Morningstar Direct SM U.S. Open-End Asset Flows Update

July 2014 Data through June 30 U.S. Open-End Funds Morningstar Direct SM U.S. Open-End Asset Flows Update Fund Investors Flock to Bond Funds Yet Grow Cautious on the U.S. Equity Market by Michael Rawson, CFA Also inside: Extended tables 5 U.S. equity mutual funds suffered their second-consecutive month of outflows in June, as investors withdrew $8.3 billion. It was the category group s largest outflow in 18 months. In aggregate, investors added $24.0 billion to long-term mutual funds as inflows to international-equity funds and taxable-bond funds more than offset the outflows for U.S. equity funds. Strong flows and market appreciation have allowed assets in long-term mutual funds to hit a record $11.7 trillion, more than 40% above the peak prior to the financial crisis. For the year to date, international equity leads all category groups with a $67.5 billion inflow. But given the expectation for a rise in rates, perhaps the biggest surprise so far this year is the $59.2 billion inflow into taxable-bond funds, a large increase from the $21.0 billion inflow all of last year. Estimated Net Flows $Mil* June 2014 YTD 1 Year Assets $Bil 1 Yr Organic Growth Rate % U.S. Equity (8,334) 9,508 39,964 4,877 1.0 Sector Equity 3,219 15,402 25,203 412 8.1 International Equity 9,635 67,502 134,597 1,905 9.0 Allocation 4,923 27,760 50,773 1,154 5.4 Taxable Bond 10,532 59,154 15,664 2,647 0.6 Municipal Bond 2,495 11,373 (36,495) 538 (6.6) Alternative 1,119 14,647 35,336 156 30.3 Commodities 459 (2,301) (10,548) 41 (22.3) All Long Term 24,049 203,046 254,495 11,730 2.6 Money Market (14,098) (147,359) (7,794) 2,363 (0.3) *Includes liquidated and merged funds. Source: Morningstar Direct Asset Flows Note: The figures in this report were compiled on July 10, 2014, and reflect only the funds that had reported net assets by that date. The figures in both the commentary and the extended tables are survivorship-bias free. Artisan and Schwab/Laudus are not included. Important methodology note: Morningstar computes flows using the approach that is standard in the industry: Estimated net flow is the change in assets not explained by the performance of the fund. Our method assumes that flows occur uniformly over the course of the month. Adjustments for mergers are performed automatically. When liquidated funds are included, the final assets of the fund are counted as outflows. Reinvested dividends are not counted as inflows. We use fund-level reinvestment rates to improve accuracy in this respect. We make ad hoc adjustments for unusual corporate actions such as reverse share splits, and we overwrite our estimates with actual flows if managers are willing to provide the data to us. Please click here for a full explanation of our methodology. 2014 Morningstar, Inc. All rights reserved.

