Morningstar Direct SM U.S. Asset Flows Update

? Morningstar Direct SM U.S. Asset Flows Update Morningstar Manager Research 17 November 2014 Data through Oct. 31 U.S. Mutual Funds and Exchange- Traded Products Alina Tarlea Senior Analyst Markets Research +1 312-384-3924 alina.tarlea@morningstar.com Active Outflows and Passive Inflows Continue for U.S. Equity and Taxable Bond After a sizable $18.7 billion estimated outflow in September, the active taxable-bond Morningstar Category lost another $23.1 billion in October. However, what looks like another significant outflow on the surface is, in fact, an inflow when separating PIMCO Total Return, formerly managed by Bill Gross, from the rest of the category. Investors withdrew $32.3 1 billion from this fund in October, which means that active taxable-bond funds ex-pttrx actually received inflows of $9.2 billion. Passive taxable-bond flows were strong, as well. Although the aftershock of Gross departure is still keenly felt by PIMCO, bond flows in general seem to have regained some stability. On the U.S. equity side, active U.S. equity experienced outflows for the eighth consecutive month, and passive U.S. equity experienced inflows for the ninth consecutive month. The trend of flows moving from active to passive management seems here to stay. Over the past year, overall long-term passive flows have been almost five times as large as active flows. 1 This number includes the roughly $5.6 billion of outflows that occurred on Tuesday, Sept. 30, but were not processed until after the close. Therefore, they are included in the October, not the September, estimate. Estimated Net Flows * Oct 2014 Active $Bil Oct 2014 Passive $Bil U.S. Equity (9,356) (79,326) 3,661 28,795 139,445 2,175 Sector Equity 2,465 17,626 381 1,088 35,359 323 International Equity (1,371) 80,938 1,566 (863) 85,672 711 Allocation 827 50,462 1,141 448 4,346 51 Taxable Bond (23,071) (19,243) 2,305 24,590 86,910 630 Municipal Bond 2,190 6,661 554 487 3,251 17 Alternative (2,732) 24,504 156 (103) 4,258 46 Commodities 94 (8,317) 36 (722) (5,812) 59 All Long Term (30,954) 73,305 9,800 53,721 353,428 4,013 Money Market 19,358 (36,585) 2,605 *Includes liquidated and merged funds. Source: Morningstar Direct Asset Flows.

Morningstar Manager Research 17 November 2014 Page 2 of 8 International equity experienced outflows for the first month this year, both on the active and passive side. The numbers are not that large, but it remains to be seen whether this is only a temporary drop in an otherwise consistent series of inflows or an indication that investors are losing confidence in international markets. Exhibit 1. U.S. Equity Active Versus Passive Fund Flows Exhibit 2. Taxable Bond Active Versus Passive Fund Flows

Morningstar Manager Research 17 November 2014 Page 3 of 8 Passive Inflows High for Equity Large Blend and Value Large blend and foreign large blend continued to be popular categories in October, with flows concentrated in passive funds. High-yield bond reversed four months of outflows with strong inflows during the month. On the other hand, large growth experienced outflows for the eighth month in a row. Outflows for intermediate-term bonds appear high but again, this is only a side effect of the PIMCO situation and doesn t look like bad news for the category, which had outflows for only the past few months and consistent inflows for seven months before that. Top- and Bottom-Flowing Categories in October Estimated Net Flows* Oct 2014 Active $Bil Oct 2014 Passive $Bil Leading Large Blend 1,254 (4,718) 695 22,187 96,019 1,390 Foreign Large Blend 1,040 37,358 516 4,915 54,942 311 Short Government (91) (2,079) 30 5,509 5,423 21 Large Value (757) 903 817 4,322 20,619 171 High Yield Bond 1,376 (9,437) 280 2,004 585 35 Lagging Bank Loan (5,011) (5,131) 125 (93) 520 7 Intermediate-Term Bond (13,410) (42,190) 727 9,223 42,470 303 Europe Stock (959) 2,283 13 (2,930) 8,237 39 Large Growth (3,380) (47,751) 1,193 537 3,871 146 Long/Short Equity (2,185) 11,751 56 (92 (30) 2 *Excludes money market and funds of funds.

