Important information about benchmarks

Transcription

1 Important information about benchmarks Legal name definition Source 3-month USD LIBOR Alerian MLP BarclayHedge Currency Traders BarclayHedge Equity Market Neutral BarclayHedge Fixed Income Arbitrage BarclayHedge Global Macro BarclayHedge Long/Short BarclayHedge Multi Strategy is unmanaged index considered representative of the average interest rate at which a selection of banks in London are prepared to lend to one another in American dollars with a maturity of three months. is a market-cap weighted, float-adjusted index created to provide a comprehensive benchmark for investors to track the performance of the energy MLP sector. The components are selected by Alerian, LLC ( Alerian ). is an equal weighted composite of managed programs that trade currency futures and/or cash forwards in the inter-bank market. includes funds that attempt to exploit equity market inefficiencies and usually involves being simultaneously long and short matched equity portfolios of the same size within a country. Market neutral portfolios are designed to be either beta or currency neutral, or both. Well-designed portfolios typically control for industry, sector, market capitalization, and other exposures. Leverage is often applied to enhance returns. Only funds that provide net returns are included in the index calculation. includes funds that aim to profit from price anomalies between related interest rate securities. Most managers trade globally with a goal of generating steady returns with low volatility. This category includes interest rate swap arbitrage, US and non-us government bond arbitrage and forward yield curve arbitrage. Only funds that provide net returns are included in the index calculation. includes funds that carry long and short positions in any of the world's major capital or derivative markets. These positions reflect their views on overall market direction as influenced by major economic trends and or events. The portfolios of these funds can include stocks, bonds, currencies, and commodities in the form of cash or derivatives instruments. Most funds invest globally in both developed and emerging markets. Only funds that provide net returns are included in the index calculation. includes funds employ a directional strategy involving equity-oriented investing on both the long and short sides of the market. The objective is not to be market neutral. Managers have the ability to shift from value to growth, from small to medium to large capitalization stocks, and from a net long position to a net short position. Managers may use futures and options to hedge. The focus may be regional or sector specific. Only funds that provide net returns are included in the index calculation. includes funds that are characterized by their ability to dynamically allocate capital among strategies falling within several traditional hedge fund disciplines. The use of many strategies, and the ability to reallocate capital between them in response to market opportunities, means that such funds are not easily assigned to any traditional category. Only funds that provide net returns are included in the index calculation.

2 Barclays 10-Year Municipal Bond Barclays 1-2 Year U.S. Government Bond Barclays 1-3 Month Treasury Bill Barclays 1-3 Year Government/Credit is an unmanaged index of fixed-rate, investment-grade municipal securities with maturities of eight to 12 years. is an unmanaged index considered representative of U.S. Treasury and U.S. government agency issues with maturities of one to two years. is an unmanaged index considered representative of short-term US government debt instruments. is an unmanaged index considered representative of short-term US corporate and US government bonds with maturities of one to three years. Barclays 1-3 Year U.S. Corporate Bond is designed to measure the performance of the short term U.S. corporate bond market. Barclays 1-3 Year U.S. Treasury Barclays 1-5 Government Credit is an unmanaged index of public US Treasury obligations with remaining maturities of one to three years. is an unmanaged index of short-term US corporate and government bonds with maturities of one to five years. Barclays 3-month Treasury Bellwether IX measures the performance of treasury bills with maturities of less than three months. Barclays 5 Year Municipal Bond Barclays Asset-Backed Securities is an unmanaged index of fixed-rate, investment-grade municipal securities with maturities of four to six years. is a subset of Barclays U.S. Aggregate that focuses on credit cards, auto loans and home equity loans, and is considered representative of asset-backed securities (ABS). Barclays Baa U.S. Corporate Bond is the Baa component of the Barclays U.S. Corporate Investment Grade Barclays California Insured Municipal Bond Barclays California Municipal Barclays California Municipal Barclays CMBS ERISA-Eligible Barclays Emerging Market Bond Barclays Emerging Markets Hard Currency Aggregate Bond tracks the performance of California-issued municipal bonds with two or more years to maturity. is an unmanaged index considered representative of California investment-grade municipal bonds. is an unmanaged index considered representative of California investment-grade municipal bonds. is the ERISA-eligible component of Barclays CMBS, which measures the performance of the commercial mortgage-backed securities (CMBS) market. is an unmanaged index that tracks total returns for external currency-denominated debt instruments of the emerging markets. is composed of USD-, euro- and GBP-denominated debt from sovereign, quasi-sovereign, and corporate emerging markets issuers and is considered representative of hard currency emerging markets debt.

3 Barclays Euro-Aggregate Barclays Global Aggregate Credit comprises bonds issued in the euro or legacy currencies of the sovereign countries in the European Monetary Union (EMU). represents the corporate and government-related sectors of Barclays Global Aggregate and is considered representative of global investment-grade debt. Barclays Global Aggregate ex-u.s. is an unmanaged index considered representative of bonds of foreign countries. Barclays Global Aggregate Barclays Global High Yield Barclays Global High-Yield is an unmanaged index considered representative of global investment-grade, fixedincome markets. is an unmanaged index considered representative of fixed-rate, noninvestment-grade debt of companies in the US, developed markets and emerging markets. is an unmanaged index considered representative of the global high-yield fixed income market. Barclays High Yield Municipal Bond is an unmanaged index considered representative of noninvestment-grade bonds. Barclays Intermediate U.S. Credit Barclays Intermediate U.S. Government Barclays Japanese Aggregate Barclays Massachusetts Municipal Barclays Mortgage-Backed Securities Barclays Municipal 1 Year is an unmanaged index of dollar-denominated, investment-grade, publicly issued securities with maturities of one to 10 years. is an unmanaged index considered representative of intermediate-term, fixed-income obligations issued by the US Treasury, government agencies and quasi-federal corporations. includes investment-grade, fixed-rate securities that are issued in Japanese yen registered in Japan. is an unmanaged index considered representative of Massachusetts investment-grade municipal bonds. is an unmanaged index of 15- and 30-year fixed-rate securities backed by mortgage pools of Ginnie Mae, Freddie Mac and Fannie Mae. is an unmanaged of municipal bonds with a remaning maturity of one to two years. Barclays Municipal Bond 20 Year is an unmanaged index of municipal bonds with remaining maturities of 17 to 22 years. Barclays Municipal Bond is an unmanaged index considered representative of the tax-exempt bond market. Barclays Municipal Insured Bond is an unmanaged index of insured municipal securities. Barclays Municipal Insured Long 20 Year is an unmanaged index of insured municipal securities with maturities of 17 to 22 years. Barclays New Jersey Municipal is an unmanaged index considered representative of New Jersey investment-grade municipal bonds.

