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Investment Factsheet
PAGE 46 OF 50
Inv. Data as of 03/31/25.
STATEMENT OF ADDITIONAL DISCLOSURES: PEER GROUP DESCRIPTIONS
Foreign Large Blend (FB). Foreign large-blend portfolios invest in a variety of big international stocks. Most of these portfolios divide their
assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks
that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to
portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in
U.S. stocks.
Foreign Large Growth (FG). Foreign large-growth portfolios focus on high-priced growth stocks, mainly outside of the United States. Most of
these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios
primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan).
Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios
and low dividend yields). These portfolios typically will have less than 20% of assets invested in U.S. stocks.
Foreign Small/Mid Growth (FR). Foreign small/mid-growth portfolios invest in international stocks that are smaller, growing faster, and
higher-priced than other stocks. These portfolios primarily invest in stocks that fall in the bottom 30% of each economically integrated market
(such as Europe or Asia ex-Japan). Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and
high valuations (high price ratios and low dividend yields). These portfolios typically will have less than 20% of assets invested in U.S. stocks.
Global Bond (IB). World bond portfolios typically invest 40% or more of their assets in fixed-income instruments issued outside of the U.S.
These portfolios invest primarily in investment-grade rated issues, but their strategies can vary. Some follow a conservative approach, sticking
with high-quality bonds from developed markets. Others are more adventurous, owning some lower-quality bonds from developed or emerging
markets. Some portfolios invest exclusively outside the U.S., while others invest in both U.S. and nonU.S. bonds. Many consistently maintain
significant allocations to non-U.S. dollar currencies, while others have the flexibility to make sizeable adjustments between their U.S. dollar and
non-U.S. currency exposures.
Global Large-Stock Growth (WG). World large-stock growth portfolios invest in a variety of international stocks and typically skew towards
large caps that are more expensive or projected to grow faster than other global large-cap stocks. World large stock growth portfolios have few
geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided
among the globe’s emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global
Market Index and maintain at least a 20% absolute U.S. exposure.
Health (SH). Health portfolios focus on the medical and health-care industries. Most invest in a range of companies, buying everything from
pharmaceutical and medical-device makers to HMOs, hospitals, and nursing homes. A few portfolios concentrate on just one industry segment,
such as service providers or biotechnology firms.
High Yield Bond (HY). High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality
companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit
risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated
by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.
Intermediate Core-Plus Bond (PI). Intermediate-term core-plus bond portfolios invest primarily in investment-grade U.S. fixed-income issues
including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as
corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. Their durations (a measure of interest-rate
sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index.
Large Blend (LB). Large-blend portfolios are fairly representative of the overall US stock market in size, growth rates and price. Stocks in the
top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth
nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure,
the portfolios' returns are often similar to those of the S&P 500 Index.
Large Growth (LG). Large-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap
stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth
(high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these
portfolios focus on companies in rapidly expanding industries.
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.
