REVIEW

The View from Bob Doll Expect Improved Economic and Earnings Growth in the Coming Months

PLUS INSIDE:

PIMCOThe Benefits of Active Management in Fixed Income Investing

S&P Dow Jones IndicesHow to Approach Fixed Income Amid Looming Fed Hikes

www.asset.tv • June 2015

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Contents

Bob Doll Feature Article 5Expect Improved Economic and Earnings Growth in the Coming Months

PIMCO - Active Management 7The Benefits of Active Management in Fixed Income Investing

J.R. Rieger, S&P Dow Jones Indices 9 How to Approach Fixed Income Amid Looming Fed Hikes

MASTERCLASS Exclusive: 11 ThornburgThornburg’s Approach to Fixed Income

Trending on Asset TV 12-13Selected highlights from trending sectors on Asset TV

MASTERCLASS 2015 14-15Key moments from Asset TV’s flagship program this year

WealthManagement.com 17 & Asset TVAnnouncing a new partnership to help Portfolio Managers

Welcome New Channel Partners! 19Bloomberg, Columbia Threadneedle, New York Life and Wall Street Week

Live Webcasting with Asset TV 21Want to host your own live webcast?

Trish Regan to Host 22 MASTERCLASSDetails of the forthcoming special filming event on July 8

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Asset TV Review is published for investment professionals.

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For the second year in a row, we saw a disappointing first quarter GDP report. What’s your take on the early-year slowdown?

There is no question, first-quarter GDP was sluggish compared to virtually anybody’s expectations. There were some one-offs- weather, once again a good excuse; the West Coast dock strike and assorted other issues. Having said that, you wonder is there something about the first quarter? Some studies suggest that is weaker—for the seasonal adjustment process needs some work. More importantly the economy has turned a little bit weaker compared to the surprising up-side strength of the second half of last year.

Bob, Janet Yellen seemed to indicate that several financial assets were somewhat overvalued. Do you agree with that assessment?

I think if you look at Janet Yellen’s comments carefully she just said fully valued, maybe she said expensive but expensive markets can stay expensive for long periods of time. I like to say Bull Markets don’t end at a price level, they don’t end of old age, they end when something negative comes along that causes someone, usually the Fed, to squash it all, and we’re far from that. So valuation at these levels probably means the pace of gains for equities is going to be slower, but it doesn’t mean they have to go down.

One of the main themes that has been driving the markets is falling oil and a rising dollar. It looks like that trend might be starting to reverse—what do you think will happen next?

My view of the main trend is—dollar up and oil down and we have had a corrective counter trend move of pretty significant proportions. I don’t know that we’re going back to the vengeance at which the dollar went up and oil went down, but I think oil will be sloppy from here and the dollar will rise irregularly as we go forward.

Expect Improved Economic and Earnings Growth in the Coming MonthsBob Doll, Senior Portfolio Manager and Chief Equity Strategist, Nuveen Asset Management

Videos now on the Nuveen Investments Channel

CEF Market Matters: Equity Strategies for Retirement Income

Greg Mino, the head of equity and real assets at Nuveen Investments, discusses the covered-call strategy and how it can provide diversification and regular retirement income in a Closed-End fund wrapper.

Asset Class Highlight: Preferred Securities

In the search for income, exploring options beyond traditional debt and equity may provide not only attractive yield opportunities, but also a more flexible, diversified portfolio. Douglas Baker, CFA, Senior Vice President and Portfolio Manager for the Lipper Award-winning Nuveen Preferred Securities Fund, discusses the state of the preferreds, investment opportunities, and portfolio positioning.

Chicago Debt Downgrade – Key Takeaways

The decision to overturn Illinois pension reforms means state and local governments face immediate, tough financial decisions. How Chicago addresses its unfunded liabilities will be key to the city’s fiscal trajectory. John Miller, Nuveen Asset Management Co-Head of Fixed Income, discusses the implications.

