This is the difference, in dollars and percentages, between a stock's current price and its price as of market close on the prior trading day.

A stock's market capitalization is its market price times the number of shares outstanding. A company's market capitalization is the total value of its outstanding stock.

Dividend yield is calculated by dividing total dividends by the current price and multiplying by 100. Note that the total dividends used in the calculation are for the 12 months ending as of the last month-end.

These are the highest and lowest prices reached during the course of the trailing 52 weeks.

The highest price reached during the course of the trailing 52 weeks.

The lowest price reached during the course of the trailing 52 weeks.

The difference between the current price and the previous day NAV.

The rating is the weighted average of the 3-. 5-. and 10 year star ratings. Where the 10-year rating represents 50%, the 5-year rating represents 30% and the 3-year rating representing 20%.

Total returns are calculated on a trailing basis. Total returns are the standard measure of a fund's performance. They represent both the income generated by a fund’s holdings (in the form of coupon or dividend payments) and the capital appreciation of its holdings.

Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets.

Market Return: Morningstar calculates the market-price return by taking the change in the fund's market price, reinvesting all income and capital-gains distributions during the period, and dividing by the starting market price.

This may be different from the ETF's NAV return. The market return is the return actually earned by ETF investors, except for those who hold creation units.

NAV Return: Morningstar calculates NAV total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV.

Market Return: Morningstar calculates the market-price return by taking the change in the fund’s market price, reinvesting all income and capital-gains distributions during the period, and dividing by the starting market price.

This may be different from the ETF’s NAV return. The market return is the return actually earned by ETF investors, except for those who hold creation units.

Total returns are calculated on a trailing basis. Total returns are the standard measure of a fund's performance. They represent both the income generated by a fund’s holdings (in the form of coupon or dividend payments) and the capital appreciation of its holdings.

Market Return: Morningstar calculates the market-price return by taking the change in the fund’s market price, reinvesting all income and capital-gains distributions during the period, and dividing by the starting market price.

This may be different from the ETF’s NAV return. The market return is the return actually earned by ETF investors, except for those who hold creation units.

Total returns are calculated on a trailing basis. Total returns are the standard measure of a fund's performance. They represent both the income generated by a fund’s holdings (in the form of coupon or dividend payments) and the capital appreciation of its holdings.

Market Return: Morningstar calculates the market-price return by taking the change in the fund’s market price, reinvesting all income and capital-gains distributions during the period, and dividing by the starting market price.

This may be different from the ETF’s NAV return. The market return is the return actually earned by ETF investors, except for those who hold creation units.

Total returns are calculated on a trailing basis. Total returns are the standard measure of a fund's performance. They represent both the income generated by a fund’s holdings (in the form of coupon or dividend payments) and the capital appreciation of its holdings.

Market Return: Morningstar calculates the market-price return by taking the change in the fund’s market price, reinvesting all income and capital-gains distributions during the period, and dividing by the starting market price.

This may be different from the ETF’s NAV return. The market return is the return actually earned by ETF investors, except for those who hold creation units.

Total returns are calculated on a trailing basis. Total returns are the standard measure of a fund's performance. They represent both the income generated by a fund’s holdings (in the form of coupon or dividend payments) and the capital appreciation of its holdings.

The historical earnings growth rate for a stock is a measure of how the stock's earnings per share (EPS) has grown over the last five years. Morningstar uses EPS from continuing operations to calculate this growth rate. Historical earnings growth is one of the five growth factors used to calculate the Morningstar Style Box. For portfolios, this data point is the share-weighted collective earnings growth for all stocks in the current portfolio. (The share-weighted average is more accurate than an asset-weighted average for this type of calculation.)

The sales growth rate for a stock is a measure of how the stock's sales per share (SPS) has grown over the last five years. Sales growth is one of the five growth factors used to calculate the Morningstar Style Box. For portfolios, this data point is the share-weighted collective sales growth for all stocks in the current portfolio. (The share-weighted average is more accurate than an asset-weighted average for this type of calculation.)

The cash flow growth rate for a stock is a measure of how the stock's cash flow per share (CFPS) has grown over the last three to five years. Cash flow growth is one of the five growth factors used to calculate the Morningstar Style Box. For portfolios, this data point is the share-weighted collective cash flow growth for all stocks in the current portfolio. (The share-weighted average is more accurate than an asset-weighted average for this type of calculation.)

Benefits
Cash flow growth tells an investor how quickly a company is generating inflows of cash from operations. The cash flow growth rate helps Morningstar determine how strong the overall growth-orientation is for a stock or portfolio.

Origin
Morningstar generates this figure in-house based on stock statistics from our internal equities databases. For stocks, this figure is calculated monthly. For funds and portfolios, Morningstar updates this figure upon receipt of the most-recent portfolio holdings from the asset manager.

A stock's price/forward earnings is its current market price divided by consensus expectations for EPS from continuing operations for next year. Elsewhere, it is sometimes referred to as price/forward earnings. In any case, P/E is the multiple of earnings a buyer pays for a stock. Lower P/Es are generally desirable but must be weighed against the quality of the earnings and a company's future prospects.

