Benchmark Index Glossary

1-Month LIBOR: London Interbank Offered Rate, is the interest rate offered by a specific group of London banks for U.S. dollar deposits with a one-month maturity.

3-Month LIBOR: London Interbank Offered Rate, is the interest rate offered by a specific group of London banks for U.S. dollar deposits with a three-month maturity.

9-Month LIBOR: Or London Interbank Offered Rate, is the interest rate offered by a specific group of London banks for U.S. dollar deposits with a nine-month maturity.

BofA Merrill Lynch 0-3 Year Composite Index: Comprised of the following Bank of America Merrill Lynch indices; 30% BofA ML 1-3 Year Corporate Index; 30% BofA ML Fixed Rate and Floating Rate Asset-Backed Securities Index; 20% BofA ML 1-3 Year Treasury/Agency Index; and 20% BofA ML 0-3 Year Mortgage Index.

BofA Merrill Lynch 0-3 Year U.S. Mortgage Backed Securities Index: Is a subset of The Bank of America Merrill Lynch U.S. Mortgage Backed Securities Index including all securities with an average life less than 3 years.

BofA Merrill Lynch 10+ Year Treasury Index: Is a subset of the Bank of America Merrill Lynch Treasury Master Index. The index measure the total return performance of U.S. Treasury bonds with an outstanding par that is greater than or equal to $25 million. The maturity range of these securities is greater than ten years.

BofA Merrill Lynch 100 Technology Index: Is an equal-dollar weighted index of 100 stocks designed to measure the performance of a cross section of large, actively traded technology stocks and ADRs. The index was developed with a base value of 200 as of January 30, 1998.F

BofA Merrill Lynch 1-Year U.S. Treasury Note Index: Is an unmanaged index tracking U.S. government securities. The index is produced by Bank of America Merrill Lynch, Pierce, Fenner & Smith, Inc.

BofA Merrill Lynch 1-3 Month U.S. Treasury Index: Is a subset of The Bank of America Merrill Lynch 0-1 Year US Treasury Index including all securities with a remaining term to final maturity less than 3 months.

BofA Merrill Lynch 1-3 Year Short-Term Corporate Index: is an unmanaged index that tracks the performance of the U.S. dollar-denominated investment-grade public debt issued in the U.S. domestic bond market. Qualifying bonds must have at least one year but less than three years remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of $150 million.

BofA Merrill Lynch 1-3 Year Treasury Index: Is an unmanaged index tracking short-term government securities with maturities between 1 and 2.99 years. They are produced by Bank of America Merrill Lynch, Pierce, Fenner & Smith, Inc.

BofA Merrill Lynch 1-3 Year Treasury Index: Is a subset of The Bank of America Merrill Lynch Master Index. The maturity range on these securities is from one to three years.

BofA Merrill Lynch 3-5 Year Treasury Index: Is an unmanaged index which includes U.S. Treasury securities with maturities of 3 to 4.99 years. The index is produced by Bank of America Merrill Lynch, Pierce, Fenner & Smith, Inc.

BofA Merrill Lynch 6-Month Treasury Bill Index: Is an unmanaged index tracking 6-month U.S. government securities. The index is produced by Merrill Lynch, Pierce, Fenner & Smith, Inc.

BofA Merrill Lynch 91-Day Treasury Bill Index: Consists of U.S. Treasury Bills maturing in 90 days.

BofA Merrill Lynch Global Government Index: Tracks the performance of investment grade sovereign debt publicly issued and denominated in the issuer's own domestic market and currency. In order to qualify for inclusion in the Index, a country (i) must be an OECD member; (ii) must have an investment grade foreign currency long-term sovereign debt rating (based on an average of Moody's, S&P and Fitch); (iii) must have at $50 billion (USD equivalent) outstanding face value of Index qualifying debt (i.e., after imposing constituent level filters on amount outstanding, remaining term to maturity, etc.) to enter the Index; (iv) must have at least $25 billion (USD equivalent) in outstanding face value of Index qualifying debt in order to remain in the Index; (v) must be available to foreign investors; and (vi) must have at least one readily available, transparent price source for its securities.