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* Source: Individual third-party ratings’ reports as of 3/31/15 - A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), and Standard & Poor’s (AA+). New York Life Investments LLC engages the services of federally registered advisors to subadvise the Funds. Institutional Capital LLC, MacKay Shields LLC, Cornerstone Capital Management LLC, and Private Advisors are affiliates of New York Life Investments. Epoch Investment Partners, Inc., Marketfield Asset Management LLC, Markston International LLC, Cushing® Asset Management, LP, and Winslow Capital Management, LLC are unaffiliated. Fixed Income Investors is a multi-product, fixed-income investment manager and a division of New York Life Investments. IndexIQ® is an indirect wholly owned subsidiary of New York Life Investment Management LLC. MainStay Investments® is a registered service mark and name under which New York Life Investment Management LLC does business. MainStay Investments, an indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services. Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Ave., Parsippany, NJ 07054. NYLIM-1640727

11 Independent Boutiques. One Long-Term Perspective.

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PIMCO - Active ManagementThe Benefits of Active Management in Fixed Income Investing

PIMCO Managing Director James Moore discusses how, unlike index funds, actively managed bond funds seek to mitigate concentrated or poorly compensated risks while identifying pockets of value across the broad fixed income markets.

Active management can offer a number of benefits to investors in fixed income. First and foremost is the ability to think about relative value within a segment, be it within the interest rate segment, the credit segment, or the mortgage segment to look and say: “Are there different attractive elements across the different segments or looking for relative value within a segment.”

There are opportunities all the time in terms of where value is along the yield curve, even if you’re at a market duration or at times looking at the returns for duration relative to the risk that it has, you may choose to underweight, or if it looks particularly attractive, overweight. Within the mortgage sector, understanding the mechanics of what banks do to think about managing their mortgage portfolios creates opportunities for those

entities who can provide liquidity for example, and understanding the nature of where elements are in the mortgage market that are really undervalued or overvalued can over time add up in a number of basis points that can accumulate to be quite meaningful. Thirdly, within credit, credit selection becomes a very important way of adding value within the number of individual bonds outstanding of an individual credit, there can be very different pricing opportunities.

There are a lot of ways an active fixed income manager can add value through managing risk. One of them is looking at relative value in that marketplace and making decisions like: Am I getting compensated enough for any particular risk? Am I getting compensated for duration? Or if I like duration are there better points along the yield curve? Credit selection is integrally important

in actively managing fixed income because not all credits are created equally, and not all issues from the same issuer are created equally. So that element can be very important.

Understanding the impact of other investors in the marketplace who may not be thinking about true mark to market returns, but maybe thinking about things like book yields, can indicate preference for certain things. For example, banks within the mortgage sector. So there are a lot of ways and nuances that an active manager can add value in fixed income.

Videos now on the PIMCO Channel

Bonds for Income

Learn the basics of bond investing for income and how an income fund can offer the potential for higher yield while preserving capital in this “Your Money at Work” series video.

Expand Your Potential with Global Bonds

Learn how a global approach to investing can offer a wide array of opportunities for growth, income, and diversification in this “Your Money at Work” series video.

Putting Bonds to Work

Learn how bonds can provide a solid foundation for your portfolio with the potential for income, capital appreciation, steadier returns and diversification in this “Your Money at Work” series video.

Rob Arnott on a Smarter Way to Get Your Beta

Special Feature: PIMCO invited Rob Arnott of Research Affiliates to define smart beta and explain why indexes that weight companies by economic size, rather than price, may offer a performance advantage over time.

Visit the PIMCO Channel for the latest insights: http://bit.ly/1S2WvDO

The One to Bond With

An independent formula is taking the lead in fixed income. Synchronize with the team you trust at S&P Dow Jones Indices and accelerate with precise bond signals across traditional, smart beta or multi-asset class indices. Success follows Indexology—fueling ideas whose time is now.

The S&P Aggregate™ and S&P 500 Bond Indices

indexology® shapes investing  www.spdji.com/indexology

© 2015 by S&P Dow Jones Indices LLC, a part of McGraw Hill Financial. All rights reserved. S&P®, S&P 500®, Indexology® and S&P Aggregate™ are trademarks of Standard & Poor’s Financial Services LLC. Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices receives compensation for licensing its indices to third parties. S&P Dow Jones Indices LLC does not make investment recommendations and does not endorse, sponsor, promote or sell any investment product or fund. This is not an offer of services in any jurisdiction where S&P Dow Jones Indices does not have the necessary licenses.