The price/earnings (P/E) ratio of a fund is the weighted average of the price/earnings ratios of the stocks in a fund's portfolio. The P/E ratio of a company, which is a comparison of the cost of the company's stock and its trailing 12-month earnings per share, is calculated by dividing these two figures. In computing the average, Morningstar weights each portfolio holding by the percentage of equity assets it represents, so that larger positions have proportionately greater influence on the fund's final P/E. A high P/E usually indicates that the market will pay more to obtain the company's earnings because it believes in the firm's ability to increase its earnings. (P/Es can also be artificially inflated if a company has very weak trailing earnings, and thus a very small number in this equation's denominator.) A low P/E indicates the market has less confidence that the company's earnings will increase; however, a fund manager or an individual with a 'value investing' approach may believe such stocks have an overlooked or undervalued potential for appreciation.

Price/cash flow is a stock's most recent price divided by its cash-flow per share during the most recent fiscal year. For international stocks, price/cash flow can be a more meaningful figure than price/earnings. Because earnings are calculated in a variety of ways worldwide, price/cash flow minimizes accounting differences and provides a more consistent standard of valuation.

Price/book (P/B) is a stock's most recent price divided by its most recent book value per share. By comparing the current price/book ratio with its five-year average P/B ratio, you can quickly see if the company is currently valued higher or lower than it has been historically.

Price/sales is a stock's current price divided by its sales per share over the trailing 12 months. By comparing the current price/sales with its 5-Yr Average P/S, you can quickly tell whether a company is currently valued above or below its historical average P/S ratio. Because the denominator of P/S, sales, tends to be fairly steady, P/S is usually a less volatile price multiple than either P/E or P/B. Thus it can be an especially useful valuation measure for cyclicals or other companies with volatile earnings.

The average number of shares traded daily.

The annual expense ratio, taken from the fund's annual report, expresses the percentage of assets deducted each fiscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. Portfolio transaction fees, or brokerage costs, as well as initial or deferred sales charges are not included in the expense ratio. The expense ratio, which is deducted from the fund's average net assets, is accrued on a daily basis. If the fund's assets are small, its expense ratio can be quite high because the fund must meet its expenses from a restricted asset base. Conversely, as the net assets of the fund grow, the expense percentage should ideally diminish as expenses are spread across the wider base. Funds may also opt to waive all or a portion of the expenses that make up their overall expense ratio.

The aggregate assets, expressed as a percentage, of the fund's top 10 portfolio holdings. This figure is meant to be a measure of portfolio risk. Specifically, the higher the percentage, the more concentrated the fund is in a few companies or issues, and the more the fund is susceptible to the market fluctuations in these few holdings. The figure is calculated from the most recent available fund holdings.

Benefits: The Percent Assets in Top 10 Holdings figure provides insight into the degree to which a portfolio is diversified. Used in combination with the total number of holdings, it can indicate how concentrated a fund is.

Origin: This figure is calculated in-house, using the most recent portfolio we have available for the fund. It currently counts cash as a holding.

Duration of a fixed income instrument is a weighted average term to maturity. The time delay until the receipt of each cash flow is weighted by the contribution of that cash flow to the total present value of the bond.

The Current Price was divided by Fair Value.

The ETF fair value estimate is the aggregate, asset-weighted fair value of the stocks in an ETF portfolio that are under coverage by Morningstar equity analysts, divided by the ETF's shares outstanding. (We also derive it by dividing the ETF's market price by its price/fair-value ratio.) Depending on the coverage rate, the fair value estimate may not include all of the stocks in the portfolio. As such, when calculating the fair value estimate, we assume that all stocks not under coverage are trading at fair value.

This is the market price at which we would recommend investing in the ETF. The gap between the "consider buying at" price and the fair value estimate is what we commonly refer to as a "margin of safety." The margin of safety affords protection should our fair value estimate end up being off the mark. The "consider buying at" price will vary depending on the ETF's risk. Generally speaking, the riskier the ETF, the lower the "consider buying at" price relative to the fair value estimate, as we require a larger margin of safety in such instances. The opposite is true of lower-risk ETFs, where we're willing to accept a smaller margin of safety given that we typically have greater confidence in the precision of our fair value estimate.

The counterpart to the "consider buying at" price, this is the market price at which we would recommend selling the ETF. The "consider selling at" price will vary depending on the risk of the ETF. Generally speaking, the riskier the ETF, the higher the "consider selling at" price, and vice versa.

This is the percentage of portfolio assets that our analysts cover. For purposes of determining whether our analysts cover a holding, we refer to a stock's economic moat rating. If a stock has a moat rating, we consider it "covered," even if it lacks a fair value estimate (as is often the case with stocks that our analysts have placed "under review"). We also include cash and cash equivalents in our calculation of a fund's coverage rate. 1 Valuation Rating (Not Rated, Fairly Valued, Under Valued, Over Valued)

This refers to the competitive standing of an ETF portfolio's holdings. Morningstar's economic moat ratings indicate whether a firm possesses a competitive advantage of some kind and, if so, how durable it's likely to prove. For instance, a "wide moat" firm is thought to possess highly defensible competitive advantages, such as a lustrous brand, hard-to-replicate scale, or barriers to entry that keep rivals at bay. The upshot is that higher-quality--i.e., "wide moat"--firms tend to churn out greater economic value for shareholders over the long haul. Thus, the higher the quality that an ETF portfolio's holdings are thought to be, the more valuable that portfolio as a whole. "Narrow moat" firms are those that possess a competitive advantage, albeit one that confers relatively modest economic benefits or is likely to prove fleeting in nature. Finally, "no moat" firms lack competitive advantages of any significance.