Equity Fund Investors Prefer International and Sector-Specific Funds Over U.S. Growth Funds Foreign large blend led all categories with a $4.6 billion inflow. Investors added $1.6 billion to foreign large-value funds but redeemed a net $615 million from foreign large-growth funds. Gold-rated Dodge & Cox International Stock DODFX led all active international-stock funds with a $1.4 billion inflow. The fund has returned 29.3% over the past year compared with 22.5% for Gold-rated Vanguard Total International Stock Index VTIAX. Bronze-rated Thornburg International Value TGVAX saw a $1.3 billion outflow last month. The foreign large-growth fund lost one of its comanagers this past April. While investors appear to be losing patience with that fund, they are buying Bronze-rated Thornburg Developing World THDIX. The fund gained $113 million from new flows last month, and assets have now reached $3.1 billion, up from $759 million a year ago. Diversified emerging markets funds brought in $2.1 billion of new cash. American Funds Developing World Growth & Income DWGAX led all funds in the category with a $314 million inflow, pushing the fund past the $1 billion mark after launching last February. Brandes Emerging Markets BEMIX brought in $303 million. Top- and Bottom-Flowing Categories in June Excludes money markets and funds of funds Estimated Net Flow $Mil Leading June 2014 YTD 1 Year Assets $Bil 1 Yr Organic Growth Rate Foreign Large Blend 4,610 36,632 63,951 727 12% Multisector Bond 3,632 12,453 8,923 181 5% Intermediate-Term Bond 3,479 7,522 (57,237) 956-6% Conservative Allocation 2,633 9,348 13,823 211 8% Short-Term Bond 2,520 8,146 17,366 277 7% Lagging Large Growth (3,986) (18,170) (35,053) 1,200-4% Bank Loan (3,084) 1,742 32,897 140 32% Large Blend (1,940) 21,236 37,297 1,603 3% Mid-Cap Growth (1,576) (3,360) (4,233) 289-2% Small Growth (1,295) (3,732) (1,300) 183-1% Source: Morningstar Direct Asset Flows Within the U.S. equity category group, investors redeemed money from growth style funds. Large outflows beset Bronze-rated American Funds Growth Fund of America AGTHX, Bronze-rated Columbia Acorn ACRNX, and Bronze-rated JPMorgan Large Cap Growth SEEGX. Investors were buying Gold-rated Oakmark OAKMX, Bronze-rated T. Rowe Price Value TRVLX, and JHancock Strategic Growth JSGAX. Putnam Capital Spectrum PVSAX attracted $240 million of new investor cash, bringing the fund to $8.5 billion from $1.2 billion two years ago. The David Glancy-managed fund invests in leveraged companies and has varied its stock, bond, and cash exposure since inception just over five years ago. The fund has returned 24.2% over the past five years, which beats the 19.8% return of the average fund in the mid-blend category. While the organic growth rate of the U.S. equity category group has been just 1% over the past year, sector equity funds have had an 8% organic growth rate. Energy limited partnership and real estate funds have led the charge. 2014 Morningstar, Inc. All rights reserved.

Turning to bond funds, it was the fourth-straight month of inflows into the intermediate-term bond category. Over that fourmonth span, $13.7 billion has gone into the category, which is small compared with the $103 billion of outflows the category suffered from May of last year through February of this year. Multisector bond led all categories in the taxable-bond category group, attracting $3.6 billion. Bank-loan funds shed $3.1 billion in June for its third-straight month of outflows. Silver-rated Eaton Vance Floating Rate EIBLX lost $1.2 billion to outflows, a significant amount for the $13.9 billion fund. Among allocation funds that do not use the fund-of-funds structure, Bronze-rated Franklin Income FKINX, Neutral-rated BlackRock Multi-Asset Income BIICX, Neutral-rated Principal Global Diversified Income PGDIX, and Bronze-rated JPMorgan Income Builder JNBAX each received strong flows. BlackRock Multi-Asset Income surpassed $8.2 billion in assets from $3.7 billion a year ago. Among alternative funds, Bronze-rated MainStay Marketfield MFLDX suffered its third-straight month of outflows, although June s $359 million outflow from the fund was less severe than May s outflow. While investors are selling MainStay s long-short fund, they are buying other funds in the category, including Neutral-rated Neuberger Berman Long Short NLSAX, Silver-rated Robeco Boston Partners Long/Short Research BPIRX, Bronze-rated Gotham Absolute Return GARIX, and Whitebox Tactical Opportunities WBMIX. In the market-neutral category, investors redeemed $548 million from Neutral-rated PIMCO Fundamental Advantage Absolute Return Strategy PFATX. Top- and Bottom-Flowing Mutual Funds in June Excludes money markets and funds of funds Estimated Net Flow $Mil Top-Flowing Funds June 2014 YTD 1 Year Assets $Bil 1 Yr Organic Growth Rate Vanguard Total Bond Market II Index 2,033 6,329 16,351 81,829 26% Vanguard Total Intl Stock Idx 1,482 8,979 15,685 127,006 17% Dodge & Cox International Stock 1,413 4,776 6,438 62,825 15% PIMCO Income 1,157 5,272 6,735 37,075 24% GMO Asset Allocation Bond 1,089 1,978 4,252 4,567 1965% Bottom-Flowing Funds PIMCO Total Return (4,486) (20,159) (53,159) 225,216-20% PIMCO High Yield (1,433) (3,230) (5,652) 13,003-33% Thornburg International Value (1,270) (6,922) (9,605) 20,604-35% Eaton Vance Floating Rate (1,170) (844) 1,511 13,894 12% Fidelity Advisor Equity Growth (1,015) (1,114) (1,512) 2,771-46% Source: Morningstar Direct Asset Flows 2014 Morningstar, Inc. All rights reserved.

