Model Portfolio Report (2022)
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Model Portfolio Report
Pyramid Lake Paiute Minor's Trust Model Portfolio
Prepared By:
Breakwater Investment Group, LLC
13725 54th Drive SE
Everett, WA 98208
United States
Source: Morningstar Direct
US Broad Market Indexes
9.6
9.0
8.8
11.7
13.1
12.3
9.3
8.4
11.3
9.4
6.4
7.3
7.7
10.0
7.8
15.0
12.6
20.0
15.2
As of Date: 12/31/2022
5.0
0.0
-6.9
-6.9
-5.0
-10.0
-20.0
-18.1
-18.1
-15.0
YTD
-33.0
-35.0
-40.0
-29.1
-33.0
Return
-30.0
-29.1
-25.0
1 Year
3 Years
S&P 500 TR
5 Years
10 Years
NASDAQ 100 PR USD
15 Years
DJ Industrial Average TR USD
Wilshire 5000 Growth TR USD
US Sector Indexes (Dow Jones)
As of Date: 12/31/2022
62.2
70.0
62.2
80.0
60.0
50.0
40.0
-50.0
3 Years
5 Years
10 Years
Industrials
Health Care
Technology
Utilities
Basic Materials
Financials
Telecommunications
Consumer Goods
Consumer Services
Energy
Source: Morningstar Direct
8.7
11.7
12.3
7.4
5.8
5.2
3.0
8.9
10.4
3.3
-0.7
12.1
14.9
17.0
11.1
8.7
11.5
3.7
10.2
11.3
5.2
6.7
5.6
8.4
7.2
12.0
14.2
9.1
7.0
6.5
7.5
-6.8
-7.6
-13.7
-5.7
1 Year
0.4
1.5
YTD
-23.4
-30.3
-40.0
-34.5
-34.5
Return
-30.0
-14.0
-20.0
-23.4
-30.3
-14.0
-10.0
-7.6
-13.7
-5.7
-4.5
0.0
-4.5
1.5
10.0
6.3
11.0
9.8
5.8
11.8
4.4
20.0
18.7
30.0
15 Years
International Market
As of Date: 12/31/2022
-9.2
-10.0
1.0
0.6
1.5
0.6
2.2
3.7
3.9
2.9
4.8
1.8
-1.0
-2.7
-1.0
-2.2
-3.4
-1.2
-1.1
-3.4
-9.2
-5.0
-2.3
-1.5
-2.7
-1.0
-3.0
-3.8
-2.7
0.0
0.0
0.8
5.0
1.9
5.4
6.7
10.0
6.0
9.4
15.0
-30.0
-17.7
-19.7
-28.8
-24.2
-23.4
-17.8
-16.8
-28.8
Return
-25.0
-35.0
-17.7
-19.7
-17.8
-24.2
-23.4
-20.0
-16.8
-15.0
YTD
1 Year
3 Years
5 Years
10 Years
15 Years
International Large Core
International Large Value
International Large Growth
International Small/Mid Core
International Small/Mid Value
International Small/Mid Growth
Global Stocks
Emerging Markets
Bond Market
As of Date: 12/31/2022
-15.0
15 Years
-0.8
0.0
1.3
0.5
-2.2
0.7
0.4
-2.7
10 Years
-11.2
-13.0
-12.5
1.2
2.1
2.9
2.3
2.0
-6.9
-3.4
-7.8
-3.8
-11.2
-13.0
-10.0
-8.0
-8.0
-7.5
-7.8
-3.8
-5.0
-3.4
-2.5
-5.7
-0.5
-1.5
0.0
0.0
-1.4
0.0
2.5
2.3
5.0
0.7
0.7
0.0
1.4
0.7
2.2
4.0
1.1
7.5
-17.5
-20.0
-30.0
YTD
1 Year
-25.6
-25.2
-27.5
-25.6
-25.0
-25.2
Return
-22.5
3 Years
5 Years
Short Government
Intermediate Government
Long Government
Short Corporate
Intermediate Corporate
Long Corporate
High Yield
Multi-Sector
Source: Morningstar Direct
2.7
4.9
6.1
10.0
Model Portfolio Report
PERFORMANCE
Time Period: 1/1/2020 to 12/31/2022
0-9 Minor's
135.0
Portfolio Date: 7/31/2022
130.0
125.0
120.0
115.0
110.0
105.0
100.0
95.0
90.0
85.0
80.0
%
6/2020
12/2020
6/2021
Pyramid Lake Paiute 0-9 Minor's Trust Fund
12/2021
6/2022
12/2022
CASH/MONEY MARKET
2.0
FIXED INCOME
18.0
US EQUITY
43.0
INTL EQUITY
19.0
ALTS/SPECIALTY
Total
18.0
100.0
0-9 Minor's
Return
Last 3 Months
8.07
YTD
-13.22
1 Year
-13.22
3 Year
4.47
0-9 Minor's
Portfolio Date: 7/31/2022
Portfolio
Weighting %
Vanguard S&P 500 ETF
15.00
Janus Henderson Overseas I
12.00
Boston Partners All Cap Value Instl
8.00
CIBC Atlas All Cap Growth Institutional
8.00
JPMorgan Emerging Markets Equity L
7.00
PIMCO Income Instl
7.00
Vanguard Mid-Cap ETF
7.00
BlackRock Systematic Multi-Strat Instl
6.00
Cohen & Steers Realty Shares L
6.00
SPDR® SSgA Multi-Asset Real Return ETF
6.00
Invesco Impact Invt Grade Govt Crdt Int
5.00
Schwab Small Cap Index
5.00
Vanguard Interm-Term Corp Bd ETF
3.00
Vanguard Short-Term Corporate Bond ETF
3.00
CASH
2.00
Source: Morningstar Direct
Model Portfolio Report
PERFORMANCE
130.0
10-12 Minor's
125.0
Portfolio Date: 7/31/2022
120.0
115.0
110.0
105.0
100.0
95.0
90.0
85.0
80.0
%
6/2020
12/2020
6/2021
Pyramid Lake Paiute 10-12 Minor's Trust Fund
12/2021
6/2022
12/2022
CASH/MONEY MARKET
3.0
FIXED INCOME
32.0
US EQUITY
32.0
INTL EQUITY
17.0
ALTS/SPECIALTY
Total
16.0
100.0
10-12 Minor's
Return
Last 3 Months
7.14
YTD
-11.78
1 Year
-11.78
3 Year
3.62
10-12 Minor's
Portfolio Date: 7/31/2022
Portfolio
Weighting %
Vanguard S&P 500 ETF
13.00
PIMCO Income Instl
12.00
Janus Henderson Overseas I
11.00
Invesco Impact Invt Grade Govt Crdt Int
10.00
JPMorgan Emerging Markets Equity L
6.00
SPDR® SSgA Multi-Asset Real Return ETF
6.00
BlackRock Systematic Multi-Strat Instl
5.00
Boston Partners All Cap Value Instl
5.00
CIBC Atlas All Cap Growth Institutional
5.00
Cohen & Steers Realty Shares L
5.00
Vanguard Interm-Term Corp Bd ETF
5.00
Vanguard Mid-Cap ETF
5.00
Vanguard Short-Term Corporate Bond ETF
5.00
Schwab Small Cap Index
4.00
CASH
3.00
Source: Morningstar Direct
Model Portfolio Report
PERFORMANCE
125.0
13-15 Minor's
Portfolio Date: 7/31/2022
120.0
115.0
110.0
105.0
100.0
95.0
90.0
%
85.0
6/2020
12/2020
6/2021
Pyramid Lake Paiute 13-15 Minor's Trust Fund
12/2021
6/2022
12/2022
CASH/MONEY MARKET
5.0
FIXED INCOME
45.0
US EQUITY
23.0
INTL EQUITY
12.0
ALTS/SPECIALTY
Total
15.0
100.0
13-15 Minor's
Return
Last 3 Months
5.84
YTD
-10.55
1 Year
-10.55
3 Year
2.70
13-15 Minor's
Portfolio Date: 7/31/2022
Portfolio
Weighting %
PIMCO Income Instl
17.00
Invesco Impact Invt Grade Govt Crdt Int
14.00
Vanguard S&P 500 ETF
10.00
Janus Henderson Overseas I
8.00
Vanguard Interm-Term Corp Bd ETF
7.00
Vanguard Short-Term Corporate Bond ETF
7.00
BlackRock Systematic Multi-Strat Instl
5.00
CASH
5.00
Cohen & Steers Realty Shares L
5.00
SPDR® SSgA Multi-Asset Real Return ETF
5.00
JPMorgan Emerging Markets Equity L
4.00
Vanguard Mid-Cap ETF
4.00
Boston Partners All Cap Value Instl
3.00
CIBC Atlas All Cap Growth Institutional
3.00
Schwab Small Cap Index
3.00
Source: Morningstar Direct
Model Portfolio Report
PERFORMANCE
117.5
16+ Minor's
115.0
Portfolio Date: 7/31/2022
112.5
110.0
107.5
105.0
102.5
100.0
97.5
95.0
92.5
90.0
%
6/2020
12/2020
6/2021
Pyramid Lake Paiute 16+ Minor's Trust Fund
12/2021
6/2022
12/2022
CASH/MONEY MARKET
7.0
FIXED INCOME
60.0
US EQUITY
13.0
INTL EQUITY
9.0
ALTS/SPECIALTY
11.0
Total
100.0
16+ Minor's
Return
Last 3 Months
4.70
YTD
-9.38
1 Year
-9.38
3 Year
1.62
16+ Minor's
Portfolio Date: 7/31/2022
Portfolio
Weighting %
PIMCO Income Instl
23.00
Invesco Impact Invt Grade Govt Crdt Int
19.00
Vanguard Interm-Term Corp Bd ETF
9.00
Vanguard Short-Term Corporate Bond ETF
9.00
Vanguard S&P 500 ETF
8.00
CASH
7.00
Janus Henderson Overseas I
6.00
Cohen & Steers Realty Shares L
4.00
SPDR® SSgA Multi-Asset Real Return ETF
4.00
BlackRock Systematic Multi-Strat Instl
3.00
JPMorgan Emerging Markets Equity L
3.00
Vanguard Mid-Cap ETF
3.00
Schwab Small Cap Index
2.00
Source: Morningstar Direct
Morningstar DirectSM | Print Date: 1/7/2023
Client: PLPT
Id
Name
Morningstar
Rating
Overall
1
2
3
4
5
Vanguard Short-Term Corporate Bond ETF
Vanguard Interm-Term Corp Bd ETF
Invesco Impact Invt Grade Govt Crdt Int
PIMCO Income Instl
Boston Partners All Cap Value Instl
QQQQ
QQQQ
QQQ
QQQQQ
QQQQ
0.04
-0.61
1.83
-0.20
-4.06
1.86
3.51
-1.26
3.41
14.14
-5.71
-14.06
-7.55
-7.81
-2.42
-5.71
-14.06
-7.66
-7.81
-2.42
-0.44
-2.47
-0.69
0.03
8.46
1.25
0.76
1.14
1.69
7.53
4.31
8.91
3.38
7.35
22.55
QQQ
QQQQ
QQQQ
QQQ
QQQ
-6.57
-5.76
-5.35
-6.49
-0.45
2.61
7.55
9.03
6.23
19.00
-29.69
-18.15
-18.68
-20.42
-8.67
-29.69
-18.15
-18.68
-20.42
-8.67
4.53
7.61
6.18
3.15
6.46
9.74
9.38
7.33
4.19
5.39
22.60
21.17
23.61
26.39
21.96
QQQQ
11 JPMorgan Emerging Markets Equity L
QQQQQ
12 Cohen & Steers Realty Shares L
13 SPDR® SSgA Multi-Asset Real Return ETF QQQ
QQQQ
14 BlackRock Systematic Multi-Strat Instl
15 Bloomberg US Agg Bond TR USD
-2.58
-5.25
-2.81
-0.02
-0.45
11.12
3.72
10.12
2.85
1.87
-25.68
-24.96
7.61
-3.09
-13.01
-25.68
-24.96
7.61
-3.09
-13.01
-3.46
1.29
9.51
2.15
-2.71
-0.01
5.76
6.12
3.31
0.02
23.05
21.95
18.80
5.29
5.85
16 S&P 500 TR USD
-5.76
7.56
-18.11
-18.11
7.66
9.42
21.16
6 CIBC Atlas All Cap Growth Institutional
7 Vanguard S&P 500 ETF
8 Vanguard Mid-Cap ETF
9 Schwab Small Cap Index
10 Janus Henderson Overseas I
Total Ret Total Ret Total Ret Total Ret
Total Ret
Total Ret
Std Dev
1 Mo
3 Mo
YTD
1 Yr Annlzd 3 Yr Annlzd 5 Yr 3 Yr (Qtr-End)
(Mo-End) (Mo-End) (Mo-End) (Mo-End)
(Mo-End)
(Mo-End)
© Morningstar 2023. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted 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 losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
ß
®
Release date 12-31-2022
Page 1 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
Vanguard Short-Term
Corporate Bond ETF (USD)
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
4th Qtr Total %
2020
2021
2022
-2.38
-0.61
-3.71
5.57
0.79
-1.94
0.89
0.10
-1.97
1.06
-0.69
1.86
5.08
-0.41
-5.71
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Std Mkt 12-31-22 -5.62
Std NAV 12-31-22 -5.71
Mkt Total Ret
-5.62
NAV Total Ret
-5.71
+/- Std Index
7.30
+/- Cat Index
-2.02
% Rank Cat
69
No. in Cat
586
—
—
-0.47
-0.44
2.27
-0.13
53
539
1.27
1.25
1.27
1.25
1.22
0.33
24
479
1.56
1.59
1.56
1.59
0.53
0.71
12
348
2.26
2.28
2.26
2.28
—
—
Trailing Returns
Unsubsidized
5.03
4.99
30-day SEC Yield 2023-01-06
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Fund Expenses
Management Fees %
Annual Report Net Expense Ratio %
Annual Report Gross Expense Ratio %
12b1 Expense %
07-08-2022
0.03
0.04
0.04
NA
2
2
2
2
2
2
2
2
2
2
2
100
99
98
99
99
99
100
99
96
94
91
99
40k
20k
10k
4Q
+Avg
+Avg
3 Yr
5 Yr
10 Yr
Standard Deviation NAV
Standard Deviation MKT
Mean NAV
Mean MKT
Sharpe Ratio
4.31
4.18
-0.44
-0.47
-0.28
3.51
3.44
1.25
1.27
-0.01
2.69
2.64
1.59
1.56
0.30
MPT Statistics
Standard Index
NAV
Alpha
Beta
R-Squared
12-Month Yield
Potential Cap Gains Exp
Leveraged
Leverage Type
Leverage %
Primary Prospectus Benchmark
0.73
0.57
58.89
Best Fit Index
Morningstar US
Corp Bd TR USD
0.25
0.43
87.21
2.02%
—
No
—
100.00
Bloomberg USD
Corp Bd 1-5 Yr TR
USD
&
&
&
(
&
&
(
(
Performance Quartile
(within category)
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
12-22
History
1.38
1.37
3.40
0.73
15
458
0.24
1.82
1.96
-4.01
1.19
12
524
0.14
1.26
1.25
0.70
0.60
3
559
0.10
2.60
2.63
-0.02
1.35
25
522
0.18
2.17
2.45
-1.09
1.60
15
513
0.12
0.92
0.91
0.90
-0.69
62
530
0.04
7.02
6.85
-1.87
2.82
6
569
0.11
5.13
5.08
-2.43
1.75
17
574
0.24
-0.63
-0.41
1.13
0.06
59
608
0.05
-5.62
-5.71
7.30
-2.02
69
586
—
Mkt Total Ret %
NAV Total Ret %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Avg Prem/Discount %
Portfolio Analysis 11-30-2022
Asset Allocation %
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
0.68
0.00
0.00
99.21
0.10
0.68
0.00
0.00
99.21
0.10
0.00
0.00
0.00
0.00
0.00
Total
100.00
100.00
0.00
Equity Style
Value
Blend Growth
Portfolio Statistics
Port
Rel
Avg Index
Rel
Cat
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
—
—
—
—
—
—
—
—
—
—
—
—
Fixed-Income Style
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
3.00
2.70
—
95.16
Credit Quality Breakdown —
Bond %
AAA
AA
A
0.96
6.43
47.50
BBB
BB
B
45.06
0.00
0.00
Below B
NR
0.04
0.01
Regional Exposure
Share Chg
since
10-2022
Share
Amount
Holdings :
0 Total Stocks , 2,212 Total Fixed-Income,
50% Turnover Ratio
T
T
T
T
T
121 mil
107 mil
106 mil
117 mil
95 mil
The Boeing Company 2.196%
Charter Communications Operating,
Microsoft Corporation 3.3%
Bank of America Corporation 1.734%
Dell International L.L.C. and EMC
0.23
0.22
0.21
0.21
0.20
T
T
T
T
T
110 mil
98 mil
94 mil
98 mil
95 mil
JPMorgan Chase & Co. 1.578%
Goldman Sachs Group, Inc. 3.5%
JPMorgan Chase & Co. 4.851%
Wells Fargo & Company 3%
Visa Inc 3.15%
0.20
0.20
0.19
0.19
0.19
T
T
T
T
T
97 mil
92 mil
96 mil
97 mil
95 mil
Morgan Stanley 3.125%
Bank of America Corporation 3.5%
Citigroup Inc. 3.07%
Goldman Sachs Group, Inc. 2.64%
Magallanes Inc. 3.755%
0.19
0.18
0.18
0.18
0.18
Sector Weightings
Low
4Q
+Avg
+Avg
&
5.57
5.74
1.52
4.48
16
413
0.37
Med
3Q
+Avg
Avg
Vanguard Short-Term
Corporate Bond ETF
12,742
Category Average
11,518
Standard Index
12,484
2011
High
Morningstar Rating
Morningstar Risk
Morningstar Return
Growth of $10,000
3.05
2.94
-4.90
1.35
13
405
0.33
Small
10 Yr
348 funds
&
Mid
5 Yr
479 funds
Fixed-Income
Bond %
4k
&
Large
3 Yr
539 funds
US Fund Short-Term
Bond
Investment Style
100k
80k
60k
Risk and Return Profile
TM
Morningstar Cat
Bloomberg US
Bloomberg US
Agg Bond TR USD Govt/Credit 1-3 Yr
TR USD
2
&
Subsidized
QQQQ
539 US Fund Short-Term
Bond
Œ
Category Index
Stocks %
Rel Std Index
Americas
Greater Europe
Greater Asia
—
—
—
—
—
—
Ticker:
Incept:
Expiration Date:
Exchange:
NAV:
Prem/Discount:
VCSH
11-19-2009
—
NASDAQ - ALL MARKETS
75.11
0.11
Stocks %
Net Assets
%
Rel Std Index
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
—
—
—
—
—
—
—
—
—
—
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
—
—
—
—
—
—
—
—
—
—
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
—
—
—
—
—
—
—
—
Operations
Family:
Manager:
Tenure:
Total Assets:
Shares Outstanding:
Type:
Vanguard
Joshua Barrickman
13.2 Years
$40,816.0 mil
539.68 mil
ETF
Mkt Price:
Base Currency:
Legal Structure:
Backing Bank:
75.19
USD
Open Ended Investment Company
Vanguard Group Inc
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opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 2 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
Vanguard Interm-Term Corp „
07-07-2022
Bd ETF (USD)
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
4th Qtr Total %
2020
2021
2022
-3.97
-3.95
-6.96
9.65
3.06
-6.37
1.71
0.04
-4.69
2.29 9.55
-0.49 -1.46
3.51 -14.06
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Std Mkt 12-31-22 -13.98
Std NAV 12-31-14.06
22
Mkt Total Ret
-13.98
NAV Total Ret -14.06
+/- Std Index
-1.05
+/- Cat Index
1.70
% Rank Cat
22
No. in Cat
214
—
0.73
2.05
3.77
—
0.76
2.08
3.80
-2.57
-2.47
0.24
0.41
36
193
0.73
0.76
0.74
0.31
26
170
2.05
2.08
1.02
0.12
29
99
3.77
3.80
—
—
Trailing Returns
Subsidized
Unsubsidized
5.26
5.25
30-day SEC Yield 2023-01-06
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-662-7447 or visit www.vanguard.com.
