aul fixed interest account - hortonville, wi star... · 2019-05-30 · investment option, backed by...

1 of 2is the marketing name for the companies of OneAmerica | OneAmerica.com

© 2019 OneAmerica Financial Partners, Inc. All rights reserved.

R-21598 02/15/19

Major classes of investmentsas of December 31, 2018

Credit quality ratings of bondsas of December 31, 2018

Investment classes %

■ Corporate Bonds 54

■ Mortgage & Asset-Backed Securities

22

■ Direct Commercial Mortgages

16

■ Other 8

Investment classes %■ S&P AAA to A- 45

■ S&P BBB+ to BBB- 29

■ S&P BB+ to B 1

■ Not rated by S&P 25

You can choose from a variety of investment options covering a wide range of asset classes and risk categories, including a fixed interest option that provides a guarantee of principal and a lifetime minimum interest rate guarantee.

The Fixed Interest Account is an interest-earning investment option, backed by AUL’s general account assets. AUL guarantees that interest will be credited at the declared current rate, or the minimum rate guaranteed rate in the contract, whichever is higher.

AUL general account statistics as of December 31, 2018• Average duration of investment: 6.5 years• Market to book value ratio: 100.0%• Invested assets: $13.8 billion

New contributions are guaranteed to earn the applicable initial interest rate for at least a one-year time period from the date contributions are made. Changes in the initial interest rate or in the interest rate for prior contributions will also be effective for at least one year. In no event will the interest rate ever be below the rate guaranteed in the group annuity contract. AUL bears the investment risk for the AUL Fixed Interest Account values and for paying interest.

Administrative cost factorIn setting an interest rate for the Fixed Interest Account, AUL takes into account the expected earnings on investments over the time period the rate will be effective and the expected operational expenses over that time period, including but not limited to, the cost of providing administrative and recordkeeping services to its Retirement Services clients, expenses related to the acquisition of new business, the cost of capital, general overhead costs and profit. Over the last three years, the cost of providing administrative and recordkeeping services to Retirement Services clients has averaged 0.55 percent.

AUL Fixed Interest Account

2 of 2is the marketing name for the companies of OneAmerica | OneAmerica.com

© 2019 OneAmerica Financial Partners, Inc. All rights reserved.

R-21598 02/15/19

Exposure to asset classesAUL Fixed Interest Account investments primarily consist of a well-diversified mix of high quality corporate and agency securities. Our exposure to below investment grade bonds is approximately four percent, which is among the lowest in the life insurance industry. We have very little exposure in our general account to equities or alternative assets. Our owned real estate primarily consists of our corporate office in Indianapolis.

In order to better understand the ratings, you should know that government-backed securities typically carry a AAA rating, and investment-grade securities carry a rating of BBB or higher. Those bonds carrying a rating of BB, or lower are considered to be below investment grade, and are commonly referred to as high-yield, or “junk” bonds.

Building for the futureBy virtually every measure, we are stronger financially today than ever before. As a member of a mutual organization, the companies of OneAmerica® are accountable to those we serve. We take a conservative approach to financial management because we understand that protecting the money our customers entrust with us is the most important thing we do. Our disciplined investment philosophy builds value for our customers.

Important informationTax qualified retirement plans from American United Life Insurance Company® (AUL) are funded by an AUL group variable annuity contract. While a participant in an annuity contract may benefit from additional investment and annuity related benefits under the annuity contract, any tax deferral is provided by the plan and not the annuity contract.

Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the fund.

A variable annuity is a long-term, tax-deferred investment designed for retirement that will fluctuate in value. It allows you to create a stream of income through a process called annuitization and also provides a variable return based on the performance of the underlying investments. A variable annuity does have limitations. Variable annuities have fees and charges that include mortality and expense, administrative fees, contract fees, and the expense of the underlying investment options.

Plus, if you’re not yet 59½, you may also have to pay an additional 10 percent tax penalty on top of ordinary income taxes. You should also know that an annuity contains guarantees and protections that are subject to the issuing insurance company’s ability to pay for them. But these guarantees don’t apply to any variable accounts that are subject to investment risk, including possible loss of your principal.

Note: Products issued and underwritten by American United Life Insurance Company® (AUL), a OneAmerica company. • Variable products are sold by prospectus. Both the product prospectus and underlying fund prospectus can be obtained from your investment professional or by writing to One American Square, Indianapolis, IN 46282, 1-800-249-6269. Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses. The product prospectus and underlying fund prospectus contain this and other important information. Read the prospectus carefully before investing. • Current and future account holdings are subject to risk and there is no assurance that the investment objective of any investment option will be achieved. Investing involves risk which includes potential loss of principal. • Group annuity contracts are issued by American United Life Insurance Company® (AUL) and registered group variable annuity products are distributed by OneAmerica Securities, Inc., a Registered Investment Advisor, Member FINRA, SIPC, One American Square, Indianapolis, IN, 1-877-285-3863. Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary, or investment advice. Investing involves risk including potential loss of principal.

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks current income; capital appreciation is a secondary objective. The portfolio managers look for equity securities of companies with a favorable income-paying history that have prospects for income payments to continue or increase. The portfolio managers also look for equity securities of companies that they believe are undervalued and have the potential for an increase in price. The fund may invest a portion of its assets in foreign securities when these securities meet the portfolio managers' standards of selection.

Category Description: Large ValueLarge-value portfolios invest primarily in big U.S. companiesthat are less expensive or growing more slowly than otherlarge-cap stocks. Stocks in the top 70% of the capitalizationof the U.S. equity market are defined as large cap. Value isdefined based on low valuations (low price ratios and highdividend yields) and slow growth (low growth rates forearnings, sales, book value, and cash flow).

NotesGroup annuity contracts are issued by American United LifeInsurance Company® (AUL) and registered variable annuityproducts are distributed by OneAmerica Securities, Inc., aRegistered Investment Advisor, Member FINRA, SIPC, OneAmerican Square, Indianapolis, IN 46282, 1-877-285-3863.Qualified retirement plans from American United LifeInsurance Company® (AUL) are funded by an AUL groupvariable annuity contract. While a participant in an annuitycontract may benefit from additional investment and annuityrelated benefits under the annuity contract, any tax deferralis provided by the plan and not the annuity contract. Variable products are sold by prospectus. Both theproduct prospectus and underlying fund prospectusescan be obtained from your investment professional orby writing to One American Square, Indianapolis, IN46282, 1-800-249-6269. Before investing, carefullyconsider the fund’s investment objectives, risks,charges, and expenses. The product prospectus andunderlying fund prospectus contain this and otherimportant information. Read the prospectusescarefully before investing. Products and financial services provided by AmericanUnited Life Insurance Company®, a OneAmerica company.

