Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print BlackRock Global Allocation V.I. I Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 333 Global Allocation Funds Morningstar® Style Box™ What is this? As of 2024-09-30 As of 2024-08-31 Total Fund Assets ($ Mil) 4,219.78 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks high total investment return. The fund invests in a portfolio of equity, debt and money market securities. Generally, its portfolio will include both equity and debt securities. In selecting equity investments, the fund mainly seeks securities that the adviser believes are undervalued. The fund may buy debt securities of varying maturities, debt securities paying a fixed or fluctuating rate of interest, and debt securities of any kind. It may invest up to 35% of its total assets in "junk bonds," corporate loans and distressed securities. The fund may also invest in REITs and securities related to real assets.

Morningstar Category: Global Allocation Global-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds.

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 47.0 Non-U.S. Stocks 18.8 Bonds 6.4 Cash 24.3 Other 3.5 Total 100.0 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 33.72 Basic Materials 4.12 Consumer Cyclical 11.83 Financial Services 15.99 Real Estate 1.78 Sensitive 46.28 Communication Services 6.25 Energy 4.99 Industrials 9.79 Technology 25.25 Defensive 20.00 Consumer Defensive 4.12 Healthcare 12.70 Utilities 3.18 Data through 2024-09-30 Morningstar Fixed-Income Sectors % Fund Government 34.11 Corporate 13.72 Securitized 4.47 Municipal 0.06 Cash & Equivalents 22.09 Derivative 25.55 Data through 2024-09-30 Credit Analysis % Bonds AAA 3.83 AA 16.52 A 6.42 BBB 10.45 BB 13.48 B 22.37 Below B 2.49 Not Rated 24.44 Data through 2024-08-31 Holding Status Total Number of Stock Holdings 707 Total Number of Bond Holdings 1016 % of Net Assets in Top 10 Holdings 95.11 Turnover % (as of 2023-12-31) 215.00 30 Day SEC Yield % 0.00 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Us 2Yr Note Dec 24 --- --- --- -1,952,563 43.00 Us 5Yr Note Dec 24 --- --- --- 939,110 20.68 Ultra 10 Year US Treasury Note Future Dec 24 --- USA 2024-12-19 -427,379 9.41 Euro Bobl Future Dec 24 --- DEU 2024-12-06 236,880 5.22 BlackRock Liquidity T-Fund Instl --- USA --- 220,248 4.85 Euro Bund Future Dec 24 --- DEU 2024-12-06 155,245 3.42 Microsoft Corp USA --- 124,643 2.75 NVIDIA Corp USA --- 97,889 2.16 10 Year Australian Treasury Bond Future Dec 24 --- AUS 2024-12-16 89,229 1.97 Amazon.com Inc USA --- 74,853 1.65 Data through 2024-09-30

Principal Risks    Lending, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, High Portfolio Turnover, Index Correlation/Tracking Error, Market/Market Volatility, Commodity, Convertible Securities, Distressed Investments, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Preferred Stocks, Underlying Fund/Fund of Funds, Warrants, Derivatives, Leverage, Fixed-Income Securities, Sovereign Debt, Management, Structured Products, Small Cap, Mid-Cap, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 1992-02-28 Portfolio Manager(s) Rick Rieder   (2019-04-01) Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team. Responsible for roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investments Sub-Committee. He is also a member of BlackRock's Global Operating Committee, and Chairman of the firm-wide BlackRock Investment Council. Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets. Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He has been awarded the 2023 Outstanding Portfolio Manager by Morningstar, was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014, and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013. Four of the funds Mr. Rieder manages (Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond) have been awarded Gold Medals by Morningstar. From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta. Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Goizueta Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the Goizueta Business School's BBA investment fund and community financial literacy program, Graduation Generation Public School Collaboration in Atlanta. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, New Jersey. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation, and Trustee for the US Olympic Foundation. Russ Koesterich   (2017-01-01) "Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team as well as the lead portfolio manager on the GA Selects model portfolio strategies. Mr. Koesterich's service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the Fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the US Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financials news media and the author of three books, including his most recent ""Portfolio Construction for Today's Markets."" Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA Charterholder." Investment Advisor(s) BlackRock Advisors, LLC Issuer BlackRock Subadvisor(s) BlackRock International Limited BlackRock (Singapore) Ltd

