Quarterly Sector Holders Report November 2014

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S&P Capital IQ Quarterly Sector Holders Report This report details the breakdown of global equity ownership in relation to sector, geography, investment style, and market cap emphasis. The third quarter of this year saw an overall drop in global equity assets by .68%, a small change considering the rout in Energy stocks that gained momentum throughout the quarter. Despite this drop, the allocation shift away from Energy was much less pronounced, with the sector giving up 1.4% in allocation. Investors also reallocated assets away from the Materials at a higher rate compared to other sectors. Bolstered by their outperformance, the Healthcare, Information Technology, and Financials sectors saw the largest increases in allocation at .8%, .6%, and .5% respectively. Looking at geographic dispersion, New York, Massachusetts, and California maintain their strong hold on the majority of equity assets, with just under 63% of the domestic total. For the remainder of the top 10 states, we see Connecticut overtaking Texas in ranking, most likely driven by the drop in the Energy sector, as mentioned above.

Global Equity Assets by Sector ($USD bl) 857.0 850.4 1,580.5 2.9% 2.8% 5.3%

Domestic Equity Asset Distribution by Geography ($USD bl)

Financials

​Key

Information Technology

Consumer Discretionary

6,140.9 20.6% 2,385.3 8.0%

Industrials Healthcare

2,512.3 8.4%

Energy 4,430.2 14.8%

3,694.4 12.4%

​Top States New York Massachusetts California Maryland Illinois Georgia Pennsylvania New Jersey Connecticut Texas

Consumer Staples Materials

3,474.0 11.6%

Telecommunication Services

3,923.6 13.1%

Utilities

Threshold (USD bl) 702.1 - 4,616.9 202.6 - 702.1 167.1 - 202.6 123.0 - 167.1 66.9 - 123.0 23.7 - 66.9 14.1 - 23.7 5.7 - 14.1 2.7 - 5.7 1.3 - 2.7 ​0 - 1.3 Value (USD bl) 4,616.9 3,832.7 3,674.7 1,131.1 845.1 702.1 532.4 480.5 436.6 ​373.6

Global Equity Assets by Calculated Investment Style Deep Value Value Blend Aggressive Growth Growth

GARP 0%

10%

Financials Energy

20%

30%

40%

Information Technology Consumer Staples

50%

Consumer Discretionary Materials

60%

70%

Industrials Telecommunication Services

80%

90%

100%

90%

100%

Healthcare Utilities

Global Equity Assets by Market Capitalization Emphasis** Multi cap Small cap (less than $2 billion) Mid cap ($2 billion - $10 billion) Large cap (greater than $10 billion) 0%

Energy Healthcare

10%

20%

Materials Financials

30%

40%

50%

Industrials Information Technology

60%

70%

80%

Consumer Discretionary Telecommunication Services

Consumer Staples Utilities

** Market Cap Emphasis is defined as an investor having over 40% of their portfolio in that market cap band, with no other cap group above 40%. For example a Large Cap emphasis investor will have over 40% of their holdings in large cap stocks larger than $10B, and have less than 40% of their portfolio in Small and Mid Cap stocks. Source: S&P Capital IQ. All data is most current available as of November 2014.

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Energy ​Investment Firm Name Tortoise Capital Advisors L.L.C. KA Fund Advisors, LLC Harvest Fund Advisors, LLC OFI SteelPath, Inc. ALPS Advisers, Inc. Energy Income Partners LLC Advisory Research, Inc. Miller Howard Investments, Inc. SailingStone Capital Partners Krung Thai Asset Management Public Co. Ltd. Apollo Global Management, LLC (NYSE:APO) Wentworth, Hauser and Violich, Inc. Loews Corp., Asset Management Arm Soroban Capital Partners LLC Mason Capital Management, LLC Steadfast Capital Management LP Van Eck Associates Corporation Bissett Investment Management Duff & Phelps Investment Management Co. PointState Capital LP

​Mutual Fund Name Oppenheimer SteelPath MLP Funds Trust - Oppenheimer SteelPath MLP Alpha Fund Vanguard Specialized Funds - Vanguard Energy Fund (MutualFund:VGEL.X) Kayne Anderson MLP Investment Company (NYSE:KYN) Franklin Templeton Investment Funds SICAV - Templeton Asian Growth Fund RBC Funds - RBC Canadian Dividend Fund Imperial Canadian Dividend Income Pool Scotia Canadian Dividend Fund TD Mutual Funds - TD Dividend Growth Fund GMO Trust - GMO International Equity Fund (MutualFund:GMOI.X) Longleaf Partners Funds Trust - Longleaf Partners Fund (MutualFund:LLPF.X) Federated Equity Funds - Federated Strategic Value Dividend Fund (MutualFund:SVAC.X) MFS Series Trust VI - MFS Utilities Fund M&G Investment Funds (3) - M&G Recovery Fund Standard Life Global Absolute Return Strategic Fund Dreyfus Appreciation Fund, Inc. (MutualFund:DGAG.X) Templeton Funds - Templeton Foreign Fund (MutualFund:TEMF.X) GMO Trust - GMO Emerging Markets Fund (MutualFund:GMOEX) HBOS UK Investment Funds ICVC - UK Growth Fund Large-Cap Value Portfolio Franklin Custodian Funds - Franklin Income Fund (MutualFund:FISR.X)

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 98% 17,427.9 17,711.3 98% 10,884.7 11,072.9 98% 5,967.5 6,101.7 98% 13,600.3 13,949.0 79% 10,121.5 12,812.0 73% 4,294.2 5,906.8 60% 6,288.5 10,411.5 55% 3,498.2 6,407.0 50% 2,883.2 5,824.7 48% 5,221.2 10,832.3 35% 3,103.1 8,866.0 35% 2,330.0 6,753.5 32% 4,772.2 15,101.8 31% 2,042.6 6,589.0 29% 2,363.4 8,292.7 27% 1,558.2 5,858.0 25% 6,369.8 25,377.5 25% 1,268.3 5,114.2 24% 1,911.9 7,867.7 24% 1,342.1 5,523.2

Calculated Calculated Market Cap Investment Style Emphasis GARP Large Cap GARP Large Cap Growth Large Cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Multi cap GARP Large Cap Growth Multi cap GARP Large Cap Blend Mid Cap GARP Large Cap Deep Value Large Cap Blend Large Cap Growth Large Cap Growth Large Cap Growth Large Cap GARP Large Cap GARP Large Cap Blend Large Cap

State/Region Kansas Texas Pennsylvania Texas Colorado Connecticut Illinois New York California New York California New York New York New York New York New York Alberta Illinois New York

Headquarters Country United States United States United States United States United States United States United States United States United States Thailand United States United States United States United States United States United States United States Canada United States ​United States

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 100% 5,389.8 5,395.2 100% 10,915.0 10,969.8 99% 7,632.6 7,701.9 33% 3,178.2 9,630.8 23% 3,660.5 15,915.2 22% 1,497.6 6,965.8 19% 1,112.8 5,826.3 18% 1,079.7 6,031.8 18% 2,235.5 12,629.9 18% 1,155.2 6,600.9 17% 1,538.9 8,946.9 17% 994.8 5,817.5 17% 1,571.2 9,522.7 16% 1,673.6 10,525.8 16% 873.8 5,601.1 15% 1,034.1 6,759.1 15% 1,009.7 6,642.8 15% 1,206.6 8,044.1 15% 785.9 5,239.4 15% 6,446.5 43,853.9

Calculated Calculated Market Cap Investment Style Emphasis GARP Large Cap GARP Large Cap GARP Large Cap GARP Multi cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap Value Large Cap Blend Large Cap Value Large Cap GARP Large Cap Blend Large Cap GARP Large Cap Value Large Cap Value Large Cap GARP Large Cap Value Large Cap GARP Large Cap Value Large Cap

State/Region Texas Pennsylvania Texas Ontario Quebec Ontario Ontario Massachusetts Tennessee Pennsylvania Massachusetts Greater London Midlothian New York Massachusetts Avon Massachusetts California

Headquarters Country United States United States United States Singapore Canada Canada Canada Canada United States United States United States United States United Kingdom United Kingdom United States Bahamas United States United Kingdom United States ​United States

Equity Assets Invested in Energy – Distribution by Geography

​Key

Threshold (USDmm) 72,389 - 454,324 32,371 - 72,388 13,500 - 32,370 9,517 - 13,499 5,433 - 9,516 1,983 - 5,432 1,214 - 1,982 663 - 1,213 339 - 662 40 - 338 ​0 - 39

​Top States

Value (USDmm)

New York California Massachusetts Texas Maryland Georgia Pennsylvania New Jersey Kansas Ohio

454,323 298,645 282,328 80,360 72,844 51,327 50,970 40,597 32,370 ​14,743

Source: S&P Capital IQ. All data is most current available as of November 2014.