Composition as of 12-31-18 % AssetsU.S. Stocks 76.8Non-U.S. Stocks 9.0Bonds 5.6Cash 1.4Other 7.2

Morningstar Equity Style Box™ as of 12-31-18 % Mkt Cap

LargeM

idSmall

Value Blend Growth

Giant 48.51........................................................Large 33.17Medium 16.34Small 1.98........................................................Micro 0.00

Top 20 Holdings as of 12-31-18 % Assets

iShares Russell 1000 Value ETF 4.82Medtronic PLC 4.55Johnson & Johnson 3.41PNC Financial Services Group Inc 2.63Total SA 2.59.......................................................................................................Procter & Gamble Co 2.52Bank of America Corporation 7 1/4 % Non- 2.51Chevron Corp 2.34Nestle SA 2.07Republic Services Inc Class A 1.97.......................................................................................................Stanley Black & Decker Inc Unit 1.86Chubb Ltd 1.82Enterprise Products Partners LP 1.80ONE Gas Inc 1.79Cisco Systems Inc 1.78.......................................................................................................Verizon Communications Inc 1.75Atmos Energy Corp 1.72Pfizer Inc 1.70Automatic Data Processing Inc 1.66Schlumberger Ltd 1.59

.......................................................................................................Total Number of Stock Holdings 91Total Number of Bond Holdings 6Annual Turnover Ratio % 75.00Total Fund Assets ($mil) 11,023.74

Statistics as of 12-31-18 Port Avg Rel S&P 500 Rel Cat

P/E Ratio 14.21 0.99 1.11P/B Ratio 2.23 0.82 1.09P/C Ratio 10.94 0.93 0.25GeoAvgCap ($mil) 57,896.19 0.62 0.94

Risk Measures as of 12-31-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 8.37 0.76 0.733 Yr Beta 0.69 0.733 Yr Sharpe Ratio 0.90 1.18 1.643 Yr Alpha 1.87 -1.033 Yr R-squared 80.51 0.96

Morningstar Sectors as of 12-31-18 % Fund

Cyclical 26.84.......................................................................................................Basic Materials 3.55Consumer Cyclical 3.79Financial Services 18.12Real Estate 1.38Sensitive 37.72.......................................................................................................Communication Services 2.47Energy 11.82Industrials 14.78Technology 8.65Defensive 35.43.......................................................................................................Consumer Defensive 10.31Healthcare 16.26Utilities 8.86

Volatility Analysis

Low Moderate HighInvestment

Category

In the past, this investment has shown a relatively moderaterange of price fluctuations relative to other investments. Thisinvestment may experience larger or smaller price declines orprice increases depending on market conditions. Some of thisrisk may be offset by owning other investments with differentportfolio makeups or investment strategies.

Morningstar Proprietary StatisticsMorningstar Rating™ Out of # of Investments

3 Year 1,1005 Year 93710 Year 686

OperationsRedemption FeeExpense Ratio 1.17% of fund assetsGross Expense Ratio 1.17% of fund assetsInitial Share ClassInception Date

08-01-94

Fund Inception Date 03-07-97Advisor American Century Investment

Management, Inc

Portfolio Manager(s)Phillip Davidson, CFA. Since 1994. MBA, Illinois StateUniversity 1980. BS, Illinois State University 1978.Michael Liss, CFA. Since 1998. MBA, Indiana University1998. BS, Albright College 1991.Kevin Toney, CFA. Since 2003. BA, University of Virginia 1993.MBA, University of Pennsylvania (Wharton) 1999.

Release Date: 12-31-2018

American Century Equity Income A ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAverage Low

Out of 1100 Large Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted averageof its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.

©2019 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its contentproviders; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

R-15674N

— 51 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks long-term capital growth by investing in common stocks. Under normal market conditions, at least 80% of the fund's net assets will be invested in equity securities. In selecting stocks for the fund, the portfolio managers use quantitative management techniques in a two-step process. First, the managers rank stocks, primarily large capitalization, publicly traded U.S. companies with a market capitalization greater than $2 billion. Second, the portfolio managers use a quantitative model to build a portfolio of stocks from the ranking that they believe will provide the optimal balance between risk and expected return.

Category Description: Large BlendLarge-blend portfolios are fairly representative of the overallUS stock market in size, growth rates and price. Stocks in thetop 70% of the capitalization of the US equity market aredefined as large cap. The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios tend to invest across the spectrum of USindustries, and owing to their broad exposure, the portfolios'returns are often similar to those of the S&P 500 Index.




LargeM

idSmall

Value Blend Growth



Microsoft Corp 4.59Alphabet Inc A 3.85Amazon.com Inc 3.66Apple Inc 3.36JPMorgan Chase & Co 2.34.......................................................................................................Pfizer Inc 2.14Facebook Inc A 2.07Intel Corp 1.99Visa Inc Class A 1.90Bank of America Corporation 1.89.......................................................................................................Verizon Communications Inc 1.80Cisco Systems Inc 1.70Boeing Co 1.66AbbVie Inc 1.54Medtronic PLC 1.44.......................................................................................................Amgen Inc 1.42Adobe Inc 1.38Caterpillar Inc 1.21Thermo Fisher Scientific Inc 1.20Altria Group Inc 1.19




Risk Measures as of 12-31-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 11.59 1.06 1.023 Yr Beta 1.04 1.053 Yr Sharpe Ratio 0.59 0.78 0.953 Yr Alpha -1.81 1.303 Yr R-squared 96.76 1.05



Volatility Analysis


Category



3 Year 1,2085 Year 1,07110 Year 805


05-09-91


Management, Inc

Portfolio Manager(s)Claudia Musat. Since 2010. BS, University of Iasi, Romania1996. MS, University of California, Berkeley 2005. MS, FloridaState University 2000.Steven Rossi, CFA. Since 2016. BA/BS, University ofCalifornia–Berkeley.