Flows by Fund Family With a $7.7 billion in inflows so far this year, Dodge & Cox is off to its strongest start since 2007. The firm, which has a svelte lineup of just six funds, is seeing strong flows to Dodge & Cox International Stock, Gold-rated Dodge & Cox Income DODIX, and Gold-rated Dodge & Cox Global Stock DODWX. Each fund has had stellar performance so far this year, with both Dodge & Cox International Stock and Dodge & Cox Global Stock ranking in the top-five percentile in their respective categories over the past year. MFS is seeing strong flows to its Silver-rated MFS Value MEIIX and Silver-rated MFS International Value MINIX, while Dimensional Fund Advisors is seeing strong flows to DFA International Real Estate Securities DFITX, Silver-rated DFA US Core Equity DFEOX, Bronze-rated DFA International Core Equity DFIEX, and Bronze-rated DFA Five-Year Global Fixed-Income DFGBX. Silver-rated Loomis Sayles Strategic Income NEFZX and Silver-rated Loomis Sayles Core Plus Bond NECRX are generating strong flows for Natixis. Both funds are in the top-five percentile of their categories over the past year. Loomis Sayles Strategic Income is a multisector-bond fund while Loomis Sayles Core Plus Bond is an intermediate-term bond fund. A pair of high-yield muni-bond funds is driving strong flows to Nuveen. Nuveen High Yield Municipal Bond NHMAX and Nuveen Short Duration High Yield Municipal Bond NVHAX have both had strong flows, rebounding from last year s negative sentiment in high-yield municipal bonds. Estimated Net Flow $Mil Leading Top-10 U.S. Mutual Fund Families Ranked by assets, excluding money markets and funds of funds. June 2014 YTD 1 Year Assets $Bil Market Share of Assets % Vanguard 7,573 64,786 92,562 2,120 18.07 Fidelity Investments 1,376 (3,505) (6,358) 1,223 10.43 American Funds (459) 582 (10,458) 1,165 9.93 PIMCO (5,814) (32,303) (79,241) 506 4.31 Franklin Templeton Investments 986 3,458 1,807 459 3.91 T. Rowe Price 698 10,626 12,748 451 3.85 Dimensional Fund Advisors 2,041 14,475 25,875 244 2.08 JPMorgan 1,674 14,746 24,086 244 2.08 OppenheimerFunds 631 5,654 11,943 209 1.78 BlackRock 1,083 7,866 15,451 207 1.77 Source: Morningstar Direct Asset Flows Call It Performance-Chasing, but Flows Follow the Stars Funds with strong performance tend to have better flows in the future. To illustrate this point, we took a look at a fund s threeyear Morningstar Rating for funds as of June 2013 and then tracked the flows over the next year. The analysis was done by share class for all funds in the U.S. equity, sector-equity, international-equity, taxable-bond, and municipal-bond category groups. Among active funds, those with 5 stars have the strongest inflows while those with just 1 or 2 stars have outflows. Three-Year Morningstar Rating as of June 2013 Active Fund Share Class Flow $ Mil % of Share Classes Index Fund Share Class Flow $ Mil % of Share Classes 5 89 8% 95 3% 4 16 19% 183 39% 3-16 35% 74 39% 2-34 26% -18 16% 1-31 12% -4 3% 2014 Morningstar, Inc. All rights reserved.