4 Barclays New York Municipal Barclays Pennsylvania Municipal Barclays U.S. Aggregate Barclays U.S. Corporate High Yield 2% Issuer Cap Barclays U.S. Corporate Barclays U.S. Corporate Barclays U.S. Credit Barclays U.S. Government Barclays U.S. Government Intermediate and MBS Barclays U.S. Government Long Barclays U.S. Government/Credit is an unmanaged index considered representative of New York investment-grade municipal bonds. is an unmanaged index considered representative of Pennsylvania investment-grade municipal bonds. is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market. is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. weights for each issuer are capped at 2%. is an unmanaged index considered representative of publicly issued, fixed-rate, nonconvertible, investment-grade debt securities. is an unmanaged index considered representative of fixed-rate investment-grade taxable bond debt. is an unmanaged index considered representative of publicly issued, SEC-registered U.S. corporate and specified foreign debentures and secured notes. is an unmanaged index considered representative of fixed income obligations issued by the US Treasury, government agencies and quasi-federal corporations. is a market-weighted combination of Barclays Intermediate U.S. Government and Mortgage-Backed Securities indexes. is an unmanaged index considered representative of the long-term government bond market. includes treasuries and agencies that represent the government portion of the index, and includes publically issued US corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements. Barclays U.S. Treasury 20+ is an unmanaged index of municipal bonds with remaining maturities of 17 to 22 years. Barclays U.S. Treasury Bellweather 3-Month Barclays U.S. Treasury Barclays U.S. Universal Barclays US Corporate High Yield Barclays US Government Mortgage is an unmanaged index considered representative of US treasury bills with maturities of less than three months. is an unmanaged index of public obligations of the US Treasury with remaining maturities of one year or more. represents the union of the U.S. Aggregate, the U.S. High-Yield Corporate, the 144A, the Eurodollar, the Emerging Markets and the non-erisa portion of the CMBS. is an unmanaged index considered representative of fixed-rate, noninvestment-grade debt. is an unmanaged index considered representative of US government treasury and agency mortgage-backed securities.

5 Barclays US Government Mortgage Barclays US Mortgage Backed Securities Blended Bloomberg US Municipal AMT-Free Weekly VRDO Blended DWA Basic Materials Technical Leaders Blended DWA Consumer Cyclical Technical Leaders Blended DWA Consumer Staples Technical Leaders Blended DWA Energy Technical Leaders Blended DWA Financials Technical Leaders Blended DWA Healthcare Technical Leaders Blended DWA Industrials Technical Leaders Blended DWA NASDAQ Technical Leaders is an unmanaged index considered representative of US government treasury securities and agency mortgage-backed securities. represents mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac. performance prior to Aug. 5, 2010, reflects that of the original underlying index, Thomson Municipal Market Data VRDO. From Aug. 5, 2010, forward, the index performance reflects that of the underlying index, Bloomberg U.S. Municipal AMT-Free Weekly VRDO. performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Basic Materials Sector Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Basic Materials Technical Leaders. performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Consumer Discretionary Sector Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Consumer Cyclicals Technical Leaders. performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Consumer Staples Sector Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Consumer Staples Technical Leaders. performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Energy Sector Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Energy Technical Leaders. performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Financial Sector Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Financials Technical Leaders. performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Healthcare Sector Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Healthcare Technical Leaders. performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Industrials Sector Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Industrials Technical Leaders. performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic OTC Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, Dorsey Wright Nasdaq Technical Leaders. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P.

6 Blended DWA Technology Technical Leaders performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Technology Sector Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Technology Technical Leaders. Invesco, Bloomberg L.P. Blended DWA Utilities Technical Leaders Blended NASDAQ OMX Global Water Blended NASDAQ OMX US Water Blended RAFI Bonds US High Yield 1-10 Blended Red Rocks Global Listed Private Equity Blended Russell 2000 Equal Weight Blended Russell 2000 Pure Growth Blended Russell 2000 Pure Value Blended Russell Midcap Equal Weight Blended Russell Midcap Pure Growth performance prior to Feb. 19, 2014, reflects that of the original underlying index, the Dynamic Utilities Intellidex. From Feb. 19, 2014, forward, the index performance reflects that of the underlying index, DWA Utilities Technical Leaders. performance prior to March 1, 2012, reflects that of the original underlying index, Palisades Global Water. From March 1, 2012, forward, the index performance reflects that of the underlying index, Nasdaq OMX Global Water. performance prior to March 1, 2012, reflects that of the original underlying index, Palisades Water. From March 1, 2012, forward, the index performance reflects that of the underlying index, Nasdaq OMX U.S. Water. the RAFI Bonds US High Yield 1-10 performance prior to August 2, 2010 reflects that of the original Underlying Wells Fargo High Yield Bond. From August 2, 2010 forward, the performance reflects that of the Underlying RAFI Bonds US High Yield performance prior to Sept. 30, 2009, reflects that of the original underlying index, Red Rocks Capital Listed Private Equity. From Sept. 30, 2009, forward, the index performance reflects that of the underlying index, Red Rocks Global Listed Private Equity. performance prior to June 16, 2011, reflects that of the original underlying index, Dynamic Small Cap Intellidex. From June 16, 2011, forward, the index performance reflects that of the underlying index, RAFI Fundamental Small Core. performance prior to June 16, 2011, reflects that of the original underlying index, Dynamic Small Cap Growth Intellidex. From June 16, 2011, forward, the index performance reflects that of the underlying index, RAFI Fundamental Small Growth. performance prior to June 16, 2011, reflects that of the original underlying index, Dynamic Small Cap Value Intellidex. From June 16, 2011, forward, the index performance reflects that of the underlying index, RAFI Fundamental Small Value. performance prior to June 16, 2011, reflects that of the original underlying index, Dynamic Mid Cap Intellidex. From June 16, 2011, forward, the index performance reflects that of the underlying index, RAFI Fundamental Mid Core. performance prior to June 16, 2011, reflects that of the original underlying index, Dynamic Mid Cap Growth Intellidex. From June 16, 2011, forward, the index performance reflects that of the underlying index, RAFI Fundamental Mid Growth. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P.

