The Morningstar Category Classifications

The Morningstar Category

Classifications

(for portfolios available for sale in the United States)

Morningstar Methodology Paper

Effective April 29, 2016

?2016 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc.

Reproduction or transcription by any means, in whole or in part, without the prior written consent of Morningstar, Inc., is

prohibited.

Contents

Category List

3

Introduction

7

Category Review Process

8

Changes

9

U.S. Equity

12

Sector Equity

16

Allocation

20

International Equity

27

Alternative

32

Commodities

38

Taxable Bond

40

Municipal Bond

46

Money Market

51

The Morningstar Category Classifications| April 29, 2016

? 2016 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction or transcription by any means,

in whole or part, without the prior written consent of Morningstar, Inc., is prohibited.

2

Category List

Category Group

U.S. Equity

Category Name

Large Value

12

U.S. Equity

U.S. Equity

U.S. Equity

U.S. Equity

U.S. Equity

U.S. Equity

U.S. Equity

U.S. Equity

U.S. Equity

Large Blend

Large Growth

Mid-Cap Value

Mid-Cap Blend

Mid-Cap Growth

Small Value

Small Blend

Small Growth

Leveraged Net Long

12

12

13

13

13

14

14

14

15

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Sector Equity

Communications

Consumer Cyclical

Consumer Defensive

Energy Limited Partnership

Equity Energy

Equity Precious Metals

Financial

Global Real Estate

Health

Industrials

Infrastructure

Natural Resources

Real Estate

Technology

Utilities

Miscellaneous Sector

16

16

16

16

17

17

17

17

18

18

18

18

19

19

19

19

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation--15% to 30% Equity

Allocation--30% to 50% Equity

Allocation--50% to 70% Equity

Allocation--70% to 85% Equity

Allocation--85%+ Equity

Convertibles

World Allocation

Tactical Allocation

Target-Date 2000-2010

Target-Date 2015

Target-Date 2020

20

20

20

20

21

21

21

22

22

22

23

The Morningstar Category Classifications| April 29, 2016

? 2016 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction or transcription by any means,

in whole or part, without the prior written consent of Morningstar, Inc., is prohibited.

3

Category List (continued)

Category Group

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Allocation

Category Name

Target-Date 2025

Target-Date 2030

Target-Date 2035

Target-Date 2040

Target-Date 2045

Target-Date 2050

Target-Date 2055

Target-Date 2060+

Target-Date Retirement

23

23

24

24

24

25

25

25

26

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

International Equity

Foreign Large-Value

Foreign Large-Blend

Foreign Large-Growth

Foreign Small/Mid-Value

Foreign Small/Mid-Blend

Foreign Small/Mid-Growth

World Stock

Diversified Emerging Markets

Diversified Pacific/Asia

Miscellaneous Region

Europe Stock

Latin America Stock

Pacific/Asia ex-Japan Stock

China Region

India Equity

Japan Stock

27

27

27

28

28

28

29

29

29

29

30

30

30

30

31

31

Alternative

Bear Market

32

Alternative

Alternative

Alternative

Alternative

Alternative

Alternative

Alternative

Alternative

Alternative

Alternative

Multicurrency

Single Currency

Long-Short Credit

Long-Short Equity

Market Neutral

Multialternative

Managed Futures

Option Writing

Volatility

Trading--Leveraged Commodities

32

32

33

33

33

34

34

34

35

35

The Morningstar Category Classifications| April 29, 2016

? 2016 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction or transcription by any means,

in whole or part, without the prior written consent of Morningstar, Inc., is prohibited.

4

Category List (continued)

Category Group

Alternative

Alternative

Alternative

Alternative

Alternative

Alternative

Category Name

Trading--Inverse Commodities

Trading--Leveraged Debt

Trading--Inverse Debt

Trading--Leveraged Equity

Trading--Inverse Equity

Trading--Miscellaneous

35

36

36

36

37

37

Commodities

Commodities Agriculture

38

Commodities

Commodities

Commodities

Commodities

Commodities

Commodities Broad Basket

Commodities Energy

Commodities Industrial Metals

Commodities Miscellaneous

Commodities Precious Metals

38

38

38

39

39

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Taxable Bond

Long Government

Intermediate Government

Short Government

Inflation-Protected Bond

Long-Term Bond

Intermediate-Term Bond

Short-Term Bond

Ultrashort Bond

Bank Loan

Stable Value

Corporate Bond

Preferred Stock

High-Yield Bond

Multisector Bond

World Bond

Emerging-Markets Bond

Emerging-Markets Local-Currency Bond

Nontraditional Bond

40

40

41

41

41

42

42

42

43

43

43

43

44

44

44

44

45

45

The Morningstar Category Classifications| April 29, 2016

? 2016 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction or transcription by any means,

in whole or part, without the prior written consent of Morningstar, Inc., is prohibited.

5

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