BofA Merrill Lynch Pan-Europe Government 1-3 Year Index: Tracks the total return performance of the outstanding debt of European sovereign issuers. It is a market-capitalization weighted basket comprising bonds issued in their respective domestic markets and denominated in their local currency. This index is further segmented by debt issues maturing in one to three years.

BofA Merrill Lynch U.S. Corporate Index: Tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody's, S&P and Fitch) and an investment grade rated country of risk (based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings). In addition, qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $250 million.

BofA Merrill Lynch U.S. Fixed & Floating Rate Asset Backed Securities Index: Tracks the performance of U.S. dollar denominated investment grade asset backed securities publicly issued in the U.S. domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody's, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final stated maturity, at least one month to the last expected cash flow, a fixed or floating rate coupon, an original deal size for the collateral group of at least $250 million, a current outstanding deal size for the collateral group greater than or equal to 10% of the original deal size and a minimum outstanding tranche size of $50 million for senior tranches and $10 million for mezzanine and subordinated tranches. 144a securities qualify for inclusion in the Index.

BofA Merrill Lynch U.S. Inflation-Linked Treasury Index: Tracks the performance of U.S. dollar denominated inflationlinked sovereign debt publicly issued by the U.S. government in its domestic market. Qualifying securities must have at least one year remaining term to final maturity, interest and principal payments tied to inflation and a minimum amount outstanding of $1 billion. Strips are excluded from the Index; however, original issue zero coupon bonds are included in the Index and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped.

Barclays 1-3 Year Government/Credit Index: Includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Barclays 1-5 Year Government/Credit Index: Measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds (i.e., U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt) and investment grade U.S. corporate bonds that have a remaining maturity of greater than or equal to one year and less than five years.

Barclays 1-Year Municipal Bond Index: Is a total return benchmark designed for tax-exempt assets. The index includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, have maturities of 1 to 2-years, and have been issued after December 31, 1990.

Barclays 3-Year Municipal Bond Index: Is a broad-based market index. To be included in the index, bonds must have a minimum credit rating of Baa. They must have an outstanding par value of at least $5 million and be issued as part of a transaction of at least $50 million. The bonds must have a dated-date after December 31, 1990 and must be at least one year from their maturity date.

Barclays 7-Year Municipal Bond Index: An unmanaged index of municipal bonds issued after January 1, 1991 with a minimum credit rating of at least Baa, been issued as part of a deal of at least $50 million, have a maturity value of at least $5 million and a maturity range of 4-6 years. As of January 1996, the index also includes zero coupon bonds and bonds subject to the Alternative Minimum Tax.

Barclays 10-Year Municipal Bond Index: Is an unmanaged index with maturities between nine and twelve years. The Barclays 10-Year Municipal Bond Index is the 10-Year total return subset of the Barclays Municipal Bond Index.

Barclays California Municipal Bond Index: Includes issues in the state of California, which have a minimum credit rating of BAA3, are issued as part of a deal of at least 75 million, have an amount outstanding of at least 7 million, have a maturity of 1 year or greater, and have been issued after December 31, 1990.

Barclays Emerging Market Bond Index (EMBI): Tracks total returns for external-currency-denominated debt instruments of the emerging markets: Brady bonds, loans, Eurobonds, and U.S. dollar-denominated local market instruments. Countries covered are Argentina, Brazil, Bulgaria, Ecuador, Mexico, Morocco, Nigeria, Panama, Peru, the Philippines, Poland, Russia, and Venezuela.

Barclays GNMA Index: Is a total comprehensive GNMA index comprised of 30-year GNMA pass-throughs, 15-year GNMA pass-throughs, and GNMA Graduated Payment Mortgages.

Barclays Government Bond Index: Is a market value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.

