Disclosures and Terms of Use

Please read the following carefully:

I. Introduction
These Terms of Use governs your access and use of the website of the Principal Financial Group®, its affiliates and subsidiaries (as used here “The Principal®” refers to the Principal Financial Group, its affiliates and subsidiaries, jointly and severally). Edge Asset Management is a registered investment adviser affiliated with The Principal®. This communication is not a solicitation or offer to sell investment advisory services except in states where we are registered or where an exemption or exclusion from such registration exists. Edge Asset Management only offers its services and products where it is allowed to do so; therefore, products and services may not be available to you.

II. Acceptance of Terms and Conditions of Use
By using this site, you signify your acceptance of our Terms and Conditions of Use. Read them carefully before continuing. If you do not agree to these terms, do not use this site. We reserve the right at our discretion, to change, modify, add or remove portions of these terms at any time. We suggest that you revisit these terms periodically for changes. If you use this site after we post changes to the terms, you accept the changed terms.

The information provided on this site is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation or which would subject us or our affiliates to any registration requirement within such jurisdiction. We expressly reserve the right to monitor any and all use of this site. Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by us or our affiliates to buy or sell any securities or provide any investment advice or service.

III. Copyright and Other Notices
The content found on Web sites of The Principal, including without limitation, the text, graphics, videos, selection and arrangement of information, and page layouts, is protected by copyright and other intellectual property laws and treaties. You may download and print copyrighted materials for your personal non-commercial use only. You may not modify, transmit, or distribute any of the copyrighted materials without the specific written consent of The Principal. Trademarks, service marks and logos used on Web sites of The Principal are registered and unregistered trademarks, protected by the laws of the United States and other countries worldwide. Trademarks, service marks and logos used on these Web sites that have been provided by others are the property of their respective owners. You may not use any of the trademarks, service marks or logos found on these Web sites without the specific written consent of The Principal or their respective owners.

IV. Indemnity
You agree to defend, indemnify, and hold harmless The Principal, its officers, directors, managers, members, employees, affiliates and agents from and against any claims, actions, or demands, including without limitation reasonable legal and accounting fees, alleging or resulting from your use of this site and the content herein (including software) or your breach of the Terms and Conditions of Use. The Principal shall provide notice to you of any such claim, suit, or proceeding and shall assist you, at your expense, in defending any such claim, suit, or proceeding.

V. Privacy
All personal information is subject to the PFG Online Privacy and Securities Policies both of which may be obtained here:
Online Privacy Policy
Online Security Policy

This website is not directed toward children. We do not knowingly collect or post information from children under the age of 13. You can learn more about children's privacy and the Children's Online Privacy Protection Act (COPPA) at the Federal Trade Commission's website.

VI. Links to Other Sites - Limitation of Liability
The Principal may provide, or third parties may provide, for your convenience and information only, links to other World Wide Websites. Because The Principal does not have control over these sites, you agree that The Principal is not responsible for any liability resulting from the access or use of sites not owned by The Principal and that The Principal is not responsible for any content, advertising, product, or any other matter or issue, available through the World Wide Web, whether linked to, or from, this site. Further, you agree that The Principal shall not be responsible or liable, directly or indirectly, for any damage or loss caused, or alleged to be caused by or in connection with the use of websites The Principal does not own.

VII. Disclaimer of Warranty and Limitation of Liability
The information on this site is provided "AS IS". We do not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose and expressly disclaim any warranties of merchantability or fitness for a particular purpose. YOU AGREE THAT YOUR ACCESS TO, AND USE OF, THIS SITE AND THE CONTENT HEREIN IS AT YOUR RISK. YOU AGREE, THAT UNDER NO CIRCUMSTANCES SHALL THE PRINCIPAL OR ITS AFFILIATES BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES ARISING FROM INTERCEPTION BY THIRD PARTIES OF ANY INFORMATION MADE AVAILABLE TO YOU VIA THIS SITE, VIRUSES, WORMS, TROJAN HORSES OR OTHER CODE THAT HAS CONTAMINATING OR DESTRUCTIVE PROPERTIES OR YOUR REFERENCING, USING, ACCESSING, INABILITY TO USE OR ACCESS OR LINKING TO OR FROM THIS SITE OR ANY ERRORS OR OMISSIONS IN THE CONTENT HEREOF. There are some jurisdictions that do not allow for the exclusion of certain warranties or the limitation or exclusion of liability for consequential or incidental damages. Based on this conclusion, the liability of the Edge Asset Management and its affiliates is limited to the greatest extent permitted by law.