7 Blended Russell Midcap Pure Value Blended Russell Top 200 Equal Weight Blended S&P 500 High Quality Rankings Blended S&P International Corporate Bond Blended S&P International Developed High Quality Rankings Blended The BofA Merrill Lynch California Long- Term Core Plus Municipal Securities Blended The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities Blended The BofA Merrill Lynch National Long- Term Core Plus Municipal Securities Blended The BofA Merrill Lynch New York Long- Term Core Plus Municipal Securities Bloomberg Commodity performance prior to June 16, 2011, reflects that of the original underlying index, Dynamic Mid Cap Value Intellidex. From June 16, 2011, forward, the index performance reflects that of the underlying index, RAFI Fundamental Mid Value. performance prior to June 16, 2011, reflects that of the original underlying index, Dynamic Large Cap Intellidex. From June 16, 2011, forward, the index performance reflects that of the underlying index, RAFI Fundamental Large Core. performance prior to June 30, 2010, reflects that of the original underlying index, Value Line Timeliness Select. From June 30, 2010, forward, the index performance reflects that of the underlying index, S&P 500 High Quality Rankings. is an unmanaged index considered representative of investment-grade corporate bonds issued by non-us issuers. performance prior to March 1, 2012, reflects that of the original underlying index, QSG Developed International Opportunities. From March 1, 2012, forward, the index performance reflects that of the underlying index, S&P International Developed High Quality Rankings. is an index created by Invesco Powershares to benchmark the Fund. Performance prior to 5/29/2009 reflects that of the original Underlying, The BofA Merrill Lynch California Insured Long-Term Core Municipal Securities. From 5/29/2009 to 7/7/2014, the performance reflects that of the Underlying The BofA Merrill Lynch California Insured Long-Term Core Plus Municipal Securities. From 7/8/2014 forward, the performance reflects that of the Underlying BofA Merrill Lynch California Long-Term Core Plus Municipal Securities. performance prior to April 2, 2012, reflects that of the original underlying index, The BofA Merrill Lynch Core Fixed Rate Preferred Securities. From April 2, 2012, forward, the index performance reflects that of the underlying index, The BofA Merrill Lynch Core Plus Fixed Rate Preferred Securities. is an index created by Invesco Powershares to benchmark the Fund. Performance prior to 5/29/2009 reflects that of the original Underlying, The BofA Merrill Lynch National Insured Long-Term Core Municipal Securities. From 5/29/2009 to 7/7/2014, the performance reflects that of the Underlying The BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities. From 7/8/2014 forward, the performance reflects that of the Underlying BofA Merrill Lynch National Long-Term Core Plus Municipal Securities. is an index created by Invesco Powershares to benchmark the Fund. Performance prior to May 29, 2009, reflects that of the original Underlying, The BofA Merrill Lynch New York Insured Long-Term Core Municipal Securities. From May 29, 2009, to July 7, 2014, the performance reflects that of the Underlying The BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities. FromJuly 8, 2014, forward, the performance reflects that of the Underlying BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities. is an unmanaged index designed to be a highly liquid and diversified benchmark for the commodity futures market. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P.

8 Bloomberg US Municipal AMT-Free Weekly VRDO is comprised of municipal securities issued in the primary market as Variable Rate Demand Obligations (VRDOs) whose interest rates are reset weekly. BSE Sensex is an unmanaged index considered representative of the Indian equity market. CBOE S&P 500 BuyWrite tracks the performance of a hypothetical buy-write strategy on the S&P 500. Citi Custom Dim Sum (Offshore CNY) Bond Citi RAFI Bonds Sovereign Emerging Markets Extended Local Currency is composed of RMB-denominated bonds issued by governments, agencies, supranationals and corporations, excluding synthetics, convertible bonds, retail bonds and CDs. measures the performance of local currency bonds issued by the national governments from a set of emerging market countries. Citigroup 90-Day Treasury Bill is an unmanaged index representative of three-month Treasury bills. Cleantech Credit Suisse Leveraged Loan Custom Alternative Opportunities Custom Balanced Risk Aggressive Allocation Broad Custom Balanced Risk Aggressive Allocation Style is a modified equally weighted index composed of stocks (and ADREs of such stocks) of publicly traded cleantech companies. represents tradable, senior-secured, US-dollar-denominated, noninvestment-grade loans. created by Invesco to serve as a benchmark for Invesco Alternative Opportunities Fund, comprises the following indexes: FTSE EPRA/NAREIT Developed Real Estate -Net Total Return to U.S. Investors (18%), J.P. Morgan GBI-EM Diversified Bond (18%), consists of 75% S&P 500 and 25% Barclays U.S. Aggregate. consists of 75% MSCI World ND and 25% Barclays U.S. Aggregate. AMEX Custom Balanced Risk Allocation Broad consists of 60% S&P 500 and 40% Barclays U.S. Aggregate. Custom Balanced Risk Allocation Style Custom Basic Balanced consists of 60% MSCI World and 40% Barclays U.S. Aggregate. Effective December 1, 2009, the fixed income component of the Custom Balanced-Risk Allocation Style changed from the JP Morgan GBI Global (Traded) to the Barclays U.S. Aggregate. The MSCI World is an unmanaged index considered representative of stocks of developed countries. The index return is computed using the net return, which withholds applicable taxes for non-resident The Barclays U.S. Aggregate is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market.,created by Invesco to serve as a benchmark for Invesco Basic Balanced Fund, is composed of the following indexes: Russell 1000 Value (60%) and Barclays U.S. Aggregate (40%). The Russell 1000 Value is a trademark/service mark of the Frank Russell C