Fees and Expenses
Fund Expenses
Management Fees %
Annual Report Net Expense Ratio %
Annual Report Gross Expense Ratio %
12b1 Expense %
0.03
0.04
0.04
NA
8
5
8
5
5
5
5
5
5
5
5
97
99
100
100
99
99
99
99
95
96
96
100
40k
20k
10k
*
3 Yr
5 Yr
10 Yr
8.91
9.15
-2.47
-2.57
-0.33
7.38
7.60
0.76
0.73
-0.04
5.97
6.13
2.08
2.05
0.24
Standard Deviation NAV
Standard Deviation MKT
Mean NAV
Mean MKT
Sharpe Ratio
Standard Index
NAV
Alpha
Beta
R-Squared
12-Month Yield
Potential Cap Gains Exp
Leveraged
Leverage Type
Leverage %
Primary Prospectus Benchmark
Best Fit Index
Bloomberg US Corp
Bond TR USD
1.53
1.31
74.30
0.14
0.93
97.24
3.03%
—
No
—
100.00
Bloomberg US Credit
Corp 5-10 Yr TR USD
(
(
*
*
(
Growth of $10,000
Vanguard Interm-Term Corp
Bd ETF
14,767
Category Average
14,188
Standard Index
12,484
(
&
Performance Quartile
(within category)
12-22
History
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
10.53
11.36
7.14
1.54
47
134
0.53
-1.94
-1.80
0.22
-0.27
78
145
0.14
7.66
7.47
1.50
0.00
30
169
0.26
0.92
0.88
0.33
1.56
8
177
0.17
5.26
5.30
2.65
-0.81
67
199
0.26
5.31
5.50
1.96
-0.91
60
227
0.22
-1.73
-1.75
-1.76
0.75
34
250
0.12
14.10
13.97
5.25
-0.57
50
217
0.22
9.46
9.55
2.04
-0.34
57
206
0.34
-1.77 -13.98
-1.46 -14.06
0.08 -1.05
-0.42
1.70
72
22
211
214
0.02
—
Mkt Total Ret %
NAV Total Ret %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Avg Prem/Discount %
Portfolio Analysis 11-30-2022
Asset Allocation %
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
0.06
0.00
0.00
99.85
0.09
0.06
0.00
0.00
99.85
0.09
0.00
0.00
0.00
0.00
0.00
Total
100.00
100.00
0.00
Equity Style
Value
Blend Growth
Portfolio Statistics
Port
Rel
Avg Index
Rel
Cat
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
—
—
—
—
—
—
—
—
—
—
—
—
Fixed-Income Style
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
7.50
6.23
—
89.14
Credit Quality Breakdown —
Bond %
AAA
AA
A
0.26
4.34
41.06
BBB
BB
B
54.42
0.00
0.00
Below B
NR
0.00
-0.08
Regional Exposure
Share Chg
since
10-2022
Share
Amount
Holdings :
0 Total Stocks , 2,011 Total Fixed-Income,
58% Turnover Ratio
T
T
Y
T
Y
179 mil
137 mil
126 mil
101 mil
131 mil
T-Mobile USA, Inc. 3.875%
AbbVie Inc. 3.2%
JPMorgan Chase & Co. 4.912%
Deutsche Telekom International Fin
Bank of America Corporation 3.419%
0.40
0.31
0.30
0.30
0.29
T
T
T
T
T
121 mil
134 mil
137 mil
118 mil
130 mil
Bank of America Corporation 5.015%
Magallanes Inc. 4.279%
Verizon Communications Inc. 2.355%
Citigroup Inc. 4.412%
Bank of America Corporation 2.687%
0.29
0.28
0.27
0.27
0.26
T
T
Y
T
Y
109 mil
103 mil
102 mil
99 mil
116 mil
Wells Fargo & Company 4.897%
The Boeing Company 5.15%
Verizon Communications Inc. 4.329%
Anheuser-Busch InBev Worldwide Inc
Verizon Communications Inc. 2.55%
0.26
0.25
0.24
0.24
0.24
Sector Weightings
Low
4Q
Avg
+Avg
&
2011
Med
4Q
-Avg
+Avg
*
8.96
7.94
0.10
-0.20
30
127
0.56
High
3Q
-Avg
Avg
Morningstar Rating
Morningstar Risk
Morningstar Return
MPT Statistics
)
Small
10 Yr
99 funds
Fixed-Income
Bond %
4k
*
Mid
5 Yr
170 funds
Investment Style
100k
80k
60k
Large
3 Yr
193 funds
Morningstar Cat
Bloomberg US
Bloomberg US Corp US Fund Corporate
Agg Bond TR USD Bond TR USD
Bond
8
Risk and Return Profile
TM
QQQQ
193 US Fund Corporate Bond
Category Index
Stocks %
Rel Std Index
Americas
Greater Europe
Greater Asia
—
—
—
—
—
—
Ticker:
Incept:
Expiration Date:
Exchange:
NAV:
Prem/Discount:
VCIT
11-19-2009
—
NASDAQ - ALL MARKETS
77.46
0.06
Stocks %
Net Assets
%
Rel Std Index
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
—
—
—
—
—
—
—
—
—
—
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
—
—
—
—
—
—
—
—
—
—
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
—
—
—
—
—
—
—
—
Operations
Family:
Manager:
Tenure:
Total Assets:
Shares Outstanding:
Type:
Vanguard
Joshua Barrickman
13.2 Years
$40,400.7 mil
511.21 mil
ETF
Mkt Price:
Base Currency:
Legal Structure:
Backing Bank:
77.51
USD
Open Ended Investment Company
Vanguard Group Inc
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 11-30-2022
Page 3 of 34
TM
Invesco Impact Invt Grade Govt Crdt Int
(USD)
Overall Morningstar Rating
Standard Index
QQQ
Bloomberg US
Bloomberg US
Agg Bond TR USD Govt/Credit 1-3
Yr TR USD
100k
80k
60k
Customization
Exclude securities
Modify sector weightings
Consult with portfolio manager
Consult with portfolio administrator
Tax Lot Harvest Rpt to Financial
Professional
Access daily portfolio holdings
Access daily performance
Access daily risk/MPT stats
Annual tax document
—
—
—
—
—
Tax-Efficiency
Use of tax-optimization software
Use of tax-lot trading strategies
Ability to harvest tax losses
Trades analyzed by holding period
Lg-term cap gain use in position chgs
Analysis of taxable income streams
Sell high cost positions first
Short-term gain flag before trade
Analysis of loss candidates
20k
4k
—
—
—
—
—
—
—
—
—
—
—
—
Performance Quartile
(within category)
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
11-22
History
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2
—
—
—
—
18
2.13
1.29
1.86
0.30
8
—
—
—
—
65
—
—
—
—
67
—
—
—
—
123
—
—
—
—
152
—
—
—
—
197
—
—
—
—
251
Rating and Risk
Composition %
Time
Period
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Rating
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
0.56
0.00
0.00
94.54
4.90
0.56
0.00
0.00
94.54
4.90
0.00
0.00
0.00
0.00
0.00
Share Chg
since
06-2022
Share
Amount
Holdings :
0 Total Stocks , 23 Total Fixed-Income,
49% Turnover Ratio
3 Yr
5 Yr
10 Yr
—
—
—
—
—
—
3Q
3Q
—
Total
100.00
100.00
0.00
Y
Y
Y
Y
R
25,000
27,000
20,000
20,000
20,000
Inter-American Development Bank 3.
International Bank for Reconstruct
Inter-American Development Bank 2.
International Bank for Reconstruct
International Bank for Reconstruct
9.04
8.37
7.34
7.33
7.14
Gross Performance 11-30-2022
Total
2018
2019
2020
2021
2022
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Y
R
R
R
Y
20,000
15,000
15,000
12,000
12,000
International Bank for Reconstruct
REGIONAL TRANSN DIST COLO SALES TA
VIRGINIA ST HSG DEV AUTH 1.485%
International Bank for Reconstruct
International Bank for Reconstruct
5.95
5.03
4.86
4.59
3.81
Trailing
Net Total
Return %
+/- Std Index
% Rank
Cat
Growth of
$10,000
R
Y
Y
Y
Y
10,000
7,000
7,000
7,000
7,000
International Bank for Reconstruct
AbbVie Inc. 3.75%
Comcast Corporation 3.7%
American Tower Corporation 3.375%
NextEra Energy Capital Holdings In
3.52
2.69
2.69
2.65
2.65
1 Mo
3 Mo
1 Yr
3 Yr
5 Yr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Equity Style
Market Cap
Rel
Value
Giant
Large
Medium
Small
Micro
—
—
—
—
—
Geo Avg Cap($mil)
—
Blend Growth
Value Grades
%
Med
Risk and Return Profile
Best Fit Index
Bloomberg US Agg Bond
TR USD
—
—
—
—
—
—
Standard Deviation
Mean
Sharpe Ratio
—
—
—
12-Month Yield
—
Low
Standard Index
Ltd
Mod
Both
0.25
—
—
%
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
3.66
4.05
2.18
91.80
Ext
Account Size
Breakdown
Less than $250,000
$250,000 - $1 million
$1 million - $10 million
More than $10 million
Operations
Product Focus:
Investment Minimum( $mil):
% Portfolios Customized:
% Portfolio Tax-Managed:
Growth Grades
Fixed-Income Style
High
4th Qtr
Small
3rd Qtr
Mid
2nd Qtr
+/- Standard Index
+/- Category Index
Total Rtn % Rank Cat
High
Low
Median
Std Dev of Accounts
Product Assets $mil
Portfolio Analysis 09-30-2022
Large
1st Qtr
Total Return %
Dispersion
Portfolio Manager(s)
Alpha
Beta
R-Squared
Invesco Impact Invt Grade
Govt Crdt Int
$—
Category Average
$—
Standard Index
$—
40k
—
—
—
—
—
—
—
—
—
Edward Bernhardt Since 09-30-2014,Tim Benzel Since 09-302014
Short-Term Bond
Growth of $10,000
10k
—
—
—
—
Morningstar CategoryTM
Category Index
Address:
Phone:
Web Address:
Total Account
Value( $mil)
Number of
Accounts
0.00
0.00
0.00
572.36
0
0
0
2
Invesco Ltd 1555 Peachtree Street NE
Suite 1800
404-892-0896
www.invesco.com
Sector Weightings
Stocks %
Net Assets
%
Rel Std Index
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
—
—
—
—
—
—
—
—
—
—
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
—
—
—
—
—
—
—
—
—
—
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
—
—
—
—
—
—
—
—
Date of Inception:
GIPS Compliance Date:
No. of Accounts:
Total Assets:
2014-09-30
2003-01-01
63
$250.81 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 4 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
PIMCO Income Instl (USD)
QQQQQ
290 US Fund Multisector
Bond
Œ
05-15-2022
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
4th Qtr Total %
2020
2021
2022
-7.66
-0.17
-4.20
6.48
2.01
-5.18
3.01
0.58
-1.86
4.46
0.17
3.41
5.80
2.61
-7.81
Trailing Returns
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-adj Mthly
Std 12-31-2022
Total Return
-7.81
-7.81
-7.81
0.03
—
0.03
1.69
1.69
1.69
4.00
4.00
4.00
6.62
6.62
6.62
+/- Std Index
+/- Cat Index
5.20
5.19
2.74
2.57
1.67
1.51
2.94
2.67
—
—
% Rank Cat
23
25
20
1
No. in Cat
343
290
253
148
Unsubsidized
—
4.83
—
4.83
7-day Yield
30-day SEC Yield 11-30-22
Performance Disclosure
0
0
0
0
0
0
0
0
0
2
2
94
88
87
72
69
73
68
72
65
57
88
66
40k
20k
10k
&
&
&
&
*
&
2015
2016
2017
2018
2019
2020
2021
12-22
History
11.73
2.63
2.08
2.20
3
304
12.06
8.72
6.07
4.81
31
299
12.41
8.60
5.06
4.51
10
321
11.81
0.58
0.57
0.84
18
326
12.04
8.05
-0.67
-1.24
78
302
12.11
5.80
-1.71
-1.78
47
336
11.94
2.61
4.15
3.71
45
339
10.35
-7.81
5.20
5.19
23
343
NAV/Price
Total
100.00
364.17
264.17
Equity Style
Value
Blend Growth
Large
Mid
Small
Ltd
Mod
Ext
10 Yr
7.35
0.03
-0.08
5.85
1.69
0.09
4.68
4.00
0.69
Standard Index
2.17
0.79
40.02
12-Month Yield
Potential Cap Gains Exp
Best Fit Index
JPM EMBI Global
Diversified TR USD
2.22
0.52
91.05
6.39%
-6.57%
Port
Rel
Avg Index
Rel
Cat
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
—
—
—
—
—
—
—
—
—
—
—
—
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
5.17
3.22
—
88.04
Low
Alpha
Beta
R-Squared
5 Yr
Med
MPT Statistics
High
Standard Deviation
Mean
Sharpe Ratio
3 Yr
Portfolio Statistics
Fixed-Income Style
Risk and Return Profile
5Q
-Avg
High
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Portfolio Analysis 09-30-2022
Fund Expenses
4Q
-Avg
+Avg
Performance Quartile
(within category)
2014
Fees and Expenses
4Q
Avg
+Avg
&
12.33
7.18
1.21
1.62
7
276
Short %
Morningstar RatingTM
Morningstar Risk
Morningstar Return
*
2013
145.56
0.00
0.00
118.61
0.00
10 Yr
148 funds
*
12.26
4.80
6.83
6.15
18
308
Long %
5 Yr
253 funds
)
2012
119.92
1.15
0.36
241.21
1.53
3 Yr
290 funds
&
12.36
22.17
17.95
16.63
1
283
Net %
0.50
NA
0.51
0.51
PIMCO Income Instl
19,235
Category Average
14,085
Standard Index
12,484
2011
-25.64
1.15
0.36
122.60
1.53
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
Growth of $10,000
10.85
6.36
-1.48
-1.04
7
250
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
NA
NA
Fixed-Income
Bond %
4k
Asset Allocation %
Front-End Load %
Deferred Load %
US Fund Multisector
Bond
Investment Style
100k
80k
60k
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 888-877-4626 or visit www.pimco.com.
