November 2012 Data through October 31 U.S. Open-End Funds Also inside: Extended tables... 4 Morningstar Direct SM U.S. Open-end Asset Flows Update Investors Continue Their Shift Toward Fixed Income by Michael Rawson Investors added a healthy $27.7 billion to long-term mutual funds in October, the 10th straight month of inflows. Continuing their preference for fixed income over equities, investors added $29.6 billion to taxable-bond funds ($33.9 billion including exchange-traded funds) and withdrew $8.3 billion from U.S.-stock funds (a $19.6 billion outflow including ETFs). Year to date, investors have added $224 billion to the taxable-bond asset class and have withdrawn $85 billion from U.S.-stock funds. That represents a 10.8% organic growth rate for taxable-bond funds from the end of last year and negative 2.7% for U.S.-stock funds. Alternatives have had the greatest organic growth rate of any asset class in 2012, collecting $12.4 billion year-to-date inflows. Estimated Net Flows $Mil* Oct 2012 YTD One Year Assets $Bil U.S. Stock (8,291) (84,667) (110,332) 3,406 Sector Stock (226) 5,357 4,301 288 International Stock (109) 18,550 8,029 1,320 Balanced 893 24,066 18,592 863 Taxable Bond 29,564 223,907 245,094 2,456 Municipal Bond 4,881 47,974 55,725 581 Alternative 1,325 12,384 14,098 85 Commodities (383) 1,808 1,037 52 All Long Term 27,654 249,378 236,545 9,051 Money Market (11,067) (139,883) (58,868) 2,492 *Includes liquidated and merged funds. Source: Morningstar Direct Asset Flows. In October 2007, prior to the financial crisis, 48% of assets in long-term funds (both open-end mutual funds and ETFs) were held in the U.S.-stock asset class, while 13% resided in taxable-bond funds. Currently, just 37% of assets are held in the U.S.-stock asset class, while 26% are in taxable-bond funds. Higher-risk segments of the bond market continued to garner investor attention. Multi-sector bond, bank loan, emergingmarkets bond, nontraditional bond, world bond, and high-yield bond categories each saw inflows of greater than $1 billion. Year to date, these six categories have taken in more than $80 billion, or 13% of beginning-period assets. Intermediate-term bond, which is heavy in corporate bonds, brought in $11.4 billion, the most of any category. Investors also found municipal bonds attractive as $917 million flowed into high-yield muni-bond funds in October, bringing the total for the category to nearly $11 billion for the year-to-date period, or 20% of beginning-period assets. National long, intermediate, and short municipals brought in a total of $3 billion for the month and about $28 billion year to date, or 10% of beginning-period assets. Within alternatives, investors were looking to hedge their equity exposure. The bear-market category collected $628 million, or 11.6% of assets at the beginning of the month, while long-short funds saw inflows of $628 billion, or 2.6% of beginning-month assets. Notes: The figures in this report were compiled November 12, 2012 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. Calamos is not included. 2012 Morningstar, Inc. All rights reserved.
Among U.S.-stock funds, the large blend category took in $1.4 billion, but that inflow was offset by outflows in the asset class s other categories. Large growth, with redemptions of $4.3 billion, saw the largest outflow of any category, while large value funds had outflows of $2.0 billion. While diversified emerging-markets funds saw inflows, most other international-stock categories experienced outflows. Diversified emerging-markets collected $925 million, while China region and Latin America stock funds both lost slightly more than $100 million. World stock lost $913 million. Voters Elect Obama, but Investors Re-Anoint Bill Gross the Bond King PIMCO led all firms with inflows of $8.1 billion in October. Flagship PIMCO Total Return brought in $2.4 billion, more than any other fund for the month. The Gold-rated fund has returned 9.49% year to date, placing it among the top 13% of funds in its category. PIMCO Income and PIMCO Unconstrained Bond each brought in more than $1 billion. DoubleLine Total Return attracted $1.9 billion in October and $17.9 billion year to date, making it the most popular mutual fund so far this year. The Neutral-rated fund has rapidly grown to $35 billion since its April 2010 inception. DoubleLine Total Return s 8.52% year-to-date return ranks it in the top 21st percentile among peers. Top-10 U.S. Open-End Fund Families Ranked by October 2012 Estimated Net Flow Excludes money markets and funds of funds Estimated Net Flow $Mil Fund Family October YTD 2012 One Year AUM $Bil PIMCO 8,103 50,531 47,952 548 Vanguard 5,282 81,025 93,067 1,529 DoubleLine 2,083 19,904 22,903 39 JPMorgan 1,971 21,909 23,944 172 TIAA-CREF 1,924 6,820 10,432 49 USAA 1,562 3,608 3,868 48 Lord Abbett 1,401 10,604 11,536 86 MFS 1,118 11,560 12,670 107 Franklin Templeton 1,114 9,202 7,716 379 T. Rowe Price 1,104 16,896 18,043 324 OGR = Organic Growth Rate = Flows over the period / beginning net assets Source: Morningstar Direct Asset Flows The table only shows flows into open-end mutual funds and excludes ETFs, so inflows of $7 billion for ishares are not shown. This total is impressive since just $2 billion net flowed into ETFs during the month. ishares announced a fee reduction and rebranding of several ETFs as core portfolio building blocks intended for buy-and-hold investors. Accompanying the launch was an Internet, print, and television advertising campaign that included commercials during such high-profile programming as the presidential debates. In the alternative asset class, bear-market fund PIMCO StocksPLUS Total Return Short Strategy was the most popular for the month and year to date, bringing in $519 million and $3 billion, respectively. 2012 Morningstar, Inc. All rights reserved.
