Data Dashboard Morningstar Global Fund Flows Emerging markets such as Thailand, Lithuania, and India showed the highest growth rates over the trailing year through March. Most developed markets, including the U.K. and the U.S., had only modest growth. Japan and France were exceptions, with double-digit increases. > 3.3% Fast Growth 3.29 to 0% Slow Growth < - 0.1% No Growth Trailing 1-Year Organic Growth Rates by Country 03/31/2017 Finland 7.9% Canada 4.1% U.K. 0.7% Lithuania 32.6% France 10.6% United States 2.3% Germany 6.0% Portugal 1.5% Taiwan -5.4% Italy 2.4% Japan 13.4% Israel 1.3% Philippines 18.0% India 32.1% Indonesia -2.6% Thailand 32.1% Brazil 6.1% Singapore 14.7% South Africa 5.2% Australia 1.5% New Zealand 9.5% Chile 24.3% U.S. Open-End & ETF Fund Flows 03/31/2017 Europe Open-End & ETF Fund Flows 03/31/2017 p Equity p Allocation p Fixed Income p Equity p Allocation p Fixed Income 50 USD Bil 30 USD Bil 15 25 0 0 -15 04/2016 06/2016 08/2016 10/2016 12/2016 02/2017 -25 04/2016 06/2016 08/2016 10/2016 12/2016 02/2017 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. 110 Morningstar June/July 2017 -30