Important information and disclosures
General Risk Disclosures:
The value of large cap securities rises and falls in response to the activities of the company that issued them, general market conditions, and/or economic conditions.
Defensive style emphasizes investments in equity securities of companies that are believed to have lower than average stock price volatility, characteristics indicating high financial quality, (which may include lower financial leverage) and/or stable business fundamentals.
Dynamic style emphasizes investments in equity securities of companies that are believed to be currently undergoing or are expected to undergo positive change that will lead to stock price appreciation. Dynamic stocks typically have higher than average stock price volatility, characteristics indicating lower financial quality, (which may include greater financial leverage) and/or less business stability.
Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks.
Investments in global equity may be significantly affected by political or economic conditions and regulatory requirements in a particular country. International markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Emerging or developing markets involve exposure to economic structures that are generally less diverse and mature. Such securities may be less liquid and more volatile.
Commodities may have greater volatility than traditional securities. The value of commodities may be affected by changes in overall market movements, changes in interest rates or sectors affecting a particular industry or commodity, and international economic, political and regulatory developments.
Investments in infrastructure-related companies have greater exposure to adverse economic, financial, regulatory, and political risks, including, governmental regulations. Global securities may be significantly affected by political or economic conditions and regulatory requirements in a particular country.
Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks. Investments in international markets can involve risks of currency fluctuation, political and economic instability, different accounting standards, and foreign taxation.
Bond investors should carefully consider risks such as interest rate and credit risks. An increase in volatility and default risk are inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, with exposure to sub-prime mortgages. Investment in international and emerging market debt is subject to currency fluctuations and to economic and political risks.
The information, analyses and opinions set forth herein are intended to serve as general information only and should not be relied upon by any individual or entity as advice or recommendations specific to that individual entity. It is not intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. Anyone using this material should consult with their own attorney, accountant, financial or tax or consultants on whom they rely for investment advice specific to their own circumstances.
This analysis is not meant to serve as a direct prediction regarding the future performance of any economic or financial market. Similarly, they are in no way intended to predict or guarantee future investment performance of any sort. Other economic or financial market indicators not considered in this analysis may produce different results.
Indexes shown are market indicators and are for comparative purposes only. Indexes are unmanaged and cannot be invested in directly. Returns represent past performance, are not a guarantee of future performance.
Please remember that all investment markets carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative returns.
Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets.
The returns provided for each Russell Index include data for periods prior to when each Russell Index was in live production. Historical returns for these Russell Indexes prior to the live production date are calculated using the same Russell methodology; however, application to the performance calculation may vary due to data sources, corporate actions and the availability of historical data with respect to certain securities.
Returns for the Stability Indexes prior to July 1996 were constructed for research purposes. Historical returns were calculated using the same Russell methodology; however, application to the performance calculation may vary due to data sources, corporate actions, and the availability of historical data with respect to certain securities.
LARGE CAP U.S. EQUITY: Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe.
LARGE CAP DEFENSIVE U.S. EQUITY: Russell 1000® Defensive Index measures the performance of the large-cap defensive segment of the U.S. equity universe. It includes those Russell 1000 Index companies with relatively stable business conditions which are less sensitive to economic cycles, credit cycles, and market volatility based on their stability variables. Stability is measured in terms of volatility (price and earnings), leverage, and return on assets.
LARGE CAP DYNAMIC U.S. EQUITY: Russell 1000® Dynamic Index measures the performance of the large-cap dynamic segment of the U.S. equity universe. It includes those Russell 1000 Index companies with relatively less stable business conditions which are more sensitive to economic cycles, credit cycles and market volatility based on their stability variables. Stability is measures in terms of volatility (price and earnings), leverage, and return on assets.
SMALL CAP U.S. EQUITY: Russell 2000® Index measures the performance of 2000 issues representative of the U.S. small capitalization securities market.
NON-U.S. EQUITY: Russell Developed ex-U.S. Large Cap Index offers investors access to the large-cap segment of the developed equity universe, excluding securities classified in the U.S., representing approximately 40% of the global equity market. This index includes the largest securities in the Russell Developed ex-U.S. Index.
GLOBAL EQUITY: Russell Developed Large Cap Index offers investors access to the large-cap segment of the developed equity universe representing approximately 70% of the global equity market. This index includes the largest securities in the Russell Developed Index.
EMERGING MARKETS: Russell Emerging Markets Index measures the performance of the largest investable securities in emerging countries globally, based on market capitalization. The index covers 21% of the investable global market.
COMMODITIES: Dow Jones — UBS Commodity Total Return Index℠ is a broadly diversified collateralized commodities futures index comprised of futures contracts on 20 physical commodities.