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The One to Bond With

An independent formula is taking the lead in fixed income. Synchronize with the team you trust at S&P Dow Jones Indices and accelerate with precise bond signals across traditional, smart beta or multi-asset class indices. Success follows Indexology—fueling ideas whose time is now.

The S&P Aggregate™ and S&P 500 Bond Indices

indexology® shapes investing  www.spdji.com/indexology

© 2015 by S&P Dow Jones Indices LLC, a part of McGraw Hill Financial. All rights reserved. S&P®, S&P 500®, Indexology® and S&P Aggregate™ are trademarks of Standard & Poor’s Financial Services LLC. Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices receives compensation for licensing its indices to third parties. S&P Dow Jones Indices LLC does not make investment recommendations and does not endorse, sponsor, promote or sell any investment product or fund. This is not an offer of services in any jurisdiction where S&P Dow Jones Indices does not have the necessary licenses.

Approaching Fixed Income Amid Looming Fed Hikes With the possibility of rising rates around the corner, the question is which corner?

Indexology®

The S&P Dow Jones Indices blog, Indexology, delivers more than fundamentals on how indices are conceived, constructed and used in the marketplace, it introduces insightful research and the newest innovations through the lens of our index data.

J.R. Rieger, Global Head of Fixed Income at S&P Dow Jones Indices, discusses how some investors are really reaching for yield, and have become a little complacent on the long end of the curve and on some of the riskier credits in the high yield market in particular.

How will the decision of The Fed later this year have an impact on how investors position their bond portfolios?

As interest rates go up we can expect to see credit spreads widening for the weaker credits. Why bother going out of the risk spectrum if you can get a similar yield and a higher quality fixed income? So credit spreads should widen and that should be a double whammy for investors who have taken that leap of faith.

Has this reach for yield compressed credit spreads?

When I look at yields of the S&P US High Yield Index it over time, and compare that to Investment Grade,

the credit spread differential has come down so much. You have to question whether you are getting compensated for that risk or not.

Within fixed income broadly, what assets classes if you drill down or spaces within fixed income are most sensitive to liquidity would you say?

We’ve been watching the senior loan market because that’s what drew the attention of the US Fed and the treasury. You know, that speculation about how deep the liquidity pool is for senior loans, as well as fixed rate high yield. They’ve also thrown in munis just to make our world more interesting, right. So when you look at the data, so far, the Trade Association for Senior Loans is reporting pretty good liquidity. Now, liquidity can change on a dime, it’s

just the market emotions and that can change pretty quickly. But in the corporate bond market, we’ve been tracing the data backward at the bottom level; 88% of the binds in the Investment Grade index trade during each month, 88% of them. Concentration of the volume is probably much lower, right, because there’s just a few names that are driving that par value; market value transactional numbers are up. Munis, it steps down, Invest Grade Munis, about 66% of those bonds will trade during the month, much smaller in size as well, so liquidity does vary and it’s a very emotional reaction in the market that’ll drive liquidity, whether positive or negatively.

Watch these videos on the S&P Dow Jones Indices Channel

What is SPIVA?

Aye Soe, Senior Director of Global Research & Design explains SPIVA, its underlying data, and its significance around the globe.

Case Study: A Strategic Look at Indexing

Wurzbach to discuss risk management, transparency, and how innovations in indexing are being incorporated into RiverFront’s strategic approach.

Mapping the Landscape of Risk

Tim Edward and Craig Lazzara, of S&P Dow Jones Indices, discuss the recent history of dispersion, voltility, and correlation.

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Investing Globally?Think ThornburgThornburg Global Opportunities Fund is a flexible and focused equity portfolio that leverages Thornburg’s renowned capacity as a global generalist manager, with holdings selected on a bottom-up basis via a disciplined, value-based framework.

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«««««Overall Morningstar Rating, Class I Shares

Overall Morningstar Rating among 903 World Stock funds, based on risk-adjusted returns for Class I shares, using a weighted average of the fund’s three- and five-year ratings: five stars and five stars among 903 and 702 funds, respectively as of 3/31/15. To determine a fund’s Morningstar Rating™, funds with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a fund’s performance (including the effects of all sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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, volatility, and political and economic risks. Investments in small capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity. Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read it carefully before investing.Thornburg Securities Corporation, Distributor, 2300 North Ridgetop Road, Santa Fe, NM 87506 © 2015, Thornburg Investment Management

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Thornburg has been managing fixed income since 1984. In this Exclusive MASTERCLASS a panel of Thornburg fixed income portfolio managers discuss their approach across a range of strategies in addition to rising rates and other challenges facing investors.