2014 Morningstar, Inc. All rights reserved.

Morningstar Direct SM Publishing Date: 2014-07-15 Page 1 of 6 Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr 06-2014 Mkt Sh % 06-2013 Mkt Sh % 1-Mo YTD 1 Large Blend (1,940) 5,875 21,236 37,297 1,603 13.67 1,298 13.04 2.14 6.39 2 Large Growth (3,986) (12,553) (18,170) (35,053) 1,200 10.23 969 9.74 2.46 4.68 3 Intermediate-Term Bond 3,479 9,383 7,522 (57,237) 956 8.15 975 9.80 0.17 4.10 4 Large Value 284 2,815 5,379 17,160 857 7.30 698 7.02 2.24 6.96 5 Foreign Large Blend 4,610 12,785 36,632 63,951 727 6.20 553 5.56 1.19 3.79 6 Moderate Allocation 988 3,237 7,694 15,094 493 4.21 407 4.09 1.52 5.41 7 World Stock 1,206 1,923 7,338 15,878 398 3.39 314 3.16 1.97 5.75 8 World Allocation 470 2,606 7,661 17,777 324 2.76 264 2.65 1.46 5.35 9 Diversified Emerging Mkts 2,134 6,057 8,871 21,487 306 2.61 247 2.48 2.44 5.83 10 High Yield Bond (481) 2,661 7,139 18,369 301 2.56 258 2.59 0.79 4.83 11 Mid-Cap Growth (1,576) (4,381) (3,360) (4,233) 289 2.47 246 2.47 3.97 3.97 12 Short-Term Bond 2,520 4,006 8,146 17,366 277 2.36 254 2.55 0.04 1.26 13 Mid-Cap Blend 338 1,618 6,357 13,930 234 1.99 175 1.75 3.40 6.47 14 Conservative Allocation 2,633 6,353 9,348 13,823 211 1.80 172 1.73 1.01 4.90 15 Small Blend (640) (1,569) 586 6,292 203 1.73 163 1.64 4.40 3.81 16 Mid-Cap Value 323 303 72 4,204 201 1.71 169 1.70 3.30 7.79 17 World Bond 1,623 3,384 6,127 4,347 195 1.66 180 1.81 0.67 4.92 18 Small Growth (1,295) (4,214) (3,732) (1,300) 183 1.56 154 1.55 5.88 0.87 19 Multisector Bond 3,632 7,646 12,453 8,923 181 1.54 160 1.61 0.60 4.94 20 Foreign Large Value 1,637 4,580 9,147 16,524 161 1.38 117 1.18 1.15 4.98 21 Foreign Large Growth (615) (1,861) 384 4,334 161 1.38 149 1.49 1.54 3.15 22 Nontraditional Bond 1,691 7,511 20,713 47,958 150 1.28 99 1.00 0.28 2.38 23 Bank Loan (3,084) (5,957) 1,742 32,897 140 1.19 103 1.03 0.49 1.97 24 Muni National Interm 1,261 3,749 6,329 (5,300) 126 1.08 127 1.28 (0.02) 4.53 25 Small Value 159 803 1,139 1,666 106 0.91 85 0.86 4.03 4.69 26 Muni National Short 609 487 3,178 3,768 105 0.90 100 1.00 (0.02) 1.24 27 Intermediate Government (210) (1,538) (4,861) (23,945) 95 0.81 116 1.17 0.12 3.26 28 Health 303 (1,485) 1,956 5,908 90 0.77 62 0.62 5.13 11.40 29 Real Estate 1,093 3,299 3,843 2,860 88 0.75 76 0.77 1.09 16.57 30 Muni National Long (167) (136) (2,332) (13,666) 87 0.74 96 0.96 (0.10) 6.87 31 Inflation-Protected Bond 64 (1,371) (3,042) (22,080) 80 0.68 99 1.00 0.32 4.92 32 Emerging Markets Bond 814 1,338 (1,553) (8,475) 73 0.62 77 0.77 0.78 6.60 33 Corporate Bond 39 566 628 (5,079) 67 0.57 67 0.67 0.31 6.29 34 High Yield Muni 642 3,382 5,615 (2,339) 66 0.56 66 0.66 (0.10) 9.03 35 Ultrashort Bond 315 44 2,497 8,911 64 0.55 55 0.55 0.05 0.44