American Funds continued to experience large outflows. Approximately $4.2 billion exited the complex, with nearly half of that coming from American Funds Growth Fund of America AGRBX. That fund currently holds assets of $112 billion, down from $152 billion three years ago, despite the S&P 500 returning 13.2% per year in that period. For comparison, Vanguard Total Stock Market Index VITSX has grown from $103 billion to $178 billion during that time. Spotlight on Emerging-Markets Bond Funds There are 70 funds in Morningstar s emerging-markets bond category with total assets of $73 billion. Only 28 of these 70 funds were launched before 2010, so the vast majority lacks a three-year track record. The top-ranked fund during the past three years has been the $2.1 billion GMO Emerging Country Debt III, which returned 18.7% per year in this time frame. The largest fund in the category is the $14 billion PIMCO Emerging Local Bond, which returned 9.7% over the three-year period. Ranked in the top 6% in its category year to date and in the top 3% over the past three years, TCW Emerging Markets Income continues to shoot the lights out in terms of performance and the flows have followed. The fund brought in $263 million in October and $2 billion year to date. Penelope Foley and David Robbins took over management of the fund in the wake of Jeffrey Gundlach s high-profile departure of from TCW in late 2009. While the size of the fund has grown dramatically, from $130 million three years ago to $5.5 billion today, management does not see the size as an impediment to performance. Instead of limiting itself to either U.S. dollar sovereign, corporate, or local-currency debt, TCW Emerging Markets Income invests in all three. Foley and Robbins currently see the best opportunities in corporate and local currency sectors and the fund has a large overweighting to corporates. They see the potential for strong flows continuing, as institutional investors tend to be underweight the space. According to TCW, emerging-markets debt typically constitutes 3%-5% of investor portfolios but 10%-12% of the global fixed-income opportunity set. Sovereign balance sheets have improved with emerging-markets debt/gdp now averaging 35% as opposed to many developed-market counterparts with debt/gdp of more than 100%. While valuations are no longer cheap, they are by no means expensive. Spreads are still 125 basis points higher than the all-time tight spreads we saw in 2007. PIMCO s Lupin Rahman, executive vice president of the firm s emerging-markets portfolio management team, generally agrees, stating that global investors have been underweight EM assets with respect to both EM s current and future share of the global economy. The strong inflows into the USD and local EM markets since the 2008 crisis reflects these trends and points to the multiyear aspect of this support for the asset class. While emerging markets in general look attractive, each region faces a different dynamic. Adds Rahman, In Latin America, commodity-driven economies closely linked to China, e.g. Brazil, offer value in local rate space. At the same time, economies like Mexico, which are closely linked to the U.S., are benefiting from the Fed s anchoring of interest rates and tailwinds from the better risk environment. Meanwhile, EM currencies, particularly in Asia, remain fundamentally undervalued and, as China gradually appreciates, will be able to appreciate at a faster pace. However, she sees some risk due to the eurozone debt crisis facing emerging Europe. While the $14 billion PIMCO Emerging Local Bond brought in just $70 million last month, it leads all funds in the category with $2.4 billion year to date. The $8 billion PIMCO Emerging Markets Bond is second in year-to-date inflows with $2.4 billion. 2012 Morningstar, Inc. All rights reserved.