Investors are concerned about rising rates and how that’s going to impact their portfolios

Jeff Klingelhofer: As far as what investors are thinking, it’s a difficult conundrum. The Fed has really spent the last number of years in response to a lot of the economic malaise that has been taking place throughout the system: periods of low inflation, low growth, and low job growth up until recently. This forced not only low rates but it also forced numerous quantitative easings. This helped to cure some of the economic problems and helped spur the economy, perhaps, out of a recessionary period. But it also spurred a lot of asset bubbles that now, perhaps, are going to be unwound slowly throughout the system.

Christopher Ryon: The Fed policies have created a lot of bubbles, and if you look in the fixed income market, just evaluating fixed income products against inflation, there is a term that’s used called real yields. Using that metrics, fixed income products are pretty expensive, for example; a 10 year municipal bond typically yields 200 basis points over inflation. Right now it’s yielding maybe 50 basis points over inflation, and a five year municipal bond is not even keeping up with inflation. So fixed income products are pretty much overvalued, and you really have to look for pockets of value in the fixed income market right now.

Lon Erickson: It’s time to know what you own, just don’t take the top line, something that says it’s a short duration fund and assume that’s all the risk you have to worry about, is gone. Because a lot of the short duration funds in the taxable market have these buckets that are dedicated to high yield or you

can invest in high yield products where you’re taking a lot of credit risk instead. That’s how they get their yield numbers up a little bit. So just be aware that you may be trading in interest rate risk and actually accepting a lot of credit risk that you really don’t want or that you already have somewhere else in your portfolio, you’re not as diversified as you might think.

Nicholos Venditti: If you take a 35,000 foot view of the fixed income market, the muni market specifically, there’s basically two levers we can pull to try to generate returns. We can either go out along the yield curve longer searching for yield or we can go lower in credit quality. If you look at both of those metrics, credit spreads are incredibly tight. So it doesn’t make a lot of sense from a risk reward trade to go down in value.

Videos now on the Thornburg Channel

High-Yield Municipal Bonds

Associate Portfolio Manager David Ashley explains why the municipal high yield asset class is narrow and undiversified, why managers that invest mostly within that space may expose investors to much higher risks, and what a more prudent alternative may look like.

Thornburg Global Opportunities Strategy

Portfolio Managers Brian McMahon and Vinson Walden discuss the Thornburg Global Opportunities strategy, a flexible, focuses, all-cap equity portfolio that leverages Thornburg’s renowned capacity as a global generalist. The extremely selective fund collects 30 to 40 thoroughly researched holdings from around the world.

Bond Laddering

Portfolio Manager Josh Gonze discusses Thornburg’s active approach to laddering bond portfolios, which mitigates interest-rate risk via reinvestment of maturing-bond proceeds in the far end of each fund’s maturity range. We believe this approach helps us strike the best risk/reward balance, while diversifying exposures along the yield curve.

MASTERCLASS ExclusiveThornburg’s Approach to Fixed Income

Visit the Thornburg Channel for the latest insights: http://bit.ly/1Iu7PWM

June 2015 www.asset.tv 12

U.S. Equities

Key Secular Themes Driving U.S. Equities

Owen Fitzpatrick, Head of U.S. Equity and Portfolio Manager for Deutsche Core Equity Fund, reviews Q1 fund performance and positioning, details key secular themes that are driving stock selection, and discusses how that may change as the year progresses. He predicts interest rate movement and “better numbers” in the second part of the year.

PIMCO - Global Cyclical Outlook: Q2 2015

Richard Clarida, Global Strategic Advisor at PIMCO, shares the firm’s latest outlook on the global economy, and puts markets in perspective with their Q2 2015 Global Cyclical Outlook. Clarida “sees pickup in global growth in 2015 between 2.5 and 3 percent” and notes that “inflation will be modest, mostly due to the decline in oil prices.”