Morningstar Direct SM Publishing Date: 2014-07-15 Page 2 of 6 Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr 06-2014 Mkt Sh % 06-2013 Mkt Sh % 1-Mo YTD 36 Long/Short Equity 819 2,276 9,371 22,075 60 0.51 35 0.36 1.25 2.98 37 Aggressive Allocation 162 185 56 (298) 56 0.48 47 0.47 1.98 5.78 38 Commodities Broad Basket 445 638 (2,336) (10,597) 41 0.35 47 0.48 1.39 6.33 39 Technology (15) (1,000) 384 1,950 40 0.34 29 0.29 4.50 7.15 40 Global Real Estate (221) 150 886 1,859 38 0.32 32 0.32 1.52 10.48 41 Natural Resources 102 15 30 (478) 37 0.31 30 0.30 4.52 11.32 42 Muni California Long 60 227 (52) (3,699) 36 0.31 38 0.38 (0.03) 7.78 43 Foreign Small/Mid Growth (59) 2 2,028 4,769 36 0.31 26 0.27 1.66 4.31 44 Multialternative 410 1,538 4,375 10,419 34 0.29 22 0.22 0.69 1.74 45 Short Government (235) (359) (294) (4,574) 33 0.28 37 0.38 (0.03) 0.73 46 Tactical Allocation 196 625 720 413 32 0.27 29 0.29 1.50 4.86 47 Market Neutral (312) (104) 1,690 3,600 30 0.25 25 0.25 0.11 0.70 48 Equity Energy 457 1,331 1,149 53 28 0.24 22 0.22 5.99 16.37 49 Utilities 202 1,005 1,246 1,254 27 0.23 20 0.20 4.23 16.45 50 Muni New York Long (72) (174) (579) (3,588) 25 0.21 28 0.28 (0.15) 6.83 51 Energy Limited Partnership 1,340 3,903 6,406 10,981 25 0.21 11 0.11 6.24 17.21 52 Europe Stock 173 912 2,983 6,826 23 0.19 12 0.12 (0.41) 3.22 53 Pacific/Asia ex-japan Stk 143 252 (1,604) (1,608) 22 0.18 21 0.21 2.08 7.41 54 Foreign Small/Mid Value 182 464 812 1,508 21 0.18 15 0.15 1.80 6.15 55 Muni Single State Long (65) (230) (733) (4,435) 21 0.18 26 0.26 (0.20) 6.74 56 Foreign Small/Mid Blend 343 1,056 2,201 3,773 19 0.17 13 0.13 1.53 5.51 57 Convertibles 367 1,103 2,092 4,268 19 0.16 12 0.12 2.21 7.02 58 Long-Term Bond 105 66 825 90 19 0.16 17 0.18 0.14 6.75 59 Equity Precious Metals (78) (128) 203 (74) 14 0.12 12 0.12 17.90 27.51 60 Muni California Intermediate 154 471 883 523 13 0.11 12 0.12 (0.07) 4.34 61 Muni Single State Interm 34 (18) (258) (1,794) 13 0.11 14 0.14 (0.10) 4.41 62 Managed Futures 32 30 1,089 2,624 12 0.10 10 0.10 0.55 (0.92) 63 Muni Single State Short 89 24 (59) (1,130) 11 0.10 12 0.12 (0.32) 2.29 64 Preferred Stock 119 722 903 (578) 11 0.09 11 0.11 0.71 9.58 65 Diversified Pacific/Asia (126) (343) (786) (685) 11 0.09 10 0.10 2.82 3.24 66 Multicurrency (16) 113 (883) (2,059) 10 0.09 12 0.12 0.05 1.37 67 Muni Pennsylvania (13) (79) (236) (1,308) 9 0.08 10 0.10 (0.14) 6.40 68 Financial 61 (236) (313) 483 8 0.07 7 0.07 2.39 3.07 69 Muni New Jersey (24) (58) (161) (940) 7 0.06 7 0.07 (0.28) 6.82 70 Muni Massachusetts (8) (6) (17) (861) 7 0.06 7 0.07 (0.20) 6.07

