International Statistical Release

International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the Fourth Quarter 203 Brussels, 2 April 204. Mutual fund assets worldwide increased.8 percent to 23.79 trillion at the end of the fourth quarter of 203, marking a new all-time high. This increase was due primarily to strong capital appreciation in the equity funds. Worldwide net cash flow to all funds was 229 billion in the fourth quarter, up from 82 billion of net inflows in the third quarter. Flows into long-term funds increased to 93 billion from 00 billion in the previous quarter. Equity funds worldwide registered increased net inflows of 07 billion, up from 6 billion in the third quarter. On the other hand bond funds worldwide recorded a second quarter of net outflows amounting to billion, albeit down from 37 billion of outflows in the previous quarter. Money market funds recorded net inflows of 36 billion, compared to 8 billion in the third quarter. The information presented in this report was compiled by EFAMA and the Investment Company Institute on behalf of the International Investment Funds Association, an organization of national investment fund associations. Statistics from 45 countries are included in this report. Worldwide Investment Fund Assets (*) (EUR trillions, end of quarter) 9.94 9.97 20.85 2.42 2.95 22.7 23.78 22.94 23.37 23.79 6.94 4.32 (*) Including funds of funds. Q4 Q4 Q4 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 2008 2009 200 20 202 203

EFAMA International Statistical Release (203:Q4) On a U.S. dollar-denominated basis and taking into account funds of funds, investment fund assets worldwide increased 4.0 percent in the fourth quarter of 203 to US$32.8 trillion. This difference reflects appreciation of the euro vis-à-vis the US dollar by 2. percent during the quarter. The following graphs show the net asset growth of the six largest countries/regions. Geographical Trends in Investment Fund Assets at 203:Q4 () (EUR billions, end of quarter) 5.% 2.6% 3.0%.0% 6.0% 5.7%,699 2,045 % change in local currency 6,690 6,866,220,78,94,08 856 862 785 758 USA Europe Australia Brazil Canada Japan 203:Q3 203:Q4 () Including funds of funds. Geographical Trends by Type of Fund, 203:Q4 (EUR billions, end of quarter) USA Europe Australia Brazil Canada Japan Equity 5,63 2,53 472 67 227 448 % chg in EUR () 7% 6% -4% -6% 5% -5% % chg in loc. cur. (2) 9% 0% 3% 2% 0% 4% Bond 2,392,942 58 407 9 00 % chg in EUR () -3% 0% -4% -7% -5% 6% % chg in loc. cur. (2) -% 0% 2% 2% 0% 6% Money Market,97 92 246 34 9 3 % chg in EUR () -% -2% -4% -0% -6% -6% % chg in loc. cur. (2) % 0% 3% -2% 0% 3% Balanced / Mixed 895,3 -- 56 328 -- % chg in EUR () 4% 4% -- -9% 2% -- % chg in loc. cur. (2) 6% 0% -- -2% 7% -- Other (3),56 368 403 445 98 97 % chg in EUR () 5% 4% -3% -7% -% -5% % chg in loc. cur. (2) 7% 0% 4% % 4% 4% () 203:Q4 compared to 203:Q3. (2) 203:Q4 compared to 203:Q3, using the euro as the local currency for Europe. (3) Including funds of funds. 2

EFAMA International Statistical Release (203:Q4) On a Euro denominated basis, equity fund assets worldwide increased 5.0 percent during the fourth quarter to 9.6 trillion, whilst net assets of balanced/mixed funds increased by 2.9 percent to stand at 2.7 trillion. Over the same period, net assets of bond funds fell.9 percent to stand at 5.2 trillion and net assets of money market funds reduced 0.7 percent during the quarter to stand at 3.5 trillion. Worldwide Assets of Equity, Bond, Money Market, and Balanced / Mixed Funds (EUR billions, end of quarter) 9,76 9,632 5,259 5,6 3,475 3,45 2,590 2,665 203:Q3 203:Q4 203:Q3 203:Q4 203:Q3 203:Q4 203:Q3 203:Q4 Equity Bond Money Market Balanced / Mixed Net Sales of Investment Funds (EUR billions) 202 203 202 203 202 203 Q Q2 Q3 Q4 203 Q Q2 Q3 Q4 203 Q Q2 Q3 Q4 203 Equity -58 56 8 32 66 72 3 44-8 30 40 06-49 09 28 6 07 305 Bond 306 66 - -29-26 203 44 30-2 3 65 599 43 3-37 - 26 Money Market 4-76 -9 7 28 4-39 -2-53 -9-2 -85 0-82 -84 8 36-49 Balanced / Mixed 53 22 9 7 6 75 27 36 28 20 30 4 8 74 57 47 52 230 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other (3) 90 37 27 4 3 08 8 8 5 7-29 6 76 76 29 45 227 Long-Term (4) 39 8 53 34 87 355 240 32 65 45 72 33 828 402 93 00 93 888 Total 395 05 44 05 5 369 20 30 2 36 5 228 828 320 09 82 229 839 () For Austria, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Liechtenstein, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey and UK. (2) 42 countries reported in 203:Q4: 40 in 203:Q3 and 4 in 203:Q and 203:Q2. Assets of reporting countries represented 95 percent of all countries at the end of 203:Q4. (3) Including net sales of funds of funds. (4) Total excluding Money Market Funds USA Europe () World (2) 3