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Materials ​Investment Firm Name Van Eck Associates Corporation SailingStone Capital Partners Sasco Capital Inc. Tocqueville Asset Management LP Sun Life Global Investments Inc. Marketfield Asset Management, LLC Global Thematic Partners, LLC DuPont Capital Management Corp. Iridian Asset Management LLC Coronation Fund Managers Limited (JSE:CML) Allan Gray Limited Perpetual Investment Management Limited Genesis Investment Management, LLP Wentworth, Hauser and Violich, Inc. KB Asset Management Co., Ltd. Australian Foundation Investment Company Limited (ASX:AFI) Coronation Asset Management Proprietary Ltd. Colonial First State Investments Limited State Farm Investment Management Corp. GMT Capital Corp.

​Mutual Fund Name MainStay Funds Trust - MainStay Marketfield Fund Allianz Funds - AllianzGI NFJ Small-Cap Value Fund (MutualFund:PCVC.X) Aberdeen Global -Indian Equity Fund Franklin Custodian Funds - Franklin Income Fund (MutualFund:FISR.X) Fidelity Securities Fund - Fidelity Leveraged Company Stock Fund (MutualFund:FLVC.X) AXA Framlington UK Select Opportunities Fund Manning & Napier Fund, Inc. - World Opportunities Series (MutualFund:EXWA.X) Virtus Opportunities Trust - Virtus Premium AlphaSector Fund First Eagle Funds - First Eagle Global Fund (MutualFund:SGII.X) Harbor Funds - Harbor International Fund (MutualFund:HAIN.X) Causeway Capital Management Trust - Causeway International Value Fund (MutualFund:CIVI.X) Neuberger Berman Equity Funds - Neuberger Berman Genesis Fund (MutualFund:NBGN.X) ING Otwarty Fundusz Emerytalny SKAGEN Funds - SKAGEN Global (CPSE:SKIGLO) The Royce Fund - Royce Pennsylvania Mutual Fund (MutualFund:PENN.X) The Jensen Portfolio, Inc. - Jensen Quality Growth Fund (MutualFund:JENS.X) Orbis Global Equity Fund Aberdeen Global - Asia Pacific Equity Fund The Royce Fund - Royce Premier Fund (MutualFund:RYPR.X) Franklin Managed Trust - Franklin Rising Dividends Fund (MutualFund:FRDR.X)

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 50% 12,638.0 25,377.5 43% 2,510.4 5,824.7 31% 1,894.0 6,189.7 30% 2,849.3 9,497.8 28% 1,823.1 6,511.2 28% 3,072.0 11,010.8 25% 1,980.7 7,798.1 24% 1,424.3 5,909.9 22% 2,129.7 9,905.7 19% 3,853.8 19,864.7 19% 2,259.2 12,016.8 18% 1,829.2 9,941.2 18% 2,343.2 12,874.5 18% 1,229.1 6,753.5 18% 1,104.8 6,172.0 17% 921.2 5,324.7 17% 2,206.8 12,981.1 17% 2,228.7 13,507.5 16% 1,067.7 6,510.6 16% 894.2 5,623.8

Calculated Calculated Market Cap Investment Style Emphasis Growth Large Cap Growth Multi cap Value Multi cap Blend Large Cap Growth Large Cap GARP Large Cap Blend Large Cap GARP Large Cap Growth Multi cap Growth Large Cap Value Large Cap Growth Multi cap Growth Large Cap GARP Large Cap Growth Small Cap Growth Large Cap Growth Large Cap Growth Large Cap Value Large Cap GARP Small Cap

State/Region New York California Connecticut New York Ontario New York New York Delaware Connecticut Western Cape Western Cape New South Wales Greater London California Gyeonggi-do Victoria Western Cape New South Wales Illinois Georgia

Headquarters Country United States United States United States United States Canada United States United States United States United States South Africa South Africa Australia United Kingdom United States South Korea Australia South Africa Australia United States ​United States

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 32% 3,625.0 11,257.8 16% 1,104.8 6,992.3 15% 841.1 5,644.7 14% 6,139.5 43,853.9 14% 713.3 5,206.4 13% 933.7 7,073.5 13% 849.1 6,792.6 12% 984.1 8,133.0 12% 4,255.9 36,375.3 11% 5,240.2 46,787.2 11% 630.8 5,683.2 11% 1,417.2 13,244.5 11% 883.2 8,254.4 11% 692.1 6,467.8 11% 678.2 6,397.7 11% 564.3 5,374.4 10% 867.8 8,344.7 10% 712.3 6,915.6 10% 630.0 6,237.3 10% 1,624.2 16,522.7

Calculated Calculated Market Cap Investment Style Emphasis GARP Large Cap GARP Mid Cap Growth Large Cap Value Large Cap GARP Large Cap Growth Large Cap Blend Large Cap GARP Large Cap GARP Large Cap Growth Large Cap GARP Large Cap Growth Mid Cap Blend Multi cap GARP Large Cap Blend Multi cap Blend Large Cap Growth Large Cap GARP Large Cap Growth Mid Cap Value Large Cap

State/Region New York New York California Massachusetts Greater London New York Connecticut New York Illinois California New York Rogaland New York Oregon Greater London New York California

Headquarters Country United States United States Singapore United States United States United Kingdom United States United States United States United States United States United States Poland Norway United States United States United Kingdom Hong Kong United States ​United States

Equity Assets Invested in Materials – Distribution by Geography

​Key

Threshold (USDmm) 26,319 - 240,862 11,251 - 26,318 6,511 - 11,250 4,846 - 6,510 2,751 - 4,845 891 - 2,750 406 - 890 220 - 405 156 - 219 43 - 155 ​0 - 42

​Top States

Value (USDmm)

New York California Massachusetts Maryland Illinois New Jersey Connecticut Texas Wisconsin Kansas

240,861 178,625 163,055 50,868 45,450 22,366 21,540 14,787 8,279 ​6,716

Source: S&P Capital IQ. All data is most current available as of November 2014.

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Industrials ​Investment Firm Name Evercore Asset Management, LLC Greenhaven Associates Inc. Lateef Investment Management, LP. China Post & Capital Fund Management Co., Ltd. Didner & Gerge Fonder SouthernSun Asset Management, LLC PineBridge Investments LLC The Dai-Ichi Life Insurance Company, Limited, Asset Management Arm Mairs and Power, Inc. Tokio Marine Asset Management Co., Ltd. York Capital Management Meiji Yasuda Life Insurance Co., Asset Management Arm Cantillon Capital Management LLC Invesco Fund Managers Limited Heartland Advisors, Inc. TimesSquare Capital Management, LLC Select Equity Group, Inc. Franklin Templeton Institutional, LLC Oddo Asset Management Wentworth, Hauser and Violich, Inc.

​Mutual Fund Name Franklin Custodian Funds - Franklin Growth Fund (MutualFund:FGSR.X) Columbia Acorn Trust - Columbia Acorn Fund (MutualFund:LACB.X) The Royce Fund - Royce Premier Fund (MutualFund:RYPR.X) Fidelity Japan Growth Stock Mother Fund T. Rowe Price Small-Cap Value Fund, Inc. (MutualFund:PASV.X) Putnam Funds Trust - Putnam Capital Spectrum Fund (MutualFund:PVSM.X) The Royce Fund - Royce Pennsylvania Mutual Fund (MutualFund:PENN.X) Eaton Vance Growth Trust - SMID-Cap Portfolio Eaton Vance Growth Trust - Eaton Vance Atlanta Capital SMID-Cap Fund Oppenheimer International Growth Fund - Oppenheimer International Growth Fund (MutualFund:IGRW.X) Columbia Acorn Trust - Columbia Acorn International (MutualFund:LAIC.X) BlackRock Global Funds – Euro-Markets Fund Polar Capital Funds plc - Japan Fund Neuberger Berman Equity Funds - Neuberger Berman Genesis Fund (MutualFund:NBGN.X) M&G Investment Funds (3) - M&G Recovery Fund T. Rowe Price Mid-Cap Growth Fund, Inc. (MutualFund:RRMG.X) Invesco Perpetual UK Investment Series - Invesco Perpetual High Income Fund Janus Investment Fund - Janus Triton Fund (MutualFund:JATT.X) The Jensen Portfolio, Inc. - Jensen Quality Growth Fund (MutualFund:JENS.X) Harris Associates Investment Trust - Oakmark Equity and Income Fund (MutualFund:OAKB.X)

