Release Date:09-30-2019 OPERS Target Payout Fund

OPERS Target Payout Fund

Release Date:09-30-2019

..........................................................................................................................................................................................................................................................................................................................................

Benchmark

Overall Morningstar RatingTM

Morningstar Return

Morningstar Risk

Morningstar Lifetime Mod Incm TR USD

QQQ

Average

Average

Rated against 160 Target-Date Retirement funds. 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 for details.

Investment Strategy

This fund seeks to provide current income with some capital appreciation. Its asset allocation, determined by OPERS general investment consultant, is the most conservative of the OPERS Target Date Funds.

OPERS consultant establishes the Payout Fund's weighting of stocks, bonds and cash. Then BlackRock index funds are used to produce this modeled asset allocation.

The OPERS Target Payout Fund should provide a diversified investment that is appropriate for an investor whose Target Date Fund has reached its maturity. This fund is for members who have begun taking distributions from their retirement account.

Category Description: Target-Date Retirement

Retirement income portfolios provide a mix of stocks, bonds, and cash for those investors already in or entering retirement. These portfolios tend to be managed to more of a conservative asset-allocation strategy. These portfolios aim to provide investors with steady income throughout retirement.

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.

Best 3 Month Return

11.07% (Mar '09 - May '09)

Worst 3 Month Return

-14.32% (Sep '08 - Nov '08)

Operations

Expense Ratio Fund Inception Date Total Fund Assets ($mil)

0.03% of fund assets 04-01-08 24.43

Portfolio Manager(s)

NEPC LLC

................................................................................................ Management Company BlackRock

Notes You should review Investment Disclosures before making any decisions.The Morningstar Rating that is reflected on page is hypothetical, because Morningstar does not independently analyze the custom fund universe. Rather the Rating is assigned to the custom fund universe as a means to compare the institutional funds with the universe of mutual funds that Morningstar rates.

Allocation of Stocks and Bonds

100% 80 60 40

Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash

20

0

45

40

35

30

25

20

15

10

5

0

Years Until Retirement

Performance

20 Total Return%

15 as of 09-30-19

10

Investment

5

Benchmark

0

-5

-10

-15

Average annual, if greater than 1 year

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception

9.04

4.92

4.55

3.83

4.80

5.16

Fund Return %

9.73

5.21

4.99

4.18

5.61

.

Benchmark Return %

..............1..0.....1..1....................5.....9..0................Q....Q4....7Q..8................Q....Q4....0Q..1....................Q5....2Q..8....................4.....2..7....................MC..a.o.t.re.n.g.i.no..gr.y.s.t.A.a.vr..e.R.r.aa..gt.i.en..g.%.TM......

.

.

160

127

95

.

# of Funds in Category

PortfolioYTADnalysis as oYTfD09-30-19 YTD

Composition as of 09-30-19

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

YTD

% Assets

15.8 15.6 65.9 2.5 0.2

Top 10 Holdings as of 09-30-19

% Assets

BlackRock U.S. Debt Index NL F

32.42

BlackRock 1-3 Year Govt Bond Index F

23.57

BlackRock MSCI ACWI ex U.S. Index F

15.74

BlackRock US TIPS Non Lending F

12.27

B...l.a..c..k.R...o..c..k...R..u..s..s..e..l.l..1..0..0..0..?.....I.n..d..e..x...N...L...F..................................1..1....5..8.

BlackRock Russell 2000? Index NL F

4.42

.......................................................................................................

Total Number of Holdings

6

Annual Turnover Ratio %

.

YTD

YTD

Morningstar Style BoxTM as of 09-30-19(EQ) ; 09-30-19(F-I)

High Med Low Large Mid Small

Value Blend Growth

Ltd Mod Ext

Morningstar Sectors as of 09-30-19

% Fund S&P 500 %

.h.......C...y.c..l.i.c..a..l.........................................................4..0....5..2............3..3....0..6.

r Basic Materials

5.70 2.40

t Consumer Cyclical

11.45 11.76

y Financial Services

18.88 15.68

u Real Estate

4.49 3.22

.j.......S...e..n..s..it..i.v.e........................................................3..6....8..3............4..1....6..5.

i Communication Services

3.38 3.41

o Energy

5.52 4.52

p Industrials

11.42 10.39

a Technology

16.51 23.33

.k.......D...e..f.e..n..s..i.v..e......................................................2..2....6..6............2..5....2..8.

s Consumer Defensive

8.25 8.12

d Healthcare

11.00 13.57

f Utilities

3.41 3.59

?2019 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 website at .

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