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Investment Factsheet
PAGE 37 OF 50
Inv. Data as of 03/31/25.
STATEMENT OF ADDITIONAL DISCLOSURES
Growth of 10k Chart. This chart shows an investment’s performance based on how $10,000 invested in the fund would have grown over time with
dividends reinvested. The returns used in the graph are not load-adjusted. The growth of $10,000 begins at the investment’s inception, or the first
year listed on the graph, whichever is appropriate. Located alongside the investment’s graph line are lines that represent the growth of $10,000 in
the investment’s Broad Index, Peer Group Index, and Best-fit Index Benchmarks, which are listed in the Benchmarks section. All lines are plotted on a
logarithmic scale, so that identical percentage changes in the value of an investment have the same vertical distance on the graph. This provides a
more accurate representation of performance than would a simple arithmetic graph.
Upside/Downside Capture Ratio. This ratio shows whether a given fund has outperformed—gained more or lost less than—a broad market
benchmark during periods of market strength and weakness, and if so, by how much. Upside capture ratios for funds are calculated by taking the
fund’s monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month.
Downside capture ratios are calculated by taking the fund’s monthly return during the periods of negative benchmark performance and dividing it by
the benchmark return. Upside and downside capture ratios over three- and five-year periods are determined by calculating the geometric average for
both the fund and index returns during the up and down months, respectively, over each time period. An upside capture ratio over 100 indicates a
fund has generally outperformed the benchmark during periods of positive returns for the benchmark. Meanwhile, a downside capture ratio of less
than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark has been in the red. All stock funds’ upside and
downside capture ratios are calculated versus the S&P 500, whereas bond and international funds’ ratios are calculated relative to the Barclays
Capital U.S. Aggregate Bond Index and MSCI EAFE Index, respectively.
Risk/Reward Chart. This chart helps to visually review the relative reward (measured by investment return) received by a fund for the risk or volatility
(measured by standard deviation) of the fund over a three or five-year period. Relatively speaking, it is preferable for the diamond to fall in the upper
left quadrant of the graph.
Benchmarks. A benchmark gives an investor a point of reference for evaluating a fund’s performance by comparing benchmark returns to the fund’s
returns. This report may utilize one or many of these benchmarks:
Broad Index. The index used in the calculation of metrics such as Alpha, Beta, and R-Squared. The Broad Index provides a common comparison point
for funds with similar investing styles across different peer groups.
Peer Group Index. The index assigned to the fund’s peer group, which is a group of funds with similar investment style. Each peer group has its own
index which can be used as a common comparison point between funds.
Best-fit Index. The market index that shows the highest correlation with a fund over the most-recent 36 months, as measured by the highest RSquared. In addition, the Best-fit Index can be used to compare the betas and alphas of similar funds that show the same Best-fit Index. The Best-fit
Index may not be the fund’s benchmark, nor does it necessarily contain the types of securities that may be held by the fund.
Indices are unmanaged and cannot be invested in directly. Please reference the Index Descriptions section for more specific detail on each index that
is included in this report.
VOLATILITY METRICS
Standard Deviation. A statistical measure of the historical volatility. It depicts how widely the returns varied over a certain period of time. Investors
use standard deviation to try to predict the range of returns that are most likely for a given time period. When an investment has a high standard
deviation, the predicted range of performance is wide, implying greater volatility. If the investment is the only holding in an investor’s portfolio, then
it is an appropriate measure of risk. If the returns follow a normal distribution, then approximately 68 percent of the time they will fall within one
standard deviation of the mean return for the investment and 95 percent of the time within two standard deviations.
Sharpe Ratio. A risk-adjusted measure developed by Nobel Laureate William Sharpe. The higher the Sharpe ratio, the better the investment’s
historical risk-adjusted performance. The Sharpe ratio is calculated for the past three or five-year period by dividing the investment’s annualized
excess return by the standard deviation of an investment’s annualized excess return. Since this ratio uses standard deviation as its risk measure, it is
most appropriately applied when analyzing an investment that is an investor’s sole holding. The Sharpe ratio can be used to compare two funds
directly on how much risk an investment had to bear to earn excess return over the risk-free rate.
MPT STATISTICS
Please see important disclosures in the Statement of Additional Disclosures. © 2025, Broadridge Financial Solutions, Inc. All rights reserved. The analysis
and opinions generated by Broadridge and its affiliates do not constitute professional investment advice and are provided solely for informational purposes.
