Morningstar Investment Profilessm: Data Definitions
Growth of $10,000

The Growth of $10,000 graph shows an investment option's performance based on how $10,000 invested in the investment option would have grown over time. The returns used in the graph are not load-adjusted. The growth of $10,000 begins at the date of the investment option's inception, or the first year listed on the graph, whichever is appropriate.

Located alongside the investment option's graph line is a line that represents the growth of $10,000 of the investment's benchmark. The third line represents the investment option's Morningstar category. These lines allow investors to compare the performance of the investment option with the performance of a benchmark index and the investment option's Morningstar category. An index cannot be invested in directly.

Calendar Year Total Returns

Total returns calculated on a calendar-year basis. Total return includes both income (in the form of dividends or interest payments) and capital gains or losses (the increase or decrease in the value of a security). For mutual funds, Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment option of all income and capital gains distributions (on the actual reinvestment option date used by the investment option) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from investment option assets.

Benchmark Index

A benchmark index gives the investor a point of reference for evaluating an investment option's performance.

Category

The Morningstar Category gives the investor a point of reference for evaluating an investment option's performance (see the Morningstar Category definition below) against a peer group of similar funds. Morningstar category averages are equal-weighted category returns. The calculation is simply the average of the returns for all the funds in a given category. The standard category average calculation is based on constituents of the category at the end of the period.

Total Annualized Returns/Trailing Total Returns

Total returns calculated for trailing time periods of one month, three month, one year, three year, five year, ten year, year-to-date and since inception. Total return includes both income (in the form of dividends or interest payments) and capital gains or losses (the increase or decrease in the value of a security). For mutual funds, Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment option of all income and capital gains distributions (on the actual reinvestment option date used by the investment option) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from investment option assets..

Morningstar Rating, Return, and Risk

The Morningstar Rating TM 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.

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.

Morningstar Style Box

The Morningstar Style Box TM was introduced in 1992 to help investors and advisors determine the investment option style of an investment option. The equity Style Box is a nine-square grid that classifies securities by size along the vertical axis and by value and growth characteristics along the horizontal axis. Different investment option styles often have different levels of risk and lead to differences in returns. Therefore, it is crucial that investors understand style and have a tool to measure their style exposure. For the Fixed-Income Morningstar Style Box, see Fixed-Income Style Box.

For hybrid investment options, both equity and fixed-income Style Boxes appear.

Using the Style Box

In general, a growth-oriented portfolio will hold the stocks of companies that the portfolio manager believes will increase factors such as sales and earnings faster than the rest of the market. A value-oriented portfolio contains mostly stocks the manager thinks are currently undervalued in price and will eventually see their worth recognized by the market. A blend portfolio might be a mix of growth stocks and value stocks, or it may contain stocks that exhibit both characteristics.

The Morningstar Style Box helps investors construct diversified, style-controlled portfolios based on the style characteristics of all the stocks and investment options included in that portfolio.

Equity Style Box

Morningstar's equity style methodology uses a "building block," holdings-based approach that is consistent with Morningstar's fundamental approach to investing. Style is first determined at the stock level and then those attributes are "rolled up" to determine the overall investment option style of an investment option or portfolio. This unified framework can link what are often treated as separate processes-stock research, investment option research, portfolio assembly, and market monitoring-in the belief that a shared analytical framework will lead to better portfolio construction and investment option usage.

Morningstar uses 10 different stock characteristics to measure value and growth, and this produces more accurate and stable stock and portfolio style assignments. Morningstar uses both forward-looking and historical-based components to ensure that information available to active portfolio managers is incorporated in the model. This robust approach to style analysis is a powerful lens for understanding stocks, investment options, and portfolios.

The Morningstar Style Box is applicable in all equity markets. A geographic framework ensures that style assignments are relevant to local investors everywhere. As of March 31, 2004, all U.S. and non-U.S. stocks and portfolios are evaluated under the same style methodology. This methodology was originally introduced in May 2002 for U.S. stocks and portfolios only.

Fixed-Income Style Box

For fixed-income funds, the vertical axis shows the credit quality of the long 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 instructs fund companies to only use ratings that have been assigned by a Nationally Recognized Statistical Rating Organization (NRSRO). If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security 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.

Origin

Morningstar generates Style Boxes for stocks and portfolios in-house, using data culled from our internal databases. Style Box assignments for stocks are updated each month. Style Box assignments for portfolios are recalculated whenever Morningstar receives updated holdings for the portfolio.

The Style Box also forms the basis for the style-based Morningstar Categories and market indexes.

