Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
Vanguard Target Retirement 2015 Trust Plus
A Commingled Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2021-10-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2021-10-31
Out of 117
Target-Date 2015 Funds
Morningstar®
Style Box™
What is this?
As of 2021-10-31
As of 2021-09-30
Total Fund Assets ($ Mil)
88.62
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
Vanguard Target Retirement 2015 Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.
These investments seek to provide growth of capital appreciation and current income consistent with its current asset allocation. The fund invests in Vanguard mutual funds using an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2015 (the target year). The trust's asset allocation will become more conservative over time. Within seven years after 2015, the trust's asset allocation should resemble that of the Target Retirement Income Fund.
  Morningstar Category: Target-Date 2015
Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2011-2015) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors. 
  Target Asset Allocation
Glide Path
Allocation
Bonds
US Stocks
Non-US Stocks
Cash
Other
Years Until Retirement
  Performance
Growth of $10,000
(from 2011-01-01 to 2021-10-31)
Investment: Vanguard Target Retirement 2015 Trust Plus
Benchmark 1: Morningstar Mod Tgt Risk TR USD
Benchmark 2: Morningstar Lifetime Mod 2015 TR USD
Category: Target-Date 2015
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 Year 3 Year 5 Year 10 Year Since Inception
Investment 5.27 12.38 9.66 7.85 7.44 6.44
Morningstar Mod Tgt Risk TR USD 9.16 21.98 12.76 10.27 8.58 8.53
Morningstar Lifetime Mod 2015 TR USD 7.20 16.79 11.41 8.76 7.49 7.49
Category 7.16 15.87 10.42 8.31 7.41 6.78
Morningstar Rating --- --- ---
# of compared Target-Date 2015 funds covered (3 yrs : out of 117 funds) (5 yrs : out of 76 funds) (10 yrs : out of 44 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.
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
Expense Ratio 0.06%
  Portfolio Profile
Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 19.3
Bullet Non-U.S. Stocks Non-U.S. Stocks 12.5
Bullet Bonds Bonds 65.3
Bullet Cash Cash 2.4
Bullet Other Other 0.5
Asset Allocation Rescaled Graph
Data through 2021-10-31
Morningstar Equity Sectors
% of Stocks
Cyclical 35.72
Basic Materials 4.59
Consumer Cyclical 11.74
Financial Services 15.75
Real Estate 3.64
Sensitive 43.25
Communication Services 8.90
Energy 3.56
Industrials 10.70
Technology 20.09
Defensive 21.02
Consumer Defensive 6.48
Healthcare 11.96
Utilities 2.58
Data through 2021-10-31
Morningstar Fixed-Income Sectors
% Fund
Government 64.79
Corporate 18.31
Securitized 12.96
Municipal 0.38
Cash & Equivalents 3.57
Other 0.00
Data through 2021-10-31
Credit Analysis
% Bonds
AAA 65.86
AA 7.63
A 13.19
BBB 12.70
BB 0.00
B 0.00
Below B 0.32
Not Rated 0.29
Data through 2021-09-30
Credit Analysis Graph
Holding Status
Total Number of Stock Holdings 0
Total Number of Bond Holdings 0
% of Net Assets in Top 10 Holdings 98.71
Turnover % (as of 2019-12-31) 9.00
30 Day SEC Yield % ---
Top Holdings
Sector Country Maturity Date Market Value ($000) % of Net Assets
Vanguard Total Bond Market II Idx I --- USA --- 4,515,705 35.71
Vanguard Total Stock Mkt Idx Instl Pls --- USA --- 2,448,074 19.36
Vanguard Shrt-Term Infl-Prot Sec Idx Ins --- USA --- 2,020,913 15.98
Vanguard Total Intl Bd II Idx Insl --- USA --- 1,933,135 15.29
Vanguard Instl Ttl Intl Stk Mkt Idx TrII --- USA --- 1,563,801 12.37
Data through 2021-10-31
  Principal Risks   
Credit and Counterparty, Inflation-Protected Securities, Prepayment (Call), Country or Region, Income, Index Correlation/Tracking Error, Interest Rate, Market/Market Volatility, Underlying Fund/Fund of Funds, Passive Management, Portfolio Diversification, Target Date
Show Risk Definitions
  Other Information
Product Inception Date: 2011-08-15
Initial Shareclass Inception Date: 2003-11-30
Portfolio Manager(s)
William A. Coleman   (2013-02-28)
William A. Coleman, CFA, Portfolio Manager at Vanguard. He has worked in investment management since joining Vanguard in 2006 and has co-managed the Conservative Allocation and Moderate Allocation Portfolios since 2013. Education: B.S., King’s College; M.S., Saint Joseph’s University.
Walter Nejman   (2013-02-28)
Walter Nejman, Portfolio Manager at Vanguard. He has been with Vanguard since 2005; has worked in investment management since 2008; and has co-managed the Communication Services Index, Health Care Index, Industrials Index, and Information Technology Index Funds since 2015. Education: B.A., Arcadia University; M.B.A., Villanova University.
Investment Advisor(s)
Vanguard
Issuer
Vanguard Group Inc
Show Data Definitions