EFAMA International Statistical Release (203:Q4) Overall in 203 worldwide investment funds attracted 839 billion in net new money, marking a slight increase from the 828 billion of net sales registered in 202. Long-term funds enjoyed increased net inflows of 888 billion, up from 828 billion in 202. Equity funds were the big winner when it comes to net sales as net inflows reached 305 billion, compared to net outflows of 49 billion in 202. Bond funds registered net inflows of 26 billion in 203, down from 599 billion in 202. Balanced/mixed funds recorded net inflows of 230 billion, up from 8 billion last year. Worldwide money market funds suffered net outflows of 49 billion after breaking-even in 202. In the fourth quarter of 203 investment funds worldwide registered net inflows amounting to 229 billion, up from 82 billion in the third quarter. Long-term funds registered increased net inflows during the quarter totalling 93 billion compared to 00 billion in the previous quarter. Flows into equity funds worldwide jumped to 07 billion in the fourth quarter, up from 6 billion of net inflows in the third quarter of 203. European equity funds posted net inflows of 40 billion during the quarter, up from 30 billion in the previous quarter. In the United States, equity funds recorded net inflows of 66 billion, more than doubling the net inflows of 32 billion registered in the third quarter. Bond funds posted a second consecutive quarter of net outflows totaling billion, albeit lower than the net outflows of 37 billion in the third quarter. Bond funds in Europe registered net inflows of 3 billion against net outflows of 2 billion in the previous quarter. The United States reported net outflows of 26 billion during the quarter, down from 29 billion in the third quarter. Balanced/mixed funds worldwide attracted increased net inflows of 52 billion, up from 47 billion in the third quarter. Europe registered net inflows of 30 billion, compared to 20 billion in the previous quarter. Net inflows of 6 billion were recorded into balanced/mixed funds in the United States, down slightly from the 7 billion recorded in the third quarter. Money market funds worldwide experienced a net inflow of 36 billion in the fourth quarter, compared to 8 billion in the third quarter. Money market funds in Europe registered outflows of 2 billion, up from 9 billion in the previous quarter. On the other hand, the United States registered net inflows of 28 billion into money market funds, down from 7 billion in the third quarter. 4

EFAMA International Statistical Release (203:Q4) At the end of the fourth quarter of 203, 40 percent of worldwide investment fund assets were held in equity funds. The asset share of bond funds was 22 percent and the asset share of balanced/mixed funds was percent. Money market fund assets represented 5 percent of the worldwide total. Composition of Worldwide Investment Fund Assets, 203:Q4 (*) (Percent of total assets, end of quarter) Other / Unclassified 2% Balanced / Mixed % Equity 40% Bond 22% Money Market 5% (*) Including funds of funds. The number of investment funds worldwide stood at 87,96 at the end of the fourth quarter of 203. By type of fund, 32 percent were equity funds, 20 percent were balanced/mixed funds, 7 percent were bond funds, and 3 percent were money market funds. Composition of Worldwide Investment Funds, 203:Q4 (*) (Percent of funds, end of quarter) Other / Unclassified 28% Equity 32% Balanced / Mixed 20% Bond 7% Money Market 3% (*) Including funds of funds. 5

EFAMA International Statistical Release (203:Q4) Looking at the worldwide distribution of investment fund assets at end 203, the United States and Europe held the largest shares in the world market, 50.6 percent and 28.9 percent, respectively. Australia, Brazil, Canada, Japan, China, Rep. of Korea, South Africa and India follow in this ranking. Taking into account non-ucits assets, the market share of Europe reached 36.0 percent at the end of 203. Top 0 Countries/Regions of Worldwide Investment Fund Assets (*) (Market share at end Q4 203) USA 50.6% Others 0.9% Canada 3.6% South Africa 0.5% Japan 3.2% Australia 5.0% India 0.3% Brazil 4.7% China.5% Europe 28.9% Rep. of Korea 0.9% (*) Including funds of funds. The chart below highlights the top ten domiciles worldwide of investment fund assets at end 203. Top 0 Domiciles of Worldwide Investment Fund Assets (*) (Market share at end Q4 203) France 4.7% Ireland 4.4% United Kingdom 3.6% Luxembourg 9.2% USA 50.6% Others 9.8% Switzerland.2% Brazil 4.7% Australia 5.0% Japan 3.2% Canada 3.6% (*) Including funds of funds. 6

EFAMA International Statistical Release (203:Q4) Table TOTAL NET ASSETS, 2008-203:Q4 Billions of U.S. dollars, end of period ITEM 2008 2009 200 20 202 203 Q Q2 Q3 Q4 All Reporting Countries 8,99 22,945 24,70 23,796 26,836 27,855 27,449 28,878 30,050 Equity 6,43 8,862 0,478 9,492 0,79,524,354 2,39 3,284 Bond 3,400 4,565 5,422 5,83 7,025 7,29 7,024 7,4 7,7 Money Market 5,786 5,37 4,995 4,695 4,793 4,657 4,493 4,689 4,760 Balanced/Mixed,828 2,406 2,785 2,744 3,2 3,267 3,36 3,495 3,676 Other 676 840,029,034,78,87,263,88,24 Countries Reporting in Every Period 2 8,896 22,906 24,665 23,752 26,794 27,8 27,406 28,833 30,004 Equity 6,424 8,852 0,47 9,486 0,73,59,348 2,385 3,276 Bond 3,394 4,55 5,4 5,89 7,0 7,202 7,008 7,098 7,00 Money Market 5,780 5,305 4,993 4,693 4,785 4,650 4,485 4,682 4,753 Balanced/Mixed,825 2,40 2,780 2,737 3,6 3,26 3,30 3,489 3,669 Other 676 840,00,08,70,79,255,79,205 Source: National mutual fund associations; EFAMA provides data for all European countries except Russia. Components may not sum to total because of rounding or unclassified funds. 2 Number of countries is 42. Components may not sum to total because of rounding. Table 2 NET SALES, 2009-203:Q4 Billions of U.S. dollars ITEM 2009 200 20 202 203 Q4 Q Q2 Q3 Q4 All Reporting Countries 2 27 205 03 908 424 33 4 9 252 Equity 85 46-96 -68 7 44 45 77 45 Bond 627 462 238 786 24 90 54-55 -5 Money Market -640-70 -52 2 37-9 -99 0 49 Balanced/Mixed 8 8 86 52 43 98 73 62 70 Other -9 34 27 34 2 8 40 6 3 202 Countries Reporting in Every Period 3 299 8 2 693 329 304 42 63 205 Equity 72 5-02 -98 0 35 46 73 26 Bond 640 454 20 665 69 67 46-46 -4 Money Market -624-737 -95-38 2-05 -5 74 2 Balanced/Mixed 30 84 77 47 4 94 72 62 67 Other -20 30 2 8 6 3 28 - -6 Source: National mutual fund associations; EFAMA provides data for all European countries except Russia. Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. 2 Components may not sum to total because of rounding or unclassified funds. 3 Number of countries is 33. Components may not sum to total because of rounding. Table 3 NUMBER OF FUNDS, 2008-203:Q4 End of period ITEM 2008 2009 200 203 Q Q2 Q3 Q4 All Reporting Countries 68,57 67,526 69,486 72,600 73,229 73,833 74,549 75,233 76,200 Equity 27,846 27,466 27,689 28,043 27,760 27,876 28,027 28,02 28,36 Bond 2,254 2,454 2,799 2,962 3,295 3,526 3,60 3,840 4,338 Money Market 3,700 3,52 3,344 3,59 2,929 2,908 2,842 2,82 2,796 Balanced/Mixed 4,504 4,653 5,897 6,842 7,5 7,474 7,572 7,700 7,827 Other 7,70 6,7 6,858 8,04 8,927 8,844 9,259 9,557 9,533 20 202 Countries Reporting in Every Period 2 65,880 64,87 66,783 69,378 70,572 7,24 7,946 72,658 73,498 Equity 25,767 25,423 25,745 26,54 26,9 26,292 26,460 26,507 26,767 Bond 2,008 2,66 2,540 2,659 2,888 3,0 3,83 3,407 3,890 Money Market 3,658 3,478 3,308 3,26 2,899 2,875 2,809 2,779 2,760 Balanced/Mixed 4,8 4,38 5,609 6,557 6,945 7,262 7,357 7,477 7,59 Other 7,69 6,7 6,682 7,797 8,554 8,470 8,889 9,85 9,45 Source: National mutual fund associations; EFAMA provides data for all European countries except Russia. Components may not sum to total because of unclassified funds. 2 Number of countries is 42. 7