Morningstar Manager Research 17 November 2014 Page 4 of 8 Top 10 U.S. Fund Families Active Passive Estimated Net Flows Oct Oct 2014 $Bil 2014 $Bil Vanguard 2,014 13,911 746 22,963 231,322 1,857 Fidelity Investments (1,822) (22,379) 1,062 2,968 15,586 173 American Funds 363 (3,630) 1,169 Blackrock/iShares 4,187 15,503 211 15,993 64,278 745 T. Rowe Price (704) 12,517 431 505 1,693 26 Franklin Templeton Investments (508) 3,501 452 PIMCO (48,692) (127,954) 432 (704) 63 5 SPDR State Street Global Advisors (12) 130 1 6,661 15,025 413 JPMorgan 1,846 26,330 251 2 (207) 8 Dimensional Fund Advisors 2,951 28,590 249 PIMCO experienced an even larger outflow in October than in September, as investors continued to react to Bill Gross departure. However, as reported in PIMCO s press release, outflows were strongest at the beginning of the month and have slowed down dramatically since then. Janus, on the other hand, with Gross now on board, experienced its first positive month in October after 36 consecutive months of outflows. Interestingly enough, Gross new fund, Janus Global Unconstrained Bond, accounted for only about a third of Janus total inflows ($0.4 out of $1.1 billion). Exhibit 4. Janus Firm-Level Monthly Fund Flows

Morningstar Manager Research 17 November 2014 Page 5 of 8 PIMCO Total Return s Outflow Largest in History Again, four of the bottom-flowing active funds in October were PIMCO funds, adding up to a $40.9 billion loss for the firm. The one fund that stood out among the bottom five is Bronze-rated MainStay Marketfield, an alternative fund that experienced significant outflows because of poor performance relative to its category, long/short equity. Interestingly, it was this fund that single-handedly drove that category s flows into negative territory, landing it in the bottom-flowing five. Bottom-Flowing Active and Passive Funds Estimated Net Flows Oct 2014 Oct 2014 Oct 2013 Active Funds PIMCO Total Return Fund (32,250) (82,987) 170,899 247,863 PIMCO Unconstrained Bond Fund (4,467) (15,129) 13,844 28,599 PIMCO Low Duration Fund (2,481) (6,779) 17,590 24,115 MainStay Marketfield Fund (2,224) (1,735) 13,611 17,009 PIMCO Long-Term U.S. Government Fund (1,672) 1,851 2,941 901 Passive Funds ishares MSCI Emerging Markets (2,651) (6,099) 37,011 44,736 ishares Core S&P Mid-Cap (2,173) (1,050) 21,884 21,285 Vanguard European Stock Index Fund (1,999) 914 17,412 17,710 PowerShares QQQ (1,500) (8,144) 40,473 41,430 Technology Select Sector SPDR Fund (1,483) (1,898) 12,495 12,853 The $32.3 billion October outflow from PIMCO Total Return amounted to 16% of the fund s $201.6 billion September-end assets. This left the fund with $170.9 billion at the end of October a significant decrease. Outflows totaled $50.1 billion for September and October, which is the largest amount of money ever withdrawn from a fund in a two-month time frame. Our $32.3 billion estimate differs from PIMCO s reported $27.5 billion because the flow estimates that PIMCO provided included redemption requests made on Sept. 30 but not reflected in fund shares outstanding until Oct. 1. This is known as a T+1 settlement cycle and applies to all PIMCO U.S.-domiciled funds. PIMCO has indicated to Morningstar that $5.6 billion in net redemptions were requested on Sept. 30., and these redemption requests were included in the estimate for October, not September, as illustrated in the table below. Morningstar s total estimate is close to the number PIMCO has reported publicly.