9 Custom Conservative Allocation Custom Conservative Allocation Custom Conservative Allocation - Old, created by Invesco to serve as a benchmark for Invesco Conservative Allocation Fund, is composed of the following indexes: S&P 500, MSCI EAFE and Barclays U.S. Aggregate. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund s objective., created by Invesco to serve as a benchmark for Invesco Conservative Allocation Fund, is composed of the following indexes: S&P 500, MSCI EAFE and Barclays U.S. Aggregate. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the fund s objective., created by Invesco to serve as a benchmark for Invesco Conservative Allocation Fund, is composed of the following indexes: Russell 3000, MSCI EAFE ND, Barclays U.S. Universal, FTSE NAREIT Equity REITs and the three-month U.S. Treasury bill. The compos Custom Global Real Estate Income is an index composed of FTSE NAREIT All Equity REIT through August 31, 2011, and FTSE EPRA/NAREIT Developed, which is computed using the net return by withholding applicable taxes, thereafter. Custom Global Real Estate Custom Global Real Estate - old Custom Growth Allocation Custom Growth Allocation - Old Custom High Yield Municipal is composed of the FTSE EPRA/NAREIT Developed (gross) from fund inception through Feb. 17, 2005; the FTSE EPRA/NAREIT Developed (net) index from Feb. 18, 2005, through June 30, 2014; and the FTSE EPRA/NAREIT Global (net) index from July 1, 2014., created by Invesco to serve as a benchmark for Invesco Global Real Estate Income Fund, comprises the following indexes: FTSE EPRA/NAREIT Developed Real Estate (50%) and Wachovia Hybrid and Preferred Securities REIT (50%)., created by Invesco to serve as a benchmark for Invesco Growth Allocation Fund, is composed of the following indexes: S&P 500, MSCI EAFE and Barclays U.S. Aggregate. The composition of the index may change based on the Fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the fund s objective. The MSCI EAFE is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident The Barclays U.S. Aggregate is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market., created by Invesco to serve as a benchmark for Invesco Growth Allocation Fund, is composed of the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. The composition of the index may change from time to ti, created by Invesco to serve as a benchmark for Invesco High Yield Municipal Fund, comprises 80% weight in bonds in the S&P Municipal Bond that are not rated or are rated below investment grade and a 20% weight in bonds that are rated investment

10 grade by Standard & Poor s, Moody s and/or Fitch. Custom High Yield Municipal Custom IBRR 2020 Custom IBRR 2030 Custom IBRR 2040 is designed to measure the performance of a hypothetical allocation that consists of an 80% weight in bonds in the S&P Municipal Bond that are not rated or are rated below investment grade and a 20% weight in bonds that are rated investment grade by Standard & Poor s, Moody s and/or Fitch. S&P Municipal Bond is a broad, market value-weightedindex that seeks to measure the performance of the U.S. municipal bond market. was created by Invesco to serve as a style specific benchmark for Invesco Balanced-Risk Retirement 2020 Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence 2020, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World and the JP Morgan Global Government Bond. From December 1, 2009, to December 31, 2009, the index comprised the MSCI World and Barclays U.S. Aggregate. Since January 1, 2010, the index has comprised the MSCIWorld, Barclays U.S. Aggregate and Lipper T-Bill 3-Month. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund s objective. was created by Invesco to serve as a style specific benchmark for Invesco Balanced-Risk Retirement 2030 Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence 2030, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World and the JP Morgan Global Government Bond. Since December 1, 2009, the index has comprised the MSCI World and the Barclays U.S. Aggregate. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund s objective. was created by Invesco to serve as a style specific benchmark for Invesco Balanced-Risk Retirement 2040 Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence 2040, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World and the JP Morgan Global Government Bond. Since December 1, 2009, the index has comprised the MSCI World and the Barclays U.S. Aggregate. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund s objective.