Sales Charges
Morningstar Cat
Bloomberg US
Bloomberg US
Agg Bond TR USD Universal TR USD
0
&
Subsidized
Category Index
Bond %
AAA
AA
A
41.00
9.07
4.04
BBB
BB
B
17.13
14.90
4.78
Below B
NR
9.10
0.00
Americas
Greater Europe
Greater Asia
Share
Amount
Holdings :
23 Total Stocks , 6,325 Total Fixed-Income,
319% Turnover Ratio
Y
T
R
Y
R
91,065
642 mil
3,150 mil
21,145
2,669 mil
10 Year Treasury Note Future Dec 22
Pimco Fds
Federal National Mortgage Associat
US Treasury Bond Future Dec 22
Federal National Mortgage Associat
-8.95
5.47
2.57
-2.35
2.11
Y
R
15,493
1,693 mil
1,607 mil
1,560 mil
1,484 mil
Fin Fut Us Ultra 30Yr Cbt 12/20/22
United States Treasury Notes 3.875%
United States Treasury Notes 2.375%
CITIGROUP MORTGAGE LOAN TRUST 2021
CSMC TRUST 3.25522%
-1.86
1.48
1.28
1.20
1.19
1,215 mil
1,451 mil
1,388 mil
11,288
41 mil
Durham Mortgages B PLC 2.44721%
United States Treasury Notes 0.25%
United States Treasury Notes 0.125%
Fin Fut Uk Gilt Ice 12/28/22
At&T Mobility II LLC 7%
1.18
1.15
1.07
-1.07
0.92
Y
Y
Y
T
T
Y
Sector Weightings
Credit Quality Breakdown 09-30-2022
Regional Exposure
Share Chg
since
06-2022
Stocks %
Rel Std Index
75.9
24.1
0.0
—
—
—
Stocks %
Net Assets
%
Rel Std Index
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
60.5
—
0.0
0.0
20.4
40.0
—
—
—
—
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
39.5
—
24.1
15.4
0.0
0.0
—
—
—
—
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
0.0
—
0.0
0.0
0.0
—
—
—
Operations
Family:
Manager:
Tenure:
Objective:
PIMCO
Multiple
15.8 Years
Multisector Bond
Base Currency:
Ticker:
ISIN:
Minimum Initial Purchase:
USD
PIMIX
US72201F4900
$1 mil
Purchase Constraints:
Incept:
Type:
Total Assets:
A
03-30-2007
MF
$111,406.02 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 5 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
Boston Partners All Cap
Value Instl (USD)
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
4th Qtr Total %
2020
2021
2022
-28.57 15.81
11.80 6.35
0.18 -10.51
4.95 19.93 4.12
-1.92 7.69 25.59
-4.65 14.14 -2.42
Trailing Returns
1 Yr
3 Yr
5 Yr
10 Yr
Load-adj Mthly
Std 12-31-2022
Total Return
-2.42
-2.42
-2.42
8.46
—
8.46
7.53 11.86 10.37
7.53 11.86 10.37
7.53 11.86 10.37
+/- Std Index
+/- Cat Index
15.69
5.11
0.80
2.50
-1.89
0.87
-0.70
1.57
% Rank Cat
22
24
42
9
No. in Cat
1229
1155
1099
819
09-07-2022
1
1
1
1
1
1
1
1
1
1
1
1
97
98
97
98
97
99
97
98
96
100
99
98
—
—
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 888-261-4073 or visit
www.robecoinvest.com.
Fees and Expenses
4k
*
&
2014
2015
2016
2017
22.44
12.23
-1.45
-1.22
23
1290
21.24
0.95
-0.43
4.78
6
1378
23.48
14.82
2.86
-2.52
44
1268
26.52 21.97
17.87 -11.87
-3.97 -7.49
4.20 -3.60
29
84
1260 1244
10 Yr
22.55
8.46
0.43
20.15
7.53
0.40
16.16
11.86
0.73
MPT Statistics
Standard Index
Best Fit Index
Russell 1000 Value
TR USD
Alpha
Beta
R-Squared
1.32
0.97
83.07
2.29
1.04
98.05
12-Month Yield
Potential Cap Gains Exp
—
41.19%
&
*
2019
2020
27.37 28.04
27.88
4.12
-3.61 -14.28
1.34
1.32
24
37
1209 1200
&
Performance Quartile
(within category)
2021
12-22
History
33.35
25.59
-3.12
0.43
56
1207
29.98
-2.42
15.69
5.11
22
1229
NAV/Price
(
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Portfolio Analysis 10-31-2022
Asset Allocation %
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
1.74
92.65
5.61
0.00
0.00
1.74
93.23
5.61
0.00
0.00
0.00
0.58
0.00
0.00
0.00
Total
100.00
100.58
0.58
Value
Portfolio Statistics
Blend Growth
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Port
Rel
Avg Index
14.2
11.5
2.3
47537
0.75
0.81
0.64
0.29
Rel
Cat
0.95
1.03
0.91
0.41
Fixed-Income Style
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
—
—
—
Low
5 Yr
2018
2013
Med
3 Yr
)
21.01
39.12
6.74
6.60
5
1213
High
4Q
+Avg
High
*
2012
Small
Standard Deviation
Mean
Sharpe Ratio
3Q
+Avg
Avg
*
15.69
15.83
-0.18
-1.68
37
1208
10 Yr
819 funds
4Q
+Avg
+Avg
&
2011
Mid
0.70
NA
0.80
0.86
&
13.86
-1.38
-3.50
-1.77
53
1258
Risk and Return Profile
Morningstar Rating
Morningstar Risk
Morningstar Return
Boston Partners All Cap Value
Instl
35,039
Category Average
29,099
Standard Index
38,680
10k
Large
NA
NA
3 Yr
5 Yr
1,155 funds 1,099 funds
Growth of $10,000
20k
Fund Expenses
TM
Equity
Stocks %
40k
Equity Style
Sales Charges
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
Investment Style
100k
80k
60k
(
—
—
Morningstar Cat
Russell 1000 Value US Fund Large Value
TR USD
—
—
Unsubsidized
Front-End Load %
Deferred Load %
S&P 500 TR USD
Incept
Subsidized
7-day Yield
30-day SEC Yield
QQQQ
1,155 US Fund Large Value
„
Category Index
Bond %
AAA
AA
A
—
—
—
BBB
BB
B
—
—
—
Below B
NR
—
—
Americas
Greater Europe
Greater Asia
Share
Amount
Holdings :
137 Total Stocks , 0 Total Fixed-Income,
29% Turnover Ratio
Stocks %
Rel Std Index
95.1
4.3
0.6
0.96
3.96
18.06
Net Assets
%
Y
Y
Y
Y
Y
260,899
857,968
195,818
48,309
545,174
Johnson & Johnson
Bank of America Corp
AbbVie Inc
UnitedHealth Group Inc
Pfizer Inc
3.08
2.10
1.95
1.82
1.72
Y
Y
Y
Y
Y
44,476
186,168
402,308
523,826
214,467
Elevance Health Inc
JPMorgan Chase & Co
American International Group Inc
Sanofi SA ADR
Merck & Co Inc
1.65
1.59
1.56
1.54
1.47
Y
Y
Y
Y
Y
248,105
258,517
95,926
248,620
73,089
Medtronic PLC
Bristol-Myers Squibb Co
Visa Inc Class A
Charles Schwab Corp
Amgen Inc
1.47
1.36
1.35
1.34
1.34
Sector Weightings
Credit Quality Breakdown —
Regional Exposure
Share Chg
since
09-2022
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
Rel Std Index
35.3
1.23
3.2
8.8
23.3
0.0
1.31
0.92
1.68
0.00
38.6
0.87
2.3
8.8
12.7
14.8
0.31
1.69
1.40
0.64
26.1
0.98
2.2
23.9
0.0
0.29
1.50
0.00
Operations
Family:
Manager:
Tenure:
Objective:
Base Currency:
Boston Partners
Duilio Ramallo
15.1 Years
Growth and Income
USD
Ticker:
ISIN:
Minimum Initial Purchase:
Min Auto Investment Plan:
Purchase Constraints:
BPAIX
US7492551392
$100,000
$5,000
—
Incept:
Type:
Total Assets:
07-01-2002
MF
$1,365.24 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 6 of 34
CIBC Atlas All Cap Growth
Institutional (USD)
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
2020
2021
2022
-16.28 26.55 12.61 8.76 29.76
0.31 10.05 2.38 10.77 25.20
-10.92 -19.94 -3.92 2.61 -29.69
Trailing Returns
3rd Qtr
4th Qtr Total %
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-adj Mthly
Std 12-31-2022
Total Return
-29.69
-29.69
-29.69
4.53
—
4.53
9.74 11.24
9.74 11.24
9.74 11.24
7.98
7.98
7.98
+/- Std Index
+/- Cat Index
-11.58
-0.56
-3.13
-3.25
0.31
-1.23
-1.32
-2.86
—
—
% Rank Cat
50
61
32
66
No. in Cat
1235
1131
1054
804
‰Q
Unsubsidized
0.00
—
—
—
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 855-328-3863 or visit
www.hamlinfunds.com.
Fees and Expenses
NA
NA
7
7
7
7
7
7
7
100
99
99
100
100
100
100
95
97
98
99
97
40k
20k
10k
)
3 Yr
5 Yr
10 Yr
22.60
4.53
0.27
20.44
9.74
0.49
16.79
11.24
0.67
MPT Statistics
Standard Index
Best Fit Index
Morningstar US LM
Brd Growth TR USD
Alpha
Beta
R-Squared
-2.72
1.01
89.37
-0.84
0.90
94.45
12-Month Yield
Potential Cap Gains Exp
—
55.99%
2014
2012
2013
22.24
9.56
-6.45
-5.70
95
1681
30.08 25.95
35.25 -3.00
2.86 -16.69
1.77 -16.05
35
99
1712 1710
*
)
&
2015
2016
2017
2018
2019
25.31 23.35
5.73 -0.45
4.35 -12.41
0.07 -7.53
34
81
1681 1463
27.81
32.06
10.23
1.85
22
1363
23.59
2.45
6.83
3.96
12
1405
29.11
35.99
4.50
-0.40
21
1360
Growth of $10,000
CIBC Atlas All Cap Growth
Institutional
30,298
Category Average
33,023
Standard Index
38,680
&
&
*
*
Performance Quartile
(within category)
2020
2021
12-22
History
35.00
29.76
11.36
-8.73
62
1289
39.36 25.89
25.20 -29.69
-3.50 -11.58
-2.40 -0.56
32
50
1237 1235
(
NAV/Price
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Portfolio Analysis 10-31-2022
Asset Allocation %
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
2.88
93.05
4.07
0.00
0.00
2.88
93.05
4.07
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
100.00
100.00
0.00
Value
Portfolio Statistics
Blend Growth
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Port
Rel
Avg Index
28.0
21.4
5.5
75188
1.47
1.51
1.54
0.47
Rel
Cat
1.09
1.12
0.80
0.26
Ltd
Mod
Ext
Share Chg
since
07-2022
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
—
—
—
Bond %
AAA
AA
A
—
—
—
BBB
BB
B
—
—
—
Below B
NR
—
—
Americas
Greater Europe
Greater Asia
Holdings :
47 Total Stocks , 110 Total Fixed-Income,
66% Turnover Ratio
Stocks %
Rel Std Index
95.8
4.2
0.0
0.97
3.83
0.00
Net Assets
%
59,230
81,926
139,763
21,652
23,546
Palo Alto Networks Inc
Amazon.com Inc
Brown & Brown Inc
Eli Lilly and Co
Mastercard Inc Class A
5.06
4.18
4.09
3.90
3.85
Y
Y
Y
21,977
22,143
112,344
11,672
66,557
Martin Marietta Materials Inc
S&P Global Inc
AstraZeneca PLC ADR
Elevance Health Inc
Blackstone Inc
3.68
3.54
3.29
3.18
3.02
6 mil
12,877
38,220
62,135
20,455
First American Government Obligs X
Roper Technologies Inc
EOG Resources Inc
CoStar Group Inc
Intuitive Surgical Inc
2.88
2.66
2.60
2.56
2.51
Y
T
T
Y
Sector Weightings
Credit Quality Breakdown —
Regional Exposure
Share
Amount
Y
Y
Y
Y
Y
Y
Fixed-Income Style
Low
3Q
Avg
Avg
)
2011
Med
Standard Deviation
Mean
Sharpe Ratio
3Q
Avg
+Avg
*
20.30
-4.69
-6.81
-7.34
71
1683
10 Yr
804 funds
3Q
Avg
Avg
Equity
Stocks %
4k
High
Morningstar Rating
Morningstar Risk
Morningstar Return
Investment Style
100k
80k
60k
Small
3 Yr
5 Yr
1,131 funds 1,054 funds
US Fund Large Growth
7
Risk and Return Profile
TM
Russell 1000
Growth TR USD
S&P 500 TR USD
7
Mid
0.82
NA
0.96
0.96
QQQ
1,131 US Fund Large Growth
7
Fund Expenses
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
Morningstar Cat
7
Large
Front-End Load %
Deferred Load %
Category Index
11-30-2022
Equity Style
Sales Charges
Overall Morningstar RatingTM Standard Index
7
(
Subsidized
7-day Yield 01-06-23
30-day SEC Yield
Morningstar Quantitative
RatingTM
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
Rel Std Index
41.0
1.43
6.0
9.2
21.9
4.0
2.44
0.96
1.58
1.43
35.6
0.80
1.9
4.3
9.5
19.9
0.26
0.82
1.05
0.86
23.4
0.87
1.5
21.9
0.0
0.20
1.37
0.00
Operations
Family:
Manager:
Tenure:
Objective:
Base Currency:
CIBC Private Wealth
Management
Multiple
15.3 Years
Growth
USD
Ticker:
ISIN:
Minimum Initial Purchase:
Minimum IRA Purchase:
Purchase Constraints:
AWGIX
US00769G1702
$250,000
$250,000
—
Incept:
Type:
Total Assets:
09-28-2007
MF
$179.08 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 7 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
Vanguard S&P 500 ETF (USD) Œ
QQQQ
1,223 US Fund Large Blend
02-07-2022
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
2020
2021
2022
-19.63 20.54
6.17 8.54
-4.61 -16.11
8.93 12.15 18.35
0.57 11.01 28.66
-4.90 7.55 -18.15
Trailing Returns
1 Yr
3 Yr
4th Qtr Total %
5 Yr
10 Yr
12.52 12.81
Subsidized
Unsubsidized
1.69
1.56
12.52 12.81
12.52 12.93
-0.04
—
0.15
—
14
818
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 866-499-8473 or visit www.vanguard.com.
