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March 2017 | TIAA-CREF Life Insurance Company
Quarterly Investment Guide
for The Intelligent Variable Annuity®
Investment products, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not
insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products. Intelligent Variable Annuity, contract form series
TCL-VA2 is issued by TIAA-CREF Life Insurance Company (TIAA Life), a wholly owned subsidiary of Teachers Insurance and Annuity Association
(TIAA). Both TIAA and TIAA Life are headquartered at 730 Third Avenue, New York, NY 10017. Each of the foregoing is solely responsible for its own
financial condition and contractual obligations. This product may not be available in all states. Please call us for details.
©2017 TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017
C31999
141015899
This material must be preceded or accompanied by a current product and underlying fund prospectus. Additional copies of
the prospectuses can be obtained by calling 877-694-0305 or by visiting TIAA.org/prospectuses.
A13828-IVA (03/17)
Data and Analyst Reports provided by Morningstar, Inc.
Morningstar Tools
4
Morningstar Investment Profile Page User’s Guide
7 How to Use the Morningstar Rating
TM
8 How to Use Morningstar’s Composition Graphics
9 How to Use the Morningstar ® Style Box TM
Investment Profiles
11
Investment Profiles
80Disclosure
Supplemental Information
82Glossary
86 Alphabetical Index
Chicago-based Morningstar, Inc. is a leading provider
of investment information, research, and analysis.
Its extensive line of Internet, software, and print products
provides unbiased data and commentary on mutual
funds, U.S. and international equities, closed-end funds,
and variable annuities. Established in 1984,
Morningstar continues to be the industry’s most trusted
source on key investment issues of the day.
Morningstar Tools
User’s Guide
The Investment Profile Page User’s Guide
This guide will help you use the Morningstar Investment Profile to your advantage.
For more information, we recommend you read all disclosure information before investing.
Release Date: 12-31-2011
ABC Equity Subaccounts Advanced Profile Perf Disclosure
1
Benchmark
Category
Russell Top 200 Growth
Large-cap Growth
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
QQQQQ
Above Average
Average
Out of 220 Fund Category Investments. A fund’s overall Morningstar Rating, based on its risk-adjusted return, is
a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.
Header
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment’s prospectus
2
Morningstar
RatingTM
Operations
4
Operations
Subacct Incep Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Managers
01-01-01
01-01-01
01-01-01
0.00%
0.00%
XYZ Trust Investments, Inc.
None
John Doe
Jane Doe
Investment Manager
5
Investment
Manager
Catelli praemuniet umbraculi, iam plane fragilis matrimonii.
Rures neglegenter praemuniet oratori, utcunque utilitas
catelli miscere aegre lascivius fiducias. Quadrupei fermentet
fragilis saburre. Chirographi adquireret tremulus umbraculi,
ut suis conubium santet umbraculi. Vix adlaudabilis saburre
senesceret apparatus bellis. Pessimus perspicax catelli
optimus fortiter insectat matrimonii, etiam zothecas
fermentet Octavius. Chirographi circumgrediet concubine.
Volatility Analysis
Investment
6
Volatility
Analysis
5
Low
Moderate
High
1
YTD
1-Year
3-Year
5-Year
10-Year
—
000
000
—
000
000
QQQ
QQQQQ
000
000
000
000
—
—
—
8
Portfolio Analysis
Composition as of 12-31-11
% Assets
U.S. Stocks
66.9
Non-U.S. Stocks
0.0
Bonds
169.8
Cash
-137.7
Other
1.0
-100
-50
0
50
100
Top 20 Holdings as of 12-31-11
Total
100.0
% Assets
Value Blend Growth
0.00
0.00
0.00
0.00
0.00
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap($mil)
Reliant Energy
Schlumberger
International Paper
Sara Lee
Federated Dept. Stores
0.00
0.00
0.00
0.00
0.00
Risk Measures as of 12-31-11
Reliant Energy
Schlumberger
International Paper
Sara Lee
Federated Dept. Stores
0.00
0.00
0.00
0.00
0.00
Reliant Energy
Schlumberger
International Paper
Sara Lee
Federated Dept. Stores
0.00
0.00
0.00
0.00
0.00
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
0
0
0
0,000.00
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments.
This investment may experience larger or smaller price
declines or price increases depending on market conditions.
Some of this risk may be offset by owning other investments
with different portfolio makeups or investment strategies.
% Mkt Cap
Giant
0.0
Large
Medium
Small
0.0
0.0
0.0
Micro
0.0
Statistics as of 12-31-11
Haliburton
Sprint
Conocco CI A
BP PLC ADR
Motorola
©2012 Morningstar, Inc., Morningstar Investment® ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/
or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment web site at
www.morningstar.com.
4
Morningstar Equity Style BoxTM as of 12-31-11
Small
Investment
Strategy
Morningstar Rating
Fund Rank Percentile
Out of # of Investments
Large Mid
3
Medusa conubium santet rures. Ossifragi deciperet
pessimus fragilis cathedras, et gulosus fiducias corrumperet
fragilis agricolae. Aegre verecundus syrtes vix fortiter
amputat cathedras. Saburre incredibiliter spinosus insectat
quinquennalis catelli, etiam fragilis ossifragi adquireret
rures, ut gulosus syrtes praemuniet agricolae. Chirographi
vocificat concubine.
Quadrupei miscere quinquennalis catelli. Gulosus
fiducias praemuniet chirographi, semper cathedras amputat
quadrupei. Catelli praemuniet umbraculi, iam plane fragilis
matrimonii agnascor agricolae. Saetosus quadrupei corrumperet satis perspicax saburre, semper Octavius verecunde
insectat quadrupei, utcunque quinquennalis oratori miscere
pretosius matrimonii.
7
Morningstar
Proprietary
Statistics
3-Yr Std Dev
3-Yr Beta
3-Yr Sharpe Ratio
3-Yr Alpha
3-Yr R-Squared
Port Avg Rel S&P 500
0.00
0.00
0.00
0.00
Rel Cat
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Port Avg Rel S&P 500
Rel Cat
0.00
0.00
0.00
0.00
0.00
Morningstar Equity Sectors as of 12-31-11
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Composition
9
Morningstar
Style BoxTM
10
Statistics
11
Risk Measures
% Fund
h
r
t
y
u
Cyclical
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
0.0
0.0
0.0
0.0
0.0
j
i
o
p
a
Sensitive
Communication Services
Energy
Industrials
Technology
0.0
0.0
0.0
0.0
0.0
k
s
d
f
Defensive
Consumer Defensive
Healthcare
Utilities
0.0
0.0
0.0
0.0
12
Morningstar
Sectors
13
Portfolio
Holdings
Page 1 of 2
1
Header
Benchmark: The name
of the index against which the fund is
being compared.
Morningstar Category: In an effort to distinguish funds by what they own, as well
as by their prospectus objectives and styles,
Morningstar developed the Morningstar
Categories. While the prospectus objective
identifies a fund’s investment goals based
on the wording in the fund prospectus,
the Morningstar Category identifies funds
based on their actual investment styles as
measured by their underlying portfolio
holdings (portfolio statistics and compositions
over the past three years). If the fund is
new and has no portfolio, we estimate where
it will fall before assigning a more permanent
category. When necessary, Morningstar
may change a category assignment based on
current information.
2
Morningstar RatingTM See “How to Use
the Morningstar Rating.”
Investment Strategy For variable annuity/
life products, this is a summary of the
Investment Objectives and Policy section found
in every prospectus. It states the objective
of the fund and how the manager(s) intend to
invest to achieve this objective. It includes
any limitations to the fund’s investment policies, as well as any share class structure
differences, previous names, mergers, liquidation, and opening and closing information.
3
4
Operations
Subaccount Inception Date:
The date on which the subaccount began
its operations.
Underlying Fund Inception Date: The date on
which the fund that underlies the subaccount
began its operations. Funds with long track
records offer more history by which investors
can assess overall fund performance.
Subaccount Adoption Date: The Variable
Annuity Subaccount Adoption Date is the date
which the underlying fund first appeared in
the separate account. This date may be on or
before the subaccount inception into the
variable annuity policy. The subaccount
adoption indicates the start date for SEC
Standardized Returns.
For VUL funds, the Subaccount Adoption Date
is not shown because it does not correspond to
any performance on the page.
7 Morningstar Proprietary Statistics See
“How to Use the Morningstar Rating.” The Fund
Rank Percentile shown provides a standardized
way of ranking returns of funds with the same
Morningstar Category.
8
Composition
See “How to Use
Morningstar’s Composition Graphics.”
Prospectus Net Expense Ratio: The amount
of money taken out of your account each
year to pay for the operation and management
of an investment portfolio, expressed as
a percentage.
Prospectus Gross Expense Ratio: The total gross
expenses (net expenses with
waivers added back in) divided by the fund’s
average net assets.
Advisor: The company that takes primary
responsibility for managing the fund.
Subadvisor: In some cases, the advisor employs
another company, called the subadvisor,
to handle the fund’s day-to-day management.
In these instances, the portfolio manager
generally works for the fund’s subadvisor, and
not the advisor.
Portfolio Manager(s): The name of the person
who determines which stocks or bonds belong
in the investment portfolio.
Investment Manager A description of the
company that takes primary responsibility for
managing the fund.
6 Volatility Analysis We classify investment portfolios as having one of three volatility
levels relative to all types of mutual funds:
Low, Moderate, and High. Investments with
wider ranges of returns are labeled “high,” as
they are considered riskier than “low” volatility
investments, which have had smaller ranges
of returns. We also show where the portfolio’s
category lands. For portfolios that haven’t
been in existence for three years, we simply
show the category average.
5
®
Morningstar
Style BoxTM See “How to
9
Use the Morningstar Style Box.”
10 Statistics Price/Earnings Ratio: The price
to prospective earnings yield for a fund is the
asset-weighted average of the prospective
earnings yields of all the domestic stocks in the
fund’s portfolio as of the date of the portfolio. A
stock’s prospective earnings yield is calculated
by dividing the company’s estimated earnings
per share for the current fiscal year by the
company’s month-end share price as of the
portfolio date. In computing the fund’s average,
Morningstar weights each portfolio holding
by the percentage of domestic equity assets
it represents; therefore, larger positions have
proportionately greater influence on the fund’s
aggregate earnings yield. The reciprocal
can also be expressed as a price/prospective
earnings ratio.
Price/Book Ratio: The price to prospective book
value yield for a fund is the asset-weighted
average of the prospective book value yields of
all the domestic stocks in the fund’s portfolio
as of the date of the portfolio. A stock’s
prospective book value yield is calculated by
dividing the company’s estimated shareholders’
equity per share for the current fiscal year
by the company’s month-end stock price as of
the portfolio date. In computing the fund’s
average, Morningstar weights each portfolio
holding by the percentage of domestic equity
assets it represents; therefore, larger positions have proportionately greater influence
on the fund’s aggregate book value yield. The
reciprocal can also be expressed as a price/
book ratio.
Price/Cash Ratio: The price to prospective cash
flow represents the weighted average of the
price/cash-flow ratios of the stocks in a
5
fund’s portfolio. Price/cash-flow represents the
amount an investor is willing to pay for a
dollar generated from a particular company’s
operations. Price/cash-flow shows the ability
of a business to generate cash and acts
as a gauge of liquidity and solvency. Because
accounting conventions differ among nations,
reported earnings (and P/E ratios) may not
be comparable across national boundaries.
Price/cash-flow attempts to provide an internationally-standard measure of a firm’s stock price
relative to its financial performance.
Geometric Average Cap $mil: Morningstar
defines the overall “size” of a stock fund’s
portfolio as the geometric mean of the market
capitalization for all of the stocks it owns.
It’s calculated by raising the market capitalization of each stock to a power equal to that
stock’s stake in the portfolio. The resulting
numbers are multiplied together to produce
the geometric mean of the market caps
of the stocks in the portfolio, which is reported
as average market capitalization. For example,
if a fund currently held equal stakes in three
stocks, with market capitalizations of $2 billion,
$10 billion, and $25 billion, the geometric
mean would equal:
($2 billion 1/3) x ($10 billion 1/3) x ($25 billion
1/3) = $7.94 billion
This number is different from the fund’s
median market cap—the capitalization of the
median stock in its portfolio. The geometric
mean better identifies the portfolio’s “center
of gravity.” That is, it provides more accurate
insight into how market trends (as defined by
capitalization) might affect the portfolio.
Sharpe ratio: uses standard deviation
and excess return to determine reward per
unit of risk.
Alpha: measures the difference between
a fund’s actual returns and its expected
performance, given its level of risk (as
measured by beta).
R-squared: reflects the percentage of a
fund’s movements that are explained by movements in its benchmark index, showing the
degree of correlation between the fund and
the benchmark.
12 Morningstar Sectors Morningstar
determines how much of each stock portfolio
is held in each of Morningstar’s 11 major
industrial sectors, which roll up into three
broader categories.
Fixed Income Sectors: Morningstar determines
how much of each bond portfolio is held in each
of Morningstar’s 5 major fixed-income sectors.
Credit Analysis (Fixed Income only): The credit
analysis depicts the quality of US and nonU.S. bonds in the fund’s portfolio. The analysis
reveals the percentage of fixed-income securities that fall within each credit-quality rating as
assigned by Standard & Poor’s or Moody’s.
Morningstar World Regions (International only):
A breakdown of the geographical exposure
of a fund’s stock assets. Regional exposure
summarizes a portfolio’s exposure to geopolitical risk, and it also provides a reference point
for understanding fund returns.
13 Portfolio Holdings The top holdings are the
11
Risk Measures Standard deviation: is a
statistical measure of the volatility of the
fund’s returns.
Beta: is a measure of a fund’s sensitivity to
market movements. A portfolio with a
beta greater than 1 is more volatile than the
market and a portfolio with a beta less than
1 is less volatile than the market.
6
stocks or bonds with the most influence
on a portfolio’s returns. Conservative portfolios
typically devote no more than 3% to 4% of
their assets to any one stock or bond. More
daring portfolios may devote 7% or more
to one stock. Add up the weighting of the top
five holdings for another measure of risk.
A conservative option generally bets 15% or
less on the top 5 holdings, while a portfolio
with more than 25% in the top five may be
considered aggressive.
Holdings Summary: Provides the total number
of holdings in the portfolio or, when available,
further breakouts of the number stock and
bond securities the portfolio holds.
Annual Turnover Ratio %: A proxy for how
frequently a manager has traded his or her
portfolio in the past year.
Total Fund Assets ($mil): The net assets of all
share classes of the underlying fund,
recorded in millions of dollars. Net-asset figures
are useful in gauging an underlying fund’s
size, agility, and popularity. They help determine
whether a small-company fund, for example,
can remain in its investment-objective category
if its asset base reaches an ungainly size.
User’s Guide
How to Use the Morningstar Rating
TM
The Morningstar Rating is a useful tool for identifying investments worthy of further research,
but it’s not the only thing to consider.
The Morningstar Rating, commonly called
the “star rating,” tells you how well an investment has performed relative to similar
offerings after adjusting for all costs and risk.
It rates investments from one to five stars,
with the best performers receiving five stars
and the worst performers receiving a
single star.
The star rating is best used as an initial
screen to identify investments worthy of further
research, those that have performed well
relative to their peers. It’s a strictly quantitative
measure—a high rating doesn’t imply the
approval or endorsement of a Morningstar
analyst. Keep in mind that the rating is
based solely on historical performance, and
a highly rated offering may no longer
have the portfolio manager responsible for
that performance. Or—conversely—
a lower-rated or non-rated offering might
now employ a manager who produced
excellent results with other managed investment products.
Also, because ratings are based on
performance within specific categories, it’s
important to note that not all five-star
offerings are equal or even interchangeable.
A five-star sector fund, for example, might
have the best risk-adjusted return within
its specific category, but it’s probably far riskier
than a highly rated diversified offering.
Rather than choosing investments according to
their ratings, investors should first decide
on an overall portfolio strategy and then seek
the best investments for each portion of
their portfolio. The Morningstar Rating can
then be used to identify possible candidates, but you should never make a buy or sell
decision based solely on the rating. K
Morningstar Rating
Percent of all rated investments
40%
30%
20%
10%
Q
QQ
QQQ
QQQQ
QQQQQ
10%
22.5%
35%
22.5%
10%
The Morningstar Rating is based on risk-adjusted return, which is calculated by subtracting a risk penalty from total return, after accounting for all sales charges, loads, and
redemption fees. The penalty is determined by the amount of variation in monthly returns, with an emphasis on downward variation. The greater the variation, the larger the penalty.
Investments are ranked within their Morningstar Categories by their risk-adjusted return and assigned stars using the following distribution: the top 10% receive five stars,
the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Ratings are calculated for up to three time periods—three-,
five-, and 10 years—and combined to produce an overall rating. Investments with less than three years of performance history are not rated.
7
User’s Guide
How to Use Morningstar’s Composition Graphics
Morningstar’s Composition graphics are tools that visually break down how a fund’s
assets are invested.
Morningstar allocates stocks into one of five
asset classes: U.S. Stocks, Non-U.S. Stocks,
Bonds, Cash and Other. For each of these
asset classes, Morningstar calculates portfolio
statistics on the long and short positions
and displays long, short, and net (long minus
short) statistics as appropriate. Calculations are
run on the most-recent portfolio available.
3 The Cash data point identifies the percentage
of the fund’s assets held in cash. Cash encompasses both actual cash and cash equivalents
(fixed-income securities with a maturity
of one year or less) held by the portfolio plus
receivables minus payables.
3 Lastly, the Other data point includes positions
in preferred stocks (equity securities that pay
dividends at a specific rate) as well as
convertible bonds and convertible preferreds.
Derivatives and unidentified holdings are also
grouped in this asset class.
Asset Allocation
3 The U.S. Stock data point indicates the
percentage of the fund’s assets devoted to
U.S.-domiciled equity investments.
3 The Non-U.S. Stock data point reflects only
the percentage of a portfolio’s equity
investments that are domiciled outside the
United States.
3 The Bond data point identifies the percentage
of the fund’s assets held in bonds and bond
exposure gained from derivatives. Bonds
include everything from government notes to
high-yield corporate bonds.
For example, a bar representing Cash Allocations that extends left of the y-axis indicates
negative percentages of cash in which the
portfolio is leveraged, meaning it has borrowed
against its own assets to buy more securities
or that it has used other techniques to
gain more than 100% exposure to the market.
Over 100%
Long or short positions in any asset class
that are greater than 100% are indicated by a
line break.
Using the Bar Chart
Where are the Shorts?
The x-axis of this chart represents the
percentage each investment group holds, with
the y-axis representing a zero value. Values to
the right of the y-axis represent positive,
or “long”, security positions, while values to
the left of the y-axis represent negative,
or “short”, security positions. The table to the
right of the bar chart sums these two
values to present the “net” emphasis of
each investment group.
Sometimes the amount of shorts in a portfolio
is so small the bar chart cannot visually
represent the miniscule amount. For example,
if a portfolio has a –0.01% position in Cash,
the bar chart appears, though the green to the
left of the y-axis may not be visible. K
When Do We Use the Bar Chart or the Pie Graph?
Net %
–100
–50
0
50
100
U.S. Stocks
66.9
U.S. Stocks
55.1
Non-U.S. Stocks
00.0
Non-U.S. Stocks
12.5
Bonds169.8
Bonds19.3
Cash–137.7
Cash10.4
Other1.0
Other2.7
Total100.0
Total100.0
Morningstar Investment Profiles and Guides display a horizontal bar chart when a fund’s
portfolio contains short and derivative positions of which the net sum, including any offsetting
long positions in that asset class, is greater or less than 100%.
8
% Assets
When a fund’s portfolio takes only long positions in securities, we represent the portfolio’s
asset allocation in a pie graph that sums to 100%.
User’s Guide
How to Use the Morningstar Style Box
TM
The Morningstar Style Box is a visual tool that helps investors see past confusing fund names
and descriptions to better understand the “investment style” of stocks and mutual funds.
We assign each investment into one of
our nine Style Box squares by analyzing its
portfolio and determining the best fit.
Things to Remember About the
Morningstar Style Box
Risk increases as you move down and to
the right of the Morningstar Style Box.
Don’t put all your eggs in one basket. The
returns of investments from different
parts of the Morningstar Style Box probably
won’t move in the same direction at the
same time. By combining investments from
different parts of the Morningstar Style
Box, your portfolio’s overall returns will likely
be more stable.
The Morningstar Style Box also provides
a basis for our domestic stock fund categories.
Similar investments are categorized
together, then rated on their ability to balance
risk and reward relative to other investments
in that same, fairly narrow category. K
What the Morningstar Style Box Does
It paints a picture of what’s in an investment’s
portfolio. Are the companies large or
small? Are the stocks cheap or expensive?
Do the bonds have limited or extensive
sensitivity to interest rate changes? Are they
of high or low quality?
Morningstar Equity Style Box
Morningstar Fixed-Income Style Box
Style
Risk
Interest Rate Sensitivity
Value BlendGrowth
Risk
Limited Moderate
Extensive
Limited
Sensitivity
High Quality
Moderate
Sensitivity
High Quality
Extensive
Sensitivity
High Quality
Limited
Sensitivity
Med Quality
Moderate
Sensitivity
Med Quality
Extensive
Sensitivity
Med Quality
Limited
Sensitivity
Low Quality
Moderate
Sensitivity
Low Quality
Extensive
Sensitivity
Low Quality
Large-cap
Blend
Large-cap
Growth
Mid-cap
Value
Mid-cap
Blend
Mid-cap
Growth
Small-cap
Value
Small-cap
Blend
Small-cap
Growth
Low
Quality
High
Within the stock grid, nine possible combinations exist, ranging from large-cap value
for the safest investments to small-cap growth for the riskiest.
Low
Small
Mid
Size
Large
Large-cap
Value
MediumHigh
Low
High
Within the bond grid, nine possible combinations exist, ranging from limited sensitivity to
interest rate changes/high quality for the safest investments, to extensive sensitivity
to interest rate changes/low quality for the riskiest.
9
Investment Profiles
Release Date: 03-31-2017
Intelligent Variable Annuity-Calamos Growth & Income
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Morningstar Aggressive Target Risk
Allocation--70% to 85% Equity
QQQQ
Above Average
Average
Out of 1852 Allocation--70% to 85% Equity VA subaccounts. An investment's overall Morningstar Rating, based on
its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page
for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Investment Manager
Calamos provides investment advisory services to institutions
and individuals, offering closed-end and open-end mutual funds
and separately managed accounts. The firm focuses on risk
management across investment strategies within the equity,
global/international, balanced, convertible, fixed-income and
alternative asset classes. Utilizing proprietary research,
Calamos's investment analyst group has been headed by the
same portfolio management team for more than 25 years.
Volatility Analysis
Investment
Low
Moderate
High
QQQQQ
4
1,852
72
1,526
7
426
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Morningstar Style Box™ as of 02-28-17(EQ) ; 12-31-16(F-I)
65.7
0.4
9.2
4.3
20.4
Low
1.47%
Calamos Advisors LLC
.
John P. Calamos
Jon Vacko
John Hillenbrand
Eli Pars
Joe Wysocki
David P. Kalis
10 Year
QQ
Med
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
5 Year
QQQQQ
Portfolio Analysis
Composition as of 02-28-17
Value Blend Growth
Top 20 Holdings as of 02-28-17
02-05-08
05-19-99
02-05-08
1.47%
3 Year
.
52
2,324
High
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Small
Operations
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Large Mid
The investment seeks high long-term total return through
growth and current income.
The fund invests primarily in a diversified portfolio of
convertible instruments (including synthetic convertible
instruments), equity and fixed-income securities of U.S.
companies without regard to market capitalization. The adviser
attempts to utilize these different types of securities to strike,
in the investment adviser's opinion, the appropriate balance
between risk and return in terms of growth and income. The
average term to maturity of the convertible and fixed-income
securities purchased by the portfolio will typically range from
five to ten years.
% Assets
Statistics
Apple Inc
JPMorgan Chase & Co
Microsoft Corp
Alphabet Inc A
Fidelity® Inv MM Fds Prime Money Mkt Ins
3.68
2.56
2.33
2.31
2.15
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Morgan Stanley Instl Lqudty Govt Instl
Johnson & Johnson
Amazon.com Inc
Exxon Mobil Corp
Nextera Engy 08-31-18
2.14
1.84
1.64
1.49
1.46
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Wells Fargo & Co
Liberty Interactive 1.75% 09-30-46
Citigroup Inc
Costco Wholesale Corp
Intel Cv 3.25% 08-01-39
1.46
1.43
1.38
1.35
1.35
UnitedHealth Group Inc
PepsiCo Inc
Pfizer Inc
Procter & Gamble Co
Honeywell International Inc
1.31
1.24
1.23
1.23
1.22
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
80
26
28.50
25.51
Category
Ltd
Ext
Port Avg Rel S&P 500
18.84
2.68
11.56
142859.16
Risk Measures as of 03-31-17
0.96
0.98
1.03
1.67
Rel Cat
1.06
1.27
1.43
4.01
Port Avg
Rel S&P 500
Rel Cat
8.68
1.24
0.63
-0.05
85.59
0.83
.
0.64
.
.
1.00
0.97
1.62
0.02
0.94
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
27.03
r
t
y
u
1.08
9.29
16.66
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
40.58
i
o
p
a
4.22
6.41
13.51
16.44
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
32.37
s Consumer Defensive
d Healthcare
f Utilities
12.69
14.17
5.51
...............................................................................................
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Mod
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-ClearBridge Variable Agg Growth I
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 3000 Growth TR USD
Large Growth
QQQQ
Above Average
High
Out of 9654 Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
0.80%
Legg Mason Partners Fund
Advisor, LLC
ClearBridge Investments, LLC
Richard A. Freeman
Evan Bauman
Subadvisor
Portfolio Manager(s)
10 Year
QQQQQ
QQQQ
86
9,654
2
8,219
8
4,990
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
85.6
8.2
0.0
6.2
0.0
Morningstar Equity Style Box™ as of 12-31-16
Top 20 Holdings as of 12-31-16
At Legg Mason, we've assembled experienced investment
management firms and empowered them with the tools,
resources and independence to pursue the strategies they
know best. Each was chosen for their commitment to
investment excellence. Each is focused on specific investment
styles. Each exhibits thought leadership. Together, we've built
a powerful portfolio of investment solutions. And it has made
us a world leader in money management.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
9.79
7.78
7.43
6.79
6.77
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
State Str Instl Invt Tr Treas Mmkt Fd 12-31-30
Anadarko Petroleum Corp
Broadcom Ltd
Vertex Pharmaceuticals Inc
Seagate Technology PLC
6.15
5.68
3.96
2.54
2.44
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
TE Connectivity Ltd
L3 Technologies Inc
AT&T Inc
The Madison Square Garden Co A
Core Laboratories NV
2.18
2.13
1.96
1.83
1.79
Western Digital Corp
Facebook Inc A
Medtronic PLC
Johnson Controls International PLC
Autodesk Inc
1.72
1.64
1.61
1.51
1.46
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
73
0
6.00
927.50
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
39.54
Large
Medium
Small
30.47
25.16
4.62
........................................................
Micro
Statistics
UnitedHealth Group Inc
Biogen Inc
Comcast Corp Class A
Allergan PLC
Amgen Inc
% Mkt Cap
Giant
........................................................
Value Blend Growth
Investment Manager
Low
5 Year
QQ
Small
02-05-08
11-01-99
02-05-08
0.80%
3 Year
.
45
10,644
Portfolio Analysis
Composition as of 12-31-16
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks capital appreciation.
The fund invests primarily in common stocks of companies
the portfolio managers believe are experiencing, or will
experience, growth in earnings that exceeds the average rate
of earnings growth of the companies which comprise the S&P
500 Index. It may invest in the securities of large, well-known
companies offering prospects of long-term earnings growth.
The fund may invest up to 25% of its net assets (at the time
of investment) in equity securities of foreign issuers.
0.20
Port Avg Rel S&P 500
19.92
2.25
10.21
38250.52
Risk Measures as of 03-31-17
1.02
0.82
0.91
0.45
Rel Cat
0.86
0.58
0.77
0.57
Port Avg
Rel S&P 500
Rel Cat
13.47
1.14
0.47
-5.28
77.46
1.29
.
0.48
.
.
1.12
1.09
0.69
2.08
0.92
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
12.56
...............................................................................................
r
t
y
u
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
1.42
9.65
1.49
0.00
j Sensitive
46.08
i
o
p
a
12.12
10.54
3.02
20.40
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
41.36
s Consumer Defensive
d Healthcare
f Utilities
0.00
41.36
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-ClearBridge Variable Small Cap Growth I
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 2000 Growth TR USD
Small Growth
QQQQ
Above Average
Above Average
Out of 2670 Small Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks long-term growth of capital.
Under normal circumstances, the fund invests at least 80%
of its assets in equity securities of companies with small market
capitalizations and related investments. The portfolio managers
use a growth-oriented investment style that emphasizes small
U.S. companies.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
0.82%
Legg Mason Partners Fund
Advisor, LLC
ClearBridge Investments, LLC
Aram E. Green
Jeffrey J. Russell
Subadvisor
Portfolio Manager(s)
At Legg Mason, we've assembled experienced investment
management firms and empowered them with the tools,
resources and independence to pursue the strategies they
know best. Each was chosen for their commitment to
investment excellence. Each is focused on specific investment
styles. Each exhibits thought leadership. Together, we've built
a powerful portfolio of investment solutions. And it has made
us a world leader in money management.
Volatility Analysis
Investment
Moderate
QQQQ
65
2,670
34
2,300
8
1,478
% Assets
91.6
3.2
0.0
4.5
0.7
Morningstar Equity Style Box™ as of 12-31-16
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
Top 20 Holdings as of 12-31-16
% Assets
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
1.98
28.37
43.35
Micro
26.30
........................................................
Value Blend Growth
Investment Manager
Low
10 Year
QQQ
Small
Prosp Gross Exp Ratio
Advisor
5 Year
QQQ
Large Mid
Operations
02-05-08
11-08-99
02-05-08
0.82%
3 Year
.
47
2,904
Portfolio Analysis
Composition as of 12-31-16
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Statistics
Port Avg Rel S&P 500
4.52
2.59
2.39
2.29
2.26
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
29.08
3.61
12.92
2331.57
Aspen Technology Inc
Maximus Inc
Fortinet Inc
Casey's General Stores Inc
Icon PLC
2.19
2.16
2.15
2.11
2.05
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
16.77
1.28
0.24
-9.06
63.47
1.61
.
0.24
.
.
1.06
1.08
0.75
1.25
1.04
Cornerstone OnDemand Inc
Financial Engines Inc
Orbital ATK Inc
Buffalo Wild Wings Inc
Monolithic Power Systems Inc
2.02
2.02
1.99
1.96
1.96
IDEX Corp
Tennant Co
MercadoLibre Inc
athenahealth Inc
Copart Inc
1.92
1.89
1.88
1.87
1.80
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
74
1
13.00
260.05
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
1.49
1.32
1.15
0.03
Rel Cat
State Str Instl Invt Tr Treas Mmkt Fd 12-31-30
Western Alliance Bancorp
Medidata Solutions Inc
Core-Mark Holding Co Inc
Trex Co Inc
1.11
1.07
1.07
0.85
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
28.65
r
t
y
u
5.17
13.17
8.96
1.35
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
51.22
i
o
p
a
0.00
1.43
18.10
31.69
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
20.14
s Consumer Defensive
d Healthcare
f Utilities
4.64
15.50
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Credit Suisse Trust-Commodity Return
Strategy
Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Bloomberg Commodity TR USD
Category
Overall Morningstar Rating™
Commodities Broad Basket
QQQQQ
Morningstar Return
Morningstar Risk
Above Average
Below Average
Out of 440 Commodities Broad Basket VA subaccounts. An investment's overall Morningstar Rating, based on its
risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for
details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks total return.
The fund is designed to achieve positive total return relative
to the performance of the Bloomberg Commodity Index Total
Return (the "BCOM Index"). The advisor intends to invest its
assets in a combination of commodity-linked derivative
instruments and fixed income securities. It gains exposure to
commodities markets by investing through the Subsidiary and
in structured notes linked to the BCOM Index, other commodity
indices, or the value of a particular commodity or commodity
futures contract or subset of commodities or commodity
futures contracts. The fund is non-diversified.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
71
527
QQQQQ
QQQQQ
QQQQQ
3
440
6
313
72
123
Portfolio Analysis
Composition as of 03-31-17
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.0
0.0
78.6
2.5
18.9
Morningstar Fixed Income Style Box™ as of 03-31-17
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Not
Available
.