Morningstar Direct SM Publishing Date: 2012-11-14 Page 1 of 6 Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo YTD 1 Large Blend 1,368 1,365 (12,354) (13,127) 1,137 12.56 1,016 12.56 (1.45) 12.66 2 Intermediate-Term Bond 11,664 11,398 93,935 109,749 1,072 11.84 890 11.00 0.47 6.74 3 Large Growth (4,289) (4,338) (28,396) (38,425) 827 9.14 788 9.73 (3.01) 12.49 4 Large Value (1,997) (2,036) (18,519) (24,242) 604 6.67 550 6.79 (0.65) 12.76 5 Foreign Large Blend 124 95 1,199 (3,988) 466 5.15 442 5.47 0.63 11.74 6 Moderate Allocation (670) (670) (2,458) (9,449) 401 4.44 369 4.57 (0.56) 9.91 7 World Stock (911) (911) (6,162) (10,908) 277 3.06 261 3.22 (0.34) 11.71 8 World Allocation 314 310 12,696 12,617 261 2.88 233 2.88 (0.50) 8.25 9 High Yield Bond 1,179 1,179 27,900 30,070 249 2.75 197 2.43 0.82 12.19 10 Short-Term Bond 3,268 3,267 28,372 29,435 235 2.60 198 2.45 0.17 3.40 11 Diversified Emerging Mkts 925 925 19,338 20,368 223 2.47 193 2.39 (0.13) 11.14 12 Mid-Cap Growth (1,175) (1,183) (7,751) (11,071) 214 2.36 209 2.58 (2.06) 10.22 13 Mid-Cap Blend (765) (767) (5,174) (6,845) 177 1.96 166 2.05 (0.73) 11.32 14 Conservative Allocation 1,040 1,040 15,714 17,884 162 1.79 131 1.62 (0.14) 8.14 15 World Bond 1,300 1,283 7,245 5,623 159 1.76 145 1.79 0.18 7.25 16 Multisector Bond 2,372 2,372 17,259 18,176 154 1.70 123 1.53 0.67 9.91 17 Small Blend 82 82 (4,071) (5,501) 143 1.58 135 1.66 (1.53) 10.78 18 Intermediate Government 458 458 4,185 6,425 138 1.53 128 1.58 (0.23) 2.80 19 Muni National Interm 1,487 1,473 12,922 15,690 130 1.44 106 1.31 0.23 5.20 20 Foreign Large Growth (199) (200) 981 557 129 1.43 123 1.52 0.43 12.34 21 Small Growth (723) (824) (4,735) (6,180) 123 1.35 118 1.46 (2.80) 10.08 22 Inflation-Protected Bond 726 725 6,753 9,211 117 1.30 100 1.24 0.67 6.48 23 Foreign Large Value 326 326 5,437 6,342 110 1.22 98 1.21 0.95 10.15 24 Mid-Cap Value (294) (297) (1,670) (2,497) 109 1.20 99 1.23 (0.20) 12.74 25 Muni National Long 664 664 5,637 6,373 102 1.12 86 1.06 0.44 8.45 26 Muni National Short 941 941 9,621 12,034 98 1.09 84 1.04 0.06 1.79 27 Small Value (499) (499) (1,998) (2,442) 73 0.81 68 0.84 (0.92) 10.81 28 Emerging Markets Bond 2,062 2,062 19,086 20,479 73 0.80 46 0.57 0.86 14.51 29 High Yield Muni 917 917 10,924 11,605 72 0.79 52 0.65 0.90 12.78 30 Bank Loan 2,114 2,114 7,299 5,893 69 0.76 59 0.72 0.49 8.21 31 Real Estate 47 47 4,339 4,445 67 0.74 55 0.68 (0.74) 14.09 32 Nontraditional Bond 1,782 1,782 1,724 (851) 57 0.63 54 0.67 0.49 6.52 33 Commodities Broad Basket (383) (383) 1,808 1,037 52 0.58 54 0.67 (3.96) 0.62 34 Health 80 80 1,281 1,188 48 0.53 39 0.49 (3.19) 19.26 35 Ultrashort Bond 1,283 1,283 6,402 6,304 45 0.50 37 0.46 0.10 1.92
