CLASSIFICATION OF SHAREHOLDER ASSETS REPORT (ANNUAL INSTITUTIONAL SURVEY) 2013 Research Department TABLE 1 ASSETS OF MUTUAL FUNDS HELD IN INDIVIDUAL AND INSTITUTIONAL ACCOUNTS 1 (BILLIONS OF DOLLARS) 2009 2010 2011 2012 2013 All Funds Individual Accounts Institutional Accounts Total Equity Funds Individual Accounts Institutional Accounts Total Hybrid Funds Individual Accounts Institutional Accounts Total Bond Funds Individual Accounts Institutional Accounts Total Money Market Funds Individual Accounts Institutional Accounts Total 9,289$ 10,052$ 9,924$ 11,225$ 13,029$ 4,504$ 5,131$ 4,778$ 5,448$ 7,158$ $694 $807 $844 $987 1,209$ 2,010$ 2,338$ 2,578$ 3,067$ 2,954$ 2,083$ 1,775$ 1,722$ 1,725$ 1,707$ 1,824$ 1,781$ 1,708$ 1,827$ 2,006$ $369 $466 $435 $491 $605 24$ 34$ 39$ 42$ 58$ $197 $253 $266 $324 $332 1,233$ 1,029$ $969 $969 1,011$ 11,113$ 11,833$ 11,632$ 13,052$ 15,035$ 4,873$ 5,597$ 5,213$ 5,939$ 7,763$ $718 $841 $883 1,029$ 1,267$ 2,207$ 2,591$ 2,844$ 3,391$ 3,286$ 3,316$ 2,804$ 2,691$ 2,694$ 2,718$ Funds that invest exclusively in other mutual funds are excluded from all tables. 1 Individual Accounts include all retail and non-institutional accounts including assets in variable annuites, 529 plans, and retirement plans. 2009 data are based on reporting funds representing 83.3% of all mutual fund assets. 2010 data are based on reporting funds representing 83.8% of all mutual fund assets. 2011 data are based on reporting funds representing 85.3% of all mutual fund assets. 2012 data are based on reporting funds representing 85.1% of all mutual fund assets. 2013 data are based on reporting funds representing 86.6% of all mutual fund assets. Page 1 2013 Annual Institutional Survey TABLE 2-1 EQUITY, HYBRID, BOND, AND MONEY MARKET FUND ASSETS BY TYPE OF INSTITUTIONAL ACCOUNT (MILLIONS OF DOLLARS) All Mutual Funds 2012 2013 Long-Term Funds 2012 2013 Money Market Funds 2012 2013 Businesses Insurance Companies and Other Financial Institutions Non-Profit Organizations State and Local Governments Other Institutional Account Holders Not Classified Above (a) Total $699,023 $510,828 $153,066 38,228$ $425,674 1,826,819$ $770,167 $539,879 $169,662 39,393$ $487,319 2,006,420$ $179,575 $179,438 97,991$ 19,364$ $381,710 $858,078 $211,024 $205,721 $108,068 24,309$ $446,186 $995,308 $519,448 $331,391 55,074$ 18,864$ 43,964$ $968,741 $559,144 $334,158 61,593$ 15,085$ 41,134$ 1,011,114$ Funds that invest exclusively in other mutual funds are excluded from all tables. (a) Includes institutional accounts which do not fall under other classifications and those for which no determination of classification can be made. Universe estimates based on: Reporters of institutional data represented 85.1% of total net assets in 2012 and 86.6% of total net assets in 2013. Long-Term fund reporters represented 83.6% of total net assets in 2012 and 84.8% of total net assets in 2013. Money market fund reporters represented 90.7% of total net assets in 2012 and 95.2% of total net assets in 2013. Page 2 2013 Annual Institutional Survey TABLE 2-2 EQUITY FUND ASSETS BY TYPE OF INSTITUTIONAL ACCOUNT (MILLIONS OF DOLLARS) Total Equity 2012 2013 Domestic Equity 2012 2013 Foreign Equity 2012 2013 Businesses Insurance Companies and Other Financial Institutions Non-Profit Organizations State and Local Governments Other Institutional Account Holders Not Classified Above (a) Total $109,141 96,889$ 52,675$ 14,088$ $218,624 $491,417 $136,640 $118,295 64,180$ 18,352$ $267,992 $605,459 68,509$ 63,552$ 28,841$ 7,582$ $150,117 $318,601 85,584$ 78,996$ 36,242$ 10,323$ $168,757 $379,902 40,633$ 33,337$ 23,835$ 6,506$ 68,507$ $172,818 51,057$ 39,299$ 27,938$ 8,029$ 99,235$ $225,558 Funds that invest exclusively in other mutual funds are excluded from all tables. (a) Includes institutional accounts which do not fall under other classifications and those for which no determination of classification can be made. Universe estimates based on: Total equity fund reporters represented 81.7% of total net assets in 2012 and 84.0% of total net assets in 2013. Domestic equity fund reporters represented 83.2% of total net assets in 2012 and 85.8% of total net assets in 2013. Foreign equity fund reporters represented 77.7% of total net assets in 2012 and 79.1% of total net assets in 2013. Page 3 2013 Annual Institutional Survey TABLE 2-3 HYBRID FUND ASSETS BY TYPE OF INSTITUTIONAL ACCOUNT (MILLIONS OF DOLLARS) Hybrid 2012 2013 Businesses Insurance Companies and Other Financial Institutions Non-Profit