American Century Equity Growth A ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskBelow Average Average

Out of 1208 Large Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted averageof its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-17305N

— 55 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks the highest level of total return consistent with its asset mix. The fund's asset allocation strategy diversifies investments among equity securities, bonds and money market instruments. It usually invests 79% of its assets in stocks, 20% of its assets in bonds, and 1% of its assets in cash equivalents. The fund also invests in a variety of debt securities payable in U.S. and foreign currencies. It may invest in any type of U.S. or foreign equity security that meets certain fundamental and technical standards. The fund may invest up to 10% of its assets in below investment-grade securities.

Category Description: Allocation--70% to 85% EquityFunds in allocation categories seek to provide both incomeand capital appreciation by investing in multiple assetclasses, including stocks, bonds, and cash. These portfoliosare dominated by domestic holdings and have equityexposures between 70% and 85%.



Morningstar Style Box™ as of 12-31-18(EQ) ; 12-31-18(F-I)LargeM

idSmall

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Microsoft Corp 1.65Alphabet Inc A 1.55Amazon.com Inc 1.40Apple Inc 1.27Visa Inc Class A 0.84.......................................................................................................JPMorgan Chase & Co 0.77Facebook Inc A 0.76Sp9u1ig03 Cds Usd R F 5.00000 06-20-23 0.65Verizon Communications Inc 0.65Intel Corp 0.64.......................................................................................................Pfizer Inc 0.64Boeing Co 0.63Sp9u1ig03 Cds Usd P V 00mevent 06-20-23 0.63Us 5yr Note (Cbt) Mar19 Xcbt 2 03-29-19 0.61Medtronic PLC 0.60.......................................................................................................Zimmer Biomet Holdings Inc 0.54Johnson & Johnson 0.53American Century Dvrs Corp Bd ETF 0.51Bank of America Corporation 0.50Chevron Corp 0.50

.......................................................................................................Total Number of Stock Holdings 912Total Number of Bond Holdings 1022Annual Turnover Ratio % 58.00Total Fund Assets ($mil) 768.44






Volatility Analysis


Category



3 Year 3225 Year 28010 Year 196


02-15-96


Management, Inc

Portfolio Manager(s)Richard Weiss, CFA. Since 2010. BS, University ofPennsylvania (Wharton). MBA, University of Chicago.Scott Wilson, CFA. Since 2011. BA, Pepperdine University.Radu Gabudean. Since 2013. BA, York University. PhD, NewYork University (Stern).


American Century Strat Allc: Agrsv A ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAverage Average

Out of 322 Allocation--70% to 85% Equity investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-15685N

— 36 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks the highest total return consistent with its asset mix. The fund is a "fund of funds," meaning that it seeks to achieve its objective by investing in other American Century mutual funds (the underlying funds) that represent a variety of asset classes and investment styles. The target date in the fund name (2035) refers to the approximate year an investor plans to retire and likely would stop making new investments in the fund.

Category Description: Target-Date 2035Target-date portfolios provide diversified exposure to stocks,bonds, and cash for those investors who have a specific datein mind (in this case, the years 2031-2035) for retirement.These portfolios aim to provide investors with an optimal levelof return and risk, based solely on the target date.Management adjusts the allocation among asset classes tomore-conservative mixes as the target date approaches,following a preset glide path. A target-date portfolio is part ofa series of funds offering multiple retirement dates toinvestors.




idSmall

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Century NT Diversified Bond G 15.63American Century NT Large Co Val G 9.82American Century NT Equity Growth G 8.83American Century NT Growth G 7.23American Century Global Bond G 6.24.......................................................................................................American Century NT Mid Cap Value G 5.93American Century NT International Gr G 5.36American Century US Government MMkt Fd G 5.06American Century NT Heritage G 4.18American Century NT High Income G 3.81.......................................................................................................American Century NT Intl Val G 3.75American Century Inflation-Adjs Bond G 3.70American Century NT Emerging Markets G 3.52American Century NT Core Equity Plus G 2.96American Century NT Small Company G 2.42.......................................................................................................American Century NT Disciplined Growth G 2.41American Century Emerging Mkts Dbt G 2.18American Century NT Non-US Intrs Val G 2.11American Century NT Global Real Estt G 1.80American Century NT Intl Sm-Md Cp G 1.77

.......................................................................................................Total Number of Holdings 23Annual Turnover Ratio % 16.00Total Fund Assets ($mil) 2,381.96






Volatility Analysis


Category



3 Year 1845 Year 14110 Year 68


08-31-04


Management, Inc

Portfolio Manager(s)Scott Wilson, CFA. Since 2006. BA, Pepperdine University.Richard Weiss, CFA. Since 2010. BS, University ofPennsylvania (Wharton). MBA, University of Chicago.Radu Gabudean. Since 2013. BA, York University. PhD, NewYork University (Stern).


American Century One Choice 2035 A ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskLow Low

Out of 184 Target-Date 2035 investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weightedaverage of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-21474

— 115 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks the highest total return consistent with its asset mix. The fund is a "fund of funds," meaning that it seeks to achieve its objective by investing in other American Century mutual funds (the underlying funds) that represent a variety of asset classes and investment styles. The target date in the fund name (2045) refers to the approximate year an investor plans to retire and likely would stop making new investments in the fund.





idSmall

Value Blend Growth

HighM

edLow

Ltd Mod Ext


American Century NT Diversified Bond G 11.52American Century NT Large Co Val G 11.27American Century NT Equity Growth G 9.99American Century NT Growth G 8.50American Century NT Mid Cap Value G 6.99.......................................................................................................American Century NT International Gr G 6.27American Century NT Heritage G 5.75American Century NT Emerging Markets G 5.50American Century Global Bond G 4.65American Century NT Intl Val G 3.55.......................................................................................................American Century NT Core Equity Plus G 3.35American Century NT Non-US Intrs Val G 3.20American Century NT High Income G 2.94American Century NT Small Company G 2.85American Century NT Disciplined Growth G 2.83.......................................................................................................American Century Inflation-Adjs Bond G 2.36American Century NT Intl Sm-Md Cp G 2.34American Century NT Global Real Estt G 2.28American Century US Government MMkt Fd G 2.06American Century Emerging Mkts Dbt G 1.79







Volatility Analysis


Category



3 Year 1845 Year 14110 Year 67


08-31-04


Management, Inc

Portfolio Manager(s)Scott Wilson, CFA. Since 2006. BA, Pepperdine University.Richard Weiss, CFA. Since 2010. BS, University ofPennsylvania (Wharton). MBA, University of Chicago.Radu Gabudean. Since 2013. BA, York University. PhD, NewYork University (Stern).