© Copyright 2021 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.
 Empower
Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
Vanguard Target Retirement 2015 Trust Plus
A Commingled Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2021-10-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Growth of $10,000 from 2011-01-01 to 2021-10-31  
Investment: Vanguard Target Retirement 2015 Trust Plus
Benchmark 1: Morningstar Mod Tgt Risk TR USD
Benchmark 2: Morningstar Lifetime Mod 2015 TR USD
Category: Target-Date 2015
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
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 10-21
Total return % 1.7 11.4 13.0 6.7 -0.4 6.3 11.6 -2.9 14.9 10.4 5.3
Morningstar Mod Tgt Risk TR USD 0.6 12.0 14.3 4.9 -1.8 8.6 14.7 -4.8 19.0 12.8 9.2
Morningstar Lifetime Mod 2015 TR USD 2.9 11.5 10.5 5.6 -1.7 7.1 11.4 -3.5 16.3 12.7 7.2
Category -0.3 10.6 9.7 4.5 -1.3 6.1 11.3 -3.9 15.4 10.7 7.2
% Rank in Cat 19 35 21 2 11 49 41 18 62 75 100
# of Funds 157 154 178 182 158 131 122 142 128 118 122
Data through 2021-10-31
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 Year 3 Year 5 Year 10 Year Since Inception
Investment 5.27 12.38 9.66 7.85 7.44 6.44
Morningstar Mod Tgt Risk TR USD 9.16 21.98 12.76 10.27 8.58 8.53
Morningstar Lifetime Mod 2015 TR USD 7.20 16.79 11.41 8.76 7.49 7.49
Category 7.16 15.87 10.42 8.31 7.41 6.78
Morningstar Rating --- --- ---
# of compared Target-Date 2015 funds covered (3 yrs : out of 117 funds) (5 yrs : out of 76 funds) (10 yrs : out of 44 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-Year 3-Year 5-Year 10-Year Since Inception
Total Avg. Ann. Return % 3.59 9.59 7.81 7.21 7.94 6.38
Data through 2021-09-30
  Fees and Expenses
Expense Ratio 0.06%
Show Data Definitions

© Copyright 2021 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.
 Empower
Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
Vanguard Target Retirement 2015 Trust Plus
A Commingled Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2021-10-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Ratings
Morningstar
Return
Morningstar
Risk
Morningstar
Rating
Number of
Funds
3-Year Below Avg Low 117
5-Year Below Avg Low 76
10-Year Average Below Avg 44
Overall Average Below Avg 117
Morningstar Category: Target-Date 2015 | Number of Funds in Category: 117
Data through 2021-10-31
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 6.99
Mean 9.66
Sharpe Ratio 1.21
Trailing 3-Yr as of 2021-10-31
  Modern Portfolio Theory Statistics
Best Fit Index
Morningstar US Mod Con Tgt Alloc NR USD
R-Squared 99
Beta 0.92
Alpha -0.29
Trailing 3-Yr as of 2021-10-31
  Principal Risks   
Credit and Counterparty, Inflation-Protected Securities, Prepayment (Call), Country or Region, Income, Index Correlation/Tracking Error, Interest Rate, Market/Market Volatility, Underlying Fund/Fund of Funds, Passive Management, Portfolio Diversification, Target Date
Show Risk Definitions
Show Data Definitions

