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: 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.

55% Credit Suisse Leveraged Loan Index/30% ICE BofA 1-Year US Treasury Note Index/15% ICE BofA US Dollar 1-Month Deposit Offered Rate Constant Maturity Index: ICE BofA US Dollar 1-Month Deposit Offered Rate Constant Maturity Index is an independent calculation of the ICE BofA 1-Month London Interbank Offered Rate (LIBOR). The ICE BofA 1-Month LIBOR is a widely used benchmark for short term interest rates, providing an indication of the average rates at which LIBOR panel banks could obtain wholesale, unsecured funding for set periods in particular currencies.

Bloomberg 1-3 Year US 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 one and three years and are publicly issued.

Bloomberg 1-5 Year Corporate Index: Measures the investment grade, fixed-rate, taxable corporate bond market with 1-5 year maturities. 

Bloomberg 1-5 Year Government/Credit Index: Is a broad-based benchmark that measures the non-securitized component of the US Aggregate Index. It includes investment-grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities that have a remaining maturity of greater than or equal to one year and less than five years.

Bloomberg 1-5 Year US 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 have a remaining maturity of greater than or equal to one year and less than five years.

Bloomberg 1-Year US 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 one to two years and have been issued after December 31, 1990.

Bloomberg 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.

Bloomberg 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 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.

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

Bloomberg Asset-Backed Securities (ABS) Index: Is the ABS component of the Bloomberg US Aggregate Index. The Asset-Backed Securities (ABS) Index has three subsectors: credit and charge cards, autos and utility. The index includes pass-through, bullet and controlled amortization structures. The ABS Index includes only the senior class of each ABS issue and the ERISA-eligible B and C tranche.

Bloomberg 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 one year or greater and have been issued after December 31, 1990.

Bloomberg Emerging Markets Seasoned ex Aggregate/Eurodollar Index: Is the emerging markets debt component of the Bloomberg US Universal Bond Index and is generally at least 80% noninvestment-grade.

Bloomberg Emerging Markets USD Aggregate Index: 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. 

Bloomberg Global Aggregate Index: Is a measure of global investment-grade debt from 24 different local currency markets. This multi-currency benchmark includes fixed-rate treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers.

Bloomberg 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.

Bloomberg 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).

Bloomberg 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.

Bloomberg 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.

Bloomberg 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.

Bloomberg 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 Bloomberg 5-Year Municipal Bond Index is the 5-year (4-6) component of the Bloomberg Municipal Bond Index. Bloomberg 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 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 with maturities between nine and twelve years. The Bloomberg 10-Year Municipal Bond Index is the 10-Year total return subset of the Bloomberg Municipal Bond Index.

Bloomberg 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.

Bloomberg 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.

Bloomberg 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.

Bloomberg 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.

Bloomberg Short-Term Government/Corporate Index: represents securities that have fallen out of the US Government/Corporate Index because of the standard minimum one year maturity constraint. Sectors include treasuries, agencies, industrials, utilities and financial institutions.

Bloomberg US Aggregate Bond Index: Is an unmanaged index composed of securities from the Bloomberg 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.

Bloomberg US Corporate Bond 1-5 Year Index: Measures the investment-grade, fixed-rate, taxable corporate bond market with 1-5 year maturities. 

Bloomberg US Corporate High Yield 2% Issuer Capped Index: Is an issuer-constrained version of the flagship US Corporate High Yield Index, which measures the USD-denominated, high yield, fixed-rate corporate bond market. The index follows the same rules as the uncapped version, but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index wide on a pro-rata basis. The index was created in 2002, with history backfilled to January 1, 1993.

Bloomberg US 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.

Bloomberg US Credit 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.

Bloomberg US 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.

Bloomberg US High-Yield 2% Issuer Capped Index: Is an issuer-constrained version of the Bloomberg US Corporate High-Yield Index that measures the market of USD denominated, non-investment grade, fixed-rate, taxable corporate bonds. The index follows the same rules as the uncapped index but limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro-rata basis.