11 Custom IBRR 2050 Custom IBRR Now Custom Income Allocation Custom International Growth Custom Invesco VK Asset Allocation Conservative Custom Invesco VK Asset Allocation Conservative - Old was created by Invesco to serve as a style specific benchmark for Invesco Balanced-Risk Retirement 2050 Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence 2050, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World and the JP Morgan Global Government Bond. Since December 1, 2009, the index has comprised the MSCI World and the Barclays U.S. Aggregate. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund s objective. was created by Invesco to serve as a style specific benchmark for Invesco Balanced-Risk Retirement Now Fund. From the inception of the Fund to November 4, 2009, the index comprised the Custom Independence Now, which included the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs, Barclays U.S. Universal and the three-month U.S. Treasury bill. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World, the JP Morgan Global Government Bond and the three-month Treasury bill. Since December 1, 2009, the index has comprised the MSCI World, Barclays U.S. Aggregate and the three-month Treasury bill. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund s objective., created by Invesco to serve as a benchmark for Invesco Income Allocation Fund, is composed of the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the fund s objective. is composed of the MSCI EAFE Growth through February 28, 2013, and the MSCI All Country World ex-u.s. Growth thereafter. The MSCI EAFE Growth is an unmanaged index considered representative of growth stocks of Europe, Australasia and the Far East.The MSCI All Country World ex-u.s. Growth is a market capitalization weighted index that includes growth companies in developed and emerging markets throughout the world,excluding the United States. Both MSCI indexes are computed using the net return, which withholds applicable taxes for non-resident, created by Invesco to serve as a benchmark for Invesco Van Kampen Asset Allocation Conservative Fund, comprises the S&P 500, MSCI EAFE and Barclays U.S. Aggregate indexes. The composition of the index may change based on the fund's target asset allocat, created by Invesco to serve as a benchmark for Invesco Van Kampen Asset Allocation Conservative Fund, is composed of the following indexes: S&P 500 (25%), MSCI EAFE (15%), and Barclays U.S. Aggregate (60%). Custom Invesco VK Asset Allocation Growth, created by Invesco to serve as a benchmark for Invesco Van Kampen Asset Allocation Growth Fund, is composed of the S&P 500, the MSCI EAFE and the Barclays U.S. Aggregate. The composition of the index may change from time to time based on the

12 target as Custom Invesco VK Asset Allocation Growth - Old Custom Invesco VK Asset Allocation Moderate Custom Invesco VK Equity Premium Income, created by Invesco to serve as a benchmark for Invesco Van Kampen Asset Allocation Growth Fund, is composed of the following indexes: S&P 500 (50%), MSCI EAFE (30%), and Barclays U.S. Aggregate (20%)., created by Invesco to serve as a benchmark for Invesco Van Kampen Asset Allocation Moderate Fund, is composed of the following indexes: S&P 500 (35%), MSCI EAFE (25%), and Barclays U.S. Aggregate (40%). created by Invesco to serve as a benchmark for Invesco Van Kampen Equity Premium Income Fund, is composed of the following indexes: CBOE S&P 500 BuyWrite (75%) and S&P 500 (25%). Custom Invesco VK Global Equity Allocation, created by Invesco to serve as a benchmark for Invesco Van Kampen Global Equity Allocation Fund. From December 31, 1992, the index was composed of the MSCI World Net. From October 31, 2005, the index was composed of the MSCI AC World Free Net Inde Custom IVK Global Bond Custom Moderate Allocation Custom Moderate Allocation - Old Custom Moderate Growth Allocation Custom Moderate Growth Allocation - Old Custom Moderately Conservative Allocation - Old created by Invesco to serve as a benchmark for Invesco Van Kampen Global Bond Fund, is composed of the following indexes: J.P. Morgan Government Bond - Emerging Markets Global Diversified (25%) and J.P. Morgan Government Bond - Global Unhedge, created by Invesco to serve as a benchmark for Invesco Moderate Allocation Fund, is composed of the following indexes: S&P 500, MSCI EAFE and Barclays U.S. Aggregate. The composition of the index may change based on the fund s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the fund s objective., created by Invesco to serve as a benchmark for Invesco Moderate Allocation Fund, is composed of the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. The composition of the index may change from time to, created by Invesco to serve as a benchmark for Invesco Moderate Growth Allocation Fund, is composed of the S&P 500, the MSCI EAFE and the Barclays U.S. Aggregate. The composition of the index may change from time to time based on the target asset allo, created by Invesco to serve as a benchmark for Invesco Moderate Growth Allocation Fund, is composed of the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. The composition of the index may change from t, created by Invesco to serve as a benchmark for Invesco Moderately Conservative Allocation Fund, is composed of the following indexes: Russell 3000, MSCI EAFE, FTSE NAREIT Equity REITs and Barclays U.S. Universal. The composition of the index

13 may chang Custom Municipal is an unmanaged index comprising Barclays Long Municipal from October 1, 1992, to March 31, 1996, and 50% Barclays 10-Year Municipal /50% Barclays 5-Year Municipal thereafter. Custom Pacific Growth Custom Premium Income Custom Select Real Estate Income, created by Invesco to serve as a benchmark for Invesco Pacific Growth Fund, comprises 50% MSCI Japan and 50% MSCI All Country Asia Pacific ex-japan ND., created by Invesco to serve as a benchmark for Invesco Premium Income Fund, comprises the following indexes: S&P 500 (50%) and Barclays U.S. Universal (50%). The S&P 500 is an unmanaged index considered representative of the US stock market. Barclays U.S. Universal index is an unmanaged index comprising US dollardenominated, taxable bonds that are rated investment grade or below investment grade., created by Invesco to serve as a benchmark for Invesco Select Real Estate Income Fund, comprises the following indexes: FTSE NAREIT Equity REIT (50%) and Wachovia Hybrid and Preferred Securities REIT (50%). Custom Short Duration High Yield Municipal consists of 60% S&P Municipal Bond High Yield, 40% S&P Municipal Bond Short. Custom Strategic Real Return consists of 45% The BofA Merrill Lynch US Inflation Linked Treasury, 30% S&P/LSTA Leveraged Loan Total Return and 25% The BofAMerrill Lynch US High Yield Constrained. An investment cannot be made directly in an index. Invesco,, FactSet Research, S&P Dow Jones Indices LLC Custom V.I. Balanced-Risk Allocation Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates ( BofAML ) indices and related information, the name Bank of America Merrill Lynch, and related trademarks, are intellectual property licensed from BofAML, and may not be copied, used, or distributed without BofAML s prior written approval. The licensee s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed or promoted by BofAML. BOFAML MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS)., created by Invesco to serve as a benchmark for Invesco V.I. Balanced-Risk Allocation Fund, comprises the following indexes: MSCI World (60%) and Barclays U.S. Aggregate (40%). Prior to 5/2/2011, the index was comprised of (65%) MSCI World, (30%) J.P. Morgan GBI Global, and (5%) Citigroup 3-Month Treasury Bill. Custom V.I. Balanced-Risk Allocation (OLD), created by Invesco to serve as a benchmark for Invesco V.I. Balanced-Risk Allocation Fund, comprises 60% MSCI World ND and 40% Barclays U.S. Aggregate. Custom V.I. Global Multi-Asset Fund, created by Invesco to serve as a benchmark for Invesco V.I. Global Multi-Asset Fund, comprises the following indexes: MSCI World (54%) and Barclays U.S. Universal (46%).