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 48% 13,105.8 27,418.0 40% 2,155.3 5,456.5 38% 2,107.3 5,545.5 38% 1,972.4 5,259.8 37% 1,987.6 5,430.7 37% 1,856.2 5,085.5 36% 4,910.3 13,564.3 33% 6,871.9 20,761.1 31% 2,220.1 7,184.8 30% 4,465.3 15,034.7 29% 2,703.1 9,289.1 29% 7,592.4 26,271.4 29% 2,113.1 7,362.7 28% 7,164.2 25,770.5 27% 1,457.1 5,356.9 27% 5,014.2 18,640.2 27% 2,738.2 10,179.3 27% 1,551.8 5,833.8 27% 1,536.4 5,797.6 25% 1,715.4 6,753.5

Calculated Calculated Market Cap Investment Style Emphasis GARP Large Cap GARP Large Cap Growth Large Cap Growth Multi cap GARP Multi cap GARP Mid Cap GARP Multi cap Growth Large Cap GARP Large Cap GARP Large Cap Blend Large Cap Growth Large Cap Growth Multi cap Blend Large Cap Value Small Cap Growth Mid Cap Growth Multi cap Growth Mid Cap Growth Large Cap GARP Large Cap

State/Region New York New York California Uppsala County Tennessee London Tokyo Minnesota Tokyo New York Tokyo New York Greater London Wisconsin New York New York New York Ile-de-France California

Headquarters Country United States United States United States China Sweden United States United Kingdom Japan United States Japan United States Japan United States United Kingdom United States United States United States United States France ​United States

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 29% 2,873.6 9,875.0 27% 4,774.4 17,814.9 26% 1,596.7 6,237.3 26% 1,362.8 5,344.5 25% 2,254.4 8,946.1 24% 1,832.6 7,510.7 24% 1,554.6 6,397.7 24% 1,399.8 5,906.4 24% 1,338.6 5,648.3 24% 4,084.1 17,305.7 23% 1,746.8 7,763.6 22% 1,266.1 5,703.2 22% 1,134.8 5,229.7 22% 2,847.6 13,244.5 22% 2,047.4 9,522.7 21% 5,044.6 23,908.2 21% 4,178.9 19,805.3 21% 1,158.9 5,571.4 21% 1,107.1 5,374.4 20% 2,820.1 13,892.3

Calculated Calculated Market Cap Investment Style Emphasis Growth Large Cap Growth Mid Cap Growth Mid Cap Growth Large Cap Growth Multi cap Growth Large Cap Blend Multi cap Growth Mid Cap Growth Mid Cap Growth Large Cap Growth Mid Cap GARP Large Cap GARP Multi cap Growth Mid Cap Blend Large Cap Growth Multi cap Blend Large Cap Growth Mid Cap Blend Large Cap GARP Large Cap

State/Region California Illinois New York Tokyo Maryland Massachusetts New York Massachusetts Massachusetts New York Illinois Greater London Greater London New York Greater London Maryland Greater London Colorado Oregon Illinois

Headquarters Country United States United States United States Japan United States United States United States United States United States United States United States United Kingdom United Kingdom United States United Kingdom United States United Kingdom United States United States ​United States

Equity Assets Invested in Industrials – Distribution by Geography

​Key

Threshold (USDmm) 76,335 - 508,620 30,796 - 76,334 20,581 - 30,795 13,487 - 20,580 7,542 - 13,486 3,766 - 7,541 2,297 - 3,765 714 - 2,296 425 - 713 165 - 424 ​0 - 164

​Top States

Value (USDmm)

New York California Massachusetts Maryland Illinois New Jersey Pennsylvania Texas Wisconsin Missouri

508,619 433,399 409,607 153,036 111,350 53,468 50,045 39,974 30,795 ​20,958

Source: S&P Capital IQ. All data is most current available as of November 2014.

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Consumer Discretionary ​Investment Firm Name Hillhouse Capital Management, Ltd. Tiger Global Management LLC The Blackstone Group L.P. (NYSE:BX) Lansdowne Partners Limited Horizon Kinetics LLC JAT Capital Management, L.P. Coronation Asset Management Proprietary Ltd. Egerton Capital (UK) LLP Apollo Global Management, LLC (NYSE:APO) Eminence Capital, LLC Alkeon Capital Management, LLC J.P. Morgan Asset Management, Inc. Lindsell Train Limited Lone Pine Capital LLC Westchester Capital Management, LLC Financiere De l'Echiquier Magellan Asset Management Limited Soroban Capital Partners LLC Coatue Management, L.L.C. Coronation Fund Managers Limited (JSE:CML)

​Mutual Fund Name Polar Capital Funds plc - Japan Fund Putnam Funds Trust - Putnam Capital Spectrum Fund (MutualFund:PVSM.X) Harbor Funds - Harbor Capital Appreciation Fund (MutualFund:HRCA.X) T. Rowe Price Growth Stock Fund, Inc. (MutualFund:PRGF.X) Fidelity Securities Fund - Fidelity Leveraged Company Stock Fund (MutualFund:FLVC.X) Principal Funds, Inc. - MidCap Fund (MutualFund:PMBS.X) Harris Associates Investment Trust - Oakmark International Fund (MutualFund:OAKI.X) T. Rowe Price Institutional Large-Cap Growth Fund (MutualFund:TRLG.X) Franklin Templeton Investment Funds SICAV - Templeton Asian Growth Fund Aston Funds - ASTON/Fairpointe Mid Cap Fund (MutualFund:CHTT.X) Goldman Sachs Trust - Goldman Sachs Growth Opportunities Fund (MutualFund:GGOS.X) Carmignac Patrimoine Janus Investment Fund - Janus Twenty Fund (MutualFund:JAVL.X) AIM Counselor Series Trust - Invesco American Franchise Fund (MutualFund:VAFR.X) Carmignac Investissement Baron Investment Funds Trust - Baron Growth Fund (MutualFund:BGRF.X) Fidelity Puritan Trust - Fidelity Series Intrinsic Opportunities Fund Touchstone Funds Group Trust - Touchstone Sands Capital Select Growth Fund (MutualFund:PTSG.X) American Funds - SMALLCAP World Fund (MutualFund:SMCW.X) JPMorgan Trust II - JPMorgan Large Cap Growth Fund (MutualFund:SEEG.X)

Total Equity Calculated % of Total Total Holding Assets Calculated Market Cap Portfolio Value ($USDmm) ($USDmm) Investment Style Emphasis 74% 4,407.4 5,988.3 Value Large Cap 62% 8,373.3 13,440.3 Aggressive Growth Large Cap 53% 19,462.3 36,790.7 Growth Multi cap 49% 4,557.9 9,226.5 GARP Large Cap 48% 3,641.9 7,571.5 Growth Mid Cap 43% 2,471.0 5,693.6 Growth Large Cap 35% 4,530.4 12,981.1 Growth Large Cap 34% 2,641.5 7,678.7 Growth Large Cap 34% 2,987.8 8,866.0 Blend Mid Cap 34% 2,291.7 6,800.4 Growth Multi cap 32% 1,649.7 5,107.5 Growth Large Cap 31% 1,701.6 5,489.0 Growth Large Cap 30% 1,552.2 5,106.0 Blend Large Cap 30% 8,129.7 27,372.7 Growth Large Cap 29% 1,676.6 5,761.5 Growth Large Cap 29% 1,466.2 5,055.8 Growth Large Cap 29% 4,081.3 14,171.3 GARP Large Cap 28% 1,871.3 6,589.0 Blend Large Cap 28% 2,714.8 9,661.2 Growth Large Cap 28% 5,562.1 19,864.7 Growth Large Cap

State/Region New York New York Greater London New York New York Western Cape Greater London New York New York New York New York Greater London Connecticut New York Ile-de-France New South Wales New York New York Western Cape

Headquarters Country China United States United States United Kingdom United States United States South Africa United Kingdom United States United States United States United States United Kingdom United States United States France Australia United States United States ​South Africa