Fees and Expenses
Fund Expenses
Management Fees %
Annual Report Net Expense Ratio %
Annual Report Gross Expense Ratio %
12b1 Expense %
0.02
0.03
0.03
NA
4
4
4
4
4
4
4
4
4
4
4
100
100
99
100
100
100
100
99
100
100
100
100
4k
&
*
*
5 Yr
10 Yr
21.17
21.17
7.61
7.62
0.41
18.69
18.65
9.38
9.35
0.50
14.78
14.76
12.52
12.52
0.82
Best Fit Index
S&P 500 TR USD
-0.04
1.00
100.00
1.69%
—
No
—
100.00
S&P 500 TR USD
*
*
*
&
*
&
(
Performance Quartile
(within category)
12-22
History
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
16.00
15.98
-0.02
-0.44
35
1686
-0.05
32.39
32.33
-0.06
-0.78
42
1559
-0.03
13.55
13.63
-0.06
0.39
18
1568
-0.02
1.31
1.35
-0.03
0.44
20
1606
0.00
12.17
11.93
-0.03
-0.12
27
1409
0.01
21.77
21.78
-0.05
0.09
29
1396
0.01
-4.50
-4.42
-0.04
0.36
26
1402
0.02
31.35
31.46
-0.03
0.03
24
1387
-0.02
18.29
18.35
-0.05
-2.62
38
1363
-0.02
28.78 -18.19
28.66 -18.15
-0.05 -0.04
2.20
0.98
24
52
1382 1358
0.00
—
Mkt Total Ret %
NAV Total Ret %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Avg Prem/Discount %
Portfolio Analysis 11-30-2022
Asset Allocation %
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
0.37
98.53
1.09
0.00
0.00
0.40
98.53
1.09
0.00
0.00
0.03
0.00
0.00
0.00
0.00
Total
100.00
100.03
0.03
Equity Style
Value
Portfolio Statistics
Blend Growth
Port
Rel
Avg Index
P/E Ratio TTM
20.2
P/C Ratio TTM
15.0
P/B Ratio TTM
3.8
Geo Avg Mkt Cap 175688
$mil
Rel
Cat
1.06 1.02
1.06 0.94
1.06 16.50
1.09 0.73
Fixed-Income Style
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
—
—
—
Credit Quality Breakdown —
Bond %
AAA
AA
A
—
—
—
BBB
BB
B
—
—
—
Below B
NR
—
—
Regional Exposure
Americas
Greater Europe
Greater Asia
Share Chg
since
10-2022
Share
Amount
Holdings :
503 Total Stocks , 0 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
T
T
T
T
T
346 mil
171 mil
203 mil
137 mil
41 mil
Apple Inc
Microsoft Corp
Amazon.com Inc
Alphabet Inc Class A
Berkshire Hathaway Inc Class B
6.50
5.53
2.49
1.76
1.67
T
T
T
T
T
123 mil
61 mil
21 mil
60 mil
95 mil
Alphabet Inc Class C
Tesla Inc
UnitedHealth Group Inc
Johnson & Johnson
Exxon Mobil Corp
1.58
1.51
1.49
1.36
1.35
T
T
T
T
T
57 mil
67 mil
55 mil
37 mil
24 mil
NVIDIA Corp
JPMorgan Chase & Co
Procter & Gamble Co
Visa Inc Class A
The Home Depot Inc
1.23
1.18
1.04
1.02
0.97
Sector Weightings
Low
3 Yr
&
2011
Med
4Q
Avg
+Avg
&
1.89
2.09
-0.02
0.59
17
1786
-0.01
High
4Q
Avg
+Avg
-0.04
1.00
100.00
Vanguard S&P 500 ETF
38,519
Category Average
31,104
Standard Index
38,680
10k
Small
Alpha
Beta
R-Squared
12-Month Yield
Potential Cap Gains Exp
Leveraged
Leverage Type
Leverage %
Primary Prospectus Benchmark
Growth of $10,000
20k
10 Yr
818 funds
3Q
Avg
Avg
Standard Index
Equity
Stocks %
40k
Mid
MPT Statistics
NAV
Investment Style
100k
80k
60k
Large
3 Yr
5 Yr
1,223 funds 1,116 funds
Standard Deviation NAV
Standard Deviation MKT
Mean NAV
Mean MKT
Sharpe Ratio
US Fund Large Blend
4
Risk and Return Profile
Morningstar Rating
Morningstar Risk
Morningstar Return
Russell 1000 TR
USD
12.52 12.93
Performance Disclosure
TM
Morningstar Cat
Incept
Std Mkt 12-31-22 -18.19
— 9.35
Std NAV 12-31-18.15
— 9.38
22
Mkt Total Ret
-18.19 7.62 9.35
NAV Total Ret -18.15 7.61 9.38
+/- Std Index
-0.04 -0.05 -0.04
+/- Cat Index
0.98 0.27 0.25
% Rank Cat
52
34
25
No. in Cat
1,358 1,223 1,116
30-day SEC Yield 2023-01-06
S&P 500 TR USD
Category Index
Stocks %
Rel Std Index
98.9
1.1
0.0
1.00
0.98
0.97
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
Rel Std Index
29.1
1.01
2.4
10.2
13.8
2.8
0.98
1.06
0.99
0.99
45.2
1.01
7.5
5.1
8.9
23.7
1.02
0.98
0.98
1.03
25.7
0.96
7.4
15.3
3.0
0.97
0.96
0.94
Operations
Family:
Manager:
Tenure:
Total Assets:
Shares Outstanding:
Type:
Vanguard
Multiple
6.8 Years
$266,302.5 mil
746.80 mil
ETF
Ticker:
Incept:
Expiration Date:
Exchange:
NAV:
Prem/Discount:
VOO
09-07-2010
—
NYSE ARCA
351.41
-0.02
Mkt Price:
Base Currency:
Legal Structure:
Backing Bank:
351.34
USD
Open Ended Investment Company
Vanguard Group Inc
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 8 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
Vanguard Mid-Cap ETF
(USD)
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
2020
2021
2022
-25.74 24.96
7.19 7.59
-6.32 -16.96
7.94 18.01 18.22
0.01 7.97 24.52
-4.13 9.03 -18.68
Trailing Returns
4th Qtr Total %
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Std Mkt 12-31-22 -18.72
Std NAV 12-31-18.68
22
Mkt Total Ret
-18.72
NAV Total Ret -18.68
+/- Std Index
-0.57
+/- Cat Index
-1.37
% Rank Cat
85
No. in Cat
405
—
7.30 11.08
9.21
—
7.33 11.10
9.21
6.16
6.18
-1.48
0.30
56
370
7.30 11.08
7.33 11.10
-2.10 -1.46
0.23 0.14
29
16
342
219
9.21
9.21
—
—
Subsidized
Unsubsidized
1.67
1.54
30-day SEC Yield 2023-01-06
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 866-499-8473 or visit www.vanguard.com.
Fees and Expenses
Fund Expenses
Management Fees %
Annual Report Net Expense Ratio %
Annual Report Gross Expense Ratio %
12b1 Expense %
0.03
0.04
0.04
NA
08-02-2022
5
5
5
5
5
5
5
5
5
5
5
100
100
100
100
99
100
100
99
100
99
99
4k
*
(
3 Yr
5 Yr
10 Yr
23.61
23.55
6.18
6.16
0.34
20.66
20.60
7.33
7.30
0.38
16.31
16.35
11.10
11.08
0.68
Standard Deviation NAV
Standard Deviation MKT
Mean NAV
Mean MKT
Sharpe Ratio
MPT Statistics
*
Standard Index
NAV
Alpha
Beta
R-Squared
12-Month Yield
Potential Cap Gains Exp
Leveraged
Leverage Type
Leverage %
Primary Prospectus Benchmark
-1.50
1.08
93.61
Best Fit Index
Russell Mid Cap TR
USD
0.32
0.98
99.60
1.60%
—
No
—
100.00
CRSP US Mid Cap
TR USD
&
&
(
&
*
&
&
*
)
Performance Quartile
(within category)
12-22
History
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
-2.08
-1.96
-4.08
-0.42
33
424
0.00
16.22
15.98
-0.02
-1.30
55
412
0.02
35.04
35.15
2.76
0.38
41
399
0.01
13.75
13.76
0.07
0.54
6
369
0.01
-1.35
-1.34
-2.72
1.10
18
432
0.28
11.26
11.23
-0.73
-2.57
72
427
0.01
19.27
19.25
-2.58
0.73
17
443
0.00
-9.22
-9.21
-4.83
-0.15
32
464
0.02
30.97
31.04
-0.45
0.50
13
404
0.01
18.06
18.22
-0.18
1.12
17
407
-0.03
24.69 -18.72
24.52 -18.68
-4.19 -0.57
1.93 -1.37
47
85
391
405
0.02
—
Mkt Total Ret %
NAV Total Ret %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Avg Prem/Discount %
Portfolio Analysis 11-30-2022
Asset Allocation %
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
1.11
97.45
1.43
0.00
0.00
1.11
97.45
1.43
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
100.00
100.00
0.00
Equity Style
Value
Portfolio Statistics
Blend Growth
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Port
Rel
Avg Index
17.5
13.5
2.9
23610
0.92
0.95
0.81
0.15
Rel
Cat
1.14
1.07
7.47
2.25
Fixed-Income Style
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
—
—
—
Credit Quality Breakdown —
Bond %
AAA
AA
A
—
—
—
BBB
BB
B
—
—
—
Below B
NR
—
—
Regional Exposure
Americas
Greater Europe
Greater Asia
Share Chg
since
10-2022
Share
Amount
Holdings :
353 Total Stocks , 0 Total Fixed-Income,
16% Turnover Ratio
T
T
T
T
T
13 mil
17 mil
14 mil
6 mil
9 mil
Centene Corp
Corteva Inc
Amphenol Corp Class A
Cadence Design Systems Inc
DexCom Inc
0.80
0.78
0.77
0.76
0.74
T
T
T
T
T
4 mil
15 mil
6 mil
13 mil
3 mil
Motorola Solutions Inc
Devon Energy Corp
Cheniere Energy Inc
Microchip Technology Inc
Enphase Energy Inc
0.73
0.72
0.71
0.70
0.70
T
T
T
T
T
5 mil
4 mil
7 mil
2 mil
6 mil
Arthur J. Gallagher & Co
IQVIA Holdings Inc
Hess Corp
Cintas Corp
Nucor Corp
0.67
0.65
0.65
0.64
0.63
Sector Weightings
Low
4Q
Avg
+Avg
Vanguard Mid-Cap ETF
32,576
Category Average
26,883
Standard Index
38,680
10k
Med
4Q
Avg
+Avg
Growth of $10,000
20k
High
3Q
Avg
Avg
Morningstar Rating
Morningstar Risk
Morningstar Return
Equity
Stocks %
40k
Small
10 Yr
219 funds
Investment Style
100k
80k
60k
Mid
5 Yr
342 funds
Morningstar Cat
Russell Mid Cap TR US Fund Mid-Cap
USD
Blend
100
Large
3 Yr
370 funds
S&P 500 TR USD
5
Risk and Return Profile
TM
QQQQ
370 US Fund Mid-Cap Blend
Œ
Category Index
Stocks %
Rel Std Index
99.2
0.7
0.2
1.00
0.62
5.52
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
Net Assets
%
Rel Std Index
36.9
1.29
5.0
10.1
12.8
9.0
2.04
1.06
0.92
3.21
39.5
0.89
3.6
5.8
12.6
17.5
0.49
1.11
1.39
0.76
23.5
0.88
4.2
12.3
7.0
0.55
0.77
2.21
Operations
Family:
Manager:
Tenure:
Total Assets:
Shares Outstanding:
Type:
Vanguard
Multiple
24.7 Years
$50,856.6 mil
244.71 mil
ETF
Ticker:
Incept:
Expiration Date:
Exchange:
NAV:
Prem/Discount:
VO
01-26-2004
—
NYSE ARCA
203.84
-0.01
Mkt Price:
Base Currency:
Legal Structure:
Backing Bank:
203.81
USD
Open Ended Investment Company
Vanguard Group Inc
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 9 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
Schwab Small Cap Index
(USD)
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
2020
2021
2022
-30.56 25.42
12.69 4.27
-7.52 -17.22
4.97 31.42 20.13
-4.34 2.14 14.81
-2.15 6.23 -20.42
Trailing Returns
4th Qtr Total %
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-adj Mthly
Std 12-31-2022
Total Return
-20.42
-20.42
-20.42
3.15
—
3.15
4.19
4.19
4.19
9.05
9.05
9.05
8.14
8.14
8.14
+/- Std Index
+/- Cat Index
-2.31
0.02
-4.51
0.05
-5.24
0.06
-3.52
0.04
—
—
% Rank Cat
86
79
70
56
No. in Cat
611
585
543
363
Unsubsidized
—
—
—
—
7-day Yield
30-day SEC Yield
06-08-2022
Performance Disclosure
6
6
6
6
6
6
6
6
6
100
97
96
97
99
99
99
99
99
100
99
100
4k
*
*
*
*
*
&
*
2016
2017
2018
2019
2020
28.10
21.33
9.37
0.02
43
750
30.64 24.60
14.68 -10.95
-7.15 -6.56
0.04
0.07
24
34
802
769
29.12
25.60
-5.88
0.08
33
702
34.11 35.92 28.22
20.13 14.81 -20.42
1.74 -13.90 -2.31
0.17 -0.01
0.02
12
92
86
671
630
611
Equity Style
Value
Blend Growth
Large
Mid
Small
Ltd
Mod
Ext
19.25
9.05
0.51
Standard Index
-4.04
1.12
80.36
12-Month Yield
Potential Cap Gains Exp
Best Fit Index
Russell 2000 TR
USD
0.05
1.00
100.00
—
39.49%
Port
Rel
Avg Index
Rel
Cat
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
11.6
9.8
2.0
2282
0.91
0.92
0.88
0.54
0.61
0.69
0.55
0.01
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
—
—
—
Low
23.49
4.19
0.24
Med
Alpha
Beta
R-Squared
High
MPT Statistics
26.39
3.15
0.22
Portfolio Statistics
Fixed-Income Style
Risk and Return Profile
Standard Deviation
Mean
Sharpe Ratio
NAV/Price
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Portfolio Analysis 11-30-2022
Fund Expenses
10 Yr
History
2015
24.10
-4.41
-5.79
0.00
46
780
0.00
5 Yr
12-22
2014
26.97
4.97
-8.72
0.07
43
737
100.00
3 Yr
2021
2013
100.00
3Q
Avg
Avg
Performance Quartile
(within category)
27.59
38.69
6.30
-0.13
36
681
Total
3Q
Avg
-Avg
)
2012
Fees and Expenses
2Q
Avg
-Avg
)
21.11
16.45
0.44
0.10
34
662
0.00
0.00
0.00
0.00
0.00
Morningstar RatingTM
Morningstar Risk
Morningstar Return
&
2011
Short %
10 Yr
363 funds
*
19.01
-2.62
-4.74
1.55
41
650
0.22
98.00
1.78
0.00
0.00
5 Yr
543 funds
Schwab Small Cap Index
26,957
Category Average
25,001
Standard Index
38,680
10k
Long %
3 Yr
585 funds
Growth of $10,000
20k
0.22
98.00
1.78
0.00
0.00
0.04
NA
0.04
0.04
Equity
Stocks %
40k
Net %
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
Investment Style
100k
80k
60k
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
NA
NA
US Fund Small Blend
6
Asset Allocation %
Front-End Load %
Deferred Load %
Russell 2000 TR
USD
6
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 877-824-5615 or visit www.schwab.com.