Barclays Municipal Intermediate (5-10 Year) Bond Index: Is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market. The Barclays 5-Year Municipal Bond Index is the 5-year (4-6) component of the Barclays Municipal Bond Index. Barclays 7-Year Municipal Bond Index is an unmanaged index of municipal bonds issued after January 1, 1991 with a minimum credit rating of at least Baa, been issued as part of a deal of at lest $50 million, have a maturity value of at least $5 million and a maturity range of 4-6 years. As of January 1996, the index also includes zero coupon bonds and bonds subject to the Alternative Minimum with maturities between nine and twelve years. The Barclays 10-Year Municipal Bond Index is the 10-Year total return subset of the Barclays Municipal Bond Index.

Barclays High Yield Municipal Bond Index: Is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody's Investors Service with a remaining maturity of at least one year.

Barclays Intermediate Aggregate Index: Is an unmanaged index that consists of 1-10 year Governments, 1-10 year Corporates, all Mortgages, and all Asset-Backed securities within the Aggregate Index (i.e. the Aggregate Index less the Long Government/Corporate Index).

Barclays Intermediate Government Index: Is an unmanaged index comprised of all publicly issued, non-convertible domestic debt of the U.S. government or any agency thereof, or any quasi-federal corporation and of corporate debt guaranteed by the U.S. government. Only notes and bonds with minimum outstanding principal of $1 million and minimum maturity of one year and maximum maturity of ten years are included.

Barclays Intermediate Government/Credit Index: Is an unmanaged index based on all publicly issued intermediate government and corporate debt securities with maturities of 1-10 years. This index represents asset types which are subject to risk, including loss of principal.

Barclays Mortgage-Backed Securities Index: Is an unmanaged index composed of all fixed securities mortgage pools by GNMA, FNMA and the FHLMC, including GNMA Graduated Payment Mortgages.

Barclays Municipal Bond Index: Is a market-value-weighted index for the long-term tax-exempt bond market. To be included in the index, bonds must have a minimum credit rating of Baa. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

Barclays North Carolina Municipal Bond Index: Includes investment-grade, tax-exempt, and fixed-rate bonds issued in the state of North Carolina; all securities have long-term maturities (greater than two years) and are selected from issues larger than $50 million.

Barclays New York Municipal Bond Index: Includes investment-grade, tax-exempt, and fixed-rate bonds issued in the state of New York; all securities have long-term maturities (greater than two years) and are selected from issues larger than $50 million.

Barclays Ohio Municipal Bond Index: Is an Ohio specific total return index. The Index is comprised of Ohio bonds. The bonds are all investment-grade, fixed-rate, long-term maturities (greater than two years) and are selected from issues larger than $50 million dated since January 1984. Bonds are added to the Index and weighted and updated monthly, with a one-month lag.

Barclays Pennsylvania Municipal Bond Index: Is a Pennsylvania specific total return index. The Index is comprised of Pennsylvania bonds. The bonds are all investment-grade, fixed-rate, long-term maturities (greater than two years) and are selected from issues larger than $50 million dated since January 1984. Bonds are added to the Index and weighted and updated monthly, with a one-month lag.

Barclays U.S. Aggregate Bond Index: Is an unmanaged index composed of securities from the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization.

Barclays U.S. Credit Bond Index: Is composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. Issues are rated at least Baa by Moody's Investors Service or BBB by Standard & Poor's, if unrated by Moody's. Collateralized Mortgage Obligations (CMOs) are not included. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

Barclays U.S. Corporate High Yield Index: Is an unmanaged index that is comprised of issues that meet the following criteria: at least $150 million par value outstanding, maximum credit rating of Ba1 (including defaulted issues) and at least one year to maturity.

Barclays U.S. High Yield 2% Issuer Capped Index: Is the 2% Issuer Cap component of the U.S. Corporate High Yield Bond Index. Barclays U.S. Corporate High Yield Index is an unmanaged index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least 1 year to maturity.