American Century One Choice 2045 A ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskBelow Average Low



R-21478

— 117 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks conservation of capital, current income and long-term growth of capital and income. The fund uses a balanced approach to invest in a broad range of securities, including common stocks and investment-grade bonds. It also invests in securities issued and guaranteed by the U.S. government and by federal agencies and instrumentalities. In addition, the fund may invest a portion of its assets in common stocks, most of which have a history of paying dividends, bonds and other securities of issuers domiciled outside the United States.


NotesGroup annuity contracts are issued by American United LifeInsurance Company® (AUL) and registered variable annuityproducts are distributed by OneAmerica Securities, Inc., aRegistered Investment Advisor, Member FINRA, SIPC, OneAmerican Square, Indianapolis, IN 46282, 1-877-285-3863.Qualified retirement plans from American United LifeInsurance Company® (AUL) are funded by an AUL groupvariable annuity contract. While a participant in an annuitycontract may benefit from additional investment and annuityrelated benefits under the annuity contract, any tax deferralis provided by the plan and not the annuity contract. Variable products are sold by prospectus. Both theproduct prospectus and underlying fund prospectusescan be obtained from your investment professional orby writing to One American Square, Indianapolis, IN46282, 1-800-249-6269. Before investing, carefullyconsider the fund’s investment objectives, risks,charges, and expenses. The product prospectus andunderlying fund prospectus contain this and otherimportant information. Read the prospectusescarefully before investing. Products and financial services provided by AmericanUnited Life Insurance Company®, a OneAmerica company. Any transfers out of $5,000 or more will preclude atransfer back in for 30 calendar days.



idSmall

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Microsoft Corp 3.80UnitedHealth Group Inc 2.54Berkshire Hathaway Inc A 2.25The Home Depot Inc 2.05Broadcom Inc 1.73.......................................................................................................Nike Inc B 1.41Intel Corp 1.34DowDuPont Inc 1.28Philip Morris International Inc 1.28Taiwan Semiconductor Manufacturing Co Lt 1.23.......................................................................................................United States Treasury No 2.88% 11-30-23 1.18Comcast Corp Class A 1.14Simon Property Group Inc 1.11Merck & Co Inc 1.10ConocoPhillips 1.07.......................................................................................................Cigna Corp 1.04Royal Dutch Shell PLC ADR Class B 1.01Johnson & Johnson 0.87Boeing Co 0.86Lockheed Martin Corp 0.84







Volatility Analysis


Category

In the past, this investment has shown a relatively smallrange of price fluctuations relative to other investments.Based on this measure, currently more than two-thirds of allinvestments have shown higher levels of risk. Consequently,this investment may appeal to investors looking for aconservative investment strategy.


3 Year 6975 Year 61010 Year 440


07-25-75

Fund Inception Date 06-04-02Advisor Capital Research and

Management Company

Portfolio Manager(s)John Smet. Since 1997.Hilda Applbaum, CFA. Since 1999. MA, New York University.BA, Barnard College.Gregory Johnson. Since 2003.


American Funds American Balanced R3 ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAbove Average Average



R-21993

— 38 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 10-31-18The investment seeks capital appreciation. The fund normally invests at least 80% of assets in stocks. It normally invests primarily in common stocks of leveraged companies (companies that issue lower-quality debt and other companies with leveraged capital structures). The fund potentially invests in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). It invests in domestic and foreign issuers. The fund invests in either "growth" stocks or "value" stocks or both.

Category Description: Mid-Cap BlendThe typical mid-cap blend portfolio invests in U.S. stocks ofvarious sizes and styles, giving it a middle-of-the-road profile.Most shy away from high-priced growth stocks but aren't soprice-conscious that they land in value territory. The U.S. mid-cap range for market capitalization typically falls between $1billion and $8 billion and represents 20% of the totalcapitalization of the U.S. equity market. The blend style isassigned to portfolios where neither growth nor valuecharacteristics predominate.




LargeM

idSmall

Value Blend Growth



Alphabet Inc Class C 4.71Bank of America Corporation 3.56NRG Energy Inc 3.29T-Mobile US Inc 2.89Eldorado Resorts Inc 2.83.......................................................................................................Boston Scientific Corp 2.82Broadcom Inc 2.48Jazz Pharmaceuticals PLC 2.30Charter Communications Inc A 2.26Penn National Gaming Inc 2.22.......................................................................................................Nexstar Media Group Inc Class A 2.21Gray Television Inc 2.14Platform Specialty Products Corp 2.02HD Supply Holdings Inc 1.97Darling Ingredients Inc 1.93.......................................................................................................Facebook Inc A 1.92Micron Technology Inc 1.86ON Semiconductor Corp 1.75The Chemours Co 1.72Cheniere Energy Inc 1.65







Volatility Analysis


Category

In the past, this investment has shown a wide range of pricefluctuations relative to other investments. This investmentmay experience significant price increases in favorablemarkets or undergo large price declines in adverse markets.Some of this risk may be offset by owning other investmentsthat follow different investment strategies.


3 Year 3825 Year 33510 Year 235


12-27-00

Fund Inception Date 12-27-00Advisor Fidelity Management & Research

Company

Portfolio Manager(s)Harley Lank. Since 2016. MBA, University of Pennsylvania(Wharton) 1996. BS, Syracuse University 1990.


Fidelity Advisor® Leveraged Co Stk M ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAverage High

Out of 382 Mid-Cap Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted averageof its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-19039

— 72 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks to maximize income while maintaining prospects for capital appreciation. The fund invests in a diversified portfolio of debt and equity securities. The equity securities in which the fund invests consist primarily of common stocks. Debt securities include all varieties of fixed, floating and variable rate instruments, including secured and unsecured bonds, bonds convertible into common stock, senior floating rate and term loans, mortgage-backed securities and other asset-backed securities, debentures, and shorter term instruments. It may invest up to 100% of its total assets in debt securities that are rated below investment grade.





idSmall

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Wells Fargo & Co 1.98Community Health Systems In 11% 06-30-23 1.65Southern Co 1.59Dominion Energy Inc 1.55Sempra Energy 1.46.......................................................................................................Tenet Healthcare Corporat 8.12% 04-01-22 1.31Merck & Co Inc 1.27Verizon Communications Inc 1.22Royal Dutch Shell PLC ADR Class A 1.14Basf SE 1.11.......................................................................................................United States Treasury No 2.25% 03-31-20 1.08Pfizer Inc 0.95Duke Energy Corp 0.94PepsiCo Inc 0.88JPMorgan Chase & Co 0.86.......................................................................................................Community Health Systems 6.88% 02-01-22 0.85AstraZeneca PLC 0.81Bank of America Corporation 7 12-31-49 0.79Rio Tinto PLC ADR 0.79Community Health Systems 8.12% 06-30-24 0.78







Volatility Analysis


Category



3 Year 4635 Year 36710 Year 261


08-31-48

Fund Inception Date 01-02-02Advisor Franklin Advisers, Inc.