Forward P/E

Price/projected earnings for a stock is the ratio of the company's most recent month-end share price to the company's estimated earnings per share (EPS) for the current fiscal year. If a third-party estimate for the current year EPS is not available, Morningstar will calculate an internal estimate based on the most recently reported EPS and average historical earnings growth rates. Price/projected earnings is one of the five value factors used to calculate the Morningstar Style Box. For portfolios, this data point is calculated by taking an asset-weighted average of the earnings yields (E/P) of all the stocks in the portfolio and then taking the reciprocal of the result.

Price/Book

Price/book (projected) for a stock is the ratio of the company's most recent month-end share price to the company's estimated book value per share (BPS) for the current fiscal year. Book value is the total assets of a company, less total liabilities. Morningstar calculates internal estimates for the current year BPS based on the most recently reported BPS and average historical book value growth rates. Price/book (projected) is one of the five value factors used to calculate the Morningstar Style Box. For portfolios, this data point is calculated by taking an asset-weighted average of the book value yields (B/P) of all the stocks in the portfolio and then taking the reciprocal of the result.

Price/Sales

Price/sales (projected) for a stock is the ratio of the company's most recent month-end share price to the company's estimated sales per share (SPS) for the current fiscal year. Morningstar calculates internal estimates for the current year SPS based on the most recently reported SPS and average historical sales growth rates. Price/sales (projected) is one of the five value factors used to calculate the Morningstar Style Box. For portfolios, this data point is calculated by taking an asset-weighted average of the sales yields (S/P) of all the stocks in the portfolio and then taking the reciprocal of the result.

Price/Cash Flow

Price/cash flow (projected) for a stock is the ratio of the company's most recent month-end share price to the company's estimated cash flow per share (CPS) for the current fiscal year. Cash flow measures the ability of a business to generate cash and it acts as a gauge of liquidity and solvency. Morningstar calculates internal estimates for the current year CPS based on the most recently reported CPS and average historical cash flow growth rates. Price/cash flow (projected) is one of the five value factors used to calculate the Morningstar Style Box. For portfolios, this data point is calculated by taking an asset-weighted average of the cash flow yields (C/P) of all the stocks in the portfolio and then taking the reciprocal of the result.

Dividend Yield

Dividend yield (projected) for a stock is the percentage of its stock price that a company is projected to pay out as dividends. It is calculated by dividing estimated annual dividends per share (DPS) for the current fiscal year by the company's most recent month-end stock price. Morningstar calculates internal estimates for the current year DPS based on the most recently reported DPS and average historical dividend growth rates. This is one of the five value factors used to calculate the Morningstar Style Box. For portfolios, this data point is calculated by taking an asset-weighted average of the dividend yields of all the stocks in the portfolio.

Long-Term Earnings

The long-term projected earnings growth rate for a stock is the average of the available third-party analysts' estimates for three- to five-year EPS growth. Long-term projected earnings growth is one of the five growth factors used to calculate the Morningstar Style Box. For portfolios, this data point is the share-weighted average of the projected earnings growth estimates for all the stocks in the portfolio. (The share-weighted average is more accurate than an asset-weighted average for this type of calculation.)

Historical Earnings

The historical earnings growth rate for a stock is a measure of how the stock's earnings per share (EPS) has grown over the last five years. Morningstar uses EPS from continuing operations to calculate this growth rate. Historical earnings growth is one of the five growth factors used to calculate the Morningstar Style Box. For portfolios, this data point is the share-weighted collective earnings growth for all stocks in the current portfolio. (The share-weighted average is more accurate than an asset-weighted average for this type of calculation.)

Sales Growth

The sales growth rate for a stock is a measure of how the stock's sales per share (SPS) has grown over the last five years. Sales growth is one of the five growth factors used to calculate the Morningstar Style Box. For portfolios, this data point is the share-weighted collective sales growth for all stocks in the current portfolio. (The share-weighted average is more accurate than an asset-weighted average for this type of calculation.)

Cash-Flow Growth

The cash flow growth rate for a stock is a measure of how the stock's cash flow per share (CFPS) has grown over the last three to five years. Cash flow growth is one of the five growth factors used to calculate the Morningstar Style Box. For portfolios, this data point is the share-weighted collective cash flow growth for all stocks in the current portfolio. (The share-weighted average is more accurate than an asset-weighted average for this type of calculation.)

Book-Value Growth

The book value growth rate for a stock is a measure of how the stock's book value per share (BVPS) has grown over the last five years. Book value growth is one of the five growth factors used to calculate the Morningstar Style Box. For portfolios, this data point is the share-weighted collective book value growth for all stocks in the current portfolio. (The share-weighted average is more accurate than an asset-weighted average for this type of calculation.)

Morningstar Category

While the investment option objective stated in a mutual fund's prospectus may or may not reflect how the investment option actually invests, the Morningstar Category is assigned based on the underlying securities in each portfolio. Morningstar Categories help investors and investment option professionals make meaningful comparisons between investment options. The Categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing investment options. We place investment options in a given Category based on their portfolio statistics and compositions over the past three years. If the investment option is new and has no portfolio history, we estimate where it will fall before giving it a more permanent Category assignment. When necessary, we may change a Category assignment based on recent changes to the portfolio.