EFAMA International Statistical Release (203:Q4) Table 4 TOTAL NET ASSETS, 2008-203:Q4 Billions of euros, end of period ITEM 2008 2009 200 20 202 203 Q Q2 Q3 Q4 All Reporting Countries 3,594 5,928 8,493 8,39 20,339 2,753 20,985 2,383 2,790 Equity 4,62 6,52 7,842 7,336 8,24 9,000 8,680 9,75 9,632 Bond 2,443 3,69 4,058 4,506 5,325 5,638 5,370 5,268 5,6 Money Market 4,58 3,69 3,738 3,629 3,633 3,637 3,435 3,472 3,45 Balanced/Mixed,33,670 2,084 2,2 2,366 2,552 2,535 2,588 2,665 Other 486 583 770 799 893 927 966 880 880 Countries Reporting in Every Period 2 3,578 5,900 8,459 8,357 20,308 2,79 20,952 2,350 2,756 Equity 4,66 6,45 7,836 7,33 8,9 8,996 8,676 9,7 9,627 Bond 2,439 3,59 4,050 4,497 5,34 5,625 5,357 5,256 5,49 Money Market 4,53 3,682 3,737 3,627 3,627 3,63 3,429 3,467 3,447 Balanced/Mixed,3,667 2,080 2,5 2,362 2,547 2,530 2,583 2,660 Other 486 583 756 787 887 92 959 873 874 Source: National mutual fund associations; EFAMA provides data for all European countries except Russia. Components may not sum to total because of rounding or unclassified funds. 2 Number of countries is 42. Components may not sum to total because of rounding. Table 5 NET SALES, 2009-203:Q4 Billions of euros ITEM 2009 200 20 202 203 Q4 Q Q2 Q3 Q4 All Reporting Countries 2 94 55 73 70 327 25 87 45 85 Equity 28 06-72 -53 3 09 35 58 07 Bond 444 349 7 607 65 44 4-42 - Money Market -446-53 -06 2 06-90 -75 77 36 Balanced/Mixed 8 36 6 7 33 74 56 47 52 Other -4 26 9 27 0 4 3 4 2 202 Countries Reporting in Every Period 3 25 62 0 535 254 230 09 23 50 Equity 9 09-75 -76 0 02 35 55 93 Bond 453 343 5 54 30 26 36-34 -3 Money Market -432-55 -39-29 87-79 -39 56 5 Balanced/Mixed 89 38 54 3 32 7 55 47 49 Other -5 22 9 4 4 0 2 0-4 Source: National mutual fund associations; EFAMAprovides data for all European countries except Russia. Net sales are new sales plus reinvested dividends less redemptions plus net exchanges. 2 Components may not sum to total because of rounding or unclassified funds. 3 Number of countries is 33. Components may not sum to total because of rounding. Pour mémoire: Tables -5 exclude funds of funds. 8

EFAMA International Statistical Release (203:Q4) Table 6 TOTAL NET ASSETS OF THE EUROPEAN INVESTMENT FUND INDUSTRY, End December 203 Overall Fund Industry UCITS Market Non-UCITS Market 2 Number Net assets Number Net assets Number Net assets of funds in mio euro in mio US $ of funds in mio euro in mio US $ of funds in mio euro in mio US $ Austria 2,6 49,407 206,047,300 78,053 07,643 86 7,354 98,404 Belgium,66 95,09 3,04,583 86,874 9,809 33 8,45,233 Bulgaria 00 370 50 99 367 506 2 3 Czech Republic 7 4,720 6,50 4 4,596 6,338 3 24 7 Denmark 872 85,654 256,035 520 86,37 9,040 352 99,337 36,995 Finland 492 75,23 03,602 369 64,45 88,462 23 0,978 5,40 France,392,525,07 2,03,274 7,54,0,507,53,500 4,238 44,600 57,775 Germany 5,952,404,353,936,744 2,02 277,700 382,976 3,940,26,654,553,768 Greece 98 7,059 9,735 92 5,256 7,249 6,803 2,486 Hungary 544 5,546 2,439 255 0,262 4,52 289 5,284 7,287 Ireland 5,599,343,882,853,348 3,345,044,063,439,867 2,254 299,89 43,480 Italy,06 209,09 288,358 66 56,300 25,553 355 52,792 72,805 Liechtenstein,008 3,2 42,906 697 26,50 36,560 3 4,602 6,346 Luxembourg 3,685 2,65,363 3,606,847 9,500 2,97,567 3,030,665 4,85 47,796 576,82 Malta 600 9,4 2,979 70 2,293 3,63 530 7,8 9,87 Netherlands 64 72,472 99,946 50 6,855 85,304 3 0,67 4,642 Norway 573 79,273 09,325 573 79,273 09,325 0 0 0 Poland 703 45,493 62,739 285 20,38 28,02 48 25,74 34,78 Portugal 498 24,690 34,050 69 7,406 0,24 329 7,284 23,836 Romania 95 4,509 6,28 64 2,905 4,006 3,604 2,22 Slovakia 83 4,570 6,303 64 2,68 3,697 9,890 2,606 Slovenia 6,850 2,552 6,850 2,552 0 0 0 Spain 2,320 84,878 254,965 2,267 79,997 248,233 53 4,88 6,73 Sweden 552 200,252 276,68 543 98,7 273,223 9 2,35 2,945 Switzerland 950 356,83 497,65 765 287,927 402,39 85 68,904 95,026 Turkey 427 2,526 29,687 378 0,27 4,090 49,30 5,597 United Kingdom 2,859,20,760,545,64 2,022 862,506,89,482 837 258,255 356,59 Europe 3 55,42 9,788,320 3,504,3 35,68 6,865,860 9,473,766 9,524 2,922,460 4,030,365 Source: EFAMA In the sense of publicly offered open-end investment funds (transferable securities and money market instruments), including funds-of-funds assets. 2 In the sense of nationally regulated investment funds for which a classification in terms of market exposure (equity, bond, balanced and money market) is not possible. 3 Data for Russia are not included in this table. 9

