Asset TV REVIEW June 2015

REVIEW www.asset.tv • June 2015

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

PLUS INSIDE:

PIMCO

The Benefits of Active Management in Fixed Income Investing

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

Get pure international equities.

Potentially leave currency exposure behind.

DBEF DBEM

Deutsche X-trackers MSCI EAFE Hedged Equity ETF Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF

Learn more at deutsche-etfs.com/DBEF-DBEM DBX Advisors LLC (DBX) is the investment advisor to the Deutsche X-trackers ETFs, which are distributed by ALPS Distributors, Inc. (ALPS). DBX is a subsidiary of Deutsche Bank AG, neither of which is affiliated with ALPS.

Carefully consider the funds’ investment objectives, risk factors and charges and expenses before investing. This and other important information can be found in the funds’ prospectuses, which may be obtained by calling 1-855-329-3837 or by viewing or downloading a prospectus at deutsche-etfs.com. Read the prospectus carefully before investing.

Important risk information: Investing involves risk, including possible loss of principal. Funds that invest in specific countries or geographic regions may be more volatile than investing in broadly diversified funds. Securities focusing on a single country may be more volatile. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable currency fluctuations, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. There are additional risks because of potential fluctuations in currency and interest rates. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Indices are unmanaged and you cannot invest directly in an index.

Shares of the funds may be sold throughout the day on the exchange through any brokerage account. However, shares may only be purchased and redeemed directly from the funds by authorized participants in very large creation/redemption units. There is no assurance that an active trading market for shares of a fund will develop or be maintained.

MSCI is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.

Investment products: No bank guarantee | Not FDIC insured | May lose value Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. © 2015 Deutsche Bank AG. All rights reserved. ETF156614 (5/15) R-38424-1 DBX 1464 (5/21/2016)

REVIEW

Contents Meet the Team Neil Jeffery is the EVP Head of U.S. Business. Having worked with Asset TV in the UK since the company’s inception in 2003, in 2012 he crossed The Pond to establish Asset TV Inc. in NY. Deborah Wetherbee is the SVP of Business Development.

A seasoned member of the industry, she brought her expertise from Kasina, Nuveen, and Natixis to Asset TV. Jason Brandt is the Team Leader of Asset Management Sales New York. A graduate from Binghamton University, BA, and Pace University, MBA, he was one of the first to join Asset TV. Tad Fabiaschi is a Business Development Associate. A fanatic for the F.C. Bayern München soccer team, he brings his endless energy to be a source of constant drive for Asset TV. Nick Howard is a Production Associate. After graduating from Full Sale University, he joined the Asset TV team. His bit of polish he adds to the team speaks volumes about his technical ability.

Mitch Sok is a Production Associate. Born and raised in South Carolina, he graduated from Full Sale University after serving a tour in Iraq. He recently joined Asset TV in NY.

Courtney Woodworth is an Anchor/Producer. After graduating from Boston College, she started as an analyst at Morgan Stanley, and after 10 years on Wall Street she joined Asset TV in 2015.

Elena Wang is a Digital Marketing and Operations Associate. A data and analytics enthusiast, she is the go to for client reporting and trending information.

Nikki Linssen is a Digital Marketing and Operations Associate. Laser focused, Nikki joined the Asset TV marketing team with an eye on what needed to be done, and how to do it.

Nikolay Bogomolov is the Operations Team Leader. A native of Russia, he is the lynchpin on everything that happens behind the scenes at Asset TV.

Alexey Bulychev is a Creative Design, Web & Email Marketing Associate. Alexey’s expertise and talent will be helping to streamline our branding and email effectiveness and is one of the latest addition of our team.

Oscar Gonzalez is a Creative Design, Web & Email Marketing Associate. After graduating from EAE Business School in Madrid, he flew to NY and recently joined Asset TV US team focusing on audience engagement.

Asset TV Review is published for investment professionals.

No part of this publication may be reproduced without the prior permission of Asset TV. Information, views and opinions contained in the articles have been compiled from interviews conducted by or hosted on Asset TV with regulated fund managers and other investment professionals. Asset TV Inc. accepts no liability for any loss arising from the use hereof nor makes any representation as to their accuracy or completeness. Whilst every care has been taken in preparing Asset TV Review, neither Asset TV nor the authorities can accept responsibility for any errors it may contain or for any losses from or in reliance upon its contents.

For more information please go to www.asset.tv or call us on +1 212 661 4111.

Bob Doll Feature Article

5

Expect Improved Economic and Earnings Growth in the Coming Months

PIMCO - Active Management

7

The 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: Thornburg

11

Thornburg’s Approach to Fixed Income

Trending on Asset TV

12-13

Selected highlights from trending sectors on Asset TV

MASTERCLASS 2015

14-15

Key moments from Asset TV’s flagship program this year

WealthManagement.com & Asset TV

17

Announcing a new partnership to help Portfolio Managers

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

Live Webcasting with Asset TV

21

Want to host your own live webcast?

Trish Regan to Host MASTERCLASS Details of the forthcoming special filming event on July 8

Asset TV Inc. 570 Lexington Avenue, 45th Floor, New York, NY 10022. www.asset.tv June 2015 3

22

66

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OF OUR FUNDS RATED

4 or 5 stars

by Morningstar.