Total Equity Calculated % of Total Total Holding Assets Calculated Market Cap Portfolio Value ($USDmm) ($USDmm) Investment Style Emphasis 32% 1,684.0 5,229.7 GARP Multi cap 31% 2,358.4 7,510.7 Growth Large Cap 28% 6,996.4 25,076.7 Growth Large Cap 27% 11,977.6 44,526.4 Growth Large Cap 25% 1,317.2 5,206.4 GARP Large Cap 25% 2,272.7 9,054.6 Growth Large Cap 25% 7,139.1 28,556.4 GARP Large Cap 25% 2,825.2 11,300.7 Growth Large Cap 25% 2,398.1 9,630.8 GARP Multi cap 25% 1,437.1 5,841.8 Value Mid Cap 25% 1,342.9 5,458.9 Growth Multi cap 24% 3,031.8 12,527.9 Growth Large Cap 24% 2,279.4 9,537.1 Growth Large Cap 24% 2,448.5 10,287.9 Growth Large Cap 24% 1,822.9 7,659.1 Growth Large Cap 24% 1,898.3 8,009.5 Growth Mid Cap 24% 1,432.0 6,067.9 Value Large Cap 23% 1,513.2 6,550.6 Aggressive Growth Large Cap 23% 4,938.4 21,471.1 Growth Mid Cap 23% 3,661.2 16,057.9 Growth Large Cap

State/Region Greater London Massachusetts Illinois Maryland Massachusetts Iowa Illinois Maryland Illinois New York Ile-de-France Colorado Georgia Ile-de-France New York Massachusetts Ohio California New York

Headquarters Country United Kingdom United States United States United States United States United States United States United States Singapore United States United States France United States United States France United States United States United States United States ​United States

Equity Assets Invested in Consumer Discretionary – Distribution by Geography

​Key

Threshold (USDmm) 87,081 - 687,797 31,992 - 87,080 20,657 - 31,991 14,589 - 20,656 8,439 - 14,588 3,211 - 8,438 1,294 - 3,210 724 - 1,293 258 - 723 26 - 257 ​0 - 25

​Top States

Value (USDmm)

New York Massachusetts California Maryland Illinois Pennsylvania Connecticut Texas Kansas Wisconsin

687,796 514,547 483,653 181,114 103,860 63,722 61,729 36,257 31,991 ​28,467

Source: S&P Capital IQ. All data is most current available as of November 2014.

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Consumer Staples ​Investment Firm Name Cedar Rock Capital Limited Gardner Russo & Gardner Morgan Stanley Investment Management Limited UTI Asset Management Company (P) Ltd. Independent Franchise Partners, LLP Yacktman Asset Management LP Lindsell Train Limited Troy Asset Management Limited Impulsora de Fondos Banamex, S.A. de C.V., Sociedad Operadora de Sociedades de Inversion Fayez Sarofim & Co. Vontobel Asset Management, Inc. SunTrust Banks, Inc., Asset Management Arm Berkshire Hathaway Inc. (NYSE:BRK.A) Keybank National Association, Asset Management Arm BLI - Banque De Luxembourg Investments S.A. DZ Bank AG, Asset Management Arm Montag & Caldwell Inc. Flossbach & von Storch Vermögensmanagement AG Silchester International Investors Ltd Lombard Odier Darier Hentsch & Cie Asset Management

​Mutual Fund Name Morgan Stanley Investment Funds - Global Brands Fund AMG Funds - AMG Yacktman Focused Fund First State Investments ICVC - First State Global Emerging Markets Leaders Fund AMG Funds - AMG Yacktman Fund Vontobel Fund - Emerging Markets Equity Fund Virtus Insight Trust - Virtus Emerging Markets Opportunities Fund Dreyfus Appreciation Fund, Inc. (MutualFund:DGAG.X) Federated Equity Funds - Federated Strategic Value Dividend Fund (MutualFund:SVAC.X) Manulife Mutual Funds - Manulife Monthly High Income Fund Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio (MutualFund:MSIQ.X) MFS Series Trust X - MFS International Value Fund (MutualFund:MGIA.X) AIM Equity Funds (Invesco Equity Funds) - Invesco Diversified Dividend Fund (MutualFund:LCED.X) GMO Trust - GMO U.S. Flexible Equities Fund SunAmerica Series, Inc. - Focused Dividend Strategy Portfolio (MutualFund:FDSA.X) BNY Mellon Investment Funds - Newton Global Higher Income Fund GMO Trust - GMO Quality Fund (MutualFund:GQEF.X) Invesco Perpetual UK Investment Series - Invesco Perpetual High Income Fund Matthews International Funds - Matthews Pacific Tiger Fund (MutualFund:MAPT.X) Manning & Napier Fund, Inc. - World Opportunities Series (MutualFund:EXWA.X) Invesco Perpetual UK 2 Investment Series - Invesco Perpetual Income Fund

Total Equity Calculated % of Total Total Holding Assets Calculated Market Cap Portfolio Value ($USDmm) ($USDmm) Investment Style Emphasis 79% 6,138.6 7,790.1 Blend Large Cap 58% 6,367.3 10,978.1 Growth Large Cap 56% 7,000.2 12,522.7 Blend Large Cap 45% 5,482.0 12,074.9 Aggressive Growth Large Cap 41% 3,893.3 9,565.8 Blend Large Cap 38% 9,820.0 25,774.4 Value Large Cap 36% 1,812.6 5,106.0 Blend Large Cap 35% 1,837.6 5,205.7 Value Large Cap 34% 2,077.2 6,145.5 Blend Large Cap 31% 6,734.4 22,007.9 Value Large Cap 30% 8,264.8 28,016.4 Growth Large Cap 25% 2,198.1 8,653.8 Value Large Cap 25% 28,500.5 115,855.8 GARP Large Cap 25% 2,691.8 10,942.1 GARP Large Cap 25% 1,352.2 5,519.1 Growth Large Cap 24% 1,384.8 5,745.9 Value Large Cap 24% 2,354.7 9,977.5 Growth Large Cap 24% 1,925.6 8,159.4 GARP Large Cap 22% 3,848.1 17,412.3 Value Multi cap 21% 1,772.2 8,359.6 Growth Large Cap

State/Region Greater London Pennsylvania Greater London Maharashtra Greater London Illinois Greater London Greater London Mexico Texas New York Georgia Nebraska Ohio Hessen Georgia Greater London Geneva

Headquarters Country United Kingdom United States United Kingdom India United Kingdom United States United Kingdom United Kingdom Mexico United States United States United States United States United States Luxembourg Germany United States Germany United Kingdom ​Switzerland

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 66% 5,974.1 9,106.8 42% 4,057.6 9,730.4 38% 2,264.0 5,989.3 35% 4,142.6 11,972.8 34% 1,845.2 5,459.3 34% 2,687.0 7,973.2 30% 1,702.7 5,601.1 29% 2,630.4 8,946.9 28% 1,480.9 5,346.1 26% 1,292.2 5,028.0 26% 4,760.0 18,593.7 25% 2,369.8 9,517.1 25% 2,108.2 8,500.7 25% 2,121.0 8,657.0 24% 1,656.2 7,017.9 24% 2,783.5 11,844.7 22% 4,357.2 19,805.3 21% 1,682.0 7,859.9 21% 1,453.6 6,792.6 21% 2,707.3 12,770.2

State/Region Greater London Texas Lothian Texas Connecticut New York Pennsylvania Ontario New York Massachusetts Georgia Massachusetts New Jersey Greater London Massachusetts Greater London California New York Greater London

Headquarters Country United Kingdom United States United Kingdom United States Luxembourg United States United States United States Canada United States United States United States United States United States United Kingdom United States United Kingdom United States United States ​United Kingdom

Calculated Calculated Market Cap Investment Style Emphasis Blend Large Cap Value Large Cap Growth Multi cap Value Large Cap Growth Large Cap Growth Large Cap Value Large Cap Value Large Cap Blend Large Cap GARP Large Cap Growth Large Cap Value Large Cap Value Large Cap Value Large Cap Value Large Cap GARP Large Cap Blend Large Cap Growth Large Cap Blend Large Cap Blend Large Cap

Equity Assets Invested in Consumer Staples – Distribution by Geography

​Key

Threshold (USDmm) 56,565 - 325,757 28,494 - 56,564 12,698 - 28,493 8,025 - 12,697 5,724 - 8,024 2,825 - 5,723 1,334 - 2,824 557 - 1,333 282 - 556 47 - 281 ​0 - 46

​Top States

Value (USDmm)

Massachusetts New York California Illinois Maryland Georgia New Jersey Nebraska Texas Ohio

325,756 319,061 274,052 69,916 60,898 54,591 40,828 29,173 28,986 ​17,106

Source: S&P Capital IQ. All data is most current available as of November 2014.

