Benchmark Definitions

3 Month LIBOR in USD represents the interest rate at which major global banks are prepared to lend to one another in American dollars with a maturity of 3 months. The rate is calculated and published each day by the Intercontinental Exchange.

Bank of America Merrill Lynch US 3-Month Treasury Bill Index tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market maturing in less than three months.

Bloomberg 1-3 Year U.S. Corporate Bond Index measures the performance of the short term U.S. corporate bond market.

Bloomberg Global Aggregate ex USD Bond Index tracks investment-grade government, corporate, agency, and mortgage-related bonds in markets outside the U.S.

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

Bloomberg GNMA Index tracks the performance of mortgage-backed pass-through securities of the Government National Mortgage Association (GNMA).

Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index is a sub-index of the Bloomberg Municipal Bond Index. It is a rules-based market value-weighted index of bonds with maturities of one year to 16 years and 11 months engineered for the tax-exempt bond market.

Bloomberg Municipal Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed tax-exempt bond market. The index includes state and local general obligation, revenue, insured, and pre-refunded bonds.

Bloomberg U.S. 1-5 Year Treasury TIPS measures the performance of inflation-protected public obligations of the U.S. Treasury that have a remaining maturity of less than five years.

Bloomberg U.S. Aggregate Bond Index tracks intermediate-term domestic investment-grade bonds, including corporate, government, and mortgage-backed securities. 

Bloomberg U.S. TIPS Index consists of inflation-protected securities issued by the U.S. Treasury.

Credit Suisse High Yield Index tracks the performance of domestic noninvestment-grade corporate bonds.

Dow Jones Industrial Average tracks the performance of stocks of 30 large U.S. companies.

FTSE™ developed ex North America Index is a broadly diversified stock market index based on the investable market capitalization of more than 1,200 predominately larger companies. The index's major markets include the U.K., Japan, and developed countries in Europe and the Pacific Rim.

ICE BofA ML 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. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date.

ICE BofA US High Yield Constrained Index contains all securities in The ICE BofA US High Yield Index but caps issuer exposure at 2%. The ICE BofA US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

Lipper Averages consist of all the mutual funds in a particular category as tracked by Lipper Inc. 

Lipper Indices consist of the largest mutual funds in a particular category as tracked by Lipper Inc. Categories are grouped by sector, industry, country and market capitalization.

Morningstar Moderately Conservative Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets.

MSCI All Country Asia Ex Japan Index tracks the stocks of developed and emerging countries in the Asia Pacific region, excluding Japan.

MSCI All Country World Index tracks the equity market performance of small- to large cap stocks from global developed and emerging markets.

MSCI All Country World Index ex USA tracks the equity market performance of small- to large cap stocks from global developed and emerging markets, excluding the USA.

MSCI All Country World Index-Information Technology is an index that is designed to measure the performance of large and mid-cap technology securities across global developed and emerging markets. All securities in the index are classified in the Information Technology sector, per the Global Industry Classification Standard (GICS®). 

MSCI Arabian Markets & Africa 10/40 IMI Index captures large, mid and small cap representation across 23 countries in the MENA region. The MSCI 10/40 equity indexes are designed and maintained on a daily basis to take into consideration the 10% and 40% concentration constraints on funds subject to the UCITS III Directive.

MSCI China All Shares Index captures large and mid-cap representation across China A‐shares, B‐shares, H‐shares, Red‐chips, P-chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A-shares included.

MSCI EAFE Index tracks the performance of stocks of about 1,000 large and mid-cap companies in Europe, Australasia, and the Far East (EAFE).

MSCI EAFE Index Net is an equity index which captures large and mid-cap representation across 21 Developed Markets countries around the world, excluding the US and Canada. Developed Markets countries in the MSCI EAFE Index include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK.

MSCI Emerging Markets Europe Index captures large and mid-cap representation across 6 Emerging Markets countries in Europe. 

MSCI Emerging Markets Index captures large and mid-cap representation across 26 Emerging Markets countries.

MSCI Emerging Markets Latin America Index captures large and mid-cap representation across 6 Emerging Markets countries in Latin America.

MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries in Europe. 

MSCI Japan Index measures the performance of the large and mid-cap segments of the Japanese market.

MSCI U.S. Small Cap Growth Index tracks the performance of domestic small-cap growth stocks as defined by MSCI.

MSCI World Investable Market Index (IMI) captures large, mid and small cap representation across 23 Developed Markets countries.

MSCI World Select Natural Resources Index is based on its parent index, the MSCI World IMI Index which captures large, mid and small cap securities across 23 Developed Market countries. The Index is designed to represent the performance of listed companies within the developed markets that own, process or develop natural resources.

Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 Value Index measures the performance of the 1,000 largest companies in the Russell 3000 Index with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Growth Index is a market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higher price/book value ratios and higher forecasted growth rates.

Russell 2000 Index tracks the performance of the stocks of the 2,000 smallest companies in the Russell 3000 Index. 

Russell 2000 Value Index is a market-weighted total return index that measures the performance of companies within the Russell 2000 Index having lower price/book value ratios and lower forecasted growth rates.

Russell 2500 Index is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations.

Russell 3000 Index is a market-weighted equity index that tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S. incorporated equity securities.

Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index. 

Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. 

S&P 400 MidCap Index tracks the stocks of 400 U.S. mid-cap companies.

S&P 500 Index measures the performance of the large-cap segment of the market. It is a market cap-weighted index of 500 stocks representing major industries. 

S&P Completion Index tracks the performance of the U.S. stocks not included in the S&P 500, which are primarily small- and mid-capitalization stocks. The index includes approximately 4,000 stocks.

S&P Global ex-U.S. Small Cap Index tracks the performance of smaller companies in developed markets outside the U.S.

S&P/LSTA Performing Loan Index is a market-value weighted index designed to measure the performance of the US leveraged loan market for loans which are not in default and are continuing to make interest and principal payments.

S&P Target Date Retirement Income Index is designed to serve as the ultimate endpoint for all assets tracking other indices in the S&P Target Date Index Series. When an index in the S&P Target Date Index Series is retired, any funds tracking that index will have the assets rolled into a fund that tracks the S&P Target Date Retirement Income Index.

S&P Target Date 2010 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2015 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2020 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2025 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2030 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2035 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2040 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2045 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2050 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2055 Index are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date 2060⁺ Index represents a broadly derived consensus of asset class exposure and glide path for target date year 2060 or later. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.

S&P Target Date Indexes are a series of multi-asset class indexes corresponding to a particular target retirement date. Each index is composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.

S&P Target Date Retirement Income Index is designed to serve as the ultimate endpoint for all assets tracking other indices in the S&P Target Date Index Series. When an index in the S&P Target Date Index Series is retired, any funds tracking that index will have the assets rolled into a fund that tracks the S&P Target Date Retirement Income Index.

S&P Total Market Index tracks the performance of a broad spectrum of small-, mid-, and large-capitalization U.S. stocks. Because the largest stocks in the index carry the most weight, large-capitalization stocks make up a substantial majority of the S&P Total Market's value.  The index includes approximately 4,500 stocks.