This refers to the competitive standing of an ETF portfolio's holdings. Morningstar's economic moat ratings indicate whether a firm possesses a competitive advantage of some kind and, if so, how durable it's likely to prove. For instance, a "wide moat" firm is thought to possess highly defensible competitive advantages, such as a lustrous brand, hard-to-replicate scale, or barriers to entry that keep rivals at bay. The upshot is that higher-quality--i.e., "wide moat"--firms tend to churn out greater economic value for shareholders over the long haul. Thus, the higher the quality that an ETF portfolio's holdings are thought to be, the more valuable that portfolio as a whole. "Narrow moat" firms are those that possess a competitive advantage, albeit one that confers relatively modest economic benefits or is likely to prove fleeting in nature. Finally, "no moat" firms lack competitive advantages of any significance.

This refers to the competitive standing of an ETF portfolio's holdings. Morningstar's economic moat ratings indicate whether a firm possesses a competitive advantage of some kind and, if so, how durable it's likely to prove. For instance, a "wide moat" firm is thought to possess highly defensible competitive advantages, such as a lustrous brand, hard-to-replicate scale, or barriers to entry that keep rivals at bay. The upshot is that higher-quality--i.e., "wide moat"--firms tend to churn out greater economic value for shareholders over the long haul. Thus, the higher the quality that an ETF portfolio's holdings are thought to be, the more valuable that portfolio as a whole. "Narrow moat" firms are those that possess a competitive advantage, albeit one that confers relatively modest economic benefits or is likely to prove fleeting in nature. Finally, "no moat" firms lack competitive advantages of any significance.

The Morningstar Style Box remains a nine-square grid—three stock investment styles for each of three size categories: small, mid and large. Two of the three style categories are "value" and “growth," common to both stocks and funds. However, the third, central column definition differs. For stocks, the central column of the Style BoxTM will represent the core style (those for which neither value or growth characteristics dominate); for funds, it will represent the blend style (a mixture of growth and value stocks or mostly core stocks).

The lowest total return the fund has posted in a consecutive three-month period over the trailing five years. The date corresponds to the end date of the three month period. Therefore, if the value is July 2009, the period of time with the Worst 3-Month return is May 2009 – July 2009.

This is a measure of the range of a stock's monthly return performance. A high standard deviation indicates that a stock's range of performance has been wide--that is, relatively volatile--and a low figure indicates less historical volatility. It is an annualized statistic based on the trailing 12 monthly returns. When a stock has a high deviation figure, the range of performance is very wide, indicating a greater potential for volatility. Morningstar calculates this figure in-house using the trailing monthly total returns to derive the monthly standard deviations, which are then annualized.

This is a measure of the range of a stock's monthly return performance. A high standard deviation indicates that a stock's range of performance has been wide--that is, relatively volatile--and a low figure indicates less historical volatility. It is an annualized statistic based on the trailing 3 year returns. When a stock has a high deviation figure, the range of performance is very wide, indicating a greater potential for volatility. Morningstar calculates this figure in-house using the trailing monthly total returns to derive the monthly standard deviations, which are then annualized.

A measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. Morningstar calculates beta by comparing a fund’s excess return over Treasury bills to the market's excess return over Treasury bills, so a beta of 1.10 shows that the fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the fund’s excess return is expected to perform 15% worse than the market’s excess return during up markets and 15% better during down markets. Benefits: Beta can be a useful tool when at least some of a fund’s performance history can be explained by the market as a whole. Beta is particularly appropriate when used to measure the risk of a combined portfolio of mutual funds. It is important to note that a low beta for a fund does not necessarily imply that the fund has a low level of volatility. A low beta signifies only that the fund’s market-related risk is low. (Standard deviation is a measure of a fund’s absolute volatility.) A specialty fund that invests primarily in gold, for example, will usually have a low beta, as its performance is tied more closely to the price of gold and gold-mining stocks than to the overall stock market. Thus, the specialty fund might fluctuate wildly because of rapid changes in gold prices, but its beta will remain low. R-squared is a necessary statistic to factor into the equation, because it reflects the percentage of a fund’s movements that are explained by movements in its benchmark index. Example: A fund has an alpha of 0.86, a beta of 0.96, and an R-squared of 97. The high R-squared lends further credibility to the accuracy of the fund's alpha and beta. The beta of 0.96 indicates the fund's performance is very close to that of the market, which would be represented by 1.00.

Companies engaged in the design and marketing of computer operating systems and applications. Examples include Microsoft, Oracle, and Siebel Systems.

Manufacturers of computer equipment, communication equipment, semiconductors, and components. Examples include IBM, Cisco Systems, and Intel.

Companies that own and operate broadcast networks and those that create content or provide it to other media companies. Examples include AOL Time Warner, Walt Disney, and The Washington Post.

Companies that provide communication services using fixed-line networks or those that provide wireless access and services. Examples include SBC Communications, AT&T, and Alltel.

Includes biotechnology, pharmaceuticals, research services, HMOs, home health, hospitals, medical equipment and supplies, and assisted living companies. Examples include Abbott Laboratories, Merck, and Cardinal Health.

Includes retail stores, personal services, home builders, home supply, travel and entertainment companies, and educational providers. Examples include Wal-Mart, Home Depot, and Expedia.

Includes advertising, printing, publishing, business support, consultants, employment, engineering and construction, security services, waste management, distributors, and transportation companies. Examples include Manpower, R. H. Donnelley, and Southwest Airlines.

Includes banks, finance companies, money management firms, savings and loans, securities brokers, and insurance companies. Examples include Citigroup, Washington Mutual, and Fannie Mae.