SUPPLEMENTARY TABLES Table S TOTAL NET ASSETS IN U.S. DOLLARS Millions, end of period COUNTRY 2009 200 20 202 203 Q Q2 Q3 Q4 World 22,945,327 24,709,854 23,795,808 26,835,850 27,854,629 27,448,756 28,877,53 30,049,934 Americas 2,578,297 3,597,527 3,529,258 5,38,443 5,874,429 5,748,838 6,463,572 7,56,409 Argentina 4,470 5,79 6,808 9,85,63 0,65,66,79 Brazil 783,970 980,448,008,928,070,998,35,933,047,988,07,742,08,64 Canada 565,56 636,947 753,606 856,504 888,003 878,823 92,20 940,580 Chile 34,227 38,243 33,425 37,900 36,672 35,375 36,37 39,29 Costa Rica,309,470,266,484,965 2,24 2,202,933 Mexico 70,659 98,094 92,743 2,20 2,544 2, 8,442 20,58 Trinidad & Tobago 5,832 5,82 5,989 6,505 6,635 6,598 6,640 6,586 United States,2,674,83,334,626,493 3,043,666 3,672,54 3,646,68 4,304,808 5,07,682 Europe 7,545,535 7,903,389 7,220,298 8,230,059 8,427,54 8,406,890 8,944,659 9,374,830 Austria 99,628 94,670 8,038 89,25 87,476 86,749 90,30 90,633 Belgium 06,72 96,288 8,505 8,65 8,775 8,79 87,248 9,528 Bulgaria 256 302 29 324 364 43 463 504 Czech Republic 5,436 5,508 4,445 5,00 4,848 4,832 5,7 5,3 Denmark 83,024 89,800 84,89 03,506 03,746 03,472 2,932 8,702 Finland 66,3 7,20 62,93 73,985 74,35 75,974 83,289 88,462 France,805,64,67,76,382,068,473,085,453,347,43,807,490,589,53,500 Germany 37,543 333,73 293,0 327,640 332,005 336,0 362,994 382,976 Greece 2,434 8,627 5,23 6,0 5,849 6,480 6,74 6,742 Hungary,052,532 7,93 8,570 9,0 0,423,09 2,58 Ireland 860,55,04,04,06,05,276,60,36,755,307,262,386,5,439,867 Italy 279,474 234,33 80,754 8,720 8,307 9,609 204,932 25,553 Liechtenstein 30,329 35,387 32,606 3,95 34,839 34,483 35,824 36,235 Luxembourg 2,293,973 2,52,874 2,277,465 2,64,964 2,722,342 2,729,299 2,87,949 3,030,665 Malta 2,32 3,033 2,024 2,060 2,35 3,60 Netherlands 95,52 85,924 69,56 76,45 76,662 74, 78,006 85,304 Norway 7,70 84,505 79,999 98,723 0,949 00,848 05,566 09,325 Poland 23,025 25,595 8,463 25,883 22,87 25,95 25,837 27,858 Portugal 5,808,004 7,32 7,509 7,897 8,333 8,873 9,625 Romania,34,73 2,388 2,63 2,823 3,00 3,377 4,000 Russia 3,82 3,97 3,072 Slovakia 4,222 4,349 3,9 2,95 2,882 2,887 3,085 3,292 Slovenia 2,60 2,663 2,279 2,370 2,354 2,285 2,394 2,506 Spain 269,6 26,95 95,220 9,284 94,322 205,674 225,937 248,234 Sweden 70,277 205,449 79,707 205,733 28,232 24,09 235,308 252,878 Switzerland 68,260 26,893 273,06 30,686 364,352 362,236 388,744 397,080 Turkey 9,426 9,545 4,048 6,478 7,44 7,0 5,0 4,078 United Kingdom 729,4 854,43 86,537 985,57,005,357,005,590,00,630,66,834 Asia and Pacific 2,75,234 3,067,323 2,92,276 3,322,98 3,40,976 3,53,752 3,326,823 3,375,828 Australia,98,838,455,850,440,28,667,28,737,739,552,522,647,058,624,08 China 38,207 364,985 339,037 437,449 422,398 378,532 420,453 479,957 India 30,284,42 87,59 4,489 02,826 7,972 94,29 07,895 Japan 660,666 785,504 745,383 738,488 777,307 747,624 78,589 774,26 Korea, Rep. of 264,573 266,495 226,76 267,582 269,689 259,25 28,833 285,73 New Zealand 7,657 9,562 23,709 3,45 33,043 28,93 32,953 34,85 Pakistan 2,224 2,290 2,984 3,59 3,25 3,30 3,205 3,464 Philippines,488 2,84 2,363 3,566 4,59 4,838 4,876 4,662 Taiwan 58,297 59,032 53,437 59,92 60,32 60,808 60,565 62,286 Africa 06,26 4,65 24,976 45,50 42,070 39,276 42,459 42,868 South Africa 06,26 4,65 24,976 45,50 42,070 39,276 42,459 42,868 Note: Components may not sum to total because of rounding. Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Homedomiciled funds, except for Hong Kong, New Zealand and Trinidad & Tobago, which include homeand foreign-domiciled funds. 5/9/204