Portfolio Manager(s)Edward Perks, CFA. Since 2002. BA, Yale University.Matthew Quinlan, CFA. Since 2012. MBA, University ofCalifornia–Los Angeles (Anderson). BA, University ofCalifornia–Los Angeles.Todd Brighton. Since 2017.


Franklin Income R ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAbove Average High



R-24420

— 41 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The fund pursues its investment objective by investing only in "government securities," as such term is defined in or interpreted under the Investment Company Act of 1940, as amended ("Investment Company Act"), and repurchase agreements collateralized by such securities. "Government securities" generally are securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities ("U.S. government securities").

Category Description: Taxable Money MarketThese portfolios invest in short-term money market securitiesin order to provide a level of current income that is consistentwith the preservation of capital. These funds do not designatethemselves as Prime in Form N-MFP.



Morningstar Fixed Income Style Box™ as of 12-31-18HighM

edLow

Ltd Mod Ext

Volatility AnalysisRisk:



04-06-93

Fund Inception Date 05-14-10Advisor Goldman Sachs Asset

Management, L.P.Total Fund Assets ($mil) 99,662.45

Portfolio Manager(s)Management Team. Since 1993.


Goldman Sachs Money Market Govt Res..........................................................................................................................................................................................................................................................................................................................................


R-27329

— 26 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The fund pursues its investment objective by normally investing 35-65% of its assets in equity securities and the remaining assets in fixed-income securities and cash equivalents. It normally invests at least 25% of its assets in fixed-income senior securities. The fund's fixed-income investments may reflect a broad range of credit qualities and may include corporate debt securities, U.S. government obligations, non-U.S. government securities, mortgage-backed securities and other mortgage-related products, and short-term securities.





idSmall

Value Blend Growth

HighM

edLow

Ltd Mod Ext


United States Treasury No 3.12% 11-15-28 3.25Microsoft Corp 3.19Mastercard Inc A 2.42Alphabet Inc Class C 2.17Boeing Co 2.03.......................................................................................................McDonald's Corp 1.87United States Treasury No 2.88% 10-31-20 1.84US Bancorp 1.72Altria Group Inc 1.63United States Treasury Bo 3.38% 11-15-48 1.61.......................................................................................................Apple Inc 1.60Merck & Co Inc 1.58Costco Wholesale Corp 1.56The Home Depot Inc 1.53General Dynamics Corp 1.33.......................................................................................................LyondellBasell Industries NV 1.33CSX Corp 1.31United States Treasury No 2.88% 10-31-23 1.28Comcast Corp Class A 1.27Intel Corp 1.24







Volatility Analysis


Category



3 Year 6975 Year 61010 Year


09-01-92

Fund Inception Date 07-06-09Advisor Janus Capital Management LLC

Portfolio Manager(s)E. Marc Pinto, CFA. Since 2005. BA, Yale University. MBA,Harvard University.Mayur Saigal. Since 2015. BA, University of Mumbai. MBA,Thunderbird School of Global Management.Jeremiah Buckley, CFA. Since 2015. BA, Dartmouth College.


Janus Henderson Balanced R ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAbove Average Average



R-22566

— 42 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks capital appreciation. The fund mainly invests in common stocks of issuers in developing and emerging markets throughout the world and at times it may invest up to 100% of its total assets in foreign securities. Under normal market conditions, it will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of issuers whose principal activities are in a developing market, i.e. are in a developing market or are economically tied to a developing market country. The fund will invest in at least three developing markets.

Category Description: Diversified Emerging MktsDiversified emerging-markets portfolios tend to divide theirassets among 20 or more nations, although they tend tofocus on the emerging markets of Asia and Latin Americarather than on those of the Middle East, Africa, or Europe.These portfolios invest predominantly in emerging marketequities, but some funds also invest in both equities and fixedincome investments from emerging markets.




LargeM

idSmall

Value Blend Growth



Alibaba Group Holding Ltd ADR 5.70Taiwan Semiconductor Manufacturing Co Lt 5.24NOVATEK PJSC GDR 4.46Kering SA 3.83Housing Development Finance Corp Ltd 3.81.......................................................................................................Tencent Holdings Ltd 3.73Glencore PLC 3.62Oppenheimer Institutional Govt 01-03-19 3.49Kotak Mahindra Bank Ltd 3.30AIA Group Ltd 2.84.......................................................................................................LVMH Moet Hennessy Louis Vuitton SE 2.25Master China Series 1 2.17Huazhu Group Ltd ADR 1.88Firstrand Ltd 1.76Hong Kong Exchanges and Clearing Ltd 1.69.......................................................................................................Sinopharm Group Co Ltd H 1.68B3 SA - Brasil Bolsa Balcao 1.63LG Household & Health Care Ltd 1.58Fomento Economico Mexicano SAB de CV Uni 1.57Jardine Strategic Holdings Ltd 1.39




Risk Measures as of 12-31-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 13.42 1.23 0.943 Yr Beta 1.03 1.003 Yr Sharpe Ratio 0.57 0.75 1.243 Yr Alpha 3.61 1.403 Yr R-squared 78.05 1.11

Morningstar World Regions as of 12-31-18 % Fund

Americas 16.86.......................................................................................................North America 0.46Latin America 16.41Greater Europe 26.96.......................................................................................................United Kingdom 0.26Europe Developed 11.73Europe Emerging 10.09Africa/Middle East 4.87Greater Asia 56.18.......................................................................................................Japan 0.00Australasia 0.00Asia Developed 18.53Asia Emerging 37.65

Volatility Analysis


Category



3 Year 7085 Year 53310 Year 238


11-18-96

Fund Inception Date 11-18-96Advisor OFI Global Asset Management,

Inc.

Portfolio Manager(s)Justin Leverenz, CFA. Since 2007. MA, University ofCalifornia–San Diego 1993. BA, University of California–SanDiego 1991.