Morningstar Direct SM Publishing Date: 2014-07-15 Page 3 of 6 Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr 06-2014 Mkt Sh % 06-2013 Mkt Sh % 1-Mo YTD 71 Long Government 141 65 210 (1,228) 6 0.05 7 0.07 (0.19) 12.57 72 Bear Market (89) (106) (693) (1,753) 6 0.05 9 0.09 (4.60) (9.89) 73 China Region (72) (258) (1,049) (1,162) 6 0.05 6 0.06 3.09 (0.66) 74 Industrials 49 478 325 1,032 5 0.04 3 0.03 1.19 5.97 75 Miscellaneous Region 27 (24) (168) (663) 5 0.04 5 0.05 2.02 3.63 76 Muni Ohio (10) (42) (142) (852) 5 0.04 5 0.05 (0.19) 5.77 77 Communications (18) (76) (134) (122) 4 0.04 4 0.04 0.74 2.64 78 Muni Minnesota 10 (2) (51) (537) 4 0.04 5 0.05 0.07 5.67 79 Japan Stock 61 132 923 606 4 0.03 3 0.03 5.14 3.29 80 Consumer Cyclical (89) (331) (584) (328) 4 0.03 4 0.04 2.10 1.24 81 Target Date 2026-2030 30 24 84 133 3 0.03 3 0.03 1.64 5.36 82 Latin America Stock (44) (56) (268) (836) 3 0.03 4 0.04 3.77 6.45 83 Target Date 2016-2020 15 (14) 4 (15) 3 0.03 3 0.03 1.27 4.93 84 Muni New York Intermediate (3) (12) (12) (336) 3 0.03 3 0.03 (0.04) 4.03 85 Trading-Leveraged Equity 172 81 (295) 682 3 0.03 2 0.02 5.10 7.90 86 Consumer Defensive (4) 93 (89) (326) 3 0.02 3 0.03 0.48 4.64 87 Target Date 2021-2025 23 5 36 (150) 3 0.02 2 0.02 1.52 5.29 88 Target Date 2036-2040 21 16 59 132 2 0.02 2 0.02 1.89 5.63 89 Target Date 2031-2035 12 4 54 (63) 2 0.01 1 0.01 1.83 5.52 90 Target Date 2046-2050 15 24 63 128 1 0.01 1 0.01 1.96 5.76 91 Target Date 2011-2015 (8) (18) (16) (140) 1 0.01 1 0.01 1.09 4.73 92 India Equity 36 106 57 (104) 1 0.01 1 0.01 4.71 28.47 93 Retirement Income (4) (13) (76) (196) 1 0.01 1 0.01 0.94 4.28 94 Target Date 2041-2045 4 4 37 (31) 1 0.01 1 0.01 2.00 5.69 95 Target Date 2000-2010 (6) (33) (84) (156) 1 0.01 1 0.01 0.99 4.52 96 Trading-Inverse Debt 124 (28) (71) (305) 1 0.01 1 0.01 (0.45) (9.56) 97 Miscellaneous Sector 34 64 92 150 0 0.00 0 0.00 1.34 2.56 98 Target Date 2051+ 6 15 30 54 0 0.00 0 0.00 2.00 5.69 99 Trading-Leveraged Debt (20) 14 44 9 0 0.00 0 0.00 (0.35) 15.54 100 Commodities Precious Metals 14 10 35 49 0 0.00 5.91 9.23 101 Volatility 1 1 51 51 0 0.00 (7.00) 102 Trading-Miscellaneous 3 5 (7) (14) 0 0.00 0 0.00 (0.38) (3.93) 103 Trading-Inverse Commodities (5) 1 (34) (8) 0 0.00 0 0.00 (3.73) (10.08) 104 Trading-Inverse Equity 0 1 11 15 0 0.00 0 0.00 (4.35) (10.17) 105 Trading-Leveraged Commodities 1 0 0 0 0 0.00 0 0.00 12.46 30.09 Top 10 6,766 34,788 91,302 114,723 7,166 61.09 5,984 60.14 All 24,049 75,846 203,046 254,495 11,730 100.00 9,950 100.00