Barclays U.S. High-Yield 2% Issuer Capped Bond Index:  Is an index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least 1 year to maturity. The Index has a maximum exposure of 2% per issuer. The index is unmanaged and can not be invested in directly. The Barclays U.S. High-Yield 2% Issuer Capped Bond Index is maintained by Barclays.

Barclays U.S. Intermediate Credit Index: Is an unmanaged index that consists of dollar-denominated, investment-grade, publicly-issued securities with a maturity of between one and ten years, a minimum amount outstanding of $250 million, and that are issued by both corporate issuers and non-corporate issuers (supranationals, sovereigns, foreign agencies and foreign local governments). 

Barclays U.S. Treasury Bills 1-3 Month Index: Is a component of the Short Treasury index. The Barclays Short Treasury Index includes aged U.S. Treasury bills, notes and bonds with a remaining maturity from 1 up to (but not including) 12 months. It excludes zero coupon strips.

Barclays U.S. Treasury Bond Index:  Is part of Barclays global family of government bonds indices. The index measures the performance of the U.S. Treasury bond market, using market capitalization weighting and a standard rule based inclusion methodology.

Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index: Represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimum amount outstanding of 100 million U.S. dollars. An individual cannot invest directly in an index.

Barclays U.S. Universal Index: Is an index that represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD denominated, taxable bonds that are rated either investment-grade or below investment-grade.

Chicago Fed Midwest Manufacturing Index: A monthly estimate of manufacturing output in the Seventh Federal Reserve District states of lllinois, Indiana, Iowa, Michigan, and Wisconsin.

Chicago Fed National Activity Index: A gauge the level of economic activity in the United States.

Chicago Purchasing Managers Index: Produced by the The National Association of Purchasing Management-Chicago, gauges factory health in the upper Midwest based on surveys of companies in that region.

Citigroup (formerly Salomon Brothers) Non-U.S. Government Bond Index: A market-capitalization weighted benchmark that tracks the performance of fixed-rate sovereign debt with at least one year to maturity.

Conference Board’s Composite Index of Leading Economic Indicators: Is used to predict the direction of the economy's movements in the months to come.

Consumer Confidence Index: Based on a survey by the Conference Board that measures how optimistic or pessimistic consumers are with respect to the economy in the near future.

Consumer Price Index (CPI): A measure of inflation at the retail level.

Credit Suisse Leveraged Loan Index: Is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. Average values are computed over the Index for coupon, current yield, initial spread and price. The average coupon, current yield and initial spread are weighted by market value (amount outstanding multiplied by the price) at the end of the measurement period for each loan currently paying interest in the Index. Total return is computed for each loan, which is the percent change in the value of each loan during the measurement period. Total return is the sum of three components: principal, interest and reinvestment return.

Dow Jones Select Dividend Index: Universe is defined as all dividend-paying companies in the Dow Jones U.S. Total Market Index that have a non-negative historical 5-year dividend-per-share growth rate, a 5-year average dividend earnings-per-share ratio of less than or equal to 60%, and 3-month average daily trading volume of 200,000 shares. Current index components are included in the universe regardless of their dividend payout ratio. The Dow Jones U.S. Total Market Index is a rules governed, broad-market benchmark that represents approximately 95% of the U.S. market capitalization.

Empire State Manufacturing Index: Gauges the level of activity and expectations for the future among manufacturers in New York.

Gross Domestic Product (GDP): Broad measure of the economy that measures the retail value of goods and services produced in a country.

iMoneyNet Tax-free National Retail Index: Includes all national retail tax-free and municipal money market funds.  Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market  notes, commercial paper, put bonds – six months and less, put bonds – over six months, Alternative Minimum Tax (AMT) paper and other tax-free holdings.  A tax-free money market fund is tax-free at the federal level for the majority of investors.  For a fund to call itself “tax-free,” no more than 20 percent of its assets may be invested in paper that is subject to AMT.

