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Investment Factsheet
PAGE 45 OF 48
Inv. Data as of 03/31/25.
STATEMENT OF ADDITIONAL DISCLOSURES: PEER GROUP DESCRIPTIONS
Large Value (LV). Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other
large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low
valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).
Mid-Cap Growth (MG). Some mid-cap growth portfolios invest in stocks of all sizes, thus leading to a mid-cap profile, but others focus on
midsize companies. Mid-cap growth portfolios target U.S. firms that are projected to grow faster than other mid-cap stocks, therefore
commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-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).
Mid-Cap Value (MV). Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of
small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. Stocks in the middle
20% of the capitalization of the U.S. equity market are defined as mid-cap. Value is defined based on low valuations (low price ratios and high
dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).
Money Market Taxable (TM). These portfolios invest in short-term money market securities in order to provide a level of current income that
is consistent with the preservation of capital. These funds do not designate themselves as Prime in form N-MFP and transact at a fixed net
asset value.
Multisector Bond (MU). Multisector-bond portfolios seek income by diversifying their assets among several fixedincome sectors, usually U.S.
government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities. These portfolios typically hold 35% to 65% of
bond assets in securities that 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.
Natural Resources (SN). Natural-resources portfolios focus on commodity-based industries such as energy, chemicals, minerals, and forest
products in the United States or outside of the United States. Some portfolios invest across this spectrum to offer broad natural-resources
exposure. Others concentrate heavily or even exclusively in specific industries. Portfolios that concentrate primarily in energy-related industries
are part of the equity energy category.
Real Estate (SR). Real estate portfolios invest primarily in real estate investment trusts of various types. REITs are companies that develop
and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial,
mortgage, office, and shopping center REITs. Some portfolios in this category also invest in real estate operating companies.
Short Government (GS). Short-government portfolios have at least 90% of their bond holdings in bonds backed by the U.S. government or by
government-linked agencies. This backing minimizes the credit risk of these portfolios, as the U.S. government is unlikely to default on its debt.
These portfolios have durations typically between 1.0 and 3.5 years, so they have relatively less sensitivity to interest rates and, thus, low risk
potential. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration
assignment. Short is defined as 25% to 75% of the three-year average effective duration of the MCBI.
Small Growth (SG). Small-growth portfolios focus on faster-growing companies whose shares are at the lower end of the marketcapitalization range. These portfolios tend to favor companies in up-and-coming industries or young firms in their early growth stages. Because
these businesses are fastgrowing and often richly valued, their stocks tend to be volatile. Stocks in the bottom 10% of the capitalization of the
U.S. equity market are defined as small 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).
Small Value (SV). Small-value portfolios invest in small U.S. companies with valuations and growth rates below other small-cap peers. Stocks
in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Value is defined based on low valuations (low price
ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).
Target-Date 2020 (TE). Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific
date in mind (in this case, the years 2016-2020) for retirement. These portfolios aim to provide investors with an optimal level of return and
risk, based solely on the target date. Management adjusts the allocation among asset classes to moreconservative mixes as the target date
approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.
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.
