Data Dashboard Morningstar Global Fund Flows Most markets, including the U.S., saw at least modest growth over the past year. The highest growth rates were in emerging markets such as Chile, where investor interest surged along with returns. France was a developed-market leader, with low-double-digit growth. > 3.3% Fast Growth 3.29 to 0% Slow Growth < - 0.1% No Growth Trailing 1-Year Organic Growth Rates by Country 09/30/2017 Finland 6.8% Russia 52.2% U.K. 7.1% Canada 5.2% Ireland 17.8% Germany 7.0% France 10.1% United States 3.7% Taiwan -0.7% Italy 2.3% Japan 9.9% Israel 5.8% India 24.7% Malaysia 22.1% Thailand 31.0% Brazil 8.1% New Zealand 7.7% South Africa 4.1% Australia 2.1% Chile 60.1% U.S. Open-End & ETF Fund Flows 09/30/2017 Europe Open-End & ETF Fund Flows 09/30/2017 p Equity p Allocation p Fixed Income p Equity p Allocation p Fixed Income 10/2016 12/2016 02/2017 04/2017 06/2017 08/2017 50 USD Bil 40 USD Bil 25 20 0 0 -25 10/2016 12/2016 02/2017 04/2017 06/2017 08/2017 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 December/January 2018 -20