Sales Charges
S&P 500 TR USD
Morningstar Cat
6
*
Subsidized
QQQ
585 US Fund Small Blend
´
Category Index
Bond %
AAA
AA
A
—
—
—
BBB
BB
B
—
—
—
Below B
NR
—
—
Americas
Greater Europe
Greater Asia
Share
Amount
Holdings :
1,957 Total Stocks , 0 Total Fixed-Income,
19% Turnover Ratio
Stocks %
Rel Std Index
99.3
0.4
0.4
1.00
0.33
11.77
Net Assets
%
T
T
T
T
T
14,300
80,226
305,840
110,184
253,641
E-Mini Russ 2000 Dec22 Xcme 202212
ShockWave Medical Inc
Halozyme Therapeutics Inc
EMCOR Group Inc
Matador Resources Co
0.49
0.37
0.32
0.31
0.30
T
T
T
T
T
67,301
332,094
63,624
287,056
64,279
Karuna Therapeutics Inc
Murphy Oil Corp
Inspire Medical Systems Inc
Iridium Communications Inc
RBC Bearings Inc
0.29
0.28
0.28
0.28
0.27
T
T
T
T
T
48,783
151,085
168,975
59,874
250,538
Kinsale Capital Group Inc
Texas Roadhouse Inc
SouthState Corp
Saia Inc
Glacier Bancorp Inc
0.27
0.27
0.27
0.26
0.26
Sector Weightings
Credit Quality Breakdown —
Regional Exposure
Share Chg
since
10-2022
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
Rel Std Index
38.5
1.34
4.2
10.3
16.2
7.7
1.72
1.08
1.17
2.75
37.6
0.84
2.6
6.6
14.8
13.6
0.35
1.27
1.63
0.59
23.9
0.90
4.2
16.2
3.5
0.56
1.02
1.10
Operations
Family:
Manager:
Tenure:
Objective:
Schwab Funds
Multiple
9.9 Years
Small Company
Base Currency:
Ticker:
ISIN:
Minimum Initial Purchase:
USD
SWSSX
US8085098486
$0
Purchase Constraints:
Incept:
Type:
Total Assets:
—
05-19-1997
MF
$5,272.16 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 10 of 34
Janus Henderson Overseas I
‰
(USD)
11-30-2022
Morningstar Quantitative
RatingTM
Q
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
4th Qtr Total %
2020
2021
2022
-24.83 18.70
5.06 6.92
-3.69 -11.90
8.01 21.11 16.71
-1.53 2.34 13.19
-9.55 19.00 -8.67
Trailing Returns
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-adj Mthly
Std 12-31-2022
Total Return
-8.67
-8.67
-8.67
6.46
—
6.46
5.39
5.39
5.39
3.52
3.52
3.52
3.78
3.78
3.78
+/- Std Index
+/- Cat Index
7.33
7.33
6.39
6.39
4.51
4.51
-0.28
-0.28
—
—
% Rank Cat
5
1
3
79
No. in Cat
744
704
611
422
Unsubsidized
—
—
—
—
7-day Yield
30-day SEC Yield
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 877-335-2687 or visit
www.janushenderson.com.
Fees and Expenses
NA
NA
4
4
4
4
4
4
4
100
100
99
97
98
98
99
98
98
99
97
92
40k
20k
10k
_
1Q
High
-Avg
3 Yr
5 Yr
10 Yr
21.97
6.46
0.35
19.57
5.39
0.30
17.96
3.52
0.24
MPT Statistics
Standard Index
Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha
Beta
R-Squared
6.57
1.10
96.14
6.57
1.10
96.14
12-Month Yield
Potential Cap Gains Exp
—
-95.40%
2014
2012
2013
34.27
12.53
-4.30
-4.30
—
—
36.95 31.57
12.28 -13.57
-3.01 -9.71
-3.01 -9.71
92
98
791
750
)
)
2015
2016
27.61 25.39
-8.44 -6.86
-2.78 -11.36
-2.78 -11.36
92
97
788
762
&
(
2017
2018
2019
2020
32.73 27.40
31.36 -15.30
4.17 -1.10
4.17 -1.10
4
62
756
741
34.15
27.22
5.71
5.71
6
732
39.49
16.71
6.06
6.06
10
785
Growth of $10,000
Janus Henderson Overseas I
10,703
Category Average
14,943
Standard Index
14,638
&
&
Performance Quartile
(within category)
2021
12-22
History
44.16
13.19
5.37
5.37
16
767
39.66
-8.67
7.33
7.33
5
744
NAV/Price
&
&
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Portfolio Analysis 09-30-2022
Asset Allocation %
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
6.72
8.06
83.82
0.00
1.40
6.72
8.06
83.82
0.00
1.40
0.00
0.00
0.00
0.00
0.00
Total
100.00
100.00
0.00
Value
Portfolio Statistics
Blend Growth
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Port
Rel
Avg Index
10.4
8.3
1.5
43223
—
—
—
—
Rel
Cat
0.80
0.91
0.87
0.89
Fixed-Income Style
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
—
—
—
Low
5Q
High
High
)
2011
Med
5Q
+Avg
High
)
31.51
-32.70
-18.99
-18.99
—
—
High
Standard Deviation
Mean
Sharpe Ratio
10 Yr
422 funds
Equity
Stocks %
4k
Small
Morningstar RatingTM
Morningstar Risk
Morningstar Return
5 Yr
611 funds
Investment Style
100k
80k
60k
Risk and Return Profile
3 Yr
704 funds
US Fund Foreign Large
Blend
5
Mid
0.76
NA
0.90
0.90
MSCI ACWI Ex
USA NR USD
MSCI ACWI Ex
USA NR USD
4
Fund Expenses
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
QQQ
704 US Fund Foreign Large
Blend
4
Large
Front-End Load %
Deferred Load %
Morningstar Cat
4
Equity Style
Sales Charges
Category Index
1
_
Subsidized
Overall Morningstar RatingTM Standard Index
Bond %
AAA
AA
A
—
—
—
BBB
BB
B
—
—
—
Below B
NR
—
—
Americas
Greater Europe
Greater Asia
T
Share
Amount
Holdings :
40 Total Stocks , 0 Total Fixed-Income,
32% Turnover Ratio
Stocks %
Rel Std Index
16.0
53.0
31.0
1.48
1.18
0.70
Net Assets
%
T
T
Y
1 mil
1 mil
2 mil
2 mil
548,569
Yum China Holdings Inc
Diageo PLC
Teck Resources Ltd Class B
JD.com Inc Ordinary Shares - Class
AstraZeneca PLC
3.64
3.61
3.60
3.49
3.48
T
T
T
T
1 mil
677,308
7 mil
1 mil
1 mil
BNP Paribas
Heineken NV
AIA Group Ltd
Unilever PLC
Canadian Natural Resources Ltd
3.44
3.43
3.13
3.07
3.04
679,407
666,238
4 mil
1 mil
3 mil
Sanofi SA
Novartis AG
Taiwan Semiconductor Manufacturing
NN Group NV
Deutsche Telekom AG
2.99
2.93
2.93
2.89
2.85
T
T
Y
R
Sector Weightings
Credit Quality Breakdown —
Regional Exposure
Share Chg
since
06-2022
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
Rel Std Index
42.4
1.00
6.8
15.4
20.2
0.0
0.81
1.42
0.97
0.00
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
33.7
0.95
8.6
5.8
6.3
12.8
1.37
0.96
0.52
1.17
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
24.0
1.09
11.0
13.0
0.0
1.26
1.30
0.00
Operations
Family:
Manager:
Tenure:
Objective:
Janus Henderson
Multiple
7.0 Years
Foreign Stock
Base Currency:
Ticker:
ISIN:
Minimum Initial Purchase:
USD
JIGFX
US47103C4649
$1 mil
Purchase Constraints:
Incept:
Type:
Total Assets:
—
07-06-2009
MF
$2,076.37 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 11 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
JPMorgan Emerging
Markets Equity L (USD)
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
2020
2021
2022
-22.07 24.51 14.11 21.81 34.88
-2.27 5.64 -8.57 -4.90 -10.23
-15.94 -10.37 -11.22 11.12 -25.68
Trailing Returns
3rd Qtr
4th Qtr Total %
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-adj Mthly
Std 12-31-2022
Total Return
-25.68
-25.68
-25.68
-3.46
—
-3.46
-0.01
-0.01
-0.01
2.61
2.61
2.61
5.05
5.05
5.05
+/- Std Index
+/- Cat Index
-9.68
-5.59
-3.53
-0.76
-0.90
1.38
-1.19
1.17
—
—
% Rank Cat
80
64
25
22
No. in Cat
816
732
650
394
—
—
—
—
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-480-4111 or visit
www.jpmorganfunds.com.
Fees and Expenses
7
7
7
7
7
7
7
7
7
7
99
98
99
98
97
93
96
99
98
98
99
100
NA
NA
40k
20k
10k
*
)
20.42
-16.98
-3.27
1.44
21
458
2012
2013
24.14 22.70
19.01 -5.23
2.18 -20.51
0.79 -2.62
46
79
552
614
4Q
+Avg
+Avg
3 Yr
5 Yr
10 Yr
23.05
-3.46
-0.08
20.66
-0.01
0.04
17.75
2.61
0.19
MPT Statistics
Standard Index
Best Fit Index
MSCI EM NR USD
Alpha
Beta
R-Squared
-2.88
1.01
72.57
-0.15
1.08
92.21
12-Month Yield
Potential Cap Gains Exp
—
-10.04%
2015
(
2016
2017
2018
21.11
13.39
8.90
2.21
15
813
29.99 24.98
42.70 -15.90
15.51 -1.71
5.42 -1.32
12
51
806
836
Long %
Short %
0.00
4.82
95.18
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total
100.00
100.00
0.00
Value
Portfolio Statistics
Blend Growth
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Port
Rel
Avg Index
21.1
13.9
3.6
55649
—
—
—
—
JPMorgan Emerging Markets
Equity L
12,778
Category Average
10,640
Standard Index
14,638
&
)
)
Performance Quartile
(within category)
2019
2020
2021
12-22
History
32.72
32.05
10.53
13.61
3
835
44.07 38.08 28.15
34.88 -10.23 -25.68
24.23 -18.05 -9.68
16.57 -7.69 -5.59
8
92
80
796
791
816
&
Share Chg
since
10-2022
Y
Rel
Cat
1.79
1.63
2.00
1.47
Y
Y
Fixed-Income Style
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
—
—
—
Low
4Q
+Avg
+Avg
2014
22.54 18.77
0.36 -15.91
4.23 -10.25
2.55 -0.99
19
66
749
840
&
0.00
4.82
95.18
0.00
0.00
Med
2Q
Avg
Avg
&
Net %
High
Standard Deviation
Mean
Sharpe Ratio
10 Yr
394 funds
(
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
Small
Morningstar RatingTM
Morningstar Risk
Morningstar Return
5 Yr
650 funds
Growth of $10,000
NAV/Price
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Portfolio Analysis 11-30-2022
Risk and Return Profile
3 Yr
732 funds
&
Asset Allocation %
Mid
0.68
NA
0.90
0.90
Equity
Stocks %
4k
Fund Expenses
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
Investment Style
100k
80k
60k
Large
Front-End Load %
Deferred Load %
Morningstar Cat
MSCI EM NR USD US Fund Diversified
Emerging Mkts
7
Equity Style
Sales Charges
MSCI ACWI Ex
USA NR USD
7
2011
Unsubsidized
7-day Yield
30-day SEC Yield
04-12-2022
&
Subsidized
QQQQ
732 US Fund Diversified
Emerging Mkts
„
Category Index
Bond %
AAA
AA
A
—
—
—
BBB
BB
B
—
—
—
Below B
NR
—
—
Americas
Greater Europe
Greater Asia
Holdings :
70 Total Stocks , 0 Total Fixed-Income,
18% Turnover Ratio
8 mil
10 mil
8 mil
7 mil
13 mil
Taiwan Semiconductor Manufacturing
Samsung Electronics Co Ltd
Housing Development Finance Corp L
Tencent Holdings Ltd
HDFC Bank Ltd
7.91
6.00
3.26
3.13
3.04
23 mil
248,108
8 mil
5 mil
534,086
AIA Group Ltd
MercadoLibre Inc
JD.com Inc Ordinary Shares - Class
Tata Consultancy Services Ltd
EPAM Systems Inc
2.78
2.76
2.65
2.44
2.35
618 mil
3 mil
8 mil
320 mil
6 mil
PT Bank Rakyat Indonesia (Persero)
HDFC Bank Ltd ADR
Kotak Mahindra Bank Ltd
PT Bank Central Asia Tbk
Reliance Industries Ltd
2.35
2.32
2.28
2.27
2.22
Sector Weightings
Credit Quality Breakdown —
Regional Exposure
Y
Share
Amount
Stocks %
Rel Std Index
14.3
5.6
80.1
1.33
0.13
1.80
Net Assets
%
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
Rel Std Index
44.7
1.05
3.4
13.1
28.2
0.0
0.41
1.21
1.35
0.00
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
38.8
1.09
4.7
2.5
5.0
26.6
0.75
0.41
0.41
2.43
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
16.5
0.75
11.1
5.4
0.0
1.28
0.54
0.00
Operations
Family:
Manager:
Tenure:
Objective:
JPMorgan
Multiple
17.3 Years
Diversified Emerging Markets
Base Currency:
Ticker:
ISIN:
Minimum Initial Purchase:
USD
JMIEX
US4812A06313
$3 mil
Purchase Constraints:
Incept:
Type:
Total Assets:
C
11-15-1993
MF
$8,954.92 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 12 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
Cohen & Steers Realty
Shares L (USD)
05-17-2022
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
2020
2021
2022
-22.83 12.75 2.82 8.56 -2.88
8.57 12.01 1.07 16.03 42.61
-5.97 -13.53 -11.02 3.72 -24.96
Trailing Returns
3rd Qtr
4th Qtr Total %
1 Yr
3 Yr
5 Yr
10 Yr
Load-adj Mthly
Std 12-31-2022
Total Return
-24.96
-24.96
-24.96
1.29
—
1.29
5.76
5.76
5.76
7.75 10.79
7.75 10.79
7.75 10.79
+/- Std Index
+/- Cat Index
-6.60
-0.60
-2.71
1.27
0.54
2.08
-0.23
1.37
% Rank Cat
28
14
7
6
No. in Cat
252
233
210
152
8
5
5
5
5
8
8
5
5
5
5
5
97
97
99
98
99
99
100
100
100
98
98
99
—
1.36
1. Contractual waiver; Expires 06-30-2023
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-437-9912 or visit
www.cohenandsteers.com.
