Copyright 2015 evestment Alliance, LLC. All rights reserved.

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2 INSTITUTIONAL QUARTERLY OWNERSHIP REPORT evestment 3Q 2015

3 Most Widely Held Stocks in evestment s Holdings Database 3Q Q Q 2014 This table represents the top 20 stocks held by institutional funds in evestment s holdings database. The three most valuable technology companies lead the rankings for the sixth consecutive quarter as the most widely held companies in evestment s equity database. Apple took over the top spot this quarter beating out Google by 0.30%. New to the list from last quarter is Pepsico Inc. taking over the 20 th spot. Rank Stocks Institutional Fund Ownership Stocks Institutional Fund Ownership Stocks Institutional Fund Ownership 1 APPLE INC 22.61% GOOGLE INC 28.84% GOOGLE INC 30.96% 2 GOOGLE INC 22.31% APPLE INC 21.99% APPLE INC 20.81% 3 MICROSOFT CORP 20.32% MICROSOFT CORP 19.79% MICROSOFT CORP 20.24% JPMORGAN CHASE & JPMORGAN CHASE & JPMORGAN CHASE & 4 CO % CO % CO % 5 JOHNSON & JOHNSON 16.53% JOHNSON & JOHNSON 15.67% JOHNSON & JOHNSON 16.10% 6 CISCO SYSTEMS INC 15.88% CISCO SYSTEMS INC 15.17% ROYAL DUTCH SHELL 15.44% 7 GILEAD SCIENCES INC 15.83% WELLS FARGO & COMPANY 14.94% WELLS FARGO & COMPANY 15.26% 8 WELLS FARGO & COMPANY 15.70% GILEAD SCIENCES INC 14.69% QUALCOMM INC 14.51% 9 COMCAST CORP 15.46% ROYAL DUTCH SHELL 14.69% VERIZON COMMUNICATIONS 14.04% 10 PFIZER INC 15.18% CVS HEALTH CORPORATION 14.46% COMCAST CORP 13.79% 11 CVS HEALTH CORPORATION 14.95% COMCAST CORP 14.36% ROCHE HOLDINGS AG 13.70% 12 ROYAL DUTCH SHELL 14.59% PFIZER INC 14.27% GILEAD SCIENCES INC 13.64% VERIZON CVS HEALTH 13 COMMUNICATIONS 13.85% NOVARTIS AG 13.64% CORPORATION 13.50% 14 MERCK & CO INC 13.84% MERCK & CO INC 13.48% PFIZER INC 13.48% 15 NOVARTIS AG 13.69% ROCHE HOLDINGS AG 13.36% ORACLE CORP 13.38% 16 ROCHE HOLDINGS AG 13.57% VERIZON COMMUNICATIONS 13.18% CISCO SYSTEMS INC 13.36% 17 VISA INC 13.31% ORACLE CORP 12.95% CHEVRON CORPORATION 13.13% 18 CITIGROUP INC 13.18% CITIGROUP INC 12.64% MERCK & CO INC 13.05% 19 UNITEDHEALTH GROUP INC 13.09% INTEL CORP 12.17% NOVARTIS AG 12.91% 20 PEPSICO INC 12.80% VISA INC 12.11% SCHLUMBERGER LIMITED 12.79%