Companies that manufacture or provide food, beverages, household and personal products, apparel, shoes, textiles, autos and auto parts, consumer electronics, luxury goods, packaging, and tobacco. Examples include PepsiCo, Ford Motor Co., and Kraft Foods.

Includes aerospace and defense firms, and companies that provide or manufacture chemicals, machinery, building materials, and commodities. Examples include Boeing, DuPont, and Alcoa.

Companies that produce or refine oil and gas, oilfield services and equipment companies, and pipeline operators. Examples include Exxon Mobil, Schlumberger, and BP Amoco.

Electric, gas, and water utilities. Examples include Duke Energy, Exelon, and El Paso.

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

Displays the percentage of the fund's assets invested in the United States & Canada, Europe, Japan, the Pacific Rim, Latin America, and other regions

The GICS Energy Sector comprises companies who are dominated by either of the following activities: The construction or provision of drilling equipment and other energy related service and equipment data collection. Companies engaged in the exploration, production and/or transportation of oil and gas products, coal and other consumable goods.

The GICS Materials Sector encompasses a wide range of commodity-related manufacturing industries. Included in this sector are commodity packaging products, and metals, minerals and mining companies.

The GICS Industrials Sector includes companies who are dominated by one of the following activities: The manufacturing and distribution of capital goods, including aerospace & defense, construct commercial services and supplies, including printing, employment and office services. The provision of transportation services, including airlines, couriers, marine, road & rail and transportation infrastructure.

The GICS Consumer Discretionary includes companies who are dominated by one of the following activities: The manufacturing segment includes: household durable goods, apparel and leisure equipment. The services segment includes hotels, other leisure facilities, media production and services, and consumer retail services.

The GICS Consumer Staples Sector includes companies whose businesses are less sensitive to economic cycles. manufacturers and distributors of food, beverages and tobacco and durable household goods and personal products. It also includes food & companies as well as hypermarkets and consumer super centers.

Health Care Sector includes two groups the first include companies who manufacture health care supplies or provide health care related services, including distributors of products, providers of basic health-care services, and owners and operator of care facilities and organizations. The second group comprises the research, development, production and marketing of pharmaceuticals and biotechnology products.

The GICS Financial Sector contains companies activities such as banking, mortgage finance, consumer finance, specialized investment banking and brokerage, asset management and customer banking businesses.

The GICS Information Technology Sector covers the following general areas: firstly, Technology Software & Services, including companies that primarily develop software in various fields such as the Internet, applications, systems, databases management and/or home entertainment, and companies that provide information technology consulting, as well as data processing and outsourced services; and Technology Hardware & Equipment, including manufacturers and distributors of communications equipment, coelectronic equipment and related in Semiconductor Equipment Manufacturers.

The GICS Telecommunication Services include businesses and companies that provide communications services primarily: fixed-line, cellular, wireless, high bandwidth and/or fiber optic cable networks.

The GICS Utilities Sector encompasses electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power.

The Dow Jones Industrial Average (NYSE: DJI, also called the DJIA, Dow 30, INDP, or informally the Dow Jones or The Dow) is one of several stock market indices, created by nineteenth-century Wall Street Journal editor and Dow Jones Hardware & Company co-founder Charles Dow. It is an index that shows how certain stocks have traded.[1] Dow compiled the index to gauge the performance of the industrial sector of the American stock market. It is the second-oldest U.S. market index, after the Dow Jones Transportation Average, which Dow also created.

The average is computed from the stock prices of 30 of the largest and most widely held public companies in the United States. The "industrial" portion of the name is largely historical—many of the 30 modern components have little to do with traditional heavy industry. The average is price-weighted. To compensate for the effects of stock splits and other adjustments, it is currently a scaled average, not the actual average of the prices of its component stocks—the sum of the component prices is divided by a divisor, which changes whenever one of the component stocks has a stock split or stock dividend, to generate the value of the index. Since the divisor is currently less than one, the value of the index is higher than the sum of the component prices.

The S&P SmallCap 600 Index invests in a basket of small-cap equities. A small-cap company is generally defined as a stock with a market capitalization between $300 million and $2 billion. The index was introduced in 1994 in an effort to represent a smaller segment of the market than the S&P MidCap 400 Index. Although it is not yet widely quoted, the S&P SmallCap 600 Index has been gaining popularity among investment managers as an efficient way to track or invest in a largely illiquid market segment.

MSCI EAFE is a stock market index that is commonly used as a benchmark for the performance of major international equity markets. The acronym EAFE stands for Europe, "Australasia" (Australia Hardware & New Zealand), and the Far East. The index measures the performance of more than 1,000 stocks in 21 countries.

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 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.

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.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2000 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.

The S&P 500 is a value weighted index published since 1957 of the prices of 500 large cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock markets, the New York Stock Exchange and NASDAQ. Almost all of the stocks included in the index are among the 500 American stocks with the largest market capitalizations.

After the Dow Jones Industrial Average, the S&P 500 is the most widely followed index of large-cap American stocks. It is considered a bellwether for the American economy, and is included in the Index of Leading Indicators. Some mutual funds, exchange traded funds, and other managed funds, such as pension funds, are designed so as to mimic the performance of the S&P 500 index. Hundreds of billions of US dollars have been invested in this fashion.

The index is the best known of the many indices owned and maintained by Standard & Poor's, a division of McGraw-Hill. S&P 500 refers not only to the index, but also to the 500 companies that have their common stock included in the index. The ticker symbol for the S&P 500 index varies. Some examples of the symbol are ^GSPC[1], .INX[2], and $SPX[3]. The stocks included in the S&P 500 index are also part of the broader S&P 1500 and S&P Global 1200 stock market indices.