Cohen & Steers Realty
Shares L
25,912
Category Average
22,132
Standard Index
23,182
10k
4k
)
&
2011
2012
2013
2014
60.83
6.18
13.53
-2.29
71
242
64.57 62.82
15.72
3.09
-0.41 -19.72
-2.27
0.69
76
17
263
259
76.86
30.18
26.02
-0.09
35
274
Short %
0.00
0.00
0.00
0.00
0.00
Total
100.00
100.00
0.00
Portfolio Statistics
Blend Growth
3 Yr
5 Yr
10 Yr
Standard Deviation
Mean
Sharpe Ratio
21.95
1.29
0.13
19.10
5.76
0.32
16.43
7.75
0.49
MPT Statistics
Standard Index
Best Fit Index
Morningstar US
Real Est TR USD
Alpha
Beta
R-Squared
-2.08
0.97
79.55
1.54
0.94
98.74
Port
Rel
Avg Index
23.5
16.1
2.6
24489
—
—
—
—
Rel
Cat
0.95
0.98
1.07
0.87
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
—
—
—
Low
5Q
Avg
High
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Fixed-Income Style
Med
5Q
Avg
High
2017
0.42
98.87
0.00
0.00
0.71
High
4Q
-Avg
+Avg
2016
65.63 64.44
5.61
7.09
-2.25 -16.89
-2.88
2.76
62
31
267
257
Long %
Small
Morningstar Rating
Morningstar Risk
Morningstar Return
2015
70.52
5.00
7.36
2.46
5
282
0.42
98.87
0.00
0.00
0.71
Mid
10 Yr
152 funds
*
Net %
Large
5 Yr
210 funds
(
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
Risk and Return Profile
3 Yr
233 funds
&
&
&
*
2018
2019
2020
58.20
-4.19
5.23
-0.40
25
251
66.16 61.03
32.90 -2.88
6.31 -19.14
8.46
4.64
10
27
256
248
*
*
Performance Quartile
(within category)
2021
12-22
History
83.48 58.47
42.61 -24.96
24.07 -6.60
-0.44 -0.60
34
28
253
252
NAV/Price
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Portfolio Analysis 09-30-2022
Fund Expenses
0.75
0.00
0.88
0.93
*
Asset Allocation %
NA
NA
12-Month Yield
Potential Cap Gains Exp
Growth of $10,000
20k
Value
TM
Equity
Stocks %
40k
Equity Style
Fees and Expenses
Sales Charges
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
Investment Style
100k
80k
60k
(
—
1.42 1
Morningstar Cat
S&P United States US Fund Real Estate
REIT TR USD
—
—
Unsubsidized
Front-End Load %
Deferred Load %
MSCI ACWI NR
USD
Incept
Subsidized
7-day Yield
30-day SEC Yield 10-31-22
QQQQQ
233 US Fund Real Estate
´
Category Index
Share Chg
since
06-2022
Share
Amount
Holdings :
33 Total Stocks , 0 Total Fixed-Income,
41% Turnover Ratio
Y
Y
Y
T
Y
2 mil
1 mil
11 mil
5 mil
7 mil
American Tower Corp
Public Storage
Invitation Homes Inc
Welltower Inc
Duke Realty Corp
9.67
7.78
6.75
5.94
5.79
Y
Y
T
Y
T
3 mil
3 mil
3 mil
4 mil
1 mil
Simon Property Group Inc
Prologis Inc
Digital Realty Trust Inc
Realty Income Corp
Crown Castle Inc
5.75
5.22
4.89
4.45
3.86
Y
T
Y
Y
Y
5 mil
2 mil
1 mil
6 mil
237,274
UDR Inc
Camden Property Trust
Sun Communities Inc
Americold Realty Trust Inc
Equinix Inc
3.70
3.41
2.79
2.68
2.49
Sector Weightings
Credit Quality Breakdown —
Bond %
AAA
AA
A
—
—
—
BBB
BB
B
—
—
—
Below B
NR
—
—
Regional Exposure
Stocks %
Rel Std Index
Americas
Greater Europe
Greater Asia
100.0
0.0
0.0
1.56
0.00
0.00
3.19%
32.62%
Net Assets
%
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
Rel Std Index
100.0
2.94
0.0
1.0
0.0
99.0
0.00
0.10
0.00
35.57
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
0.0
0.00
0.0
0.0
0.0
0.0
0.00
0.00
0.00
0.00
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
0.0
0.00
0.0
0.0
0.0
0.00
0.00
0.00
Operations
Family:
Manager:
Tenure:
Objective:
Cohen & Steers
Multiple
15.3 Years
Specialty - Real Estate
Base Currency:
Ticker:
ISIN:
Minimum Initial Purchase:
USD
CSRSX
US1924761091
$10,000
Purchase Constraints:
Incept:
Type:
Total Assets:
—
07-02-1991
MF
$5,517.03 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 13 of 34
SPDR® SSgA Multi-Asset
Real Return ETF (USD)
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
2020
2021
2022
-24.98 12.55
8.15 8.00
14.28 -8.21
2.87 14.13 -0.87
0.56 4.82 23.11
-6.84 10.12 7.61
Trailing Returns
4th Qtr Total %
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Std Mkt 12-31-22 7.82
Std NAV 12-31-22 7.61
Mkt Total Ret
7.82
NAV Total Ret
7.61
+/- Std Index
22.38
+/- Cat Index
24.71
% Rank Cat
1
No. in Cat
418
—
—
9.60
9.51
7.56
8.56
1
401
6.09
6.12
6.09
6.12
2.39
3.26
2
359
2.47
2.47
2.47
2.47
-3.35
-2.73
85
256
2.64
2.68
2.64
2.68
—
—
Subsidized
Unsubsidized
5.99
—
30-day SEC Yield 2023-01-06
Fees and Expenses
Fund Expenses
Management Fees %
Annual Report Net Expense Ratio %
Annual Report Gross Expense Ratio %
12b1 Expense %
0.50
0.05
0.05
NA
11-30-2022
4
1
1
1
1
1
1
1
1
1
4
51
60
55
47
52
58
53
57
54
62
63
5Q
High
High
5Q
High
High
1Q
High
-Avg
Morningstar Rating
Morningstar Risk
Morningstar Return
4k
_
_
)
)
10 Yr
13.14
13.09
2.47
2.47
0.19
Standard Index
NAV
Alpha
Beta
R-Squared
12-Month Yield
Potential Cap Gains Exp
Leveraged
Leverage Type
Leverage %
Primary Prospectus Benchmark
Best Fit Index
Morningstar Gbl
Upstm Nat Res NR
USD
7.74
1.15
70.88
-1.06
0.72
92.50
5.67%
—
No
—
100.00
Bloomberg US Govt
Infl Lkd TR USD
)
_
_
_
2011
2012
2013
2014
2015
—
—
—
—
—
—
—
— -3.08 -6.75
— -3.07 -6.54
— -17.37 -11.43
— -16.25 -10.21
—
90
96
—
482
534
0.08
0.15
0.00
-15.06
-15.24
-13.45
-13.26
96
567
-0.02
2016
2017
2018
12.02
12.05
3.48
5.04
—
—
-0.01
10.40 -11.71
10.24 -11.07
-4.41 -6.31
-6.88 -5.50
—
—
—
—
0.05
0.03
Asset Allocation % 12-29-2022
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
19.77
32.60
30.15
12.60
4.88
19.77
32.60
30.15
12.60
4.88
0.00
0.00
0.00
0.00
0.00
Total
100.00
100.00
0.00
Portfolio Analysis 01-05-2023
Equity Style
Value
Portfolio Statistics
Blend Growth
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Port
Rel
Avg Index
9.9
7.1
1.8
32043
—
—
—
—
Rel
Cat
0.74
0.80
3.38
0.54
Fixed-Income Style
Ltd
Mod
Ext
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
6.05
5.53
1.04
—
Credit Quality Breakdown —
Bond %
AAA
AA
A
84.91
5.64
3.54
BBB
BB
B
2.69
2.37
0.87
Below B
NR
0.00
0.00
Regional Exposure
Americas
Greater Europe
Greater Asia
&
&
Performance Quartile
(within category)
2020
2021
12-22
History
15.62 -0.61
15.24 -0.87
-3.78 -13.69
-3.29 -14.41
—
—
—
—
-0.06 -0.05
22.86
23.11
12.92
13.81
4
432
0.08
7.82
7.61
22.38
24.71
1
418
—
Mkt Total Ret %
_
_
2019
NAV Total Ret %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Avg Prem/Discount %
Top Holdings 12-29-2022
Low
5 Yr
16.10
16.01
6.12
6.09
0.37
SPDR® SSgA Multi-Asset
Real Return ETF
13,206
Category Average
14,412
Standard Index
18,283
10k
Med
MPT Statistics
3 Yr
18.80
18.59
9.51
9.60
0.53
Growth of $10,000
20k
High
Standard Deviation NAV
Standard Deviation MKT
Mean NAV
Mean MKT
Sharpe Ratio
Equity
Stocks %
40k
Small
10 Yr
256 funds
Investment Style
100k
80k
60k
Mid
5 Yr
359 funds
Morningstar Cat
Morningstar Mod Morningstar Gbl
US Fund Global
Tgt Risk TR USD Allocation TR USD Allocation
—
Large
3 Yr
401 funds
Category Index
0
Risk and Return Profile
TM
QQQ
401 US Fund Global
Allocation
„Q
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 866-787-2257 or visit www.spdrs.com.
Overall Morningstar RatingTM Standard Index
Morningstar Quantitative
RatingTM
Stocks %
Rel Std Index
62.5
22.0
15.5
1.01
1.21
0.78
Share Chg
since
01-2023
Share
Amount
Holdings :
491 Total Stocks , 245 Total Fixed-Income,
38% Turnover Ratio
Net Assets
%
T
T
T
T
T
3 mil
3 mil
9 mil
3 mil
404,477
SPDR® S&P Global Natural Resources
SPDR® S&P Global Infrastructure ETF
Invesco Optm Yd Dvrs Cdty Stra No
SPDR® Blmbg 1-10 Year TIPS ETF
Energy Select Sector SPDR® ETF
26.68
25.13
21.52
10.18
5.67
T
T
T
T
T
367,337
17 mil
365,193
142,788
109,022
SPDR® S&P Metals and Mining ETF
Ssi Us Gov Money Market Class Stat
SPDR® FTSE Intl Govt Infl-Protd Bd
SPDR® Dow Jones REIT ETF
SPDR Dow Jones Intl Real Estate
2.96
2.70
2.43
2.02
0.47
T
18,145 VanEck Agribusiness ETF
Sector Weightings
0.25
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
Rel Std Index
33.7
0.84
26.5
2.4
0.3
4.5
4.88
0.22
0.02
0.63
46.8
1.30
0.0
30.0
16.8
0.0
0.00
5.56
1.46
0.00
19.5
0.81
2.3
0.1
17.2
0.31
0.01
4.64
Operations
Family:
Manager:
Tenure:
Total Assets:
Shares Outstanding:
Type:
SPDR State Street Global
Advisors
Multiple
10.8 Years
$638.6 mil
23.02 mil
ETF
Ticker:
Incept:
Expiration Date:
Exchange:
NAV:
Prem/Discount:
RLY
04-25-2012
—
NYSE ARCA
27.52
0.07
Mkt Price:
Base Currency:
Legal Structure:
Backing Bank:
27.54
USD
Open Ended Investment Company
SSGA Funds Management Inc
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 14 of 34
Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index
BlackRock Systematic
Multi-Strat Instl (USD)
07-12-2022
Performance 12-31-2022
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
4th Qtr Total %
2020
2021
2022
-2.23
1.19
-2.87
6.62
2.84
-0.59
0.10
-0.76
-2.42
-0.74
2.82
2.85
3.57
6.18
-3.09
Trailing Returns
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-adj Mthly
Std 12-31-2022
Total Return
-3.09
-3.09
-3.09
2.15
—
2.15
3.31
3.31
3.31
—
—
—
3.72
3.72
3.72
+/- Std Index
+/- Cat Index
15.27
10.76
-1.86
1.32
-1.92
0.52
—
—
—
—
% Rank Cat
48
40
7
—
No. in Cat
136
128
107
—
Subsidized
Unsubsidized
—
3.99
—
3.99
7-day Yield
30-day SEC Yield 11-30-22
QQQQ
128 US Fund Multistrategy
´
0
0
0
0
0
0
0
0
2
—
—
—
—
—
54
59
56
51
52
41
46
4k
_
_
_
_
_
2011
2012
2013
2014
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
&
&
2015
2016
2017
9.53
—
—
—
—
—
9.61 10.14
5.90
9.89
-1.96 -14.08
-0.76 -0.97
16
12
116
111
Short %
89.09
56.39
1.98
123.31
0.05
49.98
51.10
2.15
67.51
0.07
Fees and Expenses
Total
100.00
270.81
170.81
Equity Style
Value
Portfolio Statistics
Blend Growth
Large
Mid
Small
Ltd
Mod
Ext
—
—
—
3 Yr
5 Yr
10 Yr
5.30
2.15
0.27
4.47
3.31
0.45
—
—
—
Standard Index
0.49
0.18
47.39
12-Month Yield
Potential Cap Gains Exp
Best Fit Index
Morningstar US
Corp Bd TR USD
2.92
0.44
61.62
4.88%
0.71%
Port
Rel
Avg Index
11.2
7.8
2.3
27118
—
—
—
—
Rel
Cat
0.94
0.94
1.05
0.95
Avg Eff Maturity
Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
—
1.28
4.44
95.12
Low
Alpha
Beta
R-Squared
5Q
Low
High
Med
MPT Statistics
High
Standard Deviation
Mean
Sharpe Ratio
3Q
-Avg
Avg
P/E Ratio TTM
P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Fixed-Income Style
Risk and Return Profile
Morningstar RatingTM
Morningstar Risk
Morningstar Return
&
*
(
*
*
Performance Quartile
(within category)
2018
2019
2020
2021
12-22
History
9.47
9.88 10.10 10.45
1.84
8.43
3.57
6.18
11.25 -18.17 -12.68 -12.35
4.70 -6.82 -8.29 -0.18
1
43
51
42
128
139
155
153
9.66
-3.09
15.27
10.76
48
136
NAV/Price
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Portfolio Analysis 11-30-2022
Fund Expenses
10 Yr
44 funds
BlackRock Systematic MultiStrat Instl
13,213
Category Average
11,227
Standard Index
16,021
10k
Long %
5 Yr
107 funds
Growth of $10,000
20k
Net %
3 Yr
128 funds
Fixed-Income
Bond %
40k
39.11
5.29
-0.17
55.79
-0.02
0.74
NA
0.97
0.98
Investment Style
100k
80k
60k
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
US Fund Multistrategy
0
Asset Allocation %
NA
NA
Morningstar Mod
Con Tgt Risk TR
USD
0
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-441-7762.
Front-End Load %
Deferred Load %
Morningstar Cat
0
Performance Disclosure
Sales Charges
MSCI ACWI NR
USD
Category Index
Bond %
AAA
AA
A
49.94
1.46
23.78
BBB
BB
B
21.71
11.48
3.59
Below B
NR
0.00
-11.96
Americas
Greater Europe
Greater Asia
Share
Amount
Holdings :
402 Total Stocks , 1,640 Total Fixed-Income,
936% Turnover Ratio
Y
R
Y
Y
Y
15,653
7,414
4,554
4,935
4,031
Us 5Yr Note Mar 23
Us 10Yr Note Mar 23
Euro Bund Future Dec 22
Us 10Yr Note Mar 23
Us Ultra 10Yr Note Mar 23
-17.41
8.62
-6.75
-5.74
-4.95
Y
Y
R
T
Y
2,861
2,875
1,931
215 mil
1,519
Us Long Bond Mar 23
Us 10Yr Note Mar 23
Euro Bund Future Dec 22
BlackRock Liquidity T-Fund Instl
Euro OAT Future Dec 22
-3.73
-3.34
2.86
2.20
-2.18
R
Y
Y
Y
R
253 mil
992
1,272
1,755
150 mil
Federal National Mortgage Associat
Us 2Yr Note Mar 23
Us Long Bond Mar 23
10 Year Australian Treasury Bond F
Federal National Mortgage Associat
2.17
-2.08
-1.66
1.45
1.32
Sector Weightings
Credit Quality Breakdown 11-30-2022
Regional Exposure
Share Chg
since
10-2022
Stocks %
Rel Std Index
98.4
1.1
0.5
1.54
0.06
0.03
Stocks %
h Cyclical
r Basic Materials
t Consumer Cyclical
y Financial Services
u Real Estate
j Sensitive
i Communication Services
o Energy
p Industrials
a Technology
k Defensive
s Consumer Defensive
d Healthcare
f Utilities
Net Assets
%
Rel Std Index
38.7
1.14
4.9
19.4
8.9
5.5
1.02
1.93
0.54
1.97
37.4
0.90
5.3
11.4
11.1
9.6
0.77
2.04
1.08
0.51
23.9
0.98
6.5
13.0
4.4
0.82
0.97
1.42
Operations
Family:
Manager:
Tenure:
Objective:
BlackRock
Multiple
7.7 Years
Growth and Income
Base Currency:
Ticker:
ISIN:
Minimum Initial Purchase:
USD
BIMBX
US09260C3079
$2 mil
Purchase Constraints:
Incept:
Type:
Total Assets:
A
05-19-2015
MF
$9,520.43 mil
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 15 of 34
Standardized and Tax Adjusted Returns Disclosure Statement
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will
fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return
data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp.
Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to
reflect sales charges and ongoing fund expenses.
If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including
M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract,
and sales charges. The maximum redemption fee is the maximum amount a fund may charge if redeemed in a specific time period after the fund’s purchase.
After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual aftertax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund
shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of
certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by
the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. After-tax
returns for exchange-traded funds are based on net asset value.
Money Market Fund Disclosures
If money market fund(s) are included in the Standardized Returns table below, each money market fund’s name will be followed by a superscripted letter that links
it to the applicable disclosure below:
Institutional Money Market Funds (designated by an “S”):
You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than
what you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity
falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not
expect that the sponsor will provide financial support to the fund at any time.