.
0.80
100.22
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
02-28-06
02-05-08
1.05%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
1.09%
Credit Suisse Asset Management
.
Christopher Burton
Nelson Louie
Top 20 Holdings as of 03-31-17
Investment Manager
Credit Suisse is a leading financial services firm managing
assets worldwide through its Asset Management, Investment
Banking, and Private Banking services divisions. The Asset
Management business of Credit Suisse offers products across
the full spectrum of investment classes, ranging from equities,
fixed income, and multiple-asset class products to alternative
investments such as real estate, hedge funds, private equity,
and volatility management. The Asset Management business
manages portfolios, mutual funds, and other investment
vehicles for a broad spectrum of clients including governments,
institutions, corporations, and private individuals. With offices
focused on asset management in 19 countries, the business
operates as a globally integrated network that seeks to deliver
Credit Suisse's best investment ideas and capabilities to clients
around the world.
Volatility Analysis
Investment
Low
Moderate
% Assets
Credit Suisse Trust Cayman Com
FNMA FRN 03-08-19
US Treasury Note 0.645% 01-31-19
FNMA FRN 02-28-19
FFCB FRN 08-19-19
18.89
4.86
4.49
3.98
3.31
FHLMC FRN 07-24-18
FFCB FRN 06-12-18
US Treasury Note 0.52% 10-31-18
FFCB FRN 03-15-19
FFCB FRN 12-08-23
3.12
2.88
2.84
2.40
2.27
FNMA FRN 03-13-20
FFCB FRN 10-25-19
FHLMC 1% 05-11-18
FFCB FRN 02-25-19
FNMA FRN 01-11-18
2.27
2.25
2.11
2.05
1.91
FNMA FRN 03-25-20
FHLMC FRN 07-17-18
FHLBA FRN 07-01-20
FHLMC FRN 01-08-18
FFCB FRN 01-22-19
1.90
1.82
1.72
1.65
1.62
.......................................................................................................
.......................................................................................................
.......................................................................................................
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Rel Cat
-0.01
.
0.00
.
.
0.89
0.89
1.03
1.20
1.01
% Fund
⁄
›
€
‹
fi
±
94.60
0.00
2.35
0.00
3.05
0.00
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis
% Bonds
Not Available
0
44
113.00
352.15
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Rel BC Aggr
13.44
0.76
-1.08
-1.09
92.01
Morningstar Sectors as of 03-31-17
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Port Avg
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Delaware VIP Diversified Inc
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
BBgBarc US Agg Bond TR USD
Intermediate-Term Bond
QQQQQ
High
Above Average
Out of 4392 Intermediate-Term Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
11
5,166
QQQQ
QQQQ
QQQQQ
20
4,392
13
3,723
1
2,059
Portfolio Analysis
Composition as of 02-28-17
% Assets
Morningstar Fixed Income Style Box™ as of 02-28-17
Ltd
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
05-16-03
02-05-08
0.67%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.67%
Delaware Management Company
.
Paul Grillo
Wen-Dar Chen
Roger A. Early
J. David Hillmeyer
Brian C. McDonnell
Adam H. Brown
Top 20 Holdings as of 02-28-17
Investment Manager
Delaware Investments is a diversified investment management
firm that offers a comprehensive array of retail and institutional
strategies across all major asset classes. Team-based,
research-driven approach to investing is guided by the expertise
of more than 174 Investment Professionals, analysts and
traders. Delaware Investments is the marketing name for
Delaware Management Holding, Inc. and its subsidiaries, which
are part of Lincoln Financial Group. Lincoln Financial Group is
the marketing name for Lincoln National Corporations and its
affiliates.
% Assets
US 10 Year Note (CBT) June17 06-21-17
Euro OAT June17 06-08-17
FNMA 5.5% 05-01-44
US Treasury Note 04-15-19
US Treasury Note 2% 11-15-26
3.49
2.22
2.00
0.96
0.91
US Treasury Note 1.875% 01-31-22
FNMA 3% 01-01-47
Anheuser Busch Inbev Fin 3.65% 02-01-26
FNMA 4.5% 01-01-40
FNMA 4.5% 08-01-42
0.68
0.54
0.52
0.52
0.51
FNMA 4.5% 02-01-46
Bk Amer 4.45% 03-03-26
Microsoft 4.25% 02-06-47
Dow Chem 8.55% 05-15-19
FHLMC 4.5% 07-01-45
0.49
0.48
0.48
0.45
0.45
Mexico Utd Mex St 5.75% 03-05-26
Comm Mtg Tr 2014-Ccre19 CMO 3.796% 08-12-47
Crown Castle Towers 2010-4-5CM 4.883% 08-15-40
At&T 5.25% 03-01-37
U.S. Treasury Bond June17 06-21-17
0.45
0.44
0.44
.......................................................................................................
.......................................................................................................
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Low
0.2
0.0
89.4
2.6
7.9
Med
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
High
The investment seeks maximum long-term total return
consistent with reasonable risk.
The fund allocates its investments principally among the
following four sectors of the fixed income securities markets:
the U.S. investment grade sector, the U.S. high yield sector,
the international developed markets sector, and the emerging
markets sector. It normally invests at least 80% of its net
assets, plus the amount of any borrowings for investment
purposes, in fixed income securities (80% policy). The
investments in emerging markets will, in the aggregate, be
limited to no more than 25% of the fund's total assets.
Mod
Ext
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
3.05
0.95
0.48
-0.91
84.92
0.00
.
0.00
.
.
1.04
1.03
1.60
0.65
0.97
Morningstar Sectors as of 02-28-17
% Fund
⁄
›
€
‹
fi
±
12.74
56.78
27.18
0.52
2.77
0.01
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis as of 02-28-17
% Bonds
.......................................................................................................
AAA
AA
A
BBB
BB
B
Below B
Not Rated
0.43
0.42
.......................................................................................................
Volatility Analysis
Investment
Low
Moderate
High
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
3
1110
247.00
2,353.59
-100
-50
0
50
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
5.28
8.63
4.39
102.19
ß
®
100
29
4
15
28
13
10
1
0
Release Date: 03-31-2017
Intelligent Variable Annuity-Delaware VIP Intl Equity
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI EAFE GR USD
Foreign Large Value
QQQQ
Above Average
Below Average
Out of 1475 Foreign Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
47
1,651
QQQQQ
QQQQQ
QQQ
7
1,475
8
1,331
45
725
Portfolio Analysis
Composition as of 02-28-17
% Assets
1.9
95.5
0.0
1.2
1.5
Operations
02-05-08
10-29-92
02-05-08
1.02%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
1.02%
Delaware Management Company
.
Edward A. Gray
Top 20 Holdings as of 02-28-17
Investment Manager
Delaware Investments is a diversified investment management
firm that offers a comprehensive array of retail and institutional
strategies across all major asset classes. Team-based,
research-driven approach to investing is guided by the expertise
of more than 174 Investment Professionals, analysts and
traders. Delaware Investments is the marketing name for
Delaware Management Holding, Inc. and its subsidiaries, which
are part of Lincoln Financial Group. Lincoln Financial Group is
the marketing name for Lincoln National Corporations and its
affiliates.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
% Assets
3.98
3.43
3.41
3.36
3.32
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Toyota Motor Corp
Nippon Telegraph & Telephone Corp
Novartis AG
Vinci SA
East Japan Railway Co
3.17
3.16
3.00
2.97
2.80
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Yue Yuen Industrial (Holdings) Ltd
Deutsche Post AG
AXA SA
Royal Philips NV
Japan Tobacco Inc
2.72
2.69
2.52
2.31
2.28
Standard Chartered PLC
ING Groep NV
Minebea Mitsumi Inc
Bayerische Motoren Werke AG
Total SA
2.28
2.25
2.18
2.14
2.11
.......................................................................................................
.......................................................................................................
59.88
Large
Medium
Small
26.62
13.50
0.00
........................................................
Micro
Statistics
Mitsubishi UFJ Financial Group Inc
Sanofi SA
Samsung Electronics Co Ltd
ITOCHU Corp
Nordea Bank AB
% Mkt Cap
Giant
........................................................
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term growth without undue risk to
principal.
The fund invests at least 80% of its net assets, plus the
amount of any borrowings for investment purposes, in equity
securities (80% policy). Under normal circumstances, it will
invest at least 65% of its total assets in equity securities of
issuers that are organized, have a majority of their assets, or
generate the majority of their operating income outside the
United States. The fund may invest more than 25% of its total
assets in the securities of issuers located in the same country.
0.00
Port Avg Rel S&P 500
13.25
1.41
5.93
29904.62
Risk Measures as of 03-31-17
0.68
0.51
0.53
0.35
Rel Cat
1.01
1.13
1.32
1.06
Port Avg
Rel S&P 500
Rel Cat
11.73
0.90
0.06
-0.31
89.56
1.13
.
0.06
.
.
0.95
0.95
-0.50
0.12
0.99
Morningstar World Regions as of 02-28-17
% Fund
Americas
6.59
North America
Latin America
6.60
0.00
Greater Europe
55.67
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
10.30
41.95
1.28
2.14
.......................................................................................................
Greater Asia
37.74
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
25.15
1.47
5.14
5.98
.......................................................................................................
49
0
19.00
70.17
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
...............................................................................................
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Delaware VIP Small Cap Value
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 2000 Value TR USD
Small Value
QQQQQ
High
Average
Out of 1586 Small Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.80%
Delaware Management Company
.
Christopher S. Beck
Kelley A. McKee
Steven G. Catricks
Kent P. Madden
QQQQQ
3
1,586
7
1,385
1
752
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Top 20 Holdings as of 02-28-17
Delaware Investments is a diversified investment management
firm that offers a comprehensive array of retail and institutional
strategies across all major asset classes. Team-based,
research-driven approach to investing is guided by the expertise
of more than 174 Investment Professionals, analysts and
traders. Delaware Investments is the marketing name for
Delaware Management Holding, Inc. and its subsidiaries, which
are part of Lincoln Financial Group. Lincoln Financial Group is
the marketing name for Lincoln National Corporations and its
affiliates.
Volatility Analysis
Investment
Moderate
10 Year
QQQQQ
99.1
0.6
0.0
0.2
0.1
Morningstar Equity Style Box™ as of 02-28-17
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
0.00
28.05
62.87
........................................................
Micro
Value Blend Growth
Investment Manager
Low
5 Year
QQQQQ
Small
02-05-08
12-27-93
02-05-08
0.80%
3 Year
.
5
1,737
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks capital appreciation.
Under normal circumstances, at least 80% of the Series'
net assets, plus the amount of any borrowings for investment
purposes, will be in investments of small-capitalization
companies (80% policy). The manager considers smallcapitalization companies to be companies with a market
capitalization generally less than 3.5 times the dollar-weighted,
median market capitalization of the Russell 2000 ® Index at
the time of purchase.
Statistics
9.09
Port Avg Rel S&P 500
3.28
2.17
2.06
1.89
1.86
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
20.30
1.92
8.33
3088.11
Synopsys Inc
Selective Insurance Group Inc
Olin Corp
Great Western Bancorp Inc
Patterson-UTI Energy Inc
1.86
1.79
1.61
1.47
1.45
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
14.68
1.14
0.61
-2.75
65.82
1.41
.
0.62
.
.
0.98
1.05
1.49
0.55
1.13
Bank of Hawaii Corp
H.B. Fuller Co
CommScope Holding Co Inc
ON Semiconductor Corp
First Financial Bancorp
1.44
1.33
1.30
1.25
1.23
ITT Corp
Community Bank System Inc
Southwest Gas Holdings Inc
Highwoods Properties Inc
NBT Bancorp Inc
1.22
1.20
1.19
1.18
1.15
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
113
0
11.00
1,242.48
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
1.04
0.70
0.74
0.04
Rel Cat
East West Bancorp Inc
Webster Financial Corp
Berry Plastics Group Inc
MasTec Inc
Hancock Holding Co
1.10
1.10
1.09
1.47
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
58.14
r
t
y
u
6.96
13.69
29.85
7.64
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
32.27
i
o
p
a
0.64
5.21
12.37
14.05
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
9.59
s Consumer Defensive
d Healthcare
f Utilities
2.19
3.71
3.69
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-DFA VA Global Bond
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Citi WGBI 1-5 Yr Hdg USD
World Bond
QQQQ
Above Average
Low
Out of 1157 World Bond VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
63
1,445
QQQQQ
QQQQ
QQQ
5
1,157
23
926
40
405
Portfolio Analysis
Composition as of 02-28-17
% Assets
Morningstar Fixed Income Style Box™ as of 02-28-17
Ltd
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
05-01-12
01-12-95
05-01-12
0.24%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.24%
Dimensional Fund Advisors LP
Dimensional Fund Advisors Ltd
David A. Plecha
Joseph F. Kolerich
Top 20 Holdings as of 02-28-17
Investment Manager
In 1981, Dimensional launched its first strategy based on
research documenting the stronger performance of US small
cap stocks. Our second strategy, a short-term fixed income
portfolio launched in 1983, applies Eugene Fama's term
structure research. Later, a comprehensive analysis of prices
and other research deepened our strategy repertoire and set a
new standard for portfolio design.
Volatility Analysis
Investment
Low
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
% Assets
Ge Cap Intl Fdg 2.342% 11-15-20
Agence Francaise Develop Sr Unsecured 01-21-20
Manitoba Prov Cda 2.05% 11-30-20
Quebec Prov Cda 3.5% 07-29-20
Automatic Data Processing 2.25% 09-15-20
2.81
2.76
2.50
2.50
2.49
Coca Cola 1.875% 10-27-20
Merck & Co 1.85% 02-10-20
Eurofima Sr Unsecured Regs 05/20 1.75 05-29-20
Berkshire Hathaway Inc Del 2.2% 03-15-21
Pfizer 1.95% 06-03-21
2.20
2.17
2.01
1.95
1.82
Chevron Corp New 1.961% 03-03-20
Intl Busn Machs 2.25% 02-19-21
Cisco Sys 2.45% 06-15-20
Microsoft 1.85% 02-12-20
Alberta Prov 1.75% 08-26-20
1.76
1.66
1.57
1.53
1.45
Apple 2.25% 02-23-21
Australia & New Zeala Bkg 2.25% 06-13-19
Statoil Asa 2.25% 11-08-19
Bk Of Nova Scotia 2.35% 10-21-20
3m 2% 08-07-20
1.43
1.42
1.35
1.34
1.29
.......................................................................................................
.......................................................................................................
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Low
0.0
0.0
96.1
0.5
3.4
Med
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
High
The investment seeks to provide a market rate of return for a
fixed income portfolio with low relative volatility of returns.
The fund generally invests in a universe of U.S. and foreign
debt securities maturing in five years or less. It primarily
purchases obligations issued or guaranteed by the U.S. and
foreign governments, their agencies and instrumentalities,
corporate debt obligations, bank obligations, commercial
paper, repurchase agreements, obligations of other domestic
and foreign issuers, securities of domestic and foreign issuers
denominated in U.S. dollars but not trading in the United States
and obligations of supranational organizations.
Mod
Ext
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
2.10
0.68
0.62
-0.41
90.37
0.00
.
0.00
.
.
0.38
1.19
-4.43
0.20
3.75
Morningstar Sectors as of 02-28-17
% Fund
⁄
›
€
‹
fi
±
24.22
74.44
0.00
0.77
0.56
0.00
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis as of 02-28-17
% Bonds
.......................................................................................................
AAA
AA
A
BBB
BB
B
Below B
Not Rated
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
0
120
47.00
279.78
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
3.49
3.67
2.29
.
-100
-50
0
ß
50
®
100
19
80
0
0
0
0
0
0
Release Date: 03-31-2017
Intelligent Variable Annuity-DFA VA Global Moderate Allocation
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
65% MSCI ACWI NR USD/35% Citi WGBI
1-3 Yr Hdg USD
World Allocation
QQQQQ
High
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
.
9
1,964
.
.
.
.
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Value Blend Growth
% Assets
30.46
13.60
12.46
12.46
10.94
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
DFA Two-Year Global Fixed-Income I
DFA VA Short-Term Fixed Portfolio
DFA Emerging Markets Core Equity I
DFA VA US Large Value
DFA Real Estate Securities I
4.95
4.95
4.75
2.19
1.61
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
DFA VA International Value Portfolio
1.49
.......................................................................................................
.......................................................................................................
In 1981, Dimensional launched its first strategy based on
research documenting the stronger performance of US small
cap stocks. Our second strategy, a short-term fixed income
portfolio launched in 1983, applies Eugene Fama's term
structure research. Later, a comprehensive analysis of prices
and other research deepened our strategy repertoire and set a
new standard for portfolio design.
Total Number of Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
12
.
137.28
Volatility Analysis
Investment
Moderate
Ltd
Statistics
DFA US Core Equity 2 I
DFA International Core Equity I
DFA Selectively Hedged Global F/I I
DFA VA Global Bond
DFA US Core Equity 1 I
.......................................................................................................
Investment Manager
Morningstar Style Box™ as of 02-28-17(EQ) ; 02-28-17(F-I)
43.9
19.9
28.9
6.2
1.2
Low
0.52%
Dimensional Fund Advisors LP
.
Jed S. Fogdall
Joseph H. Chi
David A. Plecha
Joseph F. Kolerich
Allen Pu
Mary T. Phillips
10 Year
.
Med
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
5 Year
QQQQQ
High
11-01-13
04-08-13
11-01-13
0.40%
3 Year
.
3
2,826
Portfolio Analysis
Composition as of 02-28-17
Top 20 Holdings as of 02-28-17
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Small
Operations
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Large Mid
The investment seeks total return consisting of capital
appreciation and current income.
The fund under normal market circumstances, purchases
shares of the underlying funds to achieve a moderate allocation
to both global equity and global fixed income securities.
Generally, the fund invests its assets in domestic and
international equity underlying funds and fixed income
underlying funds to achieve an allocation that provides a
moderate allocation to global equity securities, with an
allocation of approximately 50% to 70% of the fund's assets to
domestic and international equity underlying funds and 30% to
50% of its assets to fixed income underlying funds.
Low
Above Average
Out of 1964 World Allocation VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Ext
Port Avg Rel S&P 500
16.90
1.90
6.91
17162.54
Risk Measures as of 03-31-17
0.86
0.69
0.62
0.20
Rel Cat
0.99
0.91
0.90
0.41
Port Avg
Rel S&P 500
Rel Cat
7.25
1.10
0.48
-1.41
95.98
0.70
.
0.49
.
.
1.06
1.13
2.09
0.47
1.12
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
43.04
r
t
y
u
6.95
13.58
18.98
3.53
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
38.91
i
o
p
a
4.02
6.53
13.84
14.52
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
High
Mod
18.05
...............................................................................................
s Consumer Defensive
d Healthcare
f Utilities
ß
®
7.00
8.81
2.24
Release Date: 03-31-2017
Intelligent Variable Annuity-DFA VA International Small
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI World Ex USA Small Cap NR USD
Foreign Small/Mid Blend
QQQQQ
High
Average
Out of 151 Foreign Small/Mid Blend VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.60%
Dimensional Fund Advisors LP
Dimensional Fund Advisors Ltd
Jed S. Fogdall
Joseph H. Chi
Bhanu P. Singh
Arun C. Keswani
Mary T. Phillips
10 Year
QQQQ
QQQQQ
26
151
12
128
1
22
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.6
93.0
0.0
2.0
4.5
Morningstar Equity Style Box™ as of 02-28-17
In 1981, Dimensional launched its first strategy based on
research documenting the stronger performance of US small
cap stocks. Our second strategy, a short-term fixed income
portfolio launched in 1983, applies Eugene Fama's term
structure research. Later, a comprehensive analysis of prices
and other research deepened our strategy repertoire and set a
new standard for portfolio design.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
1.72
61.98
34.12
........................................................
Micro
Value Blend Growth
Investment Manager
Low
5 Year
QQQQ
Small
05-01-12
10-03-95
05-01-12
0.60%
3 Year
.
3
157
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term capital appreciation.
The fund, using a market capitalization weighted approach,
purchases securities of (1) Japanese small companies; (2)
United Kingdom small companies; (3) small companies
organized under the laws of certain European countries; (4)
small companies associated with Australia, New Zealand and
Pacific Rim Asian countries; and (5) Canadian small companies.
It may have some exposure to small cap equity securities
associated with other countries or regions.
Statistics
2.18
Port Avg Rel S&P 500
Rel Cat
Top 20 Holdings as of 02-28-17
% Assets
RPC Group PLC
Bellway PLC
Spectris PLC
Howden Joinery Group PLC
Tate & Lyle PLC
0.38
0.33
0.30
0.28
0.27
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
15.11
1.43
5.38
1562.87
Tullow Oil PLC
Electrocomponents PLC
Halma PLC
Lanxess AG
Rexel SA
0.25
0.23
0.23
0.23
0.23
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
11.85
0.88
0.25
2.01
83.47
1.14
.
0.26
.
.
1.01
1.04
1.79
2.72
1.04
Smith (DS) PLC
Teleperformance SE
Close Brothers Group PLC
Hays PLC
MTU Aero Engines AG
0.23
0.23
0.22
0.22
0.21
Edenred SA
Umicore SA
Amec Foster Wheeler PLC
Daily Mail and General Trust PLC Class A
Gamesa Corporacion Tecnologica SA
0.20
0.20
0.19
0.19
0.19
.......................................................................................................
.......................................................................................................
Morningstar World Regions as of 02-28-17
0.77
0.52
0.48
0.02
1.04
1.01
0.89
0.92
% Fund
Americas
9.46
North America
Latin America
9.26
0.20
Greater Europe
53.73
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
17.91
34.85
0.02
0.95
.......................................................................................................
Greater Asia
36.81
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
24.36
7.41
4.08
0.97
.......................................................................................................
2749
0
12.00
183.96
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
...............................................................................................
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-DFA VA International Value
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI World Ex US NR USD
Foreign Large Value
QQQ
Above Average
High
Out of 1475 Foreign Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.46%
Dimensional Fund Advisors LP
Dimensional Fund Advisors Ltd
Jed S. Fogdall
Joseph H. Chi
Bhanu P. Singh
Mary T. Phillips
5 Year
10 Year
QQQ
QQQQ
QQ
29
1,475
13
1,331
55
725
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.8
97.1
0.0
0.9
1.2
In 1981, Dimensional launched its first strategy based on
research documenting the stronger performance of US small
cap stocks. Our second strategy, a short-term fixed income
portfolio launched in 1983, applies Eugene Fama's term
structure research. Later, a comprehensive analysis of prices
and other research deepened our strategy repertoire and set a
new standard for portfolio design.
Top 20 Holdings as of 02-28-17
% Assets
2.52
2.45
2.36
2.34
1.83
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Vodafone Group PLC
Daimler AG
Royal Dutch Shell PLC ADR Class B
Australia and New Zealand Banking Group Ltd
BHP Billiton Ltd
1.79
1.77
1.77
1.47
1.44
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Glencore PLC
Suncor Energy Inc
Bank of Montreal
Mitsubishi UFJ Financial Group Inc
Honda Motor Co Ltd
1.37
1.37
1.21
1.16
1.15
Allianz SE
Sumitomo Mitsui Financial Group Inc
BNP Paribas
Zurich Insurance Group AG
Toyota Motor Corp
1.09
0.98
0.96
0.86
0.85
.......................................................................................................
.......................................................................................................
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
36.25
11.73
0.01
Micro
0.00
Port Avg Rel S&P 500
12.87
1.04
3.29
27751.02
Risk Measures as of 03-31-17
0.66
0.38
0.29
0.32
Rel Cat
0.98
0.84
0.73
0.99
Port Avg
Rel S&P 500
Rel Cat
13.85
1.06
-0.02
-1.52
89.09
1.33
.
-0.02
.
.
1.12
1.12
0.17
0.59
0.99
Morningstar World Regions as of 02-28-17
% Fund
Americas
8.98
North America
Latin America
8.97
0.00
Greater Europe
56.41
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
17.06
38.85
0.00
0.50
.......................................................................................................
Greater Asia
34.61
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
23.41
6.88
4.15
0.16
.......................................................................................................
Volatility Analysis
52.01
Large
Medium
Small
........................................................
Statistics
BP PLC ADR
HSBC Holdings PLC ADR
Total SA
Royal Dutch Shell PLC ADR Class A
Banco Santander SA
% Mkt Cap
Giant
........................................................
Value Blend Growth
Investment Manager
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
05-01-12
10-03-95
05-01-12
0.46%
3 Year
.
1
1,651
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term capital appreciation.
The fund, using a market capitalization weighted approach,
purchases securities of large non-U.S. companies in countries
with developed markets that the Advisor determines to be
value stocks. It may gain exposure to companies associated
with approved markets by purchasing equity securities in the
form of depositary receipts, which may be listed or traded
outside the issuer's domicile country.
413
0
15.00
205.97
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
...............................................................................................
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-DFA VA Short-Term Fixed
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
BofAML US Treasury Bill 6 Mon TR USD
Ultrashort Bond
QQQQ
Above Average
Above Average
Out of 509 Ultrashort Bond VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
34
562
QQQQ
QQQQ
QQQQ
14
509
9
405
6
246
Portfolio Analysis
Composition as of 02-28-17
% Assets
Ltd
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
05-01-12
10-03-95
05-01-12
0.27%
Top 20 Holdings as of 02-28-17
0.27%
Dimensional Fund Advisors LP
Dimensional Fund Advisors Ltd
David A. Plecha
Joseph F. Kolerich
Pamela B. Noble
Investment Manager
In 1981, Dimensional launched its first strategy based on
research documenting the stronger performance of US small
cap stocks. Our second strategy, a short-term fixed income
portfolio launched in 1983, applies Eugene Fama's term
structure research. Later, a comprehensive analysis of prices
and other research deepened our strategy repertoire and set a
new standard for portfolio design.
Volatility Analysis
Investment
Low
Morningstar Fixed Income Style Box™ as of 02-28-17
Moderate
High
% Assets
US Treasury Note 1.25% 11-15-18
Chevron Corp New 1.344% 11-09-17
Ontario Prov Cda 1.1% 10-25-17
Kreditanstalt Fur Wiederaufbau 1% 09-07-18
Cisco Sys 1.65% 06-15-18
2.03
1.94
1.92
1.74
1.67
Ab Svensk Exportkredit 1.125% 04-05-18
FHLBA 1.75% 12-14-18
Toronto Dominion Bk 1.625% 03-13-18
Commonwealth Bk Australia 1.9% 09-18-17
FHLBA 1.25% 01-16-19
1.55
1.55
1.46
1.42
1.42
Statoil Asa 1.15% 05-15-18
Westpac Bkg 2.25% 01-17-19
US Treasury Note 1.125% 01-15-19
Municipality Fin Plc Helsi 1.25% 09-10-18
US Treasury Note 1.375% 12-31-18
1.42
1.32
1.23
1.22
1.18
General Elec 5.25% 12-06-17
Exxon Mobil FRN 02-28-18
Berkshire Hathaway Fin 1.45% 03-07-18
Westpac Bkg FRN 07-30-18
General Elec Cap Corp Mtn Be 5.625% 05-01-18
1.17
1.14
1.12
1.10
1.09
.......................................................................................................
.......................................................................................................
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Low
0.0
0.0
82.1
11.1
6.8
Med
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
High
The investment seeks to achieve a stable real return in excess
of the rate of inflation with a minimum of risk.
The fund seeks to achieve its investment objective by
generally investing in a universe of high quality fixed income
securities that typically mature in one year or less. It may,
however, take a large position in securities maturing within
two years from the date of settlement when higher yields are
available. Under normal circumstances, the fund will invest at
least 80% of its net assets in fixed income securities and
maintain a dollar-weighted average portfolio maturity that will
not exceed one year.
Mod
Ext
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
0.34
0.08
-0.93
-0.51
50.40
0.00
.
0.00
.
.
0.85
.
0.19
0.45
2.52
Morningstar Sectors as of 02-28-17
% Fund
⁄
›
€
‹
fi
±
30.59
54.48
0.00
2.56
12.37
0.00
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis as of 02-28-17
% Bonds
.......................................................................................................
AAA
AA
A
BBB
BB
B
Below B
Not Rated
.......................................................................................................
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
0
137
50.00
224.29
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.97
0.98
1.59
100.26
-100
-50
0
ß
50
®
100
32
65
3
0
0
0
0
0
Release Date: 03-31-2017
Intelligent Variable Annuity-DFA VA US Large Value
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 1000 Value TR USD
Large Value
QQQQ
High
Above Average
Out of 6763 Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
9
7,455
QQQQ
QQQQQ
QQQQ
11
6,763
1
5,770
4
3,508
Portfolio Analysis
Composition as of 02-28-17
% Assets
97.1
1.0
0.0
1.9
0.0
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
05-01-12
01-12-95
05-01-12
0.27%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.27%
Dimensional Fund Advisors LP
.
Jed S. Fogdall
Joseph H. Chi
Lukas J. Smart
Top 20 Holdings as of 02-28-17
Investment Manager
In 1981, Dimensional launched its first strategy based on
research documenting the stronger performance of US small
cap stocks. Our second strategy, a short-term fixed income
portfolio launched in 1983, applies Eugene Fama's term
structure research. Later, a comprehensive analysis of prices
and other research deepened our strategy repertoire and set a
new standard for portfolio design.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
4.05
3.83
3.41
3.26
3.22
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Comcast Corp Class A
Citigroup Inc
Pfizer Inc
Bank of America Corporation
Chevron Corp
3.08
2.22
2.17
1.98
1.61
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Time Warner Inc
Wal-Mart Stores Inc
Charter Communications Inc A
CVS Health Corp
Medtronic PLC
1.41
1.35
1.31
1.23
1.19
Goldman Sachs Group Inc
Danaher Corp
General Motors Co
CSX Corp
Capital One Financial Corp
1.04
0.92
0.90
0.87
0.85
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
309
0
15.00
324.77
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
35.29
Large
Medium
Small
36.98
27.37
0.34
........................................................
Micro
Statistics
JPMorgan Chase & Co
AT&T Inc
Intel Corp
Exxon Mobil Corp
Cisco Systems Inc
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term capital appreciation.
The fund, using a market capitalization weighted approach,
purchases a broad and diverse group of readily marketable
securities of large U.S. companies that the Advisor determines
to be value stocks. As a non-fundamental policy, under normal
circumstances, it will invest at least 80% of its net assets in
securities of large cap U.S. companies. The fund may purchase
or sell futures contracts and options on futures contracts for
U.S. equity securities and indices, to adjust market exposure
based on actual or expected cash inflows to or outflows from
the Portfolio.
0.01
Port Avg Rel S&P 500
16.39
1.66
8.06
50501.94
Risk Measures as of 03-31-17
0.84
0.61
0.72
0.59
Rel Cat
0.98
0.80
0.89
0.81
Port Avg
Rel S&P 500
Rel Cat
12.09
1.09
0.67
-3.09
87.73
1.16
.
0.68
.
.
1.08
1.09
1.20
0.74
1.00
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
37.00
r
t
y
u
3.71
9.11
24.13
0.05
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
44.89
i
o
p
a
9.39
11.41
9.52
14.57
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
18.11
s Consumer Defensive
d Healthcare
f Utilities
5.23
12.70
0.18
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-DFA VA US Targeted Value
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 2000 Value TR USD
Small Value
QQQ
Above Average
Above Average
Out of 1586 Small Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
37
1,737
QQQ
QQQQQ
QQ
36
1,586
1
1,385
43
752
Portfolio Analysis
Composition as of 02-28-17
% Assets
95.9
2.9
0.0
1.2
0.0
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
05-01-12
10-03-95
05-01-12
0.38%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.38%
Dimensional Fund Advisors LP
.
Jed S. Fogdall
Joseph H. Chi
Joel P. Schneider
Top 20 Holdings as of 02-28-17
Investment Manager
In 1981, Dimensional launched its first strategy based on
research documenting the stronger performance of US small
cap stocks. Our second strategy, a short-term fixed income
portfolio launched in 1983, applies Eugene Fama's term
structure research. Later, a comprehensive analysis of prices
and other research deepened our strategy repertoire and set a
new standard for portfolio design.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
0.94
28.08
44.84
Micro
26.15
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term capital appreciation.