Market Outlook

Divergent Monetary Policies: Inflation or Deflation?

Should investors worry about the impact of diverging monetary policies? Joe Davis, Vanguard’s Chief Economist and Head of Vanguard Investment Strategy Group, and Roger Aliaga-Díaz, senior economist with the Vanguard Global Economic Team, look at the expected impact of changing interest rates as a result of actions by the Federal Reserve and other central banks. Davis says, while not highly probably, “its possible that both the ECB and BOJ don’t raise rates at all this entire decade.”

Joe LaVorgna Economic Update: Jobs, Oil and Interest Rates

Joe LaVorgna, Deutsche Bank chief economist, provides an outlook for the labor market: why low energy prices can serve as a tailwind, where central bank activity is headed globally, and when the Fed may start to raise rates. Joe cautions “against taking big duration bets given how low yields are”, but adds, “this is still a very good market for the stock investor.” Another bright spot, “Broadly speaking the labor market has improved—last year we had the best job market in about fifteen years.”

Muni Bonds

High-Yield Municipal Bonds: Are They Worth the Risk?

Associate Portfolio Manager David Ashley explains why the municipal high yield asset class is narrow and undiversified, why managers that invest mostly within that space may expose investors to much higher risks, and what a more prudent alternative may look like. “We seek to offer much less volatility, by keeping the fund slightly above investment grade.”

Finding Value in Today’s Muni Market

Carol Flynn, co-head of U.S. fixed income, reviews how municipal bonds fared in Q1, recaps the main performance drivers for the Deutsche Muni suite, discusses expectations for interest rates going forward, and provides an outlook for credit conditions. Flynn says “drivers of performance included municipal yields declined, and the muni curve with exposure to credit performed the best.”

Fixed Income

Positioning to Take Advantage of Fixed-Income Volatility

Bill Chepolis, co-head of U.S. Fixed Income at Deutsche Asset and Wealth Management, recaps fixed-income market moves for the quarter, “First quarter on the face of it looks like nothing happened but there was actually quite a bit of volatility, which is a theme we expect to persist throughout 2015.” Chepolis also says “EM and high yield bounced back from Q4 14- overall Fixed income assets did pretty well.”

Fidelity: Q1 2015 Fixed Income Perspectives

George Fisher, managing director of research, at Fidelity Investments provides perspectives on Fixed Income in Q1—“Monetary policy divergence was the dominant theme. As many central banks eased policy, while the Fed signaled normalization was approaching.”

Trending on Asset TV

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Alternatives

MASTERCLASS: Alternative Investments - May 2015

Amid a 6 year Bull Market many investors are still turning to alternatives to de-risk their portfolios. Marty Kerns, President & CEO at Kerns Capital Management, Inc. notes; “when markets sell off everything becomes correlated, so we need non-correlated assets—and that’s the void that alternatives fill.”

Invesco Presents: Four Ways to Incorporate Alternatives Into Portfolios

Walter Davis and Tracy Fielder of Invesco outline how to use alternatives to diversify a portfolio. Davis says, “Alternative investments can help investors achieve specific goals: most return/reduce risk, generate more consistent, less volatile returns, cushion the portfolio during times of equity weakness, increase current yield in a low rate environment, protect against inflation and rising rates, and may profit from opportunities outside of equities and fixed income.”

Emerging Markets

Time to Love Emerging Markets Again?

Is it time to love emerging markets again? 45-year industry veteran Tom White, CIO of Thomas White International, returns to offer his thoughts on what he feels are the most promising emerging markets for this year and beyond. White states that “although investors recognize the long-term above average growth potential in these countries, they have been holding back, concerned that they will perform poorly when the Fed raises rates. We feel this concern is unwarranted.”

Capturing China’s Growth

Shawn McNinch, Global Head of ETF Services at Brown Brothers Harriman and Curtis Tai, ETF Strategist at CSOP Asset Management discuss how foreign investors can gain exposure to China’s onshore growth as their capital markets continue to liberalize. “China is a very exciting place to be. It is the second largest market by GDP, the second largest equities market in the world—all this in spite of being a restricted market.”