Show Data Definitions © Copyright 2024 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 Profile™   Morningstar® Disclosure   Format for Print BlackRock Global Allocation V.I. I Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Ratings Morningstar Return Morningstar Risk Morningstar Rating Number of Funds 3-Year Below Avg Average 333 5-Year Above Avg Average 320 10-Year Above Avg Below Avg 239 Overall Above Avg Average 333 Morningstar Category: Global Allocation | Number of Funds in Category: 333 Data through 2024-10-31

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 12.16 Mean 0.96 Sharpe Ratio -0.19 Trailing 3-Yr as of 2024-10-31

Modern Portfolio Theory Statistics Best Fit Index Morningstar Gbl Allocation TR USD R-Squared 98 Beta 0.92 Alpha -1.12 Trailing 3-Yr as of 2024-10-31

Principal Risks    Lending, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, High Portfolio Turnover, Index Correlation/Tracking Error, Market/Market Volatility, Commodity, Convertible Securities, Distressed Investments, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Preferred Stocks, Underlying Fund/Fund of Funds, Warrants, Derivatives, Leverage, Fixed-Income Securities, Sovereign Debt, Management, Structured Products, Small Cap, Mid-Cap, Real Estate/REIT Sector Show Risk Definitions

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Show Data Definitions © Copyright 2024 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 Profile™   Morningstar® Disclosure   Format for Print BlackRock Global Allocation V.I. I Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Style Box Details for Stock Holdings Size Average Mkt Cap $Mil 157,019     Market Capitalization % of Portfolio Giant 44.23 Large 39.79 Medium 12.98 Small 2.74 Micro 0.25     Investment Valuation Stock Portfolio Forward P/E 18.1 Price/Book 3.0 Price/Sales 2.0 Price/Cash Flow 12.4 Dividend Yield 1.9 Long-Term Earnings 12.0 Historical Earnings 8.8 Sales Growth 9.7 Cash-Flow Growth 10.7 Book-Value Growth 8.2 As of 2024-09-30 Data as of 2024-09-30

Style Box Details for Bond Holdings Average Eff Duration 7.36 Yrs Average Eff Maturity --- Average Wtd Coupon --- Average Wtd Price --- As of 2024-08-31 Data as of 2024-08-31

Asset Allocation % of Net Assets U.S. Stocks 47.0 Non-U.S. Stocks 18.8 Bonds 6.4 Cash 24.3 Other 3.5 Total 100.0 Data through 2024-09-30

Morningstar Equity Sectors % of Stocks Cyclical 33.72 Basic Materials 4.12 Consumer Cyclical 11.83 Financial Services 15.99 Real Estate 1.78 Sensitive 46.28 Communication Services 6.25 Energy 4.99 Industrials 9.79 Technology 25.25 Defensive 20.00 Consumer Defensive 4.12 Healthcare 12.70 Utilities 3.18 Data through 2024-09-30

Morningstar Fixed-Income Sectors % Fund Government 34.11 Corporate 13.72 Securitized 4.47 Municipal 0.06 Cash & Equivalents 22.09 Derivative 25.55 Data through 2024-09-30

Credit Analysis % Bonds AAA 3.83 AA 16.52 A 6.42 BBB 10.45 BB 13.48 B 22.37 Below B 2.49 Not Rated 24.44 Data through 2024-08-31