Institute of Supply Management (ISM) Manufacturing Index: A composite, forward-looking index derived from a monthly survey of U.S. businesses.

Institute of Supply Management (ISM) Non-Manufacturing Index: A composite, forward-looking derived from a monthly survey of U.S. businesses.

International Council of Shopping Centers (ICSC)-Goldman Sachs Retail Index: Examines 75 retail chain stores excluding restaurants and vehicle demand  to gauge U.S. retail sales.

J.P. Morgan Emerging Markets Bond Index Global: Tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, eurobonds. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the fund reflects the deduction of the fund expenses, including sales charges if applicable. Indexes are unmanaged and cannot be invested in directly.

J.P. Morgan Global (ex-U.S.) Government Bond Index: Is the standard unmanaged foreign securities index representing major government bond markets

J.P. Morgan Global Government Bond Non-U.S. Index: The standard unmanaged foreign securities index representing major government bond markets.

J.P. Morgan Non-Dollar Index: Is a total return, unmanaged trade–weighted index of over 360 government and high-grade bonds in 12 developed countries.

Lipper Balanced Fund Index: The average of the 30 largest funds in the Lipper Balanced Funds category. These funds, by portfolio practice, aim to conserve principal by maintaining, at all times, a balanced portfolio of at least 50% in equity securities and at least 25% in fixed-income securities. Typically the equity/bond ratio is approximately 60%/40%.

Lipper General Municipal Debt Funds Average: An average of funds that invest at least 65% of their assets in municipal debt issues in the top four credit ratings. The total return of the Lipper Average does not include the effect of sales charges.

Lipper Single-State Municipal Debt Funds: Limits its assets to those securities that are exempt from taxation in a specified state (double tax-exempt) or city (triple tax-exempt). (North Carolina, Ohio, and Pennsylvania).

MSCI ACWI: Captures large- and mid-cap representation across 23 developed markets countries and 21 emerging markets countries. With 2,436 constituents, the index covers approximately 85% of the global investable equity opportunity set.

MSCI-All Country World Ex. U.S. Index: Is an unmanaged index representing 48 developed and emerging markets around the world that collectively comprise virtually all of the foreign equity stock markets.

MSCI-EAFE High Dividend Yield Index: Is constructed from various MSCI Country and Regional Indices that are calculated according to the MSCI Global Investable Market Indices Methodology. The MSCI High Dividend Yield Index may be calculated for all MSCI Developed Markets countries.

MSCI-EAFE Value and Growth IndicesSM: Cover the full range of developed, emerging and All Country MSCI Equity Indices. As of the close of May 30, 2003, MSCI implemented an enhanced methodology for the MSCI Global Value and Growth Indices, adopting a two dimensional framework for style segmentation in which value and growth strategies are categorized using different attributes – three for value and five for growth including forward looking variables. The objective of the index design is to divide constituents of an underlying MSCI Standard Country Index into a value index and growth index, each targeting 50% of the free float adjusted market capitalization of the underlying country index. Country Value/Growth indices are then aggregated into regional Value/Growth indices. Prior to May 30, 2003, the indices used Price/Book Value (P/BV) ratios to divide the standard MSCI country indices into value and growth indices. All securities were classified as either "value" securities (low P/BV securities) or "growth" securities (high P/BV securities), relative to each MSCI country index.

MSCI Emerging Markets Index: Is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

MSCI Europe, Australasia and Far East Index (EAFE): Is an unmanaged market capitalization-weighted equity index comprising 20 of the 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. EAFE performance data is calculated in U.S. dollars and in local currency.

MSCI High Dividend Yield Index: Is constructed from various MSCI Country and Regional Indices that are calculated according to the MSCI Global Investable Market Indices Methodology. The MSCI High Dividend Yield Index may be calculated for all MSCI Developed Markets countries.