Morningstar Manager Research 17 November 2014 Page 6 of 8 Total Return Flows ($ bil) September October Total PIMCO Reported Flows 23.5 27.5 51.0 Morningstar Estimate 17.9 32.3 50.1 Top-Flowing Active and Passive Funds Estimated Net Flows Oct 2014 Oct 2014 Oct 2013 Active Funds Metropolitan West Total Return Bond Fund 6,713 13,731 40,541 25,692 Dodge & Cox Income Fund 4,238 7,788 34,700 25,714 BlackRock Strategic Income Opps Port 2,272 12,938 22,786 9,435 DoubleLine Total Return Bond Fund 2,020 2,192 37,824 34,156 Baird Core Plus Bond 1,565 2,445 5,457 2,865 Passive Funds Vanguard Total Bond Market Index Fund 5,457 24,591 130,797 108,963 SPDR S&P 500 ETF 5,238 11,314 184,928 157,234 Vanguard Total Stock Market Index Fund 4,646 39,656 369,770 287,678 ishares Core S&P 500 4,304 12,302 67,087 47,097 ishares 1-3 Year Treasury Bond 3,514 3,414 11,755 8,323 On the inflow side, large sums of fixed-income-oriented money went into Gold-rated Metropolitan West Total Return Bond for the second month in a row and into a few other intermediate-bond funds. On the passive side, Vanguard Total Bond Market Index also attracted strong inflows for the second month in a row.

Morningstar Manager Research 17 November 2014 Page 7 of 8 Taxable-Bond Fund Family Flows () Name 1-Mo YTD 1-Yr PIMCO (47,873) (110,168) (127,725) ishares 13,252 22,331 17,798 Vanguard 9,372 59,369 67,180 Metropolitan West 7,280 14,605 14,591 BlackRock 5,026 15,717 18,381 Dodge & Cox 4,256 8,874 7,839 DoubleLine 2,598 6,881 3,917 Baird 2,061 4,426 4,712 State Street 1,750 3,106 3,660 Janus 1,308 2,790 2,550 Natixis Funds 1,179 4,442 4,453 Lord Abbett 1,103 4,404 5,075 Speaking of where the money withdrawn from PIMCO is going, passive again seems to be the keyword here. IShares had the strongest October inflow, directed mainly to its short-term and aggregate bond offerings. In terms of longer-term flows, however, Vanguard still reigns supreme. Note: The figures in this report were compiled on Nov. 17, 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. Also note that this report includes both mutual funds and ETFs, while past commentaries excluded ETFs. The decision to include ETFs and to split some of the data tables into active and passive groups was based on the fact that ETFs now account for a significant share of assets and flows. In addition, a large share of the flows to mutual funds during the past several years have gone to passive investments, often within retirement savings accounts. These flows may not be completely representative of incremental investment decisions. 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

Morningstar Manager Research 17 November 2014 Page 8 of 8 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.? 22 West Washington Street Chicago, IL 60602 USA Morningstar 2014. All Rights Reserved. The information, data, analyses and opinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use. The information contained herein is the proprietary property of Morningstar and may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of Morningstar. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.