4 US Large Cap Growth Equity Universe: Top 20 Most Popular Holdings evestment US Large Cap Growth Equity Universe: A collection of US Equity funds that invest primarily in large capitalization stocks with fundamental characteristics showing high earnings growth expectations or in fastgrowing economic sectors. Peer weight is the weight of an individual stock in its universe. The sum of all peer weights total to 100%. Unique Stocks Held in US Large Cap Growth Equity Universe 1497 Number Of Stocks in Average Portfolio 67 3Q 2015 Returns % Rank Stocks Peer Weight - 3Q 2015 Change in Peer Weight - 3Q 2015 Institutional Fund Ownership 1 Apple, Inc. 4.21% -0.48% 87.10% 2 Facebook, Inc. 2.56% 0.39% 73.48% 3 Google, Inc. 2.47% -0.19% 56.63% 4 Visa, Inc. 2.22% 0.23% 69.18% 5 Amazon.com, Inc. 2.22% 0.65% 62.72% 6 Starbucks 1.57% 0.22% 59.50% 7 Gilead Sciences 1.52% -0.12% 62.01% 8 Celgene 1.43% 0.07% 61.29% 9 MasterCard 1.38% 0.09% 51.61% 10 Alphabet, Inc. 1.38% 31.54% 11 The Home Depot 1.30% 0.22% 47.67% 12 Priceline.com 1.27% 0.21% 50.18% 13 The Walt Disney Company 1.20% -0.08% 50.18% 14 Microsoft Corporation 1.17% 0.12% 43.73% 15 Nike, Inc. 1.11% 0.26% 47.67% 16 Allergan, Inc. 1.09% -0.01% 45.16% 17 CVS Health 1.07% 0.08% 49.10% 18 Salesforce.com 0.79% 0.16% 37.63% 19 Biogen 0.79% -0.48% 46.59% 20 UnitedHealth Group 0.75% 0.19% 34.41%

5 US Large Cap Growth Equity Universe: Russell Sector Overview Utilities Energy Materials & Processing Consumer Staples Sector Allocations The Technology sector is the largest sector in the US Large Cap Growth Equity Universe at 23.57%. Utilities has the lowest allocation at 0.80%. Producer Durables Financial Services Health Care Consumer Discretionary Technology 5.00% % % Energy posted decrease in allocation each quarter since Q Consumer Discretionary has posted increases in allocation each quarter since Q % 1.00% 0.50% -0.50% Change In Sector Allocations -1.00% -1.50% Consumer Discretionary Technology Consumer Staples Financial Services Utilities Producer Durables Materials & Processing Health Care Energy

6 Change in Ownership Change in Ownership US Large Cap Growth Equity Universe: Ownership Activity These graphs display the ownership activity of US Large Cap Growth managers. Top Five Companies Purchased % 6.00% 4.00% 2.00% -2.00% -4.00% 4Q Q Q Q 2015 UnitedHealth Group Amazon.com, Inc. Nike, Inc. Eli Lilly and Company D.R. Horton The top graph represents the top five stocks that had the largest increase in ownership for managers in the US Large Cap Growth universe. UnitedHealth Group saw the largest increase in ownership during the third quarter within the US Large Cap Growth universe. UnitedHealth has seen consistent increases in ownership over the year, increasing the total universe ownership to 34.41%. Qualcomm was the most sold company among the US large cap growth managers during 3Q Qualcomm has seen a steady drop in ownership within the US Large Cap Growth universe, but still remains one of the top-50 companies held by managers in this category. 1 Top Five Companies Sold Conversely, the bottom graph represents the top five stocks that had the largest decrease in ownership. 5.00% -5.00% % 4Q Q Q Q 2015 Qualcomm Twenty-First Century Fox, Inc. Biogen Precision Castparts Corp. Union Pacific Corp

7 US Large Cap Value Equity Universe: Top 20 Most Popular Holdings evestment US Large Cap Value Equity Universe: A collection of US Equity funds that invest primarily in large capitalization stocks with fundamental characteristics showing them to be underpriced or in slower growing economic sectors. Peer weight is the weight of an individual stock in its universe. The sum of all peer weights equal 100%. Unique Stocks Held in US Large Cap Growth Equity Universe 1570 Number Of Stocks in Average Portfolio 75 3Q 2015 Returns -8.39% Rank Stocks Peer Weight - 3Q 2015 Change in Peer Weight - 3Q 2015 Institutional Fund Ownership 1 JPMorgan Chase 2.44% 0.02% 71.78% 2 Wells Fargo 1.84% -0.01% 58.28% 3 Microsoft Corporation 1.67% 0.16% 62.88% 4 Citigroup 1.48% 0.04% 50.92% 5 Pfizer 1.47% 0.04% 53.07% 6 Johnson & Johnson 1.46% 0.09% 54.91% 7 General Electric 1.28% 0.06% 46.01% 8 Cisco Systems 1.27% 0.14% 55.21% 9 Bank of America 1.12% 0.12% 41.72% 10 ExxonMobil 1.06% -0.01% 44.48% 11 Merck & Co. 1.02% -0.03% 50.31% 12 Apple Inc. 1.01% -0.02% 42.94% 13 American International Group 0.97% 0.04% 38.34% 14 Verizon Communications 0.83% 0.05% 44.79% 15 Intel 0.83% 0.05% 43.56% 16 Chevron Corporation 0.83% -0.12% 44.17% 17 MetLife 0.81% -0.05% 41.10% 18 Procter & Gamble 0.78% 0.06% 33.74% 19 PepsiCo 0.74% 0.16% 31.60% 20 AT&T 0.73% 0.08% 39.26%

