Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
  Glossary of
Terms
  Morningstar
Document Library℠
Aggressive Lifestyle Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2017-10-31. Data on page is subject to change.
Snapshot Total Returns Risk Portfolio Nuts & Bolts
Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2017-10-31
Out of 320
Allocation--70% to 85% Equity Funds
Morningstar®
Style Box™
What is this?
As of 2017-10-31
As of ---
Total Fund Assets ($ Mil)
618.51
View Historical Morningstar Star Ratings and Definitions
Investment Objective & Strategy
This fund may be appropriate for those who can keep their money invested for at least 10 years or who are willing to accept a higher level of risk. The fund invests in other Future Fund investment options as follows: 4% Small Cap Growth, 4% Small Cap Value, 30% International Equity, 10% International Equity Index, 10% Alternate Strategy Fund, 10% Large Cap Growth, 12% Core Equity, 10% Growth & Income, and 10% Diversified Bond.
Morningstar Category: Allocation--70% to 85% Equity
Funds in allocation categories seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 70% and 85%. 
Performance
Growth of $10,000
(from 2007-01-01 to 2017-10-31)
Investment: Aggressive Lifestyle Fund
Benchmark: S&P 500 TR USD
Category: Allocation--70% to 85% Equity
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
Total Annualized Returns %
YTD 1 Month 3 Month 1 Year 3 Year 5 Year 10 Year Since Inception
Investment 19.69 1.88 4.51 22.42 8.20 10.55 5.65 7.66
S&P 500 TR USD 16.91 2.33 4.76 23.63 10.77 15.18 7.51 5.81
Category 12.68 1.29 3.21 16.53 5.87 9.31 4.59 5.09
Morningstar Rating --- --- --- --- ---
# of compared Allocation--70% to 85% Equity funds covered (3 yrs : out of 320 funds) (5 yrs : out of 284 funds) (10 yrs : out of 203 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
Quarterly Trailing Average Annualized Total Returns
YTD 1-Month 3-Month 1-Year 3-Year 5-Year 10-Year Since Inception
Total Avg. Ann. Return % 17.49 2.21 5.22 18.07 7.65 10.05 5.77 7.59
Data through 2017-09-30
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
Fees and Expenses
Total Operating Expense per $1000 $4.40
Total Operating Expense 0.44%
Waiver Data
Type Date %
--- --- --- ---
Portfolio Profile
Asset Allocation
% of Net Assets
U.S. Stocks 39.6
Non-U.S. Stocks 36.9
Bonds 18.2
Cash 3.4
Other 2.0
Total 100.0
Asset Allocation Long/Short/Net Graph
Data through 2017-10-31
Morningstar Equity Sectors
% of Stocks
Cyclical 39.84
Basic Materials 7.49
Consumer Cyclical 9.82
Financial Services 20.98
Real Estate 1.55
Sensitive 41.98
Communication Services 5.85
Energy 8.54
Industrials 11.38
Technology 16.21
Defensive 18.19
Consumer Defensive 4.41
Healthcare 12.05
Utilities 1.73
Data through 2017-10-31
Morningstar Fixed-Income Sectors
% Fund
Government 32.03
Corporate 11.36
Securitized 21.47
Municipal 0.32
Cash & Equivalents 23.83
Other 10.99
Data through 2017-10-31
Credit Analysis
% Bonds
AAA ---
AA ---
A ---
BBB ---
BB ---
B ---
Below B ---
Not Rated ---
Data through ---
Credit Analysis Graph
Aggregated Holding Status
Total Number of Stock Holdings 2969
Total Number of Bond Holdings 24389
% of Net Assets in Top 10 Holdings 18.74
Turnover % (as of 2013-12-31) 83.22
Top Aggregated Holdings
Sector Country Maturity Date Market Value ($000) % of Net Assets
US 5 Year Note (CBT) Sept17 --- --- 2017-09-29 32,890 5.48
US 10 Year Note (CBT) Sept17 --- --- 2017-09-20 21,470 3.58
Pimco Fds --- USA 2017-09-16 11,523 1.92
Fed Natl Mort Assc 4% --- USA 2046-08-15 8,052 1.34
Samsung Electronics Co Ltd KOR --- 7,951 1.32
Fed Natl Mort Assc 3.5% --- USA 2046-08-15 7,888 1.31
Apple Inc USA --- 6,322 1.05
Fed Natl Mort Assc 3% --- USA 2046-08-15 5,811 0.97
BP PLC GBR --- 5,696 0.95
Roche Holding AG Dividend Right Cert. --- CHE --- 4,885 0.81
Data through 2017-10-31
Principal Risks
Short Sale, Credit and Counterparty, Inflation/Deflation, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Capitalization, Growth Investing, Value Investing, Active Management, High Portfolio Turnover, Income, Index Correlation/Tracking Error, Issuer, Interest Rate, Market/Market Volatility, Commodity, Convertible Securities, Depositary Receipts, Equity Securities, ETF, Futures, High-Yield Securities, Industry and Sector Investing, IPO, Mortgage-Backed and Asset-Backed Securities, Other, Restricted/Illiquid Securities, Derivatives, Leverage, Fixed-Income Securities, Socially Conscious, Suitability, Management, Portfolio Diversification, Small Cap, Mid-Cap, Large Cap, Financials Sector, Sampling
Show Risk Definitions
Other Information
Inception Date: 1999-06-01
Portfolio Manager(s)
Multiple Managers (1999-06-01)
Issuer
CVS Health Corp Investment Committee