© Copyright 2021 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.
 Empower
Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
Vanguard Target Retirement 2015 Trust Plus
A Commingled Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2021-10-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Target Asset Allocation
Glide Path
Allocation
Bonds
US Stocks
Non-US Stocks
Cash
Other
Years Until Retirement
  Style Box Details for Stock Holdings
Size
Average Mkt Cap $Mil 68,730
   
Market Capitalization % of Portfolio
Giant 41.35
Large 31.72
Medium 19.64
Small 5.73
Micro 1.56
   
Investment Valuation Stock
Portfolio
Forward P/E 17.2
Price/Book 2.5
Price/Sales 1.9
Price/Cash Flow 10.4
Dividend Yield 1.8
Long-Term Earnings 14.1
Historical Earnings -11.5
Sales Growth -22.2
Cash-Flow Growth 5.8
Book-Value Growth -4.3
As of 2021-10-31
Data as of 2021-10-31
  Style Box Details for Bond Holdings
Average Eff Duration 6.14 Yrs
Average Eff Maturity 7.46 Yrs
Average Wtd Coupon 1.85
Average Wtd Price 107.34
As of 2021-09-30
Data as of 2021-09-30
  Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 19.3
Bullet Non-U.S. Stocks Non-U.S. Stocks 12.5
Bullet Bonds Bonds 65.3
Bullet Cash Cash 2.4
Bullet Other Other 0.5
Asset Allocation Rescaled Graph
Data through 2021-10-31
  Morningstar Equity Sectors
% of Stocks
Cyclical 35.72
Basic Materials 4.59
Consumer Cyclical 11.74
Financial Services 15.75
Real Estate 3.64
Sensitive 43.25
Communication Services 8.90
Energy 3.56
Industrials 10.70
Technology 20.09
Defensive 21.02
Consumer Defensive 6.48
Healthcare 11.96
Utilities 2.58
Data through 2021-10-31
  Morningstar Fixed-Income Sectors
% Fund
Government 64.79
Corporate 18.31
Securitized 12.96
Municipal 0.38
Cash & Equivalents 3.57
Other 0.00
Data through 2021-10-31
  Credit Analysis
% Bonds
AAA 65.86
AA 7.63
A 13.19
BBB 12.70
BB 0.00
B 0.00
Below B 0.32
Not Rated 0.29
Data through 2021-09-30
Credit Analysis Graph
  Top 25 Holdings
Total Number of Stock Holdings 0
Total Number of Bond Holdings 0
% of Net Assets in Top 10 Holdings 98.71
Turnover % (as of 2019-12-31) 9.00
30 Day SEC Yield % ---
Top 25 Holdings
Sector Country Maturity Date Market Value ($000) % of Net Assets
Vanguard Total Bond Market II Idx I --- USA --- 4,515,705 35.71
Vanguard Total Stock Mkt Idx Instl Pls --- USA --- 2,448,074 19.36
Vanguard Shrt-Term Infl-Prot Sec Idx Ins --- USA --- 2,020,913 15.98
Vanguard Total Intl Bd II Idx Insl --- USA --- 1,933,135 15.29
Vanguard Instl Ttl Intl Stk Mkt Idx TrII --- USA --- 1,563,801 12.37
Data through 2021-10-31
Show Data Definitions

