METHODOLOGY

Summary: The information is assembled and organized from extensive field and telephone interviews; utilized for both collection and validation of data. DGL collects, analyzes and maintains a dynamic participant (companies and individuals) database.

In order to make valid peer comparisons, this report divides Mutual Fund Distributors into three peer groups — Large, Medium and Small Sales Groups. Companies are categorized based upon Total Size of the Wholesaler Sales Force.

KEY DEFINITIONS:

Large Sales Group: Those companies for which the total mutual fund external wholesaler sales group exceeds 54.

Medium Sales Group: Those companies for which the total mutual fund external wholesaler sales group is 26 to 54.

Small Sales Group: Those companies for which the total mutual fund external wholesaler sales group is 25 or less.

Note: The makeup of the Sales Groups remains constant throughout the report.

Single-Channel: Sales Group sells to single distribution channel audience (e.g., Banks or Planners/Independents, but not both).

Multi-Channel: Sales Group sells to multiple distribution channel audiences (e.g., Banks and Planners/Independents, but not Banks only).