The fund, using a market capitalization weighted approach,
purchases a broad and diverse group of the readily marketable
securities of U.S. small and mid cap companies that the Advisor
determines to be value stocks. As a non-fundamental policy,
under normal circumstances, it will invest at least 80% of its
net assets in securities of U.S. companies. The fund may
purchase or sell futures contracts and options on futures
contracts for U.S. equity securities and indices, to adjust
market exposure based on actual or expected cash inflows to
or outflows from the Portfolio.
Statistics
Port Avg Rel S&P 500
0.69
0.64
0.59
0.58
0.57
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
17.63
1.39
6.28
2169.40
Owens-Corning Inc
JetBlue Airways Corp
PacWest Bancorp
AECOM
Staples Inc
0.56
0.54
0.50
0.48
0.48
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
15.35
1.13
0.46
-4.53
58.93
1.47
.
0.47
.
.
1.03
1.04
1.12
0.90
1.01
Transocean Ltd
Marvell Technology Group Ltd
Toll Brothers Inc
HollyFrontier Corp
Quanta Services Inc
0.48
0.47
0.47
0.46
0.46
RenaissanceRe Holdings Ltd
People's United Financial Inc
International Game Technology PLC
AGCO Corp
Axis Capital Holdings Ltd
0.46
0.45
0.44
0.43
0.43
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
1288
0
33.00
309.42
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.90
0.51
0.56
0.03
Rel Cat
Arrow Electronics Inc
Avnet Inc
Jacobs Engineering Group Inc
PulteGroup Inc
Reliance Steel & Aluminum Co
0.96
0.80
0.82
1.03
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
48.98
r
t
y
u
7.08
13.56
27.44
0.90
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
42.49
i
o
p
a
0.87
8.19
19.85
13.58
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
8.52
s Consumer Defensive
d Healthcare
f Utilities
3.38
4.64
0.50
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Franklin Income VIP Fund
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Allocation--30% to 50% Equity
QQQQQ
High
High
Out of 3506 Allocation--30% to 50% Equity VA subaccounts. An investment's overall Morningstar Rating, based on
its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page
for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
1
4,195
QQQQ
QQQQQ
QQQQQ
15
3,506
1
2,426
1
770
Portfolio Analysis
Composition as of 12-31-16
% Assets
Morningstar Style Box™ as of 12-31-16(EQ) ; 12-31-16(F-I)
High
43.5
12.5
32.8
5.7
5.6
Med
Low
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks to maximize income while maintaining
prospects for capital appreciation.
The fund invests in a diversified portfolio of debt and equity
securities. It may shift its investments from one asset class to
another based on the investment manager's analysis of the
best opportunities for the fund's portfolio in a given market. The
fund may invest up to 100% of its total assets in debt securities
that are rated below investment grade (also known as "junk
bonds"), including a portion in defaulted securities. It may also
invest up to 25% of its assets in foreign securities, either
directly or through depositary receipts.
Value Blend Growth
Ltd
Mod
Ext
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
02-05-08
01-24-89
02-05-08
0.46%
Top 20 Holdings as of 12-31-16
0.46%
Franklin Advisers Inc
.
Edward D. Perks
Matthew D. Quinlan
Todd Brighton
Richard S. Hsu
% Assets
5.03
2.69
2.06
2.04
1.74
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Microsoft Corp
Dow Chemical Co
Wells Fargo & Co
Pfizer Inc
Dominion Resources Inc
1.72
1.60
1.54
1.41
1.26
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
United Technologies Corp
General Motors Co
Rio Tinto PLC ADR
Target Corp
Union Pacific Corp
1.26
1.14
1.14
1.11
1.11
BP PLC ADR
MetLife Inc
Intel Corp
Deere & Co
PepsiCo Inc
1.10
1.10
1.03
1.01
1.00
.......................................................................................................
.......................................................................................................
Investment Manager
Franklin Templeton's distinct multi-manager structure
combines the specialized expertise of three world-class
investment management groups- Franklin, Templeton, and
Mutual Series. Founded in 1947, Franklin is a recognized leader
in fixed income investing and also brings expertise in growthand value-style U.S. equity investing. Founded in 1940,
Templeton pioneered international investing and, in 1954,
launched what has become the industry's oldest global fund.
Today, with offices in over 29 countries, Templeton offers
investors a truly global perspective. Founded in 1949, Mutual
Series is dedicated to a unique style of value investing,
searching aggressively for opportunity among what it believes
are undervalued stocks, as well as arbitrage situations and
distressed securities.
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
70
152
39.03
6,197.54
Volatility Analysis
Investment
Low
Moderate
Statistics
Lake Forest Money Market
Royal Dutch Shell PLC ADR Class A
General Electric Co
Chevron Corp
Apple Inc
Port Avg Rel S&P 500
15.87
2.09
7.98
100325.09
Risk Measures as of 03-31-17
Rel Cat
0.91
0.98
1.00
2.17
Port Avg
Rel S&P 500
Rel Cat
7.96
1.16
0.35
-2.36
89.07
0.76
.
0.36
.
.
1.46
1.47
1.03
1.37
1.00
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
24.04
r
t
y
u
7.63
4.09
11.40
0.92
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
43.20
i
o
p
a
2.99
17.16
11.75
11.30
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
32.76
s Consumer Defensive
d Healthcare
f Utilities
8.74
9.76
14.26
...............................................................................................
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.81
0.76
0.71
1.17
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Franklin Mutual Shares VIP Fund
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Allocation--85%+ Equity
QQQQQ
High
Average
Out of 1146 Allocation--85%+ Equity VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
1
1,216
QQQQQ
QQQQQ
QQQQQ
1
1,146
1
985
3
540
Portfolio Analysis
Composition as of 12-31-16
% Assets
Morningstar Style Box™ as of 12-31-16(EQ) ; 03-31-17(F-I)
68.3
16.1
6.7
6.6
2.2
Not
Available
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks capital appreciation; income is a
secondary consideration.
The fund invests primarily in equity securities. The equity
securities in which the fund invests are primarily common
stock. To a lesser extent, it also invests in merger arbitrage
securities and the debt and equity of distressed companies.
The fund may invest a significant portion of its assets (up to
35%) in foreign securities, which may include sovereign debt
and participations in foreign government debt. It is not limited
to pre-set maximums or minimums governing the size of the
companies in which it may invest.
Value Blend Growth
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
11-08-96
02-05-08
0.73%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.73%
Franklin Mutual Advisers, LLC
.
F. David Segal
Peter A. Langerman
Deborah A. Turner
Top 20 Holdings as of 12-31-16
Investment Manager
Franklin Templeton's distinct multi-manager structure
combines the specialized expertise of three world-class
investment management groups- Franklin, Templeton, and
Mutual Series. Founded in 1947, Franklin is a recognized leader
in fixed income investing and also brings expertise in growthand value-style U.S. equity investing. Founded in 1940,
Templeton pioneered international investing and, in 1954,
launched what has become the industry's oldest global fund.
Today, with offices in over 29 countries, Templeton offers
investors a truly global perspective. Founded in 1949, Mutual
Series is dedicated to a unique style of value investing,
searching aggressively for opportunity among what it believes
are undervalued stocks, as well as arbitrage situations and
distressed securities.
Volatility Analysis
% Assets
2.88
2.77
2.75
2.58
2.16
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
American International Group Inc
Time Warner Inc
Symantec Corp
Royal Dutch Shell PLC Class A
Novartis AG ADR
2.12
2.04
1.88
1.87
1.64
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
The Kroger Co
Charter Communications Inc A
British American Tobacco PLC
Citizens Financial Group Inc
Baker Hughes Inc
1.63
1.62
1.60
1.59
1.57
Cisco Systems Inc
JPMorgan Chase & Co
Stryker Corp
Alleghany Corp
XL Group Ltd
1.57
1.57
1.53
1.52
1.50
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
84
29
24.45
4,379.89
Investment
Low
Moderate
Statistics
Merck & Co Inc
Microsoft Corp
Medtronic PLC
PNC Financial Services Group Inc
Eli Lilly and Co
High
Port Avg Rel S&P 500
16.66
1.64
7.76
45024.42
Risk Measures as of 03-31-17
Rel Cat
0.95
0.84
0.97
1.28
Port Avg
Rel S&P 500
Rel Cat
9.82
1.41
0.61
-0.25
85.90
0.94
.
0.62
.
.
0.99
0.97
1.30
0.14
0.97
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
36.99
r
t
y
u
2.69
8.29
25.49
0.52
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
32.80
i
o
p
a
4.37
9.42
4.12
14.89
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
30.21
s Consumer Defensive
d Healthcare
f Utilities
11.48
17.81
0.92
...............................................................................................
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.85
0.60
0.69
0.53
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Franklin Small-Mid Cap Growth VIP Fund
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell Mid Cap Growth TR USD
Mid-Cap Growth
QQQ
Average
Above Average
Out of 4151 Mid-Cap Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.81%
Franklin Advisers Inc
.
Edward B. Jamieson
Michael McCarthy
James Cross
John P. Scandalios
QQQ
55
4,151
57
3,404
35
2,120
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
95.5
0.7
0.0
3.3
0.5
Morningstar Equity Style Box™ as of 12-31-16
Volatility Analysis
Investment
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
12.10
73.09
11.23
........................................................
Micro
Statistics
3.58
Port Avg Rel S&P 500
Rel Cat
Top 20 Holdings as of 12-31-16
% Assets
Roper Technologies Inc
Quintiles IMS Holdings Inc
Equinix Inc
Signature Bank
The Cooper Companies Inc
1.95
1.75
1.67
1.66
1.57
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
22.07
3.52
13.76
8276.69
Edwards Lifesciences Corp
Willis Towers Watson PLC
Hologic Inc
Genesee & Wyoming Inc Class A
Mettler-Toledo International Inc
1.56
1.51
1.46
1.45
1.45
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
12.91
1.06
0.38
-5.95
73.18
1.24
.
0.39
.
.
1.01
1.02
0.97
1.00
1.00
Vantiv Inc
IHS Markit Ltd A
Martin Marietta Materials Inc
Affiliated Managers Group Inc
Robert Half International Inc
1.44
1.42
1.42
1.40
1.40
Axalta Coating Systems Ltd
CoStar Group Inc
CSRA Inc
Pinnacle Foods Inc
Arthur J. Gallagher & Co
1.36
1.36
1.26
1.24
1.21
.......................................................................................................
Franklin Templeton's distinct multi-manager structure
combines the specialized expertise of three world-class
investment management groups- Franklin, Templeton, and
Mutual Series. Founded in 1947, Franklin is a recognized leader
in fixed income investing and also brings expertise in growthand value-style U.S. equity investing. Founded in 1940,
Templeton pioneered international investing and, in 1954,
launched what has become the industry's oldest global fund.
Today, with offices in over 29 countries, Templeton offers
investors a truly global perspective. Founded in 1949, Mutual
Series is dedicated to a unique style of value investing,
searching aggressively for opportunity among what it believes
are undervalued stocks, as well as arbitrage situations and
distressed securities.
Moderate
10 Year
QQQ
Value Blend Growth
Investment Manager
Low
5 Year
QQQ
Small
02-05-08
11-01-95
02-05-08
0.81%
3 Year
.
34
4,485
Portfolio Analysis
Composition as of 12-31-16
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term capital growth.
The fund invests at least 80% of its net assets in the equity
securities of small-capitalization (small-cap) and midcapitalization (mid-cap) companies. It invests predominantly in
equity securities, predominantly in common stock. The fund,
from time to time, may have significant positions in particular
sectors such as technology (including health care technology,
technology services and electronic technology), industrials,
and consumer discretionary and health care.
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
123
0
32.23
456.07
High
Category
0.94
0.97
1.06
0.85
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
33.28
r
t
y
u
4.13
15.06
10.03
4.06
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
38.89
i
o
p
a
1.81
2.58
17.37
17.13
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
27.83
s Consumer Defensive
d Healthcare
f Utilities
8.48
19.35
0.00
...............................................................................................
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
1.13
1.28
1.23
0.10
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Janus Aspen Forty Inst.
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 1000 Growth TR USD
Large Growth
QQQQQ
High
Above Average
Out of 9654 Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.74%
Janus Capital Management LLC
.
A. Douglas Rao
Nick Schommer
10 Year
QQQQQ
QQQQ
3
9,654
7
8,219
8
4,990
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
97.6
1.2
0.0
1.3
0.0
Morningstar Equity Style Box™ as of 12-31-16
Top 20 Holdings as of 12-31-16
% Assets
6.20
5.44
5.05
4.28
4.07
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
General Electric Co
Celgene Corp
Boston Scientific Corp
Charles Schwab Corp
Intercontinental Exchange Inc
3.91
3.78
3.52
3.52
3.49
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Salesforce.com Inc
Adobe Systems Inc
Allergan PLC
Goldman Sachs Group Inc
Nike Inc B
3.36
3.19
3.03
2.87
2.76
Facebook Inc A
Activision Blizzard Inc
CSX Corp
Vulcan Materials Co
Costco Wholesale Corp
2.70
2.53
2.50
2.50
2.49
.......................................................................................................
Janus Capital Management is one of the largest equity
managers in the United States. For almost four decades the
Denver-based firm has used a bottom up, company-bycompany investment approach based on the conviction that
stock prices ultimately follow earnings growth. The company's
asset-management disciplines include growth, core,
international, value and risk-managed equity funds.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
38
0
53.00
744.11
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
36.74
Large
Medium
Small
52.35
10.91
0.00
........................................................
Micro
Statistics
Microsoft Corp
Alphabet Inc C
Zoetis Inc
Mastercard Inc A
Amazon.com Inc
% Mkt Cap
Giant
........................................................
Value Blend Growth
Investment Manager
Low
5 Year
QQQQQ
Small
02-05-08
05-01-97
02-05-08
0.74%
3 Year
.
28
10,644
Portfolio Analysis
Composition as of 12-31-16
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term growth of capital.
The Portfolio pursues its investment objective by normally
investing primarily in a core group of 20-40 common stocks
selected for their growth potential. It may invest in companies
of any size, from larger, well-established companies to smaller,
emerging growth companies. The Portfolio may also invest in
foreign securities, which may include investments in emerging
markets. It is non-diversified.
0.00
Port Avg Rel S&P 500
25.82
4.04
19.97
69879.84
Risk Measures as of 03-31-17
1.32
1.47
1.78
0.82
Rel Cat
1.11
1.05
1.50
1.04
Port Avg
Rel S&P 500
Rel Cat
12.55
1.08
0.93
0.60
79.46
1.21
.
0.95
.
.
1.05
1.03
1.37
-0.24
0.95
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
39.60
r
t
y
u
2.54
17.48
17.53
2.05
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
35.84
i
o
p
a
1.62
0.00
7.98
26.24
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
24.56
s Consumer Defensive
d Healthcare
f Utilities
2.52
22.04
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Janus Aspen Overseas Inst.
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI ACWI Ex USA NR USD
Foreign Large Blend
QQ
Below Average
High
Out of 2392 Foreign Large Blend VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
4
2,717
Q
Q
QQ
92
2,392
92
2,013
53
1,095
Portfolio Analysis
Composition as of 12-31-16
% Assets
5.0
91.7
0.0
1.6
1.7
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
05-02-94
02-05-08
0.56%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.56%
Janus Capital Management LLC
.
George P. Maris
Top 20 Holdings as of 12-31-16
Investment Manager
Janus Capital Management is one of the largest equity
managers in the United States. For almost four decades the
Denver-based firm has used a bottom up, company-bycompany investment approach based on the conviction that
stock prices ultimately follow earnings growth. The company's
asset-management disciplines include growth, core,
international, value and risk-managed equity funds.
% Assets
5.24
4.86
4.23
4.14
3.88
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Mitsubishi UFJ Financial Group Inc
ING Groep NV
Alibaba Group Holding Ltd ADR
Reynolds American Inc
Sanofi SA
3.78
3.54
3.30
3.24
2.88
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Safran SA
Canadian Natural Resources Ltd
Eiffage SA
Sony Corp
Tokio Marine Holdings Inc
2.62
2.42
2.19
2.19
2.18
Tencent Holdings Ltd
LIC Housing Finance Ltd
ABB Ltd
Hindustan Zinc Ltd
AstraZeneca PLC
2.14
2.11
2.03
2.02
2.00
.......................................................................................................
.......................................................................................................
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
16.96
13.45
3.17
Micro
0.67
Port Avg Rel S&P 500
14.13
1.34
6.06
28861.48
Risk Measures as of 03-31-17
0.72
0.49
0.54
0.34
Rel Cat
0.92
0.80
1.01
0.97
Port Avg
Rel S&P 500
Rel Cat
17.74
1.31
-0.30
-6.70
83.00
1.70
.
-0.31
.
.
1.48
1.44
5.00
3.64
0.94
Morningstar World Regions as of 12-31-16
% Fund
Americas
9.27
North America
Latin America
7.68
1.59
Greater Europe
40.36
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
12.00
26.27
0.00
2.09
.......................................................................................................
Greater Asia
50.37
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
18.70
5.41
10.45
15.81
.......................................................................................................
Volatility Analysis
65.76
Large
Medium
Small
........................................................
Statistics
Rio Tinto Ltd
BNP Paribas
AIA Group Ltd
Nippon Telegraph & Telephone Corp
Diageo PLC
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 12-31-16
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term growth of capital.
The Portfolio pursues its investment objective by investing
at least 80% of its net assets in securities of issuers or
companies from countries outside of the United States. It
normally invests in securities of issuers from several different
countries, excluding the United States. Although the Portfolio
typically invests 80% or more of its assets in issuers that are
economically tied to countries outside the United States, it also
may normally invest up to 20% of its net assets, measured at
the time of purchase, in U.S. issuers, and it may invest all or
substantially all of its assets in a single country.
53
0
103.00
741.67
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
...............................................................................................
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Janus Aspen Perkins Mid Cap Value
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell Mid Cap Value TR USD
Mid-Cap Value
QQQQ
Average
Low
Out of 2170 Mid-Cap Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
40
2,348
QQQQ
QQ
QQQQQ
25
2,170
82
1,816
18
881
Portfolio Analysis
Composition as of 12-31-16
% Assets
89.7
3.3
0.0
7.0
0.0
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
05-01-03
02-05-08
0.64%
Prosp Gross Exp Ratio
Advisor
Subadvisor
0.64%
Janus Capital Management LLC
Perkins Investment Management
LLC
Thomas M. Perkins
Kevin Preloger
Justin Tugman
Portfolio Manager(s)
Top 20 Holdings as of 12-31-16
Investment Manager
% Assets
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
0.00
........................................................
Large
Medium
Small
13.56
71.40
15.04
........................................................
Micro
Statistics
0.00
Port Avg Rel S&P 500
2.57
2.40
2.33
2.28
2.27
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
19.11
2.13
8.89
8174.99
XL Group Ltd
Invesco Ltd
Check Point Software Technologies Ltd
Synopsys Inc
Umpqua Holdings Corp
2.22
2.08
2.00
2.00
1.88
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
10.20
0.90
0.75
-1.61
85.22
0.98
.
0.77
.
.
0.84
0.87
1.27
0.46
1.09
Simpson Manufacturing Co Inc
CSX Corp
Trinity Industries Inc
Allied World Assurance Co Holdings AG
Lamar Advertising Co Class A
1.77
1.76
1.76
1.73
1.73
Ametek, Inc.
Alliant Energy Corp
AmerisourceBergen Corp
BWX Technologies Inc
Laboratory Corp of America Holdings
1.71
1.70
1.70
1.68
1.63
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
73
0
69.00
121.12
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.98
0.78
0.79
0.10
Rel Cat
Crown Holdings Inc
Conagra Brands Inc
Compass Minerals International Inc
Noble Energy Inc
Torchmark Corp
.......................................................................................................
Janus Capital Management is one of the largest equity
managers in the United States. For almost four decades the
Denver-based firm has used a bottom up, company-bycompany investment approach based on the conviction that
stock prices ultimately follow earnings growth. The company's
asset-management disciplines include growth, core,
international, value and risk-managed equity funds.
% Mkt Cap
Giant
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 12-31-16
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks capital appreciation.
The Portfolio pursues its investment objective by investing
primarily in common stocks selected for their capital
appreciation potential. It invests, under normal circumstances,
at least 80% of its net assets in equity securities of companies
whose market capitalization falls, at the time of purchase,
within the 12-month average of the capitalization range of the
Russell Midcap® Value Index. The Portfolio may invest, under
normal circumstances, up to 20% of its net assets in securities
of companies having market capitalizations outside of the
aforementioned market capitalization ranges.
1.06
1.10
1.09
0.88
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
46.42
r
t
y
u
6.38
9.20
21.02
9.82
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
33.53
i
o
p
a
0.00
8.78
16.65
8.10
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
20.04
...............................................................................................
s Consumer Defensive
d Healthcare
f Utilities
ß
®
7.35
7.22
5.47
Release Date: 03-31-2017
Intelligent Variable Annuity-John Hancock Emerging Markets Value Trust
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI EM GR USD
Diversified Emerging Mkts
QQQ
Above Average
Above Average
Out of 1625 Diversified Emerging Mkts VA subaccounts. An investment's overall Morningstar Rating, based on its
risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for
details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
1.04%
John Hancock Investment Mgt
Svcs, LLC
Dimensional Fund Advisors LP
Jed S. Fogdall
Joseph H. Chi
Henry F. Gray
Daniel C. Ong
Bhanu P. Singh
Subadvisor
Portfolio Manager(s)
10 Year
QQQ
.
7
1,625
40
1,265
.
.
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.0
94.8
0.0
2.9
2.4
Top 20 Holdings as of 02-28-17
% Assets
Volatility Analysis
Investment
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Mkt Cap
Giant
37.69
Large
Medium
Small
32.07
17.01
10.47
........................................................
........................................................
Micro
Statistics
2.77
Port Avg Rel S&P 500
3.51
1.92
1.64
1.60
1.40
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
9.84
0.92
2.42
7495.07
Bank Of China Ltd H
Hon Hai Precision Industry Co Ltd
Shinhan Financial Group Co Ltd ADR
Standard Bank Group Ltd
Vale SA
1.25
1.12
1.12
1.05
1.05
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
17.70
1.21
0.11
0.57
71.03
1.70
.
0.11
.
.
1.17
1.15
.
-0.52
0.96
Gazprom PJSC ADR
Ptt PLC
PJSC Lukoil ADR
MTN Group Ltd
Petroleo Brasileiro SA Petrobras
0.99
0.98
0.96
0.90
0.88
China Petroleum & Chemical Corp ADR
Cemex SAB de CV ADR
Sasol Ltd
Grupo Mexico SAB de CV
KB Financial Group Inc ADR
0.83
0.81
0.77
0.73
0.69
.......................................................................................................
.......................................................................................................
0.50
0.34
0.22
0.09
Rel Cat
China Construction Bank Corp H
Industrial And Commercial Bank Of China Ltd H
Vale SA A
Reliance Industries Ltd ADR
Hyundai Motor Co
.......................................................................................................
The Fund is managed by a team of portfolio managers, analysts
and traders at Dimensional Fund Advisors LP (DFA), under the
supervision of John Hancock Investment Management
Services, LLC. DFA is an independent firm with a sole focus on
money management. The firm's unique investment philosophyrooted in academic research-leads to portfolios with an
emphasis on value stocks.
Moderate
Morningstar Equity Style Box™ as of 02-28-17
Value Blend Growth
Investment Manager
Low
5 Year
QQQ
Small
12-12-14
05-01-07
12-12-14
1.04%
3 Year
.
13
1,944
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term capital appreciation.
The fund normally invests at least 80% of its net assets (plus
any borrowings for investment purposes) in companies
associated with emerging markets designated from time to
time by the subadvisor. It seeks long-term capital growth
through investment primarily in emerging market equity
securities. The fund seeks to purchase emerging market equity
securities that are deemed by the subadvisor to be value stocks
at the time of purchase.
0.73
0.52
0.41
0.36
Morningstar World Regions as of 02-28-17
% Fund
Americas
14.97
North America
Latin America
0.00
14.97
Greater Europe
13.30
...............................................................................................
...............................................................................................
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
0.00
0.71
5.77
6.82
.......................................................................................................
Greater Asia
71.73
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
0.00
0.00
34.33
37.40
1699
0
22.00
633.23
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Matson Money Fixed Income VI Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Citi WGBI 1-5 Yr Hdg USD
Short-Term Bond
QQQQ
Above Average
Above Average
Out of 1049 Short-Term Bond VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
84
1,298
QQQQ
.
.
23
1,049
.
.
.
.
Portfolio Analysis
Composition as of 01-31-17
% Assets
Morningstar Fixed Income Style Box™ as of 01-31-17
Ltd
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-18-14
02-18-14
02-18-14
1.05%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
1.05%
Matson Money, Inc
.
Mark E. Matson
Steven B. Miller
Kenneth E. Gatliff
Top 20 Holdings as of 01-31-17
% Assets
iShares 1-3 Year Credit Bond
DFA VA Global Bond
DFA Two-Year Global Fixed-Income I
DFA One-Year Fixed-Income I
DFA Five-Year Global Fixed-Income I
23.94
14.86
14.83
11.35
9.90
iShares Intermediate Credit Bond
DFA Intermediate Govt Fixed-Income I
DFA Inflation-Protected Securities I
DFA Short-Term Government I
Invesco Shrt-Trm Inv Gov&Agcy Instl
5.98
5.97
4.97
3.98
2.23
DFA VA Short-Term Fixed Portfolio
1.99
.......................................................................................................
Investment Manager
Over the last twenty years, Matson Money has brought
investing education and coaching programs to thousands of
financial professionals and investors nationwide. These
programs focus on sharing the concepts of free markets,
diversification, discipline, and rebalancing to create a long-term
approach to life-long endeavor.
.......................................................................................................
.......................................................................................................
Total Number of Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
11
40.27
24.60
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Low
0.0
0.0
91.8
6.0
2.2
Med
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
High
The investment seeks total return (consisting of current income
and capital appreciation).
The Portfolio pursues its investment objective by investing
under normal circumstances at least 80% of its net assets,
including any borrowings for investment purposes, in shares of
registered, open-end investment companies and exchangetraded funds ("ETFs") (collectively, "investment companies")
that have either adopted policies to invest at least 80% of their
assets in fixed income securities that the Adviser believes offer
the prospect of providing total return, or invest substantially all
of their assets in such fixed income securities.
Mod
Ext
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
1.42
0.45
-0.24
-1.48
87.53
0.00
.
0.00
.
.
1.42
2.14
0.05
1.24
2.19
Morningstar Sectors as of 01-31-17
% Fund
⁄
›
€
‹
fi
±
36.31
55.65
0.77
1.35
5.93
0.00
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis as of 01-31-17
% Bonds
AAA
AA
A
BBB
BB
B
Below B
Not Rated
Volatility Analysis
Investment
Low
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
2.85
3.07
2.37
102.62
-100
-50
0
ß
50
®
100
38
39
12
11
0
0
0
0
Release Date: 03-31-2017
Intelligent Variable Annuity-Matson Money International Equity VI
Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
MSCI World Ex US NR USD
Foreign Small/Mid Value
Investment Information
Overall Morningstar Rating™
Morningstar Return
.
Morningstar Risk
.
.
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
1 Year
3 Year
5 Year
10 Year
.
1
71
.
.
.
1
5
.
.
.
.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Portfolio Analysis
Composition as of 01-31-17
% Assets
0.5
94.2
0.0
2.9
2.4
Morningstar Equity Style Box™ as of 01-31-17
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-18-14
02-18-14
02-18-14
1.52%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
1.52%
Matson Money, Inc
.
Mark E. Matson
Steven B. Miller
Kenneth E. Gatliff
Top 20 Holdings as of 01-31-17
% Assets
Over the last twenty years, Matson Money has brought
investing education and coaching programs to thousands of
financial professionals and investors nationwide. These
programs focus on sharing the concepts of free markets,
diversification, discipline, and rebalancing to create a long-term
approach to life-long endeavor.
19.31
34.67
18.11
Micro
Statistics
2.60
Port Avg Rel S&P 500
29.62
27.80
16.92
5.28
4.92
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
12.78
1.06
3.49
5633.83
DFA Emerging Markets Value I
DFA VA International Value Portfolio
DFA Large Cap International I
Invesco Shrt-Trm Inv Gov&Agcy Instl
4.91
4.90
3.97
1.68
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
12.44
0.98
0.05
-0.49
94.41
1.20
.
0.05
.
.
1.00
1.07
-0.25
0.14
1.14
.......................................................................................................
Total Number of Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
9
4.52
14.06
0.65
0.39
0.31
0.07
Rel Cat
DFA International Value III
DFA International Small Cap Value I
DFA VA International Small Portfolio
DFA Emerging Markets I
DFA Emerging Markets Small Cap I
.......................................................................................................
Investment Manager
25.31
Large
Medium
Small
........................................................
Value Blend Growth
Operations
% Mkt Cap
Giant
........................................................
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term capital appreciation.
The fund pursues its investment objective by investing under
normal circumstances at least 80% of its net assets, including
any borrowings for investment purposes, in shares of
registered, open-end investment companies and exchangetraded funds ("ETFs") (collectively, "investment companies")
that have either adopted policies to invest at least 80% of their
assets in equity securities, such as common stocks, preferred
stocks or securities convertible into stocks, of foreign
companies, or invest substantially all of their assets in such
equity securities.
0.91
0.82
0.73
1.10
Morningstar World Regions as of 01-31-17
% Fund
Americas
10.06
...............................................................................................
North America
Latin America
7.47
2.59
Greater Europe
48.65
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
14.41
31.83
0.78
1.64
Greater Asia
41.28
Japan
Australasia
Asia Developed
Asia Emerging
20.71
6.28
8.02
6.28
...............................................................................................
Volatility Analysis
Investment
Low
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Matson Money U.S. Equity VI Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 2500 TR USD
Mid-Cap Value
QQQ
Average
Average
Out of 2170 Mid-Cap Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
12
2,348
QQQ
.
.
56
2,170
.
.
.
.
Portfolio Analysis
Composition as of 01-31-17
% Assets
95.5
1.6
0.0
2.6
0.3
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-18-14
02-18-14
02-18-14
1.23%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
1.23%
Matson Money, Inc
.
Mark E. Matson
Steven B. Miller
Kenneth E. Gatliff
18.34
Large
Medium
Small
17.44
15.37
28.46
Micro
20.39
........................................................
Statistics
Port Avg Rel S&P 500
Rel Cat
Top 20 Holdings as of 01-31-17
% Assets
DFA US Large Cap Value III
DFA US Small Cap I
DFA VA US Targeted Value
DFA US Micro Cap I
DFA US Large Company I
26.09
14.94
14.87
14.84
13.57
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
17.61
1.72
7.66
7901.76
9.90
4.02
1.77
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
12.71
1.06
0.53
-4.12
75.53
1.22
.
0.54
.
.
1.04
1.03
0.90
1.17
0.97
.......................................................................................................
DFA US Small Cap Value I
DFA VA US Large Value
Invesco Shrt-Trm Inv Gov&Agcy Instl
Investment Manager
.......................................................................................................
Over the last twenty years, Matson Money has brought
investing education and coaching programs to thousands of
financial professionals and investors nationwide. These
programs focus on sharing the concepts of free markets,
diversification, discipline, and rebalancing to create a long-term
approach to life-long endeavor.
Total Number of Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
8
7.38
19.15
Volatility Analysis
Investment
Moderate
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 01-31-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term capital appreciation.
The Portfolio pursues its investment objective by investing
under normal circumstances at least 80% of its net assets,
including any borrowings for investment purposes, in shares of
registered, open-end investment companies and exchangetraded funds ("ETFs") (collectively, "investment companies")
that have either adopted policies to invest at least 80% of their
assets in equity securities, such as common stocks, preferred
stocks or securities convertible into stocks, of U.S. companies,
or invest substantially all of their assets in such equity
securities.
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.90
0.63
0.68
0.09
0.98
0.89
0.94
0.85
Morningstar Sectors as of 01-31-17
% Fund
h Cyclical
41.65
r
t
y
u
5.52
12.20
23.24
0.69
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
42.56
i
o
p
a
4.36
8.20
15.20
14.80
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
15.77
...............................................................................................
s Consumer Defensive
d Healthcare
f Utilities
ß
®
5.16
9.11
1.50
Release Date: 03-31-2017
Intelligent Variable Annuity-MFS Global Equity - Init. Class
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI World GR USD
World Stock
QQQQQ
High
Below Average
Out of 3410 World Stock VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
1.16%
Massachusetts Financial Services
Co
.