Morningstar Direct SM Publishing Date: 2012-11-14 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 YTD 36 Short Government 69 69 (183) (154) 44 0.48 43 0.53 (0.09) 1.07 37 Muni California Long 111 111 1,181 1,245 40 0.44 35 0.43 0.52 9.69 38 Long-Term Bond 742 742 3,886 4,179 36 0.40 28 0.35 1.32 12.70 39 Muni New York Long 109 109 833 934 31 0.34 27 0.34 0.40 7.86 40 Global Real Estate 256 256 2,398 2,319 29 0.32 23 0.29 1.50 24.55 41 Natural Res (208) (208) (2,274) (2,824) 29 0.32 33 0.41 (1.30) 3.02 42 Muni Single State Long 138 138 1,680 1,918 29 0.32 25 0.31 0.29 7.40 43 Equity Precious Metals (166) (166) (519) (860) 27 0.30 32 0.40 (2.29) 2.15 44 Equity Energy (50) (50) 223 215 25 0.28 25 0.31 (1.54) 0.39 45 Technology 458 458 (308) (837) 25 0.28 26 0.32 (5.70) 8.66 46 Long/Short Equity 627 620 4,759 5,160 25 0.27 19 0.24 (0.87) 4.01 47 Foreign Small/Mid Growth 110 110 236 (124) 23 0.25 21 0.26 0.85 17.65 48 Foreign Small/Mid Blend 21 21 482 184 21 0.24 20 0.25 1.17 13.75 49 Pacific/Asia ex-japan Stk (176) (176) 97 (576) 20 0.22 19 0.23 0.49 15.13 50 Utilities (724) (724) (430) 176 19 0.21 17 0.21 0.97 8.51 51 Multialternative 173 173 3,396 4,422 17 0.19 13 0.15 (0.54) 2.57 52 Market Neutral (82) (82) 586 662 16 0.18 18 0.22 (0.64) 0.44 53 Aggressive Allocation (116) (116) (1,562) (1,863) 15 0.17 20 0.24 (0.74) 10.44 54 Muni Single State Interm 72 72 635 752 14 0.16 13 0.16 0.13 4.65 55 Europe Stock (71) (71) (885) (1,289) 13 0.15 14 0.17 1.18 14.46 56 Foreign Small/Mid Value (23) (23) 61 (132) 13 0.14 12 0.15 0.72 15.16 57 Muni California Intermediate 149 149 1,571 1,837 13 0.14 10 0.12 0.20 5.16 58 Currency 167 160 392 377 12 0.13 11 0.14 0.03 2.86 59 Muni Pennsylvania 19 19 376 379 11 0.12 10 0.12 0.33 7.06 60 Convertibles (297) (297) (1,844) (2,249) 10 0.11 14 0.17 (0.87) 8.03 61 Muni New York Intermediate 72 72 916 1,062 9 0.10 8 0.09 0.15 4.70 62 Long Government 547 547 45 556 9 0.10 8 0.10 (0.43) 4.47 63 Muni New Jersey 43 43 345 388 8 0.09 7 0.09 0.32 8.03 64 Managed Futures (9) (9) 652 998 8 0.09 8 0.09 (2.33) (7.26) 65 Muni Massachusetts 40 40 401 466 8 0.09 7 0.08 0.24 6.83 66 Diversified Pacific/Asia 55 55 250 118 8 0.08 7 0.09 0.29 12.28 67 China Region (123) (131) (769) (718) 6 0.07 7 0.09 3.02 9.68 68 Muni Single State Short 43 43 291 323 6 0.07 6 0.07 0.06 2.24 69 Bear Market 628 628 2,670 2,519 6 0.07 4 0.05 2.66 (19.59) 70 Muni Ohio 44 44 312 351 6 0.06 5 0.06 0.35 6.43
Morningstar Direct SM Publishing Date: 2012-11-14 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 YTD 71 Latin America Stock (113) (121) (829) (1,028) 5 0.06 7 0.08 (0.69) 3.40 72 Financial 121 121 180 68 5 0.06 4 0.06 1.17 20.55 73 Muni Minnesota 33 33 329 368 5 0.05 4 0.05 0.19 6.26 74 Communications 23 23 198 102 4 0.04 3 0.04 (3.09) 13.72 75 Japan Stock (47) (47) (719) (529) 3 0.03 3 0.04 (1.47) 1.61 76 Target Date 2016-2020 144 144 251 252 3 0.03 2 0.03 (0.54) 9.52 77 Consumer Defensive 15 15 139 159 