Ideas for Investing Now: NUVEEN REAL ASSET INCOME FUND

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★★★★★ Real Assets

The Fund’s Class I shares received a Morningstar Rating™ as of 4/30/15 for the overall and three-year periods of 5 and 5 stars among 464 and 464 World Allocation funds, respectively.

NUVEEN STRATEGIC INCOME FUND

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★★★★ Taxable Fixed

The Fund’s Class I shares received a Morningstar Rating™ as of 4/30/15 for the overall, three-, five- and 10-year periods of 4, 4, 4 and 3 stars among 210, 210, 166 and 98 Multisector Bond funds, respectively.

Follow @NuveenInv on Twitter

NUVEEN SYMPHONY CREDIT OPPORTUNITIES FUND

NCOIX

★★★★★ Taxable Fixed

The Fund’s Class I shares received a Morningstar Rating™ as of 4/30/15 for the overall, three- and five-year periods of 5, 4 and 5 stars among 599, 599 and 513 High Yield Bond funds, respectively.

Our commitment to advisors and investors is backed by the focused expertise of our independent affiliates and more than a century of industry leadership.

Find out more at nuveen.com or by calling 800.752.8700.

Past performance is no guarantee of future results. Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, liquidity risk, dollar roll transaction risk, and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Asset-backed and mortgagebacked securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments. Nuveen Real Asset Income Fund: preferred securities are subordinated to other debt instruments and subject to greater credit risk. Equity investments are subject to market risk, call risk, derivatives risk, other investment companies risk, common stock risk, and tax risks associated with MLPs. Concentration in real estate sector involves the risk of exposure to economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws; infrastructure-related securities may involve greater exposure to adverse economic, regulatory, political, legal, and other changes affecting such securities. Symphony Credit Opportunities Fund is subject to loan settlement risk due to the lack of established settlement standards or remedies for failure to settle.

Ratings are for the period ended 4/30/15 and include all share classes, some of which are load-waived and may not be available to all investors. Out of 85 mutual funds rated by Morningstar, 30 received a 5-star rating and 26 received a 4-star overall rating in at least one share class. The Morningstar Rating™ is based on the weighted average of the number of stars assigned

to the fund’s applicable time periods. Morningstar ratings may vary among share classes and are based on historical riskadjusted total returns, which are not indicative of future results. Some funds may have experienced negative returns over the time periods rated. For funds with at least a three-year history, a Morningstar Rating™ is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) with emphasis on downward variations and consistent performance. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the fund’s three-, five-, and 10-year (if applicable) risk-adjusted return measures and Morningstar ratings metrics. 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. Each share class is counted as a fraction of one fund within this scale and rated separately. ©2015 Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; 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. Certain funds included in 4 and 5 star percentage may not be available for purchase.

Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial advisor or Nuveen Investments at 800.257.8787 or visit nuveen.com.

Funds distributed by Nuveen Securities, LLC. ©2015 Nuveen Investments, Inc. 8084-INV-AN-09/15

REVIEW Videos now on the Nuveen Investments Channel CEF Market Matters: Equity Strategies for Retirement Income

Expect Improved Economic and Earnings Growth in the Coming Months Bob Doll, Senior Portfolio Manager and Chief Equity Strategist, Nuveen Asset Management For the second year in a row, we saw a disappointing first quarter GDP report. What’s your take on the early-year slowdown?

Bob, Janet Yellen seemed to indicate that several financial assets were somewhat overvalued.

Do you agree with that assessment?

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.

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.

Visit the Nuveen Channel for latest insights: http://bit.ly/1G9lIbd

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.

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.

www.asset.tv June 2015 5

The New York Life MainStay Investments Advantage Distinct attributes that give us a competitive advantage, making us a premier provider of mutual funds, ETFs and retirement income solutions: n

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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.

REVIEW Videos now on the PIMCO Channel Bonds for Income

PIMCO - Active Management The 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

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

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.

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. www.asset.tv June 2015 7

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.

REVIEW

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.

Approaching Fixed Income Amid Looming Fed Hikes

Watch these videos on the S&P Dow Jones Indices Channel What is SPIVA?

With the possibility of rising rates around the corner, the question is which corner?

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?

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

Visit the S&P Dow Jones Indices Channel for the latest insights: http://bit.ly/1JKEXH0

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.

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.

When I look at yields of the S&P US High Yield Index it over time, and compare that to Investment Grade, www.asset.tv June 2015 9

Investing Globally?

Think Thornburg Thornburg 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.

Visit thornburg.com/global to find out more.

«««««

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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REVIEW Videos now on the Thornburg Channel High-Yield Municipal Bonds

MASTERCLASS Exclusive Thornburg’s Approach to Fixed Income 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

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

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.

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 interestrate 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.

www.asset.tv June 2015 11

Trending on Asset TV U.S. Equities

Market Outlook

Muni Bonds

Fixed Income

Key Secular Themes Driving U.S. Equities

Divergent Monetary Policies: Inflation or Deflation?