Standard & Poor's 500
The S&P 500 is a value weighted index published since 1957 of the prices of 500 large cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock markets, the New York Stock Exchange and NASDAQ. Almost all of the stocks included in the index are among the 500 American stocks with the largest market capitalizations.

After the Dow Jones Industrial Average, the S&P 500 is the most widely followed index of large-cap American stocks. It is considered a bellwether for the American economy, and is included in the Index of Leading Indicators. Some mutual funds, exchange traded funds, and other managed funds, such as pension funds, are designed so as to mimic the performance of the S&P 500 index. Hundreds of billions of US dollars have been invested in this fashion.

The index is the best known of the many indices owned and maintained by Standard & Poor's, a division of McGraw-Hill. S&P 500 refers not only to the index, but also to the 500 companies that have their common stock included in the index. The ticker symbol for the S&P 500 index varies. Some examples of the symbol are ^GSPC[1], .INX[2], and $SPX[3]. The stocks included in the S&P 500 index are also part of the broader S&P 1500 and S&P Global 1200 stock market indices.

S&P 400 MidCap Index
Introduced in 1991, S&P MidCap 400 is now the most widely used index for mid-sized companies. Today, mid caps are being recognized as an independent asset class, with risk/reward profiles that differ considerably from both large-caps and small-caps. S&P MidCap 400 is a core component of the U.S. indices that could be used as building blocks for portfolio construction.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. From time to time, the stock market may not favor value securities. Rather, the market could favor growth-oriented stocks or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. From time to time, the stock market may not favor large company securities or equities at all. The S&P 500 Index is an unmanaged index, consists of 500 stocks representing all major industries and is designed to measure the performance of the broad domestic economy. Investors cannot directly invest in an index, and index returns do not reflect fees, brokerage commissions or other expenses of investing. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The fund invests in companies that the portfolio managers believe have the potential for rapid growth, which may give the fund a higher risk of price volatility and less liquidity than a fund that emphasizes other styles. From time to time, the stock market may not favor growth securities. Rather, the market could favor value-oriented stocks or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. In exchange for higher growth potential, investing in stocks of mid-sized companies may entail greater price volatility and less liquidity than investing in stocks of larger companies. From time to time, the stock market may not favor mid-cap value securities. Rather, the market could favor growth-oriented stocks or large or small company stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. In exchange for higher growth potential, investing in stocks of mid-sized companies may entail greater price volatility and less liquidity than investing in stocks of larger companies. From time to time, the stock market may not favor mid-cap securities. Rather, the market could favor large or small company stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. In exchange for higher growth potential, investing in stocks of mid-sized companies may entail greater price volatility and less liquidity than investing in stocks of larger companies. The fund invests in companies that the portfolio managers believe have the potential for rapid growth, which may give the fund a higher risk of price volatility and less liquidity than a fund that emphasizes other styles. From time to time, the stock market may not favor mid-cap growth securities. Rather, the market could favor value-oriented stocks or large or small company stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund 's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than debt securities, they generally have higher volatility. In exchange for higher growth potential, investing in stocks of small companies may entail greater price volatility and less liquidity than investing in stocks of larger companies. From time to time, the stock market may not favor small-cap securities. Rather, the market could favor large company stocks or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund' s prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. In exchange for higher growth potential, investing in stocks of small companies may entail greater price volatility and less liquidity than investing in stocks of larger companies. The fund invests in companies that the portfolio managers believe have the potential for rapid growth, which may give the fund a higher risk of price volatility and less liquidity than a fund that emphasizes other styles. From time to time, the stock market may not favor small-cap growth securities. Rather, the market could favor value-oriented stocks, or large company stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. In exchange for higher growth potential, investing in stocks of small companies may entail greater price volatility and less liquidity than investing in stocks of larger companies. The fund invests in companies that the portfolio managers believe have the potential for rapid growth, which may give the fund a higher risk of price volatility and less liquidity than a fund that emphasizes other styles. From time to time, the stock market may not favor small-cap growth securities. Rather, the market could favor value-oriented stocks, or large company stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Specialty funds generally are non-diversified and more susceptible to the financial, market and economic events affecting the particular issuers and industry sectors in which they invest and therefore may be more volatile or risky than less concentrated investments. In exchange for higher growth potential, investing in stocks of smaller and mid-sized companies may entail greater price volatility than investing in those of larger companies. International investing poses special risks, including currency fluctuation, economic and political risks, not found in investments that are solely domestic. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. Specialty funds generally are non-diversified and more susceptible to the financial, market and economic events affecting the particular issuers and industry sectors in which they invest and therefore may be more volatile or risky than less concentrated investments. There are special risks when investing in technology companies. Rapid advances in technology may cause existing products to become obsolete, and a fund 's returns could suffer to the extent it holds an affected company' s shares. In exchange for higher growth potential, investing in stocks of smaller and mid-sized companies may entail greater price volatility than investing in those of larger companies. International investing poses special risks, including currency fluctuation, economic and political risks, not found in investments that are solely domestic. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Specialty funds generally are non-diversified and are more susceptible to the financial, market and economic events affecting the particular issuers and industry sectors in which they invest and therefore may be more volatile or risky than less concentrated investments. In exchange for higher growth potential, investing in stocks of smaller and mid-sized companies may entail greater price volatility than investing in those of larger companies. International investing poses special risks, including currency fluctuation, economic and political risks, not found in investments that are solely domestic. Information about the risks of investing in a specific mutual fund is available in the fund 's prospectus.

