Moderate Allocation Portfolio

Transcription

1 Moderate Allocation Portfolio Lifestyle Portfolios are multi-asset type investment options that are intended to be managed in accordance with a plan participant s retirement time horizon, long-term return expectations and overall tolerance for risk of principal loss. Since the asset allocation decision is the most important factor in determining investment returns over time, these types of funds provide three packaged, diversified investment choices for those seeking assistance in making the asset allocation decision. Lifestyle Portfolios are constructed to provide different long-term investment return and risk characteristics that are determined by their underlying sub-funds. The sub-funds are actively managed U.S. Stock, International Stock and U.S. Bond Funds that are also available as stand-alone investment funds. Asset Class: Asset Allocation : Lifestyle FUND FACTS Inception Date: October 1, 2004 advisory fee for period ended September 30, 2017: 0.15% 12b-1 fee: 0.00% Other expenses: 0.15% Total fund annual expenses without waivers or reductions for period ended September 30, 2017: 0.30% Total waivers, recoupments, and reductions: 0.00% Net fund annual expenses after waivers or reductions for period ended September 30, 2017: 0.30% Turnover rate: 9% If offered through a retirement program, additional fees and expenses may be charged under that program. is interpreted by Voya using Fund Company and/or Morningstar category information. advisory fee reflects a weighted blend of fees charged by the underlying investment options within the Lifestyle Portfolio, based upon the percentage allocations designated by San Bernardino and detailed within the Strategy section. This Portfolio is not a registered investment company, and interests in the Portfolio have not been registered with the Securities and Exchange Commission. It is only available to participants in the San Bernardino qualified retirement program. Only eligible participants in the plan may invest in the Portfolio. You can obtain copies of free prospectuses for the underlying funds which contain additional information on the charges and expenses for the funds at any time by calling your local Voya representative. Other fees and expenses may be charged under your retirement program. More information is included in the enrollment material. Objective The investment objective of the Moderate Allocation Portfolio is to provide long-term total return through a combination of capital growth and income. Sixty percent (60%) of the total fund assets are allocated to equities and forty percent (40%) are allocated to fixed income securities. It falls in the middle of the three Lifestyle Funds in terms of its potential for investment return as well as the potential risk it assumes. It is most suitable for participants who are able to remain invested for more than five, but less than ten years, or who are comfortable with the higher short-term fluctuations that are characteristic of investing at least half of their portfolio in equity markets. Strategy The strategy for the Moderate Allocation Portfolio is to invest in a combination of active and passive investments in the following proportions: ---25% in the San Bernardino Stable Value Option where stability of principal is the primary objective. Stabilizer SM guarantees a minimum rate of interest for the life of the contract, and may credit a higher interest rate from time to time. The current rate is subject to change, but will never fall below the guaranteed minimum % in the Loomis Sayles Grade Bond Class Y, which seeks high total investment return through a combination of current income and capital appreciation. ---5% in the Voya Global Real Estate Fund Class I, which seeks high total return, consisting of capital appreciation and current income % in the Vanguard Mid-Cap Index Fund Institutional Shares, which seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks % in the Vanguard Institutional Index Fund Institutional Shares, which seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. ---8% in the Vanguard Small-Cap Index Fund Institutional Shares, which seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. ---6% in the Dodge & Cox International Stock Fund, which seeks long-term growth of principal and income. ---5% in the Vanguard Total International Stock Market Index Fund Institutional Shares, which seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. Each sub-fund description contains more detailed information regarding the subfunds Advisers, Portfolio Managers, Objectives, Strategies and, and must accompany this Lifestyle Portfolio description. All equity (both U.S. and International) and fixed income investments exhibit certain risk characteristics that include the potential for loss of principal value. Generally, the probability of loss of principal is greater with investment funds that also provide the greatest potential for investment return. International stocks do carry additional risks that relate to currency and political uncertainty. The risks of Lifestyle Portfolios are based on the proportionate risk characteristics of the underlying subfunds described above (10/17) CN