David R. Mannheim
Roger M. Morley
Subadvisor
Portfolio Manager(s)
5 Year
10 Year
QQQQQ
QQQQQ
QQQQQ
15
3,410
6
3,030
2
1,934
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
55.1
43.4
0.0
1.5
0.0
Top 20 Holdings as of 02-28-17
Since 1924, MFS has been committed to providing investment
professionals with a diverse range of investment options and
services that enables them to choose what fits for investors'
individual financial goals. An investment staff of over 160
professionals has the global reach and resources to identify
industry trends, study daily market developments, and uncover
new and growing companies.
% Assets
2.89
2.54
2.47
2.47
2.43
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Time Warner Inc
Walt Disney Co
Accenture PLC A
Visa Inc Class A
Reckitt Benckiser Group PLC
2.28
2.26
2.25
2.15
2.14
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Stryker Corp
Zimmer Biomet Holdings Inc
Diageo PLC
Svenska Cellulosa AB B
State Street Corp
2.03
2.03
2.02
2.00
1.91
WPP PLC
Pernod Ricard SA
Oracle Corp
Roche Holding AG Dividend Right Cert.
LVMH Moet Hennessy Louis Vuitton SE
1.81
1.75
1.71
1.71
1.69
.......................................................................................................
.......................................................................................................
.......................................................................................................
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
42.62
Large
Medium
Small
47.80
8.57
1.02
........................................................
Micro
Statistics
Thermo Fisher Scientific Inc
Bayer AG
Honeywell International Inc
Nestle SA
Medtronic PLC
% Mkt Cap
Giant
........................................................
Value Blend Growth
Investment Manager
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
02-05-08
05-03-99
02-05-08
1.00%
3 Year
.
61
4,067
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks capital appreciation.
The fund normally invests at least 80% of the fund's net
assets in equity securities. Equity securities include common
stocks and other securities that represent an ownership
interest (or right to acquire an ownership interest) in a company
or other issuer. While it may invest the fund's assets in
companies of any size, the fund primarily invests in companies
with large capitalizations. It may invest the fund's assets in U.S.
and foreign securities, including emerging market securities.
0.00
Port Avg Rel S&P 500
19.52
3.04
12.46
46155.14
Risk Measures as of 03-31-17
1.00
1.11
1.11
0.54
Rel Cat
1.06
1.30
1.56
1.11
Port Avg
Rel S&P 500
Rel Cat
10.71
0.79
0.49
4.38
82.80
1.03
.
0.50
.
.
0.90
0.94
1.69
1.80
1.08
Morningstar World Regions as of 02-28-17
% Fund
Americas
58.53
North America
Latin America
57.66
0.88
Greater Europe
39.01
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
9.26
28.60
0.15
1.01
...............................................................................................
...............................................................................................
.......................................................................................................
Greater Asia
2.46
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
1.21
0.00
1.02
0.23
95
0
13.00
55.12
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-MFS Growth - Initial Class
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 1000 Growth TR USD
Large Growth
QQQQQ
High
Below Average
Out of 9654 Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
0.76%
Massachusetts Financial Services
Co
.
Eric B. Fischman
Matthew D. Sabel
Subadvisor
Portfolio Manager(s)
5 Year
10 Year
QQQQ
QQQQQ
QQQQQ
28
9,654
14
8,219
7
4,990
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
95.4
3.3
0.0
1.4
0.0
Top 20 Holdings as of 02-28-17
Since 1924, MFS has been committed to providing investment
professionals with a diverse range of investment options and
services that enables them to choose what fits for investors'
individual financial goals. An investment staff of over 160
professionals has the global reach and resources to identify
industry trends, study daily market developments, and uncover
new and growing companies.
% Assets
4.82
4.39
3.94
3.91
3.62
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Adobe Systems Inc
Alphabet Inc C
Mastercard Inc A
American Tower Corp
Thermo Fisher Scientific Inc
2.76
2.71
2.69
2.32
2.30
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Danaher Corp
Apple Inc
Broadcom Ltd
The Priceline Group Inc
Salesforce.com Inc
2.02
1.92
1.84
1.79
1.66
Ross Stores Inc
Comcast Corp Class A
Celgene Corp
Fiserv Inc
Sherwin-Williams Co
1.64
1.63
1.62
1.60
1.47
.......................................................................................................
.......................................................................................................
.......................................................................................................
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
92
0
24.00
1,487.78
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
39.25
Large
Medium
Small
48.28
12.47
0.00
........................................................
Micro
Statistics
Facebook Inc A
Amazon.com Inc
Visa Inc Class A
Alphabet Inc A
Microsoft Corp
% Mkt Cap
Giant
........................................................
Value Blend Growth
Investment Manager
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
02-05-08
07-24-95
02-05-08
0.76%
3 Year
.
67
10,644
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks capital appreciation.
The fund normally invests its assets primarily in equity
securities. Equity securities include common stocks and other
securities that represent an ownership interest (or right to
acquire an ownership interest) in a company or other issuer.
While it may invest the fund's assets in companies of any size,
the fund primarily invests in companies with large
capitalizations. It may invest the fund's assets in foreign
securities.
0.00
Port Avg Rel S&P 500
27.01
4.45
16.53
75442.55
Risk Measures as of 03-31-17
1.38
1.62
1.48
0.88
Rel Cat
1.16
1.15
1.24
1.12
Port Avg
Rel S&P 500
Rel Cat
11.10
0.97
0.82
-0.86
83.34
1.07
.
0.84
.
.
0.93
0.92
1.21
0.34
0.99
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
31.69
r
t
y
u
4.15
16.24
11.30
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
46.51
i
o
p
a
3.99
1.11
10.49
30.92
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
21.80
s Consumer Defensive
d Healthcare
f Utilities
7.38
14.42
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-MFS Massachusetts Investors Growth Stock
Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Russell 1000 Growth TR USD
Overall Morningstar Rating™
Large Growth
QQQQ
Morningstar Return
Morningstar Risk
Above Average
Below Average
Out of 9654 Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
0.79%
Massachusetts Financial Services
Co
.
Jeffrey C. Constantino
Subadvisor
Portfolio Manager(s)
10 Year
QQQ
QQQQQ
49
9,654
50
8,219
18
4,990
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
90.2
8.3
0.0
1.5
0.0
Morningstar Equity Style Box™ as of 02-28-17
Top 20 Holdings as of 02-28-17
Since 1924, MFS has been committed to providing investment
professionals with a diverse range of investment options and
services that enables them to choose what fits for investors'
individual financial goals. An investment staff of over 160
professionals has the global reach and resources to identify
industry trends, study daily market developments, and uncover
new and growing companies.
Volatility Analysis
% Assets
5.98
3.92
3.57
3.21
2.83
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Colgate-Palmolive Co
Nike Inc B
Apple Inc
Ecolab Inc
The Estee Lauder Companies Inc Class A
2.75
2.57
2.50
2.45
2.35
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Monsanto Co
Sherwin-Williams Co
Fidelity National Information Services Inc
Cognizant Technology Solutions Corp A
Zoetis Inc
2.15
2.10
2.01
2.00
1.98
Texas Instruments Inc
Mead Johnson Nutrition Co
TJX Companies Inc
Blackstone Group LP
Equifax Inc
1.92
1.82
1.81
1.79
1.68
.......................................................................................................
.......................................................................................................
.......................................................................................................
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
65
0
24.00
875.99
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
26.56
Large
Medium
Small
59.68
13.76
0.00
........................................................
Micro
Statistics
Alphabet Inc A
Accenture PLC A
Thermo Fisher Scientific Inc
Visa Inc Class A
Abbott Laboratories
% Mkt Cap
Giant
........................................................
Value Blend Growth
Investment Manager
Low
5 Year
QQQ
Small
03-27-15
05-06-98
03-27-15
0.79%
3 Year
.
88
10,644
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks capital appreciation.
The fund normally invests at least 80% of the fund's net
assets in stocks. Stocks include common stocks and other
securities that represent an ownership interest (or right to
acquire an ownership interest) in a company or other issuer.
MFS focuses on investing the fund's assets in the stocks of
companies The advisor believes to have above average
earnings growth potential compared to other companies
(growth companies).
0.00
Port Avg Rel S&P 500
21.92
4.60
16.19
54710.27
Risk Measures as of 03-31-17
1.12
1.68
1.45
0.64
Rel Cat
0.94
1.19
1.21
0.81
Port Avg
Rel S&P 500
Rel Cat
11.15
1.02
0.72
-2.42
90.63
1.07
.
0.73
.
.
0.93
0.97
1.06
0.95
1.08
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
34.47
r
t
y
u
9.02
14.48
10.97
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
30.97
i
o
p
a
0.00
0.54
9.52
20.91
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
34.55
s Consumer Defensive
d Healthcare
f Utilities
13.13
21.42
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-MFS Utilities - Initial Class
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Utilities
QQQQQ
High
High
Out of 562 Utilities VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return,
is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
4
674
QQQQ
QQQQ
QQQQQ
21
562
23
465
3
332
Portfolio Analysis
Composition as of 02-28-17
% Assets
65.3
28.6
0.0
4.1
2.1
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
01-03-95
02-05-08
0.79%
Prosp Gross Exp Ratio
Advisor
0.79%
Massachusetts Financial Services
Co
.
Maura A. Shaughnessy
Claud P. Davis
Subadvisor
Portfolio Manager(s)
Top 20 Holdings as of 02-28-17
Investment Manager
Since 1924, MFS has been committed to providing investment
professionals with a diverse range of investment options and
services that enables them to choose what fits for investors'
individual financial goals. An investment staff of over 160
professionals has the global reach and resources to identify
industry trends, study daily market developments, and uncover
new and growing companies.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
% Assets
4.75
4.08
4.01
3.86
3.14
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
EDP Renovaveis SA
Enel SpA
Exelon Corp 06-01-17
Enterprise Products Partners LP
American Electric Power Co Inc
3.08
2.62
2.54
2.38
2.27
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Calpine Corp
Com Hem Holding AB
American Tower Corp
EDP - Energias de Portugal SA
Comcast Corp Class A
2.19
2.04
2.02
1.94
1.92
Energy Transfer Partners LP
Charter Communications Inc A
NRG Energy Inc
Enbridge Inc
The AES Corp
1.78
1.72
1.68
1.63
1.59
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
89
0
33.00
1,620.43
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
13.66
Large
Medium
Small
51.56
29.51
3.99
........................................................
Micro
Statistics
NextEra Energy Inc
Exelon Corp
Sempra Energy
PPL Corp
PG&E Corp
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks total return.
MFS normally invests at least 80% of the fund's net assets
in securities of issuers in the utilities industry. Issuers in the
utilities industry include issuers engaged in the manufacture,
production, generation, transmission, sale or distribution of
electric, gas or other types of energy, and issuers engaged in
telecommunications, including wireless, telephone, and cable
(but not engaged in public broadcasting). MFS primarily invests
the fund's assets in equity securities, but may also invest in
debt instruments, including below investment grade quality
debt instruments.
1.29
Port Avg Rel S&P 500
18.60
1.71
5.02
17272.00
Risk Measures as of 03-31-17
0.95
0.62
0.45
0.20
Rel Cat
1.02
1.00
0.96
1.00
Port Avg
Rel S&P 500
Rel Cat
11.89
0.85
0.22
-1.93
60.09
1.14
.
0.22
.
.
0.98
1.18
0.96
2.05
1.27
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
2.17
r
t
y
u
0.00
2.17
0.00
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
35.69
i
o
p
a
15.43
19.61
0.65
0.00
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
62.14
s Consumer Defensive
d Healthcare
f Utilities
0.00
0.00
62.14
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Neuberger Berman AMT Large Cap Value
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 1000 Value TR USD
Large Value
QQQ
Average
High
Out of 6763 Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
1.14%
Neuberger Berman Investment
Advisers LLC
.
Eli M. Salzmann
Subadvisor
Portfolio Manager(s)
10 Year
QQQ
QQ
47
6,763
31
5,770
56
3,508
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
87.3
3.2
0.0
9.6
0.0
Top 20 Holdings as of 02-28-17
% Assets
4.80
4.30
4.23
4.03
4.01
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Bank of New York Mellon Corp
Procter & Gamble Co
Eaton Corp PLC
Pfizer Inc
PNC Financial Services Group Inc
3.37
3.20
3.07
2.68
2.58
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Volatility Analysis
Wal-Mart Stores Inc
Goldman Sachs Group Inc
Merck & Co Inc
Joy Global Inc
BHP Billiton Ltd ADR
2.56
2.35
2.27
2.20
2.09
Investment
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
Exelon Corp
M&T Bank Corp
Bank of America Corporation
Lincoln National Corp
Wells Fargo & Co
2.07
1.98
1.96
1.95
1.94
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
62
0
93.00
72.03
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
% Mkt Cap
Giant
50.37
Large
Medium
Small
35.37
11.63
2.63
........................................................
........................................................
Micro
Statistics
JPMorgan Chase & Co
Newmont Mining Corp
Exxon Mobil Corp
Citigroup Inc
Carnival Corp
.......................................................................................................
Neuberger Berman has successfully managed investments for
individuals, families and institutions since 1939. Neuberger
Berman engages in wealth management services including
private asset management, mutual funds, institutional asset
management and alternative investments.
Moderate
Morningstar Equity Style Box™ as of 02-28-17
Value Blend Growth
Investment Manager
Low
5 Year
QQQ
Small
02-05-08
03-22-94
02-05-08
1.14%
3 Year
.
1
7,455
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term growth of capital.
To pursue its goal, the fund normally invests at least 80%
of its net assets in equity securities of large-capitalization
companies, which it defines as those with a market
capitalization within the market capitalization range of the
Russell 1000 Value Index at the time of purchase. Although the
fund invests primarily in domestic stocks, it may also invest in
stocks of foreign companies.
0.00
Port Avg Rel S&P 500
17.21
1.71
10.49
71847.20
Risk Measures as of 03-31-17
0.88
0.62
0.94
0.84
Rel Cat
1.03
0.83
1.16
1.15
Port Avg
Rel S&P 500
Rel Cat
13.61
1.11
0.49
-4.70
71.66
1.31
.
0.50
.
.
1.22
1.11
0.88
1.13
0.82
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
50.61
r
t
y
u
7.06
7.79
35.76
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
27.01
i
o
p
a
2.69
9.67
11.51
3.14
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
22.38
s Consumer Defensive
d Healthcare
f Utilities
8.41
10.87
3.10
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Neuberger Berman AMT M/C Intrinsic Val
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell Mid Cap Value TR USD
Mid-Cap Value
QQQ
Average
Above Average
Out of 2170 Mid-Cap Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
59
2,348
QQQ
QQQQ
QQQ
36
2,170
31
1,816
47
881
Portfolio Analysis
Composition as of 02-28-17
% Assets
89.7
8.9
0.0
1.5
0.0
Operations
02-05-08
08-22-01
02-05-08
1.03%
Prosp Gross Exp Ratio
Advisor
1.03%
Neuberger Berman Investment
Advisers LLC
.
Michael C. Greene
Subadvisor
Portfolio Manager(s)
Top 20 Holdings as of 02-28-17
Investment Manager
Neuberger Berman has successfully managed investments for
individuals, families and institutions since 1939. Neuberger
Berman engages in wealth management services including
private asset management, mutual funds, institutional asset
management and alternative investments.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
3.84
3.27
3.10
3.10
3.09
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
AerCap Holdings NV
Skyworks Solutions Inc
Amdocs Ltd
Valmont Industries Inc
Check Point Software Technologies Ltd
3.02
2.94
2.89
2.74
2.51
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Ashland Global Holdings Inc
ON Semiconductor Corp
B/E Aerospace Inc
Johnson Controls International PLC
Orbital ATK Inc
2.46
2.44
2.42
2.38
2.38
Covanta Holding Corp
Nuance Communications Inc
CenterPoint Energy Inc
American Airlines Group Inc
Colony Starwood Homes
2.34
2.25
2.18
2.15
2.11
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
48
0
36.00
170.28
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
1.90
........................................................
Large
Medium
Small
31.83
49.30
16.97
........................................................
Micro
Statistics
Whole Foods Market Inc
Zimmer Biomet Holdings Inc
BankUnited Inc
General Dynamics Corp
Western Digital Corp
% Mkt Cap
Giant
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks growth of capital.
The fund normally invests at least 80% of its net assets in
equity securities of mid-capitalization companies, which it
defines as those with a total market capitalization within the
market capitalization range of the Russell Midcap Value Index
at the time of purchase. The fund's strategy consists of using
a bottom-up, fundamental research driven approach to identify
stocks of companies that are trading below the Portfolio
Manager's estimate of their intrinsic value and that he believes
have the potential for appreciation over time.
0.00
Port Avg Rel S&P 500
18.01
2.48
6.77
10392.07
Risk Measures as of 03-31-17
0.92
0.91
0.61
0.12
Rel Cat
1.00
1.28
0.83
1.12
Port Avg
Rel S&P 500
Rel Cat
12.22
1.03
0.59
-3.35
77.32
1.17
.
0.60
.
.
1.00
1.00
1.00
0.95
0.99
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
26.62
...............................................................................................
r
t
y
u
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
4.92
8.58
8.95
4.17
j Sensitive
54.32
i
o
p
a
0.00
9.13
23.88
21.31
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
19.06
...............................................................................................
s Consumer Defensive
d Healthcare
f Utilities
ß
®
3.90
9.24
5.92
Release Date: 03-31-2017
Intelligent Variable Annuity-PIMCO VIT All Asset Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
BBgBarc US Trsy Infl Note 1-10Y TR USD
Tactical Allocation
QQQQ
Above Average
Average
Out of 1434 Tactical Allocation VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks maximum real return, consistent with
preservation of real capital and prudent investment
management.
The portfolio seeks to achieve its investment objective by
investing under normal circumstances substantially all of its
assets in Institutional Class or Class M shares of any funds of
the PIMCO Funds and PIMCO Equity Series, affiliated open-end
investment companies, except other funds of funds, or shares
of any actively-managed funds of the PIMCO ETF Trust, an
affiliated investment company.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Operations
..........................................................................................
1.26%
Pacific Investment Management
Co LLC (“PIMCO”)
Research Affiliates LLC
Robert D. Arnott
Subadvisor
Portfolio Manager(s)
PIMCO is an institutional money manager specializing in active
fixed income investment management. Deep bench of
investment talent/ sector specialist portfolio managers.
Proprietary analytics /risk systems. Investment team led by Bill
Gross, CIO, co-founder. PIMCO has grown into one of the most
respected names in fixed-income management, due in large
part to its total return approach to bond investing and strong
long-term performance record.
QQQQ
62
1,434
54
771
21
169
-50
0
50
% Net
100
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.7
33.5
73.5
-14.2
6.6
Total
100.0
Top 20 Holdings as of 12-31-16
Investment Manager
10 Year
QQQ
% Assets
Investment
Low
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
Statistics
13.03
10.73
7.61
6.97
5.67
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
PIMCO RAE Low Volatility PLUS Intl Ins 05-01-23
PIMCO High Yield Spectrum Instl 01-01-22
PIMCO RAE Fundamental EMkts Instl 02-01-32
PIMCO CommoditiesPLUS® Strategy Instl 09-01-18
PIMCO RAE Fundamental PLUS EMG Inst 08-01-23
5.42
4.65
4.65
3.60
3.41
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
PIMCO Real Return Instl 04-01-27
PIMCO StocksPLUS® Intl (USD-Hedged) In 07-01-21
PIMCO Investment Grade Corp Bd Instl 11-01-28
PIMCO Long-Term US Government Instl 10-01-41
PIMCO RAE Fundamental PLUS Intl Inst 09-01-22
3.30
2.89
2.87
2.72
2.54
PIMCO Low Duration Instl 04-01-21
PIMCO High Yield Instl 07-01-22
PIMCO Senior Floating Rate Instl 09-01-22
PIMCO Total Return Instl 11-01-28
PIMCO Extended Duration Instl 11-01-18
2.48
2.47
2.38
2.37
1.52
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
37
67.00
871.04
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Not
Available
Value Blend Growth
PIMCO Emerging Markets Currency Instl 12-01-17
PIMCO RAE Low Volatility PLUS EMG Inst 01-01-22
PIMCO Income Instl 12-01-24
PIMCO Emerging Local Bond Instl 07-01-24
PIMCO RAE Worldwide Long/Short PLUS In 06-01-22
.......................................................................................................
Volatility Analysis
Morningstar Style Box™ as of 12-31-16(EQ) ; 03-31-17(F-I)
Small
Prosp Gross Exp Ratio
Advisor
5 Year
QQQ
Large Mid
02-05-08
01-31-06
02-05-08
1.07%
3 Year
.
6
1,822
Portfolio Analysis
Composition as of 12-31-16
-100
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Port Avg Rel S&P 500
8.67
0.76
2.05
.
Risk Measures as of 03-31-17
0.44
0.28
0.18
.
Rel Cat
0.55
0.39
0.29
.
Port Avg
Rel S&P 500
Rel Cat
8.10
1.04
0.20
-3.00
69.06
0.78
.
0.20
.
.
1.17
1.11
0.67
1.35
0.90
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
0.00
r
t
y
u
0.00
0.00
0.00
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
0.00
i
o
p
a
0.00
0.00
0.00
0.00
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
0.00
s Consumer Defensive
d Healthcare
f Utilities
0.00
0.00
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PIMCO VIT Commodity Real Return Strategy
Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Bloomberg Commodity TR USD
Category
Overall Morningstar Rating™
Commodities Broad Basket
QQQQQ
Morningstar Return
Morningstar Risk
High
Above Average
Out of 440 Commodities Broad Basket VA subaccounts. An investment's overall Morningstar Rating, based on its
risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for
details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks maximum real return, consistent with
prudent investment management.
The portfolio seeks to achieve its investment objective by
investing under normal circumstances in commodity-linked
derivative instruments backed by a portfolio of inflation-indexed
securities and other Fixed Income Instruments. It invests in
commodity-linked derivative instruments, including commodity
index-linked notes, swap agreements, commodity options,
futures and options on futures, that provide exposure to the
investment returns of the commodities markets, without
investing directly in physical commodities.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
4
527
QQQQ
QQQQQ
QQQQQ
6
440
2
313
1
123
Portfolio Analysis
Composition as of 12-31-16
% Net
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.0
-0.9
76.4
1.9
22.6
Morningstar Fixed Income Style Box™ as of 12-31-16
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Not
Available
2.73
3.01
1.54
.
..........................................................................................
-100
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
11-01-13
04-30-12
11-01-13
0.74%
Prosp Gross Exp Ratio
Advisor
1.02%
Pacific Investment Management
Co LLC (“PIMCO”)
.
Mihir P. Worah
Jeremie Banet
Nicholas J. Johnson
Subadvisor
Portfolio Manager(s)
PIMCO is an institutional money manager specializing in active
fixed income investment management. Deep bench of
investment talent/ sector specialist portfolio managers.
Proprietary analytics /risk systems. Investment team led by Bill
Gross, CIO, co-founder. PIMCO has grown into one of the most
respected names in fixed-income management, due in large
part to its total return approach to bond investing and strong
long-term performance record.
Volatility Analysis
Investment
Moderate
0
50
100
Total
Top 20 Holdings as of 12-31-16
Investment Manager
Low
-50
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
US Treasury Note 04-15-18
Pimco Cayman Cmdty Port I Ltd 07-01-18
US Treasury Note 07-15-21
US 10 Year Note (CBT) Mar17 03-22-17
IRS USD 2.25000 12/16/15-7Y
CME_Receiv 12-16-22
100.0
% Assets
23.35
22.24
11.32
11.20
6.63
.......................................................................................................
US Treasury TIP 1.25% 07-15-20
US Treasury Note 04-15-20
Iro Usd 1y P 1.20000 M 02/13/17 Cbk 02-13-17
Iro Usd 1y P 1.25000 M 02/06/17 Myc 02-06-17
IRS USD 2.50000 02/22/21-5Y CME_Pay 02-22-26
4.86
4.77
4.75
4.46
4.45
US Treasury Note 07-15-23
US Treasury Note 07-15-22
INF SWAP US IT R 2.56 05/08/13-10Y DUB 05-08-23
US Treasury Note 04-15-21
INF SWAP US IT R 1.715 04/15/16-1Y BOA 04-15-17
3.90
3.66
3.63
3.56
2.89
FNMA 02-13-47
Iro Usd 1y P 1.25000 M 02/21/17 Myc 02-21-17
IRS USD 2.50000 12/19/18-5Y
CME_Receiv 12-19-23
US Treasury Note 04-15-19
IRS GBP 0.75000 03/15/17-10Y CME_Pay 03-15-27
2.88
2.84
2.81
.......................................................................................................
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Rel Cat
-0.02
.
0.00
.
.
1.01
1.00
0.91
-0.48
0.99
% Fund
⁄
›
€
‹
fi
±
58.85
4.52
4.79
0.01
24.42
7.39
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis
% Bonds
Not Available
2.56
2.53
.......................................................................................................
0
227
206.00
382.79
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Rel BC Aggr
15.14
0.85
-0.96
0.44
90.44
Morningstar Sectors as of 12-31-16
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Port Avg
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PIMCO VIT Emerging Markets Bond Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
JPM EMBI Global TR USD
Emerging Markets Bond
QQQQQ
High
High
Out of 378 Emerging Markets Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks maximum total return, consistent with
preservation of capital and prudent investment management.
The portfolio seeks to achieve its investment objective by
investing under normal circumstances at least 80% of its assets
in Fixed Income Instruments that are economically tied to
emerging market countries, which may be represented by
forwards or derivatives such as options, futures contracts or
swap agreements. "Fixed Income Instruments" include bonds,
debt securities and other similar instruments issued by various
U.S. and non-U.S. public- or private-sector entities.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Operations
..........................................................................................
11-01-13
04-30-12
11-01-13
0.85%
Prosp Gross Exp Ratio
Advisor
0.85%
Pacific Investment Management
Co LLC (“PIMCO”)
.
Michael A. Gomez
Subadvisor
Portfolio Manager(s)
3 Year
5 Year
10 Year
.
11
479
QQQQQ
QQQQQ
QQQQQ
3
378
2
218
1
152
Portfolio Analysis
Composition as of 12-31-16
% Net
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
-100
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
-50
0
50
100
Total
Top 20 Holdings as of 12-31-16
Fin Fut Euro$ Cme (Wht) 12/18/17 12-19-17
US 5 Year Note (CBT) Mar17 03-31-17
Petrobras Intl Fin 5.75% 01-20-20
ZCS BRL 8.2 12/10/12-01/02/17
CME_Rece 01-02-17
Petroleos Mexicanos 6.5% 06-02-41
0.0
0.0
97.5
2.5
0.0
PIMCO is an institutional money manager specializing in active
fixed income investment management. Deep bench of
investment talent/ sector specialist portfolio managers.
Proprietary analytics /risk systems. Investment team led by Bill
Gross, CIO, co-founder. PIMCO has grown into one of the most
respected names in fixed-income management, due in large
part to its total return approach to bond investing and strong
long-term performance record.
Volatility Analysis
Investment
Low
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Not
Available
5.91
10.78
5.10
.
100.0
% Assets
18.75
3.55
3.15
2.91
2.82
.......................................................................................................
Investment Manager
Morningstar Fixed Income Style Box™ as of 12-31-16
Pimco Fds 01-10-21
ZCS BRL 10.91 06/18/13-01/02/17
CME_Pa 01-02-17
ZCS BRL 13.82 06/11/15-01/02/17
CME_Pa 01-02-17
US 10 Year Note (CBT) Mar17 03-22-17
United Mexican Sts Mtn Be 3.5% 01-21-21
2.74
2.41
Brazil Federative Rep 01-01-18
Poland Rep 3.25% 04-06-26
Perusahaan Listrik Negara Pt 5.5% 11-22-21
Sb Cap Sa 6.125% 02-07-22
Peru La Sp Bps 06-20-18
2.06
1.38
1.36
1.34
1.31
Russia Em Sp Brc 12-20-20
Cdx Em26 Ice 12-20-21
Jsc Natl Company Kazmunay 7% 05-05-20
Brazil Minas Spe 5.333% 02-15-28
Russia Em Sp Cbk 12-20-20
1.31
1.28
1.26
1.25
1.24
2.37
2.22
2.14
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
7.85
1.09
0.52
1.35
16.82
-0.01
.
0.00
.
.
1.04
0.99
1.63
-4.09
0.89
Morningstar Sectors as of 12-31-16
% Fund
⁄
›
€
‹
fi
±
37.93
31.74
0.96
1.09
9.32
18.97
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
.......................................................................................................
Credit Analysis
% Bonds
Not Available
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
2
371
33.00
299.32
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PIMCO VIT Global Bond Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
JPM GBI Global FX NY TR USD
World Bond
QQQ
Average
Average
Out of 1157 World Bond VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks maximum total return, consistent with
preservation of capital and prudent investment management.
The fund seeks to achieve its investment objective by
investing under normal circumstances at least 80% of its assets
in Fixed Income Instruments that are economically tied to at
least three countries (one of which may be the United States),
which may be represented by forwards or derivatives such as
options, futures contracts or swap agreements. "Fixed Income
Instruments" include bonds, debt securities and other similar
instruments issued by various U.S. and non-U.S. public- or
private-sector entities.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
57
1,445
QQQQ
QQQ
QQQ
20
1,157
42
926
30
405
Portfolio Analysis
Composition as of 12-31-16
% Net
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.0
2.1
204.8
-108.0
1.1
Total
100.0
Morningstar Fixed Income Style Box™ as of 12-31-16
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Not
Available
6.36
10.09
.
.
..........................................................................................
-100
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
01-31-06
02-05-08
0.75%
Prosp Gross Exp Ratio
Advisor
0.75%
Pacific Investment Management
Co LLC (“PIMCO”)
.
Andrew Thomas Balls
Lorenzo Pagani
Sachin Gupta
Subadvisor
Portfolio Manager(s)
PIMCO is an institutional money manager specializing in active
fixed income investment management. Deep bench of
investment talent/ sector specialist portfolio managers.
Proprietary analytics /risk systems. Investment team led by Bill
Gross, CIO, co-founder. PIMCO has grown into one of the most
respected names in fixed-income management, due in large
part to its total return approach to bond investing and strong
long-term performance record.
Volatility Analysis
Investment
Moderate
0
50
100
Top 20 Holdings as of 12-31-16
Investment Manager
Low
-50
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
% Assets
Iro Jpy 2y P 0.00000 M 03/03/17 Jpm 03-03-17
108.51
US 10 Year Note (CBT) Mar17 03-22-17
18.43
US 5 Year Note (CBT) Mar17 03-31-17
17.20
IRS USD 1.00000 05/15/17-1Y (WHT)
15.35
CME_ 05-15-18
IRS USD 1.25000 05/15/18-1Y (RED) CME_ 05-15-19 15.31
.......................................................................................................
IRS USD 1.75000 12/21/16-7Y LCH_Pay 12-21-23
2 Year US Treasury Note Future Mar17 03-31-17
FNMA 02-13-47
Iro Usd 1y P 1.64000 M 06/19/17 Myc 06-19-17
IRS USD 2.00000 06/15/16-7Y LCH_Pay 06-15-23
13.49
12.34
9.17
9.01
7.32
.......................................................................................................
IRS EUR 2.50000 03/21/18-5Y CME_Receiv 03-21-23
Euro Schatz Mar17 03-08-17
IRS USD 1.75000 12/21/16-10Y LCH_Pay 12-21-26
Iro Usd 1y P 2.03000 M 12/18/17 Myc 12-18-17
FNMA 02-13-47
6.86
6.75
6.03
5.81
5.77
IRS EUR 0.50000 03/15/17-10Y
CME_Recei 03-15-27
IRS JPY 1.50000 06/19/13-20Y CME_Recei 06-19-33
Japan(Govt Of) 0.2% 06-20-17
IRS JPY 0.50000 09/17/14-7Y CME_Pay 09-17-21
SGX 10-Year Mini Japanese Government B 03-10-17
5.59
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Rel Cat
-0.01
.
0.00
.
.
0.95
2.26
0.00
1.54
2.19
% Fund
⁄
›
€
‹
fi
±
48.80
4.05
8.60
1.08
21.40
16.07
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis
% Bonds
Not Available
5.57
4.93
4.73
4.32
.......................................................................................................