14 DB Emerging Market USD Liquid Balanced DB Global Short Maturity High Yield Bond DBIQ Diversified Agriculture TR DBIQ Opt Yield Diversified Comm ER DBIQ Opt Yield Diversified Comm TR DBIQ Opt Yield Diversified Comm TR DEX 91-Day Treasury Bill DEX Universe Bond Dow Jones Brookfield Global Infrastructure Dow Jones EPAC Select Dividend Dow Jones Industrial tracks the potential returns of a theoretical portfolio of liquid emerging markets U.S. dollar-denominated government bonds issued by approximately 22 emerging-market countries. The countries in the are selected annually pursuant to a proprietary index methodology and the membership list is rebalanced quarterly. tracks US and foreign short-term, non-investment grade bonds denominated in US dollars and is rebalanced quarterly and re-weighted annually. performance prior to Oct. 19, 2009, reflects that of the original underlying index, DBLCI (Deutsche Bank Liquid Commodity ) Optimum Yield Agriculture Excess ReturnTM. From Oct. 19, 2009, to Dec. 31, 2010, the index performance reflects that of DBLCI Diversified Agriculture Excess ReturnTM. Since Dec. 31, 2010, the index performance reflects that of DBIQ (Deutsche Bank Quant Group s) Diversified Agriculture Excess ReturnTM. The only difference between the DBLCI Diversified Agriculture Excess Return and the DBIQ Diversified Agriculture Excess Return is a name change. is composed of futures contracts on 14 heavily traded commodities across the energy, precious metals, industrial metals and agriculture sectors. performance prior to May 24, 2006, reflects that of the original underlying index, the non-optimum Yield version of Deutsche Bank Liquid Commodity TM (DBLCI). From May 24, 2006, to Oct. 16, 2009, index performance reflects that of the Optimum Yield version of DBLCI. From Oct. 19, 2009, to Jan. 1, 2011, the index performance reflects that of DBLCI Optimum Yield Diversified Excess ReturnTM. From Jan. 1, 2011, forward, the index performance reflects that of DBIQ (Deutsche Bank Quant Group s) Optimum Yield Diversified Commodity Excess ReturnTM. The only difference between the DBLCI Optimum Yield Diversified Excess Return and the DBIQ Optimum Yield Diversified Commodity Excess Return is a name change. is a rules-based index composed of futures contracts on 14 of the most heavily traded physical commodities. measures the return attributable to 91-day Treasury Bills. It is maintained by Scotia McLeod. is a capitalization-weighted index with more than 950 Canadian bonds, and includes high quality bonds with terms-to-maturity of greater than one year. is an unmanaged index considered representative of stocks of companies worldwide whose primary business is the ownership and operation of infrastructure assets. is an unmanaged index considered representative of high dividend-paying companies in Europe, Canada and Asia-Pacific region. is a price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange. Invesco, Bloomberg L.P. Invesco, Bloomberg L.P. Dow Jones Select MicroCap is an unmanaged index considered representative of micro-cap stocks.

15 Dow Jones STOXX 600 comprises 600 components considered representative of large-, mid- and small-cap European companies. Dow Jones U.S. Banks is an unmanaged index tracking US banking stocks. Dow Jones U.S. Basic Materials is an unmanaged index considered representative of the basic materials sector. Dow Jones U.S. Consumer Goods is an unmanaged index considered representative of the consumer goods sector. Dow Jones U.S. Consumer Services is an unmanaged index considered representative of the consumer services sector. Dow Jones U.S. Contrarian Opportunities is a transparent, rules-based tool for benchmarking contrarian investment strategies. The index is designed to systematically measure the performance of stocks that lag behind the broader market in terms of recent performance, but that outrank their peers based on fundamentals-based and other qualitative criteria. Dow Jones U.S. Financials is an unmanaged index considered representative of the financials sector. Dow Jones U.S. Health Care is an unmanaged index considered representative of the health care sector. Dow Jones U.S. Health Care is an unmanaged index considered representative of the health care providers subsector. Dow Jones U.S. Oil & Gas is an unmanaged index considered representative of the oil and gas sector. Dow Jones U.S. Real Estate is a float-adjusted, capitalization-weighted, real-time index that provides a broad measure of the US real estate securities market. Dow Jones U.S. Select Dividend represent the country's leading stocks by dividend yield. Dow Jones U.S. Select Dividend represent the country's leading stocks by dividend yield. Dow Jones U.S. Technology is an unmanaged index considered representative of the technology sector. Dow Jones U.S. Telecommunications is an unmanaged index considered representative of the telecommunications sector. Dow Jones U.S. Utilities is an unmanaged index considered representative of the utilities sector. Dow Jones UBS Commodity DWA Basic Materials Technical Leaders DWA Consumer Cyclicals Technical Leaders is an unmanaged index designed to be a highly liquid and diversified benchmark for the commodity future market. selects a minimum of 30 securities with powerful relative strength characteristics from the Basic Materials sector. selects a minimum of 30 securities with powerful relative strength characteristics from the Consumer Cyclicals sector.