Oppenheimer Developing Markets A ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAbove Average Below Average

Out of 708 Diversified Emerging Mkts investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-21965

— 97 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks capital appreciation. The fund mainly invests in the common stock of growth companies that are domiciled or have their primary operations outside of the United States. It may invest 100% of its assets in securities of foreign companies. The fund may invest in emerging markets as well as in developed markets throughout the world. It normally will invest at least 65% of its total assets in common and preferred stocks of issuers in at least three different countries outside of the United States, and emphasize investments in common stocks of issuers that the portfolio managers consider to be "growth" companies.

Category Description: Foreign Large GrowthForeign large-growth portfolios focus on high-priced growthstocks, mainly outside of the United States. Most of theseportfolios divide their assets among a dozen or moredeveloped markets, including Japan, Britain, France, andGermany. These portfolios primarily invest in stocks that havemarket caps in the top 70% of each economically integratedmarket (such as Europe or Asia ex-Japan). Growth is definedbased on fast growth (high growth rates for earnings, sales,book value, and cash flow) and high valuations (high priceratios and low dividend yields). These portfolios typically willhave less than 20% of assets invested in U.S. stocks.




LargeM

idSmall

Value Blend Growth



Infineon Technologies AG 2.42SAP SE 2.42ICICI Bank Ltd ADR 2.28Nokia Oyj 2.00Bunzl PLC 1.99.......................................................................................................Novo Nordisk A/S B 1.94Temenos AG 1.91ASML Holding NV 1.74Hermes International SA 1.74Keyence Corp 1.69.......................................................................................................Grifols SA A 1.66Reckitt Benckiser Group PLC 1.66Hero MotoCorp Ltd 1.65Nippon Telegraph & Telephone Corp 1.62Lonza Group Ltd 1.61.......................................................................................................CSL Ltd 1.57SES SA DR 1.53Edenred SA 1.51STMicroelectronics NV 1.47Alimentation Couche-Tard Inc B 1.45




Risk Measures as of 12-31-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 11.99 1.09 0.993 Yr Beta 0.96 1.013 Yr Sharpe Ratio -0.05 -0.07 -0.223 Yr Alpha -4.32 4.413 Yr R-squared 84.76 1.02



Volatility Analysis


Category



3 Year 3645 Year 31510 Year 228


03-25-96

Fund Inception Date 03-25-96Advisor OFI Global Asset Management,

Inc.

Portfolio Manager(s)George Evans, CFA. Since 1996. MBA, University ofPennsylvania (Wharton) 1983. MA, University of Oxford 1981.BA, University of Oxford 1981.Robert Dunphy, CFA. Since 2012. MS, London BusinessSchool. BS, Georgetown University.


Oppenheimer International Growth A ..........................................................................................................................................................................................................................................................................................................................................


Out of 364 Foreign Large Growth investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weightedaverage of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-20530

— 104 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks current income and total return. Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, investment grade debt securities (including convertible debt) of corporate or other issuers and cash, cash equivalents and other short-term holdings. The fund may invest a substantial portion of its assets in mortgage-related securities, including collateralized mortgage obligations and "sub-prime" mortgages, and asset-backed securities.

Category Description: Intermediate-Term BondIntermediate-term bond portfolios invest primarily incorporate and other investment-grade U.S. fixed-incomeissues and typically have durations of 3.5 to 6.0 years. Theseportfolios are less sensitive to interest rates, and thereforeless volatile, than portfolios that have longer durations.Morningstar calculates monthly breakpoints using theeffective duration of the Morningstar Core Bond Index indetermining duration assignment. Intermediate-term isdefined as 75% to 125% of the three-year average effectiveduration of the MCBI.



Morningstar Fixed Income Style Box™ as of 12-31-18

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 5.69Avg Eff Maturity 10.97Avg Wtd Coupon 3.72Avg Wtd Price 99.27


United States Treasury Bonds 1% 02-15-46 1.45United States Treasury Bonds 1% 02-15-48 1.23United States Treasury Bo 0.75% 02-15-45 1.20United States Treasury Bo 0.88% 02-15-47 1.19United States Treasury Not 2.5% 06-30-20 0.93.......................................................................................................Zero% 31dec21 12-31-21 0.73Canadian Imperial Bank of 0.32% 02-02-21 0.44Federal National Mortgage 3.5% 08-01-47 0.37PENNSYLVANIA ST 4% 01-01-29 0.37Liberty Mutual Insurance Company 0% 0.36.......................................................................................................The Williams Companies, I 5.75% 06-24-44 0.35UNIVERSITY CALIF 3.06% 07-01-25 0.34CSMC Trust 02-25-48 0.33Federal National Mortgage 3.5% 12-01-47 0.32Federal National Mortgage As 3% 08-01-42 0.31.......................................................................................................JP Morgan Mortgage Trust 11-25-48 0.31Kinder Morgan, Inc. 5.55% 06-01-45 0.31Zero% 15apr19 04-15-19 0.31Sequoia Mtg Trust 05-25-43 0.30Reynolds American Inc. 4.45% 06-12-25 0.29


Risk Measures as of 12-31-18 Port Avg Rel BC Aggr Rel Cat3 Yr Std Dev 2.16 0.75 0.813 Yr Beta 0.66 0.783 Yr Sharpe Ratio 0.60 1.76 1.543 Yr Alpha 0.69 2.883 Yr R-squared 73.43 0.87

Morningstar Sectors as of 12-31-18 % Fund % Category

Government 7.49 25.08Corporate 33.64 25.92Securitized 56.01 36.04Municipal 2.45 1.77Cash/Cash Equivalents 0.41 5.43Other 0.01 5.76

Credit Analysis as of 12-31-18 % Bonds

AAA 48AA 8A 8BBB 23BB 5B 1Below B 0Not Rated 8

Volatility Analysis


Category



3 Year 8765 Year 76710 Year 560


10-31-78

Fund Inception Date 10-31-78Advisor Amundi Pioneer Asset

Management, Inc.

Portfolio Manager(s)Kenneth Taubes. Since 1998. BS, Syracuse University. MBA,Suffolk University.Brad Komenda, CFA. Since 2018.Timothy Rowe. Since 2018. MBA, University of Chicago. BA,Duke University.