Organizations State and Local Governments Other Institutional Account Holders Not Classified Above (a) Total 11,217$ 13,941$ 5,186$ 1,384$ 10,467$ 42,195$ 15,299$ 17,246$ 7,419$ 1,785$ 15,883$ 57,632$ Funds that invest exclusively in other mutual funds are excluded from all tables. (a) Includes institutional accounts which do not fall under other classifications and those for which no determination of classification can be made. Universe estimates based on: Hybrid fund reporters represented 83.0% of total net assets in 2012 and 82.3% of total net assets in 2013. Page 4 2013 Annual Institutional Survey TABLE 2-4 BOND FUND ASSETS BY TYPE OF INSTITUTIONAL ACCOUNT (MILLIONS OF DOLLARS) Total Bond 2012 2013 Taxable Bond 2012 2013 Municipal Bond 2012 2013 Businesses Insurance Companies and Other Financial Institutions Non-Profit Organizations State and Local Governments Other Institutional Account Holders Not Classified Above (a) Total 59,217$ 68,607$ 40,130$ 3,892$ $152,619 $324,465 59,084$ 70,180$ 36,469$ 4,172$ $162,311 $332,216 52,796$ 58,673$ 39,068$ 3,858$ $151,929 $306,324 53,262$ 61,728$ 35,575$ 4,154$ $161,700 $316,419 6,421$ 9,935$ 1,062$ 34$ $689 18,141$ 5,822$ 8,453$ $894 17$ $611 15,797$ Funds that invest exclusively in other mutual funds are excluded from all tables. (a) Includes institutional accounts which do not fall under other classifications and those for which no determination of classification can be made. Universe estimates based on: Total bond fund reporters represented 87.1% of total net assets in 2012 and 87.5% of total net assets in 2013. Taxable bond fund reporters represented 85.3% of total net assets in 2012 and 86.0% of total net assets in 2013. Municipal bond fund reporters represented 95.4% of total net assets in 2012 and 95.9% of total net assets in 2013. Page 5 2013 Annual Institutional Survey TABLE 2-5 MONEY MARKET FUND ASSETS BY TYPE OF INSTITUTIONAL ACCOUNT (MILLIONS OF DOLLARS) Total Money Market 2012 2013 Taxable Money Market 2012 2013 Tax-Exempt Money Market 2012 2013 Businesses Insurance Companies and Other Financial Institutions Non-Profit Organizations State and Local Governments Other Institutional Account Holders Not Classified Above (a) Total $519,448 $331,391 55,074$ 18,864$ 43,964$ $968,741 $559,144 $334,158 61,593$ 15,085$ 41,134$ 1,011,114$ $483,275 $322,483 53,961$ 18,692$ 43,569$ $921,980 $523,505 $327,287 60,631$ 14,981$ 40,740$ $967,144 36,172$ 8,907$ 1,113$ $171 $395 46,758$ 35,639$ 6,872$ $962 $104 $394 43,971$ Funds that invest exclusively in other mutual funds are excluded from all tables. (a) Includes institutional accounts which do not fall under other classifications and those for which no determination of classification can be made. Universe estimates based on: Total money market fund reporters represented 90.7% of total net assets in 2012 and 95.2% of total net assets in 2013. Taxable money market fund reporters represented 90.5% of total net assets in 2012 and 95.5% of total net assets in 2013. Tax-Exempt money market fund reporters represented 92.4% of total net assets in 2012 and 92.1% of total net assets in 2013. Page 6 2013 Annual Institutional Survey TABLE 3 TAXABLE MONEY MARKET FUND ASSETS BY TYPE OF INSTITUTIONAL ACCOUNT (MILLIONS OF DOLLARS) Taxable Money Market 2012 2013 Institutional Money Market 2012 2013 Retail Money Market 2012 2013 Businesses Insurance Companies and Other Financial Institutions Non-Profit Organizations State and Local Governments Other Institutional Account Holders Not Classified Above (a) Total $483,275 $322,483 53,961$ 18,692$ 43,569$ $921,980 $523,505 $327,287 60,631$ 14,981$ 40,740$ $967,144 $437,390 $303,243 47,365$ 17,525$ 40,542$ $846,065 $475,961 $312,847 55,146$ 14,021$ 37,680$ $895,655 45,885$ 19,241$ 6,596$ 1,167$ 3,027$ 75,916$ 47,544$ 14,440$ 5,485$ $960 3,060$ 71,489$ Funds that invest exclusively in other mutual funds are excluded from all tables. (a) Includes institutional accounts which do not fall under other classifications and those for which no determination of classification can be made. Universe estimates based on: Taxable money market fund reporters represented 90.5% of total net assets in 2012 and 95.5% of total net assets in 2013. Institutional money market fund reporters represented 90.5% of total net assets in 2012 and 96.9% of total net assets in 2013. Retail money market fund reporters represented 90.7% of total net assets in 2012 and 92.3% of total net assets in 2013. Page 7 2013 Annual Institutional Survey