2 Vanguard Mid-Cap Index Fund - Institutional Shares... Mid-Cap Blend The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Past name(s) : Vanguard Mid Cap Index I. Volatility as of Risk Measures as of Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev Yr Beta Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, ETF, Management, Market Trading Composition as of U.S. Stocks 98.7 Non-U.S. Stocks 0.7 Cash 0.7 Top 10 Holdings as of Lam Research Corp 0.82 Fiserv Inc 0.74 Amphenol Corp Class A 0.71 Western Digital Corp 0.69 Autodesk Inc Roper Technologies Inc 0.68 CMT Market Liquidity Rate 0.67 Digital Realty Trust Inc 0.66 C.R. Bard Inc 0.64 Edwards Lifesciences Corp 0.63 Gross Prosp Exp Ratio 0.05% of fund assets Net Prosp Exp Ratio 0.05% of fund assets Management Fee 0.04% Other Fee. Miscellaneous Fee(s) 0.01% Fund Inception Date Total Fund Assets ($mil) 68,797.2 Annual Turnover Ratio % Fund Family Name Vanguard Morningstar Style Box as of Giant 0.00 Large Medium Small 0.16 Micro 0.00 Morningstar Equity Sectors as of h Cyclical r Basic Materials 5.24 t Consumer Cyclical y Financial Services u Real Estate 7.06 j Sensitive i Communication Services 1.53 o Energy 5.07 p Industrials a Technology k Defensive s Consumer Defensive 5.35 d Healthcare 9.03 f Utilities 5.08 Donald Butler, CFA. Since Michael Johnson. Since Vanguard Group Inc 2017 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may ß (10/17)

3 Vanguard Small-Cap Index Fund - Institutional Shares... Small Blend The investment seeks to track the performance of a benchmark index that measures the investment return of smallcapitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Past name(s) : Vanguard Small Cap Index Instl. Volatility as of Risk Measures as of Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev Yr Beta Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, ETF, Management, Market Trading Composition as of U.S. Stocks 97.1 Non-U.S. Stocks 0.6 Cash 2.3 Top 10 Holdings as of Take-Two Interactive Software Inc 0.31 Teleflex Inc 0.31 CDW Corp 0.29 Alnylam Pharmaceuticals Inc 0.28 Broadridge Financial Solutions Inc Diamondback Energy Inc 0.27 The Chemours Co 0.27 Cognex Corp 0.26 CoStar Group Inc 0.26 IDEX Corp 0.26 Gross Prosp Exp Ratio 0.05% of fund assets Net Prosp Exp Ratio 0.05% of fund assets Management Fee 0.04% Other Fee. Miscellaneous Fee(s) 0.01% Fund Inception Date Total Fund Assets ($mil) 59,971.2 Annual Turnover Ratio % Fund Family Name Vanguard Morningstar Style Box as of Giant 0.00 Large 0.12 Medium Small Micro 7.90 Morningstar Equity Sectors as of h Cyclical r Basic Materials 5.79 t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services 0.70 o Energy 4.89 p Industrials a Technology k Defensive s Consumer Defensive 3.76 d Healthcare f Utilities 3.81 William Coleman. Since Gerard O Reilly. Since Vanguard Group Inc 2017 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may ß (10/17)

4 Voya Global Real Estate Fund - Class I... Global Real Estate The investment seeks high total return, consisting of capital appreciation and current income. Under normal market conditions, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. It may invest in companies located in countries with emerging securities markets. The fund may invest in other investment companies, including exchange-traded funds. Past name(s) : ING Global Real Estate I. Volatility as of Risk Measures as of Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev Yr Beta Lending, Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Capitalization, Quantitative Investing, Active Management, Issuer, Interest Rate, Market/Market Volatility, Convertible Securities, IPO, Restricted/Illiquid Securities, Underlying Fund/ Fund of Funds, Portfolio Diversification, Real Estate/REIT Sector Composition as of U.S. Stocks 53.5 Non-U.S. Stocks 44.6 Cash 0.1 Other 1.8 Top 10 Holdings as of Simon Property Group Inc 5.10 Prologis Inc 3.51 Cheung Kong Proper 3.20 Mitsui Fudosan Co Ltd 2.68 GGP Inc Welltower Inc 2.65 AvalonBay Communities Inc 2.41 Vonovia SE 2.36 Equity Residential 2.18 Extra Space Storage Inc 2.13 Morningstar Super Sectors as of h Cyclical j Sensitive 0.53 k Defensive 0.00 Gross Prosp Exp Ratio 1.01% of fund assets Net Prosp Exp Ratio 1.01% of fund assets Management Fee 0.81% Other Fee 0.01% Miscellaneous Fee(s) 0.19% Fund Inception Date Total Fund Assets ($mil) 2,090.1 Annual Turnover Ratio % Fund Family Name Voya Morningstar Style Box as of Giant 6.50 Large Medium Small 1.87 Micro 0.00 Morningstar World Regions as of Americas North America Latin America 3.26 Greater Europe United Kingdom 5.88 Europe Developed Europe Emerging 0.00 Africa/Middle East 0.00 Greater Asia Japan Australasia 5.36 Asia Developed 5.64 Asia Emerging 0.00 T. Ferguson, CFA. Since Steven Burton, CFA. Since Voya s, LLC Subadvisor CBRE Clarion Securities LLC The adviser is contractually obligated to limit expenses to 1.15% through March 1, The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may ß (10/17)