Morningstar Direct SM Publishing Date: 2014-07-15 Page 4 of 6 Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr 06-2014 Mkt Sh % 06-2013 Mkt Sh % 1 Vanguard 7,573 29,257 64,786 92,562 2,120 18.07 1,711 17.20 2 Fidelity Investments 1,376 (2,064) (3,505) (6,358) 1,223 10.43 1,026 10.31 3 American Funds (459) (415) 582 (10,458) 1,165 9.93 978 9.83 4 PIMCO (5,814) (16,803) (32,303) (79,241) 506 4.31 557 5.60 5 Franklin Templeton Investments 986 2,139 3,458 1,807 459 3.91 403 4.05 6 T. Rowe Price 698 3,127 10,626 12,748 451 3.85 362 3.64 7 Dimensional Fund Advisors 2,041 6,783 14,475 25,875 244 2.08 182 1.83 8 JPMorgan 1,674 6,625 14,746 24,086 244 2.08 195 1.96 9 OppenheimerFunds 631 2,182 5,654 11,943 209 1.78 173 1.74 10 BlackRock 1,083 3,680 7,866 15,451 207 1.77 169 1.69 11 Dodge & Cox 2,254 5,221 7,707 6,692 170 1.45 132 1.33 12 MFS 1,501 3,988 8,563 14,638 169 1.44 131 1.32 13 Columbia (926) (2,271) (4,758) (11,022) 167 1.42 154 1.55 14 Invesco 10 354 (298) (1,223) 150 1.28 128 1.28 15 John Hancock 2,109 4,553 7,762 11,582 115 0.98 89 0.90 16 Principal Funds 628 2,036 3,281 4,723 110 0.93 90 0.90 17 Lord Abbett 373 730 1,408 1,974 109 0.93 98 0.98 18 Wells Fargo Advantage (268) (1,313) (539) (1,594) 104 0.88 93 0.93 19 Janus (436) (1,794) (3,995) (10,972) 102 0.87 95 0.96 20 Goldman Sachs 1,450 4,317 12,277 21,435 101 0.86 70 0.70 21 American Century Investments (597) (1,384) (2,301) (6,214) 100 0.85 92 0.92 22 Hartford Mutual Funds (1,014) (1,766) (3,081) (6,619) 97 0.83 88 0.88 23 Voya (480) (1,600) (3,085) (5,726) 94 0.80 84 0.84 24 Harbor 59 293 785 (168) 89 0.76 74 0.74 25 MainStay (205) 123 3,300 11,719 84 0.72 63 0.63 26 Oakmark 1,018 3,104 7,237 15,859 83 0.71 54 0.55 27 Legg Mason 563 1,205 2,267 1,799 83 0.70 70 0.71 28 SEI (340) 146 1,929 1,744 82 0.70 70 0.70 29 First Eagle 428 1,066 2,183 4,587 78 0.66 62 0.63 30 TIAA-CREF Mutual Funds 547 2,038 3,927 6,873 78 0.66 59 0.59 31 Eaton Vance (1,741) (2,884) (3,281) (2,811) 78 0.66 74 0.74 32 Ivy Funds (92) 553 4,091 8,751 77 0.66 58 0.58 33 Putnam 559 1,710 4,260 7,543 74 0.63 56 0.56 34 Prudential Investments 367 834 1,755 1,552 71 0.61 60 0.60 35 GMO 55 553 3,109 1,256 70 0.60 66 0.66

