Required Disclosures

This report is for informational purposes only. Neither S&P Global Market Intelligence nor its sources guarantee the accuracy, adequacy or completeness of this report or make any warranties regarding results from its usage. When using this report, investors are advised to consult the accompanying glossary of investment terms.

Throughout this report, total return performance shown is historical, and assumes reinvestment of all dividends and capital gain distributions. Total Return, Peer Rank and Category Rank do not take into account loads or any other sales charges. An investment in a fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Past performance is no guarantee of future results, and investment return and principal value will fluctuate so that, when redeemed, an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted; performance current to the most recent month-end or calendar quarter- end is included in the report and can also be obtained from the fund company’s website.

The data and information shown in this report is intended for use by financial professionals and/or sophisticated investors who should verify that all data, assumptions, and results are accurate before making any investment decision or recommendation. Before acting on any information in this document, an investor should consider whether the fund is suitable for their particular circumstances and, if necessary, seek professional advice.

S&P Global Market Intelligence’s Mutual Fund Rankings provide a quantitative and holistic assessment of the performance, risk profile, and relative costs of a given fund compared to other mutual funds in its category. Rankings range from ««««« (highest) to ««««« (lowest) and follow a normalized distribution curve.

Fund Rank in Category S&P Global Market Intelligence Ranking

Top 10% «««««

Next 20% ««««

Middle 40% «««

Next 20% ««

Bottom 10% «

Risks disclaimers

Investors should read the fund’s prospectus and consider the fund’s investment goals, risks, charges and expenses before investing. The Fund may be subject, but not limited, to the following investment risks:

Equity Investing Risk

While stocks have historically outperformed other asset classes over the long term, they tend to fluctuate more dramatically over the short term. There are special risks associated with significant exposure to a particular sector,  including the possibility of increased economic, business or other developments affecting the sector, which may result in increased volatility to the fund’s share price.

Small and midsize company risk. Small and midsize companies carry additional risks because the operating histories of these companies tend to  be  more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the Fund's ability to sell these securities.

Large cap stock risk. Stocks of large cap companies may underperform the stocks of lower quality, or smaller capitalization companies during periods when the stocks of such companies are in favor.

Growth securities risk. Growth companies generally seek to achieve high earning growth regardless of market conditions. Growth stocks usually have high price-to-earnings and price-to-book ratios, which means that these stocks are relatively high-priced in comparison with the companies' Net Asset Values (NAVs). Stocks of growth companies or “growth securities” have market values that may be more volatile than those of other types of investments. Growth securities typically do not pay a dividend, which can help cushion stock prices in market downturns and reduce potential losses.

Value securities risk. Value stocks are those that generally have fallen out of favor in the marketplace and are considered bargain-priced compared with book value, replacement value, or liquidation value. Typically, value  stocks  are priced much lower than stocks of similar companies in the same industry. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth.

International Equity Risk

Foreign investment risk. Fund’s investments in foreign securities may  be subject to political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.

Foreign currency risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to  the currency being hedged. Currency exchange rates may fluctuate significantly over short periods of time. Foreign currencies are also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls.

Emerging market risk. The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more developed economies, and emerging markets generally have less diverse and less developed economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

S&P Global Market Intelligence Mutual Fund Ranking Methodology and Inputs

The overall Mutual Fund ranking is based on a weighted average computation of three components – performance analytics, risk considerations and  cost factors that evaluate, relative to its peers, a fund’s underlying holdings, its historical performance, and characteristics of the fund. For blended funds investing in individual securities, S&P Global Market Intelligence incorporates the following inputs:

Performance Analytics. The component score is a weighted average of up to four inputs:

Holdings-Based Inputs: S&P Global Market Intelligence STARS and 12-Month Yield (weighted average value of holdings)

Fund Inputs: trailing 1-year and 3-year performance vs. peers

Risk Considerations. This component score is a weighted average of up to four inputs:

Holdings-Based Inputs: Weighted Average Credit Rating

Fund Inputs: Manager Tenure, Standard Deviation and Debt Exposure

Cost Factors. This component score is a weighted average of up to three inputs: Expense Ratio (Net), Sales Load and Portfolio Turnover of the fund.