ETFs & Smart Beta

Landscape for Smart Beta and Active ETFs

Deborah Fuhr, Managing Partner of ETFGI, explains the current ETF landscape, “At the end of Q1 2015, the global ETF industry is at a record level of 2.926 Trillion USD. They are listed on 63 exchanges in 51 different countries.” Fuhr continues, “when we break it down by region, the US accounts for over 71% of all the global assets, and equity products account for 77% of all assets.”

Benefits of ETFs in the Liquid Alternative Space

Adam Patti, CEO and co-founder of IndexIQ, reviews the portfolio construction benefits of using ETFs to get exposure to alternatives and the advantages of ETFs in the Liquid Alternative Space. “One of the benefits of ETFs is tax efficiency—in contrast to a LP structure you could be losing 1-3% of your annual returns just on the short term capital gains.” He also cites transparency, “you want to know what you own, particularly in the alternative space.”

Real Assets

Infrastructure Investing for the Road Ahead

John Vojticek, CIO for liquid real assets at Deutsche Asset & Wealth Management, details key Q1 performance drivers, how the team is positioning amid oil price declines, regional positioning in light of a rising U.S. dollar, and an outlook for infrastructure—including any impact from the potential for rising interest rates. “Things that were more cyclical did well, thing more bond-like, like utilities did a little weaker, and energy treaded water.” Regionally, “more weight into Europe, but the majority of the portfolio is in the Americas.”

Real Estate and Global Infrastructure: Nuveen Real Asset Income Fund

By investing in income-producing global infrastructure and real estate across the capital structure, the Nuveen Real Asset Income Fund offers the potential for steady income and appreciation, while helping to diversify risk. Jay Rosenberg, Head of Investments for Real Assets at Nuveen Asset Management, discusses the potential for enhanced income, growth, and risk management.

June 2015 www.asset.tv 14

MASTERCLASS Alternative Investments

Ricardo L. Cortez, Co-CEO, Broadmark Asset Management

“I think this is the largest six year Bull Market with people still skeptical and moving into alternatives because they’re de-risking portfolios, even though the market is up.”

MASTERCLASS Exchange Traded Funds

Cathy Wood, CEO/CIO Ark Invest“The share shift will continue because of all of the advantages. The next phase is active. We are certainly focused on active, which is focusing on disruptive innovation out there.”

MASTERCLASS Equities

Randy Cain, Portfolio Manager, Herndon Capital Management

“Focusing on a more cyclical growth orientation, focusing on a broader perspective geographically, is likely to prove to be a bit more profitable venture for investors.”

MASTERCLASS Fixed Income

Rick Harper, Head of Fixed Income & Currency, WisdomTree“Since 2003, there’s pretty much been a script, the Fed in the 2003, 2006 tightening, went 25 basis points on a crack. It was like paint by numbers.”

2015 MASTERCLASS Participants

Asset TV’s flagship program MASTERCLASS is THE industry panel discussion for investment professionals to share

thought leadership and training with their clients.

Viewers benefit from the opportunity to complete accompanying CE Quiz Credits recognized by the CFA, CFP Board and IMCA.

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MASTERCLASS International Investing

Alka Banerjee, Managing Director, Strategy and Global Equity Indices, S&P Dow Jones Indices.

“One bright spot in emerging markets seems to be India, its fundamentals look very strong, markets have been up and currency hasn’t depreciated in the last year.”

MASTERCLASS Impact Investing

Julia Kochetygova, Senior Director, S&P Dow Jones Indices

“Sustainability is a prerequisite to a better future and on a long term basis. Climate change for instance, imposes one of the biggest risks for the security of long term investments and their protection.”

MASTERCLASS MLP’s

Jeff Jorgensen, Director of Research, Center Coast Capital Advisors

“Everyone wants to get behind this North American unconventional oil and gas revolution, but no one wants commodity exposure. MLPs are a great way to get behind the development of shale oil and gas resources in the lower 48, and it’s a great way to play that without taking on too much risk.”

MASTERCLASS BDC’s

Grier Eliasek, President & Chief Operating Officer, Prospect Capital

“1,000 banks approximately failed in the last decade. It’s an enormous number. Zero BDCs have failed. Zero BDCs, to my knowledge, have ever had a payment default on any type of loan, bond or other meaningful obligation.”

