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          Flow/$US

          Each period (monthly, weekly, daily) we are provided beginning of week (BoW) assets, end of week (EoW) assets, and the percentage change in net asset value for the funds. Using these data points, we take the following steps:

          Step 1 - Calculate portfolio change & fund flows in fund's currency:

          Portfolio Change = Beginning of Week (BoW) Assets x NAV Performance

          Fund Flows = End of Week (EoW) Assets - BoW Assets - Portfolio Change

          Step 2 - Convert all currency amounts to US$:

          BoW Assets x BoW Exchange Rate = BoW Assets in US$

          EoW Assets x EoW Exchange Rate = EoW Assets in US$

          Portfolio Change x Average Exchange Rate = Portfolio Change in US$

          Fund Flows x Average Exchange Rate = Fund Flows in US$

          Forex Change = (BoW Assets + Portfolio Change + Fund Flow) - (EoW Assets in US$)

          If FX rate remained the same for the day/week/month, then BoW Assets + Portfolio Change + Fund Flow would equal EoW Assets.

          Flow/$US %

           The Flows/$US % is derived by dividing Flow by Assets (TNA) in the start of the period.

          Flow/$US% =(Flows/$US)/TNA

          Net Assets Start

          The total net assets at the start of the period for the fund group

          Total Net Assets

          There are several factors that change the total net assets from one period to the next, and flows are only one portion of the difference of period-to-periodchanges in the total net assets assets:

          Increases or decreases in market performance: from month-to-month, performance will increase or decrease the total net assets, and are separate from flows.

          Change in FX: for funds not denominated in US Dollars, the change in foreign exchange rate will impact the total net assets (all of which are converted to US Dollars in our system);

          Changes to universe: as we add funds, there will be an increase to the total net assets that will not show up as a flow, as it's not new money coming into the universe (a flow), it's only increased coverage.

          Flow/$US Cumulative

          Investor purchases/redemptions of fund shares in absolute dollar terms on a cumulative basis

          Flow/$US % Cumulative

          The country flows US$ % cumulative figure takes each of the individual US$ flows as a % of beginning of period's total net assets and chains them together similar to how cumulative fund returns are calculated.

          In the below example, flows as a % of total net assets for the first week was 1.55%. The cumulative flow % would also be 1.55%. To calculate the cumulative flow % we start with a base of 100.00 and multiply it by the current period's flow %, adding that back to the previous week's base 100 value. In the first week this would be 100.00 x 1.55% = 1.55 + 100 = 101.55. In the second week, the flow % was 0.80%, so the cumulative flow % becomes 101.55 x 0.80% = .8124 + 101.55 = 102.3624 (which is a cumulative flow % of 2.36%). This is repeated for each period.

          Change in FX

          NAV % Change may differ for different share classes of the same fund. For funds not denominated in US Dollars, the change in foreign exchange rate will impact the total net assets (all of which are converted to US Dollars in our system).

          Different share classes of the same fund may have different changes in FX. The reason is that a fund company may apply different levels of management fee for each share class (for example higher management fees for retail share classes, lower management fees for institutional share classes). These operating expenses are factored into the NAV calculation for each share class which is then used to calculate performance at the share class level.

          NAV % Change

          NAV % change is the change in the underlying value of the selected asset class/geographic group during the day/week/month in question, expressed in percentage terms.

          NAV % Change Cumulative

          This shows the cumulative change in the underlying value of the assets in the selected asset class/geographic grouping over the defined date range.

          For example, if one were to select "All Equity Funds" on the left, a date range of 1/1/2012 to 9/30/2012, and Category:NAV % change cumulative, the resulting figure would show the cumulative change in the underlying value of all equity funds tracked by EPFR Global between January and September of 2012.

          Count of Funds

          The count of funds within the fund group

          Multi-asset Funds

          These are multi-asset funds