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Investment Factsheet
PAGE 50 OF 50
Inv. Data as of 03/31/25.
STATEMENT OF ADDITIONAL DISCLOSURES: RISKS
declining occupancy rates, oversupply or reduced demand for space where the properties are located, tenant defaults, increased operating,
insurance, maintenance and improvement costs. Many costs associated with owning and operating real estate are fixed even when revenues
from the properties are declining. Additionally, real estate development activities are subject to various risks, such as excess construction costs,
unfavorable financing terms, construction delays and other challenges, issues with the developer, and changing market conditions. Owners and
operators of real estate are also exposed to potential liability under environmental, zoning, tax and other laws.
Sector. Concentrating assets in a particular industry, sector of the economy, or markets may increase volatility because the investment will be
more susceptible to the impact of factors such as the market, the economy, regulations, and other dynamics affecting that industry or sector
compared with a more broadly diversified asset allocation.
Small/Mid Cap Equities. Portfolios that invest in stocks of small- to mid-cap companies involve additional risks. Smaller companies typically
have a higher risk of failure and are not as well established as larger blue-chip companies. Historically, smaller company stocks have experienced
a greater degree of market volatility that the overall market average.
Target-Date Funds. Target-date funds typically invest in other mutual funds and are designed for investors who are planning to retire during the
target date year. The fund's target date is the approximate date of when investors expect to begin withdrawing their money. A target-date fund's
investment objective/strategy typically becomes more conservative over time primarily by reducing its allocation to equity mutual funds and
increasing its allocations in fixed-income mutual funds. An investor's principal value in a target-date fund is not guaranteed at any time, including
at the fund's target date.
Taxable Bond. Investments in taxable bonds such as government bonds, long-term and short-term bonds, bank loans, corporate bonds,
preferred stock, high-yield bonds, etc. are subject to numerous risks including those relating to reinvestment, inflation, market, selection, timing,
and duration.
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.
