1Source: Morningstar, as of 12/31/15. Average number of mutual funds that paid a capital gain distribution each year over 5 years within a universe of 19274 funds. Universe includes all US open ended mutual funds with at least a 5 year track record excluding alternative investments, commodities and money market funds, all share classes used. Non-iShares ETFs and iShares ETFs include all U.S. listed ETFs that incepted on or before 10/31 of each year and trade on US exchanges. Past distributions not indicative of future distributions.