Pioneer Bond A ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAbove Average Below Average

Out of 876 Intermediate-Term Bond investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weightedaverage of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-24452

— 30 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Standard & Poor's ("S&P") MidCap 400 Index at the time of purchase. The index is designed to represent U.S. equities with risk/return characteristics of the mid cap universe, which include growth and value stocks. As of December 31, 2017, the market capitalization range of the companies comprising the index was between approximately $626.1 million and $13.1 billion.

Category Description: Mid-Cap BlendThe typical mid-cap blend portfolio invests in U.S. stocks ofvarious sizes and styles, giving it a middle-of-the-road profile.Most shy away from high-priced growth stocks but aren't soprice-conscious that they land in value territory. The U.S. mid-cap range for market capitalization typically falls between $1billion and $8 billion and represents 20% of the totalcapitalization of the U.S. equity market. The blend style isassigned to portfolios where neither growth nor valuecharacteristics predominate.




LargeM

idSmall

Value Blend Growth



Principal Government Money Market Instl 3.74S&P Mid 400 Emini Mar19 03-18-19 2.79Teleflex Inc 0.77Atmos Energy Corp 0.70Domino's Pizza Inc 0.67.......................................................................................................IDEX Corp 0.63Alleghany Corp 0.60UGI Corp 0.60STERIS PLC 0.58PTC Inc 0.57.......................................................................................................Reinsurance Group of America Inc 0.57Zebra Technologies Corp 0.55Camden Property Trust 0.53NVR Inc 0.53Trimble Inc 0.53.......................................................................................................Old Dominion Freight Lines Inc 0.52Leidos Holdings Inc 0.51Lennox International Inc 0.51MarketAxess Holdings Inc 0.51OGE Energy Corp 0.51







Volatility Analysis


Category



3 Year 3825 Year 33510 Year 235


12-06-00

Fund Inception Date 12-06-00Advisor Principal Global Investors, LLC

Portfolio Manager(s)Jeffrey Schwarte, CPA. Since 2016. BA, University ofNorthern Iowa 1993.Aaron Siebel. Since 2018. BA, University of Iowa 2005.


Principal MidCap S&P 400 Index R3 ..........................................................................................................................................................................................................................................................................................................................................


Out of 382 Mid-Cap Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted averageof its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-29664

— 79 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Standard & Poor's ("S&P") SmallCap 600 Index at the time of purchase. The index is designed to represent U.S. equities with risk/return characteristics of the small cap universe. The fund utilizes derivative strategies and exchange-traded funds ("ETFs").

Category Description: Small BlendSmall-blend portfolios favor U.S. firms at the smaller end ofthe market-capitalization range. Some aim to own an array ofvalue and growth stocks while others employ a discipline thatleads to holdings with valuations and growth rates close tothe small-cap averages. Stocks in the bottom 10% of thecapitalization of the U.S. equity market are defined as smallcap. The blend style is assigned to portfolios where neithergrowth nor value characteristics predominate.




LargeM

idSmall

Value Blend Growth



Principal Government Money Market Instl 4.08E-Mini Russ 2000 Mar19 03-16-19 3.62First Financial Bankshares Inc 0.56Green Dot Corp 0.54Spire Inc 0.54.......................................................................................................Selective Insurance Group Inc 0.52Ingevity Corp 0.51Trex Co Inc 0.50Amedisys Inc 0.49EastGroup Properties Inc 0.48.......................................................................................................Glacier Bancorp Inc 0.48Darling Ingredients Inc 0.46FirstCash Inc 0.46Merit Medical Systems Inc 0.44Proto Labs Inc 0.44.......................................................................................................Wolverine World Wide Inc 0.44Community Bank System Inc 0.43Neogen Corp 0.43Semtech Corp 0.43Tetra Tech Inc 0.41







Volatility Analysis


Category



3 Year 6445 Year 54110 Year 393


12-06-00

Fund Inception Date 12-06-00Advisor Principal Global Investors, LLC

Portfolio Manager(s)Jeffrey Schwarte, CPA. Since 2016. BA, University ofNorthern Iowa 1993.Aaron Siebel. Since 2018. BA, University of Iowa 2005.


Principal SmallCap S&P 600 Index R3 ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAbove Average Above Average

Out of 644 Small Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average ofits applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-29668

— 91 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks to replicate as closely as possible, before expenses, the performance of the Standard & Poor's 500 Index. The fund uses a passive management strategy designed to track the performance of the S&P 500. The index is a well-known stock market index that includes common stocks of 500 companies from a number of sectors and that measures the performance of the large-cap sector of the market. The advisor generally intends to invest in all stocks comprising the S&P 500 in approximate proportion to their weightings in the index.

Category Description: Large BlendLarge-blend portfolios are fairly representative of the overallUS stock market in size, growth rates and price. Stocks in thetop 70% of the capitalization of the US equity market aredefined as large cap. The blend style is assigned to portfolioswhere neither growth nor value characteristics predominate.These portfolios tend to invest across the spectrum of USindustries, and owing to their broad exposure, the portfolios'returns are often similar to those of the S&P 500 Index.




LargeM

idSmall

Value Blend Growth



Microsoft Corp 3.58Apple Inc 3.24Amazon.com Inc 2.81S+p500 Emini Fut Mar19 Xcme 20 03-15-19 1.95Ssi Us Gov Money Market Class 12-31-49 1.95.......................................................................................................Berkshire Hathaway Inc B 1.81Johnson & Johnson 1.58JPMorgan Chase & Co 1.48Alphabet Inc Class C 1.45Facebook Inc A 1.43.......................................................................................................Alphabet Inc A 1.42Exxon Mobil Corp 1.32Pfizer Inc 1.15UnitedHealth Group Inc 1.09Verizon Communications Inc 1.06.......................................................................................................Visa Inc Class A 1.05Procter & Gamble Co 1.04Bank of America Corporation 1.02Intel Corp 0.97AT&T Inc 0.95

.......................................................................................................Total Number of Stock Holdings 508Total Number of Bond Holdings 0Annual Turnover Ratio % 30.00Total Fund Assets ($mil) 870.62






Volatility Analysis


Category



3 Year 1,2085 Year 1,07110 Year 805


04-18-01

Fund Inception Date 06-07-05Advisor SSGA Funds Management Inc

Portfolio Manager(s)Karl Schneider, CAIA. Since 2002. MS, Boston College. BS,Babson College.Amy Scofield. Since 2012. BA, Boston College.Michael Feehily, CFA. Since 2014. MBA, Bentley University.BS, Babson College.