Top 25 Holdings Total Number of Stock Holdings 707 Total Number of Bond Holdings 1016 % of Net Assets in Top 10 Holdings 95.11 Turnover % (as of 2023-12-31) 215.00 30 Day SEC Yield % 0.00 Top 25 Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Us 2Yr Note Dec 24 --- --- --- -1,952,563 43.00 Us 5Yr Note Dec 24 --- --- --- 939,110 20.68 Ultra 10 Year US Treasury Note Future Dec 24 --- USA 2024-12-19 -427,379 9.41 Euro Bobl Future Dec 24 --- DEU 2024-12-06 236,880 5.22 BlackRock Liquidity T-Fund Instl --- USA --- 220,248 4.85 Euro Bund Future Dec 24 --- DEU 2024-12-06 155,245 3.42 Microsoft Corp USA --- 124,643 2.75 NVIDIA Corp USA --- 97,889 2.16 10 Year Australian Treasury Bond Future Dec 24 --- AUS 2024-12-16 89,229 1.97 Amazon.com Inc USA --- 74,853 1.65 Apple Inc USA --- 71,626 1.58 Oct24 Spy C @ 580.000000 --- USA --- 62,025 1.37 Alphabet Inc Class C USA --- 61,446 1.35 Oct24 Spy C @ 575.000000 --- USA --- 51,257 1.13 10 Year Treasury Note Future Dec 24 --- USA 2024-12-19 -41,632 0.92 UnitedHealth Group Inc USA --- 40,635 0.89 Meta Platforms Inc Class A USA --- 39,212 0.86 Mastercard Inc Class A USA --- 37,950 0.84 Progressive Corp USA --- 36,463 0.80 Us Long Bond Dec 24 --- --- --- 35,935 0.79 Walmart Inc USA --- 34,202 0.75 Us Ultra T-Bond Dec 24 --- --- --- -33,853 0.75 ASML Holding NV NLD --- 33,439 0.74 United States Treasury Notes --- USA 2025-12-15 32,891 0.72 Adobe Inc USA --- 32,596 0.72 Data through 2024-09-30

Show Data Definitions © Copyright 2024 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 Profile™   Morningstar® Disclosure   Format for Print BlackRock Global Allocation V.I. I Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Fees and Expenses Taken from prospectus dated 2024-05-01   Maximum Fees Administrative --- Management 0.65% 12b-1 --- Actual Fees 12b-1 --- Management 0.65% Expense Ratio 0.76% (taken from annual report dated 2024-06-30) Total Annual Operating Expense 0.79%

Waiver Data Type Date % ExpenseRatio Contractual 2025-06-30 0.03

Management Inception Date: 1992-02-28

Mngr Name Rick Rieder Mngr Start Date 2019-04-01 Biography Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team. Responsible for roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investments Sub-Committee. He is also a member of BlackRock's Global Operating Committee, and Chairman of the firm-wide BlackRock Investment Council. Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets. Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He has been awarded the 2023 Outstanding Portfolio Manager by Morningstar, was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014, and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013. Four of the funds Mr. Rieder manages (Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond) have been awarded Gold Medals by Morningstar. From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta. Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Goizueta Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the Goizueta Business School's BBA investment fund and community financial literacy program, Graduation Generation Public School Collaboration in Atlanta. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, New Jersey. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation, and Trustee for the US Olympic Foundation. Mngr Name Russ Koesterich Mngr Start Date 2017-01-01 Biography "Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team as well as the lead portfolio manager on the GA Selects model portfolio strategies. Mr. Koesterich's service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the Fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the US Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financials news media and the author of three books, including his most recent ""Portfolio Construction for Today's Markets."" Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA Charterholder." Investment Advisor(s) BlackRock Advisors, LLC Web Site www.blackrock.com Issuer BlackRock Subadvisor(s) BlackRock International Limited BlackRock (Singapore) Ltd

Show Data Definitions © Copyright 2024 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

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 Morningstar Rating does not include any adjustment for sales loads. 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.

BlackRock Global Allocation V.I. I

Morningstar Ratings (Relative to Category)    Morningstar Return Morningstar Risk Morningstar Rating # of Funds 3-year Below Avg Average 333 5-year Above Avg Average 320 10-year Above Avg Below Avg 239 Overall Above Avg Average 333 Morningstar Category : Global Allocation | Number of Funds in Category: 333 Data through 2024-10-31

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 long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). A darkened cell in the style box matrix indicates the weighted average style of the portfolio.