MASTERCLASS Emerging Markets

Anupam Damani, Portfolio Manager, TIAA-CREF“The emerging markets asset class has grown, evolved and matured over time. You no longer see the same sort of contagion happening throughout the asset class because of one country or one event beyond the very immediate term.”

MASTERCLASS Commodities

Jonathan Guyer, Portfolio Manager, Arrow Investment Advisors

“We look at it in terms of fundamentals. If you look at the current commodity price vs. its cost of production — if you see narrow margins, or you see instances of current futures prices being below your cost of production, it’s a good indication of value.”

Upcoming MASTERCLASS Events

JULY 7/15/2015 ETFs 7/16/2015 Liquid Alternatives 7/29/2015 Asset Allocation

AUGUST 8/5/2015 Emerging Markets 8/12/2015 Target Date Funds 8/19/2015 Real Estate 8/26/2015 Commodities

SEPTEMBER 9/3/2015 Global Equities 9/9/2015 LDI 9/16/2015 Stable Value 9/16/2015 MLPs 9/17/2015 Defined Contribution 9/23/2015 Target Date Funds 9/24/2015 BDCs 9/30/2015 Impact Investing

OCTOBER 10/1/2015 Fixed Income 10/6/2015 Equities 10/7/2015 Alternatives 10/14/2015 Closed End Funds 10/20/2015 Pension Risk Transfer 10/21/2015 Muni Bonds 10/28/2015 Asset Allocation

NOVEMBER 11/4/2015 Smart Beta 11/5/2015 Emerging Markets 11/10/2015 Schwab IMPACT 11/13/2015 Target Date Funds 11/17/2015 Real Estate 11/19/2015 MLPs

DECEMBER 12/2/2015 International Investing 12/3/2015 Mid Cap Equities 12/3/2015 Small Cap Equities 12/8/2015 Liquid Alternatives 12/9/2015 Defined Contribution 12/16/2015 2016 Outlook

If you would like to participate in any of these MASTERCLASS events please contact

your Asset TV Sales Representative.

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MEET OURINVESTMENTMANAGERS

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NEW: Investment Strategy ShowcasePenton’s WealthManagement.com and Asset TV Announce New Video Service Designed to Help Portfolio Managers Communicate Critical Benefits

New video service enables fund managers to communicate to advisors what’s most important about their fund or portfolio strategy

Investment Strategy Showcase is developed to help fund managers take their conversations away from traditional performance results and fee discussions and

towards the key benefits they want advisors to be communicating to their clients. “Investment Strategy Showcase goes beyond the metrics to help portfolio managers and their investment firms underscore the strategic advantages of their fund or portfolio strategies,” said William O’Conor, Vice President of Penton’s Wealth Management Group

Each 2-4 minute video interview will be distributed on WealthManagement.com (300,000+ unique monthly visitors) in a special Investment Strategy Showcase channel, and will be posted to the sponsors website. The videos will also be hosted on the Asset TV US

website, which is accessible to 120,000 financial advisors.

Sponsors can customize their programs based on their specific

goals and objectives by choosing between two distribution options, which can include sales leads and private-label channels.

75%of the world’s publicly traded companies are

located outside the U.S.*

* Source: Fidelity Investments, as of Dec. 31, 2014.

Diversification does not ensure a profit or guarantee against a loss.

Fidelity Investments & Pyramid Design is a registered service mark of FMR LLC.

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.

Before investing, consider the funds’ investment objectives, risks, charges, and expenses. Contact your investment professional or visit advisor.fidelity.com for a prospectus, or a summary prospectus if available, containing this information. Read it carefully.

BE CONFIDENT IN THE NEW REALITY.

Learn how at advisor.fidelity.com/global.

The world has changed. Are you taking advantage of emerging opportunities?

An actively managed international investment strategy may help investors find returns.

721945.1.0 FIDELITY INVESTMENTS INSTITUTIONAL SERVICES COMPANY, INC., 500 SALEM STREET, SMITHFIELD, RI 02917 1.9865477.100 0515

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Welcome New Channel Partners!The latest content partners with their own company channels

Each channel is custom branded and hosts exclusive video content for the channel owner, in addition to sharing its own website links, social media feeds, white paper, and research documents.