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Healthcare ​Investment Firm Name Baker Bros. Advisors, LLC Sun Life Assurance Company of Canada, Asset Management Arm Visium Asset Management, LLC Sun Life Global Investments Inc. Fidelity SelectCo, LLC Glenview Capital Management, LLC Generation Investment Management LLP Brown Capital Management, LLC DSM Capital Partners LLC PointState Capital LP Viking Global Investors L.P. PRIMECAP Management Company Ruane, Cunniff & Goldfarb Inc. Value Partners Group Ltd (SEHK:806) FMR Co., Inc. Credit Suisse Funds AG Edgewood Management LLC FIL Investments International Montag & Caldwell Inc. Wellington Management Company, LLP

​Mutual Fund Name Fidelity Select Portfolios - Biotechnology Portfolio (MutualFund:FBIO.X) Vanguard Specialized Funds - Vanguard Health Care Fund (MutualFund:VGHC.X) Fidelity Select Portfolios - Health Care Portfolio (MutualFund:FSPH.X) T. Rowe Price Health Sciences Fund, Inc. (MutualFund:PRHS.X) Legg Mason Partners Equity Trust - ClearBridge Aggressive Growth Fund (MutualFund:LMPR.X) Vanguard Horizon Funds - Vanguard Capital Opportunity Fund (MutualFund:VHCA.X) Federated Equity Funds - Federated Kaufmann Fund (MutualFund:KAUB.X) Sequoia Fund Inc. Invesco Perpetual UK 2 Investment Series - Invesco Perpetual Income Fund Vanguard Chester Funds - Vanguard PRIMECAP Fund (MutualFund:VPMC.X) Vanguard Fenway Funds - Vanguard PRIMECAP Core Fund (MutualFund:VPCC.X) PRIMECAP Odyssey Funds - PRIMECAP Odyssey Aggressive Growth Fund (MutualFund:POAG.X) GMO Trust - GMO U.S. Flexible Equities Fund The New Economy Fund (MutualFund:RNGC.X) Columbia Funds Series Trust I - Columbia Select Large Cap Growth Fund Invesco Perpetual UK Investment Series - Invesco Perpetual High Income Fund Fidelity Puritan Trust - Fidelity Series Intrinsic Opportunities Fund BNY Mellon Investment Funds - Newton Real Return Fund Amcap Fund (MutualFund:AMPF.X) American Funds Insurance Series - Growth-Income Fund

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 100% 7,056.7 7,056.7 89% 5,105.8 5,756.3 56% 3,441.6 6,134.8 55% 3,548.6 6,511.2 47% 3,976.9 8,534.2 37% 7,462.3 20,168.5 35% 2,842.0 8,074.0 34% 1,952.2 5,758.6 34% 1,834.9 5,428.6 33% 1,844.7 5,523.2 32% 8,196.5 25,856.4 31% 30,203.1 98,062.0 31% 6,509.7 21,204.1 30% 1,543.8 5,146.1 30% 7,374.0 24,662.1 30% 3,321.6 11,183.9 29% 3,077.5 10,539.5 29% 4,594.6 16,121.4 27% 2,644.0 9,977.5 26% 110,354.3 421,199.6

Calculated Calculated Market Cap Investment Style Emphasis Growth Multi cap Blend Large Cap Growth Large Cap Growth Large Cap Growth Large Cap Growth Large Cap Growth Large Cap Growth Multi cap Growth Large Cap Blend Large Cap Growth Large Cap Growth Large Cap Growth Large Cap GARP Mid Cap Growth Large Cap Growth Large Cap Growth Large Cap Growth Large Cap Growth Large Cap GARP Large Cap

State/Region New York Ontario New York Ontario Colorado New York Maryland New York New York Connecticut California New York Massachusetts Zurich New York Surrey Georgia Massachusetts

Headquarters Country United States Canada United States Canada United States United States United Kingdom United States United States United States United States United States United States Hong Kong United States Switzerland United States United Kingdom United States ​United States

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 100% 9,606.8 9,606.8 97% 40,797.5 41,886.6 97% 7,409.7 7,607.5 94% 9,652.8 10,247.1 39% 4,277.4 10,856.4 35% 4,545.9 12,841.6 35% 1,977.5 5,633.8 32% 2,205.0 6,805.7 32% 4,124.8 12,770.2 32% 13,840.0 43,936.4 30% 2,099.3 6,928.3 29% 1,670.9 5,722.2 28% 2,397.2 8,500.7 28% 3,520.0 12,526.8 28% 1,927.2 6,982.7 28% 5,446.5 19,805.3 27% 1,614.1 6,067.9 26% 2,332.2 8,970.1 26% 9,230.7 35,778.1 25% 3,577.5 14,425.5

Calculated Calculated Market Cap Investment Style Emphasis Growth Large Cap Growth Large Cap Growth Large Cap Growth Large Cap Growth Large Cap Growth Large Cap Growth Mid Cap Growth Large Cap Blend Large Cap Growth Large Cap Growth Large Cap Growth Large Cap Value Large Cap Growth Large Cap Growth Large Cap Blend Large Cap Value Large Cap Blend Large Cap Growth Large Cap GARP Large Cap

State/Region Massachusetts Massachusetts Massachusetts Maryland New York California Pennsylvania New York Greater London California California California Massachusetts California Massachusetts Greater London Massachusetts Greater London California California

Headquarters Country United States United States United States United States United States United States United States United States United Kingdom United States United States United States United States United States United States United Kingdom United States United Kingdom United States ​United States

Equity Assets Invested in Healthcare – Distribution by Geography

​Key

Threshold (USDmm) 93,967 - 629,728 30,425 - 93,966 21,992 - 30,424 13,803 - 21,991 8,330 - 13,802 3,525 - 8,329 1,799 - 3,524 703 - 1,798 366 - 702 47 - 365 ​0 - 46

​Top States

Value (USDmm)

Massachusetts New York California Maryland Illinois New Jersey Pennsylvania Texas Wisconsin Missouri

629,727 555,512 541,447 186,900 96,612 68,154 65,057 44,405 26,576 ​22,446

Source: S&P Capital IQ. All data is most current available as of November 2014.

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Financials ​Investment Firm Name LaSalle Investment Management (Securities) L.P. CBRE Clarion Securities RREEF America L.L.C. EII Capital Management, Inc. Shinko Asset Management Co., Ltd. Mitsubishi UFJ Financial Group, Inc. (TSE:8306) Cohen & Steers Capital Management, Inc. Fairholme Capital Management, L.L.C. Fortress Investment Group LLC (NYSE:FIG) Kokusai Asset Management Co., Ltd. Loews Corp., Asset Management Arm Brookfield Asset Management Inc. (TSX:BAM.A) Aviva Powszechne Towarzystwo Emerytalne Aviva BZ WBK S.A. Hang Seng Investment Management Limited Canadian Imperial Bank of Commerce, Private and Investment Banking Arm GE Asset Management Incorporated Bill & Melinda Gates Foundation Asset Trust The Bank of Nova Scotia, Banking and Trust Investments Berkshire Hathaway Inc. (NYSE:BRK.A) Nuveen Fund Advisors LLC

​Mutual Fund Name Daiwa US REIT Fund (Monthly) Voya Mutual Funds - Voya Global Real Estate Fund (MutualFund:IGCA.X) Cohen & Steers Realty Shares (MutualFund:CSRS.X) Fairholme Funds, Inc. - The Fairholme Fund (MutualFund:FAIR.X) Investors Dividend Fund TD Mutual Funds - TD Dividend Growth Fund Imperial Canadian Dividend Income Pool RBC Funds - RBC Canadian Dividend Fund Aberdeen Global - Asia Pacific Equity Fund ING Otwarty Fundusz Emerytalny Harris Associates Investment Trust - Oakmark Select Fund (MutualFund:OAKL.X) Davis New York Venture Fund, Inc. - Davis New York Venture Fund (MutualFund:NYVT.X) Aberdeen Global - Emerging Markets Equity Fund Longleaf Partners Funds Trust - Longleaf Partners Fund (MutualFund:LLPF.X) Goldman Sachs Trust - Goldman Sachs Small Cap Value Fund (MutualFund:GSSC.X) Aberdeen Funds - Aberdeen Emerging Markets Fund (MutualFund:ABEM.X) Selected American Shares, Inc. (MutualFund:SLAS.X) Scotia Canadian Dividend Fund T. Rowe Price International Funds, Inc. - T. Rowe Price Emerging Markets Stock Fund (MutualFund:PRMS.X) JPMorgan Trust I - JPMorgan Value Advantage Fund (MutualFund:JVAA.X)

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 100% 7,856.1 7,856.1 99% 6,767.0 6,870.1 98% 9,055.2 9,258.9 93% 4,700.7 5,049.1 90% 15,906.3 17,772.4 86% 26,153.6 30,375.8 85% 35,302.0 41,580.7 83% 5,823.2 7,015.9 79% 5,956.8 7,559.4 79% 4,483.5 5,711.5 64% 9,650.1 15,101.8 61% 12,365.0 20,237.3 58% 3,474.2 5,959.2 58% 4,507.5 7,839.2 57% 16,061.0 28,029.7 54% 26,206.8 48,711.6 54% 12,630.8 23,477.4 51% 15,343.5 30,323.1 48% 55,147.4 115,855.8 47% 6,648.9 14,116.6