For portfolios holding fixed-income investments, a Fixed Income Style Box is calculated. The vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. There are three credit categories - "High", "Medium", and "Low"; and there are three interest rate sensitivity categories - "Limited", "Moderate", and "Extensive"; resulting in nine possible combinations. As in the Equity Style Box, the combination of credit and interest rate sensitivity for a portfolio is represented by a darkened square in the matrix. Morningstar uses credit rating information from credit rating agencies (CRAs) that have been designated Nationally Recognized Statistical Rating Organizations (NRSROs) by the Securities and Exchange Commission (SEC) in the United States. For a list of all NRSROs, please visit https://www.sec.gov/ocr/ocr-current-nrsros.html. Additionally, Morningstar will use credit ratings from CRAs which have been recognized by foreign regulatory institutions that are deemed the equivalent of the NRSRO designation. To determine the rating applicable to a holding and the subsequent holding weighted value of a portfolio two methods may be employed. First is a common methodology approach where if a case exists such that two CRAs have rated a holding, the lower rating of the two should be applied; if three or more CRAs have rated a holding, the median rating should be applied; and in cases where there are more than two ratings and a median rating cannot be determined, the lower of the two middle ratings should be applied. Alternatively, if there is more than one rating available an average can be calculated from all and applied. Please Note: Morningstar, Inc. is not an NRSRO nor does it issue a credit rating on the fund. Credit ratings for any security held in a portfolio can change over time.

Morningstar uses the credit rating information to calculate a weighted-average credit quality value for the portfolio. This value is based only upon those holdings which are considered to be classified as "fixed income", such a government, corporate, or securitized issues. Other types of holdings such as equities and many, though not all, types of derivatives are excluded. The weighted-average credit quality value is represented by a rating symbol which corresponds to the long-term rating symbol schemas employed by most CRAs. Note that this value is not explicitly published but instead serves as an input in the Style Box calculation. This symbol is then used to map to a Style Box credit quality category of "low," "medium," or "high". Funds with a "low" credit quality category are those whose weighted-average credit quality is determined to be equivalent to the commonly used High Yield classification, meaning a rating below "BBB", portfolios assigned to the "high" credit category have either a "AAA" or "AA+" average credit quality value, while "medium" are those with an average rating of "AA-" inclusive to "BBB-". It is expected and intended that the majority of portfolios will be assigned a credit category of "medium".

For assignment to an interest-rate sensitivity category, Morningstar uses the average effective duration of the portfolio. From this value there are three distinct methodologies employed to determine assignment to category. Portfolio which are assigned to Morningstar municipal-bond categories employ static breakpoints between categories. These breakpoints are: "Limited" equal to 4.5 years or less, "Moderate" equal to 4.5 years to less than 7 years; and "Extensive" equal to more than 7 years. For portfolios assigned to Morningstar categories other than U.S. Taxable, including all domiciled outside the United States, static duration breakpoints are also used: "Limited" equals less than or equal to 3.5 years, "Moderate" equals greater than 3.5 years but less than or equal to 6 years, and "Extensive" is assigned to portfolios with effective durations of more than 6 years.

Note: Interest-rate sensitivity for non-U.S. domiciled portfolios (excluding those in Morningstar convertible categories) may be assigned using average modified duration when average effective duration is not available.

For portfolios Morningstar classifies as U.S. Taxable Fixed-Income, interest-rate sensitivity category assignment is based on the effective duration of the Morningstar Core Bond Index (MCBI). The classification assignment is dynamically determined relative to the benchmark index value. A "Limited" category will be assigned to portfolios whose average effective duration is between 25% to 75% of MCBI average effective duration, where the average effective duration is between 75% to 125% of the MCBI the portfolio will be classified as "Moderate", and those portfolios with an average effective duration value 125% or greater of the average effective duration of the MCBI will be classified as "Extensive".

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.

Yield

The yield of an investment option refers to the income generated by an investment in that investment option over an identified period of time. The SEC 30-day yield refers to the income generated by an investment over an identified 30-day period. The SEC 30-day yield is calculated by dividing: (I) the net investment income per share of the investment option earned over a 30-day period; by (II) the maximum offering price per share of the investment option on the last day of the period. This number is then annualized using semi-annual compounding. This means that the amount of income generated during the 30-day period is assumed to be generated each month over a 12-month period and is reinvested every six months. The yield does not necessarily reflect income actually earned by investing in the investment option because of certain adjustments required by the SEC and, therefore, may not correlate to the dividends or other distributions paid to shareholders.