8 Change in Weights US Large Cap Value Equity Universe: Russell Sector Overview Materials & Processing Utilities Consumer Staples Energy Sector Allocations Financial Services is the largest allocated sector in the US Large Cap Value Equity Universe, however, Financial Services posted a negative change in allocation for the third consecutive quarter. Producer Durables Technology Consumer Discretionary Health Care Financial Services 5.00% % % Sector Weights Change In Sector Allocations Technology and Consumer Staples posted the large increase in allocation among all sectors within the US Large Cap Value equity universe. Energy continues to see decreases in allocation within the universe. 0.60% 0.40% 0.20% -0.20% -0.40% -0.60% Technology Consumer Staples Utilities Producer Durables Consumer Discretionary Financial Services Materials & Processing Health Care Energy

9 Change in Ownership Change in Ownership US Large Cap Value Equity Universe: Ownership Activity 6.00% 4.00% 2.00% Top Five Companies Purchased -2.00% These graphs display the ownership activity of US Large Cap Value managers % -6.00% 4Q Q Q Q 2015 Schlumberger Exelon ACE Limited Apache Corporation Monsanto The top graph represents the top five stocks that had the largest increase in ownership for managers in the US Large Cap Value Universe. Conversely, the bottom graph represents the top five stocks that had the largest decrease in ownership. Schlumberger saw the largest increase in ownership among US large cap value managers during 3Q 2015, increasing 5.19%. It has seen a steady increase in ownership over the last 4 quarters among managers in this category. Baxter International saw a decrease in ownership during the third quarter of -7.60%, which was a change from the second quarter which saw an increase in ownership of 0.73%. 6.00% 4.00% 2.00% -2.00% -4.00% -6.00% -8.00% -1 Top Five Companies Sold 4Q Q Q Q 2015 Baxter International Western Digital Chubb Corp. Cameron International Kohl's

10 US Large Cap Core Equity Universe: Top 20 Most Popular Holdings Unique Stocks Held in US Large Cap Core Equity Universe 1764 Number Of Stocks in Average Portfolio 76 3Q 2015 Returns -6.87% evestment US Large Cap Core Equity Universe: A collection of US Equity funds that invest primarily in large capitalization stocks with fundamental characteristics between growth and value or products that invest in a relatively even mix of growth and value stocks/sectors. Peer weight is the weight of an individual stock in its universe. The sum of all peer weights equal 100%. Rank Stocks Peer Weight - 3Q 2015 Change in Peer Weight - 3Q 2015 Institutional Fund Ownership 1 Apple Inc. 3.02% -0.14% 85.50% 2 Microsoft Corporation 1.61% 0.15% 66.79% 3 JPMorgan Chase 1.35% 0.03% 59.16% 4 Google 1.33% 0.01% 48.09% 5 Wells Fargo 1.31% 0.05% 59.16% 6 Johnson & Johnson 1.12% 0.08% 53.44% 7 Pfizer 1.03% 0.07% 51.91% 8 Cisco Systems 1.03% 0.13% 54.96% 9 Gilead Sciences 1.01% -0.02% 54.20% 10 CVS Health 0.99% 0.06% 51.53% 11 PepsiCo 0.97% 0.16% 50.76% 12 The Home Depot 0.94% 0.12% 48.09% 13 Comcast 0.83% 0.02% 47.33% 14 General Electric 0.78% 0.08% 41.60% 15 ExxonMobil 0.76% -0.05% 45.42% 16 UnitedHealth Group 0.75% 0.04% 43.51% 17 Oracle Corporation 0.74% -0.14% 42.37% 18 Merck & Co. 0.74% -0.07% 5 19 The Walt Disney Company 0.74% -0.05% 42.75% 20 Verizon Communications 0.73% 0.02% 47.33% Copyright 2014 evestment Alliance, LLC. All rights reserved.