5 San Bernardino Stable Value Option Stabilizer SM is the name for a series of stable value separate accounts marketed to 401, 457 and 403(b) plans. Stabilizer is available through a group annuity contract issued by Voya Retirement Insurance and Annuity Company ( VRIAC ), a member of the Voya family of companies. Asset Class: Stability of Principal Voya Retirement Insurance and Annuity Company One Orange Way Windsor, CT What is the stable value option? The stable value investment option of your defined contribution plan seeks to preserve participant account balances and to return steady growth over time without daily fluctuations. What is Stabilizer? It is an insurance company participating separate account group annuity contract provided by VRIAC. Subject to certain conditions, the contract generally guarantees the availability of participant account balances in the ordinary course of the plan s operation. The guarantees provided by the contract are based on the claims-paying ability of VRIAC and are supported by its full faith and credit. VRIAC is a leading provider of stable value products and services and a member of the Voya family of companies. The separate account assets are managed by Voya Management Co. LLC. The assets held in the separate account are insulated from claims arising out of any other business conducted by VRIAC and can be used only for the benefit of plan participants. What does it invest in? The separate account invests in a diversified portfolio of fixed income assets. This diversified separate account portfolio seeks to maintain a high overall credit quality and consists of various publicly traded fixed-income instruments. Potential Risks Under some scenarios it is possible for participants to lose money even in a stable value option. Those situations are unlikely and rarely occur, but they can happen. It s important for investors to be aware of these potential risks. Withdrawals resulting from employer-initiated events, such as withdrawals following mass layoffs, employer bankruptcy or full or partial plan termination are not always covered by Stabilizer s guarantees and may be restricted or subject to market value adjustment. Your stable value account balance is not guaranteed by the Federal Deposit Insurance Corporation (FDIC), by any other government agency or by your plan. What is the objective? Stability of principal is the primary objective of this investment option. While the contract is active, Stabilizer SM guarantees a minimum rate of interest and may credit a higher interest rate from period to period. The credited interest rate is subject to change, up or down but will never fall below the guaranteed minimum. Once the rate is credited, the interest becomes part of the principal and may increase through compound interest. How is the rate of interest stated? Participant balances are credited interest daily. This rate is net of all expenses and will apply to all new contributions and existing account balances for the specified period. The crediting rate is announced in advance of the upcoming crediting rate period. The crediting rate periods are quarterly, semi-annually or annually. For information on your current rate, please check your Voya quarterly participant statement. How does it benefit me? The stable value investment option is intended to help insulate against the daily fluctuations in market value. Many participants find this stability an attractive feature. An announced rate of interest is another feature of stable value investment options that many participants like. Are there any limitations on contributions, withdrawals, or transfers from my plan s stable value option? Voya generally does not limit contributions or withdrawals as a result of retirement, death, disability, unforeseen hardship, separation from service, or attainment of age 65 (consult your own plan for limitations), however sometimes there are restrictions on participant transfers. Participant transfers between the stable value option and funds with similar investment objectives (referred to as competing funds) may be subject to an industry standard 90 day equity wash provision. What are the fees? Total Annual fees are 0.44%. This portfolio is not a registered investment under the 1940 Act and has not been registered with the Securities and Exchange Commission. Top Ten Credit Exposures (as of 09/30/2017) Energy Transfer Partners LP 0.59 Cooperatieve Rabobank UA 0.52 AT&T Inc 0.49 Bank of America Corp 0.49 Anheuser-Busch Inbev SA/NV 0.43 Wells Fargo & Co 0.42 Morgan Stanley 0.38 Apple Inc Teva Pharmaceutical Industries Ltd 0.37 Charter Communications Inc 0.37 Sector Holdings (as of 09/30/2017) Agency Mortgages 23.0 Asset Backed Securities 8.1 Commercial Mortgage Backed Securities 4.3 Emerging Markets 2.6 Government Related 0.9 HY Corporates 3.2 IG Corporates 19.9 Non-Agency RMBS and SF CRT 3.9 US Treasury & Cash 34.2 Statistical Data (as of 09/30/2017) Portfolio Duration (years) 3.87 Yield to Maturity 2.69% Average Life (years) (10/17) CN