Calculated Calculated Market Cap Investment Style Emphasis Growth Large Cap GARP Mid Cap Growth Multi cap GARP Multi cap Growth Large Cap GARP Large Cap Growth Multi cap Value Large Cap GARP Mid Cap GARP Multi cap Deep Value Large Cap Blend Large Cap Blend Multi cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap

State/Region Maryland Pennsylvania Illinois New York Tokyo New York Florida New York Tokyo New York Ontario Ontario Connecticut Washington Ontario Nebraska Illinois

Headquarters Country United States United States United States United States Japan Japan United States United States United States Japan United States Canada Poland Hong Kong Canada United States United States Canada United States ​United States

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 100% 6,238.3 6,238.3 99% 5,100.7 5,136.7 97% 5,942.8 6,126.6 90% 5,484.0 6,100.1 64% 7,851.7 12,306.7 54% 3,233.0 6,031.8 47% 3,267.0 6,965.8 46% 7,384.7 15,915.2 44% 3,056.7 6,915.6 43% 3,532.9 8,254.4 39% 2,101.9 5,361.9 38% 7,637.1 20,204.1 38% 3,445.9 9,116.1 37% 2,448.9 6,600.9 37% 2,271.5 6,155.9 36% 3,276.9 9,127.9 36% 1,924.3 5,405.2 34% 1,980.9 5,826.3 34% 2,557.3 7,611.0 34% 2,473.6 7,362.0

Calculated Calculated Market Cap Investment Style Emphasis Growth Large Cap Growth Multi cap Growth Multi cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap Blend Multi cap Value Large Cap Growth Large Cap Growth Large Cap Blend Large Cap GARP Mid Cap Growth Large Cap Growth Large Cap GARP Large Cap Growth Large Cap Value Large Cap

State/Region New York Arizona New York Florida Manitoba Ontario Quebec Ontario Illinois Arizona Greater London Tennessee New York Pennsylvania Arizona Ontario Maryland New York

Headquarters Country United States United States United States United States Canada Canada Canada Canada Hong Kong Poland United States United States United Kingdom United States United States United States United States Canada United States ​United States

Equity Assets Invested in Financials – Distribution by Geography

​Key

Threshold (USDmm) 160,464 - 874,431 57,345 - 160,463 32,089 - 57,344 22,192 - 32,088 13,958 - 22,191 4,169 - 13,957 2,234 - 4,168 955 - 2,233 444 - 954 75 - 443 ​0 - 74

​Top States

Value (USDmm)

New York Massachusetts California Illinois Maryland Pennsylvania New Jersey Texas Nebraska Wisconsin

874,430 648,587 617,469 188,334 181,682 108,897 94,827 63,644 57,344 ​34,281

Source: S&P Capital IQ. All data is most current available as of November 2014.

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Information Technology ​Investment Firm Name Ashmore Wealth Management LLC Bradesco Asset Management S.A. Distribuidora de Títulos e Valores Mobiliários Coatue Management, L.L.C. BB Gestão De Recursos - Distribuidora de Títulos e Valores Mobiliários S.A. Yuanta Securities Investment Trust Company, Investment Arm JAT Capital Management, L.P. Discovery Capital Management, LLC Brown Capital Management, LLC Sands Capital Management, LLC Cathay Securities Investment Trust Co Ltd. Jackson Square Partners, LLC Samsung Asset Management Co. Ltd. Wedgewood Partners, Inc. Platinum Investment Management Limited (ASX:PTM) Magellan Asset Management Limited Edgewood Management LLC Lone Pine Capital LLC Generation Investment Management LLP Cantillon Capital Management LLC Vulcan Value Partners LLC

​Mutual Fund Name Ivy Funds - Ivy Science and Technology Fund (MutualFund:WSTYX) Fidelity Securities Fund - Fidelity OTC Portfolio (MutualFund:FOCP.X) Touchstone Funds Group Trust - Touchstone Sands Capital Select Growth Fund (MutualFund:PTSG.X) Columbia Funds Series Trust I - Columbia Select Large Cap Growth Fund Morgan Stanley Institutional Fund Trust - Mid Cap Growth Portfolio (MutualFund:MACG.X) Fidelity MT Vernon Street Trust - Fidelity Series Growth Company Fund GMO Trust - GMO Quality Fund (MutualFund:GQEF.X) Fidelity Mt. Vernon Street Trust - Fidelity Growth Company Fund (MutualFund:FDGR.X) Vanguard World Fund - Vanguard U.S. Growth Fund (MutualFund:VWUS.X) Fidelity Securities Fund - Fidelity Blue Chip Growth Fund (MutualFund:FBGK.X) Fidelity Securities Fund - Fidelity Series Blue Chip Growth Fund Janus Investment Fund - Janus Fund (MutualFund:JANS.X) Vanguard Horizon Funds - Vanguard Capital Opportunity Fund (MutualFund:VHCA.X) GMO Trust - GMO U.S. Flexible Equities Fund Orbis Global Equity Fund Oppenheimer Capital Appreciation Fund (MutualFund:OPTF.X) AIM Counselor Series Trust - Invesco American Franchise Fund (MutualFund:VAFR.X) PRIMECAP Odyssey Funds - PRIMECAP Odyssey Aggressive Growth Fund (MutualFund:POAG.X) Vanguard Chester Funds - Vanguard PRIMECAP Fund (MutualFund:VPMC.X) Harbor Funds - Harbor Capital Appreciation Fund (MutualFund:HRCA.X)

Total Equity Calculated % of Total Total Holding Assets Calculated Market Cap Portfolio Value ($USDmm) ($USDmm) Investment Style Emphasis 73% 3,785.8 5,214.6 GARP Large Cap 71% 7,346.3 10,289.0 Aggressive Growth Large Cap 67% 6,444.0 9,661.2 Growth Large Cap 58% 7,281.6 12,511.4 Aggressive Growth Large Cap 54% 3,524.6 6,503.0 Growth Large Cap 50% 2,818.3 5,693.6 Growth Large Cap 49% 4,396.8 8,900.4 Growth Large Cap 49% 2,810.2 5,758.6 Growth Multi cap 45% 19,151.3 42,748.4 Aggressive Growth Large Cap 43% 3,520.5 8,168.3 Growth Multi cap 42% 10,322.3 24,753.7 Growth Large Cap 38% 2,210.9 5,833.4 GARP Large Cap 37% 2,443.7 6,534.0 Growth Large Cap 37% 2,685.7 7,239.2 Growth Large Cap 36% 5,144.2 14,171.3 GARP Large Cap 36% 3,804.8 10,539.5 Growth Large Cap 35% 9,580.4 27,372.7 Growth Large Cap 33% 2,624.1 8,074.0 Growth Large Cap 32% 2,385.5 7,362.7 Growth Multi cap 32% 2,470.3 7,671.6 GARP Large Cap

State/Region Delaware São Paulo New York Rio de Janeiro New York Connecticut Maryland Virginia California Gyeonggi-do Missouri New South Wales New South Wales New York Connecticut New York Alabama

Headquarters Country United States Brazil United States Brazil Taiwan United States United States United States United States Taiwan United States South Korea United States Australia Australia United States United States United Kingdom United States ​United States

Total Equity Calculated % of Total Total Holding Assets Calculated Market Cap Portfolio Value ($USDmm) ($USDmm) Investment Style Emphasis 67% 3,557.0 5,324.9 Growth Large Cap 52% 6,083.8 11,654.7 Growth Large Cap 39% 2,528.5 6,550.6 Aggressive Growth Large Cap 36% 2,541.7 6,982.7 Growth Large Cap 35% 2,637.9 7,580.2 Growth Multi cap 35% 3,572.4 10,295.2 Growth Large Cap 35% 4,098.3 11,844.7 GARP Large Cap 35% 14,724.7 42,680.3 Growth Large Cap 34% 1,992.3 5,876.9 Growth Large Cap 34% 5,918.1 17,665.9 Growth Large Cap 33% 2,805.2 8,398.9 Growth Large Cap 33% 2,608.1 7,855.6 Growth Large Cap 33% 4,212.0 12,841.6 Growth Large Cap 33% 2,771.2 8,500.7 Value Large Cap 33% 2,720.4 8,344.7 Growth Large Cap 33% 1,732.2 5,313.4 Growth Large Cap 33% 3,343.6 10,287.9 Growth Large Cap 32% 1,831.1 5,722.2 Growth Large Cap 32% 14,015.7 43,936.4 Growth Large Cap 32% 7,999.5 25,076.7 Growth Large Cap

State/Region Kansas Massachusetts Ohio Massachusetts New York Massachusetts Massachusetts Massachusetts Illinois Massachusetts Massachusetts Colorado California Massachusetts Greater London New York Georgia California California Illinois

Headquarters Country United States United States United States United States United States United States United States United States United States United States United States United States United States United States United Kingdom United States United States United States United States ​United States

Equity Assets Invested in Information Technology – Distribution by Geography

​Key

Threshold (USDmm) 119,060 - 748,687 42,599 - 119,059 29,080 - 42,598 18,174 - 29,079 10,882 - 18,173 4,766 - 10,881 2,649 - 4,765 869 - 2,648 533 - 868 59 - 532 ​0 - 58

​Top States

Value (USDmm)

New York Massachusetts California Maryland Illinois Pennsylvania Connecticut Texas Kansas Wisconsin

748,686 698,675 598,306 198,464 122,496 85,752 80,643 49,192 42,598 ​40,058

Source: S&P Capital IQ. All data is most current available as of November 2014.