16 DWA Consumer Staples Technical Leaders DWA Developed Markets Technical Leaders DWA Developed Markets Technical Leaders DWA Emerging Markets Technical Leaders DWA Emerging Markets Technical Leaders DWA Energy Technical Leaders DWA Financials Technical Leaders DWA Healthcare Technical Leaders DWA Industrials Technical Leaders DWA NASDAQ Technical Leaders DWA SmallCap Technical Leaders DWA Technical Leaders DWA Technology Technical Leaders DWA Utilities Technical Leaders Dynamic Biotech & Genome Intellidex selects a minimum of 30 securities with powerful relative strength characteristics from the Consumer Staples sector. The index is computed using the gross return, which does not withhold applicable taxes for non-resident This index is computed using the net return which withholds taxes for non-resident The index is computed using the gross return, which does not withhold applicable taxes for non-resident This index is computed using the net return which withholds taxes for non-resident selects a minimum of 30 securities with powerful relative strength characteristics from the Energy sector. selects a minimum of 30 securities with powerful relative strength characteristics from the Financials sector. selects a minimum of 30 securities with powerful relative strength characteristics from the Healthcare sector. selects a minimum of 30 securities with powerful relative strength characteristics from the Industrials sector. selects 100 securities with powerful relative strength characteristics that trade on The NASDAQ Stock Market. includes approximately 200 companies pursuant to a proprietary selection methodology that is designed to identify companies that demonstrate powerful relative strength characteristics from a small-cap universe of approximately 2,000 US-listed companies. selects approximately 100 US-listed stocks with powerful relative strength characteristics. The is constructed pursuant to Dorsey, Wright & Associates, LLC's proprietary methodology, which takes into account, among other factors, the performance of each of the approximately 1,000 largest companies in the eligible universe as compared to a benchmark index. selects a minimum of 30 securities with powerful relative strength characteristics from the Technology sector. selects a minimum of 30 securities with powerful relative strength characteristics from the Utilities sector. is comprised of stocks of 30 U.S. biotechnology and genome companies. These are companies that are principally engaged in the research, development, manufacture and marketing and distribution of various biotechnological products, services and processes and companies that benefit significantly from scientific and technological advances in biotechnology and genetic engineering and research. AMEX

17 Dynamic Building & Construction Intellidex Dynamic Energy Exploration & Production Intellidex Dynamic Food & Beverage Intellidex Dynamic Large Cap Growth Intellidex Dynamic Large Cap Value Intellidex Dynamic Leisure & Entertainment Intellidex Dynamic Market Intellidex Dynamic Media Intellidex Dynamic Networking Intellidex is comprised of stocks of 30 U.S. building and construction companies. These companies are principally engaged in providing construction and related engineering services for building and remodeling residential properties, commercial or industrial buildings; or working on large-scale infrastructure projects such as highways, tunnels, bridges, dams, power lines, and airports. is comprised of stocks of 30 U.S. companies involved in the exploration and production of natural resources used to produce energy. These are companies are principally engaged in exploration, extraction, and production of crude oil and natural gas from land-based or offshore wells. is comprised of stocks of 30 U.S. food and beverage companies. These are companies that are principally engaged in the manufacture, sale or distribution of food and beverage products, agricultural products and products related to the development of new food technologies. is designed to provide capital appreciation while maintaining consistent stylistically accurate exposure. The Style Intellidexes apply a rigorous ten factor style isolation process to objectively segregate companies into their appropriate investment style and size universe. is designed to provide capital appreciation while maintaining consistent stylistically accurate exposure. The Style Intellidexes apply a rigorous 10 factor style isolation process to objectively segregate companies into their appropriate investment style and size universe. is comprised of stocks of 30 U.S. leisure and entertainment companies. These are companies that are principally engaged in the design, production or distribution of goods or services in the leisure and entertainment industries. is a modified equal dollar weighted index composed of 100 stocks selected quarterly from the universe of the two thousand largest stocks by market capitalization based on a proprietary quantitative method. Stocks are selected from the top of each sector and size category in a manner designed to produce an index with sector and size dispersion similar to the overall broad market. is comprised of stocks of 30 U.S. media companies. These are companies that are principally engaged in the development, production, sale and distribution of goods or services used in the media industry. These companies produce and distribute information and entertainment content and may include television and radio stations, broadcast and cable networks, motion picture companies, music producers, print publishers, and providers of content delivered via the internet; as well as direct to home satellite services; traditional cable services; and advertising and related services. is comprised of stocks of 30 U.S. networking companies. These are companies that are principally engaged in the development, manufacture, sale or distribution of products, services or technologies that support the flow of electronic information, including voice, data, images and commercial transactions. AMEX AMEX AMEX AMEX AMEX AMEX AMEX AMEX AMEX