SUPPLEMENTARY TABLES Table S2 TOTAL NET ASSETS IN EUROS Millions, end of period COUNTRY 2009 200 20 202 203 Q Q2 Q3 Q4 World 5,927,65 8,492,630 8,390,762 20,339,439 2,752,933 20,985,288 2,382,830 2,789,525 Americas 8,73,290 0,76,265 0,456,84,473,733 2,397,056 2,040,397 2,90,722 2,440,293 Argentina 3,03 3,876 5,262 6,962 8,78 8,43 8,268 8,06 Brazil 544,97 733,758 779,757 8,73 887,0 80,24 793,589 738,627 Canada 392,306 476,685 582,430 649,62 693,48 67,883 675,454 682,024 Chile 23,759 28,62 25,833 28,725 28,639 27,045 26,93 28,490 Costa Rica 908,00 978,25,535,624,630,40 Mexico 49,048 73,43 7,677 85,039 94,99 92,593 87,703 87,389 Trinidad & Tobago 4,048 4,349 4,628 4,930 5,82 5,045 4,96 4,776 United States 7,73,92 8,854,463 8,985,69 9,886,059 0,677,48 0,432,850 0,592,23 0,889,480 Europe 5,237,770 5,94,826 5,580,259 6,237,73 6,58,45 6,427,286 6,623,22 6,797,788 Austria 69,57 70,850 62,63 67,550 68,34 66,322 66,865 65,79 Belgium 74,08 72,06 62,992 6,885 63,862 62,53 64,604 66,368 Bulgaria 77 226 225 246 284 36 343 366 Czech Republic 3,774 4,22 3,435 3,79 3,786 3,694 3,829 3,720 Denmark 57,632 67,206 65,609 78,450 8,020 79,07 83,622 86,072 Finland 45,905 53,293 48,066 56,075 58,036 58,084 6,673 64,45 France,253,395,20,280,068,4,6,48,34,984,080,892,03,73,0,507 Germany 220,424 249,748 226,456 248,325 259,278 256,958 268,785 277,700 Greece 8,63 6,456 4,029 4,556 4,568 4,954 4,572 4,889 Hungary 7,672 8,63 5,559 6,495 7,07 7,969 8,225 8,86 Ireland 597,33 758,946 820,04 967,562,028,33 999,436,026,665,044,063 Italy 93,998 75,358 39,697 37,729 4,59 46,490 5,745 56,300 Liechtenstein 2,053 26,484 25,200 24,26 27,207 26,363 26,527 26,274 Luxembourg,592,373,880,62,760,55 2,002,398 2,25,999 2,086,620 2,26,582 2,97,567 Malta,648 2,299,58,575,74 2,29 Netherlands 66,300 64,305 53,448 57,72 59,869 56,660 57,76 6,855 Norway 49,403 63,243 6,828 74,824 79,67 77,0 78,68 79,273 Poland 5,983 9,55 4,269 9,67 7,89 9,840 9,3 20,200 Portugal 0,973 8,235 5,658 5,69 6,67 6,37 6,570 6,979 Romania 787,282,845,98 2,205 2,295 2,50 2,90 Russia 2,209 2,932 2,374 Slovakia 2,93 3,255 2,466 2,237 2,25 2,207 2,284 2,387 Slovenia,82,993,76,796,838,747,773,87 Spain 87,52 62,337 50,877 44,978 5,755 57,243 67,299 79,997 Sweden 8,98 53,756 38,888 55,929 70,427 63,692 74,238 83,364 Switzerland 6,798 95,998 2,037 235,476 284,539 276,939 287,852 287,927 Turkey 3,484 4,627 0,857 2,489 3,599 3,08,82 0,208 United Kingdom 506,37 639,435 63,067 746,943 785,29 768,799 84,980 846,084 Asia and Pacific,884,794 2,295,556 2,257,73 2,57,963 2,663,783 2,4,25 2,463,40 2,447,849 Australia 832,79,089,545,3,03,263,550,357,078,86,944,29,59,77,638 China 264,67 273,52 262,028 33,552 329,869 289,398 3,33 348,022 India 90,437 83,386 67,639 86,773 80,30 90,92 69,89 78,236 Japan 458,605 587,864 576,075 559,75 607,034 57,578 578,74 56,327 Korea, Rep. of 83,655 99,442 75,29 202,806 20,62 98,77 208,688 206,782 New Zealand 2,257 4,640 8,324 23,606 25,805 22,8 24,40 24,788 Pakistan,544,73 2,307 2,395 2,539 2,53 2,373 2,52 Philippines,033,635,827 2,703 3,585 3,698 3,6 3,380 Taiwan 40,467 44,79 4,299 44,863 46,960 46,489 44,846 45,64 Africa 73,76 05,983 96,588 0,02 0,949 06,480 05,486 03,595 South Africa 73,76 05,983 96,588 0,02 0,949 06,480 05,486 03,595 Note: Components may not sum to total because of rounding. Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for Hong Kong, New Zealand and Trinidad & Tobago, which include home- and foreigndomiciled funds. 5/9/204

