Data Dashboard Morningstar Global Fund Flows One-year global growth rates remain modest but stable overall, particularly in the United States and developed markets such as France and Germany. Some emerging markets continued to show strong growth, including India and Thailand. > 3.3% Fast Growth < - 0.1% No Growth 3.29 to 0% Slow Growth Trailing 1-Year Organic Growth Rates by Country 05/31/2018 Finland -2.3% Russia 67.6% U.K. 5.2% Canada 6.3% Ireland 13.0% Germany 5.7% France 4.5% United States 3.9% Taiwan 7.2% Italy 2.6% Japan 14.2% Israel 7.1% India 11.6% Malaysia 14.8% Thailand 33.1% Brazil 5.2% New Zealand 5.9% South Africa 1.6% Australia 2.1% Chile 15.3% U.S. Open-End & ETF Fund Flows 05/31/2018 Equity Allocation Europe Open-End & ETF Fund Flows 05/31/2018 Fixed Income Equity Allocation Fixed Income $70B $50B 60 40 50 30 40 20 30 10 20 06/2017 08/2017 10/2017 12/2017 02/2018 04/2018 10 0 0 -10 -10 06/2017 08/2017 10/2017 12/2017 02/2018 04/2018 Money market and fund of funds are excluded when appropriate. Alternatives and commodities funds are not included. U.S. data is survivorship-bias free. In the broad asset class tables, equity includes U.S. stock, international, and sector fund flows. Organic growth rates are calculated using beginning period asset levels and subsequent net fund flows. 78 Morningstar August/September 2018 -20