Morningstar Direct SM Publishing Date: 2014-11-17 Page 1 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date 10-31-2014 Morningstar Categories Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Total Net ($bil) Total Return 1-Mo QTD YTD 1-Yr 10-2014 Mkt Sh % 10-2013 Mkt Sh % 1-Mo YTD 1 Large Blend 23,441 23,441 62,489 91,320 2,085 15.10 1,760 14.10 4.04 17.56 2 Large Growth (2,840) (2,840) (37,810) (43,877) 1,339 9.70 1,197 9.58 5.30 19.45 3 Intermediate-Term Bond (4,165) (4,165) 15,075 302 1,030 7.46 1,000 8.01 1.66 9.51 4 Large Value 3,565 3,565 14,064 21,522 987 7.15 864 6.92 4.03 18.38 5 Foreign Large Blend 5,955 5,955 73,822 92,300 827 5.99 739 5.91 (1.34) (3.18) 6 Moderate Allocation 1,029 1,029 10,634 12,709 504 3.65 444 3.56 2.43 9.75 7 Diversified Emerging Mkts (1,717) (1,717) 15,247 14,010 414 3.00 399 3.19 1.46 5.58 8 World Stock (393) (393) 9,963 14,221 409 2.96 369 2.95 1.25 7.40 9 World Allocation (318) (318) 12,880 18,570 333 2.41 300 2.40 1.19 6.50 10 Short-Term Bond 1,747 1,747 17,734 22,003 325 2.36 301 2.41 0.47 2.51 11 High Yield Bond 3,380 3,380 (10,452) (8,851) 316 2.29 315 2.52 1.61 6.42 12 Mid-Cap Growth (1,685) (1,685) (11,812) (11,744) 310 2.24 292 2.34 5.98 10.49 13 Mid-Cap Blend (781) (781) 9,962 12,274 302 2.18 260 2.08 5.22 12.35 14 Small Blend (237) (237) (3,808) (1,576) 256 1.85 243 1.95 11.56 4.87 15 Mid-Cap Value (1,204) (1,204) 231 1,508 244 1.77 218 1.74 6.42 17.37 16 Conservative Allocation 1,533 1,533 16,287 18,037 214 1.55 184 1.48 2.18 9.93 17 World Bond 1,025 1,025 13,099 13,930 208 1.50 189 1.51 0.31 4.81 18 Small Growth (823) (823) (10,558) (10,399) 192 1.39 193 1.54 11.15 0.73 19 Multisector Bond (299) (299) 13,738 12,741 182 1.32 162 1.30 1.67 4.45 20 Foreign Large Value 1,486 1,486 17,441 21,026 170 1.23 151 1.21 (3.07) (3.79) 21 Foreign Large Growth (2,277) (2,277) (6,221) (3,343) 169 1.23 174 1.39 0.49 (4.68) 22 Nontraditional Bond (1,287) (1,287) 23,009 29,980 152 1.10 120 0.96 (0.26) 1.03 23 Health 1,426 1,426 9,394 11,507 140 1.02 97 0.78 11.72 46.08 24 Muni National Interm 1,483 1,483 12,449 9,291 138 1.00 123 0.99 0.97 11.88 25 Real Estate 1,669 1,669 10,484 8,995 135 0.98 108 0.86 18.51 47.22 26 Bank Loan (5,104) (5,104) (12,164) (4,611) 132 0.96 135 1.08 1.00 3.35 27 Small Value 30 30 1,053 1,117 120 0.87 111 0.89 10.96 5.27 28 Muni National Short 147 147 6,223 6,589 112 0.81 105 0.84 0.20 2.40 29 Corporate Bond 552 552 6,822 3,738 104 0.75 95 0.76 1.83 13.06 30 Intermediate Government 731 731 (4,209) (8,924) 101 0.73 108 0.86 1.65 7.60 31 Inflation-Protected Bond (1,133) (1,133) (2,419) (10,687) 99 0.71 109 0.87 1.13 6.83 32 Muni National Long 244 244 (1,703) (4,740) 92 0.66 89 0.71 1.80 22.74 33 Emerging Markets Bond (1,135) (1,135) (301) (4,409) 83 0.60 86 0.69 2.10 8.95 34 Ultrashort Bond 824 824 6,933 8,764 82 0.60 73 0.58 0.01 1.05 35 Technology (675) (675) 2,051 3,779 74 0.54 60 0.48 3.54 19.52 2014 Morningstar, Inc. All Rights Reserved. For institutional use only. 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. ß