National Association of Insurance Commissioners (NAIC): Is a fund approved list of either Class 1 or Exempt money market mutual funds, which refers to funds that are exempt from NAIC reserve requirements. The approved list is subject to an annual review.

Personal Consumption Expenditure Index: A meaure of consumer inflation at the retail level that takes into account changes in consumption patterns due to price changes.

Philadelphia Manufacturing Index: Gauges the level of activity and expectations for the future among manufacturers in Greater Philadelphia region.

Producer Price Index (PPI):
A measure of inflation at the wholesale level.

Redbook Retail Index: A gauge of U.S. retail sales.

Russell 1000® Growth Index: Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Index: Measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

Russell 1000® Value Index: Measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Growth Index: Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Index: Is an unmanaged index consisting of approximately 2000 small capitalization common stocks.

Russell 2000® Value Index: Measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000® Index: Measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Russell 3000® Value Index: Measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes.

Russell Midcap® Growth Index: Measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index.

Russell Midcap® Value Index: Measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

Ryan Labs 3-Year GIC Index: Is a composite of market rates of $1 million Guaranteed Investment Contracts held for three years and representative of an unmanaged, diversified investment grade portfolio of contracts.

S&P 500 Index: Is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P 500 Inverse Daily Index: Is designed to provide the inverse performance of the Standard & Poor’s 500 Index, representing a short position in the index. The Standard & Poor’s 500 Index is a broad-based market index that measures the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P 500/Citigroup Value Index: Exhaustive, containing the full market cap of the S&P 500. The S&P/Citigroup multifactor methodology is used to score constituents, which are weighted according to market cap and classified as value. The indices have a relatively low turnover.

S&P Municipal Bond Investment Grade, 3-year plus, Non-AMT: Represents the portion of the SPMBIGI composed solely of bonds with remaining maturities of 3 years or more that are not subject to AMT.

S&P/Citigroup EMI Growth World ex-U.S. Index: Subset of the Global S&P/Citigroup Broad Market Index (BMI). The BMI includes all companies with a float capital of at least U.S. $100 million, The EMI represents the bottom 20% of the index capitalization within each country in the index. The World excl. U.S. composite includes all developed countries except the United States. S&P/Citigroup uses a proprietary multi-factor model to determine each company's relative position on a growth-value continuum. The EMI Growth World excl. U.S. index reflects each company's available market capitalization weighted by its growth probability.

S&P Composite 1500 Index: Broad market portfolio representing the large cap, mid cap and small cap segments of the U.S. equity market. This combination addresses the needs of investors wanting broad exposure beyond the S&P 500. The S&P Composite 1500 is one of the composite index series created with core indices as building blocks to development tailored portfolio strategies.

S&P Developed ex-U.S. Small Growth Cap Index: Was formerly known as S&P/Citigroup EMI Growth World ex-U.S. Index. The S&P Developed ex-U.S. Small Cap Growth Index is a subset of the S&P Developed Broad Market Index. The Small Cap Index covers the lowest 15% of all publicly listed equities in the Broad Market Index within a given country with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. S&P Developed ex-U.S. Small Cap Growth Index represents approximately 3,552 small-cap companies from the developed nations in North America, Europe, Africa/Middle East and Asia Pacific (excluding the United States) that exhibit strong growth characteristics.

S&P Municipal Bond 0-7 Years Investment Grade Non-AMT 5% Prerefunded Index (SPMB7) represents the portion of the S&P Municipal Bond Investment Grade Index (SPIBMIGI) composed solely of investment-grade bonds (those with ratings higher than BBB-/Baa3) with remaining maturities of between zero and seven years that are not subject to the AMT, 5% of which are pre-refunded. The SPIMBIGI is the investment-grade component of the Main Index.