The information provided on this site has been prepared for educational purposes only and should not be considered legal, tax or investment advice. The information is not a solicitation or an offer to sell securities or provide investment advisory services. Products and services directly offered by Edge Asset Management are intended for institutional investors and may not be available for non-institutional investors. Please consult with a qualified legal, tax or financial professional regarding your individual circumstances. All written content is for informational purposes only and may not constitute a complete description of available investment services or performance. This website provides economic and investment commentary that represents the opinions of members of the Edge Asset Management Such opinion cannot be guaranteed and should not be considered investment advice. They may be subject to change without notice. Although the information in this website is obtained from sources deemed to be reliable, neither Edge Asset Management nor its affiliates can guarantee the accuracy of the information, which may be subject to change without notice. Past performance does not guarantee future results.

Though Edge may seek to attain the described strategy Edge cannot guaranteed it will adhere to the objectives.

It should not be assumed that securities identified will prove to be profitable or have been chosen for investment within our portfolios. Any reference to a specific security does not constitute a recommendation to buy, sell or hold such security.

VIII. Organizational Affiliation
Investment management services are provided by Edge Asset Management, a wholly owned subsidiary of Principal Management Corporation.
Principal Global Investors is the asset management arm of the Principal Financial Group ® (The Principal®)1 and includes the asset management operations of the following subsidiaries of The Principal:  Principal Global Investors, LLC; Principal Real Estate Investors, LLC2 Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management; Morley Financial Services Inc.; Finisterre Capital, LLP; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; CIMB-Principal Islamic Asset Management Sdn. Bhd.; and the majority owned affiliates of Principal International, Inc. Assets under management includes assets managed by investment professionals of Principal Global Investors under dual employee arrangements with other subsidiaries of The Principal.
1 "The Principal Financial Group" and "The Principal" are registered trademarks of Principal Financial Services, Inc., a member of the Principal Financial Group.
2 Principal Real Estate Investors, LLC is the dedicated real estate group of Principal Global Investors. Principal Real Estate Investors, LLC is a registered investment adviser and a member of the Principal Financial Group. Certain members of Principal Real Estate Investors, LLC previously operated as Principal Capital Management, Principal Capital Real Estate Investors, BT Funds Management or the investment department of Principal Life Insurance Company. Principal Real Estate Investors, LLC maintains a complete list and description of composites, which is available upon request.

In 2006, Principal Financial Group acquired WM Advisors, Inc. an investment adviser to the WM Group of Funds, Inc. from Washington Mutual Bank. WM Advisors, Inc. was later renamed Edge Asset Management WM Advisors, Inc. was previously known as Composite Research & Management Company.

IX. Termination and Blocking
You agree that The Principal reserves the right to terminate and/or block your use or access of its Web sites for any reason without prior notice to you.

X. No Legal or Investment Advice; Calculators/Calculations
While this communication may be used to promote or market a transaction or an idea that is discussed in the Web sites of The Principal, it is intended to provide general information about the subject matter covered and is provided with the understanding that The Principal is not rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements. Seek advice from qualified providers before you make any investment or retirement decisions.

XI. Statistical Information
Edge Asset Management has neither calculated nor verified the statistical information provided. Following are definition of presented terms.

Average Effective Duration – A time measure of a bond's interest-rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond's price. (A bond's cash flows consist of coupon payments and repayment of capital).

Average Effective Maturity – Average effective maturity is a weighted average of all the effective maturities of the bonds in a portfolio.

Average Market Cap – The overall "size" of a stock investment option's portfolio. It is the geometric mean of the market capitalization for all of the stocks it owns and is calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as average market capitalization.

Beta (3 year) – A quantitative measure of the Portfolio’s historical volatility relative to the S&P 500 Index. Results are calculated using three-month rolling returns for a three-year period.

Credit Analysis – Shows the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard & Poor's or Moody's, and depicts the quality of bonds in the portfolio.

Price/Book Ratio – The weighted average of the price/book ratios of all the stocks in an investment option's portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company's per-share book value. Stocks with negative book values are excluded from this calculation.

Price/Earnings Ratio – The weighted average of the price/earnings ratios of the stocks in an investment option's portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share.

Rating Breakdown – Rating breakdown shows the percentage of fixed income funds that fall within each credit quality rating as assigned by Standard & Poor’s or Moody’s, and depicts the quality of bonds in the portfolio.

Return on Equity – The amount of net income returned as a percentage of shareholder equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested.

Top 10 Holdings – The ten holdings in the portfolio that have the greatest allocation of the portfolio's assets.

Turnover Ratio % – Measure of the investment option’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. The resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year.

Yield to Worst – the lowest potential yield that can be received on a bond without the issuer actually defaulting. Calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer.

XII. Governing Law; Severability
These terms and conditions of use are governed by the laws of the State of Washington. We do not claim that materials in this site are appropriate or available for use in various locations. If you choose to access this site from other locations, you do so on your own initiative, and you are responsible for compliance with any applicable local laws. You agree that your use of this site constitutes your acceptance of the jurisdiction of the State of Washington and that any legal action brought by you must be brought in the State of Washington.
If any provision of these terms is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these terms and will not affect the validity and enforceability of the remaining provisions.

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