Equity/Bond Fund Country Weightings Reports

1. Equity/Bond Fund Country Weightings Reports How to read EPFR Equity/Bond Fund Country Weightings Reports

2. Equity/Bond Fund Country Weightings Reports………………………………………………………………………………………………..………… • The data tracks the actual country and regional weightings, in % terms, of individual funds and average weightings by investment manager and fund category • Individual equity funds grouped by fund category (GEMs, Asia ex-Japan, Latin America, EMEA, Pacific region, Global & Global ex-US); Individual bond funds grouped by fund category (Global Emerging Market Bond Funds, Other Emerging Market Bond Funds) • Average weightings of all individual funds and by investment manager (with multiple funds) • History tabs show one year of historical country and regional weighting aggregates • Monthly equity fund country weightings data available from January 1995; Monthly bond fund country weightings data available from November 2001

3. Equity/Bond Fund Country Weightings ReportsDefinitions

4. Equity/Bond Fund Country Weightings Data Definitions………………………………………………………………………………………………………………………..…… • Fund Category: GEM:Global Emerging Market Funds (invest in all emerging market regions of the world)Global & Global ex-US:Global funds that invest in both developed and emerging markets(main benchmarks MSCI World and MSCI EAFE)Asia:Asia ex-Japan Regional fundsEMEA:Emerging Europe/Middle East/Africa Regional fundsEurope:Europe Regional fundsLatAm:Latin America Regional fundsPacific:Pacific Regional Funds(invest in all Asia Pacific markets, both emerging and developed, including Japan,Australia & New Zealand) • Fund Weighted Average:Fund weighted average involves calculating the $ amounts invested in each country for all funds individually, and then adding up the $ amounts for each country and dividing by the total assets of all funds combined. • Fund Simple Average:Fund simple average is calculated by adding up all of the % weights in a country for all funds tracked and then dividing by the total number of funds tracked. • Manager Simple Average:(% weighting for all Managers in fund category for specified country/region) / (total number of Managers in fund category). [An average is first calculated for Managers with more than one fund in a fund category for each country/region. These averages are then combined to come up with the numerator in the above formula]. • History Tabs:figures are the historical Manager averages by specified country/region

5. GEM: Global Emerging Market Funds (invest in all emerging market regions of the world) Fund Category Asia: Asia ex-Japan Regional Funds LatAm: Latin America Regional funds Emerging Europe: Emerging Europe Regional funds EMEA: Emerging Europe/Middle East/Africa Regional funds Pacific: Pacific Regional Funds (invest in all Asia Pacific markets, both emerging and developed, including Japan, Australia & New Zealand) Global and Global ex-US: Global funds that invest in both developed and emerging markets (main benchmarks MSCI World and MSCI EAFE).

6. Fund Weighted Average = involves calculating the $ amounts invested in each country for all funds individually, and then adding up the $ amounts for each country and dividing by the total assets of all funds combined

7. Fund Simple Average = calculated by adding up all of the % weights in a country for all funds tracked and then dividing by the total number of funds tracked

8. Manager Simple Average = (% weighting for all Managers in fund category for specified country/region) / (total number of Managers in fund category)

9. History Tabs figures are the Historical Manager Averages by specified country/region

10. Equity/Bond Fund Country Weightings ReportsFAQ & Contact Us

11. Frequently Asked Questions……………………………………………………………….. Q:  What is the difference between Fund Average and Manager Average in the Country Weightings report? A:  Fund Average is a simple average of all the funds weightings, as listed on the worksheet. Manager Average is calculated by first creating a weighted average, based on fund assets, for each individual fund advisor (who may have 3 or 4 funds being tracked under a given fund category). We then calculate a simple average of all fund advisors to arrive at the Manager Average figure. The rationale behind this is that if an advisor manages 4 or 5 Global Emerging Market Funds, for example, they won't be more heavily weighted in the Manager Average. Q:  Can you also provide weighted average weightings (in addition to simple avg already available) in Country Weightings report? A: Yes, weighted averages are available Q:  In the Country Weightings report, what is your classification criteria for stocks in various markets? Is it along the lines of MSCI? For example, would you classify China Mobile as a China stock (as MSCI does) or a HK stock (as FTSE does)? Also, if a fund purchases China Mobile ADRs would that be reflected in your China market numbers (vs the same fund purchasing China Mobile shares)? A:  Classification is mainly along lines of MSCI. China Mobile would go under China. Hong Kong 'H' Shares are classified as China. ADR's, and New York/London, etc. listed companies are reclassified according to relevant emerging market. e.g., HSBC Holdings is classified as Hong Kong, Billiton PLC is classified under South Africa, SIBIR Energy PLC is under Russia. Oftentimes the fund reports we receive do not classify ADRs/GDRs according to the underlying security, so we take the extra step of reclassifying to the country of origin.

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