SUPPLEMENTARY TABLES Table S3 TOTAL NET ASSETS IN LOCAL CURRENCIES Millions, 2 end of period COUNTRY 2009 200 20 202 203 Q Q2 Q3 Q4 Americas Argentina 6,983 20,605 29,276 45,50 57,27 57,365 64,666 72,884 Brazil,367,636,628,88,883,567 2,97,259 2,293,904 2,338,794 2,376,05 2,406,3 Canada 595,222 635,673 769,658 849,738 90,45 924,434 940,388 999,78 Chile 7,368,463 7,897,598 7,366,3 8,6,883 7,36,76 7,985,599 8,355,92 20,645,328 Costa Rica 739,705 754,09 647,965 754,07 979,274,060,324,099,839 969,084 Mexico 925,024,20,495,292,436,442,52,49,996,566,068,550,576,57,5 Trinidad & Tobago 36,94 37,95 38,448 4,760 42,597 42,296 42,6 42,26 United States,2,674,83,334,626,493 3,043,666 3,672,54 3,646,68 4,304,808 5,07,682 Europe Austria 69,57 70,850 62,63 67,550 68,34 66,322 66,865 65,79 Belgium 74,08 72,06 62,992 6,885 63,862 62,53 64,604 66,368 Bulgaria 347 442 440 48 556 68 670 75 Czech Republic 99,902 03,302 88,584 95,340 97,447 95,857 98,523 02,037 Denmark 428,884 500,920 487,747 585,3 604,027 590,042 623,654 642,037 Finland 45,905 53,293 48,066 56,075 58,036 58,084 6,673 64,45 France,253,395,20,280,068,4,6,48,34,984,080,892,03,73,0,507 Germany 220,424 249,748 226,456 248,325 259,278 256,958 268,785 277,700 Greece 8,63 6,456 4,029 4,556 4,568 4,954 4,572 4,889 Hungary 2,074,642 2,399,070,748,938,898,449 2,63,849 2,349,734 2,452,20 2,68,460 Ireland 597,33 758,946 820,04 967,562,028,33 999,436,026,665,044,063 Italy 93,998 75,358 39,697 37,729 4,59 46,490 5,745 56,300 Liechtenstein 3,234 33,5 30,633 29,234 33,79 32,527 32,429 32,254 Luxembourg,592,373,880,62,760,55 2,002,398 2,25,999 2,086,620 2,26,582 2,97,567 Malta,648 2,299,58,575,74 2,29 Netherlands 66,300 64,305 53,448 57,72 59,869 56,660 57,76 6,855 Norway 40,046 493,295 479,40 549,99 598,078 607,90 634,257 662,958 Poland 65,60 76,40 63,63 79,92 74,489 86,059 80,902 83,97 Portugal 0,973 8,235 5,658 5,69 6,67 6,37 6,570 6,979 Romania 3,350 5,479 7,97 8,80 9,735 0,293,22 2,988 Russia 95,56 9,66 98,736 Slovakia 3 2,93 3,255 2,466 2,237 2,25 2,207 2,284 2,387 Slovenia,82,993,76,796,838,747,773,87 Spain 87,52 62,337 50,877 44,978 5,755 57,243 67,299 79,997 Sweden,2,769,378,503,237,769,338,90,423,97,436,768,508,465,624,446 Switzerland 73,282 245,076 256,537 284,902 346,995 34,687 35,899 353,459 Turkey 29,055 30,270 26,526 29,42 3,566 32,978 30,76 30,222 United Kingdom 449,500 550,394 527,30 609,580 663,905 659,05 68,364 705,380 Asia and Pacific Australia,335,505,422,657,40,605,603,944,662,842,698,925,767,787,82,407 China 2,602,499 2,4,457 2,34,24 2,725,57 2,68,697 2,323,24 2,573,55 2,905,803 India 6,06,460 4,98,060 4,644,70 6,296,30 5,580,240 7,006,340 5,904,270 6,667,940 Japan 6,455,65 63,720,067 57,327,400 64,063,792 72,63,522 74,9,489 76,806,782 8,523,28 Korea, Rep. of 307,963,080 300,072,84 26,279,66 284,84,067 30,507,048 296,039,58 302,868,488 299,374,270 New Zealand 24,429 25,073 30,507 37,580 39,272 37,387 39,702 4,67 Pakistan 87,357 96,077 268,463 306,889 39,480 329,73 339,947 364,87 Philippines 68,666 95,666 03,63 46,25 87,687 208,667 2,998 206,950 Taiwan,864,67,729,582,68,026,78,59,796,635,823,37,794,527,856,544 Africa South Africa 786,7 938,779,0,053,229,926,34,598,376,35,428,552,499,057 - Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for Hong Kong, New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 2 Local currency values for euro-area countries are reported in euros beginning in 999 except for Greece, which adopted the euro in 200. 3 Prior to 2009:Q, data reported in the slovak koruna. Starting in 2009:Q, Slovakia adopted the Euro and data are reported in Euros. 5/9/204