Stock Investment Options

Domestic-Stock Investment Options

Investment options with at least 70% of assets in domestic stocks are categorized based on the style and size of the stocks they typically own. The style and size divisions reflect those used in the Morningstar investment option Style Box: value, blend, or growth style and small, medium, or large median market capitalization. (See Equity Style Box for more details on style methodology.)

Based on their investment option style over the past three years, domestic-stock investment options are placed in one of the nine Categories: large growth, large blend, large value, medium growth, medium blend, medium value, small growth, small blend, small value. Domestic-equity investment options that specialize in a particular sector of the market are placed in a specialty category: communications, financials, health, natural resources, real estate, technology, utilities, leveraged net long and miscellaneous sector.

Balanced Investments OptionsInternational-Stock Investment Options

Stock investment options that have invested 40% or more of their equity holdings in foreign stocks (on average over the past three years) are placed in an international-stock Category.

Bond Investment options

Investment options with 80% or more of their assets invested in bonds are classified as bond investment options. Bond investment options are divided into two main groups: taxable bond and municipal bond. (Note: For all bond investment options, maturity figures are used only when duration figures are unavailable.)

Taxable-Bond Investment options
Alternative Investment options
Morningstar Rating for Investment options

Morningstar rates mutual investment options from one to five stars based on how well they've performed (after adjusting for risk and accounting for all sales charges) in comparison to similar investment options. Within each Morningstar Category, the top 10% of investment options receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Investment options are rated for up to three time periods--three-, five-, and 10 years--and these ratings are combined to produce an overall rating. Investment options with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying investment options worthy of further research, but shouldn't be considered buy or sell recommendations. For unregistered/private investments, the Rating is determined by taking the Morningstar Risk-Adjusted Return of the unregistered investment and hypothetically placing it the comparable Morningstar open end Category. Thus, Morningstar Ratings for unregistered investments are considered hypothetical.

Total Assets

This figure is recorded in millions of dollars and represents the investment option's total asset base.

Expense Ratio %

The percentage of investment option assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the investment option, except brokerage costs. Sales charges are not included in the expense ratio.

For separate accounts, Total Investment Expense is the amount of money, expressed as a percentage, deducted for the costs of managing the Separate Account, and where applicable, fees for administrative services, agent compensation.

Expense Waivers

Expense Waivers, also referred to as expense offsets, expense reimbursements, etc., represent the amount the fund company waives or assumes in order to keep the fund's actual (net) expenses low. A company may reduce different components of overall expenses: management fee, 12b-1 fee, other fees etc. If the prospectus discloses which component is being waived, Morningstar will capture this information as “waiver type”.

Expense Waivers may be voluntary or contractual, and can be set to expire at a particular date or timeframe. Morningstar assumes a waiver is voluntary if no disclosure is made in the prospectus to the contrary. Morningstar collects waiver expiration dates if these are disclosed in the prospectus.

Manager Name

The name of the individual or individuals who are employed by the advisor or subadvisor who are directly responsible for managing the investment option's portfolio, as taken directly from the investment option's prospectus. Other terms that may appear in this column include the following:

Multiple Managers

This term may appear when more than two people are involved in the investment option management, and they manage independently. Where this term is used, quite often the investment option has divided net assets in set amounts among the individual managers. In most cases, multiple managers are employed at different subadvisors or investment option firms.

Management Team

This is used when there are more than two people involved in investment option management, and they manage together, or when the investment option strongly promotes its team-managed aspect.

Et al

When this term appears just after a manager name, it indicates that while other people are involved in investment option management, the person listed acts as the leader or is recognized by the investment option as being the principal management player.

Average Market Capitalization

Morningstar defines the overall "size" of a stock investment option's portfolio as the geometric mean of the market capitalization for all of the stocks it owns. It's calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as average market capitalization. For example, if an investment option currently held equal stakes in three stocks, with market capitalizations of $2 billion, $10 billion, and $25 billion, the geometric mean would equal ($2 billion^1/3) x ($10 billion^1/3) x ($25 billion^1/3) = $7.94 billion.

Portfolio Date (explanation of reporting frequency)

Morningstar makes every effort to gather the most up-to-date portfolio information from an investment option. By law, however, registered investment options need only report this information four times during a calendar year, and they have up to 60 days after the report date to actually release the document to shareholders. Therefore, it's possible that an investment option's portfolio could be up to five months old at the time of publication. When displaying portfolio information, Morningstar includes the date the portfolio was reported.

Older portfolios should not be disregarded, however. Although the data may not represent the exact current holdings of the investment option, it may still provide a good picture of the overall nature of the investment option's management style.