2 0.03 2 0.02 (1.21) 11.78 78 Industrials (24) (24) (200) (244) 2 0.02 2 0.03 0.91 11.47 79 Target Date 2026-2030 61 61 206 218 2 0.02 2 0.02 (0.78) 10.71 80 Target Date 2021-2025 133 133 252 288 2 0.02 2 0.02 (0.61) 10.39 81 Consumer Cyclical (58) (58) 83 140 2 0.02 1 0.02 (1.14) 19.06 82 Miscellaneous Sector 4 4 248 254 2 0.02 1 0.01 0.27 16.94 83 Target Date 2036-2040 40 40 130 124 1 0.02 1 0.01 (0.96) 11.34 84 Retirement Income (2) (2) 36 44 1 0.01 1 0.01 (0.32) 7.78 85 India Equity (6) (6) (168) (250) 1 0.01 1 0.02 (3.06) 23.67 86 Target Date 2031-2035 65 65 210 244 1 0.01 1 0.01 (0.83) 11.39 87 Target Date 2011-2015 107 107 217 243 1 0.01 1 0.01 (0.36) 8.87 88 Target Date 2000-2010 21 21 (25) (40) 1 0.01 1 0.01 (0.30) 8.02 89 Target Date 2046-2050 19 19 90 103 1 0.01 1 0.01 (1.00) 11.61 90 Target Date 2041-2045 31 31 135 155 0 0.01 0 0.00 (0.91) 11.82 91 Trading-Inverse Debt (190) (190) (88) (50) 0 0.00 1 0.01 0.28 (9.64) 92 Trading-Inverse Commodities 9 9 18 13 0 0.00 0 0.00 3.05 (5.21) 93 Target Date 2051+ 3 3 18 23 0 0.00 0 0.00 (0.91) 12.01 94 Trading-Miscellaneous 1 1 0 (2) 0 0.00 0 0.00 0.27 (16.97) Top 10 10,049 9,659 96,214 81,730 5,529 61.08 4,944 61.11 All 27,654 27,086 249,378 236,545 9,051 100.00 8,090 100.00 Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1 Vanguard 5,282 5,282 81,025 93,067 1,529 16.89 1,301 16.09 2 American Funds (4,194) (4,194) (48,708) (64,700) 909 10.04 878 10.85 3 Fidelity Investments 840 840 3,957 (1,116) 893 9.86 814 10.06 4 PIMCO 8,103 8,103 50,531 47,952 548 6.06 459 5.67 5 Franklin Templeton Investment Funds 1,114 1,114 9,202 7,716 379 4.19 343 4.24
Morningstar Direct SM Publishing Date: 2012-11-14 Page 4 of 6 Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 6 T. Rowe Price 1,104 1,104 16,896 18,043 324 3.58 274 3.39 7 JPMorgan 1,971 1,961 21,909 23,944 172 1.90 138 1.70 8 Columbia (1,050) (1,050) (12,023) (14,449) 160 1.77 159 1.96 9 Dimensional Fund Advisors 755 755 11,376 13,084 156 1.73 132 1.63 10 BlackRock 491 491 3,993 4,083 156 1.72 142 1.75 11 OppenheimerFunds 728 728 3,889 3,462 155 1.71 140 1.73 12 John Hancock (81) (81) (266) (559) 136 1.50 126 1.55 13 Dodge & Cox (202) (202) (5,232) (7,597) 120 1.33 116 1.43 14 Invesco 169 169 2,383 1,928 117 1.29 104 1.28 15 MFS 1,118 1,118 11,560 12,670 107 1.19 84 1.04 16 Wells Fargo Advantage (699) (699) 5,035 6,441 92 1.02 80 0.99 17 Janus (634) (634) (6,130) (7,477) 92 1.01 93 1.15 18 American Century Investments (125) (125) 912 1,603 87 0.97 78 0.97 19 Lord Abbett 1,401 1,401 10,604 11,536 86 0.95 69 0.85 20 Hartford Mutual Funds (629) (629) (7,668) (9,790) 84 0.92 85 1.05 21 Principal Funds 708 708 7,800 8,809 78 0.86 62 0.76 22 Harbor 54 54 4,384 4,964 66 0.73 57 0.70 23 Legg Mason/Western 105 100 1,916 1,546 66 0.73 58 0.72 24 Eaton Vance 351 350 (3,232) (4,659) 64 0.71 