Morningstar Direct SM Publishing Date: 2014-07-15 Page 5 of 6 Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr 06-2014 Mkt Sh % 06-2013 Mkt Sh % 36 Dreyfus (71) 643 586 (994) 64 0.55 57 0.57 37 Federated 349 310 1,115 (735) 61 0.52 55 0.55 38 Thornburg (680) (2,554) (4,023) (3,831) 61 0.52 58 0.58 39 AllianceBernstein 246 353 2,873 2,497 60 0.51 52 0.52 40 Nuveen 688 1,470 2,898 1,130 57 0.49 52 0.52 41 Natixis Funds 538 1,648 3,118 4,163 55 0.47 46 0.46 42 USAA 190 681 1,022 850 55 0.47 47 0.48 43 Northern Funds 194 317 1,079 2,250 52 0.44 44 0.45 44 DWS Investments 11 (342) (689) (3,239) 49 0.42 47 0.47 45 Neuberger Berman 509 907 1,486 2,496 43 0.36 34 0.34 46 AMG Funds (183) (135) (550) 2,611 42 0.36 34 0.34 47 Delaware Investments 288 710 579 (562) 42 0.36 37 0.37 48 Russell 73 (169) (177) (393) 42 0.36 37 0.37 49 Pioneer Investments 91 72 452 (94) 39 0.33 34 0.35 50 Allianz Funds (183) (955) (1,715) (1,993) 39 0.33 35 0.35 Top 10 9,789 34,512 86,387 88,415 6,828 58.21 5,756 57.85 Top 50 17,668 57,283 148,944 168,948 10,120 86.28 8,532 85.75 Other 6,381 18,216 50,284 78,341 1,610 13.72 1,322 13.28 All 24,049 75,499 199,228 247,289 11,730 100.00 9,854 99.03 Asset Classes Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr 06-2014 Mkt Sh % 06-2013 Mkt Sh % US Equity (8,334) (11,304) 9,508 39,964 4,877 41.58 3,958 39.78 Sector Equity 3,219 7,083 15,402 25,203 412 3.51 313 3.15 International Equity 9,635 25,728 67,502 134,597 1,905 16.24 1,496 15.03 Allocation 4,923 14,123 27,760 50,773 1,154 9.84 947 9.52 Taxable Bond 10,532 28,165 59,154 15,664 2,647 22.57 2,515 25.28 Municipal Bond 2,495 7,581 11,373 (36,495) 538 4.59 557 5.59 Alternative 1,119 3,822 14,647 35,336 156 1.33 117 1.17 Commodities 459 648 (2,301) (10,548) 41 0.35 47 0.48 All Long Term 24,049 75,846 203,046 254,495 11,730 100.00 9,950 100.00

Morningstar Direct SM Publishing Date: 2014-07-15 Page 6 of 6 Morningstar Ratings Name Estimated Net Flow ($mil) Total Net Assets ($bil) 1-Mo QTD YTD 1-Yr 06-2014 Mkt Sh % 06-2013 Mkt Sh % QQQQQ 14,912 49,234 105,087 165,874 1,724 14.70 1,341 13.48 QQQQ 9,556 27,385 88,531 110,807 5,110 43.57 4,297 43.18 QQQ (5,578) (11,210) (21,582) (68,328) 3,472 29.60 3,043 30.58 QQ (6,327) (18,489) (31,411) (72,346) 885 7.55 848 8.52 Q 42 (3,063) (5,568) (15,385) 147 1.25 146 1.47 Not Rated 11,444 31,989 67,990 133,871 391 3.34 276 2.77 Total 24,049 75,846 203,046 254,495 11,730 100.00 9,950 100.00