1
359
676.00
240.26
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Rel BC Aggr
5.22
1.29
0.00
-3.21
52.70
Morningstar Sectors as of 12-31-16
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Port Avg
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PIMCO VIT Real Return Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
BBgBarc US Treasury US TIPS TR USD
Inflation-Protected Bond
QQQQQ
High
Above Average
Out of 956 Inflation-Protected Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks maximum real return, consistent with
preservation of real capital and prudent investment
management.
The portfolio seeks to achieve its investment objective by
investing under normal circumstances at least 80% of its net
assets in inflation-indexed bonds of varying maturities issued
by the U.S. and non-U.S. governments, their agencies or
instrumentalities and corporations, which may be represented
by forwards or derivatives such as options, futures contracts
or swap agreements. Assets not invested in inflation-indexed
bonds may be invested in other types of Fixed Income
Instruments.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
14
1,033
QQQQ
QQQQQ
QQQQQ
14
956
10
802
3
378
Portfolio Analysis
Composition as of 12-31-16
% Net
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.0
-0.7
91.6
8.8
0.2
Morningstar Fixed Income Style Box™ as of 12-31-16
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Not
Available
7.54
8.53
1.99
.
..........................................................................................
-100
-50
0
50
100
Total
100.0
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
04-10-00
02-05-08
0.50%
Prosp Gross Exp Ratio
Advisor
0.63%
Pacific Investment Management
Co LLC (“PIMCO”)
.
Mihir P. Worah
Jeremie Banet
Subadvisor
Portfolio Manager(s)
Top 20 Holdings as of 12-31-16
Investment Manager
PIMCO is an institutional money manager specializing in active
fixed income investment management. Deep bench of
investment talent/ sector specialist portfolio managers.
Proprietary analytics /risk systems. Investment team led by Bill
Gross, CIO, co-founder. PIMCO has grown into one of the most
respected names in fixed-income management, due in large
part to its total return approach to bond investing and strong
long-term performance record.
Volatility Analysis
Investment
Low
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
Pimco Fds 01-10-21
US Treasury Note 07-15-22
US Treasury Bond 01-15-25
US 10 Year Note (CBT) Mar17 03-22-17
US Treasury Note 01-15-22
% Assets
17.10
10.14
8.25
8.19
7.37
.......................................................................................................
US Treasury Bond 04-15-29
US Treasury TIP 01-15-23
US Treasury Bond 02-15-44
Iro Usd 1y P 1.20000 M 02/13/17 Cbk 02-13-17
US Treasury Bond 01-15-29
6.98
6.14
6.02
5.19
4.83
Iro Usd 1y P 1.25000 M 02/06/17 Rbc 02-06-17
IRS USD 2.40000 03/16/21-5Y CME_Pay 03-16-26
US Treasury Note 01-15-20
US Treasury Note 07-15-23
INF SWAP US IT 2.25 07/15/12-5Y LCH_Pa 07-15-17
4.76
4.70
4.44
3.82
3.73
US 5 Year Note (CBT) Mar17 03-31-17
US Treasury Note 04-15-20
US Treasury Bond 04-15-28
US Treasury Note 07-15-21
Iro Usd 1y P 1.25000 M 02/21/17 Myc 02-21-17
3.72
3.64
3.59
3.30
3.15
.......................................................................................................
.......................................................................................................
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Rel Cat
0.00
.
0.00
.
.
1.09
1.06
12.00
0.70
0.95
% Fund
⁄
›
€
‹
fi
±
57.68
5.11
3.86
0.03
27.20
6.12
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis
% Bonds
Not Available
0
339
132.00
2,220.33
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Rel BC Aggr
4.62
1.16
0.24
-1.78
54.71
Morningstar Sectors as of 12-31-16
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Port Avg
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PSF Jennison 20/20 Focus II
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Large Growth
QQ
Below Average
Above Average
Out of 9654 Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
48
10,644
QQ
Q
QQ
84
9,654
94
8,219
74
4,990
Portfolio Analysis
Composition as of 02-28-17
% Assets
81.1
17.7
0.0
1.2
0.0
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
02-15-00
02-05-08
1.23%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
1.23%
PGIM Investments LLC
Jennison Associates LLC
Spiros “Sig” Segalas
Warren N. Koontz
Top 20 Holdings as of 02-28-17
Investment Manager
Commitment to Performance: Superior long-term investment
returns for over 39 years. Investment Culture: Values individual
impact and rewards team performance. Consistent Philosophy:
Internal Fundamental Research, bottom-up stock selection, and
a highly interactive investment process Top-Caliber Investment
Talent: Small highly experienced investment teams exclusively
focused on investing.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
4.79
4.39
4.01
3.95
3.69
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Tencent Holdings Ltd ADR
Charter Communications Inc A
Adobe Systems Inc
Celgene Corp
Broadcom Ltd
3.68
3.59
3.58
3.55
3.39
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Mastercard Inc A
Goldman Sachs Group Inc
Salesforce.com Inc
adidas AG
JPMorgan Chase & Co
3.37
3.33
3.28
3.08
3.07
NVIDIA Corp
PNC Financial Services Group Inc
EOG Resources Inc
Industria De Diseno Textil SA
Alphabet Inc A
2.94
2.88
2.80
2.45
2.33
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
40
0
69.00
206.80
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
51.52
Large
Medium
Small
45.39
3.09
0.00
........................................................
Micro
Statistics
Microsoft Corp
Allergan PLC
Alibaba Group Holding Ltd ADR
Amazon.com Inc
Facebook Inc A
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term growth of capital.
The fund invests primarily in equity and equity-related
securities of approximately 40 (which may range up to 50) U.S.
companies that are selected by the Portfolio's two portfolio
managers as having strong capital appreciation potential. The
manager seeks investments in companies which are being
valued at a discount to their intrinsic value, as defined by their
business model, returns on assets and/or equity, free cash flow
yields, quality of management, and that possess a favorable
return/risk profile. Up to 20% of its total assets may be invested
in foreign securities.
0.00
Port Avg Rel S&P 500
24.85
2.52
14.66
104025.36
Risk Measures as of 03-31-17
1.27
0.92
1.31
1.21
Rel Cat
1.07
0.65
1.10
1.55
Port Avg
Rel S&P 500
Rel Cat
12.21
1.06
0.54
-4.24
81.52
1.17
.
0.55
.
.
1.02
1.01
0.79
1.67
0.97
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
34.51
r
t
y
u
1.48
16.50
16.53
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
48.54
i
o
p
a
5.53
7.19
3.66
32.16
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
16.94
s Consumer Defensive
d Healthcare
f Utilities
2.32
12.72
1.90
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PSF Natural Resources II
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Natural Resources
QQ
Below Average
Above Average
Out of 658 Natural Resources VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
77
752
Q
Q
QQ
95
658
93
460
76
257
Portfolio Analysis
Composition as of 02-28-17
% Assets
63.9
34.9
0.0
1.2
0.0
Operations
02-05-08
04-28-05
02-05-08
0.90%
Prosp Gross Exp Ratio
Advisor
Subadvisor
0.91%
PGIM Investments LLC
Allianz Global Investors U.S. LLC –
New York
Paul D. Strand
Portfolio Manager(s)
Top 20 Holdings as of 02-28-17
Investment Manager
Commitment to Performance: Superior long-term investment
returns for over 39 years. Investment Culture: Values individual
impact and rewards team performance. Consistent Philosophy:
Internal Fundamental Research, bottom-up stock selection, and
a highly interactive investment process Top-Caliber Investment
Talent: Small highly experienced investment teams exclusively
focused on investing.
% Assets
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
27.57
Large
Medium
Small
19.30
36.78
16.35
........................................................
Micro
Statistics
0.00
Port Avg Rel S&P 500
5.21
3.88
3.86
3.83
3.49
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Halliburton Co
Concho Resources Inc
SM Energy Co
Range Resources Corp
Continental Resources Inc
3.43
3.38
3.28
3.19
3.15
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
23.77
1.28
-0.52
-19.15
34.03
2.28
.
-0.53
.
.
1.11
1.02
1.79
1.45
0.81
Whiting Petroleum Corp
Vale SA ADR
Rio Tinto PLC
Glencore PLC
Schlumberger Ltd
3.05
2.88
2.84
2.82
2.59
PDC Energy Inc
Lundin Mining Corp
Total SA
Parsley Energy Inc A
Vulcan Materials Co
2.52
2.47
2.47
2.29
2.12
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
44
0
140.00
473.07
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
21.44
1.88
10.94
17511.78
1.10
0.69
0.98
0.20
Rel Cat
US Silica Holdings Inc
Pioneer Natural Resources Co
BHP Billiton Ltd
EOG Resources Inc
Weatherford International PLC
.......................................................................................................
Volatility Analysis
% Mkt Cap
Giant
........................................................
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term growth of capital.
In pursuing its investment objective, the fund normally invests
at least 80% of its assets (net assets plus any borrowings made
for investment purposes) in equity securities of companies that
are associated with natural resources, including those
companies that are principally engaged in the research,
development, manufacturing, extraction, distribution or sale of
materials, energy or goods related to the Agriculture, Energy,
Materials or Commodity-Related Industrials sectors. The fund
is non-diversified.
0.89
0.90
1.12
1.02
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
37.82
r
t
y
u
36.74
1.08
0.00
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
62.18
i
o
p
a
0.00
58.93
3.25
0.00
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
0.00
s Consumer Defensive
d Healthcare
f Utilities
0.00
0.00
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PSF Value II
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Large Value
QQ
Below Average
Above Average
Out of 6763 Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
24
7,455
QQ
Q
QQQ
89
6,763
90
5,770
62
3,508
Portfolio Analysis
Composition as of 02-28-17
% Assets
89.8
8.7
0.0
1.6
0.0
Operations
02-05-08
05-14-01
02-05-08
0.83%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.83%
PGIM Investments LLC
Jennison Associates LLC
Warren N. Koontz
Top 20 Holdings as of 02-28-17
Investment Manager
Commitment to Performance: Superior long-term investment
returns for over 39 years. Investment Culture: Values individual
impact and rewards team performance. Consistent Philosophy:
Internal Fundamental Research, bottom-up stock selection, and
a highly interactive investment process Top-Caliber Investment
Talent: Small highly experienced investment teams exclusively
focused on investing.
Volatility Analysis
% Assets
4.49
3.05
2.46
2.37
2.33
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
PG&E Corp
Citigroup Inc
Chevron Corp
Pfizer Inc
Alphabet Inc A
2.30
2.19
2.15
2.13
2.10
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Comcast Corp Class A
PNC Financial Services Group Inc
Halliburton Co
United Technologies Corp
Royal Dutch Shell PLC ADR Class A
2.10
2.06
2.00
2.00
1.99
Capital One Financial Corp
Microsoft Corp
Chubb Ltd
Wells Fargo & Co
BB&T Corp
1.98
1.98
1.94
1.74
1.72
.......................................................................................................
.......................................................................................................
.......................................................................................................
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
62
0
24.00
1,412.81
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
47.02
Large
Medium
Small
36.05
16.04
0.88
........................................................
Micro
Statistics
JPMorgan Chase & Co
Bank of America Corporation
Goldman Sachs Group Inc
Procter & Gamble Co
Merck & Co Inc
% Mkt Cap
Giant
........................................................
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks capital appreciation.
The fund normally invests at least 65% of its total assets in
equity and equity-related securities, with an emphasis on
securities of large capitalization companies. The fund's
manager defines large capitalization companies as those
companies with market capitalizations, measured at the time
of purchase, to be within the market capitalization of the Russell
1000® Value Index. The fund may invest up to 25% of its total
assets in real estate investment trusts (REITs) and up to 30%
of its total assets in foreign securities.
0.00
Port Avg Rel S&P 500
18.42
1.83
10.33
67860.07
Risk Measures as of 03-31-17
0.94
0.67
0.92
0.79
Rel Cat
1.10
0.88
1.14
1.09
Port Avg
Rel S&P 500
Rel Cat
11.79
1.07
0.35
-6.84
88.48
1.13
.
0.36
.
.
1.06
1.07
0.63
1.64
1.01
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
37.45
r
t
y
u
2.84
8.64
25.97
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
39.48
i
o
p
a
5.08
12.14
9.04
13.22
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
23.06
s Consumer Defensive
d Healthcare
f Utilities
6.59
12.66
3.81
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PVC Equity Income Account
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 1000 Value TR USD
Large Value
QQQQQ
High
Below Average
Out of 6763 Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
35
7,455
QQQQ
QQQQ
QQQQQ
12
6,763
26
5,770
4
3,508
Portfolio Analysis
Composition as of 02-28-17
% Assets
82.1
15.7
0.0
2.1
0.0
Morningstar Equity Style Box™ as of 02-28-17
% Mkt Cap
Giant
38.00
Large
Medium
Small
43.37
18.63
0.00
........................................................
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks to provide current income and long-term
growth of income and capital.
Under normal circumstances, the Account invests at least
80% of its net assets, plus any borrowings for investment
purposes, in dividend-paying equity securities at the time of
each purchase. The Account usually invests in equity securities
of companies with large market capitalizations. For this
Account, companies with large market capitalizations are those
with market capitalizations within the range of companies
comprising the Russell 1000® Value Index (as of December
31, 2015, this range was between approximately $383.0
million and $448.8 billion).
........................................................
Micro
Value Blend Growth
0.00
Operations
Top 20 Holdings as of 02-28-17
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
04-28-98
02-05-08
0.49%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.49%
Principal Management Corp
Edge Asset Management, Inc
David W. Simpson
Daniel R. Coleman
Investment Manager
Edge Asset Management has been a pioneer in the field of
actively managed asset allocation funds and is a leading
manager of value equities and taxable fixed-income securities.
For over 65 years, Edge has built a reputation for performance
and integrity. Its investment approach is defined by rigorous
fundamental research and a value-oriented investment
philosophy, to seek the highest risk-adjusted returns for
investors through a broad range of investment vehicles and
strategies. Edge Asset Management is an affiliated investment
advisor of Principal Global Investors and a member of the
Principal Financial Group, with approximately $11.2 billion in
assets under management, including approximately $3.6 billion
in institutional assets (as of December 31, 2008).
Volatility Analysis
Investment
Low
Moderate
% Assets
Statistics
Apple Inc
Fidelity National Financial Inc
Discover Financial Services
Chubb Ltd
Enterprise Products Partners LP
2.86
2.62
2.47
2.45
2.20
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Marathon Petroleum Corp
BlackRock Inc
BlackRock Liquidity FedFund Instl
Microchip Technology Inc
JPMorgan Chase & Co
2.16
2.14
2.14
2.13
2.12
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Hasbro Inc
The Kroger Co
Deere & Co
Digital Realty Trust Inc
Royal Dutch Shell PLC ADR Class B
2.00
1.96
1.92
1.84
1.84
KKR & Co LP
Roche Holding AG ADR
PNC Financial Services Group Inc
US Bancorp
Wells Fargo & Co
1.82
1.77
1.75
1.72
1.72
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
80
0
17.10
558.38
High
Category
Port Avg Rel S&P 500
17.63
2.42
11.31
54026.79
Risk Measures as of 03-31-17
Rel Cat
1.05
1.17
1.25
0.87
Port Avg
Rel S&P 500
Rel Cat
9.91
0.92
0.79
-1.69
94.45
0.95
.
0.81
.
.
0.89
0.92
1.41
0.41
1.08
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
38.79
r
t
y
u
2.34
7.03
24.05
5.37
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
37.48
i
o
p
a
2.69
12.00
12.90
9.89
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
23.73
s Consumer Defensive
d Healthcare
f Utilities
5.59
11.54
6.60
...............................................................................................
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.90
0.88
1.01
0.63
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-PVC MidCap Account
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell Mid Cap TR USD
Mid-Cap Growth
QQQQQ
High
Below Average
Out of 4151 Mid-Cap Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
15
4,485
QQQQQ
QQQQQ
QQQQQ
2
4,151
1
3,404
1
2,120
Portfolio Analysis
Composition as of 02-28-17
% Assets
87.5
12.5
0.0
0.0
0.0
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
10-23-09
12-18-87
10-23-09
0.53%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.53%
Principal Management Corp
Principal Global Investors, LLC
K. William Nolin
Thomas Rozycki
Top 20 Holdings as of 02-28-17
Investment Manager
Edge Asset Management has been a pioneer in the field of
actively managed asset allocation funds and is a leading
manager of value equities and taxable fixed-income securities.
For over 65 years, Edge has built a reputation for performance
and integrity. Its investment approach is defined by rigorous
fundamental research and a value-oriented investment
philosophy, to seek the highest risk-adjusted returns for
investors through a broad range of investment vehicles and
strategies. Edge Asset Management is an affiliated investment
advisor of Principal Global Investors and a member of the
Principal Financial Group, with approximately $11.2 billion in
assets under management, including approximately $3.6 billion
in institutional assets (as of December 31, 2008).
Volatility Analysis
Investment
Moderate
High
% Assets
4.85
3.58
3.44
3.37
3.20
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
CarMax Inc
Moody's Corporation
Restaurant Brands International Inc
O'Reilly Automotive Inc
Ross Stores Inc
2.83
2.82
2.55
2.21
2.17
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Autodesk Inc
S&P Global Inc
Roper Technologies Inc
Air Products & Chemicals Inc
Fidelity National Financial Inc
2.15
2.14
2.11
2.05
2.04
Dollar Tree Inc
Brookfield Infrastructure Partners LP
Colfax Corp
AutoZone Inc
Liberty Broadband Corp C
1.96
1.85
1.84
1.71
1.71
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
82
0
13.60
572.04
Category
Large
Medium
Small
34.96
58.71
1.34
........................................................
Micro
0.14
Port Avg Rel S&P 500
24.90
2.40
9.50
15149.32
Risk Measures as of 03-31-17
1.27
0.88
0.85
0.18
Rel Cat
1.06
0.66
0.73
1.56
Port Avg
Rel S&P 500
Rel Cat
12.13
1.10
0.81
-1.38
88.39
1.17
.
0.83
.
.
0.95
1.06
2.08
0.23
1.21
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
56.18
r
t
y
u
5.64
18.75
22.01
9.78
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
33.29
i
o
p
a
7.76
0.00
15.19
10.34
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
10.53
...............................................................................................
s Consumer Defensive
d Healthcare
f Utilities
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
4.85
........................................................
Statistics
Brookfield Asset Management Inc Class A
SBA Communications Corp
Aon PLC
Markel Corp
TransDigm Group Inc
% Mkt Cap
Giant
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term growth of capital.
Under normal circumstances, the Account invests at least
80% of its net assets, plus any borrowings for investment
purposes, in equity securities of companies with medium
market capitalizations at the time of each purchase. For this
Account, companies with medium market capitalizations are
those with market capitalizations within the range of
companies comprising the Russell Midcap® Index (as of
December 31, 2015, this range was between approximately
$383.0 million and $30.4 billion). The Account invests in foreign
securities.
ß
®
3.69
4.58
2.26
Release Date: 03-31-2017
Intelligent Variable Annuity-Royce Cap Fd Micro-Cap Inv. Cl.
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 2000 TR USD
Small Blend
Q
Low
Average
Out of 2593 Small Blend VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
1.33%
Royce & Associates, LP
.
James P. Stoeffel
Brendan J. Hartman
Q
Q
95
2,593
96
2,232
96
1,236
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
76.6
8.8
0.0
9.7
4.9
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
0.00
0.88
11.60
Micro
87.52
........................................................
Statistics
Port Avg Rel S&P 500
PC Connection Inc
ePlus Inc
Cryolife Inc
Zealand Pharma A/S
Ardmore Shipping Corp
1.04
0.99
0.89
0.89
0.88
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
19.65
1.71
7.44
445.62
Lindsay Corp
A V Homes Inc
LSI Industries Inc
Kornit Digital Ltd
Orbotech Ltd
0.82
0.80
0.80
0.78
0.78
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Clarkson PLC
Nautilus Inc
Heidrick & Struggles International Inc
Photronics Inc
Silicon Motion Technology Corp ADR
0.77
0.77
0.76
0.76
0.75
Ultra Clean Holdings Inc
Haynes International Inc
Lydall Inc
Newpark Resources Inc
QAD Inc
0.74
0.73
0.73
0.73
0.73
Top 20 Holdings as of 03-31-17
% Assets
.......................................................................................................
Royce & Associates is committed to the same smallcompany value investing principles that have served them well
for more than 30 years. Charles M. Royce, chief investment
officer, enjoys one of the longest tenures of any active mutual
fund manager. Royce's investment staff includes twelve other
portfolio managers, as well as nine assistant portfolio managers
and analysts, and seven traders.
10 Year
Morningstar Equity Style Box™ as of 03-31-17
Value Blend Growth
Investment Manager
Low
5 Year
Q
Small
02-05-08
12-27-96
02-05-08
1.33%
3 Year
.
74
2,820
Portfolio Analysis
Composition as of 03-31-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term growth of capital.
Normally, the fund invests at least 80% of its net assets in
equity securities of companies with market caps up to $1
billion. Although the fund normally focuses on securities of U.S.
companies, it may invest up to 25% of its net assets (measured
at the time of investment) in securities of companies
headquartered in foreign countries. It may invest in other
investment companies that invest in equity securities.
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
148
0
57.00
201.43
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Risk Measures as of 03-31-17
1.01
0.62
0.66
0.01
Rel Cat
0.98
0.84
0.92
0.22
Port Avg
Rel S&P 500
Rel Cat
14.44
0.99
0.04
-9.58
51.00
1.39
.
0.04
.
.
0.94
0.85
0.11
1.60
0.82
Morningstar Sectors as of 03-31-17
% Fund
h Cyclical
36.99
r
t
y
u
5.03
18.05
12.33
1.58
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
50.97
i
o
p
a
0.85
4.91
20.10
25.11
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
12.04
...............................................................................................
s Consumer Defensive
d Healthcare
f Utilities
ß
®
2.84
9.20
0.00
Release Date: 03-31-2017
Intelligent Variable Annuity-Royce Cap Fd Small-Cap Inv. Cl.
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 2000 TR USD
Small Value
QQQ
Below Average
Below Average
Out of 1586 Small Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
1.06%
Royce & Associates, LP
.
Jay S. Kaplan
Royce & Associates is committed to the same smallcompany value investing principles that have served them well
for more than 30 years. Charles M. Royce, chief investment
officer, enjoys one of the longest tenures of any active mutual
fund manager. Royce's investment staff includes twelve other
portfolio managers, as well as nine assistant portfolio managers
and analysts, and seven traders.
Volatility Analysis
Investment
Moderate
10 Year
Q
QQQQ
93
1,586
94
1,385
47
752
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
81.2
4.6
0.0
13.8
0.4
Morningstar Equity Style Box™ as of 03-31-17
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
0.00
14.03
36.20
Micro
49.76
........................................................
Value Blend Growth
Investment Manager
Low
5 Year
Q
Small
02-05-08
12-27-96
02-05-08
1.06%
3 Year
.
95
1,737
Portfolio Analysis
Composition as of 03-31-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term growth of capital.
The fund invests the fund's assets primarily in equity
securities of small-cap companies with market capitalizations
up to $3 billion that Royce believes are trading below its
estimate of their current worth. It generally invests in such
companies that the advisor believes also possess financial
strength, a strong business model, and the ability to generate
and effectively allocate excess free cash flow.
Statistics
Port Avg Rel S&P 500
Rel Cat
Top 20 Holdings as of 03-31-17
% Assets
PC Connection Inc
Miller Industries Inc.
Korn/Ferry International
Vishay Intertechnology Inc
Genworth MI Canada Inc
2.71
2.68
2.61
2.60
2.59
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
15.30
1.77
7.73
1194.61
Gentex Corp
Federated Investors Inc Class B
Spirit Airlines Inc
American Eagle Outfitters Inc
Moelis & Co Class A
2.58
2.52
2.49
2.48
2.38
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
14.53
0.90
0.19
-6.48
41.40
1.40
.
0.19
.
.
0.97
0.83
0.46
1.29
0.71
DSW Inc
Shoe Carnival Inc
Celestica Inc
Saga Communications Inc
Apogee Enterprises Inc
2.32
2.27
2.02
2.01
2.00
Trustco Bank Corp N Y
American Woodmark Corp
Wabash National Corp
Reinsurance Group of America Inc
Fabrinet
2.00
1.98
1.94
1.93
1.84
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
71
0
78.00
492.25
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.78
0.65
0.69
0.01
0.83
1.01
1.01
0.57
Morningstar Sectors as of 03-31-17
% Fund
h Cyclical
56.84
r
t
y
u
2.33
29.56
23.30
1.65
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
40.03
i
o
p
a
0.00
3.52
19.26
17.25
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
3.14
s Consumer Defensive
d Healthcare
f Utilities
2.09
1.05
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-T. Rowe Price Health Sciences Portfolio I
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Health
QQQQQ
High
Above Average
Out of 786 Health VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted return,
is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
19
872
QQQQQ
QQQQQ
QQQQQ
2
786
1
724
1
534
Portfolio Analysis
Composition as of 12-31-16
% Assets
93.2
5.1
0.0
0.9
0.7
Operations
12-12-14
12-29-00
12-12-14
0.95%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.95%
T. Rowe Price Associates, Inc.
.
Ziad Bakri
Top 20 Holdings as of 12-31-16
Investment Manager
T. Rowe Price is an independent investment management firm
with an unyielding focus on helping investors around the world
achieve their long-term goals. Headquartered in Baltimore,
Maryland, we provide a broad array of mutual funds,
subadvisory services, and related services for financial
intermediaries. Our approach to managing investments is
rooted in proprietary, fundamental research, distinguished by
discipline, and carried out by experienced professionals.
% Assets
5.28
3.85
3.22
2.98
2.94
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Aetna Inc
Alexion Pharmaceuticals Inc
Humana Inc
Intuitive Surgical Inc
Thermo Fisher Scientific Inc
2.89
2.85
2.82
2.64
2.60
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Biogen Inc
Regeneron Pharmaceuticals Inc
Incyte Corp
Agilent Technologies Inc
Walgreens Boots Alliance Inc
2.26
2.19
1.98
1.96
1.94
Anthem Inc
Stryker Corp
Vertex Pharmaceuticals Inc
Gilead Sciences Inc
Bristol-Myers Squibb Company
1.91
1.90
1.89
1.86
1.80
.......................................................................................................
.......................................................................................................
.......................................................................................................
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
143
0
28.50
608.68
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
21.05
Large
Medium
Small
40.26
23.70
10.05
........................................................
Micro
Statistics
UnitedHealth Group Inc
Becton, Dickinson and Co
Allergan PLC
Tesaro Inc
Cigna Corp
% Mkt Cap
Giant
........................................................
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 12-31-16
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term capital appreciation.
The fund will normally invest at least 80% of its net assets
(including any borrowings for investment purposes) in the
common stocks of companies engaged in the research,
development, production, or distribution of products or services
related to health care, medicine, or the life sciences
(collectively termed "health sciences"). While the fund can
invest in companies of any size, the majority of fund assets are
expected to be invested in large- and mid-capitalization
companies.
4.94
Port Avg Rel S&P 500
19.49
2.81
12.80
21582.93
Risk Measures as of 03-31-17
1.00
1.03
1.14
0.25
Rel Cat
1.04
0.93
1.08
0.53
Port Avg
Rel S&P 500
Rel Cat
16.52
0.92
0.71
6.75
36.23
1.59
.
0.72
.
.
1.05
0.93
1.51
3.26
0.78
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
0.00
r
t
y
u
0.00
0.00
0.00
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
1.50
i
o
p
a
0.00
0.00
0.81
0.69
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
98.50
s Consumer Defensive
d Healthcare
f Utilities
1.98
96.52
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-T. Rowe Price Limited Term Bond
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
BBgBarc US Govt/Credit 1-3 Yr TR USD
Short-Term Bond
QQQQ
Above Average
Below Average
Out of 1049 Short-Term Bond VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks a high level of income consistent with
moderate fluctuations in principal value.
Normally, the fund invests at least 80% of its net assets
(including any borrowings for investment purposes) in bonds
and 65% of total assets in short- and intermediate-term bonds.
There is no maturity limitations on individual securities
purchased, but the fund's average effective maturity will not
exceed five years.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
03-06-12
05-13-94
03-05-12
0.70%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.70%
T. Rowe Price Associates, Inc.
.
Michael F Reinartz
Investment Manager
T. Rowe Price is an independent investment management firm
with an unyielding focus on helping investors around the world
achieve their long-term goals. Headquartered in Baltimore,
Maryland, we provide a broad array of mutual funds,
subadvisory services, and related services for financial
intermediaries. Our approach to managing investments is
rooted in proprietary, fundamental research, distinguished by
discipline, and carried out by experienced professionals.
Volatility Analysis
Investment
Low
3 Year
5 Year
10 Year
.
31
1,298
QQQQ
QQQQ
QQQQ
12
1,049
14
869
11
372
Portfolio Analysis
Composition as of 12-31-16
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Top 20 Holdings as of 12-31-16
0.0
0.0
90.9
8.7
0.4
% Assets
US Treasury Note 1% 11-15-19
T. Rowe Price Reserve Investment 09-19-34
US Treasury Note 1.25% 12-31-18
US Treasury Note 1.375% 05-31-21
US Treasury Note 1.25% 01-31-20
3.37
2.43
1.43
1.24
1.17
US Treasury Note 0.875% 10-15-18
Goldman Sachs Grp 6.15% 04-01-18
FNMA 5% 10-01-41
Bk Amer Chrlt Nc Mtn 1.75% 06-05-18
Ally Mstr Ownr Tr 2012-5 1.54% 09-15-19
1.13
0.70
0.65
0.61
0.57
Cabelas Cc Mstr Tr 2012-I 1.63% 02-18-20
Ford Credit Flrpln Tr A 2014-1 1.2% 02-15-19
Ge Cap Ccmt 2012-6 1.36% 08-15-20
Medtronic 1.375% 04-01-18
Discover Card Exe Tr 2016-1 1.64% 07-15-21
0.57
0.57
0.57
0.57
0.54
Murphy Oil 2.5% 12-01-17
Jd Com 3.125% 04-29-21
Morgan Stanley 2.125% 04-25-18
Hewlett Packard Entpr 2.45% 10-05-17
Morgan Stanley FRN 01-24-19
0.52
0.51
0.50
0.49
0.49
.......................................................................................................
.......................................................................................................
.......................................................................................................
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
Morningstar Fixed Income Style Box™ as of 12-31-16
Not
Available
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Rel BC Aggr
Rel Cat
0.74
0.21
-0.01
-0.52
67.59
0.00
.
0.00
.
.
0.74
1.00
0.00
0.44
1.69
% Fund
⁄
›
€
‹
fi
±
8.88
44.09
38.06
0.21
8.76
0.00
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis
% Bonds
Not Available
0
694
58.00
402.75
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Port Avg
Morningstar Sectors as of 12-31-16
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
.
.
2.35
100.78
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Templeton Developing Markets VIP Fund
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI EM NR USD
Diversified Emerging Mkts
QQQ
Average
Average
Out of 1625 Diversified Emerging Mkts VA subaccounts. An investment's overall Morningstar Rating, based on its
risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for
details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
1.34%
Templeton Asset Management
Ltd. (SG)
.
Chetan Sehgal
Subadvisor
Portfolio Manager(s)
QQQ
23
1,625
50
1,265
45
637
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Top 20 Holdings as of 12-31-16
Franklin Templeton's distinct multi-manager structure
combines the specialized expertise of three world-class
investment management groups- Franklin, Templeton, and
Mutual Series. Founded in 1947, Franklin is a recognized leader
in fixed income investing and also brings expertise in growthand value-style U.S. equity investing. Founded in 1940,
Templeton pioneered international investing and, in 1954,
launched what has become the industry's oldest global fund.
Today, with offices in over 29 countries, Templeton offers
investors a truly global perspective. Founded in 1949, Mutual
Series is dedicated to a unique style of value investing,
searching aggressively for opportunity among what it believes
are undervalued stocks, as well as arbitrage situations and
distressed securities.
Volatility Analysis
Investment
Moderate
10 Year
QQQ
0.9
95.6
1.4
1.4
0.7
Morningstar Equity Style Box™ as of 12-31-16
High
Category
% Assets
6.48
5.90
4.86
4.34
4.17
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Unilever PLC
Itau Unibanco Holding SA ADR
Hon Hai Precision Industry Co Ltd
PT Astra International Tbk
ICICI Bank Ltd
4.13
3.33
2.38
2.11
2.10
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
China Petroleum & Chemical Corp H Shares
Alibaba Group Holding Ltd ADR
China Mobile Ltd
Bank Bradesco SA ADR
Hyundai Development Co Ltd
1.94
1.87
1.77
1.69
1.68
Biocon Ltd
MGM China Holdings Ltd
PJSC Lukoil ADR
Remgro Ltd
SK Hynix Inc
1.53
1.52
1.52
1.50
1.43
.......................................................................................................