Morningstar Direct SM Publishing Date: 2014-11-17 Page 2 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date 10-31-2014 Morningstar Categories Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Total Net ($bil) Total Return 1-Mo QTD YTD 1-Yr 10-2014 Mkt Sh % 10-2013 Mkt Sh % 1-Mo YTD 36 High Yield Muni 662 662 8,074 4,916 71 0.52 60 0.48 1.52 26.05 37 Aggressive Allocation (291) (291) (262) 16 57 0.41 51 0.41 3.08 11.84 38 Long/Short Equity (2,227) (2,227) 7,203 11,749 56 0.40 45 0.36 0.97 (1.17) 39 Europe Stock (3,889) (3,889) 5,298 10,515 51 0.37 44 0.35 (4.55) (9.76) 40 Energy Limited Partnership 1,504 1,504 14,750 16,838 51 0.37 30 0.24 (7.56) 26.11 41 Short Government 5,451 5,451 4,661 3,344 50 0.36 47 0.37 0.45 1.58 42 Global Real Estate 131 131 2,765 3,336 49 0.36 43 0.35 9.96 21.22 43 Natural Resources (2,158) (2,158) (3,572) (3,533) 48 0.35 52 0.42 (8.95) (10.26) 44 Commodities Broad Basket 315 315 276 (7,959) 47 0.34 59 0.48 (4.86) (16.25) 45 Equity Energy 700 700 3,581 2,445 45 0.32 43 0.35 (14.57) (8.95) 46 Commodities Precious Metals (1,232) (1,232) (1,624) (5,188) 42 0.31 56 0.45 (6.97) (12.74) 47 Miscellaneous Region (1,386) (1,386) 3,167 3,322 42 0.30 40 0.32 (3.91) (4.87) 48 Financial (983) (983) (645) 1,435 40 0.29 34 0.28 6.47 9.06 49 Muni California Long 175 175 277 (742) 37 0.27 35 0.28 1.46 22.33 50 Multialternative 650 650 7,628 9,066 37 0.27 27 0.22 0.83 5.50 51 Utilities 1,227 1,227 3,650 2,881 37 0.27 30 0.24 11.46 33.84 52 Foreign Small/Mid Growth (437) (437) 996 2,220 34 0.24 32 0.25 2.96 4.19 53 Market Neutral (828) (828) 3,565 4,439 33 0.24 28 0.23 (0.99) (1.57) 54 Tactical Allocation (563) (563) 1,072 498 32 0.23 31 0.25 1.91 4.69 55 Pacific/Asia ex-japan Stk 451 451 (286) (309) 30 0.22 29 0.23 2.61 14.59 56 Japan Stock (459) (459) (421) 2,392 30 0.22 27 0.22 (0.30) 0.23 57 Preferred Stock 803 803 3,478 2,277 27 0.19 23 0.19 1.73 21.04 58 Foreign Small/Mid Blend 136 136 4,054 5,058 26 0.19 22 0.17 (3.69) (6.61) 59 Muni New York Long (75) (75) (886) (1,765) 26 0.18 26 0.20 1.37 21.05 60 Long-Term Bond (233) (233) 2,310 1,898 22 0.16 19 0.15 3.42 23.59 61 Foreign Small/Mid Value (56) (56) 2,480 3,060 22 0.16 19 0.16 (4.61) (7.60) 62 China Region 45 45 (103) 740 22 0.16 20 0.16 6.98 6.64 63 Convertibles (289) (289) 2,711 3,637 22 0.16 17 0.13 1.94 14.90 64 Industrials (554) (554) (83) 2,781 21 0.16 16 0.13 6.06 9.20 65 Muni Single State Long (37) (37) (956) (1,971) 21 0.15 22 0.18 0.57 9.34 66 Long Government 417 417 7,413 6,229 21 0.15 14 0.11 5.15 36.48 67 Trading-Leveraged Equity (22) (22) (2,503) (1,142) 19 0.14 17 0.14 6.91 21.39 68 Consumer Defensive 1,979 1,979 3,295 3,242 18 0.13 14 0.11 6.63 15.86 69 Consumer Cyclical (799) (799) (3,354) (2,945) 17 0.13 19 0.16 6.25 1.82 70 Equity Precious Metals 185 185 1,642 1,555 17 0.12 22 0.18 (35.06) (31.88) 2014 Morningstar, Inc. All Rights Reserved. For institutional use only. 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. ß

