Morningstar rated the Capital Appreciation Fund among
727,
727,
653
and
429
Allocation--50% to 70% Equity
funds for the overall rating and the 3-, 5-, and 10-year periods (as applicable)
ending 06/30/2017, respectively.
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
weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year
rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating
for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most
weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is
included in all three rating periods.
Performance Comparison
as of
07/31/2017
This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.
1 The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds,
variable annuity and variable life subaccounts, exchange-traded funds, closed-end 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 weights are: 100% three-year rating for 36-59 months of
total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30%
five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating
formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest
impact because it is included in all three rating periods.
The fund seeks long-term capital appreciation by investing primarily in common stocks. It may hold fixed-income and other securities to help preserve principal value.
Average Annual Total Returns 2
Month End
07/31/2017
Quarter End
06/30/2017
1 Year
10.54%
12.31%
3 Years
10.07%
9.33%
5 Years
12.76%
12.92%
10 Years
8.53%
8.10%
Since Inception
11.36%
11.37%
Inception Date
June 30, 1986
Gross Expense Ratio^
0.70%
Net Expense Ratio^
0.70%
Waiver Type
Contractual
Limitation Expires
April 30, 2019
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results.
Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares.
2
Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.
For funds less than one year old, the Since Inception return figure is not annualized and represents an aggregate total return.
^ The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's
prospectus prior to the deduction of any waiver or reimbursement.
The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.
If a fund has an active contractual expense ratio limitation, the expiration date is shown below the gross and net
expense ratio values above. Expense ratios are as of the most recent prospectus.