© Copyright 2021 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.
 Empower
Morningstar® Investment Profile™   Investment
Option Disclosure
  Morningstar®
Disclosure
  Format
for Print
Vanguard Target Retirement 2015 Trust Plus
A Commingled Fund
Please click on the Investment Option Disclosure link above for more information.
Release date as of 2021-10-31. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Fees and Expenses
Actual Fees
Expense Ratio 0.06%
  Management
Product Inception Date: 2011-08-15
Initial Shareclass Inception Date: 2003-11-30
Mngr Name William A. Coleman
Mngr Start Date 2013-02-28
Biography
William A. Coleman, CFA, Portfolio Manager at Vanguard. He has worked in investment management since joining Vanguard in 2006 and has co-managed the Conservative Allocation and Moderate Allocation Portfolios since 2013. Education: B.S., King’s College; M.S., Saint Joseph’s University.
Mngr Name Walter Nejman
Mngr Start Date 2013-02-28
Biography
Walter Nejman, Portfolio Manager at Vanguard. He has been with Vanguard since 2005; has worked in investment management since 2008; and has co-managed the Communication Services Index, Health Care Index, Industrials Index, and Information Technology Index Funds since 2015. Education: B.A., Arcadia University; M.B.A., Villanova University.
Investment Advisor(s)
Vanguard
Issuer
Vanguard Group Inc
Show Data Definitions

© Copyright 2021 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 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.
Vanguard Target Retirement 2015 Trust Plus
Morningstar Ratings (Relative to Category)
  Morningstar ReturnMorningstar RiskMorningstar Rating# of Funds
3-year Below AvgLow117
5-year Below AvgLow76
10-year AverageBelow Avg44
Overall AverageBelow Avg117
Morningstar Category : Target-Date 2015 | Number of Funds in Category: 117
Data through 2021-10-31
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.
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.


Morningstar Investment Profilessm: Investment Option Disclosure

For more complete information about any of the investment products available within the retirement plan, please call 800-345-2345. Investors should carefully consider the investment objectives, risks, charges and expenses of the fund. For those investment options containing registered mutual funds, please carefully read the prospectus, which contains this and other important information, before you invest or send money.
An investment in a Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
The money market yield quotation illustrated in the performance data more closely reflects the current earnings of the money market than the total return quotations.
The information below may or may not be applicable to your plan.
A commingled fund is not a registered product but a collective trust fund. A collective fund is not a mutual fund and is exempt from SEC registration. Designed for and exclusively sold to qualified retirement plans and their participants, the funds are not available to individual retail investors.
A separate account is not a registered investment product but a separate account created specifically for the Plan. Separate accounts are not required to file a prospectus or registration statement with the SEC and accordingly neither is available.
A conduit account is not a registered investment product but a separate account created specifically for the Plan. The underlying assets of this fund are primarily invested within the fund listed in the “Investment Strategy” section of this fund fact sheet.
The lifestyle portfolio(s) is (are) a predetermined asset allocation among the core investment options available under the plan. The portfolio is not itself, nor is it intended to be, a security. You should review the prospectus for each mutual find included in this asset allocation for information regarding the funds, including fees and other charges.
Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than original cost. Past performance is no guarantee of future results.
Investment in bond funds is subject to risks, especially interest rate risk. As interest rates rise, the prices of bonds will generally fall, and vice versa.
Equity securities of small and mid-sized companies may be more volatile than securities of larger, more established companies.
Foreign investments involve special risks, including currency fluctuations, taxation differences and political developments.
Real estate securities and trusts involve greater risks than other non-diversified investments, including but not limited to: declining property values, varying economic conditions, changes in zoning laws, or losses from casualty. Real estate securities that invest in foreign real estate involve additional risk, including currency fluctuations and political developments.
Special note regarding Target Date Funds:
The date in a target date fund’s name represents an approximate date when an investor is expected to retire (which is assumed to be at age 65) and/or begins withdrawing money. The principal value of the funds is not guaranteed at any time, including the target date. For more information, please refer to the fund prospectus and/or disclosure document.
A target date fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date (which is the assumed retirement date for an investor).
GWFS Equities, Inc., or one or more of its affiliates, may receive a fee from the investment option provider for providing certain recordkeeping, distribution and administrative services.
Not FDIC/NCUSIF Insured
Not a Deposit Product
May Lose Value
No Bank/Credit Union/Affiliate Guarantee