Morningstar Direct SM Publishing Date: 2014-11-17 Page 3 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date 10-31-2014 Morningstar Categories Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Total Net ($bil) Total Return 1-Mo QTD YTD 1-Yr 10-2014 Mkt Sh % 10-2013 Mkt Sh % 1-Mo YTD 71 Muni California Intermediate 171 171 1,693 1,629 14 0.10 12 0.10 1.16 15.33 72 Managed Futures 376 376 1,993 2,478 14 0.10 11 0.09 (1.94) 5.23 73 Diversified Pacific/Asia 64 64 (483) (445) 14 0.10 14 0.11 4.31 8.37 74 Muni Single State Interm 14 14 (333) (750) 12 0.09 13 0.10 0.54 6.25 75 Multicurrency 236 236 (151) (698) 12 0.09 13 0.10 (0.09) 0.51 76 Muni Single State Short (14) (14) (107) (470) 11 0.08 11 0.09 0.22 3.33 77 Latin America Stock 110 110 810 (354) 10 0.07 11 0.09 (1.51) (5.02) 78 Muni Pennsylvania (20) (20) (298) (617) 9 0.07 9 0.07 0.65 9.32 79 Trading-Inverse Equity (1,146) (1,146) 2,356 1,859 8 0.06 9 0.07 (9.04) (37.57) 80 Trading-Inverse Debt (332) (332) 1,223 1,823 7 0.05 7 0.06 (7.59) (32.30) 81 India Equity 169 169 2,226 2,233 7 0.05 4 0.03 9.12 78.99 82 Target Date 2016-2020 0 0 203 83 7 0.05 6 0.05 2.24 7.07 83 Muni New Jersey (16) (16) (264) (532) 7 0.05 7 0.05 0.56 9.38 84 Target Date 2026-2030 41 41 377 287 7 0.05 6 0.05 3.60 11.91 85 Muni Massachusetts 0 0 (28) (312) 7 0.05 7 0.05 0.60 8.49 86 Communications 24 24 (74) (90) 7 0.05 6 0.05 3.61 3.80 87 Bear Market (441) (441) (816) (1,791) 6 0.04 9 0.07 (8.45) (26.12) 88 Miscellaneous Sector (116) (116) 615 769 5 0.04 5 0.04 (1.82) (7.47) 89 Target Date 2036-2040 32 32 269 206 5 0.04 4 0.04 3.78 10.81 90 Muni Ohio (1) (1) (168) (351) 5 0.03 5 0.04 0.62 7.93 91 Muni Minnesota 3 3 (38) (156) 4 0.03 4 0.03 0.56 7.87 92 Volatility 216 216 1,318 1,204 4 0.03 3 0.02 (8.49) (22.25) 93 Muni New York Intermediate 17 17 43 (34) 3 0.02 3 0.03 0.88 13.46 94 Target Date 2021-2025 17 17 216 242 3 0.02 3 0.02 (0.75) 8.58 95 Retirement Income 6 6 (13) (99) 3 0.02 3 0.02 1.62 5.14 96 Commodities Energy 315 315 (84) (652) 2 0.02 3 0.02 (8.50) (11.84) 97 Target Date 2046-2050 34 34 223 252 2 0.01 2 0.01 (1.08) 8.78 98 Commodities Agriculture 29 29 (70) (295) 2 0.01 2 0.02 4.25 (0.22) 99 Target Date 2031-2035 17 17 233 264 2 0.01 2 0.01 (0.82) 8.76 100 Trading-Leveraged Commodities 625 625 830 642 2 0.01 2 0.01 (21.50) (29.51) 101 Single Currency 26 26 (818) (836) 1 0.01 2 0.02 (0.51) (3.31) 102 Trading-Miscellaneous (63) (63) (46) 50 1 0.01 1 0.01 (1.87) (3.14) 103 Target Date 2041-2045 22 22 167 197 1 0.01 1 0.01 (0.97) 8.77 104 Target Date 2011-2015 (6) (6) (46) (62) 1 0.01 1 0.01 (0.61) 8.03 105 Trading-Leveraged Debt 488 488 734 486 1 0.01 0 0.00 7.09 50.68 2014 Morningstar, Inc. All Rights Reserved. For institutional use only. 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. ß