Bloomberg US Intermediate Credit Index: Measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. The index only includes securities with maturity between one and ten years. It is composed of the Bloomberg US Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.

Bloomberg US Mortgage-Backed Securities Index: Tracks agency mortgage-backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLM).

Bloomberg US Short-Term Government/Corporate Index: Represents securities that have fallen out of the Bloomberg Short-Term Government/Corporate Index because of the standard minimum 1-year maturity constraint. Sectors include Treasuries, agencies, industrials, utilities and financial institutions.

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

Bloomberg US Treasury Bond Index: Is part of Bloomberg 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.

Bloomberg US 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.

Bloomberg US Universal Index: Is an index that represents the union of the US Aggregate Index, US Corporate High-Yield, Investment-Grade 144A Index, Eurodollar Index, US 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.

Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index: Is a municipal “AAA” 5% coupon benchmark yield curve that is the baseline curve for BVAL tax-exempt municipals. It is populated with high quality U.S. municipal bonds with an average rating of “AAA” from Moody’s and S&P. The yield curve is built using non-parametric fit of market data obtained from the Municipal Securities Rulemaking Board, new issues calendars, and other proprietary contributed prices. The benchmark is updated hourly and utilizes eligible “AAA” traded observations throughout the day and accessible on through Bloomberg services. The 3-month curve is one data point of the overall BVAL Municipal AAA Benchmark Curve.

Bloomberg 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.

Cboe S&P 500 Implied Correlation Index: Measures the expected average correlation of price returns of S&P 500® Index components, implied through SPX option prices and prices of single-stock options on the 50 largest components of SPX tied to options with January 2021 maturities.

Chicago Fed Midwest Manufacturing Index: A monthly estimate of manufacturing output in the Seventh Federal Reserve District states of Illinois, 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 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 Equity Index: Is an unmanaged market-weighted index designed to represent securities of the investable universe of the U.S. dollar denominated high yield debt market.

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 U.S. Select Dividend Index: Is defined as all dividend-paying companies in the Dow Jones U.S. Total Market Index that have a non-negative, historical, five-year dividend-per-share growth rate, a five-year average dividend earnings-per-share ratio of less than or equal to 60% and three-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.

ICE BofA 0-3 Year Duration-to-Worst US High Yield Constrained Index : Tracks the performance of short-term U.S. dollar denominated below investment-grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a duration-to-worst less than three years, a remaining to final maturity of at least one month, at least 18 months to final maturity at point of issuance, a below investment-grade rating (based on an average of Moody's, S&P and Fitch), a fixed coupon schedule and a minimum amount outstanding of $250 million. 

ICE BofA 0-3 Year US Mortgage-Backed Securities Index: Is a subset of the Bank of America US Mortgage-Backed Securities Index including all securities with an average life less than three years.

ICE BofA 10+ Year Treasury Index: Is a subset of the Bank of America Treasury Master Index. The index measures 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.

ICE BofA 1-3 Month US Treasury Index: Is a subset of the Bank of America 0-1 Year US Treasury Index including all securities with a remaining term to final maturity less than three months.

ICE BofA 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.

ICE BofA 1-3 Year US Treasury Index: Is a subset of the ICE BofA Treasury Master Index. The maturity range on these securities is from one to three years.

ICE BofA 1-Year US Treasury Note Index: Is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding two-year Treasury note that matures closest to, but not beyond, one year from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.

ICE BofA 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, Pierce, Fenner & Smith, Inc.

ICE BofA 3-Month US Treasury Bill Index: Is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To quality for selection, an issue must have settled on or before the month-end rebalancing date.

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

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

ICE BofA 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.

ICE BofA Global High Yield Index Constrained: Contains all securities in the ICE BofA Global High Yield Index but caps issuer exposure at 2%. The ICE BofA Global High Yield Index tracks the performance of USD, CAD, GBP and EUR denominated below investment-grade corporate debt publicly issued in the major domestic or eurobond markets.

ICE BofA 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.