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Telecommunication Services ​Investment Firm Name BBVA Asset Management, S.A., S.G.I.I.C. Fubon Asset Management Co., Ltd. SG Gestion Evercore Asset Management, LLC Temasek Holdings (Private) Limited Invercaixa Gestión S.A. SGIIC O'Shaughnessy Asset Management, LLC Cathay Securities Investment Trust Co Ltd. Nordea Fonder AB DNCA Finance Societe Generale, Securities Investments Storebrand Kapitalforvaltning As Skandinaviska Enskilda Banken AB, Private Banking, Investment Banking, and Insurance Arm Letko, Brosseau & Associates Inc. Edinburgh Partners Limited Lansdowne Partners Limited Veritas Asset Management LLP Thornburg Investment Management, Inc. Majedie Asset Management Limited Schafer Cullen Capital Management, Inc.

​Mutual Fund Name Thornburg Investment Trust - Thornburg Investment Income Builder Fund (MutualFund:TIBC.X) BNY Mellon Investment Funds - Newton Asian Income Fund BNY Mellon Investment Funds - Newton Real Return Fund GMO Trust - GMO Emerging Markets Fund (MutualFund:GMOEX) MFS Series Trust VI - MFS Utilities Fund Capital Income Builder (MutualFund:CIRF.X) GMO Trust - GMO International Equity Fund (MutualFund:GMOI.X) Federated Equity Funds - Federated Strategic Value Dividend Fund (MutualFund:SVAC.X) Longleaf Partners Funds Trust - Longleaf Partners Fund (MutualFund:LLPF.X) Lazard Funds, Inc. - Lazard Emerging Markets Equity Portfolio (MutualFund:LZOE.X) Causeway Capital Management Trust - Causeway International Value Fund (MutualFund:CIVI.X) Investors Dividend Fund BNY Mellon Investment Funds - Newton Global Higher Income Fund American Funds Insurance Series - Blue Chip Income and Growth Fund Thornburg Investment Trust - Thornburg International Value Fund (MutualFund:THGC.X) Fidelity Investment Trust - Fidelity Series International Value Fund Columbia Funds Series Trust II - Columbia Dividend Opportunity Fund (MutualFund:INUTX) Templeton Institutional Funds - Foreign Equity Series (MutualFund:TFEQ.X) Aberdeen Global - Asia Pacific Equity Fund Manulife Mutual Funds - Manulife Monthly High Income Fund

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 50% 5,214.5 10,428.9 35% 2,216.6 6,315.0 29% 3,333.6 11,495.2 29% 7,896.4 27,418.0 26% 28,466.4 111,632.8 18% 3,878.9 21,081.0 15% 874.9 5,681.1 15% 1,225.2 8,168.3 14% 1,134.6 8,162.7 14% 943.1 6,833.8 13% 4,825.2 37,116.7 13% 694.1 5,423.0 12% 902.0 7,274.3 12% 1,592.0 13,266.7 12% 620.6 5,215.4 12% 1,088.7 9,226.5 12% 1,647.1 14,322.5 11% 5,457.0 49,609.3 11% 1,205.7 11,061.5 11% 1,131.7 10,576.6

Calculated Calculated Market Cap Investment Style Emphasis Value Large Cap Blend Multi cap Value Large Cap GARP Large Cap GARP Large Cap GARP Large Cap GARP Large Cap Growth Multi cap GARP Multi cap Value Large Cap Value Large Cap GARP Large Cap GARP Large Cap GARP Large Cap Value Large Cap GARP Large Cap GARP Large Cap GARP Large Cap Value Large Cap Value Large Cap

State/Region Ile-de-France New York Madrid Connecticut Stockholm County Ile-de-France New York Oslo Quebec Midlothian Greater London Greater London New Mexico Greater London New York

Headquarters Country Spain Taiwan France United States Singapore Spain United States Taiwan Sweden France United States Norway Sweden Canada United Kingdom United Kingdom United Kingdom United States United Kingdom ​United States

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 21% 3,451.5 16,593.9 18% 1,377.2 7,525.7 15% 1,354.5 8,970.1 15% 1,003.1 6,642.8 13% 779.5 5,817.5 13% 9,818.3 73,821.6 13% 1,667.1 12,629.9 13% 1,136.3 8,946.9 11% 745.9 6,600.9 11% 1,544.1 13,910.8 11% 625.2 5,683.2 11% 1,329.1 12,306.7 10% 722.8 7,017.9 10% 656.6 6,605.7 10% 1,454.6 14,722.3 9% 1,189.5 12,587.1 9% 534.7 5,875.6 9% 563.2 6,251.1 9% 621.7 6,915.6 9% 479.0 5,346.1

Calculated Calculated Market Cap Investment Style Emphasis GARP Large Cap GARP Large Cap Blend Large Cap GARP Large Cap GARP Large Cap Value Large Cap Value Large Cap Value Large Cap Blend Large Cap GARP Large Cap GARP Large Cap GARP Large Cap Value Large Cap Value Large Cap Growth Large Cap GARP Large Cap Value Large Cap Value Large Cap GARP Large Cap Blend Large Cap

State/Region New Mexico Greater London Greater London Massachusetts Massachusetts California Massachusetts Pennsylvania Tennessee New York California Manitoba Greater London California New Mexico Massachusetts Massachusetts Florida Ontario

Headquarters Country United States United Kingdom United Kingdom United States United States United States United States United States United States United States United States Canada United Kingdom United States United States United States United States United States Hong Kong ​Canada

Equity Assets Invested in Telecommunication Services – Distribution by Geography

​Key

Threshold (USDmm) 14,773 - 117,375 5,533 - 14,772 2,670 - 5,532 1,968 - 2,669 1,042 - 1,967 734 - 1,041 188 - 733 95 - 187 63 - 94 6 - 62 ​0 - 5

​Top States

Value (USDmm)

California New York Massachusetts Maryland Illinois Georgia New Jersey Texas New Mexico Washington

117,374 107,346 77,342 15,397 15,354 14,364 11,457 7,253 5,532 ​3,312

Source: S&P Capital IQ. All data is most current available as of November 2014.

11

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Utilities ​Investment Firm Name KDB Asset Management Co., Ltd. Invercaixa Gestión S.A. SGIIC Natixis, Investment Banking and Corporate Banking Investments Duff & Phelps Investment Management Co. Energy Income Partners LLC Banchile Administradora General de Fondos SA Itau Unibanco S.A., Asset Management Arm Franklin Advisers, Inc. BB Gestão De Recursos - Distribuidora de Títulos e Valores Mobiliários S.A. Santander Asset Management, S.A., S.G.I.I.C. Pictet Asset Management S.A. Spectrum Asset Management, Inc. Pictet Asset Management Limited Alken Asset Management LLP First State Investments (Hong Kong) Limited Brookfield Asset Management Inc. (TSX:BAM.A) Thompson, Siegel & Walmsley LLC Federated Equity Management Company of Pennsylvania Blackrock Financial Management Inc. ING Powszechne Towarzystwo Emerytalne S.A.