Morningstar Direct SM Publishing Date: 2014-11-17 Page 4 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date 10-31-2014 Morningstar Categories Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Total Net ($bil) Total Return 1-Mo QTD YTD 1-Yr 10-2014 Mkt Sh % 10-2013 Mkt Sh % 1-Mo YTD 106 Trading-Inverse Commodities (178) (178) (357) (355) 1 0.01 1 0.01 13.19 13.29 107 Target Date 2000-2010 (6) (6) (116) (135) 1 0.01 1 0.01 2.44 5.61 108 Commodities Industrial Metals (56) (56) 14 (35) 0 0.00 0 0.00 (0.37) (2.10) 109 Target Date 2051+ 15 15 90 105 0 0.00 0 0.00 3.70 16.55 110 Commodities Miscellaneous 0 0 0 0 0 0.00 0 0.00 9.73 30.27 Top 10 26,304 26,304 194,099 243,082 8,254 59.77 7,372 59.03 All 23,180 23,180 370,599 427,146 13,810 100.00 12,488 100.00 Top Fund Families Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Under Management ($bil) 1-Mo QTD YTD 1-Yr 10-2014 Mkt Sh % 10-2013 Mkt Sh % 1 Vanguard 24,977 24,977 168,805 191,057 2,603 18.85 2,183 17.48 2 Fidelity Investments 1,146 1,146 (7,623) (7,114) 1,237 8.95 1,122 8.98 3 American Funds 363 363 507 (3,630) 1,169 8.47 1,069 8.56 4 ishares 15,704 15,704 57,142 62,674 737 5.33 646 5.17 5 T. Rowe Price (199) (199) 11,378 14,176 457 3.31 400 3.20 6 Franklin Templeton Investments (508) (508) 2,930 3,358 452 3.27 424 3.40 7 PIMCO (49,400) (49,400) (110,295) (127,945) 437 3.17 553 4.43 8 SPDR State Street Global Advisors 6,649 6,649 3,410 15,155 414 3.00 373 2.99 9 JPMorgan 1,848 1,848 22,569 25,027 260 1.88 219 1.76 10 Dimensional Fund Advisors 2,951 2,951 24,372 28,590 249 1.80 208 1.67 11 BlackRock 4,391 4,391 13,898 16,461 219 1.59 191 1.53 12 OppenheimerFunds (1,109) (1,109) 3,235 4,721 203 1.47 189 1.51 13 Dodge & Cox 4,894 4,894 18,910 17,893 179 1.29 146 1.17 14 MFS 318 318 10,702 12,278 170 1.23 147 1.17 15 Columbia (568) (568) (8,337) (10,117) 164 1.19 163 1.30 16 Invesco (203) (203) (892) (1,697) 149 1.08 138 1.11 17 John Hancock 458 458 8,054 9,917 117 0.84 99 0.79 18 Wells Fargo Advantage 338 338 2,420 3,622 115 0.83 106 0.85 19 Principal Funds 497 497 5,309 5,702 112 0.81 98 0.78 20 Lord Abbett 632 632 1,383 1,190 109 0.79 103 0.82 21 Goldman Sachs (378) (378) 15,146 18,430 103 0.75 80 0.64 22 Janus 1,126 1,126 (4,351) (5,554) 103 0.75 99 0.79 23 American Century Investments 401 401 (3,472) (4,475) 100 0.73 96 0.77 24 Hartford Mutual Funds (423) (423) (4,451) (5,495) 94 0.68 90 0.72 25 Voya (866) (866) (5,709) (6,371) 91 0.66 90 0.72 2014 Morningstar, Inc. All Rights Reserved. For institutional use only. 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. ß

Morningstar Direct SM Publishing Date: 2014-11-17 Page 5 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date 10-31-2014 Top Fund Families Ranked by Current TNA () Rank Name Estimated Net Flow ($mil) Under Management ($bil) 1-Mo QTD YTD 1-Yr 10-2014 Mkt Sh % 10-2013 Mkt Sh % 26 PowerShares (1,793) (1,793) (6,302) (3,492) 88 0.64 81 0.65 27 Legg Mason 1,245 1,245 4,483 3,698 86 0.62 75 0.60 28 Harbor (1,302) (1,302) (1,003) (1,137) 84 0.61 82 0.66 29 SEI 120 120 3,222 2,862 83 0.60 75 