ICE BofA US Corporate Index: Tracks the performance of U.S. dollar-denominated investment-grade corporate debt 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) 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.

ICE BofA US Dollar 1-Month Deposit Offered Rate Constant Maturity Index: is an independent calculation of the 1-month Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. Prior to October 1, 2022, the index was based on the 1-month London Interbank Offered Rate (LIBOR). LIBOR was a widely used benchmark for short-term interest rates, providing an indication of the average rates at which LIBOR panel banks could obtain wholesale, unsecured funding for set periods in particular currencies.

ICE BofA US 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.

ICE BofA US Inflation-Linked Treasury Index: Tracks the performance of U.S. dollar-denominated inflation linked 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.

iMoneyNet Money Fund Average: All Taxable includes all retail and institutional prime money funds as well as all government money funds.

iMoneyNet Tax-Free National Retail Index: Which is included in the iMoneyNet Tax-Free State-Specific Category includes all retail and institutional State-Specific money funds. Portfolio Holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes, Commercial Paper, Put Bonds – 6 months & less, Put Bonds – over 6 months, AMT Paper and Other Tax-Free holdings.

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 index 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 Corporate Emerging Markets Bond Index: Tracks total returns of U.S. dollar-denominated debt instruments issued by corporate entities in emerging markets countries.

J.P. Morgan Emerging Markets Bond Index Global: Tracks total returns for traded external debt instruments in the emerging markets.

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 Government Bond Index-Emerging Markets-Unhedged: Tracks local government bond debt.

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%.

MSCI ACWI ex USA Index: Captures large- and mid-cap representation across 22 of 23 developed markets countries (excluding the U.S.) and 27 emerging markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S.

MSCI ACWI ex USA Growth Index: Captures large- and mid-cap securities exhibiting overall growth style characteristics across developed (excluding the U.S. and Canada) and emerging market countries.

MSCI ACWI ex USA SMID Cap Index: Captures mid- and small-cap representation across developed market countries (excluding the U.S.) and emerging markets countries. The index covers approximately 28% of the free float-adjusted market capitalization in each country.

MSCI All Country World Index: Captures large- and mid-cap representation across 23 developed markets countries and 23 emerging markets countries. The index covers approximately 85% of the global investable equity opportunity set.

MSCI All Country World SMID Index: MSCI All Country World SMID Index captures mid- and small-cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 7,401 constituents, the index covers approximately 28% of the free float-adjusted market capitalization in each country.

MSCI Emerging Markets Index: Captures large- and mid-cap representation across 24 Emerging Markets (EM) countries. With 832 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI Europe, Australasia and Far East Index (EAFE): Is an equity index which captures large- and mid-cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI World ex USA High Dividend Yield Index: Is based on the MSCI World ex USA Index, its parent index, and includes large- and mid-cap stocks across 22 of 23 Developed Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.

MSCI World ex USA Index: Captures large- and mid-cap representation across 22 of 23 Developed Markets countries, excluding the United States. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI World High Dividend Yield Index: Is based on the MSCI World Index, its parent index, and includes large- and mid-cap stocks across 23 Developed Market countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.

MSCI World Small Cap Index: Captures small-cap representation across 23 Developed Markets countries. The index covers approximately 14% of the free float-adjusted market capitalization in each country.

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: Covers 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.

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 measure 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 the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

Russell 1000® Index: The 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 1,000 of the largest securities based on a combination of their market cap and current index membership.  The Russell 1000® Index represents approximately 92% of the U.S. market. The Russell 1000® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell 1000® Value Index: Measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. The R1000V is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000® Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

Russell 2000® Growth Biotechnology Subsector Index: Consists of companies in the Russell 2000® Growth Index that are engaged in research into and development of biological substances for the purposes of drug discovery and diagnostic development, and which derive the majority of their revenue from either the sale or licensing of these drugs and diagnostic tools.Russell 2000® Growth Index Biotechnology Subsector consists of companies in the Russell 2000® Growth Index that are engaged in research into and development of biological substances for the purposes of drug discovery and diagnostic development, and which derive the majority of their revenue from either the sale or licensing of these drugs and diagnostic tools.