Bloomberg Brief

Bloomberg Brief newsletters and videos deliver the latest news, market data and expert commentary on a range of twenty-eight investment topics. It puts information at your fingertips in an easy-to-digest format, providing reliable, cutting-edge news and data. The Briefs relate key analytics, data and news from the Bloomberg Professional service in a streamlined format.

Wall Street Week

Wall Street Week is an investment news and information TV program, originally broadcasted on PBS starting in the 1970’s with Louis Rukeyser, and was resurrected in April 2015 by SkyBridge Media LLC. It is co-hosted by SkyBridge founder Anythony Scaramucci and Morgan Stanley’s Gary Kaminsky.

Columbia Threadneedle Investments

On the heels of Ameriprise’s relaunch of Columbia Management and the UK-based Threadneedle, Asset TV is proud to launch a video portal featuring content from Columbia Threadneedle’s top funds. The channel provides thought leadership from the world’s 30th largest asset management group.

New York Life

New York Life’s Channel Page features exclusive insights from portfolio managers and strategists from among eleven of their boutique investment managers.

Invesco Distributors, Inc.

Financial Noise. It can leave your mind ringing. The constant swirl of market

diagnosis, breaking news alerts and “Best Bet” recommendations makes it a challenge to sift out what’s

most important to you. Fortunately, Intentional Investing® with Invesco is an approach that helps separate

Knowledge from Noise.SM It connects the insight, judgment and expertise of a trusted global money

manager with your professional guidance, helping you and your clients hear only what you really need to.

See what Invesco’s experts are thinking now at invesco.com/intentional.

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Asset TV can live broadcast your speaker presentations from any location! If you are in New York you can come to our MidTown Studios to broadcast live from our state of the art webcasting facility!

Live Webcasting Features:

• Full white-label event with your own branding or a co-branded Asset TV event

• Event online registration webpage

• Custom branded live event website

• Live video and/or audio streaming

• Live slide deck presentation facility

• Downloadable viewer resources

• Interactive in webinar surveys and Q&A

• Invite Asset TV viewers to your event

• Share your event replay on Asset TV channels

• Instant event replay

• Event reporting and analytics

Make your next webcast an Asset TV webcast to ENHANCE your event and EXTEND it beyond your own audience.

Call 212-661-4111 for more details.

LIVE WEBCASTING Want to host your own live webcast? Or to live stream an event?

June 2015 www.asset.tv 22

Watch us on your Bloomberg Terminal (TVA)Did you know that you can watch Asset TV on your terminal via our dedicated wire service TVA and through keyword search and alert notifications?

Yes you can! Asset TV is a founding partner of Bloomberg’s terminal video service and our videos are available to all 330,000 institutional users globally.

You can watch this video to see how it works: http://atv.to/mFh1b6

Trish Regan to host a special edition of MASTERCLASS

On July 8th Trish Regan of Fox Business will be the special guest host of a 3 hour edition of MASTERCLASS.

Trish Regan joined FOX Business Network (FBN) as an anchor and markets reporter in April 2015.

Before starting at FBN, Regan was at Bloomberg where she served as the anchor of the daily market-

close program, Street Smart. While there, she interviewed some of the most prominent names in

business, including: Virgin Group CEO Sir Richard Branson, World Bank President Jim Yong Kim,

NSA Director Admiral Michael Rogers, and CBS Corporation President and CEO Leslie Moonves.

See you at Morningstar!Investment Conference, Chicago, June 24-26

Asset TV will be broadcasting live from Exhibition Stand 939 on Thursday

June 25, come and visit us or watch online!

You can also visit us Wednesday and Friday where we will be interviewing conference speakers and delegates.

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© 2015 by S&P Dow Jones Indices LLC, a part of McGraw Hill Financial. All rights reserved. S&P® and Indexology® are registered trademarks of Standard & Poor’s Financial Services LLC. Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices receives compensation for licensing its indices to third parties. S&P Dow Jones Indices LLC does not make investment recommendations and does not endorse, sponsor, promote or sell any investment product or fund. This is not an offer of services in any jurisdiction where S&P Dow Jones Indices does not have the necessary licenses.