6 Loomis Sayles Grade Bond Fund - Class Y... Intermediate-Term Bond The investment seeks high total investment return through a combination of current income and capital appreciation. The fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in investment grade fixed-income securities. It may invest up to 10% of its assets in below investment grade fixed-income securities (also known as "junk bonds"). The fund has the flexibility to invest up to 10% of its assets in equity securities (such as common stocks, preferred stocks and investment companies), but will limit its investments in common stocks to 5% of its assets. It may invest in fixed-income securities of any maturity. Volatility as of Risk Measures as of Port Avg Rel BC Aggr Rel Cat 3 Yr Std Dev Yr Beta Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Restricted/Illiquid Securities, Derivatives, Leverage, Management Composition as of U.S. Stocks 0.8 Non-U.S. Stocks 0.0 Bonds 74.0 Cash 17.0 Other 8.2 Top 10 Holdings as of US Treasury Note 0.75% US Treasury Note 0.75% Canada Govt 1.25% United Mexican States 10% US Treasury Note 0.625% US Treasury Note 0.75% New Sth Wales Tsy 6% Merrill Lynch & Co 6.11% Canada Govt 0.75% Sallie Mae 5.5% Gross Prosp Exp Ratio 0.60% of fund assets Net Prosp Exp Ratio 0.55% of fund assets Management Fee 0.40% 12b-1 Fee 0.00% Other Fee 0.00% Miscellaneous Fee(s) 0.20% Fund Inception Date Total Fund Assets ($mil) 6,273.4 Annual Turnover Ratio % Fund Family Name Natixis Funds Morningstar Fixed Income Style Box as of Avg Eff Duration 3.63 Avg Eff Maturity 5.23 Ltd Mod Ext High Med Low Morningstar F-I Sectors as of Government Corporate Securitized 2.21 Municipal 0.37 fi Cash/Cash Equivalents ± 0 Credit Analysis: % Bonds as of AAA 20 BB 10 AA 3 B 2 A 29 Below B 0 BBB 29 Not Rated 7 Expense Ratio Contractual Daniel Fuss, CFA. Since Matthew Eagan, CFA. Since Loomis Sayles & Company LP Loomis, Sayles & Company, L.P. ("Loomis Sayles" or the "Adviser") has given a binding contractual undertaking to the Fund to limit the amount of the Fund's total annual fund operating expenses to 0.55% of the Fund's average daily net assets, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2019 and may be terminated before then only with the consent of the Fund's Board of Trustees. The Adviser will be permitted to recover management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may ß (10/17)

7 Vanguard Institutional Index Fund - Institutional Shares... Large Blend The investment seeks to track the performance of a benchmark index that measures the investment return of largecapitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Volatility as of Risk Measures as of Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev Yr Beta Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Management Composition as of U.S. Stocks 98.9 Non-U.S. Stocks 0.9 Cash 0.2 Top 10 Holdings as of Apple Inc 3.68 Microsoft Corp 2.65 Facebook Inc A 1.87 Amazon.com Inc 1.77 Exxon Mobil Corp Johnson & Johnson 1.61 JPMorgan Chase & Co 1.55 Berkshire Hathaway Inc B 1.54 Alphabet Inc A 1.34 Alphabet Inc C 1.34 Gross Prosp Exp Ratio 0.04% of fund assets Net Prosp Exp Ratio 0.04% of fund assets Management Fee 0.04% Other Fee. Miscellaneous Fee(s) 0.00% Fund Inception Date Total Fund Assets ($mil) 230,763.1 Annual Turnover Ratio % 5.00 Fund Family Name Vanguard Morningstar Style Box as of Giant Large Medium Small 0.09 Micro 0.00 Morningstar Equity Sectors as of h Cyclical r Basic Materials 2.78 t Consumer Cyclical y Financial Services u Real Estate 2.28 j Sensitive i Communication Services 3.95 o Energy 6.09 p Industrials a Technology k Defensive s Consumer Defensive 8.33 d Healthcare f Utilities 3.12 Donald Butler, CFA. Since Scott Geiger. Since Vanguard Group Inc 2017 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may ß (10/17)