63 0.78 25 ING Retirement Funds 198 198 (2,872) (3,560) 64 0.71 61 0.76 26 GMO 604 604 7,412 7,562 61 0.67 55 0.68 27 Goldman Sachs 351 351 (725) (1,796) 60 0.66 56 0.70 28 First Eagle 278 278 4,205 5,117 56 0.62 48 0.60 29 Federated 14 14 987 2,147 55 0.61 50 0.61 30 Thornburg (154) (154) 1,662 1,912 54 0.60 50 0.61 31 Dreyfus 322 322 1,606 1,392 52 0.58 47 0.58 32 Putnam (176) (176) (2,276) (3,311) 51 0.57 50 0.62 33 Ivy Funds (84) (84) 2,206 2,143 51 0.56 46 0.57 34 Prudential Investments 312 312 5,340 5,932 51 0.56 42 0.52 35 MainStay 77 77 5,158 6,641 51 0.56 40 0.49 36 AllianceBernstein 10 10 491 43 50 0.56 48 0.59 37 Nuveen 635 635 2,066 2,498 49 0.55 44 0.54 38 TIAA-CREF Mutual Funds 1,924 1,924 6,820 10,432 49 0.54 34 0.42 39 USAA 1,562 1,562 3,608 3,868 48 0.53 40 0.50 40 DWS Investments 58 58 (3,270) (3,883) 47 0.52 47 0.58
Morningstar Direct SM Publishing Date: 2012-11-14 Page 5 of 6 Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 41 Natixis Funds 314 314 3,275 3,682 43 0.48 37 0.46 42 Oakmark 123 123 944 561 43 0.47 38 0.47 43 Northern Funds 137 31 1,587 1,599 41 0.45 37 0.46 44 DoubleLine 2,083 2,083 19,904 22,903 39 0.43 14 0.17 45 Artisan 338 338 2,984 2,628 37 0.41 32 0.39 46 Schwab Funds 66 66 236 359 37 0.41 33 0.41 47 Delaware Investments 263 263 2,522 2,895 36 0.39 30 0.38 48 Russell (47) (49) (1,335) (1,486) 35 0.38 33 0.41 49 Pioneer Investments (783) (783) (3,305) (3,674) 33 0.36 33 0.41 50 Royce (371) (371) (2,881) (3,573) 30 0.34 32 0.40 Top 10 14,415 14,405 138,159 127,623 5,226 57.74 4,639 57.34 Top 50 24,733 24,611 220,466 213,532 7,800 86.18 6,932 85.68 Other 2,926 2,663 31,470 26,018 1,251 13.82 1,134 14.02 All 27,658 27,274 251,936 239,550 9,051 100.00 8,066 99.70 Asset Classes Name Estimated Net Flow ($mil) Assets Under Management ($bil) U.S. Stock (8,291) (8,496) (84,667) (110,332) 3,406 37.63 3,148 38.92 Sector Stock (226) (226) 5,357 4,301 288 3.18 266 3.29 International Stock (109) (155) 18,550 8,029 1,320 14.58 1,229 15.19 Balanced 893 889 24,066 18,592 863 9.53 778 9.61 Taxable Bond 29,564 29,280 223,907 245,094 2,456 27.14 2,058 25.43 Municipal Bond 4,881 4,867 47,974 55,725 581 6.42 485 5.99 Alternative 1,325 1,310 12,384 14,098 85 0.94 73 0.91 Commodities (383) (383) 1,808 1,037 52 0.58 54 0.67 All Long Term 27,654 27,086 249,378 236,545 9,051 100.00 8,090 100.00 Morningstar Ratings Name Estimated Net Flow ($mil) Total Net Assets ($bil) QQQQQ 16,241 16,241 168,686 186,214 1,452 16.04 1,150 14.22 QQQQ 10,167 10,167 127,535 132,163 3,656 40.39 3,194 39.48 QQQ (1,988) (1,988) (41,244) (57,750) 2,790 30.82 2,618 32.36 QQ (5,565) (5,565) (78,207) (97,146) 706 7.80 753 9.30 Q (1,530) (1,530) (24,489) (30,083) 148 1.63 175 2.17 Not Rated 10,333 9,765 97,102 103,152 300 3.32 200 2.48 Total 27,658 27,091 249,383 236,550 9,051 100.00 8,090 100.00