Exposure to financial and market risks that accompany investments in equities. Specialty funds generally are non-diversified and more susceptible to the financial, market and economic events affecting the particular issuers and industry sectors in which they invest and therefore may be more volatile or risky than less concentrated investments. Investing in the health sciences sector entails additional risks because the sector is rapidly changing and may be impacted by such factors as government regulation, uncertain demand and the risk that products may become obsolete. In exchange for higher growth potential, investing in stocks of smaller and mid-sized companies may entail greater price volatility than investing in those of larger companies. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Specialty funds generally are non-diversified and more susceptible to the financial, market and economic events affecting the particular issuers and industry sectors in which they invest and therefore may be more volatile or risky than less concentrated investments. In exchange for higher growth potential, investing in stocks of smaller and mid-sized companies may entail greater price volatility than investing in those of larger companies. International investing poses special risks, including currency fluctuation, economic and political risks, not found in investments that are solely domestic. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. Specialty funds generally are non-diversified and are more susceptible to the financial, market and economic events affecting the particular issuers and industry sectors in which they invest and therefore may be more volatile or risky than less concentrated investments. Risks of real estate funds are similar to those associated with direct ownership of real estate, including changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. REITs may be affected by tax and regulatory requirements. In exchange for higher growth potential, investing in stocks of smaller and mid- sized companies may entail greater price volatility than investing in those of larger companies. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Specialty funds generally are non-diversified and more susceptible to the financial, market and economic events affecting the particular issuers and industry sectors in which they invest and therefore may be more volatile or risky than less concentrated investments. In exchange for higher growth potential, investing in stocks of smaller and mid-sized companies may entail greater price volatility than investing in those of larger companies. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

The Miscellaneous category contains funds that are not suited to and/or do not meet the criteria set for any of the other Morningstar categories. The funds in this category are reassessed regularly and when there are sufficient like funds to create a meaningful peer group, a new category is created with the appropriate funds from this category.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. From time to time, the stock market may not favor value securities. Rather, the market could favor growth-oriented stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. From time to time, the stock market may not favor growth securities. Rather, the market could favor value-oriented stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. In exchange for higher growth potential, investing in stocks of small and medium-sized companies may entail greater price volatility than investing in stocks of larger companies. From time to time, the stock market may not favor value securities. Rather, the market could favor growth-oriented stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. In exchange for higher growth potential, investing in stocks of small and medium-sized companies may entail greater price volatility than investing in stocks of larger companies. From time to time, the stock market may not favor growth securities. Rather, the market could favor value-oriented stocks, or may not favor equities at all. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. In exchange for higher growth potential, investing in stocks of small and medium-sized companies may entail greater price volatility than investing in stocks of larger companies. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. In exchange for higher growth potential, investing in stocks of small and medium-sized companies may entail greater price volatility than investing in stocks of larger companies. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Currency devaluation in any one country may have a significant effect on the entire region. Increased political or social unrest in some or all Asian countries could cause further economic and market uncertainty. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Pacific/Asia ex-Japan stock portfolios cover a wide geographic range. Most of these portfolios focus on export-oriented nations such as Hong Kong, Singapore, Taiwan, and Korea. These portfolios invest at least 70% of total assets in equities and invest at least 75% of stock assets in Pacific countries, with less than 10% in Japan.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Currency devaluation in any one country may have a significant effect on the entire region. Increased political or social unrest in some or all Asian countries could cause further economic and market uncertainty. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. In exchange for higher growth potential, investing in stocks of small and medium-sized companies may entail greater price volatility than investing in stocks of larger companies. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. In exchange for higher growth potential, investing in stocks of small and medium-sized companies may entail greater price volatility than investing in stocks of larger companies. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Global real estate portfolios invest primarily in non-US real estate securities, but may also invest in U.S. real estate securities. Securities that these portfolios purchase include: debt & equity securities, convertible securities, and securities issued by Real Estate Investment Trusts (REITs) and REIT like entities. Portfolios in this category also invest in real-estate operating companies.

Exposure to financial, market, credit, prepayment and interest rate risks. Bonds with longer maturities tend to be more sensitive to changes in interest rates than debt securities with shorter durations. U.S. Government securities are guaranteed by the U.S. Government and, if held to maturity, offer a fixed principal value. Mutual fund shares are not guaranteed and you may lose principal. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial, market, credit, prepayment and interest rate risks. Bonds with longer maturities tend to be more sensitive to changes in interest rates than debt securities with shorter durations. U.S. Government securities are guaranteed by the U.S. Government and, if held to maturity, offer a fixed principal value. Mutual fund shares are not guaranteed and you may lose principal. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial, market, credit, prepayment and interest rate risks. U.S. Government securities are guaranteed by the U.S. Government and, if held to maturity, offer a fixed principal value. Mutual fund shares are not guaranteed and you may lose principal. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Inflation-protected bond portfolios invest primarily in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer for these types of securities.