State Street Equity 500 Index R ..........................................................................................................................................................................................................................................................................................................................................


Out of 1208 Large Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted averageof its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-17930

— 61 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks long-term capital growth through investments in stocks. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of a diversified group of growth companies. While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the fund's objective.

Category Description: Large GrowthLarge-growth portfolios invest primarily in big U.S. companiesthat are projected to grow faster than other large-cap stocks.Stocks in the top 70% of the capitalization of the U.S. equitymarket are defined as large cap. Growth is defined based onfast growth (high growth rates for earnings, sales, bookvalue, and cash flow) and high valuations (high price ratiosand low dividend yields). Most of these portfolios focus oncompanies in rapidly expanding industries.




LargeM

idSmall

Value Blend Growth



Amazon.com Inc 8.71Microsoft Corp 5.35Facebook Inc A 3.86Boeing Co 3.61Visa Inc Class A 3.52.......................................................................................................Alphabet Inc A 3.22Alphabet Inc Class C 3.11UnitedHealth Group Inc 2.87Mastercard Inc A 2.84Tencent Holdings Ltd 2.32.......................................................................................................Booking Holdings Inc 2.04Becton, Dickinson and Co 1.99Stryker Corp 1.90Alibaba Group Holding Ltd ADR 1.82Intuitive Surgical Inc 1.61.......................................................................................................Vertex Pharmaceuticals Inc 1.56Tesla Inc 1.53Anthem Inc 1.48Netflix Inc 1.46Walt Disney Co 1.43







Volatility Analysis


Category



3 Year 1,2475 Year 1,10710 Year 799


04-11-50

Fund Inception Date 09-30-02Advisor T. Rowe Price Associates, Inc.

Portfolio Manager(s)Joseph Fath, CPA. Since 2014. MBA, University ofPennsylvania (Wharton). BS, University of Illinois.


T. Rowe Price Growth Stock R ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskAbove Average Above Average

Out of 1247 Large Growth investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted averageof its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-156714N

— 67 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks long-term capital growth and current income primarily through investments in non-U.S. stocks. The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities and invests at least 65% of its total assets in non-U.S. stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued.

Category Description: Foreign Large ValueForeign large-value portfolios invest mainly in big internationalstocks that are less expensive or growing more slowly thanother large-cap stocks. Most of these portfolios divide theirassets among a dozen or more developed markets, includingJapan, Britain, France, and Germany. These portfoliosprimarily invest in stocks that have market caps in the top70% of each economically integrated market (such as Europeor Asia ex-Japan). Value is defined based on low valuations(low price ratios and high dividend yields) and slow growth(low growth rates for earnings, sales, book value, and cashflow). These portfolios typically will have less than 20% ofassets invested in U.S. stocks.




LargeM

idSmall

Value Blend Growth



Total SA 2.55Novartis AG 2.23Royal Dutch Shell PLC B 2.13Roche Holding AG Dividend Right Cert. 2.10Sanofi SA 2.04.......................................................................................................GlaxoSmithKline PLC ADR 1.92BP PLC ADR 1.78T. Rowe Price Gov. Reserve 1.75Zurich Insurance Group AG 1.67AIA Group Ltd 1.57.......................................................................................................AstraZeneca PLC ADR 1.51BNP Paribas 1.51Toyota Motor Corp 1.48Mitsubishi UFJ Financial Group Inc 1.47Allianz SE 1.45.......................................................................................................Iberdrola SA 1.35Franco-Nevada Corp 1.30Siemens AG 1.21Nordea Bank Abp 1.20KBC Group SA/NV 1.17




Risk Measures as of 12-31-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 11.15 1.02 0.963 Yr Beta 0.93 1.003 Yr Sharpe Ratio -0.11 -0.14 -0.613 Yr Alpha -4.92 3.223 Yr R-squared 92.45 1.08



Volatility Analysis


Category



3 Year 2735 Year 22510 Year 149

OperationsRedemption Fee 2.00%/90 daysExpense Ratio 1.39% of fund assetsGross Expense Ratio 1.39% of fund assetsInitial Share ClassInception Date

12-21-98


Portfolio Manager(s)Sebastien Mallet. Since 2018. MBA, London BusinessSchool. MA, University of Paris.


T. Rowe Price International Value Eq R ..........................................................................................................................................................................................................................................................................................................................................


Out of 273 Foreign Large Value investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weightedaverage of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.


R-156716N

— 100 —

Investment Strategy from investment's prospectus Portfolio Analysis as of 12-31-18The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund invests in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. Its allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. The fund is managed based on the specific retirement year (target date 2020) included in its name and assumes a retirement age of 65.





idSmall

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price New Income 16.65T. Rowe Price Equity Index 500 16.27T. Rowe Price Ltd Dur Infl Focus Bd 8.33T. Rowe Price Growth Stock 5.41T. Rowe Price Value 5.38.......................................................................................................T. Rowe Price Overseas Stock 5.21T. Rowe Price International Value Eq 5.03T. Rowe Price Intl Bd (USD Hdgd) 4.99T. Rowe Price International Stock 4.67T. Rowe Price Emerging Markets Bond 4.15.......................................................................................................T. Rowe Price US Treasury Long-Term 3.89T. Rowe Price Dynamic Global Bond Inv 3.63T. Rowe Price Emerging Markets Stock 2.92T. Rowe Price Mid-Cap Growth 2.46T. Rowe Price Mid-Cap Value 2.23.......................................................................................................T. Rowe Price High Yield 1.79T. Rowe Price New Horizons 1.58T. Rowe Price Small-Cap Stock 1.50T. Rowe Price Small-Cap Value 1.41T. Rowe Price Real Assets 1.23







Volatility Analysis


Category



3 Year 2065 Year 16510 Year 107


09-30-02


Portfolio Manager(s)Jerome Clark, CFA. Since 2002. BS, United States NavalAcademy. MS, Naval Postgraduate School. MBA, JohnsHopkins University.Wyatt Lee, CFA. Since 2015. MBA, University of Washington1998. BS, Vanderbilt University 1993.


T. Rowe Price Retirement 2020 R ..........................................................................................................................................................................................................................................................................................................................................

Overall Morningstar Rating™ Morningstar Return Morningstar RiskHigh High



R-22584

— 136 —

aul fixed interest account - hortonville, wi star... · 2019-05-30 · investment option, backed by...

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