Investment Advisor(s)
---
Subadvisor(s)
Columbus Circle Investors
BlackRock Capital Management Inc
Dodge & Cox
Seligman Henderson
American Funds
Vanguard
T. Rowe Price
Mellon Capital Management Corporation
Loomis Sayles & Co.
Templeton Asset Management Ltd.
Barrow Hanley Mewhinney & Strauss
Dimensional Fund Advisors
Pimco
Sapience Investments, LLC
Show Data Definitions

© Copyright Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Conduent
Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
  Glossary of
Terms
  Morningstar
Document Library℠
Aggressive Lifestyle Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2017-10-31. Data on page is subject to change.
Snapshot Total Returns Risk Portfolio Nuts & Bolts
Growth of $10,000 from 2007-01-01 to 2017-10-31
Investment: Aggressive Lifestyle Fund
Benchmark: S&P 500 TR USD
Category: Allocation--70% to 85% Equity
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
Calendar Year Total Returns
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10-17
Total return % 12.5 -32.1 26.8 13.6 -1.9 15.5 23.6 2.3 -0.7 6.7 19.7
S&P 500 TR USD 5.5 -37.0 26.5 15.1 2.1 16.0 32.4 13.7 1.4 12.0 16.9
Category 7.4 -34.3 29.4 13.5 -3.8 13.4 21.3 5.7 -2.8 7.9 12.7
% Rank in Cat 8 28 68 47 25 16 28 94 16 68 2
# of Funds 213 227 229 230 363 398 404 415 434 406 359
Data through 2017-10-31
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
Total Annualized Returns
YTD 1 Month 3 Month 1 Year 3 Year 5 Year 10 Year Since Inception
Investment 19.69 1.88 4.51 22.42 8.20 10.55 5.65 7.66
S&P 500 TR USD 16.91 2.33 4.76 23.63 10.77 15.18 7.51 5.81
Category 12.68 1.29 3.21 16.53 5.87 9.31 4.59 5.09
Morningstar Rating --- --- --- --- ---
# of compared Allocation--70% to 85% Equity funds covered (3 yrs : out of 320 funds) (5 yrs : out of 284 funds) (10 yrs : out of 203 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
Quarterly Trailing Average Annualized Total Returns
YTD 1-Month 3-Month 1-Year 3-Year 5-Year 10-Year Since Inception
Total Avg. Ann. Return % 17.49 2.21 5.22 18.07 7.65 10.05 5.77 7.59
Data through 2017-09-30
Fees and Expenses
Total Operating Expense per $1000 $4.40
Total Operating Expense 0.44%
Waiver Data
Type Date %
--- --- --- ---
Show Data Definitions

© Copyright Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Conduent
Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
  Glossary of
Terms
  Morningstar
Document Library℠
Aggressive Lifestyle Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2017-10-31. Data on page is subject to change.
Snapshot Total Returns Risk Portfolio Nuts & Bolts
Morningstar Ratings
Morningstar
Return
Morningstar
Risk
Morningstar
Rating
Number of
Funds
3-Year High Above Avg 320
5-Year Above Avg Above Avg 284
10-Year Above Avg Average 203
Overall Above Avg Above Avg 320
Morningstar Category: Allocation--70% to 85% Equity | Number of Funds in Category: 320
Data through 2017-10-31
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
Volatility Measurements
Standard Deviation 9.58
Mean 8.20
Sharpe Ratio 0.83
Trailing 3-Yr as of 2017-10-31
Modern Portfolio Theory Statistics
Best Fit Index
MSCI ACWI NR USD
R-Squared 98
Beta 0.90
Alpha 0.98
Trailing 3-Yr as of 2017-10-31
Principal Risks
Short Sale, Credit and Counterparty, Inflation/Deflation, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Capitalization, Growth Investing, Value Investing, Active Management, High Portfolio Turnover, Income, Index Correlation/Tracking Error, Issuer, Interest Rate, Market/Market Volatility, Commodity, Convertible Securities, Depositary Receipts, Equity Securities, ETF, Futures, High-Yield Securities, Industry and Sector Investing, IPO, Mortgage-Backed and Asset-Backed Securities, Other, Restricted/Illiquid Securities, Derivatives, Leverage, Fixed-Income Securities, Socially Conscious, Suitability, Management, Portfolio Diversification, Small Cap, Mid-Cap, Large Cap, Financials Sector, Sampling
Show Risk Definitions
Show Data Definitions