Government Money Market Funds that have chosen to rely on the ability to impose liquidity fees and suspend redemptions (designated by an ”L” )
and
Retail Money Market Funds (designated by an “L”):
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums
because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide
financial support to the fund at any time.
Government Money Market Funds that have chosen not to rely on the ability to impose liquidity fees and suspend redemptions (designated by an
“N”):
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no
legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Annualized returns 12-31-2022
Standardized Returns (%)
7-day Yield 7-day Yield
Subsidized Unsubsidized
as of date as of date
1Yr
5Yr
10Yr
Since
Inception
Inception Max Front Max Back
Date
Load %
Load %
Net Exp
Ratio %
Gross Exp
Max
Ratio % Redemption %
BlackRock Systematic Multi-Strat Instl
Boston Partners All Cap Value Instl
CIBC Atlas All Cap Growth Institutional
Cohen & Steers Realty Shares L
Janus Henderson Overseas I
—
—
—
—
—
—
—
—
—
—
-3.09
-2.42
-29.69
-24.96
-8.67
3.31
7.53
9.74
5.76
5.39
—
11.86
11.24
7.75
3.52
3.72 05-19-2015
10.37 07-01-2002
7.98 09-28-2007
10.79 07-02-1991
3.78 07-06-2009
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.971
0.802
0.96
0.883
0.90
0.98
0.86
0.96
0.93
0.90
NA
NA
2.00
NA
NA
JPMorgan Emerging Markets Equity L
PIMCO Income Instl
—
—
—
—
-25.68
-7.81
-0.01
1.69
2.61
4.00
5.05 11-15-1993
6.62 03-30-2007
NA
NA
NA
NA
0.90
0.51
0.90
0.51
NA
NA
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 16 of 34
Annualized returns 12-31-2022
Standardized Returns (%)
7-day Yield 7-day Yield
Subsidized Unsubsidized
as of date as of date
1Yr
5Yr
10Yr
Since
Inception
Inception Max Front Max Back
Date
Load %
Load %
Net Exp
Ratio %
Gross Exp
Max
Ratio % Redemption %
Schwab Small Cap Index
SPDR® SSgA Multi-Asset Real Return ETFNAV
SPDR® SSgA Multi-Asset Real Return ETFMarket
—
—
—
—
-20.42
7.61
4.19
6.12
9.05
2.47
8.14 05-19-1997
2.68 04-25-2012
NA
NA
NA
NA
0.04
0.50
0.04
0.50
NA
NA
—
—
7.82
6.09
2.47
2.64 04-25-2012
NA
NA
0.50
0.50
NA
Vanguard Interm-Term Corp Bd ETF-NAV
Vanguard Interm-Term Corp Bd ETF-Market
Vanguard Mid-Cap ETF-NAV
Vanguard Mid-Cap ETF-Market
Vanguard S&P 500 ETF-NAV
—
—
—
—
—
—
—
—
—
—
-14.06
-13.98
-18.68
-18.72
-18.15
0.76
0.73
7.33
7.30
9.38
2.08
2.05
11.10
11.08
12.52
3.80 11-19-2009
3.77 11-19-2009
9.21 01-26-2004
9.21 01-26-2004
12.93 09-07-2010
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.04
0.04
0.04
0.04
0.03
0.04
0.04
0.04
0.04
0.03
NA
NA
NA
NA
NA
Vanguard S&P 500 ETF-Market
Vanguard Short-Term Corporate Bond ETFNAV
Vanguard Short-Term Corporate Bond ETFMarket
—
—
—
—
-18.19
-5.71
9.35
1.25
12.52
1.59
12.81 09-07-2010
2.28 11-19-2009
NA
NA
NA
NA
0.03
0.04
0.03
0.04
NA
NA
—
—
-5.62
1.27
1.56
2.26 11-19-2009
NA
NA
0.04
0.04
NA
Bloomberg US Agg Bond TR USD
Bloomberg US Corp Bond TR USD
Bloomberg US Govt/Credit 1-3 Yr TR
USD
Bloomberg US Universal TR USD
JPM EMBI Global Diversified TR USD
-13.01
-15.76
-3.69
0.02
0.45
0.92
1.06
1.96
0.88
— 01-03-1980
— 01-03-1989
— 01-30-1976
-12.99
-17.78
0.18
-1.31
1.33
1.59
— 12-31-1998
— 07-30-1999
Morningstar Gbl Allocation TR USD
Morningstar Gbl Upstm Nat Res NR
USD
Morningstar Mod Con Tgt Risk TR USD
Morningstar Mod Tgt Risk TR USD
Morningstar US Core Bd TR USD
-17.10
15.46
2.86
9.83
—
5.81
— 06-18-2013
— 07-29-2011
-13.85
-14.77
-12.99
2.79
3.73
—
4.30
5.82
—
— 02-18-2009
— 02-18-2009
— 05-01-2019
Morningstar US Corp Bd TR USD
Morningstar US LM Brd Growth TR
USD
Morningstar US Real Est TR USD
MSCI ACWI Ex USA NR USD
MSCI ACWI NR USD
-15.71
-31.71
—
—
—
—
— 05-01-2019
— 12-21-2020
-25.55
-16.00
-18.36
3.74
0.88
5.23
6.29
3.80
7.98
— 12-20-2010
— 01-01-2001
— 01-01-2001
MSCI EAFE NR USD
MSCI EM NR USD
Russell 1000 Growth TR USD
Russell 1000 TR USD
Russell 1000 Value TR USD
-14.45
-20.09
-29.14
-19.13
-7.54
1.54
-1.40
10.96
9.13
6.67
4.67
1.44
14.10
12.37
10.29
— 03-31-1986
— 01-01-2001
— 01-01-1987
— 12-31-1978
— 01-01-1987
Russell 2000 TR USD
Russell Mid Cap TR USD
S&P 500 TR USD
S&P United States REIT TR USD
USTREAS T-Bill Auction Ave 3 Mon
-20.44
-17.32
-18.11
-24.36
2.13
4.13
7.10
9.42
3.68
1.34
9.01
10.96
12.56
6.37
0.82
— 12-31-1978
— 12-31-1978
— 01-30-1970
— 12-31-1992
— 02-28-1941
1. Contractual waiver; Expires 06-30-2023
2. Contractual waiver; Expires 12-31-2023
3. Contractual waiver; Expires 06-30-2023
Return after Tax (%)
On Distribution
On Distribution and Sales of Shares
1Yr
5Yr
10Yr
Since Inception
Inception Date
1Yr
5Yr
10Yr
Since Inception
-4.91
-4.53
-30.77
-26.55
-9.29
1.58
6.07
7.10
3.31
4.79
—
10.30
8.95
5.00
2.65
2.09
9.09
6.52
8.37
2.94
05-19-2015
07-01-2002
09-28-2007
07-02-1991
07-06-2009
-1.78
-0.38
-16.81
-14.22
-5.14
1.81
5.53
7.60
3.82
3.92
—
9.27
8.90
5.29
2.30
2.20
8.44
6.42
8.31
2.63
JPMorgan Emerging Markets Equity L
-25.84
PIMCO Income Instl
-10.09
Schwab Small Cap Index
-20.83
SPDR® SSgA Multi-Asset Real Return ETF- 5.22
NAV
-0.41
-0.48
2.57
3.97
2.26
1.54
7.39
1.03
4.59
4.10
6.75
1.27
11-15-1993
03-30-2007
05-19-1997
04-25-2012
-15.20
-4.61
-12.08
4.50
-0.07
0.40
2.95
3.77
1.94
1.98
6.96
1.23
4.04
4.14
6.48
1.42
BlackRock Systematic Multi-Strat Instl
Boston Partners All Cap Value Instl
CIBC Atlas All Cap Growth Institutional
Cohen & Steers Realty Shares L
Janus Henderson Overseas I
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Page 17 of 34
Annualized returns 12-31-2022
Return after Tax (%)
On Distribution
1Yr
5Yr
10Yr
Since Inception
Inception Date
1Yr
5Yr
10Yr
Since Inception
Vanguard Interm-Term Corp Bd ETF-NAV
-15.07
-0.49
0.71
2.39
11-19-2009
-8.31
0.11
1.01
2.39
Vanguard Mid-Cap ETF-NAV
Vanguard S&P 500 ETF-NAV
Vanguard Short-Term Corporate Bond ETFNAV
-19.01
-18.47
-6.47
6.76
8.84
0.30
10.56
11.91
0.66
8.72
12.36
1.37
01-26-2004
09-07-2010
11-19-2009
-10.86
-10.51
-3.38
5.54
7.28
0.57
8.98
10.24
0.82
7.68
10.81
1.38
On Distribution and Sales of Shares
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
ß
Release date 12-31-2022
Mutual Fund Detail Report
Disclosure Statement
The Mutual Fund Detail Report is supplemental sales literature, and therefore
must be preceded or accompanied by the mutual fund’s current prospectus or an
equivalent statement. Please read this information carefully. In all cases, this
disclosure statement should accompany the Mutual Fund Detail Report.
Morningstar is not itself a FINRA-member firm.
All data presented is based on the most recent information available to
Morningstar as of the release date and may or may not be an accurate reflection
of current data for securities included in the fund’s portfolio. There is no
assurance that the data will remain the same.
Unless otherwise specified, the definition of “funds” used throughout this
Disclosure Statement includes closed-end funds, exchange-traded funds,
grantor trusts, index mutual funds, open-ended mutual funds, and unit
investment trusts. It does not include exchange-traded notes or exchange-traded
commodities.
Prior to 2016, Morningstar’s methodology evaluated open-end mutual funds and
exchange-traded funds as separate groups. Each group contained a subset of
the current investments included in our current comparative analysis. In this
report, historical data presented on a calendar-year basis and trailing periods
ending at the most-recent month-end reflect the updated methodology.
Risk measures (such as alpha, beta, r-squared, standard deviation, mean, or
Sharpe ratio) are calculated for securities or portfolios that have at least a
three-year history.
Most Morningstar rankings do not include any adjustment for one-time sales
charges, or loads. Morningstar does publish load-adjusted returns, and ranks
such returns within a Morningstar Category in certain reports. The total returns
for ETFs and fund share classes without one-time loads are equal to
Morningstar’s calculation of load-adjusted returns. Share classes that are
subject to one-time loads relating to advice or sales commissions have their
returns adjusted as part of the load-adjusted return calculation to reflect those
loads.
Comparison of Fund Types
Funds, including closed-end funds, exchange-traded funds (ETFs), money market
funds, open-end funds, and unit investment trusts (UITs), have many similarities,
but also many important differences. In general, publically-offered funds are
investment companies registered with the Securities and Exchange Commission
under the Investment Company Act of 1940, as amended. Funds pool money
from their investors and manage it according to an investment strategy or
objective, which can vary greatly from fund to fund. Funds have the ability to
offer diversification and professional management, but also involve risk,
including the loss of principal.
A closed-end fund is an investment company, which typically makes one public
offering of a fixed number of shares. Thereafter, shares are traded on a
secondary market. As a result, the secondary market price may be higher or
lower than the closed-end fund's net asset value (NAV). If these shares trade at
a price above their NAV, they are said to be trading at a premium. Conversely, if
they are trading at a price below their NAV, they are said to be trading at a
discount. A closed-end mutual fund’s expense ratio is an annual fee charged to
a shareholder. It includes operating expenses and management fees, but does
not take into account any brokerage costs. Closed-end funds may also have 12b1 fees. Income distributions and capital gains of the closed-end fund are subject
Page 18 of 34
to income tax, if held in a taxable account.
An ETF is an investment company that typically has an investment objective of
striving to achieve a similar return as a particular market index. The ETF will
invest in either all or a representative sample of the securities included in the
index it is seeking to imitate. Like closed-end funds, an ETF can be traded on a
secondary market and thus have a market price that may be higher or lower than
its net asset value. If these shares trade at a price above their NAV, they are
said to be trading at a premium. Conversely, if they are trading at a price below
their NAV, they are said to be trading at a discount. ETFs are not actively
managed, so their value may be affected by a general decline in the U.S. market
segments relating to their underlying indexes. Similarly, an imperfect match
between an ETF’s holdings and those of its underlying index may cause its
performance to vary from that of its underlying index. The expense ratio of an
ETF is an annual fee charged to a shareholder. It includes operating expenses
and management fees, but does not take into account any brokerage costs. ETFs
do not have 12b-1 fees or sales loads. Capital gains from funds held in a taxable
account are subject to income tax. In many, but not all cases, ETFs are generally
considered to be more tax-efficient when compared to similarly invested mutual
funds.
Holding company depository receipts (HOLDRs) are similar to ETFs, but they
focus on narrow industry groups. HOLDRs initially own 20 stocks, which are
unmanaged, and can become more concentrated due to mergers, or the
disparate performance of their holdings. HOLDRs can only be bought in 100share increments. Investors may exchange shares of a HOLDR for its underlying
stocks at any time.
A money-market fund is an investment company that invests in commercial
paper, banker's acceptances, repurchase agreements, government securities,
certificates of deposit and other highly liquid securities, and pays money market
rates of interest. Money markets are not FDIC-insured, may lose money, and are
not guaranteed by a bank or other financial institution.
An open-end fund is an investment company that issues shares on a continuous
basis. Shares can be purchased from the open-end mutual fund itself, or
through an intermediary, but cannot be traded on a secondary market, such as
the New York Stock Exchange. Investors pay the open-end mutual fund’s current
net asset value plus any initial sales loads. Net asset value is calculated daily,
at the close of business. Open-end mutual fund shares can be redeemed, or sold
back to the fund or intermediary, at their current net asset value minus any
deferred sales loads or redemption fees. The expense ratio for an open-end
mutual fund is an annual fee charged to a shareholder. It includes operating
expenses and management fees, but does not take into account any brokerage
costs. Open-end funds may also have 12b-1 fees. Income distributions and
capital gains of the open-end fund are subject to income tax, if held in a taxable
account.
A unit investment trust (UIT) is an investment company organized under a trust
agreement between a sponsor and trustee. UITs typically purchase a fixed
portfolio of securities and then sell units in the trust to investors. The major
difference between a UIT and a mutual fund is that a mutual fund is actively
managed, while a UIT is not. On a periodic basis, UITs usually distribute to the
unit holder their pro rata share of the trust's net investment income and net
realized capital gains, if any. If the trust is one that invests only in tax-free
securities, then the income from the trust is also tax-free. UITs generally make
one public offering of a fixed number of units. However, in some cases, the
sponsor will maintain a secondary market that allows existing unit holders to
sell their units and for new investors to buy units. A one-time initial sales
charge is deducted from an investment made into the trust. UIT investors may
also pay creation and development fees, organization costs, and/or trustee and
operation expenses. UIT units may be redeemed by the sponsor at their net
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
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Release date 12-31-2022
Page 19 of 34
asset value minus a deferred sales charge, and sold to other investors. UITs
have set termination dates, at which point the underlying securities are sold and
the sales proceeds are paid to the investor. Typically, a UIT investment is rolled
over into successive trusts as part of a long-term strategy. A rollover fee may be
charged for the exercise of rollover purchases. There are tax consequences
associated with rolling over an investment from one trust to the next.
category includes security types that are not neatly classified in the other asset
classes, such as convertible bonds and preferred stocks, or cannot be classified
by Morningstar as a result of missing data. Morningstar may display asset
allocation data in several ways, including tables or pie charts. In addition,
Morningstar may compare the asset class breakdown of the fund against its
three-year average, category average, and/or index proxy.
Performance
The performance data given represents past performance and should not be
considered indicative of future results. Principal value and investment return will
fluctuate, so that an investor's shares, when sold, may be worth more or less
than the original investment. Fund portfolio statistics change over time. Funds
are not FDIC-insured, may lose value, and are not guaranteed by a bank or other
financial institution.