.......................................................................................................
.......................................................................................................
60.79
Large
Medium
Small
24.86
9.86
4.49
........................................................
Micro
Statistics
Samsung Electronics Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Naspers Ltd Class N
Tencent Holdings Ltd
Brilliance China Automotive Holdings Ltd
% Mkt Cap
Giant
........................................................
Value Blend Growth
Investment Manager
Low
5 Year
QQQQ
Small
02-05-08
03-04-96
02-05-08
1.33%
3 Year
.
1
1,944
Portfolio Analysis
Composition as of 12-31-16
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term capital appreciation.
The fund invests at least 80% of its net assets in emerging
markets investments. Its investments in equity securities may
include investments in the securities of companies of any
capitalization, including smaller and mid-size companies. The
fund, from time to time, may have significant investments in
one or more countries or in particular industries or sectors. It
may invest up to 20% of its net assets in the securities of issuers
in developed market countries.
0.00
Port Avg Rel S&P 500
12.73
1.78
8.28
22532.66
Risk Measures as of 03-31-17
0.65
0.65
0.74
0.26
Rel Cat
0.95
1.01
1.41
1.08
Port Avg
Rel S&P 500
Rel Cat
15.24
1.06
0.07
-0.18
73.87
1.46
.
0.07
.
.
1.01
1.01
.
0.16
1.00
Morningstar World Regions as of 12-31-16
% Fund
Americas
9.87
North America
Latin America
0.93
8.94
Greater Europe
20.27
...............................................................................................
...............................................................................................
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
4.28
1.19
6.28
8.52
.......................................................................................................
Greater Asia
69.86
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
0.00
0.00
29.66
40.20
90
1
26.78
332.13
...............................................................................................
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Balanced
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
40% Russell 3000 TR USD/10% MSCI EAFE
NR USD/50% Barclays US Agg Bond TR
USD
Allocation--30% to 50% Equity
QQQQQ
High
Above Average
Out of 3506 Allocation--30% to 50% Equity VA subaccounts. An investment's overall Morningstar Rating, based on
its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page
for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
18
4,195
QQQQQ
.
.
1
3,506
.
.
.
.
Portfolio Analysis
Composition as of 02-28-17
% Assets
Morningstar Style Box™ as of 02-28-17(EQ) ; 12-31-16(F-I)
Med
Low
Operations
High
37.8
11.3
46.5
3.6
0.9
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks long-term total return, consisting of
capital appreciation and current income.
The fund is a "fund of funds" that invests in shares of other
TIAA-CREF Life Funds, in Institutional Class shares of funds of
the TIAA-CREF Funds and potentially in other affiliated or
unaffiliated investment pools or investment products
(collectively, the "underlying funds"). It generally seeks to meet
its investment objective by investing: (1) approximately 50%
of its assets in equity underlying funds and (2) approximately
50% of its assets in fixed-income underlying funds.
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-14-14
01-31-14
02-14-14
0.51%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.64%
Teachers Advisors LLC
.
Hans L. Erickson
John Cunniff
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
% Assets
Statistics
TIAA-CREF Life Funds Bond
TIAA-CREF Life Funds Growth & Income
TIAA-CREF Life Funds International Eq
TIAA-CREF Life Funds Large-Cap Value
TIAA-CREF Life Funds Growth Equity
49.72
10.05
9.95
9.09
9.01
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
TIAA-CREF Life Funds Stock Index
TIAA-CREF Life Funds Real Estate Secs
TIAA-CREF Life Funds Small-Cap Equity
8.06
2.03
1.99
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
.......................................................................................................
.......................................................................................................
Total Number of Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
9
17.00
51.95
Ltd
Mod
Ext
Port Avg Rel S&P 500
20.66
2.35
7.70
36246.70
Risk Measures as of 03-31-17
1.06
0.86
0.69
0.42
Rel Cat
1.18
1.10
0.97
0.78
Port Avg
Rel S&P 500
Rel Cat
5.88
0.88
0.78
0.69
92.88
0.56
.
0.80
.
.
1.08
1.11
2.29
-0.40
1.04
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
40.52
r
t
y
u
6.25
12.82
16.86
4.59
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
39.59
i
o
p
a
3.11
5.89
11.08
19.51
...............................................................................................
Volatility Analysis
Investment
Low
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Communication Services
Energy
Industrials
Technology
k Defensive
19.90
s Consumer Defensive
d Healthcare
f Utilities
7.90
10.39
1.61
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Bond
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
BBgBarc US Agg Bond TR USD
Intermediate-Term Bond
QQQQQ
High
Average
Out of 4392 Intermediate-Term Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
12
5,166
QQQQQ
QQQQQ
QQQQ
5
4,392
8
3,723
17
2,059
Portfolio Analysis
Composition as of 02-28-17
% Assets
Ltd
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
07-08-03
07-21-03
0.35%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.39%
Teachers Advisors LLC
.
John Michael Cerra
Joseph Higgins
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Low
Morningstar Fixed Income Style Box™ as of 12-31-16
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
% Assets
US Treasury Note 0.875% 05-31-18
FNMA 4% 07-01-45
US Treasury Bond 3% 11-15-45
US Treasury Bond 2.875% 11-15-46
US Treasury Note 2.25% 12-31-23
1.93
1.66
1.63
1.35
1.34
FNMA 3% 12-01-46
US Treasury Note 1.375% 05-31-21
GNMA 3% 01-20-47
US Treasury Note 1.875% 01-31-22
US Treasury Note 0.75% 08-31-18
1.28
1.17
1.12
1.10
1.02
US Treasury Note 0.625% 06-30-18
FHLMC 3.5% 10-01-45
FNMA 3% 11-01-46
Cobalt Cmbs Mtg Tr 2007-C3 CMO 05-17-46
FNMA 3.5% 02-01-47
0.96
0.92
0.92
0.83
0.71
Wachovia Cmbs 2007-C32 CMO 06-15-49
Greenwich Cap Cmbs 2007-Gg11 CMO 12-10-49
Fidelity Natl Info Svcs 5% 03-15-22
Wachovia Cmbs 2007-C34 CMO 05-17-46
BEAR STEARNS CMBS 2007-TOP28 09-12-42
0.68
0.67
0.66
0.66
0.65
.......................................................................................................
.......................................................................................................
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Low
0.0
0.0
93.0
5.7
1.3
Med
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
High
The investment seeks a favorable long-term total return
through income primarily from investment-grade fixed-income
securities.
Under normal circumstances, the fund invests at least 80%
of its assets in bonds. For these purposes, bonds include fixedincome securities of all types. It primarily invests in a broad
range of investment-grade bonds and fixed-income securities,
including, but not limited to, U.S. government securities,
corporate bonds and mortgage-backed and other asset-backed
securities. The fund's investments in fixed-income securities
of foreign issuers constitute less than 20% of the fund's assets.
Mod
Ext
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
2.88
0.94
0.82
-0.01
93.03
0.00
.
0.00
.
.
0.98
1.02
2.73
0.01
1.07
Morningstar Sectors as of 02-28-17
% Fund
⁄
›
€
‹
fi
±
17.93
46.37
29.94
0.00
5.76
0.00
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis as of 12-31-16
% Bonds
.......................................................................................................
AAA
AA
A
BBB
BB
B
Below B
Not Rated
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
0
756
217.00
182.16
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
5.61
7.84
3.58
101.10
-100
-50
0
ß
50
®
100
42
3
15
29
4
3
3
1
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Growth & Income
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Large Growth
QQQQQ
High
Below Average
Out of 9654 Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
22
10,644
QQQQ
QQQQ
QQQQQ
31
9,654
17
8,219
11
4,990
Portfolio Analysis
Composition as of 02-28-17
% Assets
93.4
6.5
0.0
0.0
0.1
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
04-03-00
04-03-00
0.52%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.55%
Teachers Advisors LLC
.
Susan Kempler
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
% Assets
4.04
2.61
2.46
2.14
2.09
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Bank of America Corporation
The Home Depot Inc
AT&T Inc
Comcast Corp Class A
Facebook Inc A
2.00
1.54
1.50
1.34
1.33
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Procter & Gamble Co
Merck & Co Inc
Eli Lilly and Co
Dow Chemical Co
EOG Resources Inc
1.27
1.26
1.24
1.18
1.08
Honeywell International Inc
Walt Disney Co
General Electric Co
Wells Fargo & Co
Chevron Corp
1.04
1.03
1.02
0.97
0.94
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
183
0
88.00
132.70
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
44.53
Large
Medium
Small
29.52
21.41
4.18
........................................................
Micro
Statistics
Apple Inc
Microsoft Corp
Alphabet Inc C
Amazon.com Inc
JPMorgan Chase & Co
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks a favorable long-term total return,
through both capital appreciation and investment income,
primarily from income-producing equity securities.
Under normal circumstances, the fund invests at least 80%
of its assets in equity securities. In seeking a favorable longterm total return, it will invest in securities which the fund's
investment adviser, Teachers Advisors, Inc. ("Advisors"),
believes have the potential for capital appreciation, dividend
income, or both. It may invest up to 20% of its assets in foreign
issuers when Advisors believes these issuers offer more
attractive investment opportunities.
0.36
Port Avg Rel S&P 500
21.24
2.79
11.90
57504.02
Risk Measures as of 03-31-17
1.09
1.02
1.06
0.67
Rel Cat
0.92
0.72
0.89
0.85
Port Avg
Rel S&P 500
Rel Cat
11.21
1.05
0.80
-1.81
95.27
1.08
.
0.82
.
.
0.93
1.00
1.18
0.71
1.14
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
31.98
r
t
y
u
4.07
12.56
15.35
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
43.06
i
o
p
a
3.78
7.00
9.25
23.03
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
24.97
s Consumer Defensive
d Healthcare
f Utilities
9.56
13.87
1.54
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Growth Equity
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 1000 Growth TR USD
Large Growth
QQQQQ
High
Average
Out of 9654 Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
79
10,644
QQQQ
QQQQQ
QQQQQ
13
9,654
8
8,219
8
4,990
Portfolio Analysis
Composition as of 02-28-17
% Assets
94.9
3.2
0.0
1.8
0.1
Operations
02-05-08
04-03-00
04-03-00
0.52%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.57%
Teachers Advisors LLC
.
Susan Hirsch
Terrence Kontos
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
4.42
4.00
3.94
3.67
3.66
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Intuit Inc
Adobe Systems Inc
Visa Inc Class A
Broadcom Ltd
UnitedHealth Group Inc
3.23
3.04
2.85
2.64
2.31
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Alphabet Inc A
Comcast Corp Class A
Salesforce.com Inc
Walt Disney Co
The Home Depot Inc
2.28
2.01
1.98
1.96
1.89
Starbucks Corp
Zoetis Inc
Celgene Corp
Monsanto Co
Allergan PLC
1.83
1.76
1.52
1.50
1.46
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
83
0
106.00
82.60
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
45.81
Large
Medium
Small
42.81
10.85
0.52
........................................................
Micro
Statistics
Microsoft Corp
Apple Inc
Facebook Inc A
Amazon.com Inc
Alphabet Inc C
% Mkt Cap
Giant
........................................................
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks a favorable long-term return, mainly
through capital appreciation, primarily from equity securities.
Under normal circumstances, the fund invests at least 80%
of its assets in equity securities. It invests primarily in equity
securities that Teachers Advisors, Inc. ("Advisors") believes
present the opportunity for growth. Generally, these equity
securities will be those of large capitalization companies in new
and emerging areas of the economy and companies with
distinctive products or promising markets. The fund may invest
up to 20% of its assets in foreign investments.
0.00
Port Avg Rel S&P 500
26.31
4.00
15.14
87015.31
Risk Measures as of 03-31-17
1.35
1.46
1.35
1.02
Rel Cat
1.13
1.04
1.13
1.29
Port Avg
Rel S&P 500
Rel Cat
12.16
1.06
0.83
-0.83
82.70
1.17
.
0.85
.
.
1.01
1.01
1.22
0.33
0.99
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
31.99
r
t
y
u
2.70
17.35
11.94
0.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
51.18
i
o
p
a
3.04
2.28
8.83
37.03
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
16.84
s Consumer Defensive
d Healthcare
f Utilities
4.65
12.19
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Intl Equity
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI EAFE NR USD
Foreign Large Growth
QQQ
Average
High
Out of 2222 Foreign Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
23
2,673
QQ
QQQQQ
QQ
84
2,222
2
1,846
58
1,056
Portfolio Analysis
Composition as of 02-28-17
% Assets
2.0
96.0
0.0
2.0
0.0
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
04-03-00
04-03-00
0.60%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.66%
Teachers Advisors LLC
.
Christopher F. Semenuk
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
5.27
4.94
4.50
3.64
3.37
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
adidas AG
Compagnie de Saint-Gobain SA
Sony Corp
Henkel AG & Co KGaA Pfd Shs - Non-voting
Societe Generale SA
3.31
3.29
3.23
3.15
2.82
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
HDFC Bank Ltd
Vinci SA
IndusInd Bank Ltd
Olympus Corp
CNH Industrial NV
2.68
2.48
2.23
2.11
2.04
Essilor International SA
Weir Group PLC
Komatsu Ltd
Murata Manufacturing Co Ltd
Zurich Insurance Group AG
2.03
2.03
2.02
2.00
1.98
.......................................................................................................
.......................................................................................................
43.13
Large
Medium
Small
41.47
14.80
0.60
........................................................
Micro
Statistics
Accor SA
Schneider Electric SE
Tesco PLC
Lanxess AG
Linde AG
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks a favorable long-term total return, mainly
through capital appreciation.
Under normal circumstances, the fund invests at least 80%
of its assets in equity securities of foreign issuers. It has a policy
of maintaining investments of equity securities of foreign
issuers in at least three countries other than the United States.
Teachers Advisors, Inc. ("Advisors") selects individual stocks,
and lets the fund's country and regional asset allocations evolve
from their stock selection. The fund may invest in emerging
markets to varying degrees, depending on the prevalence of
stock specific opportunities.
0.00
Port Avg Rel S&P 500
19.16
1.86
3.40
18512.07
Risk Measures as of 03-31-17
0.98
0.68
0.30
0.22
Rel Cat
1.09
0.79
0.41
0.66
Port Avg
Rel S&P 500
Rel Cat
13.41
0.98
-0.05
-1.78
81.50
1.29
.
-0.05
.
.
1.16
1.13
-5.00
2.20
0.94
Morningstar World Regions as of 02-28-17
% Fund
Americas
2.63
North America
Latin America
2.08
0.54
Greater Europe
63.73
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
7.91
55.82
0.00
0.00
.......................................................................................................
Greater Asia
33.64
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
18.33
1.37
1.69
12.25
.......................................................................................................
58
0
94.00
96.00
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
...............................................................................................
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Large-Cap Value
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 1000 Value TR USD
Large Value
QQQQ
Above Average
Above Average
Out of 6763 Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
10
7,455
QQQQ
QQQQ
QQQ
22
6,763
11
5,770
19
3,508
Portfolio Analysis
Composition as of 02-28-17
% Assets
93.0
6.4
0.0
0.0
0.6
Operations
02-05-08
10-28-02
10-28-02
0.52%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.58%
Teachers Advisors LLC
.
Richard Cutler
Athanasios (Tom) Kolefas
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
% Assets
2.91
2.74
2.69
2.28
1.82
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Abbott Laboratories
EOG Resources Inc
Chevron Corp
Mondelez International Inc Class A
JPMorgan Chase & Co
1.81
1.79
1.78
1.66
1.58
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Johnson & Johnson
Louisiana-Pacific Corp
Philip Morris International Inc
Pfizer Inc
Allergan PLC
1.42
1.41
1.41
1.34
1.29
Cisco Systems Inc
Procter & Gamble Co
Pinnacle Foods Inc
State Street Corp
Union Pacific Corp
1.28
1.28
1.22
1.19
1.19
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
174
0
68.00
75.53
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
35.99
Large
Medium
Small
29.04
22.53
11.80
........................................................
Micro
Statistics
Bank of America Corporation
Wells Fargo & Co
AT&T Inc
Goldman Sachs Group Inc
Citigroup Inc
% Mkt Cap
Giant
........................................................
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks a favorable long-term total return, mainly
through capital appreciation.
Under normal circumstances, the fund invests at least 80%
of its assets in large-cap equity securities. It invests primarily
in equity securities of large domestic companies, as defined
by the fund's benchmark index (the Russell 1000® Value
Index), that Teachers Advisors, Inc. ("Advisors") believes
appear undervalued by the market based on an evaluation of
their potential worth. The fund may invest up to 20% of its
assets in foreign investments.
0.63
Port Avg Rel S&P 500
18.01
1.78
9.22
36212.70
Risk Measures as of 03-31-17
0.92
0.65
0.82
0.42
Rel Cat
1.07
0.86
1.02
0.58
Port Avg
Rel S&P 500
Rel Cat
11.86
1.07
0.63
-3.48
88.73
1.14
.
0.64
.
.
1.06
1.07
1.13
0.84
1.01
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
38.45
r
t
y
u
6.24
7.28
23.90
1.03
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
37.78
i
o
p
a
3.94
12.93
8.48
12.43
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
23.77
s Consumer Defensive
d Healthcare
f Utilities
9.81
10.56
3.40
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent
Variable Annuity-TIAA-CREF Life Money Market
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
USTREAS T-Bill Auction Ave 3 Mon
Prime Money Market
Investment Information
Investment Strategy from investment's prospectus
% Assets
02-05-08
07-08-03
07-21-03
0.15%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.23%
Teachers Advisors LLC
.
Michael F. Ferraro
Joseph P. Rolston
Low
Ltd
Volatility Analysis
Low
Mod
Ext
Investment Manager
Investment
Moderate
High
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Morningstar Fixed Income Style Box™ as of 03-31-17
0.0
0.0
0.0
100.0
0.0
Med
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
High
The investment seeks high current income consistent with
maintaining liquidity and preserving capital.
Prior to October 14, 2016, the fund invests in high-quality,
short-term money market instruments. Effective October 14,
2016, the Advisor intends to convert to a "government money
market fund" as defined in the applicable rules governing money
market funds. Therefore, effective October 14, 2016, the fund
will invest at least 99.5% of its total assets in cash, U.S.
government securities and/or repurchase agreements that are
collateralized fully by cash or U.S. government securities.
Portfolio Analysis
Composition as of 03-31-17
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
An investment in this fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.
Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the Fund.
Money Market Fund Disclosure
Government Money Market Funds that have chosen not to rely on the ability to impose liquidity fees and suspend redemptions:
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund,
and you should not expect that the sponsor will provide financial support to the fund at any time.
..........................................................................................................................................................................................................
Liquidity Fee: No
Redemption Gate: No
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Real Estate Sec
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
FTSE NAREIT All Equity REITs TR
Real Estate
QQQQQ
High
Above Average
Out of 888 Real Estate VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
22
973
QQQQQ
QQQQQ
QQQQ
3
888
6
775
9
497
Portfolio Analysis
Composition as of 02-28-17
% Assets
95.4
0.9
0.0
3.7
0.0
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
10-28-02
10-28-02
0.57%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.59%
Teachers Advisors LLC
.
David Copp
Brendan W. Lee
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
4.87
4.85
4.78
4.40
4.20
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Equinix Inc
SL Green Realty Corp
Equity Residential
Prologis Inc
Federal Realty Investment Trust
3.98
3.72
3.33
3.24
2.79
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Kilroy Realty Corp
Public Storage
CyrusOne Inc
Equity Lifestyle Properties Inc
Essex Property Trust Inc
2.45
2.40
2.35
2.31
2.17
Apartment Investment & Management Co
GGP Inc
Sun Communities Inc
Healthcare Trust of America Inc
Hudson Pacific Properties Inc
2.15
2.14
2.08
1.70
1.60
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
54
0
59.00
73.62
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.00
........................................................
Large
Medium
Small
41.40
41.03
13.36
........................................................
Micro
Statistics
Simon Property Group Inc
American Tower Corp
Boston Properties Inc
Rexford Industrial Realty Inc
Crown Castle International Corp
% Mkt Cap
Giant
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks to obtain a favorable long-term total
return through both capital appreciation and current income.
The fund invests at least 80% of its assets in the securities
of companies that are principally engaged in or related to the
real estate industry ("real estate securities"), including those
that own significant real estate assets, such as real estate
investment trusts ("REITs"). It will invest primarily in equity
securities of such companies. The fund is actively managed
using a research-oriented process with a focus on cash flows,
asset values and Teachers Advisors, Inc.'s belief in
management's ability to increase shareholder value.
4.22
Port Avg Rel S&P 500
47.53
2.61
16.60
10856.55
Risk Measures as of 03-31-17
2.43
0.95
1.48
0.13
Rel Cat
1.22
1.05
1.08
0.93
Port Avg
Rel S&P 500
Rel Cat
14.22
0.65
0.68
6.17
24.13
1.37
.
0.69
.
.
0.98
1.05
1.24
1.33
1.11
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
89.58
r
t
y
u
1.64
0.77
0.00
87.17
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
10.42
...............................................................................................
i
o
p
a
Communication Services
Energy
Industrials
Technology
9.46
0.00
0.00
0.96
k Defensive
0.00
s Consumer Defensive
d Healthcare
f Utilities
0.00
0.00
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Small-Cap Equity
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 2000 TR USD
Small Growth
QQQQQ
High
Average
Out of 2670 Small Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.63%
Teachers Advisors LLC
.
Adam Cao
Pei Chen
QQQQ
3
2,670
2
2,300
31
1,478
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Top 20 Holdings as of 02-28-17
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Moderate
10 Year
QQQQQ
95.9
1.6
0.0
0.8
1.7
Morningstar Equity Style Box™ as of 02-28-17
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
0.26
14.54
67.97
Micro
17.23
........................................................
Value Blend Growth
Investment Manager
Low
5 Year
QQQQQ
Small
02-05-08
10-28-02
10-28-02
0.53%
3 Year
.
10
2,904
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks a favorable long-term total return, mainly
through capital appreciation.
The fund normally invests at least 80% of its assets in smallcap equity securities. A small-cap equity security is a security
within the capitalization range of the companies included in the
fund's benchmark index, the Russell 2000® Index, at the time
of purchase. It invests primarily in equity securities of smaller
domestic companies across a wide range of sectors, growth
rates and valuations.
Statistics
Port Avg Rel S&P 500
0.99
0.91
0.87
0.87
0.74
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
20.58
2.18
7.83
2343.90
Radian Group Inc
EMCOR Group Inc
American Equity Investment Life Holding Co
Hancock Holding Co
Stifel Financial Corp
0.73
0.70
0.68
0.68
0.67
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
15.31
1.18
0.59
-3.03
64.23
1.47
.
0.60
.
.
0.96
0.99
1.84
0.42
1.05
CoreSite Realty Corp
Essent Group Ltd
Evercore Partners Inc A
Cathay General Bancorp
Southwest Gas Holdings Inc
0.64
0.64
0.64
0.63
0.63
Grand Canyon Education Inc
Russell 2000 Mini Mar17 Ifus 20170317 03-17-17
New Residential Investment Corp
Array BioPharma Inc
McDermott International Inc
0.62
0.62
0.61
0.60
0.60
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
294
0
91.00
54.99
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
1.05
0.80
0.70
0.03
Rel Cat
Advanced Micro Devices Inc
iShares Russell 2000
Mx12972 Trs Usd P V 01mlibor Us0001m 0 04-05-17
Mx12972 Trs Usd R E Gscbtiny
Fulton Financial Corp
0.78
0.65
0.65
0.86
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
43.98
r
t
y
u
6.19
12.14
17.16
8.49
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
37.54
i
o
p
a
1.07
4.31
13.24
18.92
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
18.47
s Consumer Defensive
d Healthcare
f Utilities
3.20
11.89
3.38
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Soc.Choice Equity
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 3000 TR USD
Large Blend
QQQQ
Above Average
Above Average
Out of 7478 Large Blend VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
29
8,442
QQQ
QQQQ
QQQQQ
49
7,478
26
6,425
5
3,999
Portfolio Analysis
Composition as of 02-28-17
% Assets
99.2
0.8
0.0
0.0
0.0
Operations
02-05-08
04-03-00
04-03-00
0.22%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.28%
Teachers Advisors LLC
.
Philip James(Jim) Campagna
Lei Liao
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
% Assets
2.03
1.87
1.39
1.32
1.25
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Alphabet Inc A
Walt Disney Co
Merck & Co Inc
Cisco Systems Inc
PepsiCo Inc
1.24
1.21
1.20
1.17
1.17
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
International Business Machines Corp
Intel Corp
Coca-Cola Co
Amgen Inc
Oracle Corp
1.13
1.11
1.02
0.97
0.96
3M Co
Mastercard Inc A
Bristol-Myers Squibb Company
McDonald's Corp
US Bancorp
0.92
0.92
0.88
0.86
0.86
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
611
0
21.00
55.06
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
28.23
Large
Medium
Small
48.40
16.51
4.36
........................................................
Micro
Statistics
Microsoft Corp
Johnson & Johnson
Procter & Gamble Co
Verizon Communications Inc
Alphabet Inc C
% Mkt Cap
Giant
........................................................
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks a favorable long-term total return that
reflects the investment performance of the overall U.S. stock
market while giving special consideration to certain social
criteria.
Under normal circumstances, the fund invests at least 80%
of its assets in equity securities. The Advisor attempts to
achieve the return of the U.S. stock market as represented by
its benchmark, the Russell 3000® Index, while investing only
in companies whose activities are consistent with fund's
environmental, social and governance ("ESG") criteria.
2.50
Port Avg Rel S&P 500
19.84
2.80
10.42
40345.90
Risk Measures as of 03-31-17
1.01
1.02
0.93
0.47
Rel Cat
1.05
1.03
0.94
0.58
Port Avg
Rel S&P 500
Rel Cat
10.69
1.01
0.71
-2.82
97.50
1.03
.
0.72
.
.
1.00
1.01
1.04
0.95
1.03
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
36.39
r
t
y
u
4.22
11.70
16.63
3.84
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
38.29
i
o
p
a
3.88
5.82
10.01
18.58
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
25.33
s Consumer Defensive
d Healthcare
f Utilities
8.68
13.75
2.90
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-TIAA-CREF Life Stock Index
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 3000 TR USD
Large Blend
QQQQQ
High
Above Average
Out of 7478 Large Blend VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
14
8,442
QQQQQ
QQQQQ
QQQQQ
7
7,478
7
6,425
2
3,999
Portfolio Analysis
Composition as of 02-28-17
% Assets
96.3
2.3
0.0
1.4
0.1
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
02-05-08
01-04-99
01-04-99
0.09%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.11%
Teachers Advisors LLC
.
Philip James(Jim) Campagna
Lei Liao
Top 20 Holdings as of 02-28-17
Investment Manager
TIAA-CREF is a national financial services organization and
leading provider of retirement services in the academic,
research, medical and cultural fields. TIAA-CREF manages
accounts in-house to control costs and maintain a consistent
investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of
professionals that integrates the focused expertise of analysts
and researchers with the broad outlook of experienced portfolio
managers. TIAA-CREF offers disciplined investment strategies
across all asset classes and investment styles.
Volatility Analysis
Investment
Moderate
% Assets
2.95
1.90
1.40
1.33
1.32
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
JPMorgan Chase & Co
Amazon.com Inc
Berkshire Hathaway Inc B
Facebook Inc A
General Electric Co
1.30
1.29
1.27
1.20
1.08
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Wells Fargo & Co
AT&T Inc
Bank of America Corporation
Alphabet Inc A
Alphabet Inc C
1.04
1.01
1.00
0.98
0.96
Procter & Gamble Co
Chevron Corp
Pfizer Inc
Verizon Communications Inc
Merck & Co Inc
0.92
0.83
0.81
0.80
0.72
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
2894
0
12.00
389.17
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
41.74
Large
Medium
Small
30.49
18.93
6.49
........................................................
Micro
Statistics
Apple Inc
Microsoft Corp
S+p500 Emini Fut Mar17 Xcme 20170317 03-17-17
Exxon Mobil Corp
Johnson & Johnson
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks a favorable long-term total return, mainly
through capital appreciation.
The fund normally invests at least 80% of its assets in equity
securities of its benchmark index (the Russell 3000® Index).
It buys most, but not necessarily all, of the stocks in its
benchmark index, and the advisor will attempt to closely match
the overall investment characteristics of its benchmark index.
The fund is designed to track various U.S. equity markets as a
whole or a segment of these markets. It primarily invests its
assets in equity securities the Advisors have selected to track
a designated stock market index.
2.35
Port Avg Rel S&P 500
19.67
2.63
10.70
49775.57
Risk Measures as of 03-31-17
1.01
0.96
0.96
0.58
Rel Cat
1.04
0.96
0.97
0.71
Port Avg
Rel S&P 500
Rel Cat
10.69
1.02
0.85
-1.41
98.64
1.03
.
0.87
.
.
1.00
1.02
1.25
0.48
1.04
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
35.31
r
t
y
u
3.40
11.54
16.61
3.76
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
39.48
i
o
p
a
3.70
6.10
11.16
18.52
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
25.21
s Consumer Defensive
d Healthcare
f Utilities
8.51
13.57
3.13
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Vanguard VIF Capital Growth Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Large Growth
QQQQQ
High
Below Average
Out of 9654 Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
The investment seeks to provide long-term capital
appreciation.
The Portfolio invests in stocks considered to have aboveaverage earnings growth potential that is not reflected in their
current market prices. It consists predominantly of large- and
mid-capitalization stocks.
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
0.36%
PRIMECAP Management
Company
.
Alfred W. Mordecai
Theo A. Kolokotrones
Joel P. Fried
M. Mohsin Ansari
James M. Marchetti
Subadvisor
Portfolio Manager(s)
10 Year
QQQQQ
QQQQQ
6
9,654
1
8,219
2
4,990
% Assets
82.8
10.5
0.0
6.7
0.0
Vanguard is one of the world's largest investment management
companies. Whether you are an individual investor, institution,
or financial professional, you can benefit from the size, stability,
and experience that we offer. Founded May 1, 1975 with the
first fund the Wellington Fund (inception date: July 1, 1929).
We offer exceptional value, a dedication to outstanding
performance, superior service, and low costs.
% Assets
6.71
4.62
4.56
4.35
4.25
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Amgen Inc
Adobe Systems Inc
FedEx Corp
Southwest Airlines Co
NVIDIA Corp
4.04
3.66
3.58
3.40
2.62
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Roche Holding AG Dividend Right Cert.
Alphabet Inc A
Alphabet Inc C
Charles Schwab Corp
JPMorgan Chase & Co
2.58
2.25
2.19
1.99
1.94
Novartis AG ADR
Airbus SE
American Airlines Group Inc
Alibaba Group Holding Ltd ADR
Micron Technology Inc
1.85
1.55
1.51
1.44
1.39
.......................................................................................................
.......................................................................................................
.......................................................................................................
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
99
0
5.00
1,056.80
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
40.19
Large
Medium
Small
52.89
6.39
0.53
........................................................
Micro
Statistics
Top 20 Holdings as of 12-31-16
CMT Market Liquidity Rate
Microsoft Corp
Biogen Inc
Texas Instruments Inc
Eli Lilly and Co
% Mkt Cap
Giant
........................................................
Value Blend Growth
Investment Manager
Low
Morningstar Equity Style Box™ as of 12-31-16
Small
Prosp Gross Exp Ratio
Advisor
5 Year
QQQQQ
Large Mid
Operations
12-12-14
12-03-02
12-12-14
0.36%
3 Year
.
2
10,644
Portfolio Analysis
Composition as of 12-31-16
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
0.01
Port Avg Rel S&P 500
18.33
3.50
11.05
72007.40
Risk Measures as of 03-31-17
0.94
1.28
0.99
0.84
Rel Cat
0.79
0.91
0.83
1.07
Port Avg
Rel S&P 500
Rel Cat
11.03
1.00
0.97
0.53
88.54
1.06
.
0.99
.
.