11 Change in Weights US Large Cap Core Equity Universe: Russell Sector Overview Financial Services remains the sector with the largest allocations from US large cap core managers. This is the second consecutive quarter where allocation to this sector is greater than Technology. Sector Allocations Materials & Processing Utilities Energy Consumer Staples Producer Durables Health Care Consumer Discretionary Technology Financial Services 2.00% 4.00% 6.00% 8.00% % 14.00% 16.00% 18.00% 2 Sector Weights 0.80% Change In Sector Allocations Energy remains as the sector with the largest decrease in allocation again during the third quarter. Consumer Staples reported the largest increase in allocation among these managers. 0.60% 0.40% 0.20% -0.20% -0.40% -0.60% -0.80% -1.00% Consumer Staples Technology Financial Services Utilities Consumer Discretionary Producer Durables Materials & Processing Health Care Energy

12 Change in Ownership Change in Ownership US Large Cap Core Equity Universe: Ownership Activity These graphs display the ownership activity of US Large Cap Core managers. 8.00% 6.00% 4.00% 2.00% -2.00% -4.00% -6.00% Top Five Companies Purchased 4Q Q Q Q 2015 AT&T Bank of America Facebook, Inc. Priceline.com United Parcel Service The top graph represents the top five stocks that had the largest increase in ownership for managers in the US Large Cap Core universe. Conversely, the bottom graph represents the top five stocks that had the largest decrease in ownership. AT&T was the most purchased company among US large cap core managers during 3Q This was the first quarter of positive change in ownership in the last four quarters. UPS had the most volatility in it s change in ownership with the universe showing a change in ownership of 4.50% following a change of -5.09% in 32Q Cameron International saw a drop in ownership during 3Q of -9.38% following an increase in ownership of 4.33% during the second quarter. Although the ownership of Oracle has decreased over the last three quarters, it remains to be one of the most widely held companies with this universe % -5.00% % Top Five Companies Sold 4Q Q Q Q 2015 Cameron International Oracle Corporation Allstate Intuit Viacom Copyright 2014 evestment Alliance, LLC. All rights reserved.

13 All Emerging Markets Equity Universe: Top 20 Most Popular Holdings evestment All Emerging Markets Equity: Equity products that invest primarily in small, middle, and/or large capitalization stocks in emerging market countries. Peer weight is the weight of an individual stock in its universe. The sum of all peer weights total to 100%. Unique Stocks Held in Emerging Markets All Cap Equity Universe 3958 Number Of Stocks in Average Portfolio 202 3Q 2015 Returns % 1 2 Rank Peer Weight - 3Q 2015 Change in Peer Weight - 3Q 2015 Institutional Fund Ownership Stocks Taiwan Semiconductor Manufacturing Company 2.05% 0.14% 63.31% Samsung Electronics 2.03% -0.16% 60.07% 3 Tencent 1.26% 0.14% 46.04% 4 China Mobile 1.19% 0.09% 47.48% 5 Naspers 0.80% -0.07% 37.05% 6 China Construction Bank 0.77% -0.09% 35.25% 7 Infosys 0.68% 0.17% 34.53% 8 AmBev 0.66% % 9 Industrial and Commercial Bank of China 0.65% -0.08% 34.89% 10 Itaú Unibanco 0.61% -0.28% 37.41% 11 Hon Hai Precision Industry Co., Ltd. 0.55% 0.04% 32.73% 12 Credicorp 0.54% 0.05% 37.05% 13 Ping An Insurance 0.51% -0.01% 30.22% 14 Banorte 0.46% 0.02% 26.62% 15 ICICI Bank 0.45% -0.01% 28.06% 16 HDFC Bank 0.45% 0.11% 19.06% 17 Banco Bradesco 0.45% -0.16% 32.73% 18 Baidu 0.44% -0.19% 25.18% 19 Walmart de México y Centroamérica 0.42% 0.01% 27.34% 20 SK Hynix 0.40% -0.12% 34.53%