8 Dodge & Cox International Stock Fund... Foreign Large Blend The investment seeks long-term growth of principal and income. Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of non-u.s. companies, including common stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks. The fund typically invests in medium-to-large well-established companies based on standards of the applicable market. Volatility as of Risk Measures as of Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev Yr Beta Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Derivatives, Management Composition as of U.S. Stocks 7.1 Non-U.S. Stocks 91.5 Cash 1.4 Top 10 Holdings as of Sanofi SA 3.81 Naspers Ltd Class N 3.52 Itau Unibanco Holding SA 2.69 Schneider Electric SE 2.64 BNP Paribas Samsung Electronics Co Ltd 2.51 ICICI Bank Ltd 2.47 Bayer AG 2.31 UniCredit SpA 2.21 Schlumberger Ltd 2.10 Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Gross Prosp Exp Ratio 0.64% of fund assets Net Prosp Exp Ratio 0.64% of fund assets Management Fee 0.60% Other Fee 0.00% Miscellaneous Fee(s) 0.04% Fund Inception Date Total Fund Assets ($mil) 65,743.9 Annual Turnover Ratio % Fund Family Name Dodge & Cox Morningstar Style Box as of Giant Large Medium 2.81 Small 0.00 Micro 0.00 Morningstar World Regions as of Americas North America Latin America 7.87 Greater Europe United Kingdom Europe Developed Europe Emerging 0.38 Africa/Middle East 5.66 Greater Asia Japan Australasia 0.00 Asia Developed 3.60 Asia Emerging 6.61 Diana Strandberg, CFA. Since C. Cameron, CFA. Since Dodge & Cox 2017 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may ß (10/17)

9 Vanguard Total International Stock Index Fund - Institutional Shares... Foreign Large Blend The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. The fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The index includes approximately 5,800 stocks of companies located in over 45 countries. Volatility as of Risk Measures as of Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev Yr Beta Emerging Markets, Loss of Money, Not FDIC Insured, Country or Region, Market/Market Volatility, Equity Securities, Management Composition as of U.S. Stocks 0.8 Non-U.S. Stocks 96.1 Bonds 0.1 Cash 2.2 Other 0.9 Top 10 Holdings as of Nestle SA 1.07 Tencent Holdings Ltd 0.96 Samsung Electronics Co Ltd 0.88 Novartis AG 0.83 HSBC Holdings PLC Roche Holding AG Dividend Right Cert Taiwan Semiconductor Manufacturing Co Ltd 0.68 Toyota Motor Corp 0.64 British American Tobacco PLC 0.57 Royal Dutch Shell PLC Class A 0.57 Morningstar Super Sectors as of h Cyclical j Sensitive k Defensive Gross Prosp Exp Ratio 0.09% of fund assets Net Prosp Exp Ratio 0.09% of fund assets Management Fee 0.07% Other Fee. Miscellaneous Fee(s) 0.02% Fund Inception Date Total Fund Assets ($mil) 297,269.0 Annual Turnover Ratio % 3.00 Fund Family Name Vanguard Morningstar Style Box as of Giant Large Medium Small 3.35 Micro 0.18 Morningstar World Regions as of Americas North America 7.58 Latin America 3.09 Greater Europe United Kingdom Europe Developed Europe Emerging 1.40 Africa/Middle East 2.15 Greater Asia Japan Australasia 4.74 Asia Developed 9.43 Asia Emerging Michael Perre. Since Michelle Louie, CFA. Since Vanguard Group Inc 2017 Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may ß (10/17)