© Copyright Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Conduent
Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
  Glossary of
Terms
  Morningstar
Document Library℠
Aggressive Lifestyle Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2017-10-31. Data on page is subject to change.
Snapshot Total Returns Risk Portfolio Nuts & Bolts
Style Box Details for Stock Holdings
Size
Average Mkt Cap $Mil 36,197
   
Market Capitalization % of Portfolio
Giant 44.02
Large 33.11
Medium 15.75
Small 5.64
Micro 1.47
   
Investment Valuation Stock
Portfolio
Forward P/E 16.9
Price/Book 1.8
Price/Sales 1.4
Price/Cash Flow 5.3
Dividend Yield 2.4
Long-Term Earnings 10.0
Historical Earnings 1.4
Sales Growth -2.0
Cash-Flow Growth 4.8
Book-Value Growth 3.2
As of 2017-10-31
Data as of 2017-10-31
Style Box Details for Bond Holdings
Average Eff Duration ---
Average Eff Maturity ---
Average Credit Quality ---
Average Wtd Coupon 4.16
Average Wtd Price ---
As of ---
Data as of ---
Asset Allocation
% of Net Assets
U.S. Stocks 39.6
Non-U.S. Stocks 36.9
Bonds 18.2
Cash 3.4
Other 2.0
Total 100.0
Asset Allocation Long/Short/Net Graph
Data through 2017-10-31
Morningstar Equity Sectors
% of Stocks
Cyclical 39.84
Basic Materials 7.49
Consumer Cyclical 9.82
Financial Services 20.98
Real Estate 1.55
Sensitive 41.98
Communication Services 5.85
Energy 8.54
Industrials 11.38
Technology 16.21
Defensive 18.19
Consumer Defensive 4.41
Healthcare 12.05
Utilities 1.73
Data through 2017-10-31
Morningstar Fixed-Income Sectors
% Fund
Government 32.03
Corporate 11.36
Securitized 21.47
Municipal 0.32
Cash & Equivalents 23.83
Other 10.99
Data through 2017-10-31
Credit Analysis
% Bonds
AAA ---
AA ---
A ---
BBB ---
BB ---
B ---
Below B ---
Not Rated ---
Data through ---
Credit Analysis Graph
Top Aggregated Holdings
Total Number of Stock Holdings 2969
Total Number of Bond Holdings 24389
% of Net Assets in Top 10 Holdings 18.74
Turnover % (as of 2013-12-31) 83.22
Top Aggregated Holdings
Sector Country Maturity Date Market Value ($000) % of Net Assets
US 5 Year Note (CBT) Sept17 --- --- 2017-09-29 32,890 5.48
US 10 Year Note (CBT) Sept17 --- --- 2017-09-20 21,470 3.58
Pimco Fds --- USA 2017-09-16 11,523 1.92
Fed Natl Mort Assc 4% --- USA 2046-08-15 8,052 1.34
Samsung Electronics Co Ltd KOR --- 7,951 1.32
Fed Natl Mort Assc 3.5% --- USA 2046-08-15 7,888 1.31
Apple Inc USA --- 6,322 1.05
Fed Natl Mort Assc 3% --- USA 2046-08-15 5,811 0.97
BP PLC GBR --- 5,696 0.95
Roche Holding AG Dividend Right Cert. --- CHE --- 4,885 0.81
BNP Paribas FRA --- 4,700 0.78
Microsoft Corp USA --- 4,289 0.71
ING Groep NV NLD --- 4,212 0.70
Bayer AG DEU --- 4,189 0.70
HSBC Holdings PLC GBR --- 4,081 0.68
Alphabet Inc A USA --- 4,076 0.68
Sanofi SA FRA --- 3,991 0.66
Merck KGaA DEU --- 3,924 0.65
Facebook Inc A USA --- 3,878 0.65
Akzo Nobel NV NLD --- 3,825 0.64
Amazon.com Inc USA --- 3,794 0.63
SoftBank Group Corp JPN --- 3,511 0.58
Euro BUND Future Sept17 --- DEU 2017-09-07 3,452 0.57
Standard Chartered PLC GBR --- 3,452 0.57
CK Hutchison Holdings Ltd HKG --- 3,393 0.57
Data through 2017-10-31
Show Data Definitions

