Aggressive Allocation Composite Index: a blended benchmark consisting of 64% Russell 3000 Index, 26% MSCI EAFE Index, and 10% Lehman US Credit Index, as calculated by the Adviser.
Calvert Social IndexTM: a broad-based, rigorously constructed benchmark for measuring the performance of large cap and mid-cap US-based socially responsible companies.
Conservative Allocation Composite Index: a blended benchmark consisting of 22% Russell 3000 Index, 8% MSCI EAFE Index, 60% Lehman US Credit Index, and 10% T-Bill 3-Month Index, as calculated by the Adviser.
Lehman 1-5 Yr US Credit Index: consists of publicly issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered.
Lehman 1-Year Municipal Bond Index: an unmanaged index composed of national municipal bond issues with a maturity range of 1-2 years.
Lehman 3-Year Municipal Bond Index: a broad-based, unmanaged index of investment grade bonds with maturities of greater than two years and less than four years. All dividends are reinvested. It is not available for investment and does not reflect fees, brokerage commissions or other expenses of investing.
Lehman Municipal 7-Year Bond Index: A subset of the Lehman Municipal Bond Index. It includes maturities of six to eight years.
Lehman Municipal 10-year Bond Index: a total return subset of the Lehman Municipal Bond Index. It includes maturities of nine to 12 years.
Lehman Municipal Bond Index: a broad-based, total return index. The Index is comprised of 8.000 actual bonds. The bonds are all investment-grade, fixed-rate, long-term maturities (greater than two years) and are selected from issues larger than $50 million dated since January 1984. Bonds are added to the Index and weighted and updated monthly, with a one-month lag.
Lehman U.S. Credit Index: a subindex of the Lehman U.S. Government/Credit Index. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government. The index is calculated monthly on price-only and total-return basis. All returns are market value-weighted inclusive of accrued interest.
Lehman U.S. Long Government/Credit Bond Index: the long component of the Lehman US Government/Credit Index, a widely recognized index that features a blend of US Treasury, government-sponsored (US Agency and supranational), mortgage, and corporate securities limited to a maturity of more than ten years.
Lipper "A" Rated Bond Fund Index: composed of funds that invest at least 65% of funds' assets in corporate debt issues rated "A" or better or government issues.
Lipper "A" Rated Corporate Debt Fund Index: comprised of funds that invest at least 65% of funds' assets in corporate debt issues rated "A" or better or government issues.
Lipper Balanced Fund Index: tracks funds whose primary objective is to conserve principal by maintaining, at all times, a balanced portfolio of both stocks and bonds. Typically, the stock/bond ratio ranges around 60%/40%.
Lipper BBB Rated Corporate Debts Funds Average: comprised of funds that invest at least 65% of fund assets in corporate and government debt issues rated in the top four grades.
Lipper California Intermediate Municipal Debt Fund Index: comprised of funds that invest at least 65% of assets in municipal debt issues that are exempt from taxation in California, with dollar-weighted average maturities of five to 10 years.
Lipper General Municipal Debt Fund Index: tracks funds that invest at least 65% of assets in municipal debt issues in the top four credit ratings.
Lipper Intermediate Municipal Debt Fund Index: tracks funds that invest in municipal debt issues with dollar-weighted average maturities of five to 10 years.
Lipper International Funds Index: tracks funds which invest assets in securities whose primary trading markets are outside of the United States.
Lipper Large-Cap Core Index: tracks funds that invest at least 75% of their equities in large capitalization companies as defined by Lipper. Large-cap core funds have wide latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio and three-year sales-per-share growth value, compared to the large-cap universe average.
Lipper Large Cap Fund Index: tracks funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalization (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P Super Composite 1500 Index.
Lipper Large-Cap Growth Index: Funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.
Lipper Mid-Cap Growth Fund Index: tracks funds that, by prospectus or portfolio practice, invest at least 75% of their equity assets in companies with market capitalization (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P Super Composite 1500 Index.
Lipper Multi-Cap Core Index: tracks funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time.
Lipper Multi-Cap Growth Fund Index: tracks funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one capitalization range over an extended period of time. Multi-cap funds typically have between 25% to 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P Super Composite 1500 Index.
Lipper Short Investment Grade Debt Fund Index: tracks funds that invest primarily in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of less than three years.
Lipper Short Municipal Debt Fund Index: tracks funds that invest in municipal debt issues with dollar-weighted average maturities of less than three years.
Lipper Small-Cap Core Index: Funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.
Lipper Small Cap Fund Index: tracks funds that, by prospectus or portfolio practice, invest at least 75% of their equity assets in companies with market capitalization (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P Super Composite 1500 Index.
Lipper Small-Cap Value Index: Funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of S&P SuperComposite 1500 Index. Small-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index.
Lipper Tax-Exempt Money Market Fund Index: composed of high-quality municipal obligations with dollar-weighted average maturities of less than 90 days. These funds intend to keep a constant NAV.
Lipper US Government Money Market Fund Index: composed of funds that invest principally in #nancial instruments issued or guaranteed by the US Government, its agencies or its instrumentalities, with dollar-weighted average maturities of less than 90 days. These funds intend to keep a constant NAV.
Moderate Allocation Composite Index: a blended benchmark consisting of 47% Russell 3000 Index, 18% MSCI EAFE Index, 30% Lehman US Credit Index, and 5% T-Bill 3-Month Index, as calculated by the Adviser.
Morgan Stanley Capital International Europe, Australia and Far East (MSCI/EAFE) Index: measures performance for a diverse range of developed country global stock markets -- the database is approximately 1,500. These indexes are calculated in US dollars and in local currency, without dividends, with net dividends or with gross dividends reinvested.
Russell® 1000 Index: a capitalization-weighted price-only index which is comprised of 1000 of the largest capitalized US-domiciled companies whose common stock trade in the United States on the New York Stock Exchange, American Stock Exchange and Nasdaq and which are included in the Russell® 3000 Index. This large cap market-oriented Index is highly correlated with the S&P 500 Index.
Russell® 2000 Index: composed of 2,000 securities with market values ranging from $25 to $275 million. The Growth Index is comprised of securities in the Russell® 2000 Index with higher price-to-book ratios and higher forecasted growth.
Russell® 2000 Value Index: measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
Russell 3000® Index: measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Russell Midcap® Index: measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index.
Russell Midcap® Growth Index: Measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index.
Russell Midcap® Value Index: measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Growth index.
S&P 500 Index: a market capitalization-weighted price-only index comprised of 500 widely held common stocks listed on the New York Stock Exchange, American Stock Exchange and Over-The-Counter market.
Lehman 3-Month T-Bill Bellwether Index: is generally representative of the average yield of three-month US Treasury Bills.
Source: Lipper Analytical Services, Inc; Frank Russell Company