PATHS TO OPPORTUNITY

INDEX DEFINITIONS

• Barclays 1-10 Year Municipal Bond Index is a broad market performance benchmark for the tax-exempt bond market. It is rule-based and market weighted.
• Barclays U.S. High Yield 2% Issuer Cap Index is an unmanaged, market-value weighted index that tracks the performance of fixed rate, publicly placed, dollar-denominated, and non-convertible debt registered with the SEC that carries either a Moody's credit rating ranging from Ba1 to Ba3, an S&P credit rating ranging from BB+ to BB-, or a Fitch credit rating ranging from BB+ to BB-.
• J.P. Morgan CEMBI Index tracks U.S. dollar-denominated debt issued by emerging market corporations.
• J.P. Morgan EMBIG Index tracks the total return for the U.S. dollar-denominated emerging markets debt, including Brady bonds, Eurobonds and loans. It does not include fees or expenses.
• J.P. Morgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues.
• J.P. Morgan Single B High Yield Index is designed to mirror the investable universe of the U.S. dollar domestic single B high yield corporate debt market.
  Merrill Lynch 1–10 Year A Rated and Above Index tracks the performance of U.S. dollar-denominated investment grade corporate public debt (with a rating of A or higher) issued in the U.S. domestic bond market.
• Merrill Lynch U.S. Treasuries 1–10 Year Index is an unmanaged index tracking short-term government securities with maturities between 1 and 9.99 years.
  S&P 500 Total Return Index consists of 500 stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock's weight in the index proportionate to its market value. All returns include reinvested dividends except where indicated otherwise.
• S&P Leverage Loan Index covers the U.S. market back to 1997 and currently calculates on a daily basis. It is based on market weightings, spreads and interest payments, and is run in partnership between S&P and the Loan Syndications & Trading Association —the loan market's trade group. Term loans from syndicated credits must meet the following criteria at issuance in order to be eligible for inclusion in the index: senior secured, minimum initial term of one year, and the minimum initial spread of LIBOR + 125 basis points.
• S&P 500 Technology Index is part of the Select Sector Indices series, and a member of the S&P 500 Index, and every S&P 500 member is assigned to a unique Select Sector Index.
• S&P Select Industry Indices are designed to measure the performance of narrow Global Industry Classification Standard (GICS®) sub-industries.