Exposure to financial, market, credit, prepayment and interest rate risks. Bonds with longer maturities tend to be more sensitive to changes in interest rates than debt securities with shorter durations. Credit quality refers to the fund's underlying debt securities, not to the mutual fund shares. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

NA

Exposure to financial, market, credit, prepayment and interest rate risks. Credit quality refers to the fund's underlying debt securities, not to the mutual fund shares. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. Investments in lower-rated, higher-yielding bonds are subject to additional risks because they tend to be more sensitive to economic conditions and, during sustained periods of rising interest rates, may experience interest and/or principal defaults. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial, market, credit, prepayment and interest rate risks. Credit quality refers to the fund's underlying debt securities, not to the mutual fund shares. Ultrashort bond funds are not risk-free and may lose value. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Investments in lower-rated, higher-yielding bonds are subject to additional risks because they tend to be more sensitive to economic conditions and, during sustained periods of rising interest rates, may experience interest and/or principal defaults. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Bank loan funds may invest in below investment-grade senior loans. Investment in bank loan funds involve the risk that borrowers may default on obligations, or that lenders may have difficulty liquidating the collateral securing the loans or enforcing their rights under the terms of the senior loans. Senior loans are subject to credit risks and the potential for non-payment of scheduled principal or interest payments, which may result in a reduction of the fund's net asset value. The use of leverage for investment purposes increases both investment opportunity and investment risk. In the event of a default on one or more loans or other interest-bearing instruments held by a bank loan fund, the use of leverage, would exaggerate the loss to the fund and may exaggerate the effect on the fund's net asset value. In addition, changes in market interest rates may cause the fund's net asset value to experience moderate volatility because of the lag between changes in market rates and the resetting of the floating rates on assets in the fund's portfolio. Finally, to the extent that market interest rate changes are reflected as a change in the market spreads for loans of the type and quality in which the fund invests, the value of the fund's portfolio may decrease in response to an increase in such spreads. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Investments in lower-rated, higher-yielding bonds are subject to additional risks because they tend to be more sensitive to economic conditions and, during sustained periods of rising interest rates, may experience interest and/or principal defaults. The fund may be sensitive to changes in interest rates if it invests in debt securities with intermediate- and/or long-term maturities. Debt securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than debt securities with shorter durations. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial, market, credit, prepayment and interest rate risks. Investments in lower-rated, higher-yielding bonds are subject to additional risks because they tend to be more sensitive to economic conditions and, during sustained periods of rising interest rates, may experience interest and/or principal defaults. U.S. Government securities are guaranteed by the U.S. Government and, if held to maturity, offer a fixed rate of return and fixed principal value; mutual fund shares are not guaranteed and you may lose principal. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial, market, credit, prepayment and interest rate risks. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified for investments in emerging markets. The value of debt securities may fall when interest rates risk. Debt securities with longer maturities tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter maturities. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Exposure to financial, market, credit, prepayment and interest rate risks. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified for investments in emerging markets. The value of debt securities may fall when interest rates risk. Debt securities with longer maturities tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter maturities. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

The principal risks of investing in allocation funds are those generally attributable to stock and bond investing. Allocation funds are exposed to financial and market risks that accompany investments in stocks. In addition, allocation funds are exposed to financial, market, interest rate, prepayment and credit risks attributable to bond investing. Because the fund' s assets are allocated between equities and fixed income securities, the fund may underperform stock funds when stocks are in favor and underperform bond funds when bonds are in favor. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

The principal risks of investing in allocation funds are those generally attributable to stock and bond investing. Allocation funds are exposed to financial and market risks that accompany investments in stocks. In addition, allocation funds are exposed to financial, market, interest rate, prepayment and credit risks attributable to bond investing. Because the fund 's assets are allocated between equities and fixed income securities, the fund may underperform stock funds when stocks are in favor and underperform bond funds when bonds are in favor. Information about the risks of investing in a specific mutual fund is available in the fund' s prospectus.

Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. The principal risks of investing in allocation funds are those generally attributable to stock and bond investing. Allocation funds are exposed to financial and market risks that accompany investments in stocks. In addition, allocation funds are exposed to financial, market, interest rate, prepayment and credit risks attributable to bond investing. Because the fund's assets are allocated between equities and fixed income securities, the fund may underperform stock funds when stocks are in favor and underperform bond funds when bonds are in favor. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.

Currency portfolios invest in US and foreign currencies through the use of short term money market instruments; derivative instruments, including and not limited to, forward currency contracts, index swaps and options; and cash deposits.

Long-short portfolios hold sizable stakes in both long and short positions. Some funds that fall into this category are market neutral - dividing their exposure equally between long and short positions in an attempt to earn a modest return that is not tied to the market's fortunes. Other portfolios that are not market neutral will shift their exposure to long and short positions depending upon their macro outlook or the opportunities they uncover through bottom-up research.

Convertible securities have investment characteristics of both equity and debt securities. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. Convertible funds may invest in small- and medium-sized companies, which may be more susceptible to greater price swings and less liquid than larger companies. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond. Convertible funds may be subject to more credit risk and volatility than many bond funds, because the convertible securities and debt securities in which they invest may be lower-rated securities. Information about the risks of investing in a specific mutual fund is available in the fund 's prospectus.

IShares/IPath transformed the investment industry by creating the first index strategy in 1971 and the first quantitative active strategy in 1978. After more than three decades-and with one of the best long-term track records of any active manager-we remain a leader in creating investment solutions that consistently deliver on their promise. This success has helped us become one of the largest asset managers in the world. We invite you to explore this site and learn how BGI can help you meet your investment objectives.

Claymore Securities, Inc. is a privately owned investment manager. The firm primarily provides its services to investment companies. It also manages structured products. The firm manages separate client-focused equity and fixed income portfolios. It also manages unit investment trusts, exchange-traded funds, and mutual funds for its clients. The firm invests in the public.