Asset Allocation

For portfolios that are long only, we display a pie chart to graphically depict the asset allocation breakdown. For portfolios that invest in shorts and derivatives, we use a bar chart to show the long and short positions of each investment class. We also display the overall net percentage value of each investment class.

Target Asset Allocation Graph (Glide Path)

Also known as the glide path, the target asset allocation graph displays the target date investment's target allocations from the earliest retirement date in the fund series to the last. The vertical axis represents the percentage of the investment's assets allocated to each investment type. The horizontal axis represents the years until retirement. The graph is identical for all of the Target Date funds in the series.

Turnover Ratio

This is a measure of the investment option's trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio's holdings that have changed over the past year. Benefits: A low turnover figure (20% to 30%) would indicate a buy-and-hold strategy. High turnover (more than 100%) would indicate an investment option strategy involving considerable buying and selling of securities. Origin: Morningstar does not calculate turnover ratios. The figure is culled directly from the financial highlights of the investment option's annual report.

% Assets in Top 10, 20, 25

The aggregate assets, expressed as a percentage, of the investment option's top 10, 20 or 25 portfolio holdings. This figure is meant to be a measure of portfolio risk. Specifically, the higher the percentage, the more concentrated the investment option is in a few companies or issues, and the more the investment option is susceptible to the market fluctuations in these few holdings. The figure is calculated from the most recent available investment option holdings. Benefits: The Percent Assets in Top 10, 20 or 25 Holdings figure provides insight into the degree to which a portfolio is diversified. Used in combination with the total number of holdings, it can indicate how concentrated an investment option is. Origin: This figure is calculated in-house, using the most recent portfolio we have available for the investment option.

Morningstar Equity SectorsBond Quality

For corporate-bond and municipal-bond investment options, the credit weightings depict the quality of bonds in the investment option's portfolio. The weightings reveal the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard and Poor's or Moody's. At the top of the ratings are U.S. government bonds. Bonds issued and backed by the federal government are of extremely high quality and thus are considered superior to bonds rated AAA, which is the highest possible rating a corporate issue can receive. Morningstar gives U.S. government bonds a credit rating separate from AAA securities to allow for a more accurate credit analysis of a portfolio's holdings. Bonds with a BBB rating are the lowest bonds that are still considered to be of investment option-grade. Bonds that are rated BB or lower (often called junk bonds or high-yield bonds) are considered to be quite speculative. Any bonds that appear in the Not Rated or Not Available category are either not rated by Standard and Poor's or Moody's, or do not have a rating available at this time.

Average Effective Duration

Average effective duration provides a measure of an investment option's interest-rate sensitivity--the longer an investment option's duration, the more sensitive the investment option is to shifts in interest rates. The relationship between investment options with different durations is straightforward: An investment option with a duration of 10 years is twice as volatile as an investment option with a five-year duration.

Average Effective Maturity

Used for taxable fixed-income portfolios only, this figure takes into consideration all mortgage prepayments, puts, calls, and adjustable coupons. The number listed is a weighted average of all the maturities of the bonds in the portfolio, computed by weighing each maturity date (the date the security comes due) by the market value of the security. Since this is collected by survey, it is important to bear in mind that different fund companies may use different interest-rate assumptions in determining call likelihood and timing. Generally speaking, the longer the maturity, the greater the interest rate risk. When duration is unavailable, this is used in the calculation of the fixed-income style box.

Top 10, 20 or 25 Holdings

These are the top 10, 20 or 25 holdings in the investment option's portfolio ranked by the % of net assets. Morningstar does not show cash holdings in the Top Holdings list.

Top Aggregated Holdings

For fund of fund structured investments only, Morningstar aggregates holdings for all underlying funds and then ranks by the % Net Assets each represents within the entire portfolio.

Total Number of Stock Holdings

Denotes the total number of equity securities in an investment option's portfolio. This number can be quite useful for gaining greater insight into the portfolio's diversification.

Total Number of Bond Holdings

Denotes the total number of fixed-income securities in an investment option's portfolio. This number can be quite useful for gaining greater insight into the portfolio's diversification.

% of Net Assets

Morningstar calculates the percentage of net assets figure by dividing the market value of the security by the investment option's total net assets. If a few securities take up a large percentage of the investment option's net assets, the investment option uses a concentrated portfolio strategy. If the percentage figures are low, then the manager is not willing to bet heavily on any particular security.

World Regions

Displays the percentage of the investment option's assets invested in three Super Regions (Americas, Greater Europe and Greater Asia) and the ten Regions (North America, Latin America, United Kingdom, Europe Developed, Europe Emerging, Africa/Middle East, Australasia, Asia Developed and Asia Emerging).

Country Exposure

Displays the countries in which the investment option invests most heavily. This information is calculated from the most recent portfolio holdings available.

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