GLOBAL INFRASTRUCTURE: S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The index has balanced weights across three distinct infrastructure clusters: utilities, transportation and energy.
GLOBAL REAL ESTATE: FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. This index is calculated by FTSE. Neither FTSE, Euronext N. V., NAREIT nor EPRA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability.
CASH: Citigroup 3-Month U.S. Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. It consists of the last three three-month Treasury Bill month-end rates. Returns for this index are calculated monthly since January 1978 and daily since October 2009. © 2013 Citigroup Index LLC. All rights reserved.
GLOBAL HIGH YIELD BONDS: Bank of America Merrill Lynch (BofAML) Global High Yield Index tracks the performance in U.S. dollars on either a currency hedged or unhedged basis of Canadian Dollar, British sterling, U.S. dollar and euro denominated developed market below investment grade corporate debt publicly issued in the major US or eurobond markets. Source: Merrill Lynch, used with permission. Merrill Lynch is licensing the Merrill Lynch Indices "as is," makes no warrants regarding same, does not guarantee the quality, accuracy, and/or completeness of the Merrill Lynch Indices or any data included therein or derived therefrom, and assumes no liability in connection with their use. The index is not for redistribution purposes, and should only be used in conjunction with the reference material. Russell believes that the hedged version of the index is a more appropriate benchmark for the Fund.
EMERGING MARKETS DEBT: JP Morgan Emerging Markets Bond Index Plus tracks total returns for traded external-currency-denominated debt instruments in the emerging markets, including Brady bonds, loans, Eurobonds and U.S. dollar-denominated local market issues.
This communication is for informational purposes only and is intended solely for your use. No one may reproduce or disseminate the information contained in these materials without the prior written consent of JPMorgan Chase & Co. ("JPMorgan").
All information provided herein regarding JPMorgan Index products (referred to herein as "Index" or "Indices"), including without limitation, the levels of the Indices, is provided for informational purposes only and nothing herein constitutes, or forms part of, an offer or solicitation for the purchase or sale of any financial instrument, or an official confirmation of any transaction, or a valuation or price for any product referencing the Indices. Nor should anything herein be construed as a recommendation to adopt any investment strategy or as legal, tax or accounting advice. All market prices, data and other information contained herein is believed to be reliable but JPMorgan does not warrant its completeness or accuracy. The information contained herein is subject to change without notice. Past performance is not indicative of future returns, which will vary. JPMorgan and/or its affiliates and employees may hold positions (long or short), effect transactions or act as market maker in the financial instruments of any issuer data contained herein or act as underwriter, placement agent, advisor or lender to such issuer.
J.P. Morgan Securities LLC ("JPMS") (the "Index Sponsor") does not sponsor, endorse or otherwise promote any security or financial product or transaction (each the "Product") referencing any of the Indices. The Index Sponsor makes no representation or warranty, express or implied, regarding the advisability of investing in securities or financial products generally, or in the Product particularly, or the advisability of any of the Indices to track investment opportunities in the financial markets or otherwise achieve their objective. The Index Sponsor has no obligation or liability in connection with the administration, marketing or trading of any Product. The Index is derived from sources that are considered reliable, but the Index Sponsor does not warrant its completeness or accuracy or any other information furnished in connection with the Index.
The Index is the exclusive property of the Index Sponsor and the Index Sponsor retains all property rights therein.
JPMS is a member of NASD, NYSE and SIPC. JPMorgan is the marketing name for the investment banking activities of JPMorgan Chase Bank, N.A., JPMS, J.P. Morgan Securities Ltd. (authorized by the FSA and member, LSE) and their investment banking affiliates.
Additional information is available upon request. All inquiries regarding the information contained in this communication should be directed to email@example.com. Additional information regarding the Indices may be found on www.morganmarkets.com.
Copyright JPMorgan Chase & Co. All rights reserved.
U.S. BONDS: Barclays U.S. Aggregate Bond Index with income reinvested, generally representative of intermediate-term government bonds, investment-grade corporate debt securities and mortgage-backed securities.
Russell Investments or its affiliates make no representations regarding the data that results dependent upon such information and hereby disclaim all warranties related to information and results are dependent hereon, including but not limited to warranties of merchantability or fitness for any particular purpose.
Russell Investment Group, a Washington USA corporation, operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company.
The Russell logo is a trademark and service mark of Russell Investments.
Copyright © Russell Investments 2013. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an “as is” basis without warranty.
Russell Financial Services, Inc., member FINRA (www.finra.org), part of Russell Investments.
First used April 2013