​Mutual Fund Name Franklin Custodian Fund - Franklin Utilities Fund (MutualFund:FRUA.X) MFS Series Trust VI - MFS Utilities Fund Franklin Custodian Funds - Franklin Income Fund (MutualFund:FISR.X) Federated Equity Funds - Federated Strategic Value Dividend Fund (MutualFund:SVAC.X) First State Global Umbrella Fund plc - First State China Growth Fund American Century Capital Portfolios, Inc. - Mid Cap Value Fund (MutualFund:ACMV.X) AIM Equity Funds (Invesco Equity Funds) - Invesco Diversified Dividend Fund (MutualFund:LCED.X) Capital Income Builder (MutualFund:CIRF.X) Alken Fund - European Opportunities (FINESTI:023530813) TIAA-CREF Funds - TIAA-CREF Mid-Cap Value Fund (MutualFund:TCMV.X) GMO Trust - GMO International Equity Fund (MutualFund:GMOI.X) Fidelity Capital Trust - Fidelity Value Fund (MutualFund:FVLK.X) T. Rowe Price Mid-Cap Value Fund, Inc. (MutualFund:TRMC.X) MainStay Funds Trust - MainStay Marketfield Fund ING Otwarty Fundusz Emerytalny J.P. Morgan Fleming Mutual Fund Group, Inc. - JPMorgan Mid Cap Value Fund (MutualFund:JCMV.X) GMO Trust - GMO Emerging Markets Fund (MutualFund:GMOEX) T. Rowe Price Value Fund, Inc. (MutualFund:TRVL.X) Columbia Funds Series Trust II - Columbia Dividend Opportunity Fund (MutualFund:INUTX) American Century Capital Portfolios, Inc. - Equity Income Fund (MutualFund:AEKB.X)

Total Equity Calculated % of Total Total Holding Assets Calculated Market Cap Portfolio Value ($USDmm) ($USDmm) Investment Style Emphasis 64% 7,721.6 12,046.2 GARP Large Cap 47% 9,887.0 21,081.0 GARP Large Cap 33% 2,409.6 7,301.8 Value Large Cap 32% 2,494.1 7,867.7 GARP Large Cap 27% 1,606.6 5,906.8 GARP Large Cap 25% 2,143.4 8,573.4 Growth Mid Cap 21% 1,666.4 7,897.5 Growth Multi cap 17% 18,374.5 108,085.4 GARP Large Cap 17% 2,114.4 12,511.4 Aggressive Growth Large Cap 15% 1,502.2 9,818.5 GARP Large Cap 13% 2,261.6 17,949.1 GARP Large Cap 12% 706.4 5,742.9 GARP Large Cap 12% 7,856.8 67,730.9 GARP Large Cap 12% 1,105.5 9,530.1 Growth Large Cap 11% 1,469.6 13,005.7 GARP Large Cap 10% 2,084.4 20,237.3 Blend Large Cap 10% 560.5 5,605.0 GARP Mid Cap 10% 2,190.5 22,103.7 GARP Large Cap 10% 1,907.2 19,322.8 GARP Large Cap 10% 782.9 8,021.4 Blend Multi cap

State/Region Gyeonggi-do Madrid Ile-de-France Illinois Connecticut Santiago São Paulo California Rio de Janeiro Madrid Geneva Connecticut Greater London Greater London Ontario Virginia Pennsylvania New York -

Headquarters Country South Korea Spain France United States United States Chile Brazil United States Brazil Spain Switzerland United States United Kingdom United Kingdom Hong Kong Canada United States United States United States ​Poland

Total Equity % of Total Total Holding Assets Portfolio Value ($USDmm) ($USDmm) 88% 5,100.5 5,789.4 57% 3,327.6 5,817.5 26% 11,358.2 43,853.9 21% 1,852.0 8,946.9 15% 742.0 5,013.6 14% 741.1 5,256.2 14% 1,313.4 9,517.1 13% 9,449.2 73,821.6 12% 778.9 6,714.7 11% 573.1 5,163.4 11% 1,376.7 12,629.9 10% 957.0 9,291.0 10% 1,099.9 11,098.8 10% 1,105.5 11,257.8 10% 784.2 8,254.4 9% 1,445.4 15,541.7 9% 602.5 6,642.8 9% 1,907.9 21,413.3 9% 501.8 5,875.6 8% 656.0 7,865.5

State/Region California Massachusetts California Pennsylvania Missouri Georgia California Greater London New York Massachusetts Massachusetts Maryland New York New York Massachusetts Maryland Massachusetts Missouri

Headquarters Country United States United States United States United States Hong Kong United States United States United States United Kingdom United States United States United States United States United States Poland United States United States United States United States ​United States

Calculated Calculated Market Cap Investment Style Emphasis Value Large Cap GARP Large Cap Value Large Cap Value Large Cap GARP Multi cap Value Large Cap Value Large Cap Value Large Cap Growth Large Cap GARP Multi cap Value Large Cap GARP Multi cap Value Multi cap GARP Large Cap Blend Multi cap GARP Multi cap GARP Large Cap Value Large Cap Value Large Cap Value Large Cap

Equity Assets Invested in Utilities – Distribution by Geography

​Key

Threshold (USDmm) 18,862 - 132,398 4,856 - 18,861 3,114 - 4,855 2,155 - 3,113 1,479 - 2,154 476 - 1,478 161 - 475 101 - 160 67 - 100 2 - 66 ​0 - 1

​Top States

Value (USDmm)

California New York Massachusetts Maryland Illinois Pennsylvania New Jersey Texas Florida Ohio

132,397 124,637 84,380 29,794 19,544 15,651 13,597 8,915 4,667 ​4,032

Source: S&P Capital IQ. All data is most current available as of November 2014.

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About Selection Criteria & Sources: Summary (page 2) • All charts, tables and commentary reflected on page 2 are sourced from the entire universe of institutional and strategic investors in S&P Capital IQ’s Ownership database. However, certain investors have been excluded from this analysis, namely those that S&P Capital IQ research has determined to be predominantly passive or index focused, or an activist investor. • All data is sourced from S&P Capital IQ. All ownership data is most current available as of November 2014. • Sector performance refers to S&P 500 Sector Indices performance until 9/30/2014. Sector Breakdowns (pages 3-12) • The U.S. maps reflected on pages 3-12 are sourced from the entire universe of institutional and strategic investors in S&P Capital IQ’s Ownership database. However, certain investors have been excluded from this analysis, namely those that S&P Capital IQ research has determined to be predominantly passive or index focused, or an activist investor. • The Investment Firms tables are sourced from the entire universe of institutional and strategic investors in S&P Capital IQ’s Ownership database with over $5 billion in reported equity assets. However, certain investors have been excluded from this analysis, namely those that S&P Capital IQ research has determined to be predominantly passive or index focused, or an activist investor. • The Mutual Fund tables are sourced from the entire universe of mutual fund investors in S&P Capital IQ’s Ownership database with over $100 million in reported equity assets. However, certain mutual funds have been excluded from this analysis, namely those that S&P Capital IQ research has determined to be predominantly passive or index focused. • All data is sourced from S&P Capital IQ. All data is most current available as of November 2014. • Calculated Market Cap Emphasis: We grouped the universe of stocks into three categories: Large Cap (>10 Billion USD), Mid Cap (between $2B and 10B), and Small Cap (less than $2B - this includes what we also call Micro Cap stocks) based on latest market cap information. For each portfolio, we calculated the percent of assets invested in each of these three groups and used the below methodology to assign a Market Cap Emphasis label. • Large Cap: over 40% of the portfolio's assets are in Large Cap stocks with no other Cap Group above 40%. • Mid Cap: over 40% of the portfolio's assets are in Mid Cap stocks with no other Cap Group above 40%. • Small Cap: over 40% of the portfolio's assets are in Small or Micro Cap stocks with no other Cap Group above 40%. • Multi Cap: two of the three Cap Groups each comprise over 40% of the portfolio's assets or no single Cap Group comprises over 40% of the portfolio's assets.

CONTACT: Cameron Skinner [email protected] Tony Elyahou [email protected] Kiel LaFrance [email protected] Vineela Inala [email protected] Sam Blackman [email protected]

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The S&P Capital IQ Quarterly Sector Holders Report is produced using S&P Capital IQ’s PresCenter. The Ownership data presented here is sourced from our powerful Screening tool. S&P Capital IQ, a business line of the McGraw Hill Financial Inc. (NYSE:MHFI), is a leading provider of multi-asset class data, research and analytics to institutional investors, investment and commercial banks, investment advisors and wealth managers, corporations and universities around the world. We provide a broad suite of capabilities designed to help track performance, generate alpha, identify new trading and investment ideas, and perform risk analysis and mitigation strategies. Through leading desktop solutions such as S&P Capital IQ, Global Credit Portal and MarketScope Advisor desktops; enterprise solutions such as S&P Securities Evaluations, Global Data Solutions, and Compustat; and research offerings including Leveraged Commentary & Data, Global Market Intelligence, and company and funds research, S&P Capital IQ sharpens financial intelligence into the wisdom today’s investors need.

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