S&P Municipal Bond Intermediate Index (formerly S&P/Investortools Municipal Bond Intermediate Index): Consists of bonds in the S&P/Investortools Municipal Bond Index ("Main Index") with a mini-mum maturity of three years and a maximum maturity of up to, but not includ-ing, 15 years as measured from the Rebalancing Date of the Main Index. The Main Index is a broad, comprehensive, market value-weighted index following approximately 55,000 bond issues that are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT).Is an unmanaged capitalization weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. "Standard & Poor’s®", "S&P®", "S&P MidCap 400 Index", and "Standard & Poor’s MidCap 400 Index" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Federated Securities Corp. The fund is not sponsored, endorsed, sold or promoted by, or affiliated with, Standard & Poor’s ("S&P"). S&P makes no representation or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or the ability of the S&P 400 Index to track general stock market performance.

S&P Municipal Bond NY Index (formerly S&P/Investortools Municipal Bond NY Index): Consists of bonds in the S&P/Investortools Municipal Bond Index (Main Index) that have been issued by the State of New York or local governments or state or local government entities within New York. The Main Index is a broad, comprehensive, market value-weighted index composed of approximately 55,000 bond issues that are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT).

S&P Municipal Bond NY, Investment Grade, 3-Year Plus Sub-Index (NYIG Index): Represents the portion of the NY Index composed solely of bonds that are rated BBB-/Baa3 or higher with remaining maturities of more than three years that are not subject to AMT.

S&P Municipal Bond OH Index (formerly S&P/Investortools Municipal Bond OH Index): Is consists of bonds in the S&P/Investortools Municipal Bond Index ("Main Index") that have been issued by the state of Ohio or local governments or state or local government entities within Ohio. The Main Index is a broad, comprehensive, market value-weighted index composed of approximately 55,000 bond issues that are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT).

S&P Municipal Bond PA Index (formerly S&P/Investortools Municipal Bond PA Index): Consists of bonds in the S&P/Investortools Municipal Bond Index (Main Index) that have been issued by the Commonwealth of Pennsylvania or local governments or state or local gov-ernment entities within Pennsylvania. The Main Index is a broad, comprehen-sive, market value-weighted index composed of approximately 55,000 bond issues that are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT).

S&P Municipal Bond NY, Investment Grade, 3-Year Plus Sub-Index (NYIG Index): Represents the portion of the NY Index composed solely of bonds that are rated BBB-/Baa3 or higher with remaining maturities of more than three years that are not subject to AMT.

S&P Municipal Bond Index (formerly S&P/Investortools Municipal Bond Index): Is a broad, comprehensive, marketvalue-weighted index composed of approximately 55,000 bond issues that are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT).

S&P Municipal Bond Investment Grade Index (formerly S&P/Investortools Municipal Bond Investment Grade Index): Contains all bonds in the S&P/Investortools Municipal Bond Index (Main Index) rated BBB S&P and/or Baa Moody's or higher. The Main Index is a broad, comprehensive, market value-weighted index composed of approximately 55,000 bond issues that are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT).

S&P MidCap 400 Index:  Is an unmanaged capitalization weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. "Standard & Poor’s®", "S&P®", "S&P MidCap 400 Index", and "Standard & Poor’s MidCap 400 Index" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Federated Securities Corp. The fund is not sponsored, endorsed, sold or promoted by, or affiliated with, Standard & Poor’s ("S&P"). S&P makes no representation or warranty, express or implied, to the owners of the fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or the ability of the S&P 400 Index to track general stock market performance.

S&P Municipal Bond Short Intermediate Index:  Consists of bonds in the S&P Municipal Bond Index with a minimum maturity of one year and a maximum maturity of up to, but not including, eight years as measured from the Rebalancing Date.

University of Michigan Consumer Sentiment Index: A measure of consumer confidence based on a monthly telephone survey by the University of Michigan that gathers information on consumer expectations regarding the overall economy.

U.S. Dollar Index: Indicates the general international value of the U.S. Dollar by averaging the exchange rates between the U.S. Dollar and six major world currencies.

VIX: The ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market's expectation of 30-day volatility.

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Indexes are unmanaged and investments cannot be made in an index.
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