Morningstar® Wide Moat Focus IndexSM

18 December 2015

The Morningstar® Wide Moat Focus IndexSM consists of the 20 securities in the Morningstar® US Market IndexSM with the highest ratios of fair value, as determined by Morningstar, to their stock price. These companies must also have a sustainable competitive advantage (i.e. wide moat). Securities in the Wide Moat Focus Index are assigned equal weights.

Morningstar Indexes Reconstitution Report

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Reconstituted Index Holdings

Name Ticker Weight (%)Fair Value

(USD)Price /

Fair Value

Polaris Industries Inc PII 5 160 0.61CSX Corp CSX 5 37 0.68Union Pacific Corp UNP 5 110 0.69Spectra Energy Corp SE 5 31 0.72Biogen Inc BIIB 5 400 0.72

Qualcomm Inc QCOM 5 68 0.73Time Warner Inc TWX 5 94 0.73Monsanto Co MON 5 130 0.74Berkshire Hathaway Inc Class B BRK.B 5 177 0.75Twenty-First Century Fox Inc Class A FOXA 5 38 0.76

Emerson Electric Co EMR 5 62 0.76United Technologies Corp UTX 5 120 0.79VF Corp VFC 5 82 0.79Harley-Davidson Inc HOG 5 60 0.79Western Union Co WU 5 24 0.79

Kansas City Southern Inc KSU 5 97 0.79International Business Machines Corp IBM 5 174 0.79American Express Co AXP 5 88 0.79Wal-Mart Stores Inc WMT 5 75 0.79Varian Medical Systems Inc VAR 5 100 0.80

Added Holdings

Name Ticker Fair Value (USD) Price / Fair Value

Spectra Energy Corp SE 31 0.72Biogen Inc BIIB 400 0.72VF Corp VFC 82 0.79Harley-Davidson Inc HOG 60 0.79Kansas City Southern Inc KSU 97 0.79

International Business Machines Corp IBM 174 0.79American Express Co AXP 88 0.79Wal-Mart Stores Inc WMT 75 0.79Varian Medical Systems Inc VAR 100 0.80

Next 10 Potential Holdings Name

Ticker Price / Fair Value

John Wiley & Sons Inc Class A JW.A 0.81 0.81Gilead Sciences Inc GILD 0.81 0.81W W Grainger Inc GWW 0.82 0.82Amgen Inc AMGN 0.82 0.82Yum Brands Inc YUM 0.82 0.82

Mead Johnson Nutrition Co MJN 0.83 0.83Franklin Resources Inc BEN 0.84 0.84U.S. Bancorp USB 0.84 0.84Allergan PLC AGN 0.84 0.84Walt Disney Co DIS 0.84 0.84

Removed Holdings Failed Screen (Reason for Removal)

Name

Ticker

Moat

Price / Fair Value

Other

Applied Materials Inc AMAT •

Autodesk Inc ADSK •

Discovery Communications Inc Class A DISCA •

Walt Disney Co DIS •

ITC Holdings Corp ITC •

Franklin Resources Inc BEN •

Merck & Co Inc MRK •Procter & Gamble Co PG •Norfolk Southern Corp NSC •