© Copyright Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Conduent
Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
  Glossary of
Terms
  Morningstar
Document Library℠
Aggressive Lifestyle Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2017-10-31. Data on page is subject to change.
Snapshot Total Returns Risk Portfolio Nuts & Bolts
Fees and Expenses
Actual Fees
Total Operating Expense per $1000 $4.40
Total Operating Expense 0.44%
Waiver Data
Type Date %
--- --- --- ---
Management
Inception Date: 1999-06-01
Mngr Name Multiple Managers
Mngr Start Date 1999-06-01
Issuer
CVS Health Corp Investment Committee

Investment Advisor(s)
---
Subadvisor(s)
Columbus Circle Investors
BlackRock Capital Management Inc
Dodge & Cox
Seligman Henderson
American Funds
Vanguard
T. Rowe Price
Mellon Capital Management Corporation
Loomis Sayles & Co.
Templeton Asset Management Ltd.
Barrow Hanley Mewhinney & Strauss
Dimensional Fund Advisors
Pimco
Sapience Investments, LLC
Show Data Definitions

© Copyright Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Morningstar Investment Profilessm: Disclosure Statement
Performance
Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing investment expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Due to market volatility, the investment's return may vary greatly over short periods of time.
For mutual funds, standardized total return is total return adjusted for sales charges. The sales charge utilized in the standard return calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index.
For separate accounts and commingled funds, Net-of-Fee returns are collected on a monthly and quarterly basis. Morningstar calculates total returns using the raw data collected from the asset management firm or plan provider. The performance data reported by the separate account managers or plan provider represents actual performance net of trading expenses, management fees, brokerage commissions or other expenses. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index. Clients should refer to the disclosure document of the separate account manager and their Summary Plan Description (SPD) for specific information regarding fees and expenses.
Growth of $10,000
Shows the growth of $10,000. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing investment expenses, and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted.
Morningstar Rating, Risk and Return
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
For private funds, the Morningstar Rating presented is hypothetical, because Morningstar does not independently analyze private funds. Rather, the rating is assigned as a means to compare these funds with the universe of mutual funds that Morningstar rates. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar.
Overall ratings represent a weighted average of specific time period (3-, 5- and 10-year) ratings.
The Morningstar Return rates a fund's performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.
Morningstar Risk evaluates a fund's downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.
Aggressive Lifestyle Fund
Morningstar Ratings (Relative to Category)
  Morningstar ReturnMorningstar RiskMorningstar Rating# of Funds
3-year HighAbove Avg320
5-year Above AvgAbove Avg284
10-year Above AvgAverage203
Overall Above AvgAbove Avg320
Morningstar Category : Allocation--70% to 85% Equity | Number of Funds in Category: 320
Data through 2017-10-31
Risk Measures
R-squared reflects the percentage of an investment option's movements that are explained by movements in its benchmark index, showing the degree of correlation between the investment option and the benchmark.
Beta is a measure of an investment option's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Alpha measures the difference between an investment option's actual returns and its expected performance, given its level of risk (as measured by beta).
The Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.
Standard deviation is a statistical measure of the volatility of the investment option's returns.
Mean represents the annualized three-year geometric return.
Morningstar Style BoxTM
The Morningstar Style Box reveals a fund's investment strategy as of the date noted on this report.
For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).
For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.
Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm.
Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.
For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low" , "medium" , or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.
For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.
For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.
Investment Risk
Foreign Securities Investment Options:/Emerging Market Investment Options: The investor should note that investment options that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.
Sector Investment Options: The investor should note that investment options that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.
Non-Diversified Investment Options: The investor should note that investment options that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.
Small Cap Investment Options: The investor should note that investment options that invest in stocks of small 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 than the overall market average.
Mid Cap Investment Options: The investor should note that investment options that invest in companies with market capitalizations below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies.
High-Yield Bond Investment Options: The investor should note that investment options that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.


Morningstar Investment Profilessm: Investment Option Disclosure

The cumulative effect of fees can substantially reduce the growth of your retirement savings. Visit the Department of Labor's website for an example showing the long-term effect of fees at http://www.dol.gov/ebsa/publications/401k_employee.html. Fees are only one of many factors to consider when you decide to invest. You may also want to think about whether an investment in a particular alternative, along with your other investments, will help you achieve your financial goals.