Valuation and correlation
February 21, 2014
Source for forward earnings data: Bloomberg, as of January 2014. Forward earnings is a measure of the price-to-earnings ratio (P/E) using forecasted earnings for the P/E calculation.
The views expressed represent the Manager’s assessment of the Fund and market environment as of January 2014, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.
Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectuses and their summary prospectuses, which may be obtained by visiting the fund literature page or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
IMPORTANT RISK CONSIDERATIONS
Investing involves risk, including the possible loss of principal.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Not FDIC Insured | No Bank Guarantee | May Lose Value