The S&P Global Market Intelligence component rankings are represented as Positive, Neutral or Negative indications, following the same methodology of a normalized distribution curve:

Positive component rankings are assigned to funds whose weighted-average score is in the top quartile of its asset category’s universe, applying a normalized distribution curve.

Neutral component rankings are assigned to funds whose weighted-average score is in the second or third quartiles of its asset category’s universe, applying a normalized distribution curve.

Negative component rankings are assigned to funds whose weighted-average score is the bottom quartile of its asset category’s universe, applying a normalized distribution curve. 

In cases where sufficient analytical measures are not available on underlying assets, the component ranking will not be displayed.

For more details, including definitions, of the individual inputs to the S&P Global Market Intelligence Mutual Fund Ranking, see the Glossary section of this report. S&P Global Market Intelligence does not receive fees from funds for their inclusion in this report.

All of the views expressed in this research report accurately reflect S&P Global Market Intelligence's quantitative research models regarding any and all of the subject securities or issuers. No part of S&P Global Market Intelligence's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. The Mutual Fund Rankings and/or equity research recommendations provided by S&P Global Market Intelligence’s Equity Research group are performed separately from any other activity of S&P Global Inc. S&P Global Market Intelligence has no access to non-public information received by other divisions of S&P Global Inc. No other division of S&P Global Inc., including S&P Dow Jones Indices or S&P Global Ratings, contributed to the content of the report. S&P Global Inc. does not trade for its own account.

Other Disclosures

S&P Global Market Intelligence or an affiliate may license certain intellectual property or provide pricing or other services to, or otherwise have a financial interest in, certain issuers of securities, including exchange-traded investments whose investment objective is to substantially replicate the returns of a proprietary index of S&P Dow Jones Indices, such as the S&P 500. In cases where S&P Global Market Intelligence or an affiliate is paid fees that are tied to the amount of assets that are invested in the fund or the volume of trading activity in the fund, investment in the fund will generally result in S&P Global Market Intelligence or an affiliate receiving compensation in addition to the subscription fees or other compensation for services rendered by S&P Global Market Intelligence. A reference to a particular investment or security by S&P Global Market Intelligence and/or one of its affiliates is not a recommendation to buy, sell, or hold such investment or security, nor is it considered to be investment advice.

No endorsement of any mutual fund included in this report should be implied by the fact that the mutual fund bears the S&P Global Market Intelligence mark or is based on an S&P Dow Jones Index. S&P Global Market Intelligence does not receive fees from mutual funds and/ or funds for their inclusion in this report. S&P Global Market Intelligence and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

S&P Dow Jones Indices does not sponsor, endorse, sell, promote or manage any investment fund or other vehicle that seeks to provide an investment return based on the returns of any S&P Dow Jones index.

Indexes are unmanaged, statistical composites and their returns do not include payment of any sales charges or fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index. 

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This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor's currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in this report does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of particular securities, financial instruments or strategies to you nor is it considered to be investment advice. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

Canadian investors should be aware that any specific securities discussed in a this report can only be purchased in Canada through a Canadian registered dealer and, if such securities are not available in the secondary market, they can only be purchased by eligible private placement purchasers on a basis that is exempt from the prospectus requirements of Canadian securities law and will be subject to resale restrictions. Information in this report may not be suitable or appropriate for Canadian investors. Only a registered distributor is eligible to distribute excerpts of any report, and distributor will be deemed to assume regulatory responsibility for the excerpted information, and undertakes to provide notice to clients that it will be assuming such responsibility.

This investment analysis was prepared using the following sources: S&P Global Market Intelligence; Standard & Poor's, 55 Water St., New York, NY 10041. All reference and performance data is provided by Lipper. Performance data is total return, and is preliminary and subject to revision. Reference information has been obtained from company and financial reports and other resources believed to be reliable and maybe incomplete and is not guaranteed by Lipper Inc. – A Reuters Company. No offer or solicitation to buy or sell any of the securities herein is being made by Lipper.