MSCI All Country World Free Index

Morgan Stanley Capital International's market capitalization-weighted index composed of companies representative of the market structure of 47 Developed and Emerging Market countries in the Americas, Europe/Middle East, and Asia/Pacific Regions. The index is calculated without dividends or with gross dividends reinvested, in both US Dollars and Local. The MSCI ACW Free Index excludes closed markets and those shares in otherwise free markets which are not purchasable by foreigners. Countries include:

Argentina

Hungary

Philippines

Australia

India

Poland

Austria

Indonesia

Portugal

Belgium

Ireland

Singapore

Brazil

Israel

South Africa

Canada

Italy

Spain

Chile

Japan

Sri Lanka

China

Jordan

Sweden

Colombia

Korea      

Switzerland

Czech Republic      

Malaysia

Taiwan

Denmark

Mexico

Thailand

Finland

Netherlands

Turkey

France

New Zealand

United Kingdom

Germany

Norway

United States

Greece

Pakistan

Venezuela

Hong Kong

Peru