Asset allocations shown in tables may include a breakdown among the long,
short, and net (long positions net of short) positions. These statistics summarize
what the fund’s managers are buying and how they are positioning the fund’s
portfolio. When short positions are captured in these portfolio statistics,
investors get a more robust description of the fund’s exposure and risk. Long
positions involve buying the security outright and selling it later, with the hope
the security’s price rises over time. Short positions are taken with the hope of
benefitting from anticipated price declines. The investor borrows the security
from another investor, sells it and receives cash, and then is obligated to buy it
back at some point in the future. If the price falls after the short sale, the
investor will have sold high and can buy low to close the short position and lock
in a profit. However, if the price of the security increases after the short sale,
the investor will experience a loss buying it at a higher price than the sale price.
Morningstar calculates after-tax returns using the highest applicable federal
marginal income tax rate plus the investment income tax and Medicare
surcharge. As of 2018, this rate is 37% plus 3.8% investment income plus 0.9%
Medicare surcharge, or 41.7%. This rate changes periodically in accordance
with changes in federal law.
Pre-Inception Returns
The analysis in this report may be based, in part, on adjusted historical returns
for periods prior to the inception of the share class of the fund shown in this
report (“Report Share Class”). If pre-inception returns are shown, a performance
stream consisting of the Report Share Class and older share class(es) is created.
Morningstar adjusts pre-inception returns downward to reflect higher expenses
in the Report Share Class, we do not hypothetically adjust returns upwards for
lower expenses. For more information regarding calculation of pre-inception
returns please see the Morningstar Extended Performance Methodology.
When pre-inception data is presented in the report, the header at the
top of the report will indicate this. In addition, the pre-inception data
included in the report will appear in italics.
While the inclusion of pre-inception data provides valuable insight into the
probable long-term behavior of newer share classes of a fund, investors should
be aware that an adjusted historical return can only provide an approximation of
that behavior. For example, the fee structures of a retail share class will vary
from that of an institutional share class, as retail shares tend to have higher
operating expenses and sales charges. These adjusted historical returns are not
actual returns. The underlying investments in the share classes used to
calculate the pre-performance string will likely vary from the underlying
investments held in the fund after inception. Calculation methodologies utilized
by Morningstar may differ from those applied by other entities, including the
fund itself.
12b1 Expense %
A 12b-1 fee is a fee used to pay for a mutual fund’s distribution costs. It is often
used as a commission to brokers for selling the fund. The amount of the fee is
taken from a fund’s returns.
Alpha
Alpha is a measure of the difference between a security or portfolio’s actual
returns and its expected performance, given its level of risk (as measured by
beta.) Alpha is often seen as a measure of the value added or subtracted by a
portfolio manager.
Asset Allocation
Asset Allocation reflects asset class weightings of the portfolio. The “Other”
Most fund portfolios hold fairly conventional securities, such as long positions in
equities and bonds. Morningstar may generate a colored pie chart for these
portfolios. Other portfolios use other investment strategies or securities, such as
short positions or derivatives, in an attempt to reduce transaction costs,
enhance returns, or reduce risk. Some of these securities and strategies behave
like conventional securities, while other have unique return and risk
characteristics. Portfolios that incorporate investment strategies resulting in
short positions or portfolio with relatively exotic derivative positions often report
data to Morningstar that does not meet the parameters of the calculation
underlying a pie chart’s generation. Because of the nature of how these
securities are reported to Morningstar, we may not always get complete
portfolio information to report asset allocation. Morningstar, at its discretion,
may determine if unidentified characteristics of fund holdings are material.
Asset allocation and other breakdowns may be rescaled accordingly so that
percentages total to 100 percent. (Morningstar used discretion to determine if
unidentified characteristics of fund holdings are material, pie charts and other
breakdowns may rescale identified characteristics to 100% for more intuitive
presentation.)
Note that all other portfolio statistics presented in this report are based on the
long (or long rescaled) holdings of the fund only.
Average Effective Duration
Duration is a time measure of a bond's interest-rate sensitivity. Average
effective duration is a weighted average of the duration of the fixed-income
securities within a portfolio.
Average Effective Maturity
Average Effective Maturity is a weighted average of the maturities of all bonds
in a portfolio.
Average Weighted Coupon
A coupon is the fixed annual percentage paid out on a bond. The average
weighted coupon is the asset-weighted coupon of each bond in the portfolio.
Average Weighted Price
Average Weighted Price is the asset-weighted price of bonds held in a portfolio,
expressed as a percentage of par (face) value. This number reveals if the
portfolio favors bonds selling at prices above or below par value (premium or
discount securities respectively.)
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
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Best Fit Index
Alpha, beta, and R-squared statistics are presented for a broad market index
and a “best fit” index. The Best Fit Index identified in this report was
determined by Morningstar by calculating R-squared for the fund against
approximately 100 indexes tracked by Morningstar. The index representing the
highest R-squared is identified as the best fit index. The best fit index may not
be the fund’s benchmark, nor does it necessarily contain the types of securities
that may be held by the fund or portfolio.
Beta
Beta is a measure of a security or portfolio’s sensitivity to market movements
(proxied using an index.) A beta of greater than 1 indicates more volatility than
the market, and a beta of less than 1 indicates less volatility than the market.
Credit Quality Breakdown
Credit Quality breakdowns are shown for corporate-bond holdings in the fund’s
portfolio and depict the quality of bonds in the underlying portfolio. It shows the
percentage of fixed-income securities that fall within each credit-quality rating
as assigned by a Nationally Recognized Statistical Rating Organization (NRSRO).
Bonds not rated by an NRSRO are included in the Other/Not-Classified category.
Deferred Load %
The back-end sales charge or deferred load is imposed when an investor
redeems shares of a fund. The percentage of the load charged generally
declines the longer the fund’s shares are held by the investor. This charge,
coupled with 12b-1 fees, commonly serves as an alternative to a traditional
front-end load.
Expense Ratio %
The expense ratio is the annual fee that all funds charge their shareholders. It
expresses the percentage of assets deducted each fiscal year for fund expenses,
including 12b-1 fees, management fees, administrative fees, operating costs,
and all other asset-based costs incurred by the fund. Portfolio transaction fees,
or brokerage costs, as well as front-end or deferred sales charges are not
included in the expense ratio. The expense ratio, which is deducted from the
fund’s average net assets, is accrued on a daily basis. The gross expense ratio,
in contrast to the net expense ratio, does not reflect any fee waivers in effect
during the time period.
Front-end Load %
The initial sales charge or front-end load is a deduction made from each
investment in the fund and is generally based on the amount of the investment.
Geometric Average Market Capitalization
Geometric Average Market Capitalization is a measure of the size of the
companies in which a portfolio invests.
Growth of 10,000
For funds, this graph compares the growth of an investment of 10,000 (in the
base currency of the fund) with that of an index and/or with that of the average
for all funds in its Morningstar Category. The total returns are not adjusted to
reflect sales charges or the effects of taxation but are adjusted to reflect actual
ongoing fund expenses, and they assume reinvestment of dividends and capital
gains. If adjusted, effects of sales charges and taxation would reduce the
performance quoted. If pre-inception data is included in the analysis, it will be
graphed.
The index in the Growth of 10,000 graph is an unmanaged portfolio of specified
securities and cannot be invested in directly. The index does not reflect any
initial or ongoing expenses. A fund's portfolio may differ significantly from the
securities in the index. The index is chosen by Morningstar.
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Management Fees %
The management fee includes the management and administrative fees listed in
the Management Fees section of a fund’s prospectus. Typically, these fees
represent the costs shareholders paid for management and administrative
services over the fund’s prior fiscal year.
Maximum Redemption Fee %
The Maximum Redemption Fee is the maximum amount a fund may charge if
redeemed in a specific time period after the fund’s purchase (for example, 30,
180, or 365 days).
Mean
Mean is the annualized geometric return for the period shown.
Morningstar Analyst Rating™
The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective
evaluation performed by Morningstar’s manager research group, which consists
of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the
United States, that subsidiary is Morningstar Research Services LLC, which is
registered with and governed by the U.S. Securities and Exchange Commission.
The Manager Research Group evaluates investment products based on five key
pillars, which are process, performance, people, parent, and price. The Manager
Research Group uses this five-pillar evaluation to determine how they believe
investment products are likely to perform relative to a benchmark over the long
term on a risk adjusted basis. They consider quantitative and qualitative factors
in their research. For actively managed strategies, people and process each
receive a 45% weighting in their analysis, while parent receives a 10%
weighting. For passive strategies, process receives an 80% weighting, while
people and parent each receive a 10% weighting. For both active and passive
strategies, performance has no explicit weight as it is incorporated into the
analysis of people and process; price at the share-class level (where applicable)
is directly subtracted from an expected gross alpha estimate derived from the
analysis of the other pillars. The impact of the weighted pillar scores for people,
process and parent on the final Morningstar Analyst Rating is further modified
by a measure of the dispersion of historical alphas among relevant peers. For
certain peer groups where standard benchmarking is not applicable, primarily
peer groups of investment products using alternative investment strategies, the
modification by alpha dispersion is not used.
Separately managed accounts are rated using the methodology for actively
managed funds. A proxy fee is deducted from all separately managed accounts
in a given Morningstar Category. The proxy fee is based on a survey of
separately managed account model-delivery fees.
The Morningstar Analyst Rating scale is Gold, Silver, Bronze, Neutral, and
Negative. For active investment products, a Morningstar Analyst Rating of Gold,
Silver, or Bronze reflects the Manager Research Group’s expectation that an
active investment product will be able to deliver positive alpha net of fees
relative to the standard benchmark index assigned to the Morningstar category.
The level of the rating relates to the level of expected positive net alpha relative
to Morningstar category peers for active investment products. For passive
investment products, a Morningstar Analyst Rating of Gold, Silver, or Bronze
reflects the Manager Research Group’s expectation that an investment product
will be able to deliver a higher alpha net of fees than the lesser of the relevant
Morningstar category median or 0. The level of the rating relates to the level of
expected net alpha relative to Morningstar category peers for passive
investment products. For certain peer groups where standard benchmarking is
not applicable, primarily peer groups of investment products using alternative
investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze
reflects the Manager Research Group’s expectation that an investment product
will deliver a weighted pillar score above a predetermined threshold within its
peer group. Morningstar Analyst Ratings ultimately reflect the Manager
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
®
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Release date 12-31-2022
Research Group’s overall assessment, are overseen by an Analyst Rating
Committee, and are continuously monitored and reevaluated at least every 14
months.
Page 21 of 34
Morningstar Quantitative Ratings have not been made available to the
issuer of the security prior to publication.
Risk Warning
For more detailed information about Morningstar’s Analyst Rating, including its
methodology, please go to http://global.morningstar.com/equitydisclosure.
The Morningstar Analyst Rating (i) should not be used as the sole basis in
evaluating an investment product, (ii) involves unknown risks and uncertainties
which may cause the Manager Research Group’s expectations not to occur or to
differ significantly from what they expected, and (iii) should not be considered
an offer or solicitation to buy or sell the investment product
Morningstar Quantitative Rating™
Morningstar’s quantitative fund ratings consist of: (i) Morningstar Quantitative
Rating (overall score), (ii) Quantitative Parent pillar, (iii) Quantitative People
pillar, and (iv) Quantitative Process pillar (collectively the“Quantitative Fund
Ratings”).The Quantitative Fund Ratings are calculated monthly and derived
from the analyst-driven ratings of a fund’s peers as determined by statistical
algorithms. Morningstar, Inc. calculates Quantitative Fund Ratings for funds
when an analyst rating does not exist as part of its qualitative coverage.
• Morningstar Quantitative Rating: Intended to be comparable to
Morningstar’s Analyst Ratings for open-end funds and ETFs, which is the
summary expression of Morningstar's forward-looking analysis of a fund. The
Morningstar Analyst Rating is based on the analyst's conviction in the fund's
ability to outperform its peer group and/or relevant benchmark on a riskadjusted basis over a full market cycle of at least 5 years. Ratings are assigned
on a five-tier scale with three positive ratings of Gold, Silver, and Bronze, a
Neutral rating, and a Negative rating. Morningstar calculates the Morningstar
Quantitative Rating using a statistical model derived from the Morningstar
Analyst Rating our fund analysts assign to open-end funds and ETFs. Please go
to https://shareholders.morningstar.com/investorrelations/governance/Compliance--Disclosure/default.aspx for information
about Morningstar Analyst Rating Morningstar’s fund analysts assign to funds.
• Quantitative Parent pillar: Intended to be comparable to
Morningstar’s Parent pillar scores, which provides Morningstar’s analyst opinion
on the stewardship quality of a firm. Morningstar calculates the Quantitative
Parent pillar using an algorithm designed to predict the Parent Pillar score our
fund analysts would assign to the fund. The quantitative pillar rating is
expressed in both a rating and a numerical value as High (5), Above Average (4),
Average (3), Below Average (2), Low (1).
• Quantitative People pillar: Morningstar’s People pillar scores, which
provides Morningstar’s analyst opinion on the fund manager’s talent, tenure,
and resources. Morningstar calculates the Quantitative People pillar using an
algorithm designed to predict the People pillar score our fund analysts would
assign to the fund. The quantitative pillar rating is expressed in both a rating
and a numerical value as High (5), Above Average (4), Average (3), Below
Average (2), Low (1).
• Quantitative Process Pillar: Intended to be comparable to
Morningstar’s Process pillar scores, which provides Morningstar’s analyst
opinion on the fund’s strategy and whether the management has a competitive
advantage enabling it to execute the process and consistently over time.
Morningstar calculates the Quantitative Process pillar using an algorithm
designed to predict the Process pillar score our fund analysts would assign to
the fund. The quantitative pillar rating is expressed in both a rating and a
numerical value as High (5), Above Average (4), Average (3), Below Average (2),
and Low (1).
The quantitative fund ratings are not statements of fact. Morningstar does not
guarantee the completeness or accuracy of the assumptions or models used in
determining the quantitative fund ratings. In addition, there is the risk that the
return target will not be met due to such things as unforeseen changes in
changes in management, technology, economic development, interest rate
development, operating and/or material costs, competitive pressure, supervisory
law, exchange rate, and tax rate. For investments in foreign markets there are
further risks, generally based on exchange rate changes or changes in political
and social conditions. A change in the fundamental factors underlying the
quantitative fund ratings can mean that the recommendation is subsequently no
longer accurate.
For more information about Morningstar’s quantitative methodology, please visit
https://shareholders.morningstar.com/investorrelations/governance/Compliance--Disclosure/default.aspx
Morningstar Category
Morningstar Category is assigned by placing funds into peer groups based on
their underlying holdings. The underlying securities in each portfolio are the
primary factor in our analysis as the investment objective and investment
strategy stated in a fund’s prospectus may not be sufficiently detailed for our
proprietary classification methodology. Funds are placed in a category based on
their portfolio statistics and compositions over the past three years. Analysis of
performance and other indicative facts are also considered. If the fund is new
and has no portfolio history, Morningstar estimates where it will fall before
giving it a permanent category assignment. Categories may be changed based
on recent changes to the portfolio.
Morningstar Rank
Morningstar Rank is the total return percentile rank within each Morningstar
Category. The highest (or most favorable) percentile rank is zero and the lowest
(or least favorable) percentile rank is 100. Historical percentile ranks are based
on a snapshot of a fund at the time of calculation.
Morningstar Rating™
The Morningstar Rating™for funds, or "star rating", is calculated for 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. For more information about the Morningstar Rating
for funds, including its methodology, please go to
global.morningstar.com/managerdisclosures
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 (-Ave), and the bottom 10% Low (Low). Morningstar Return is
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.
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Release date 12-31-2022
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
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.
Style Analysis
The Morningstar Style Box reveals a fund's investment style 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 cell in the matrix.
Morningstar uses credit rating information from credit rating agencies (CRA’s)
that have been designated Nationally Recognized Statistical Rating
Organizations (NRSRO’s) 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-learn-nrsros.html. Additionally, Morningstar will
use credit ratings from CRA’s 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 rating
organizations/ agencies have rated a holding, the lower rating of the two should
be applied; if three or more CRA’s have rated a holdingt 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 may 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 as
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
Page 22 of 34
corresponds to the long-term rating symbol schemas employed by most CRA’s.
Note that this value is not explicitly published but instead serves an an input in
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.
Portfolios which are assigned to Morningstar municipal-bond categoriesemploy
static breakpoints between categories. These breakpoints are “Limited” equal to
4.5 years or less,; (ii) “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. The values differ from the
municipal category values, : (i) “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, “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 classif
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