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

Positioning to Take Advantage of Fixed-Income Volatility

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.

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.”

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.”

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 14overall Fixed income assets did pretty well.”

PIMCO - Global Cyclical Outlook: Q2 2015

Finding Value in Today’s Muni Market

Joe LaVorgna Economic Update: Jobs, Oil and Interest Rates

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.”

12 June 2015 www.asset.tv

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.”

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.”

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.”

REVIEW

Alternatives

Emerging Markets

ETFs & Smart Beta

Real Assets

MASTERCLASS: Alternative Investments - May 2015

Time to Love Emerging Markets Again?

Landscape for Smart Beta and Active ETFs

Infrastructure Investing for the Road Ahead

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.”

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.”

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.”

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.”

Invesco Presents: Four Ways to Incorporate Alternatives Into Portfolios

Benefits of ETFs in the Liquid Alternative Space

Capturing China’s Growth

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.”

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.”

Real Estate and Global Infrastructure: Nuveen Real Asset Income Fund 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.”

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.

www.asset.tv June 2015 13

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.

MASTERCLASS Alternative Investments

MASTERCLASS Equities

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

Randy Cain, Portfolio Manager, Herndon Capital 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.”

“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 Exchange Traded Funds

MASTERCLASS Fixed Income

Cathy Wood, CEO/CIO Ark Invest

Rick Harper, Head of Fixed Income & Currency, WisdomTree

“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.”

“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.”

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

14 June 2015 www.asset.tv

REVIEW MASTERCLASS International Investing

MASTERCLASS BDC’s Upcoming MASTERCLASS Events

JULY

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

Grier Eliasek, President & Chief Operating Officer, Prospect Capital

“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.”

“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 Impact Investing

MASTERCLASS Emerging Markets

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

8/5/2015 8/12/2015 8/19/2015 8/26/2015

AUGUST Emerging Markets Target Date Funds Real Estate Commodities

SEPTEMBER

9/3/2015 9/9/2015 9/16/2015 9/16/2015 9/17/2015 9/23/2015 9/24/2015 9/30/2015

10/1/2015 10/6/2015 10/7/2015 10/14/2015 10/20/2015 10/21/2015 10/28/2015

Global Equities LDI Stable Value MLPs Defined Contribution Target Date Funds BDCs Impact Investing

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

Anupam Damani, Portfolio Manager, TIAA-CREF

“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.”

“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 MLP’s

MASTERCLASS Commodities

Fixed Income Equities Alternatives Closed End Funds Pension Risk Transfer Muni Bonds Asset Allocation

NOVEMBER

11/4/2015 11/5/2015 11/10/2015 11/13/2015 11/17/2015 11/19/2015

Smart Beta Emerging Markets Schwab IMPACT Target Date Funds Real Estate MLPs

DECEMBER Jeff Jorgensen, Director of Research, Center Coast Capital Advisors

Jonathan Guyer, Portfolio Manager, Arrow Investment 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.”

“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.”

12/2/2015 12/3/2015 12/3/2015 12/8/2015 12/9/2015 12/16/2015

International Investing Mid Cap Equities Small Cap Equities Liquid Alternatives Defined Contribution 2016 Outlook

If you would like to participate in any of these MASTERCLASS events please contact your Asset TV Sales Representative.

www.asset.tv June 2015 15

MEET OUR INVESTMENT MANAGERS One of the world’s largest global asset managers, Legg Mason combines expertise in a wide range of investment disciplines with a singular focus on delivering powerful financial solutions for both individuals and institutions.

Global value investing

Quality-focused equity

Active equity specialists

Global alternative funds-of-funds

Systematic investment solutions

Small-cap equity Fixed income

†

QS Investors investment platform is comprised of QS Investors, LLC, QS Batterymarch Financial Management, Inc. and QS Legg Mason Global Asset Allocation (QS-LMGAA.) © 2015 Legg Mason Investor Services, LLC. Member FINRA, SIPC. Legg Mason Investor Services, LLC and all investment managers mentioned are subsidiaries of Legg Mason, Inc. 466311 LGEN016652 4/15 FN1511065

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NEW: Investment Strategy Showcase Penton’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.

www.asset.tv June 2015 17

The world has changed.

Are you taking advantage of emerging opportunities?

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

75% of the world’s publicly traded companies are located outside the U.S.*

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

BE CONFIDENT IN THE NEW REALITY.

Learn how at advisor.fidelity.com/global.

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.

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

Columbia Threadneedle Investments

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.

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.

Wall Street Week

New York Life

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.

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

www.asset.tv June 2015 19

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.

Invesco Distributors, Inc.

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

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

• Invite Asset TV viewers to your event

• Live slide deck presentation facility

• Share your event replay on Asset TV channels

• Downloadable viewer resources

• Instant event replay

• Interactive in webinar surveys and Q&A

• 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. www.asset.tv June 2015 21

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

Trish Regan to host a special 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 marketclose 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.

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

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.

22 June 2015 www.asset.tv

3,200 videos, 400 companies & 1,700 contributors all in one place Thanks to our top contributors!

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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.