0.92
0.95
1.43
-0.21
1.06
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
18.44
...............................................................................................
r
t
y
u
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
1.78
8.10
8.56
0.00
j Sensitive
57.39
i
o
p
a
1.13
1.57
18.50
36.19
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
24.17
s Consumer Defensive
d Healthcare
f Utilities
0.11
24.06
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Vanguard VIF Equity Index Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P 500 TR
Large Blend
QQQQQ
High
Average
Out of 7478 Large Blend VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
28
8,442
QQQQQ
QQQQQ
QQQQQ
4
7,478
7
6,425
3
3,999
Portfolio Analysis
Composition as of 03-31-17
% Assets
98.3
0.9
0.0
0.9
0.0
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
12-12-14
04-29-91
12-12-14
0.15%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.15%
Vanguard Group Inc
.
Scott E. Geiger
Donald M. Butler
Top 20 Holdings as of 03-31-17
Vanguard is one of the world's largest investment management
companies. Whether you are an individual investor, institution,
or financial professional, you can benefit from the size, stability,
and experience that we offer. Founded May 1, 1975 with the
first fund the Wellington Fund (inception date: July 1, 1929).
We offer exceptional value, a dedication to outstanding
performance, superior service, and low costs.
Volatility Analysis
Investment
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
49.99
Large
Medium
Small
36.52
13.41
0.08
........................................................
Micro
Statistics
0.00
Port Avg Rel S&P 500
3.69
2.49
1.72
1.66
1.65
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Facebook Inc A
JPMorgan Chase & Co
Berkshire Hathaway Inc B
General Electric Co
AT&T Inc
1.64
1.53
1.43
1.27
1.25
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
10.41
1.00
0.91
-0.77
100.00
1.00
.
0.93
.
.
0.98
1.00
1.34
0.26
1.05
Alphabet Inc A
Wells Fargo & Co
Alphabet Inc C
Bank of America Corporation
Procter & Gamble Co
1.23
1.23
1.20
1.16
1.12
Pfizer Inc
Chevron Corp
Verizon Communications Inc
Comcast Corp Class A
The Home Depot Inc
1.00
0.99
0.97
0.87
0.87
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
508
0
7.00
4,618.67
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
19.55
2.74
11.19
85615.80
1.00
1.00
1.00
1.00
Rel Cat
Apple Inc
Microsoft Corp
Amazon.com Inc
Exxon Mobil Corp
Johnson & Johnson
.......................................................................................................
Investment Manager
Moderate
% Assets
% Mkt Cap
Giant
........................................................
Value Blend Growth
Operations
Low
Morningstar Equity Style Box™ as of 03-31-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks to track the performance of a benchmark
index that measures the investment return of largecapitalization stocks.
The Portfolio 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.
1.03
1.00
1.01
1.23
Morningstar Sectors as of 03-31-17
% Fund
h Cyclical
32.36
r
t
y
u
2.90
11.05
16.06
2.35
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
40.84
i
o
p
a
4.10
6.58
10.36
19.80
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
26.80
s Consumer Defensive
d Healthcare
f Utilities
9.39
14.22
3.19
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Vanguard VIF High Yield Bond Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
BBgBarc US Corporate High Yield TR USD
High Yield Bond
QQQQ
Above Average
Below Average
Out of 2304 High Yield Bond VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
81
2,691
QQQQQ
QQQQ
QQQQ
5
2,304
15
1,845
20
1,223
Portfolio Analysis
Composition as of 12-31-16
% Assets
Morningstar Fixed Income Style Box™ as of 12-31-16
Ltd
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
12-12-14
06-03-96
12-12-14
0.28%
Prosp Gross Exp Ratio
Advisor
0.28%
Wellington Management
Company LLP
.
Michael L. Hong
Subadvisor
Portfolio Manager(s)
Top 20 Holdings as of 12-31-16
Investment Manager
Vanguard is one of the world's largest investment management
companies. Whether you are an individual investor, institution,
or financial professional, you can benefit from the size, stability,
and experience that we offer. Founded May 1, 1975 with the
first fund the Wellington Fund (inception date: July 1, 1929).
We offer exceptional value, a dedication to outstanding
performance, superior service, and low costs.
% Assets
First Data 144A 7% 12-01-23
Softbank Grp 144A 4.5% 04-15-20
Sprint 7.875% 09-15-23
Bldg Matls Corp Amer 144A 6% 10-15-25
Calpine 5.75% 01-15-25
0.96
0.85
0.79
0.73
0.72
Hca 6.5% 02-15-20
Nielsen Fin Llc/ Nielsen Fin 144A 5% 04-15-22
Liberty Media 8.25% 02-01-30
Wynn Las Vegas Llc / Wynn 5.375% 03-15-22
Dish Dbs 6.75% 06-01-21
0.69
0.69
0.68
0.68
0.67
Cdw Llc / Cdw Fin 6% 08-15-22
First Data Corp New 144A 5.75% 01-15-24
Videotron Ltee 5% 07-15-22
Chs / Cmnty Health Sys 6.875% 02-01-22
Vwr Funding Inc 144a 04-15-22
0.66
0.63
0.63
0.62
0.62
Aercap Global Aviation Tr 144A FRN 06-15-45
Aes 5.5% 03-15-24
Univision Comms 144A 5.125% 02-15-25
Cemex Sab De Cv 144A 6.125% 05-05-25
Dish Dbs 5.875% 07-15-22
0.61
0.61
0.61
0.60
0.58
.......................................................................................................
.......................................................................................................
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Low
0.0
0.6
92.8
5.2
1.4
Med
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
High
The investment seeks to provide a high level of current
income.
The fund invests primarily in a diversified group of highyielding, higher-risk corporate bonds-commonly known as "junk
bonds"-with medium- and lower-range credit-quality ratings. It
invests at least 80% of its assets in corporate bonds that are
rated below Baa. The fund may not invest more than 20% of
its assets in any of the following, taken as a whole: bonds with
credit ratings lower than B or the equivalent, convertible
securities, preferred stocks, and fixed and floating rate loans
of medium- to lower-range credit quality.
Mod
Ext
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
4.65
0.44
0.79
2.55
7.87
0.00
.
0.00
.
.
0.82
1.16
1.88
1.85
1.59
Morningstar Sectors as of 12-31-16
% Fund
⁄
›
€
‹
fi
±
0.00
94.63
0.05
0.00
5.32
0.00
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis as of 12-31-16
% Bonds
.......................................................................................................
Volatility Analysis
Investment
Low
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
AAA
AA
A
BBB
BB
B
Below B
Not Rated
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
1
457
27.00
645.28
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
4.47
5.60
5.96
102.16
-100
-50
0
ß
50
®
100
1
0
0
5
46
37
7
4
Release Date: 03-31-2017
Intelligent Variable Annuity-Vanguard VIF Mid-Cap Index Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P MidCap 400 TR
Mid-Cap Blend
QQQQ
Above Average
Above Average
Out of 1943 Mid-Cap Blend VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
49
2,306
QQQQQ
QQQQ
QQQQ
7
1,943
14
1,646
18
912
Portfolio Analysis
Composition as of 03-31-17
% Assets
98.9
0.6
0.0
0.5
0.0
Operations
12-12-14
02-09-99
12-12-14
0.19%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.19%
Vanguard Group Inc
.
Donald M. Butler
Michael A. Johnson
Top 20 Holdings as of 03-31-17
% Assets
0.88
0.79
0.71
0.68
0.65
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Amphenol Corp Class A
M&T Bank Corp
Lam Research Corp
Roper Technologies Inc
Incyte Corp
0.63
0.62
0.60
0.60
0.58
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Edwards Lifesciences Corp
Concho Resources Inc
KeyCorp
WEC Energy Group Inc
Symantec Corp
0.57
0.55
0.55
0.55
0.54
DTE Energy Co
Eversource Energy
Autodesk Inc
CMT Market Liquidity Rate
Moody's Corporation
0.53
0.53
0.52
0.52
0.52
.......................................................................................................
Investment Manager
Vanguard is one of the world's largest investment management
companies. Whether you are an individual investor, institution,
or financial professional, you can benefit from the size, stability,
and experience that we offer. Founded May 1, 1975 with the
first fund the Wellington Fund (inception date: July 1, 1929).
We offer exceptional value, a dedication to outstanding
performance, superior service, and low costs.
.......................................................................................................
.......................................................................................................
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
343
0
21.00
1,601.67
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
0.39
........................................................
Large
Medium
Small
11.22
88.34
0.05
........................................................
Micro
Statistics
Equinix Inc
Electronic Arts Inc
Fiserv Inc
Western Digital Corp
Newell Brands Inc
% Mkt Cap
Giant
Value Blend Growth
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
Low
Morningstar Equity Style Box™ as of 03-31-17
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks to track the performance of a benchmark
index that measures the investment return of mid-capitalization
stocks.
The Portfolio 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.
0.00
Port Avg Rel S&P 500
20.44
2.42
10.95
12550.84
Risk Measures as of 03-31-17
1.05
0.88
0.98
0.15
Rel Cat
1.04
1.04
1.19
1.54
Port Avg
Rel S&P 500
Rel Cat
11.37
1.03
0.71
-2.50
88.73
1.09
.
0.72
.
.
0.95
1.01
1.45
0.54
1.13
Morningstar Sectors as of 03-31-17
% Fund
h Cyclical
43.55
r
t
y
u
5.32
16.42
14.33
7.48
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
36.21
i
o
p
a
1.51
4.80
13.43
16.47
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
20.22
...............................................................................................
s Consumer Defensive
d Healthcare
f Utilities
ß
®
6.60
8.66
4.96
Release Date: 03-31-2017
Intelligent Variable Annuity-Vanguard VIF REIT Index Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
MSCI US REIT GR USD
Real Estate
QQQQQ
High
High
Out of 888 Real Estate VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
18
973
QQQQQ
QQQQQ
QQQQ
5
888
4
775
7
497
Portfolio Analysis
Composition as of 03-31-17
% Assets
99.8
0.0
0.0
0.2
0.0
Morningstar Equity Style Box™ as of 03-31-17
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks to provide a high level of income and
moderate long-term capital appreciation by tracking the
performance of a benchmark index that measures the
performance of publicly traded equity REITs.
The Portfolio employs an indexing investment approach
designed to track the performance of the MSCI US REIT Index.
The index is composed of stocks of publicly traded equity real
estate investment trusts (known as REITs). The advisor
attempts to replicate the 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.
33.27
45.44
18.46
........................................................
Micro
Value Blend Growth
2.84
Operations
Top 20 Holdings as of 03-31-17
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
12-12-14
02-09-99
12-12-14
0.27%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.27%
Vanguard Group Inc
.
Gerard C. O’Reilly
Walter Nejman
Vanguard is one of the world's largest investment management
companies. Whether you are an individual investor, institution,
or financial professional, you can benefit from the size, stability,
and experience that we offer. Founded May 1, 1975 with the
first fund the Wellington Fund (inception date: July 1, 1929).
We offer exceptional value, a dedication to outstanding
performance, superior service, and low costs.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
Statistics
6.53
3.90
3.71
3.31
3.10
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
AvalonBay Communities Inc
Ventas Inc
Equity Residential
Boston Properties Inc
Vornado Realty Trust
3.04
2.78
2.75
2.46
2.06
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
Digital Realty Trust Inc
Realty Income Corp
Essex Property Trust Inc
HCP Inc
Host Hotels & Resorts Inc
2.05
1.86
1.83
1.77
1.67
GGP Inc
Mid-America Apartment Communities Inc
SL Green Realty Corp
Regency Centers Corp
UDR Inc
1.61
1.40
1.31
1.23
1.17
.......................................................................................................
Investment Manager
Low
% Assets
Simon Property Group Inc
Public Storage
Equinix Inc
Prologis Inc
Welltower Inc
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
155
0
14.00
1,079.08
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
Port Avg Rel S&P 500
37.52
2.21
14.15
10014.53
Risk Measures as of 03-31-17
1.92
0.81
1.26
0.12
Rel Cat
0.96
0.89
0.92
0.86
Port Avg
Rel S&P 500
Rel Cat
15.08
0.59
0.64
6.52
17.68
1.45
.
0.65
.
.
1.04
0.95
1.16
1.41
0.82
Morningstar Sectors as of 03-31-17
% Fund
h Cyclical
98.92
r
t
y
u
0.00
0.40
0.00
98.52
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
1.08
i
o
p
a
0.00
0.00
1.08
0.00
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
0.00
s Consumer Defensive
d Healthcare
f Utilities
0.00
0.00
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Vanguard VIF Small Company Growth
Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Russell 2500 Growth TR USD
Category
Overall Morningstar Rating™
Small Growth
QQQQQ
Morningstar Return
Morningstar Risk
High
Average
Out of 2670 Small Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
0.38%
ArrowMark Colorado Holdings, LLC
(ArrowMark Partners)
.
James P. Stetler
Michael R. Roach
Chad Meade
Brian A. Schaub
Binbin Guo
Subadvisor
Portfolio Manager(s)
QQQQQ
13
2,670
4
2,300
6
1,478
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
91.4
2.1
0.1
6.4
0.0
Morningstar Equity Style Box™ as of 12-31-16
Top 20 Holdings as of 12-31-16
% Assets
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
0.00
29.35
43.71
Micro
26.93
........................................................
Statistics
Port Avg Rel S&P 500
6.28
1.17
1.10
0.98
0.91
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
22.36
3.29
10.08
2219.11
INC Research Holdings Inc A
Sally Beauty Holdings Inc
Trinet Group Inc
Tennant Co
Clean Harbors Inc
0.89
0.88
0.88
0.81
0.78
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
15.57
1.23
0.49
-5.01
67.86
1.50
.
0.50
.
.
0.98
1.03
1.53
0.69
1.11
CEB Inc
LPL Financial Holdings Inc
CDW Corp
Sensata Technologies Holding N.V.
2U Inc
0.74
0.74
0.73
0.72
0.70
High
Brooks Automation Inc
Euronet Worldwide Inc
LendingTree Inc
Heico Corp Class A
Grand Canyon Education Inc
0.67
0.67
0.66
0.64
0.63
Category
.......................................................................................................
Volatility Analysis
Investment
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
538
3
91.00
1,486.33
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
1.14
1.20
0.90
0.03
Rel Cat
CMT Market Liquidity Rate
Cadence Design Systems Inc
Abiomed Inc
Vanguard Small-Cap Growth ETF
ServiceMaster Global Holdings Inc
Vanguard is one of the world's largest investment management
companies. Whether you are an individual investor, institution,
or financial professional, you can benefit from the size, stability,
and experience that we offer. Founded May 1, 1975 with the
first fund the Wellington Fund (inception date: July 1, 1929).
We offer exceptional value, a dedication to outstanding
performance, superior service, and low costs.
Moderate
10 Year
QQQQQ
Value Blend Growth
Investment Manager
Low
5 Year
QQQQ
Small
12-12-14
06-03-96
12-12-14
0.38%
3 Year
.
15
2,904
Portfolio Analysis
Composition as of 12-31-16
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks to provide long-term capital
appreciation.
Under normal circumstances the Portfolio invests at least
80% of its assets primarily in common stocks of small
companies. These companies tend to be unseasoned but are
considered by the Portfolio's advisors to have superior growth
potential. Also, these companies often provide little or no
dividend income. It uses multiple investment advisors.
0.85
0.98
0.83
0.81
Morningstar Sectors as of 12-31-16
% Fund
h Cyclical
29.60
r
t
y
u
2.64
15.73
8.09
3.14
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
48.25
i
o
p
a
1.26
1.56
20.65
24.78
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
22.15
s Consumer Defensive
d Healthcare
f Utilities
2.70
19.31
0.14
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Vanguard VIF Total Bond Market Index
Portfolio
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
BBgBarc US Agg Bond TR USD
Category
Overall Morningstar Rating™
Intermediate-Term Bond
QQQQ
Morningstar Return
Morningstar Risk
Above Average
Average
Out of 4392 Intermediate-Term Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
62
5,166
QQQQ
QQQQ
QQQQ
13
4,392
25
3,723
17
2,059
Portfolio Analysis
Composition as of 03-31-17
% Assets
Ltd
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
12-12-14
04-29-91
12-12-14
0.15%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.15%
Vanguard Group Inc
.
William D. Baird
Joshua C. Barrickman
Top 20 Holdings as of 03-31-17
Investment Manager
Vanguard is one of the world's largest investment management
companies. Whether you are an individual investor, institution,
or financial professional, you can benefit from the size, stability,
and experience that we offer. Founded May 1, 1975 with the
first fund the Wellington Fund (inception date: July 1, 1929).
We offer exceptional value, a dedication to outstanding
performance, superior service, and low costs.
Volatility Analysis
Investment
Low
Morningstar Fixed Income Style Box™ as of 02-28-17
Moderate
High
Category
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
% Assets
CMT Market Liquidity Rate
US Treasury Note 0.875% 05-15-19
FNMA 3% 12-01-46
US Treasury Note 1.375% 09-30-18
US Treasury Note 1.625% 03-15-20
2.10
0.53
0.50
0.49
0.49
US Treasury Note 2.25% 02-15-27
US Treasury Note 1.5% 08-31-18
US Treasury Bond 2.75% 11-15-42
US Treasury Note 1.625% 04-30-19
US Treasury Note 1.875% 03-31-22
0.46
0.45
0.42
0.41
0.41
US Treasury Note 1.25% 03-31-21
US Treasury Note 1.375% 04-30-20
US Treasury Note 3.625% 02-15-20
US Treasury Note 2.375% 08-15-24
GNMA 3% 08-20-46
0.40
0.40
0.39
0.38
0.37
FNMA 3.5% 11-01-45
US Treasury Note 1.5% 01-31-19
US Treasury Note 3.375% 11-15-19
US Treasury Bond 2.875% 11-15-46
US Treasury Note 1% 03-15-19
0.36
0.36
0.36
0.35
0.35
.......................................................................................................
.......................................................................................................
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Low
0.0
0.0
97.8
2.2
0.0
Med
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
High
The investment seeks to track the performance of a broad,
market-weighted bond index.
The fund employs an indexing investment approach designed
to track the performance of the Bloomberg Barclays U.S.
Aggregate Float Adjusted Index. This index represents a wide
spectrum of public, investment-grade, taxable, fixed income
securities in the United States-including government,
corporate, and international dollar-denominated bonds, as well
as mortgage-backed and asset-backed securities-all with
maturities of more than 1 year. At least 80% of its assets will
be invested in bonds held in the index.
Mod
Ext
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
3.11
1.06
0.56
-0.91
99.31
0.00
.
0.00
.
.
1.06
1.15
1.87
0.65
1.14
Morningstar Sectors as of 03-31-17
% Fund
⁄
›
€
‹
fi
±
43.81
28.43
24.89
0.73
2.14
0.00
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis as of 02-28-17
% Bonds
.......................................................................................................
AAA
AA
A
BBB
BB
B
Below B
Not Rated
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
0
7920
104.00
3,004.98
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
5.99
8.20
3.14
103.36
-100
-50
0
ß
50
®
100
68
5
12
15
0
0
0
0
Release Date: 03-31-2017
Intelligent Variable Annuity-VY Clarion Global Real Estate - Cl. I
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P Developed Property TR USD
Global Real Estate
QQQQ
Above Average
Above Average
Out of 700 Global Real Estate VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
1 Year
3 Year
5 Year
10 Year
.
58
798
QQQ
QQQ
QQQQQ
39
700
23
587
2
314
Portfolio Analysis
Composition as of 12-31-16
% Assets
57.6
41.8
0.0
0.5
0.0
Morningstar Equity Style Box™ as of 12-31-16
% Mkt Cap
Giant
10.24
Large
Medium
Small
45.51
40.31
3.94
........................................................
Small
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Large Mid
The investment seeks high total return consisting of capital
appreciation and current income.
The Portfolio 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. The sub-adviser considers a company to be
principally engaged in the real estate industry if the company:
(i) derives at least 50% of its total revenue or earnings from
owning, operating, developing, constructing, financing,
managing, and/or selling commercial, industrial, or residential
real estate; or (ii) has at least 50% of its assets invested in real
estate.
........................................................
Micro
Value Blend Growth
0.00
Operations
Top 20 Holdings as of 12-31-16
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
05-03-10
01-03-06
05-03-10
0.89%
Prosp Gross Exp Ratio
Advisor
Subadvisor
Portfolio Manager(s)
0.97%
Voya Investments, LLC
CBRE Clarion Securities LLC
T. Ritson Ferguson
Steven D. Burton
Joseph P. Smith
% Assets
5.18
3.26
3.15
3.10
2.80
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
Welltower Inc
Mitsui Fudosan Co Ltd
Klépierre
AvalonBay Communities Inc
Public Storage
2.72
2.68
2.57
2.56
2.53
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
SL Green Realty Corp
Digital Realty Trust Inc
Unibail-Rodamco SE
Mitsubishi Estate Co Ltd
Scentre Group
2.45
2.39
2.36
2.34
2.33
Sun Hung Kai Properties Ltd
Kimco Realty Corp
Host Hotels & Resorts Inc
Land Securities Group PLC
Regency Centers Corp
2.30
2.24
2.12
2.00
1.81
.......................................................................................................
.......................................................................................................
Investment Manager
The successful history of client-focused asset management at
ING extends back to 1845 and our roots as a Dutch insurer and
commercial bank. As of March 31, 2012, we manage
approximately $170 billion of assets for institutions and
individual investors worldwide, and we serve as the principal
asset manager of ING Group, the global financial services
company. With over 3,300 employees and an investment
presence in 33 countries across the Americas, Asia-Pacific,
Europe and the Middle East, ING Investment Management
provides clients with access to domestic, regional and global
investment solutions. With an emphasis on active
management, our investment mission is to find unrecognized
value ahead of consensus. To this end, our portfolio
management teams seek original insights on markets and
securities and a vision of investment potential that differs from
the consensus view.
Statistics
Simon Property Group Inc
Gen Growth Pptys
Vornado Realty Trust
Prologis Inc
Equity Residential
Port Avg Rel S&P 500
24.60
1.66
13.73
11550.67
Risk Measures as of 03-31-17
1.06
1.08
1.02
1.14
Port Avg
Rel S&P 500
Rel Cat
12.83
0.74
0.28
-0.31
38.38
1.23
.
0.29
.
.
1.04
1.01
1.00
0.66
0.93
% Fund
Americas
57.94
North America
Latin America
57.94
0.00
Greater Europe
15.25
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
4.40
10.84
0.00
0.00
.......................................................................................................
Greater Asia
26.81
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
13.79
7.69
5.33
0.00
.......................................................................................................
77
0
49.00
324.07
...............................................................................................
...............................................................................................
...............................................................................................
Investment
Moderate
Rel Cat
Morningstar World Regions as of 12-31-16
Volatility Analysis
Low
1.26
0.61
1.23
0.13
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Wanger International
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P Global Ex US Small TR USD
Foreign Small/Mid Growth
QQQQQ
High
Above Average
Out of 199 Foreign Small/Mid Growth VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
1.11%
Columbia Wanger Asset
Management LLC
.
Louis J. Mendes
P. Zachary Egan
Subadvisor
Portfolio Manager(s)
10 Year
QQQQ
QQQQQ
26
199
27
183
2
90
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.7
97.3
0.0
0.0
2.0
Morningstar Equity Style Box™ as of 02-28-17
Top 20 Holdings as of 02-28-17
Adherence to the Growth at a Reasonable Price (GARP) style
has caused the firm to correctly react to valuation extremes in
the market. Experienced team of professionals following a
research-driven investment process that blends bottom-up and
top-down analysis. Consistent investment process since
inception of Columbia Acorn Fund in 1970. Columbia Wanger
Asset Management, L.P. is a registered investment adviser and
an indirect, wholly owned subsidiary of Bank of America
Corporation. CWAM is a part of Columbia Management.
Volatility Analysis
Investment
Moderate
High
Category
In the past, this investment has shown a relatively moderate
range of price fluctuations relative to other investments. This
investment may experience larger or smaller price declines or
price increases depending on market conditions. Some of this
risk may be offset by owning other investments with different
portfolio makeups or investment strategies.
% Assets
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
7.85
71.80
19.81
........................................................
Micro
Value Blend Growth
Investment Manager
Low
5 Year
QQQQ
Small
02-05-08
05-03-95
02-05-08
1.11%
3 Year
.
4
202
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term capital appreciation.
Under normal circumstances, the fund invests at least 65%
of its net assets in foreign companies in developed markets
(for example, Japan, Canada and the United Kingdom) and in
emerging markets (for example, China, India and Brazil). Under
normal circumstances, the fund invests a majority of its net
assets in the common stock of small- and mid-sized companies
with market capitalizations under $5 billion at the time of initial
investment.
Statistics
0.54
Port Avg Rel S&P 500
1.89
1.86
1.81
1.62
1.62
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
20.11
2.67
9.97
2245.01
Halma PLC
Elior Group SA
Domino's Pizza Enterprises Ltd
MTU Aero Engines AG
Silergy Corp
1.60
1.55
1.46
1.40
1.38
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
11.40
0.84
0.06
-0.26
83.57
1.10
.
0.06
.
.
0.96
0.97
3.00
0.38
1.03
Tikkurila Oyj
Hastings Group Holdings PLC
Brembo SpA
AEON Mall Co Ltd
Koh Young Technology Inc
1.37
1.34
1.33
1.31
1.31
Kindred Group PLC
Milbon Co Ltd
Deutsche Beteiligungs AG Ord
Aalberts Industries NV
Industria Macchine Automatiche SpA
1.29
1.27
1.25
1.24
1.22
.......................................................................................................
.......................................................................................................
Morningstar World Regions as of 02-28-17
1.03
0.97
0.89
0.03
Rel Cat
SimCorp A/S
Aurelius Equity Opportunities Se & Co KGaA
Rightmove PLC
Big Yellow Group PLC
Vitasoy International Holdings Ltd
1.05
1.09
1.03
0.73
% Fund
Americas
8.66
North America
Latin America
7.16
1.51
Greater Europe
47.70
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
15.35
30.41
0.53
1.42
.......................................................................................................
Greater Asia
43.63
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
Japan
Australasia
Asia Developed
Asia Emerging
22.15
2.42
9.16
9.90
.......................................................................................................
113
0
56.00
533.35
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
...............................................................................................
...............................................................................................
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Wanger Select
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
S&P MidCap 400 TR
Mid-Cap Growth
QQQ
Above Average
Above Average
Out of 4151 Mid-Cap Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
0.96%
Columbia Wanger Asset
Management LLC
.
Matthew S. Szafranski
David L Frank
Subadvisor
Portfolio Manager(s)
QQ
14
4,151
19
3,404
64
2,120
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
Top 20 Holdings as of 02-28-17
Adherence to the Growth at a Reasonable Price (GARP) style
has caused the firm to correctly react to valuation extremes in
the market. Experienced team of professionals following a
research-driven investment process that blends bottom-up and
top-down analysis. Consistent investment process since
inception of Columbia Acorn Fund in 1970. Columbia Wanger
Asset Management, L.P. is a registered investment adviser and
an indirect, wholly owned subsidiary of Bank of America
Corporation. CWAM is a part of Columbia Management.
Volatility Analysis
Investment
Moderate
10 Year
QQQQ
92.6
7.4
0.0
0.0
0.0
Morningstar Equity Style Box™ as of 02-28-17
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
% Assets
% Mkt Cap
Giant
0.00
........................................................
Large
Medium
Small
7.10
72.67
14.87
........................................................
Micro
Value Blend Growth
Investment Manager
Low
5 Year
QQQQ
Small
02-05-08
02-01-99
02-05-08
0.76%
3 Year
.
5
4,485
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term capital appreciation.
Under normal circumstances, the fund (i) invests a majority
of its net assets in the common stock of small- and mid-sized
companies with market capitalizations under $20 billion at the
time of initial investment ("Focus Stocks") and (ii) may also
invest in companies with market capitalizations above $20
billion, provided that immediately after that investment a
majority of the fund's net assets would be invested in Focus
Stocks.
Statistics
5.36
Port Avg Rel S&P 500
5.01
4.99
4.78
4.72
4.58
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
24.08
2.89
9.76
6454.25
Westinghouse Air Brake Technologies Corp
Jones Lang LaSalle Inc
Amerco Inc
The Middleby Corp
Education Realty Trust Inc
4.49
4.18
4.10
3.85
3.82
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
12.12
0.97
0.61
-2.58
69.74
1.16
.
0.62
.
.
0.95
0.93
1.56
0.44
0.95
Axalta Coating Systems Ltd
SVB Financial Group
Align Technology Inc
GoDaddy Inc A
Snap-on Inc
3.75
3.68
3.65
3.63
3.63
Lazard Ltd Shs A
Natus Medical Inc
Ansys Inc
Robert Half International Inc
Oshkosh Corp
3.20
3.08
2.80
2.72
2.70
.......................................................................................................
.......................................................................................................
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
32
0
93.00
129.95
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
1.23
1.05
0.87
0.08
Rel Cat
Healthsouth Corp
Liberty Global PLC Class A
Vail Resorts Inc
JB Hunt Transport Services Inc
LKQ Corp
1.03
0.80
0.75
0.67
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
32.26
r
t
y
u
3.75
11.21
9.30
8.00
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
49.19
i
o
p
a
7.10
0.00
27.18
14.91
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
18.54
s Consumer Defensive
d Healthcare
f Utilities
0.00
18.54
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Wanger USA
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
Russell 2000 TR USD
Small Growth
QQQQ
Above Average
Average
Out of 2670 Small Growth VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
Prosp Gross Exp Ratio
Advisor
1.01%
Columbia Wanger Asset
Management LLC
.
William J. Doyle
Matthew A. Litfin
Subadvisor
Portfolio Manager(s)
5 Year
10 Year
QQQQ
QQQQ
QQQQ
13
2,670
25
2,300
26
1,478
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
93.9
5.1
0.0
0.0
1.1
Top 20 Holdings as of 02-28-17
% Assets
Investment
Moderate
High
Category
In the past, this investment has shown a wide range of price
fluctuations relative to other investments. This investment may
experience significant price increases in favorable markets or
undergo large price declines in adverse markets. Some of this
risk may be offset by owning other investments that follow
different investment strategies.
Large
Medium
Small
0.00
31.16
46.65
Micro
22.19
........................................................
Statistics
Port Avg Rel S&P 500
P/E Ratio
P/B Ratio
P/C Ratio
GeoAvgCap ($mil)
24.73
3.45
13.66
2557.00
j2 Global Inc
CoStar Group Inc
LCI Industries Inc
Brunswick Corp
WageWorks Inc
1.86
1.78
1.76
1.75
1.74
Risk Measures as of 03-31-17
Port Avg
Rel S&P 500
Rel Cat
3 Yr Std Dev
3 Yr Beta
3 Yr Sharpe Ratio
3 Yr Alpha
3 Yr R-squared
14.78
1.13
0.50
-4.19
63.04
1.42
.
0.51
.
.
0.93
0.95
1.56
0.58
1.03
Papa John's International Inc
Mednax Inc
Lakeland Financial Corp
First Busey Corp Class A
Bio-Techne Corp
1.69
1.68
1.66
1.63
1.61
Cavco Industries Inc
OM Asset Management PLC
LeMaitre Vascular Inc
UniFirst Corp
Natus Medical Inc
1.60
1.55
1.51
1.51
1.46
.......................................................................................................
.......................................................................................................
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
100
0
118.00
673.33
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
1.26
1.26
1.22
0.03
Rel Cat
2.07
1.99
1.95
1.95
1.87
.......................................................................................................
Volatility Analysis
0.00
........................................................
Dorman Products Inc
Ansys Inc
AMN Healthcare Services Inc
LegacyTexas Financial Group Inc
Toro Co
.......................................................................................................
Adherence to the Growth at a Reasonable Price (GARP) style
has caused the firm to correctly react to valuation extremes in
the market. Experienced team of professionals following a
research-driven investment process that blends bottom-up and
top-down analysis. Consistent investment process since
inception of Columbia Acorn Fund in 1970. Columbia Wanger
Asset Management, L.P. is a registered investment adviser and
an indirect, wholly owned subsidiary of Bank of America
Corporation. CWAM is a part of Columbia Management.
% Mkt Cap
Giant
Value Blend Growth
Investment Manager
Low
Morningstar Equity Style Box™ as of 02-28-17
Small
02-05-08
05-03-95
02-05-08
1.01%
3 Year
.
10
2,904
Portfolio Analysis
Composition as of 02-28-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
Large Mid
The investment seeks long-term capital appreciation.