SUPPLEMENTARY TABLES Table S4 TOTAL NET ASSETS IN U.S. DOLLARS BY TYPE OF FUND, 203:Q4 Millions, end of period COUNTRY Total Equity Bond Money Market Balanced/Mixed Other World 30,049,934 3,283,55 7,7,080 4,759,770 3,675,572,23,963 Americas 7,56,409 8,83,407 4,052,075 2,869,43,922,39 29,357 Argentina,79 338 5,23 3,594 2,07 Brazil,08,64 9,80 56,604 46,633 24,622 03,972 Canada 940,580 32,828 25,42 26,264 45,639 24,438 Chile 39,29 2,42 2,300 9,908 3,76 946 Costa Rica,933 2 68,753 Mexico 20,58 0,630 42,523 52,949 4,46 Trinidad & Tobago 6,586 5 5,67 97 United States 5,07,682 7,765,37 3,299,22 2,78,332,234,8 Europe 9,374,830 3,490,303 2,678,85,257,633,534,5 43,533 Austria 90,633 6,723 59,98 299 3,205 428 Belgium 9,528 50,667 3,889 2,063 24,769 4 Bulgaria 504 9 73 22 90 Czech Republic 5,3 96 2,754 92,370 Denmark 8,702 46,760 64,64 2 7,256 43 Finland 88,462 34,59 25,34 6,494 0,507,96 France,53,500 430,059 28,48 436,608 366,35 7,036 Germany 382,976 98,037 79,440 4,388 83,484 7,626 Greece 6,742,986,6 982,605 560 Hungary 2,58 600 4,009 7,323 57 68 Ireland,439,867 484,00 480,73 367,456 68,795 38,893 Italy 25,553 25,829 87,64 3,843 88,265 Liechtenstein 36,235 6,370 0,323 6,524 5,436 7,582 Luxembourg 3,030,665 990,264,030,764 320,77 502,878 86,042 Malta 3,60 632 822 230,477 Netherlands 85,304 38,477 23,238 6,33 7,258 Norway 09,325 60,5 30,647 2,623 5,399 506 Poland 27,858 7,879 6,537 6,565 2,58 4,357 Portugal 9,625,423 2,597,529,08 2,993 Romania 4,000 6,959 24 97,860 Russia Slovakia 3,292 40,79 3 826 52 Slovenia 2,506,605 02 50 720 28 Spain 248,234 57,903 2,856,458 57,08 Sweden 252,878 7,784 3,700 6,850 48,704,839 Switzerland 397,080 38,862 20,898 9,025 8,295 Turkey 4,078 504 6,759 5,4,382 292 United Kingdom,66,834 724,4 205,30 7,244 07,777 22,390 Asia and Pacific 3,375,828,576,404 38,74 608,68 52,82 656,72 Australia,624,08 650,668 79,434 338,629 555,35 China 479,957 93,65 52,47 23,527 97,778 2,566 India 07,895 25,289 45,786 29,327 2,78 4,776 Japan 774,26 67,486 38,352 8,288 Korea, Rep. of 285,73 63,429 50,808 63,908 3,205 75,823 New Zealand 34,85 5,64 3,387 4,55 9,079 2,040 Pakistan 3,464 920 5 2,320 40 79 Philippines 4,662,440 2,388 70 764 Taiwan 62,286 8,395 9,083 27,585,37 6,087 Africa 42,868 33,436 4,440 24,537 66,02 4,353 South Africa 42,868 33,436 4,440 24,537 66,02 4,353 Note: Components may not sum to total because of rounding or unclassified funds. Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 5/9/204

SUPPLEMENTARY TABLES Table S5 TOTAL NET ASSETS IN EUROS BY TYPE OF FUND, 203:Q4 Millions, end of period COUNTRY Total Equity Bond Money Market Balanced/Mixed Other World 2,789,525 9,632,043 5,60,670 3,45,360 2,665,96 880,257 Americas 2,440,293 5,933,875 2,938,202 2,080,655,393,763 93,798 Argentina 8,06 245 3,793 2,606,463 Brazil 738,627 66,572 407,225 33,84 55,625 75,39 Canada 682,024 226,835 90,937 9,044 327,488 7,72 Chile 28,490,755 8,99 4,436 2,695 686 Costa Rica,40 9 22,27 Mexico 87,389 7,708 30,834 38,394 0,453 Trinidad & Tobago 4,776 37 4,073 665 United States 0,889,480 5,630,74 2,392,300,97,09 895,375 Europe 6,797,788 2,530,856,942,463 9,923,2,690 299,857 Austria 65,79 2,26 43,493 27 9,575 30 Belgium 66,368 36,739 0,07,496 7,960 02 Bulgaria 366 86 53 60 65 Czech Republic 3,720 664,997 67 993 Denmark 86,072 33,906 46,872 2 5,26 3 Finland 64,45 24,769 8,375,960 7,69,422 France,0,507 3,840 204,05 36,589 265,69 2,353 Germany 277,700 43,599 57,603 3,82 60,535 2,78 Greece 4,889,440,68 72,64 406 Hungary 8,86 435 2,907 5,30 4 49 Ireland,044,063 350,96 348,570 266,446 49,884 28,202 Italy 56,300 8,729 63,530 0,038 64,002 Liechtenstein 26,274 4,69 7,485 4,730 3,942 5,498 Luxembourg 2,97,567 78,05 747,48 232,555 364,642 34,90 Malta 2,29 458 596 67,07 Netherlands 6,855 27,900 6,850,842 5,263 Norway 79,273 43,66 22,222 9,53 3,95 367 Poland 20,200 5,73 4,740 4,76,826 3,60 Portugal 6,979,032,883,09 784 2,70 Romania 2,90 44,420 7 7,349 Russia Slovakia 2,387 297,299 82 599 0 Slovenia,87,64 74 36 522 20 Spain 79,997 4,986 88,359 8,308 4,344 Sweden 83,364 24,563 9,934 2,28 35,36,334 Switzerland 287,927 00,690 87,665 3,795 85,777 Turkey 0,208 365 4,90 3,728,002 22 United Kingdom 846,084 525,063 48,872 5,252 78,50 88,747 Asia and Pacific 2,447,849,43,068 276,785 440,989 0,82 476,95 Australia,77,638 47,806 57,598 245,543 402,69 China 348,022 40,392 38,047 89,57 70,900 9,2 India 78,236 8,337 33,200 2,265,97 3,463 Japan 56,327 447,745 00,32 3,26 Korea, Rep. of 206,782 45,993 36,842 46,340 22,627 54,980 New Zealand 24,788 3,745 2,456 3,274 3,835,479 Pakistan 2,52 667 4,682 02 57 Philippines 3,380,044,732 50 554 Taiwan 45,64 3,338 6,586 20,002 824 4,44 Africa 03,595 24,245 3,29 7,792 47,93 0,408 South Africa 03,595 24,245 3,29 7,792 47,93 0,408 Note: Components may not sum to total because of rounding or unclassified funds. Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 5/9/204