0.60 30 Oakmark 95 95 9,256 11,436 83 0.60 68 0.55 31 MainStay (1,707) (1,707) (1,449) 1,047 81 0.58 76 0.61 32 TIAA-CREF Mutual Funds 1,007 1,007 6,287 7,283 80 0.58 66 0.53 33 GMO 186 186 3,191 964 78 0.57 75 0.60 34 Putnam 12 12 5,389 6,308 75 0.54 62 0.50 35 First Eagle (265) (265) 2,968 3,739 75 0.54 69 0.55 36 Eaton Vance (1,363) (1,363) (6,374) (7,383) 75 0.54 78 0.62 37 Prudential Investments 615 615 2,887 3,017 72 0.52 64 0.51 38 Ivy Funds (1,476) (1,476) (164) 1,503 71 0.52 67 0.54 39 Dreyfus (127) (127) (389) (747) 63 0.46 60 0.48 40 Federated 683 683 3,407 3,103 63 0.46 56 0.45 41 AllianceBernstein 95 95 3,580 3,471 60 0.43 54 0.44 42 Artisan (663) (663) 925 1,880 60 0.43 55 0.44 43 Nuveen 461 461 4,304 4,081 60 0.43 52 0.41 44 Natixis Funds 1,200 1,200 6,066 6,665 58 0.42 49 0.39 45 Thornburg (966) (966) (8,469) (9,375) 56 0.40 63 0.51 46 USAA 221 221 1,709 1,682 55 0.40 50 0.40 47 Advanced Series Trust (490) (490) (2,121) (4,039) 54 0.39 53 0.43 48 Northern Funds 294 294 1,184 1,855 51 0.37 48 0.38 49 Deutsche Asset & Wealth Mngt (17) (17) (773) (1,952) 50 0.36 48 0.38 50 Metropolitan West Funds 7,280 7,280 14,602 14,590 49 0.35 33 0.26 Top 10 3,531 3,531 173,196 201,347 8,014 58.03 7,198 57.64 Top 50 16,384 16,384 271,458 308,911 11,751 85.09 10,591 84.81 Other 6,796 6,796 95,669 114,564 2,059 14.91 1,843 14.76 All 23,180 23,180 367,127 423,475 13,810 100.00 12,434 99.57 2014 Morningstar, Inc. All Rights Reserved. For institutional use only. 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. ß

Morningstar Direct SM Publishing Date: 2014-11-17 Page 6 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date 10-31-2014 Asset Classes Name Estimated Net Flow ($mil) Under Management ($bil) 1-Mo QTD YTD 1-Yr 10-2014 Mkt Sh % 10-2013 Mkt Sh % US Equity 19,465 19,465 23,812 60,145 5,835 42.26 5,138 41.14 Sector Equity 3,562 3,562 44,497 52,994 705 5.10 581 4.65 International Equity (2,198) (2,198) 127,992 166,646 2,276 16.48 2,093 16.76 Allocation 1,276 1,276 44,924 54,808 1,193 8.64 1,055 8.45 Taxable Bond 1,575 1,575 84,725 67,723 2,934 21.25 2,795 22.38 Municipal Bond 2,751 2,751 23,977 9,985 571 4.13 531 4.25 Alternative (2,621) (2,621) 22,159 28,975 201 1.46 175 1.40 Commodities (628) (628) (1,488) (14,130) 95 0.69 121 0.97 All Long Term 23,180 23,180 370,599 427,146 13,810 100.00 12,488 100.00 Morningstar Ratings Name Estimated Net Flow ($mil) Total Net ($bil) 1-Mo QTD YTD 1-Yr 10-2014 Mkt Sh % 10-2013 Mkt Sh % QQQQQ 21,869 21,869 179,833 191,009 2,079 15.05 1,734 13.88 QQQQ 2,051 2,051 163,785 210,467 5,829 42.21 5,118 40.98 QQQ (4,564) (4,564) (11,696) (25,723) 3,992 28.91 3,740 29.94 QQ (6,184) (6,184) (36,333) (50,453) 1,128 8.17 1,129 9.04 Q 998 998 (5,838) (8,937) 183 1.32 192 1.54 Not Rated 9,010 9,010 80,849 110,783 598 4.33 576 4.61 Total 23,180 23,180 370,599 427,146 13,810 100.00 12,488 100.00 2014 Morningstar, Inc. All Rights Reserved. For institutional use only. 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. ß