18 Dynamic Oil Services Intellidex Dynamic Pharmaceutical Intellidex Dynamic Retail Intellidex Dynamic Semiconductor Intellidex Dynamic Software Intellidex Euro Overnight Interbank FTSE 100 (price-only) FTSE China A50 is comprised of stocks of 30 U.S. companies that provide support activities for oil and gas operations. The index may include companies that are engaged in the drilling of oil and gas wells; manufacturing oil and gas field machinery and equipment; or providing services to the oil and gas industry such as well analysis, platform and pipeline engineering and construction, logistics and transportation services, oil and gas well emergency management, and geophysical data acquisition and processing. is comprised of stocks of 30 U.S. pharmaceuticals companies. These are companies that are principally engaged in the research, development, manufacture, sale or distribution of pharmaceuticals and drugs of all types. is comprised of stocks of 30 U.S. retailers. These are companies that are principally engaged in operating general merchandise stores such as department stores, discount stores, warehouse clubs and superstores; specialty stores including apparel, electronics, accessories, and footwear stores; and home improvement and home furnishings stores. Dealers of motor vehicles and parts, auction houses, or rental companies may also be included. is comprised of stocks of 30 U.S. semiconductors companies. These are companies that are principally engaged in the manufacture of semiconductors. These companies manufacture semiconductors that serve as the core electronic components of virtually all electronic equipment; companies that make or test chips for third parties; and companies that provide equipment or services used in the production of semiconductors and other thin film products like flat panel displays and thin film heads. is comprised of stocks of 30 U.S. software companies. These are companies that are principally engaged in the research, design, production or distribution of products or processes that relate to software applications and systems and information-based services. is a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the Euro area by the contributing panel banks. is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. is a real-time tradable index comprising the 50 largest A Share companies on a marketcap weighted basis and listed on the Shanghai and Shenzhen stock exchanges. AMEX AMEX AMEX AMEX AMEX FTSE EPRA/NAREIT Developed Asia is an unmanaged index considered representative of listed Asian real estate companies. FTSE EPRA/NAREIT Developed Europe FTSE EPRA/NAREIT Developed ex U.S. FTSE EPRA/NAREIT Developed is an unmanaged index considered representative of listed European real estate companies and REITs. is an unmanaged index considered representative of real estate companies and REITs outside the US. The index is computed using the gross return which does not withhold taxes for non-resident is an unmanaged index considered representative of global real estate companies and REITs. The index is computed using the gross return, which does not withhold taxes for non-resident

19 FTSE EPRA/NAREIT Developed FTSE EPRA/NAREIT Developed FTSE EPRA/NAREIT Global FTSE EPRA/NAREIT Global Real Estate is an unmanaged index considered representative of global real estate companies and REITs. The is computed using the net return which withholds taxes for nonresident is an unmanaged index considered representative of listed real estate companies and REITs worldwide. is a free float, market capitalization-weighted real estate index designed to represent publicly traded equity REITs and listed property companies in 38 countries worldwide, covering both the developed and emerging markets. is designed to track the performance of listed real estate companies and REITS in both developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident FTSE NAREIT All Equity REITs is an unmanaged index considered representative of US REITs. FTSE RAFI Developed Asia Pacific ex Japan FTSE RAFI Developed ex U.S. FTSE RAFI Developed ex U.S. Mid Small 1500 FTSE RAFI Developed ex U.S. Mid Small 1500 FTSE RAFI Emerging Markets FTSE RAFI Emerging Markets FTSE RAFI US 1000 FTSE RAFI US 1500 Small-Mid The index is computed using the net return, which withholds applicable taxes for nonresident The index is computed using the net return, which withholds applicable taxes for nonresident The index is computed using the net return, which withholds applicable taxes for nonresident The index is computed using the gross return which does not withhold taxes for nonresident The index is computed using the net return, which withholds applicable taxes for nonresident The index is computed using the gross return which does not withhold taxes for nonresident is designed to track the performance of the largest U.S. equities, selected based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The 1000 equities with the highest fundamental strength are weighted by their fundamental scores. is designed to track the performance of small and medium-sized U.S. companies. Companies are selected based on the following four fundamental measures of size: book value, cash flow, sales and dividends. Each of the equities with a fundamental weight ranking of 1,001 to 2,500 is then selected and assigned a weight equal to its fundamental weight. FTSE/Xinhua China 25 is an unmanaged index considered representative of Chinese blue chip stocks. Global Listed Private Equity (EUR) comprises 40 to 60 publicly listed private equity companies, including business development companies and other financial institutions or vehicles whose principal business is to invest in and lend capital to privately held companies.

20 Goldman Sachs Health Care is an unmanaged index considered representative of the health care industry. Hang Seng China Enterprises is a free-float capitalization weighted index comprised of H-Shares listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite. Hang Seng Composite comprises the top 200 listed companies on the Hong Kong stock market. HFN Fixed Income Arbitrage HFRI Macro (Total) HFRX Global Hedge Fund Ibbotson Alternative Completion Ibbotson Intermediate-Term Government Bonds Ibbotson Large Company Stocks Ibbotson Long-Term Corporate Bonds includes funds that attempt to exploit pricing inefficiencies between credit sensitive instruments which may include government or corporate debt, structured securities and their related derivatives. Types of arbitrage may include yield curve, swap spread, volatility and capital structure. These funds are often highly leveraged. is one of a series of benchmarks designed to reflect hedge fund industry performance by constructing equal weighted composite of constituent funds, as reported by the hedge fund managers listed within HFR Database. is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. is compiled and calculated by Ibbotson using a proprietary methodology to select underlying exchange-traded funds (ETFs), ETNs, and equity and fixed-income securities covering a group of asset classes and investment strategies that Ibbotson expects to hav is measured using a one-bond portfolio with a maturity near five years. is represented by the S&P 500 Composite (S&P 500) from 1957 to present, and the S&P 90 from1926 to is represented by the Salomon Brothers long-term, high-grade corporate bond total return index. Ibbotson Long-Term Government Bonds is measured using a one-bond portfolio with a maturity near 20 years. Ibbotson Small Company Stocks Ibbotson U.S. Treasury Bills is represented by the fifth capitalization quintile of stocks on the NYSE from 1926 to 1981 and the performance of the Dimensional Fund Advisors (DFA) Micro Cap Fund thereafter. is measured by rolling over each month a one-bill portfolio containing, at the beginning of each month, the bill having the shortest maturity not less than one month. imoneynet First Tier Institutional Category is a group average of money market funds that invest in any allowable Rule 2a-7 investment, excluding second tier paper. imoneynet Government Institutional Category is a group average of money market funds that invest in US Treasuries, US Agencies, repurchase agreements, and government-backed floating rate notes.