SUPPLEMENTARY TABLES Table S6 TOTAL NET ASSETS IN LOCAL CURRENCIES BY TYPE OF FUND, 203:Q4 Millions, end of period COUNTRY Total Equity Bond Money Market Balanced/Mixed Other Americas Argentina 72,884 2,202 34,02 23,430 3,5 Brazil 2,406,3 26,864,326,564 0,5 506,959 245,593 Canada 999,78 332,37 33,225 27,900 479,776 25,96 Chile 20,645,328,27,870 6,463,068 0,460,762,952,66 497,0 Costa Rica 969,084 6,256 84,097 878,73 Mexico,57,5 38,580 554,359 690,274 87,939 Trinidad & Tobago 42,26 329 36,006 5,880 United States 5,07,682 7,765,37 3,299,22 2,78,332,234,8 Europe Austria 65,79 2,26 43,493 27 9,575 30 Belgium 66,368 36,739 0,07,496 7,960 02 Bulgaria 75 69 03 33 28 2 Czech Republic 02,037 8,209 54,764,829 27,236 Denmark 642,037 252,94 349,633 2 39,244 234 Finland 64,45 24,769 8,375,960 7,69,422 France,0,507 3,840 204,05 36,589 265,69 2,353 Germany 277,700 43,599 57,603 3,82 60,535 2,78 Greece 4,889,440,68 72,64 406 Hungary 2,68,460 29,275 863,540,577,273 33,805 4,567 Ireland,044,063 350,96 348,570 266,446 49,884 28,202 Italy 56,300 8,729 63,530 0,038 64,002 Liechtenstein 32,254 5,670 9,89 5,807 4,839 6,749 Luxembourg 2,97,567 78,05 747,48 232,555 364,642 34,90 Malta 2,29 458 596 67,07 Netherlands 6,855 27,900 6,850,842 5,263 Norway 662,958 364,763 85,845 76,545 32,739 3,066 Poland 83,97 23,735 9,692 9,777 7,586 3,26 Portugal 6,979,032,883,09 784 2,70 Romania 2,988 98 6,359 77 36 6,038 Russia Slovakia 2,387 297,299 82 599 0 Slovenia,87,64 74 36 522 20 Spain 79,997 4,986 88,359 8,308 4,344 Sweden,624,446,03,55 88,007 08,24 32,868,85 Switzerland 353,459 23,607 07,67 6,935 05,300 Turkey 30,222,082 4,50,037 2,966 627 United Kingdom 705,380 437,745 24,5 4,379 65,54 73,988 Asia and Pacific Australia,82,407 729,724 89,085 379,772 622,826 China 2,905,803,72,202 37,676 747,87 59,976 76,078 India 6,667,940,562,840 2,829,590,82,380 67,990 295,40 Japan 8,523,28 65,027,420 4,569,864,925,935 Korea, Rep. of 299,374,270 66,587,635 53,338,588 67,090,72 32,758,943 79,598,932 New Zealand 4,67 6,287 4,23 5,497 23,227 2,483 Pakistan 364,87 96,86 534 244,379 4,774 8,269 Philippines 206,950 63,927 06,036 3,090 33,897 Taiwan,856,544 548,290 270,722 822,24 33,882 8,437 Africa South Africa,499,057 350,833 46,582 257,459 693,58 50,60 Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 5/9/204

SUPPLEMENTARY TABLES Table S7 NUMBER OF MUTUAL FUNDS End of period COUNTRY 2009 200 20 202 203 Q Q2 Q3 Q4 World 67,526 69,486 72,600 73,229 73,833 74,549 75,233 76,200 Americas 6,928 7,986 9,742 2,089 2,307 2,499 2,64 22,020 Argentina 252 254 28 29 296 292 297 297 Brazil 4,744 5,68 6,53 7,468 7,638 7,758 7,863 8,072 Canada 2,075 2,7 2,655 2,866 2,903 2,90 2,95 2,963 Chile,69,92 2,50 2,286 2,305 2,334 2,340 2,385 Costa Rica 64 68 63 66 66 65 66 66 Mexico 407 434 464 488 489 493 49 487 Trinidad & Tobago 36 35 36 42 42 42 42 43 United States 7,659 7,548 7,580 7,582 7,568 7,605 7,600 7,707 Europe 34,899 35,292 35,73 34,470 34,565 34,603 34,66 34,743 Austria,06,06,003 995 994 990 982 98 Belgium,845,797,723,529,438,432,354,432 Bulgaria 85 90 92 95 96 97 98 98 Czech Republic 78 80 80 80 82 85 82 85 Denmark 483 490 500 495 503 52 523 50 Finland 377 366 368 375 37 365 366 369 France 7,982 7,79 7,744 7,392 7,348 7,243 7,249 7,54 Germany 2,067 2,06 2,05 2,059 2,050 2,039 2,044 2,02 Greece 20 23 96 77 74 72 72 66 Hungary 264 276 52 67 68 73 79 82 Ireland 2,72 2,899 3,085 3,67 3,205 3,248 3,303 3,345 Italy 675 650 659 600 620 645 65 66 Liechtenstein 348 409 437 535 58 570 68 657 Luxembourg 9,07 9,353 9,462 9,435 9,467 9,46 9,466 9,500 Malta 59 54 53 57 63 69 Netherlands 495 497 505 502 498 50 Norway 487 507 507 406 406 582 573 573 Poland 208 24 226 259 257 256 259 264 Portugal 7 7 73 57 56 57 56 53 Romania 5 56 05 62 62 65 66 64 Russia 480 462 472 Slovakia 54 58 63 58 57 57 56 54 Slovenia 25 30 37 3 27 22 22 4 Spain 2,588 2,486 2,474 2,349 2,369 2,309 2,280 2,267 Sweden 506 504 508 456 472 476 478 484 Switzerland 509 653 664 667 745 740 736 765 Turkey 286 3 337 35 358 364 374 373 United Kingdom 2,266 2,204,94,922,90,884,93,90 Asia and Pacific 4,795 5,265 6,98 6,703 6,973 7,426 7,933 8,375 Australia China 547 660 83,065,222,260,253,45 India 590 658 680 692 693 693 697 699 Japan 3,656 3,905 4,96 4,384 4,426 4,49 4,68 4,922 Korea, Rep. of 8,703 8,687 9,064 9,2 9,93 9,543 9,857 9,876 New Zealand 702 700 709 700 696 687 685 694 Pakistan 96 25 37 39 39 4 52 52 Philippines 4 43 47 48 47 47 47 47 Taiwan 460 487 534 554 557 564 56 570 Africa 904 943 947 967 988,02,025,062 South Africa 904 943 947 967 988,02,025,062 Source: National mutual fund associations; European Fund and Asset Management Association (EFAMA) provides data for all European countries except Russia. Funds of funds are not included, except for France, Germany, Italy, and Luxembourg. Home-domiciled funds, except for Hong Kong, New Zealand and Trinidad & Tobago, which include home- and foreign-domiciled funds. 5/9/204