Under normal circumstances, the fund invests at least 80%
of its net assets (including the amount any borrowings for
investment purposes) in U.S. companies. It invests a majority
of its net assets in the common stock of small- and mid-sized
companies with market capitalizations under $5 billion at the
time of initial investment.
0.94
1.03
1.13
0.94
Morningstar Sectors as of 02-28-17
% Fund
h Cyclical
40.17
r
t
y
u
1.33
20.17
14.51
4.16
...............................................................................................
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j Sensitive
37.80
i
o
p
a
0.00
2.91
15.60
19.29
...............................................................................................
Communication Services
Energy
Industrials
Technology
k Defensive
22.03
s Consumer Defensive
d Healthcare
f Utilities
0.62
21.41
0.00
...............................................................................................
ß
®
Release Date: 03-31-2017
Intelligent Variable Annuity-Western Asset Variable Global High Yield I
..........................................................................................................................................................................................................................................................................................................................................
Benchmark
Category
Overall Morningstar Rating™
Morningstar Return
Morningstar Risk
BBgBarc Global High Yield TR Hdg USD
High Yield Bond
QQQ
Average
High
Out of 2304 High Yield Bond VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjusted
return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.
Investment Information
Morningstar Proprietary Statistics
Investment Strategy from investment's prospectus
Morningstar Rating™
Fund Rank Percentile
Out of # of Investments
0.80%
Legg Mason Partners Fund
Advisor, LLC
Western Asset Management
Company Pte Ltd
S. Kenneth Leech
Michael C. Buchanan
Timothy J. Settel
Paul Shuttleworth
Walter E. Kilcullen
Ian R. Edmonds
Subadvisor
Portfolio Manager(s)
QQQ
71
2,304
37
1,845
45
1,223
% Assets
U.S. Stocks
Non-U.S. Stocks
Bonds
Cash
Other
0.6
0.3
89.8
4.0
5.4
Morningstar Fixed Income Style Box™ as of 03-31-17
Ltd
Top 20 Holdings as of 03-31-17
Investment Manager
At Legg Mason, we've assembled experienced investment
management firms and empowered them with the tools,
resources and independence to pursue the strategies they
know best. Each was chosen for their commitment to
investment excellence. Each is focused on specific investment
styles. Each exhibits thought leadership. Together, we've built
a powerful portfolio of investment solutions. And it has made
us a world leader in money management.
% Assets
Republic Of Turkey 4.25% 04-14-26
Petrobras Intl Fin 6.875% 01-20-40
Russian Fedn 4.875% 09-16-23
Telecom Italia S P A New 144A 5.303% 05-30-24
Petrobras Glbl Fin B V 4.375% 05-20-23
2.30
2.09
1.75
1.70
1.31
Sprint 7.875% 09-15-23
Provincia De Buenos Aires 7.875% 06-15-27
Russian Federation 8.15% 02-03-27
Provincia De Buenos Aires 9.125% 03-16-24
Charter Comms Oper 4.908% 07-23-25
1.31
1.21
1.12
0.97
0.93
Transportadora De Gas Del Per 144 4.25% 04-30-28
US Treasury Note 1.375% 04-30-21
US Treasury Note 1.375% 01-31-21
Neptune Finco 144A 6.625% 10-15-25
Argentina Rep 6.875% 01-26-27
0.90
0.86
0.86
0.70
0.66
Sb Cap Sa FRN 02-26-24
Ziggo Secd Fin B V 144A 5.5% 01-15-27
Numericable Grp Sa 144A 7.375% 05-01-26
Jpmorgan Chase FRN
Centene Corp Del 4.75% 01-15-25
0.66
0.65
0.63
0.61
0.60
.......................................................................................................
.......................................................................................................
Avg Eff Duration
Avg Eff Maturity
Avg Wtd Coupon
Avg Wtd Price
Mod
Investment
Moderate
High
Statistics as of 03-31-17
3 Yr Std Dev
Beta
Sharpe Ratio
Alpha
R-Squared
Port Avg
Rel BC Aggr
Rel Cat
6.65
0.25
0.29
1.29
1.25
-0.01
.
0.00
.
.
1.17
0.66
0.69
0.93
0.25
Morningstar Sectors as of 03-31-17
% Fund
⁄
›
€
‹
fi
±
18.63
76.61
0.59
0.00
2.27
1.90
Government
Corporate
Securitized
Municipal
Cash/Cash Equivalents
Other
Credit Analysis as of 03-31-17
% Bonds
.......................................................................................................
Category
Total Number of Stock Holdings
Total Number of Bond Holdings
Annual Turnover Ratio %
Total Fund Assets ($mil)
6
332
98.00
172.06
AAA
AA
A
BBB
BB
B
Below B
Not Rated
-100
-50
0
50
In the past, this investment has shown a relatively small range
of price fluctuations relative to other investments. Based on this
measure, currently more than two-thirds of all investments
have shown higher levels of risk. Consequently, this investment
may appeal to investors looking for a conservative investment
strategy.
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
5.04
7.08
6.37
191.25
Ext
.......................................................................................................
Volatility Analysis
Low
10 Year
QQQ
Low
Prosp Gross Exp Ratio
Advisor
5 Year
QQ
Med
02-05-08
05-01-98
02-05-08
0.80%
3 Year
.
3
2,691
Portfolio Analysis
Composition as of 03-31-17
Operations
Subaccount Incp Date
Undr. Fund Incep Date
Subacct Adoption Date
Prosp Net Exp Ratio
1 Year
High
The investment seeks to maximize total return.
The fund invests primarily in high yield fixed income securities
issued by U.S. and foreign companies and foreign governments
and their agencies and instrumentalities. It invests at least 80%
of its assets in high yield bonds. The fund may invest without
limit in foreign securities denominated either in U.S. dollars or
foreign currencies and may invest up to 35% of its assets in
sovereign debt issued by emerging market governmental
issuers. Its investments may be of any maturity or duration.
ß
®
100
0
3
0
5
37
40
11
4
Disclosure
Additional Information
All investment vehicles are subject to market and other risk
factors, which could result in loss of principal.Investment
objectives, risks, charges, expenses, and other
important information about a portfolio are contained in
the prospectus; read it carefully before investing.
Prospectus Gross Expense Ratio
This is the percentage of fund assets paid for operating
expenses and management fees. The expense ratio typically
includes the following types of fees: accounting, administrator,
advisor, auditor, board of directors, custodial, distribution
(12b-1), legal, organizational, professional, registration,
shareholder reporting, subadvisor, and transfer agency. The
expense ratio does not reflect the fund's brokerage costs or any
investor sales charges. In contrast to the net expense ratio, the
gross expense ratio does not reflect any fee waivers in effect
during the time period.
Also known as the Total Annual Fund Operating Expense
Ratio, Morningstar pulls the prospectus gross expense ratio
from the fund's most recent prospectus. Prospectus expense
ratios reflect material changes to the expense structure for the
current period.
Prospectus Net Expense Ratio
This is the percentage of fund assets paid for operating
expenses and management fees. The expense ratio typically
includes the following types of fees: accounting, administrator,
advisor, auditor, board of directors, custodial, distribution
(12b-1), legal, organizational, professional, registration,
shareholder reporting, subadvisor, and transfer agency. The
expense ratio does not reflect the fund's brokerage costs or any
investor sales charges. In contrast to the gross expense ratio,
the net expense ratio does reflect fee waivers in effect during
the time period.
Also known as the Total Annual Fund Operating Expense Ratio
Net of Reimbursements, Morningstar pulls the prospectus net
expense ratio from the fund's most recent prospectus.
Prospectus expense ratios reflect material changes to the
expense structure for the current period, while annual report
expense ratios reflect the actual fees charged during a particular
fiscal year.
Morningstar Rating™, Return, and Risk
The Morningstar Rating™ for funds, or "star rating", is calculated
for funds and separate accounts with at least a three-year
history. Exchange-traded funds and open-ended mutual funds
are considered a single population for comparative purposes. It
is calculated based on a Morningstar Risk-Adjusted Return
measure that accounts for variation in a managed product's
monthly excess performance, placing more emphasis on
downward variations and rewarding consistent performance.
The top 10% of products in each product category receive 5
stars, the next 22.5% receive 4 stars, the next 35% receive 3
stars, the next 22.5% receive 2 stars, and the bottom 10%
receive 1 star. The Overall Morningstar Rating for a managed
product is derived from a weighted average of the performance
figures associated with its three-, five-, and 10-year (if
applicable) Morningstar Rating metrics.
The Morningstar Return rates a fund’s performance relative
to other managed products in its Morningstar Category. It is an
assessment of a product's excess return over a risk-free rate
(the return of the 90-day Treasury Bill) in comparison with the
products in its Morningstar category. In each Morningstar
category, the top 10% of products earn a High Morningstar
Return (High), the next 22.5% Above Average (+Avg), the
middle 35% Average (Avg), the next 22.5% Below Average (-
Avg), and the bottom 10% Low (Low). Morningstar Return is
measured for up to three time periods (three, five, and 10 years).
These separate measures are then weighted and averaged to
produce an overall measure for the product. Products with less
than three years of performance history are not rated.
Morningstar Risk evaluates a fund’s downside volatility
relative to that of other products in its Morningstar Category. It
is an assessment of the variations in monthly returns, with an
emphasis on downside variations, in comparison with the
products in its Morningstar category. In each Morningstar
category, the 10% of products with the lowest measured risk
are described as Low Risk (Low), the next 22.5% Below
Average (-Avg), the middle 35% Average (Avg), the next 22.5%
Above Average (+Avg), and the top 10% High (High).
Morningstar Risk is measured for up to three time periods
(three, five, and 10 years). These separate measures are then
weighted and averaged to produce an overall measure for the
product. Products with less than three years of performance
history are not rated.
Morningstar Style Box™
The Morningstar Style Box reveals a fund’s investment strategy
as of the date noted on this report.
For equity funds the vertical axis shows the market
capitalization of the long stocks owned and the horizontal axis
shows investment style (value, blend, or growth).
For fixed-income funds, the vertical axis shows the credit
quality of the long bonds owned and the horizontal axis shows
interest rate sensitivity as measured by a bond’s effective
duration (limited, moderate, or extensive).
Credit Analysis Survey: For corporate and municipal bonds,
Morningstar surveys credit rating information from fund
companies on a periodic basis (e.g., quarterly). In compiling
credit rating information, Morningstar instructs fund companies
to only use ratings that have been assigned by a Nationally
Recognized Statistical Rating Organization (NRSRO). If two
NRSROs have rated a security, fund companies are to report
the lowest rating to Morningstar. If a rating is unavailable or
unpublished, then the security or issuer is categorized as Not
Rated/Not Available. US Government Securities issued by the
US Treasury or US Government Agencies are included in the
US Government category. PLEASE NOTE: Morningstar, Inc. is
not itself an NRSRO nor does it issue a credit rating on the fund.
An NRSRO rating on a fixed-income security can change from
time-to-time.
Risk Measures
R-squared reflects the percentage of a fund’s movements that
are explained by movements in its benchmark index, showing
the degree of correlation between the fund and the
benchmark.
Beta is a measure of a fund’s sensitivity to market movements.
A portfolio with a beta greater than 1 is more volatile than the
market, and a portfolio with a beta less than 1 is less volatile
than the market.
Alpha measures the difference between a fund’s actual
returns and its expected performance, given its level of risk (as
measured by beta).
Sharpe ratio uses standard deviation and excess return to
determine reward per unit of risk.
Standard deviation is a statistical measure of the volatility of
the fund’s returns.
emerging markets may accentuate these risks.
Sector Funds: The lack of industry diversification subjects the
investor to increased industry-specific risks. Non-Diversified
Funds: Funds that invest more of their assets in a single issuer
involve additional risks, including share price fluctuations,
because of the increased concentration of investments.
Small-Cap Funds: Smaller companies typically have a higher
risk of failure, and are not as well established as larger bluechip companies. Historically, smaller-company stocks have
experienced a greater degree of market volatility than the
overall market average.
Mid-Cap Funds: The securities of companies with market
capitalizations below $10 billion may be more volatile and less
liquid than the securities of larger companies.
Bond Funds: Bond investments are subject to interest rate
risk so that when interest rates rise, the prices of bonds can
decrease and the investor can lose principal value. Bonds
investing in asset/mortgage-backed securities are subject to
prepayment risk, where falling interest rates can cause security
prices and income to decline due to early prepayment of
principal, as well as extension risk, where rising interest rates
can cause securities prices to decline because expected
prepayments of principal do not occur.
High-Yield Bond Funds: Funds that invest in lower-rated debt
securities (commonly referred to as junk bonds) involve
additional risks because of the lower credit quality of the
securities in the fund, including the possible higher level of
volatility and increased risk of default.
Commodity-Linked Derivative Funds: Funds that invest in
commodity-linked derivative instruments may subject the
portfolio to greater volatility than investments in traditional
securities, particularly if the investments invoke leverage.
Value Funds: Stock selection is based upon the portfolio
manager's assessment of fundamentals of the companies that
he/she believes to be undervalued. This style of investing may
increase the volatility of the portfolio and may not produce the
intended results over short or long time periods. Larger, more
established companies may not be able to attain higher growth
rates of smaller companies, especially during extended periods
of economic expansion.
Asset Allocation Funds: These funds seek to accomplish dual
goals of income and capital appreciation by investing in a variety
of securities in different asset classes. Many of these portfolios
are structured as a "fund of funds" which is a portfolio that
specializes in buying shares of other portfolios rather than
individual securities. The "fund of funds" structure may have
higher costs than if you invested directly in the underlying
portfolios.
TIAA-CREF Individual & Institutional Services, LLC, member
FINRA, distributes securities products. Intelligent Variable
Annuity, contract form series TCL-VA2 is issued by TIAA-CREF
Life Insurance Company, 730 Third Avenue, New York, NY
10017.
C32003
Investment Risk
Foreign Securities Funds/Emerging Market Funds: Risks
include, but are not limited to, currency risk, political risk, and
risk associated with varying accounting standards. Investing in
©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
ß
®
Supplemental Information
Supplemental Information
Glossary
4 Yr earnings growth %
Beta
Credit analysis
A measure of the trailing annualized earningsgrowth record of the stocks in the portfolio. Like
Morningstar‘s Price/Earnings and Price/Book
ratios, this number is weighted so that larger
positions in the portfolio count proportionately
more than lesser positions. Stocks with losses
during the past four years and those that
lack a four-year track record are excluded from
this calculation. Morningstar Investment
Profiles will not reflect a value if less than 25%
of the portfolio’s holdings lack a four-year
track record.
See Modern Portfolio Theory Statistics.
Credit quality can influence the returns of
portfolios that invest heavily in bonds. The
Credit Analysis graph shows the percentage of
fund assets that are invested in each of the
major credit ratings, as determined by Standard
& Poor’s or Moody’s. Lower-rated credits
(also called junk or high-yield bonds) are more
risky than higher-rated credits.
A
Alpha
See Modern Portfolio Theory Statistics
American Depository Receipts (ADRs)
ADRs are securities that represent shares
in a foreign company. They are traded on major
U.S. stock exchanges and over the counter.
Asset base
The amount of money that a fund has
under management. Frequently called assets
or net assets.
Bull market
A period in which security prices in a given
market are generally rising.
C
Capital appreciation
An increase in the share price of a security.
This is one of the two primary sources of
an investor’s total return. The other primary
source is income.
Composition
A portfolio’s composition will tell you something
about its risk level. Funds that hold a large
percentage of assets in cash (perhaps 10% or
more) usually carry less risk because not
all of their holdings are exposed to the market.
We use a pie chart to help you see how
much of your investment consists of stocks,
bonds, or cash. We also show how much
of your investment is held in foreign stocks.
An index or other standard against which an
investment’s performance is measured.
A stock fund’s returns are often compared
with those of the S&P 500 index.
82
For a U.S.-based investor, the risk that the
currency in which a foreign holding is
denominated will depreciate relative to the
U.S. dollar. In that case, an investor’s profits
would suffer when the foreign security
was sold and the proceeds from this sale were
exchanged for U.S. dollars.
Current-coupon bond
A bond that is trading at its face value or
par because it is paying a market-level rate
of interest.
D
Concentrated portfolio
Debt
A portfolio that is limited to relatively few
securities or industries although its manager
can invest in a diversified universe.
Another term for a bond or fixed-income security.
B
Benchmark
Currency risk
Country weightings
The returns of international investments will be
affected by the performance of the international
markets in which they invest. Consequently,
you will want to know which countries your
investment is most exposed to. The Morningstar
Investment Profile shows the percentage
of assets invested in each of an international
investment’s five largest country positions.
Derivative
A security that has been crafted from an existing
asset or security. Derivatives’ value (and
investors’ returns) derive from the value of the
underlying asset or security. Examples of
equity derivatives include futures contracts and
options. CMOs and mortgage-backed securities
are examples of fixed-income derivatives.
Diversification
Diversification is essentially the opposite
of “keeping all your eggs in one basket”.
If you own just one investment, you’ll have a
limited amount of diversification. By owning
several investments, particularly mutual funds
that follow different investment strategies
and hold different types of assets, you can
lower your portfolio’s overall risk. Diversification
works because if one investment if out of
favor, another that invests in different companies or financial markets may continue to
do well. The investor who owns both funds will
do better than the investor who only owns
the struggling investment. Because most
investments hit rocky patches sooner or later,
your best protection against adverse market
movements is a diversified portfolio.
One way to build a diversified portfolio, you
can combine investments with different
risk levels. For example, investors who can
accept a moderate level of risk might include
20% of assets in high-risk investments,
60% of assets in moderate-risk investments,
and 20% of assets in low-risk investments.
Even the portfolio of someone with a low risk
tolerance might include a 10% stake in
high-risk investments and a 30% stake in
moderate-risk investments. The exact tuning
of your portfolio is up to you.
Dividend
A distribution of a portion of a company’s
earnings to its stockholders. Older, larger, and
more-established companies are the ones
most likely to pay dividends. Young, growing
companies often need to reinvest all of
their profits into their businesses, and thus
don’t pay out dividends to investors.
Duration
Duration is a measure, expressed in years,
of a bond or bond fund’s sensitivity to
interest-rate movements. Generally speaking,
a one-percentage-point move in interest
rates will cause an opposite move in a bond’s
price roughly equal to the bond’s duration.
Therefore, a bond with a five-year duration
would incur a 5% loss if interest rates
moved up 1%.
E
Equity
Another term for stock, which is issued by a
corporation and trades on an exchange.
These bonds are much more sensitive to the
economic cycle than are high-quality securities,
but they offer much higher coupons (interest
payments), or yield, in return to investors who
take on the added risk.
Expense ratio
The percentage of fund assets paid for operating
expenses and management fees. Sales charges
are not included in the expense ratio.
F
Fixed-income security
Another term for a bond or debt security.
G
Geometric average cap
Morningstar defines the overall “size” of a stock
fund’s portfolio as the geometric mean of
the market capitalization for all of the stocks it
owns. It’s calculated by raising the market
capitalization of each stock to a power equal to
that stock’s stake in the portfolio. The resulting
numbers are multiplied together to produce
the geometric mean of the market caps of the
stocks in the portfolio, which is reported as
geometric average cap.
I
Income
Payment to an investor of a dividend from a
stock or of interest on a bond. Income is
one of the two sources of total return, the other
being capital appreciation.
Index
As a noun, index refers to a benchmark, such
as the S&P 500, that is used to measure
a fund’s performance. As a verb, it refers to the
practice of buying and holding the securities
that compose an index, or securities that are
representative of an index.
Inflation risk
This term refers to the probability that
a general rise in consumer prices will erode
the buying power of dollars paid back to
investors in the future. This risk is especially
relevant for longer-term investors.
Interest-rate risk
Growth
There are two common uses of the word growth
in the investment industry. In the first sense,
growth refers to an increase in a firm’s profits or
sales. In the second sense, growth refers to a
style of investing in which managers seek firms
with rapidly increasing profits or sales, often
paying little attention to the prices they pay for
such stocks.
Interest-rate risk represents vulnerability to
changes interest rates. When interest
rates rise, the prices of bonds and other
income-oriented securities drop. The
longer the duration for a bond or fund, the
greater its interest-rate risk.
Investment-grade bonds
A bond that carries a Standard & Poor’s rating of
BBB or a Moody’s rating of BAA or better.
H
High-yield bond
Also referred to as a junk bond, this is a fixedincome security that has a credit rating
of less than BBB, as measured by Standard &
Poor’s, or BAA as measured by Moody’s.
L
Large cap
For domestic companies, a firm of the 250
largest ones. For international companies,
a firm in excess of $5 billion assets. A large-cap
fund has a median market capitalization
of greater than that of the 250th largest stock.
83
M
Manager
The person who determines which investments
belong in a portfolio.
Market capitalization
The value of a company based on the current
selling price of its stock and the number of
shares it has issued. Market capitalization
equals the number of shares issued multiplied
by the share price.
Market risk
The risk posed by movements in the stock or
bond market. Investments that act the
most like these markets (as measured by
r-squared and beta) have the greatest market
risk, while investments that are weakly
linked to the broader markets have the least
market risk.
Mid-cap (also Medium cap)
For domestic companies, a firm with the
market capitalization of between 250th largest
and 1,000th largest stock. For international
companies, a firm with market capitalization of
$1 billion to $5 billion. A mid-cap fund has
a portfolio with a median market capitalization
of between 250th largest and 1,000th
largest stock.
Modern Portfolio Theory statistics (MPT)
Alpha, beta, and r-squared are components
of Modern Portfolio Theory, a set of academic
methods for assessing the risk of a fund,
relative to a benchmark. The three statistics
should be used in combination with each
other. The passage below explains how the
statistics are calculated.
Alpha: Alpha measures the difference between
a fund’s actual returns and its expected
performance, given its level of market-related
risk (as measured by beta). A positive alpha
figure indicates the fund has performed better
than its beta would predict.
84
Beta: Beta is a measure of a fund’s sensitivity
to market movements, as defined by a
benchmark index. It measures the relationship
between an investment’s excess return over
90-day Treasury-bills and the excess return of
the benchmark index. By definition, the
beta of the benchmark is 1.00. A fund with a
1.10 beta has performed 10% better than
its benchmark index (after deducting the T-bill
rate) in up markets, and 10% worse in down
markets, assuming all other factors remain
constant. A beta of 0.85 indicates that the fund
has performed 15% worse than the index
in up markets, and 15% better in down markets.
A low beta does not imply that the fund has
a low level of volatility; rather, it means
only that the fund’s market-related risk is low.
N
Net Asset Value (NAV)
A fund’s share price.
O
Operations and expenses
An investment’s expense ratio is the percentage
of assets deducted each fiscal year for fund
operational costs, including management fees,
administrative fees, operating costs, and
all other asset-based costs incurred by the fund.
Low-cost investments generally have an edge
over higher-priced ones.
P
R-squared: R-squared figures range from 0 to
100, and reflect the percentage of a fund’s
movements that are explained by movements
in its benchmark index. An r-squared of
100 means that all movements of a fund are
explained by movements in the index. Thus,
index funds that invest only in S&P 500 stocks
often have an r-squared very close to 100.
Conversely, a low r-squared indicates that very
few of the fund’s movements are explained
by movements in its benchmark index.
R-squared is used to determine the significance
of a particular beta or alpha. Generally, a
higher r-squared will indicate a more reliable
beta figure.
Money-market fund
A fund that invests exclusively in short-term
securities, such as Treasury bills, certificates
of deposit, and commercial paper. The
maximum average maturity of these funds,
which are among the safest but leastprofitable investments available, is generally
120 days.
Premium bond
A bond that sells for a price greater than its
face value, usually because the bond pays a
rate of interest greater than the market’s. A
bond that has a face value of $1,000 and sells
for $1,025 has a 2.5% premium.
Price/book ratio (P/B)
This figure relates a stock’s share price to its
per-share book value (the net value of the
company’s assets under generally accepted
accounting principles). The ratio, also called
a multiple, is usually expressed as a whole
number, and can be thought of as the price an
investor pays for $1.00 of the company’s
book value. Growth-style managers, who buy
the stocks of fast-growing companies, are
usually not concerned about P/B ratios. Valuestyle managers, on the other hand, often look
for low-P/B stocks, which they believe may be
underpriced relative to the value of their assets.
Price/earnings ratio (P/E)
This figure relates a company’s stock price
to its per-share earnings. The ratio, also
called a multiple, is usually expressed as a
whole number, and can be thought of as
the price an investor pays for each $1.00 of the
company’s earnings. Often, managers are willing
to buy stocks with a high P/E ratio when
they believe that the company will experience
significant earnings growth in the future.
Principal
The face value of a bond that its owner receives
at maturity. The term also refers to the
amount invested in a fund or security, independent of any earnings on the investment.
For domestic-stock funds, sector weightings
provide another avenue into understanding the
relative riskiness of different investment
strategies. If a fund’s sector allocation is similar
to the overall market-as measured by the
S&P 500 index-then the fund manager is likely
following a conservative style. If management
heavily overweights individual sectors by
owning two or three times as much as the S&P
500 holds, then the fund’s strategy typically
takes on more risk.
Prospectus objective
Indicates a particular fund’s investment goals,
based on the wording in a fund’s prospectus.
Security
R
Standard & Poor’s 500 Index (S&P 500)
Real Estate Investment Trust (REITs)
A company that invests in multiple real-estate
properties. REITs trade on major stock exchanges, and are held by many mutual funds.
This term can refer to any financial asset,
including stocks, bonds, and derivative issues.
Turnover ratio
A proxy for how frequently a manager trades his
or her portfolio.
V
Volatility
Although volatility and risk are closely related,
the volatility measure is different from the
Morningstar risk measure (a component of the
star rating) shown at the top of each page.
The risk measure compares a fund with other
funds in its star rating group, while the
volatility measure shows where the fund ranks
relative to all mutual funds.
A collection of 500 large, widely held stocks
used as a measure of stock-market performance. The 500 stocks in the index include 400
industrial companies, 20 transportation firms,
40 financial companies, and 40 public utilities.
Regional exposure
The percentage of assets a fund has invested in
the various regions of the world. Regional
exposure is a major determinant of the return
of world and foreign funds.
S
Small-cap
For domestic companies, a firm with a market
capitalization of less than that of the 1,000th
largest stock. For international companies,
a firm with less than $1 billion. A small-cap fund
has a median market capitalization of less
than that of 1,000th largest stock.
Sector weightings
Morningstar determines how much of each
investment is held in each of the 10 major
industrial sectors, which are listed on your
Investment Profile page in order from least risky
(utilities) to most risky (technology).
T
Top holdings
A mutual fund’s top holdings show which
securities (stocks or bonds) will have the
most influence on the fund’s returns.
The percentage of assets each holding claims
in the portfolio provides an indication of
the fund’s riskiness. Conservative managers
will usually devote no more than 3% to 4%
of the fund’s total assets to their favorite
stocks. More-daring managers may allocate
7%, 8%, or an even greater percentage of
assets to their top picks. The total weighting of
the top five holdings is also a measure of a
manager’s daring. Those who restrict the total
amount of the top five holdings to 15% of
assets or less are generally conservative, while
those who devote more than 25% may be
considered aggressive.
Total return
The combined profits of a fund, including
undistributed capital gains, capital appreciation,
capital gains, and ordinary income.
85
Supplemental Information
Alphabetical Index
Investment
Category Calamos Growth & Income
Allocation—70% to 85%
ClearBridge Variable Aggressive Grwth - Cl. I
Large Growth
ClearBridge Variable Small Cap Grwth - Class I
Credit Suisse Trust-Commodity Return
Page
Investment
Category 12
PVC MidCap Account
Mid-Cap Growth
51
13
Royce Cap Fund Micro-Cap - Inv. Class
Small Blend
52
Small Growth
14
Royce Cap Fund Small-Cap - Inv. Class
Small Value
53
Commodities Broad Basket
15
T. Rowe Price Health Sciences Port
Health
54
T. Rowe Price Limited Term Bond Short-Term Bond
55
Strategy Portfolio
Page
Delaware VIP Diversified Income
Intermediate-Term Bond
16
Templeton Developing Markets VIP Fund
Diversified Emerging Mkts
56
Delaware VIP International Equity
Foreign Large Value
17
TIAA-CREF Life Balanced
Allocation—30% to 50%
57
Delaware VIP Small Cap Value
Small Value
18
TIAA-CREF Life Bond
Intermediate-Term Bond
58
DFA VA Global Bond
World Bond
19
TIAA-CREF Life Growth & Income
Large Growth
59
DFA VA Global Moderate Allocation
World Allocation
20
TIAA-CREF Life Growth Equity
Large Growth
60
DFA VA International Small
Foreign Small/Mid Blend
21
TIAA-CREF Life International Equity
Foreign Large Growth
61
DFA VA International Value
Foreign Large Value
22
TIAA-CREF Life Large-Cap Value
Large Value
62
DFA VA Short-Term Fixed
Ultrashort Bond
23
TIAA-CREF Life Money Market
Prime Money Market
63
DFA VA US Large Value
Large Value
24
TIAA-CREF Life Real Estate Securities
Real Estate
64
DFA VA US Targeted Value
Small Value
25
TIAA-CREF Life Small-Cap Equity
Small Growth
65
Franklin Income VIP Fund
Allocation—30% to 50%
26
TIAA-CREF Life Social-Choice Equity
Large Blend
66
Franklin Mutual Shares VIP Fund
Allocation—85% + Equity
27
TIAA-CREF Life Stock Index
Large Blend
67
Franklin Small-Mid Cap Growth VIP Fund
Mid-Cap Growth
28
Vanguard VIF Capital Growth
Large Growth
68
Janus Aspen Forty - Inst. Shares
Large Growth
29
Vanguard VIF Equity Index
Large Blend
69
Janus Aspen Overseas - Inst. Shares
Foreign Large Blend
30
Vanguard VIF High Yield Bond
High Yield Bond
70
Janus Aspen Perkins Mid Cap Value - Inst. Mid-Cap Value
31
Vanguard VIF Mid-Cap Index
Mid-Cap Blend
71
JHVIT Emerging Markets Value NAV
Diversified Emerging Mkts
32
Vanguard VIF REIT Index
Real Estate
72
Matson Money Fixed Income VI Portfolio
Short-Term Bond
33
Vanguard VIF Small Co Gr
Small Growth
73
Matson Money International Equity VI Portfolio
Foreign Small/Mid Value
34
Vanguard VIF Total Bond Mkt Idx
Intermediate-Term Bond
74
Matson Money U.S. Equity VI Portfolio
Mid-Cap Value
35
VY Clarion Global Real Estate - Cl. I
Global Real Estate
75
MFS Global Equity - Initial Class
World Stock
36
Wanger International
Foreign Small/Mid Growth
76
MFS Growth - Initial Class
Large Growth
37
Wanger Select
Mid-Cap Growth
77
MFS Investors Growth Stk - IC
Large Growth
38
Wanger USA
Small Growth
78
MFS Utilities - Initial Class
Utilities
39
Western Asset Variable Global High Yield - Cl. I
High Yield Bond
79
Neuberger Berman AMT Large Cap Value
Large Value
40
Neuberger Berman AMT M/C Intrinsic Val
Mid-Cap Value
41
PIMCO VIT All Asset Portfolio
Tactical Allocation
42
PIMCO VIT Commodity Real Return Commodities Broad Basket
43
PIMCO VIT Emerging Markets Bond Portfolio
Emerging Markets Bond
44
PIMCO VIT Global Bond Portfolio
World Bond
45
PIMCO VIT Real Return Portfolio
Inflation-Protected Bond
46
PSF Jennison 20/20 Focus - Cl. II
Large Growth
47
PSF Natural Resources - Class II
Natural Resources
48
PSF Value - Class II
Large Value
49
PVC Equity Income Account
Large Value
50
Strategy Portfolio
86
March 2017 | TIAA-CREF Life Insurance Company
Quarterly Investment Guide
for The Intelligent Variable Annuity®
Investment products, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not
insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
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TCL-VA2 is issued by TIAA-CREF Life Insurance Company (TIAA Life), a wholly owned subsidiary of Teachers Insurance and Annuity Association
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©2017 TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017
C31999
141015899
This material must be preceded or accompanied by a current product and underlying fund prospectus. Additional copies of
the prospectuses can be obtained by calling 877-694-0305 or by visiting TIAA.org/prospectuses.
A13828-IVA (03/17)
Data and Analyst Reports provided by Morningstar, Inc.