14 Change in Weights All Emerging Markets Equity Universe: Russell Sector Overview Health Care Energy Producer Durables Materials & Processing Sector Allocations Financial Services continues to be the sector with the largest allocation within the emerging markets equity space, reporting an allocation of 24.87% in 3Q Contrary to the behavior of US equity managers, emerging markets equity managers have increased their allocation to Energy companies during the third quarter. Utilities Consumer Staples Consumer Discretionary Technology Financial Services 5.00% % % 3 Sector Weights 0.60% 0.40% 0.20% -0.20% -0.40% Change In Sector Allocations -0.60% -0.80% Materials & Processing Energy Technology Health Care Producer Durables Consumer Staples Financial Services Consumer Discretionary Utilities

15 Change in Weights All Emerging Markets Equity Universe: Country Overview Allocation to China during the third quarter totaled 16.93% which was the country with the largest allocation from emerging markets equity managers. However, the allocation to China has gone down over the quarter, decreasing by 1.25%. Top 10 Country Allocations Hong Kong Thailand Russia South Africa Mexico Brazil Taiwan India South Korea China 2.00% 4.00% 6.00% 8.00% % 14.00% 16.00% 18.00% 2.00% 1.50% 1.00% Change in Country Allocations India reported the largest increase in allocation among managers in this category, posting an increase in allocation of 1.64%. 0.50% -0.50% -1.00% -1.50% -2.00% -2.50% India Mexico Pakistan Kenya Bangladesh South Africa Indonesia Turkey China Brazil

16 Change in Ownership Change in Ownership All Emerging Markets Equity Universe: Ownership Activity These graphs display the ownership activity of All Emerging Markets Equity Managers. The top graph represents the top five stocks that had the largest increase in ownership for managers in the All Emerging Markets Equity Universe. Conversely, the bottom graph represents the top five stocks that had the largest decrease in ownership. 8.00% 6.00% 4.00% 2.00% -2.00% -4.00% Top Five Companies Purchased 4Q Q Q Q 2015 Chunghwa Telecom Dr. Reddy's Laboratories Eclat Textile Co., Ltd. BGEO Group Plc BGF Retail Co Chunghwa Telecom has seen a consistent increase in ownership with the emerging markets equity managers showing an increase in ownership during the third quarter of 6.32% taking the total ownership of this company to 15.83%. After 3 consecutive quarters of increased ownership among emerging markets equity managers, Great Wall Motors recorded a decrease in ownership of 10.72% during 3Q % 6.00% 4.00% 2.00% -2.00% -4.00% -6.00% -8.00% % Top Five Companies Sold 4Q Q Q Q 2015 Great Wall Motors Petrobras Tata Motors Lenovo Bank Negara Indonesia

17 COMPANY DESCRIPTION evestment provides a flexible suite of easy-to-use, cloud based solutions to help global investors and their consultants select investment managers, enable asset managers to successfully market their funds world wide and assist clients to identify and capitalize on global investment trends. With the largest, most comprehensive global database of traditional and alternative strategies, delivered through leading-edge technology and backed by fantastic client service, evestment helps its clients be more strategic, efficient and informed. For more industry research visit: For more on evestment s research platform visit: Important Notice: The information presented here is for information purposes only. This information is not investment advice nor is it a solicitation or an offer to buy or sell any securities mentioned in this report. The information presented is provided as-is and all representations and warranties, express or implied (by common law, statute or otherwise) are hereby expressly disclaimed to the fullest extent of the law. Without limiting the foregoing, evestment and its affiliates disclaim the implied warranties of merchantability and fitness for a particular purpose and make no warranty as to the accuracy, completeness or reliability of this information. evestment assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on this information. LOCATIONS Atlanta London +1 (877) (0) support@evestment.com europe@evestment.com New York Sydney (0) support@evestment.com australia@evestment.com Dubai Hong Kong support@evestment.com asia@evestment.com Edinburgh +44 (0) MEDIA CONTACTS Mark Scott evestment Corporate Communications mscott@evestment.com +1 (678) William Obre Jamie Waddell Kwittken (US) Kwittken (UK) wobre@kwittken.com jwaddell@kwittken.com Tamir Abdel-Wahab Ryan Communication tamir@ryancommunication.com