contact a BlackRock representative.

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

Visit or 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 by

SEI Investments Distribution Co. (“SEI”). BlackRock Fund Advisors (“BFA”) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional 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 and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.




Media Partner

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.


Investments in foreign securities entail special risks (such as currency fluctuations and political uncertainties) and may have higher expenses and volatility. Emerging and developing market investments may be especially volatile. Investments in securities of small-cap and growth companies may be especially volatile. Diversification does not guarantee profit or protect against loss. Not all Oppenheimer funds received 4- or 5-star ratings. 1. For each fund with at least a three-year history, Morningstar calculates ratings based on a proprietary risk-adjusted return score that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistency. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% 1 star with some adjustments for multiple share class portfolios. The Overall Morningstar Rating is derived from a weighted average of the 3-, 5- and 10-year ratings (where applicable). For the 3- and 5-year periods, respectively, Oppenheimer International Diversified Fund was rated 5 and 4 stars among 737 and 563 funds in the Foreign Large Blend category for 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 funds in the Foreign Large Growth category. Rating is for Class A shares and rating may include more than one share class of funds in the category, including other share classes of these funds. Different share classes may have different expenses and performance characteristics. Ratings are relative peer group ratings and do not necessarily mean that the funds had high total returns. Past performance does not guarantee future results.

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 world’s best companies, no matter where they’re located. With 40 years of success in global investing, we know where to look.
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

Oppenheimer International Diversified Fund


Morningstar RatingTM (Among 737 Foreign Large Blend Funds)

Oppenheimer International Growth Fund
Morningstar RatingTM (Among 213 Foreign Large Growth Funds)

globalize your

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.
© 2012 OppenheimerFunds Distributor, Inc.

Scan this code to test your global IQ.

Go to Yahoo! Finance and search: globalize portfolios.

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361 Capital LLC Aberdeen Asset Management Absolute Investment Advisers, LLC Advisory Research, Inc. Akre Capital Management, LLC Allianz Global Investors American 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. BlackRock BMO Global Asset Management The Brandywine Funds Bridgeway Funds Broadridge Financial Solutions Brown Brothers Harriman Buffalo Funds Calamos Investments Cambiar Investors, LLC Castle Investment Management Causeway Capital Management LLC CFA Institute Charles Schwab Investment Management Commonwealth Financial Network Conestoga Capital Advisors Cramer Rosenthal McGlynn Davis Selected Advisors Diamond Hill Investments Dodge and Cox Funds Dreman Value Management, LLC Dreyfus / 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 Investors Grandeur 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 InvestmentNews J.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, LLC Manning & 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 Investments RiverNorth 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 Funds Sound 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 International Thompson 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.

Exhibiting Opportunities Call Daniel Skelton at +1 312 696-6151 or e-mail:

Listing as of February 28, 2012. Sponsors in bold. © 2012 Morningstar. All rights reserved. The Morningstar name and logo are registered marks of Morningstar. Marks used in conjunction with Morningstar products or services are the property of Morningstar or its subsidiaries. Product specifications are subject to change without notice.

Taxes can be venomous to wealth creation.

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

// There are risks involved with investing in exchange-traded funds (ETFs) including possible loss of money. The funds are not actively managed and are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. Shares are not FDIC insured, may

Shares are not individually redeemable and owners of the shares may acquire those shares from the Funds and tender those shares for redemption to the funds in Creation Unit lose value and have no bank guarantee. aggregations only, typically consisting of // Invesco PowerShares does not offer tax advice. 50,000 shares. Investors should consult their own tax advisors for // PowerShares® is a registered trademark information regarding their own tax situations. While of Invesco PowerShares Capital Management LLC. it is not Invesco PowerShares’ intention, ALPS Distributors, Inc. is the distributor for QQQ.

there is no guarantee that the PowerShares ETFs will not distribute capital gains to their shareholders.

// An investor should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information about the QQQ, a unit investment trust, please contact your broker, call 800.983.0903 or visit Please read the prospectus carefully before investing.

Invesco PowerShares Capital Management LLC is not affiliated with ALPS Distributors, Inc. |

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