Deutsche Bank AG is a global investment bank. The Company offers a range of investment, financial and related products and services to private individuals, corporate entities and institutional clients worldwide. It has three divisions. Corporate and Investment Bank comprises Corporate Banking and Securities (CB&S) and Global Transaction Banking (GTB) that serves large and medium-sized corporations, financial institutions, public sector and multinational organizations. Private Clients and Asset Management (PCAM) comprises Asset and Wealth Management and Private and Business Clients and serves retail and small corporate, as well as wealthy clients and provides asset management services to retail and institutional clients. Corporate Investments manages the majority of Deutsche Bank's alternative assets portfolio and other debt and equity positions. In May 2008, the Company announced that it has launched a Administrative Agent Services group.

Direxion Funds is a leading provider of leveraged index and other alternative class mutual fund products for investment advisors and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets.

PowerShares Capital Management LLC is a privately owned investment manager with approximately $9.6 billion in assets under management. The firm primarily provides its services to investment companies. It manages a family of exchange-traded funds for its clients. The firm invests in the public equity, fixed income, currency, and commodity markets across the globe.

It is the world's largest manager of short and leveraged funds. Their 76 ETFs make it simple to execute sophisticated strategies, like shorting or magnifying your exposure to major indexes. No margin account. No margin calls. It's as simple as buying a stock.

Rydex S&P Equal Weight ETF (the Fund) seeks to replicate as closely as possible the performance of the S&P Equal Weight Index (the Index). The Index is the equal-weighted version of the S&P 500, which is a measure of the large-capitalization stocks of 500 major corporations selected by Standard & Poor's, a division of The McGraw Hill Company, Inc., for their market size, liquidity and industry group representation. The Index is developed by Standard & Poor's in collaboration with Rydex Investments. The Index utilizes quarterly rebalancing to maintain its equal-weight stance. The Fund uses a passive management strategy to track the performance of the Index.

Founded in 1955, Van Eck Associates Corporation was among the first U.S. money managers helping investors achieve greater diversification through global investing.
Today the firm continues the 50+ year tradition by offering global investment choices in hard assets, emerging markets, precious metals including gold, and other specialized asset classes.
Van Eck Global's mutual funds are sold nationwide through retail brokers, financial planners and investment advisors.
Designed for investors seeking innovative choices for portfolio diversification, they are often categorized in asset classes having returns with low correlations to those of more traditional U.S. equity and fixed income investments.
Van Eck Global also offers exchange-traded funds, separate accounts and alternative investments. In addition, it offers the Worldwide Insurance Trust Funds, a series of investment choices within the variable annuity contracts and variable life policies of widely known and highly regarded insurers. At February 28, 2009, the company managed approximately $8.8 billion in investor assets.

Vanguard is a United States investment management company that manages approximately $1.3 trillion in assets, based in Malvern, Pennsylvania It offers mutual funds and other financial products and services to individual and institutional investors in the United States and abroad. Founder and former chairman John C. Bogle is credited with the creation of the first index fund available to individual investors, the popularization of index funds generally, and driving costs down across the mutual fund industry.
Vanguard is unusual among mutual-fund companies since it is owned by the funds themselves. In this structure, each fund contributes a set amount of capital towards shared management, marketing, and distribution services. The company says that this structure better orients management towards shareholder interests. Other mutual-fund sponsors are expected simultaneously to make a profit for their outside owners and provide the most cost-effective service to funds for their shareholders.

These funds invest in grain and feed products, oilseeds, cotton, dairy, livestock, poultry, and/or horticultural products. Investment can be made directly in physical assets or commodity-linked derivative instruments.

These funds invest in a diversified basket of commodity goods including but not limited to grains, minerals, metals, livestock, cotton, oils, sugar, coffee, and cocoa. Investment can be made directly in physical assets or commodity-linked derivative instruments, such as commodity swap agreements.

These funds invest in oil (crude, heating and gas), natural gas, coal, kerosene, diesel fuel, and propane. Investment can be made directly in physical assets or commodity-linked derivative instruments.

These funds invest in such industrial metals as aluminum, copper, lead, nickel, and zinc. Investment can be made directly in physical assets or commodity- linked derivative instruments.

These funds invest in a specific commodity that does not fit into any of Morningstar’s existing commodity categories and for which not enough funds exist to merit the creation of a separate category.

These funds invest in such precious metals such as gold, silver, platinum, and palladium. Investment can be made directly in physical assets or commodity-linked derivative instruments.

These funds seek capital appreciation by investing in equity securities of U.S. or non-U.S. companies that are engaged in the manufacturing, sales, or distribution of consumer goods that are non-necessities.

These funds seek capital appreciation by investing in equity securities of U.S. or non-U.S. companies that are engaged in the manufacturing, sales, or distribution of consumer staples.

These funds invest primarily in equity securities of U.S. or non-U.S. companies that conduct business primarily in energy-related industries. This includes and is not limited to companies in alternative energy, coal, exploration, oil and gas services, pipelines, natural gas services, and refineries.

These funds seek capital appreciation by investing in equity securities of U.S. or non-U.S. companies that are engaged in services related to cyclical industries. This includes, but is not limited to, companies in aerospace and defense, automotive, chemicals, construction, environmental services, machinery, paper, and transportation.

Exposure to financial and market risks that accompany investments in equities. Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. The price of gold may be subject to substantial price fluctuations over short periods of time and may be affected by unpredictable international monetary and political policies. Precious metals funds are non-diversified; and concentration in one economic sector may lead to higher price volatility. Information about the risks of investing in a specific mutual fund is available in the fund's prospectus.