Russell 2000® Growth Index: Measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics.

Russell 2000® Index: Measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

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. The index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics.

Russell 2500® Index: The Russell 2500® Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as SMID cap. The Russell 2500® Index is a subset of the Russell 3000® Index.  It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500® Index is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set.

Russell 3000® Index: Measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

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 the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. It is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.

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 1-5 Year National AMT-Free Municipal Bond Index: Is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt U.S. municipal bond market with an effective maturity of one to five years. Bonds issued by U.S. territories, including Puerto Rico, are excluded from this index.

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 S&P 500® Index, representing a short position in the index. The S&P 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 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 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 0-7 Years Investment-Grade Non-AMT 5% Prerefunded Index (SPMB7): Represents the portion of the S&P Municipal Bond Investment-Grade Index 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.

S&P Municipal Bond 1-5 Years Investment-Grade 5% Pre-Refunded Index: Represents the portion of the S&P Municipal Bond Investment-Grade Index composed solely of investment-grade bonds (those with ratings higher than "BBB-"/"Baa3") with remaining maturities of between one and five years, 5% of which are pre-refunded.

S&P Municipal Bond Index: Is a broad, comprehensive, market value-weighted index that are exempt from U.S. federal income taxes or subject to the alternative minimum tax (AMT). Eligibility criteria for inclusion include, but are not limited to: the bond issuer must be a state or local government or a state or local government entity where interest on the bond is exempt from U.S. federal income taxes or subject to the AMT; the bond must be held by a mutual fund for which Standard & Poor’s Securities Evaluations, Inc. provides prices; it must be denominated in U.S. dollars and have a minimum par amount of $2 million; and the bond must have a minimum term to maturity and/or call date greater than or equal to one calendar month. It is rebalanced monthly.

S&P Municipal Bond Intermediate Index: Consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of 15 years. It is designed to track fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT). The index includes bonds of all quality—from "AAA" to non-rated, including defaulted bonds—from all sectors of the municipal bond market.

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 Municipal Bond Investment-Grade Index (formerly S&P/Investortools Municipal Bond Investment Grade Index): Consists of bonds in the S&P Municipal Bond Index that are rated investment grade by Standard & Poor's, Moody's and/or Fitch. The S&P Municipal Bond Index is designed to track fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT).

S&P Municipal Bond Ohio Index: Is a broad, market value-weighted index that seeks to measure the performance of bonds issued within Ohio. It is a sub index of the S&P Municipal Bond Index which tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT). The index includes bonds of all quality--from "AAA" to non-rated, including defaulted bonds--from all sectors of the municipal bond market.

S&P Municipal Bond Pennsylvania Index: Is a broad, market value-weighted index that seeks to measure the performance of bonds issued within Pennsylvania. It is a sub index of the S&P  Municipal Bond Index which tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT). The index includes bonds of all quality--from "AAA" to non-rated, including defaulted bonds-from all sectors of the municipal bond market.

S&P Municipal Bond Short Index: Consists of bonds in the S&P Municipal Bond Index with a minimum maturity of six months and a maximum maturity of four years.

S&P Municipal Bond Short Intermediate Index: Consists of bonds in the S&P Municipal Bond Index with a minimum maturity of one years and a maximum maturity of eight years. The S&P Municipal Bond Index is designed to track fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT). The S&P Municipal Bond Index includes bonds of all quality—from "AAA" to non-rated, including defaulted bonds—and from all sectors of the municipal bond market.

S&P Municipal Bond NY Index (formerly S&P/Investortools Municipal Bond NY Index): Is a broad, market value-weighted index that seeks to measure the performance of bonds issued within New York. It is a subindex of the S&P  Municipal Bond Index which tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT). The index includes bonds of all quality-from "AAA" to non-rated, including defaulted bonds-from all sectors of the municipal bond market.

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/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 ex 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 ex U.S. index reflects each company's available market capitalization weighted by its growth probability.

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.

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.

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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