Benchmarks

I Series Benchmark Descriptions

The Fixed Income Fund-I Series performance benchmark is the Bloomberg Barclays U.S. Universal Index (excluding mortgage backed securities). The index consists of the U.S. Aggregate Bond Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index and the non-ERISA portion of the CMBS Index. Non-dollar denominated issues are excluded from the index.

The Inflation Protection Fund-I Series performance benchmark is a blended benchmark comprised of 80% Barclays World Government Inflation Linked Bond Index (Hedged), 10% Barclays Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. The Barclays World Government Inflation Linked Bond Index (Hedged) measures the investment performance of a portfolio of developed market investment grade government inflation-linked debt. The Barclays Emerging Market Tradeable Inflation Linked Bond Index measures the investment performance of a portfolio of local currency Emerging Markets inflation-linked government debt. The Bloomberg Commodity Index measures the investment performance of a broadly diversified portfolio of futures contracts on physical commodities.

The International Equity Fund-I Series performance benchmark is the MSCI All Country World Index (ACWI) ex USA Investable Market Index (IMI). The index measures the performance of equities of companies domiciled in developed and emerging markets, excluding the U.S.

The Multiple Asset Fund-I Series performance benchmark is a blended benchmark comprised of 35% Russell 3000 Index, 30% MSCI All Country World Index (ACWI) ex-USA Investable Market Index (IMI), 25% Bloomberg Barclays U.S. Universal Index ex-Mortgage Backed Securities (MBS) and 10% IPF (I Series) performance benchmark. The IPF performance benchmark consists of a blended benchmark comprised of 80% Bloomberg Barclays World Government Inflation Linked Bond Index (Hedged), 10% Bloomberg Barclays Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. Descriptions of each component of this blended benchmark are found elsewhere in this section.

The Short Term Investment Fund-I Series performance benchmark is the BofA Merrill Lynch 3-Month Treasury Bill Index. The index measures the investment performance of the 3-month sector of the U.S. Treasury Bill market.

The U.S. Equity Fund-I Series performance benchmark is the Russell 3000 Index. The index measures the investment performance of the 3,000 largest (based on total market value) U.S. companies, representing approximately 98% of the publicly traded companies available for investment in the U.S. equity market.

The U.S. Equity Index Fund-I Series performance benchmark is the Russell 3000 Index. The index measures the investment performance of the 3,000 largest (based on total market value) U.S. companies, representing approximately 98% of the publicly traded companies available for investment in the U.S. equity market.

The U.S. Treasury Inflation Protection Fund-I Series performance benchmark is the Bloomberg Barclays U.S. Inflation Linked Bond Index. The index measures the investment performance of U.S. Treasury Inflation Protected Securities.

Strategy Benchmark Descriptions

FIF Strategy Benchmark: The benchmark for the Fixed Income Fund–I Series (FIF–I) is the Bloomberg Barclays U.S. Universal ex-MBS Index. For periods prior to January 1, 2019, the benchmark for the Fixed Income Fund–P Series (FIF–P) is presented. From On January 1, 2006 to December 31, 2018, the benchmark for FIF–P was the Bloomberg Barclays U.S. Universal ex-MBS Index. Prior to January 1, 2006, the benchmark for FIF–P was the Bloomberg Barclays U.S. Universal Index.

IEF Strategy Benchmark: The benchmark for the International Equity Fund–I Series (IEF–I) is the MSCI All Country World Index (ACWI) ex USA Investable Market Index (IMI). For periods prior to January 1, 2019, the benchmark for the International Equity Fund–P Series (IEF–P) is presented. From January 1, 2008 through December 31, 2018, the benchmark for IEF–P was the MSCI ACWI ex-USA IMI. From January 1, 2006 through December 31, 2007, the benchmark for IEF–P was the MSCI ACWI ex-USA Index. Prior to January 1, 2006, the benchmark for IEF–P was the MSCI EAFE Index.

IPF Strategy Benchmark: The benchmark for the Inflation Protection Fund–I Series (IPF–I) is 80% Bloomberg Barclays World Government Inflation Linked Bond Index (Hedged), 10% Bloomberg Barclays Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. For periods prior to January 1, 2019, the benchmark for the Inflation Protection Fund–P Series (IPF–P) is presented. From January 1, 2016 to December 31, 2018, the benchmark for the IPF-P was 80% Bloomberg Barclays World Government Inflation Linked Bond Index (Hedged), 10% Bloomberg Barclays Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. From January 1, 2006 to December 31, 2015, the benchmark for IPF-P was the Bloomberg Barclays U.S. Government Inflation Linked Bond (Series B) Index. From April 1, 2005 to December 31, 2005, the benchmark for IPF-P was 50% Bloomberg Barclays U.S. Government Inflation-Linked Bond Index and 50% Bloomberg Barclays Global Inflation-Linked Bond Index. Prior to April 1, 2005, the benchmark for IPF-P was the Bloomberg Barclays U.S. Government Inflation-Linked Bond Index.

MAF Strategy Benchmark: The benchmark for the Multiple Asset Fund – I Series is 35% Russell 3000 Index, 30% MSCI All Country World Index (ACWI) ex-USA Investable Market Index (IMI), 25% Bloomberg Barclays U.S. Universal Index ex-Mortgage Backed Securities (MBS) and 10% Inflation Protection Fund (IPF) Strategy Custom Benchmark. The IPF Strategy Custom Benchmark consists of 80% Bloomberg Barclays World Government Inflation Linked Bond Index (Hedged), 10% Bloomberg Barclays Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. For periods prior to January 1, 2019, the benchmark for the Multiple Asset Fund–P Series (MAF–P) is presented. From January 1, 2017 through December 31, 2018, the benchmark for the MAF–P was 35% Russell 3000 Index, 30% MSCI All Country World Index (ACWI) ex-USA Investable Market Index (IMI), 25% Bloomberg Barclays U.S. Universal Index ex-Mortgage Backed Securities (MBS) and 10% Inflation Protection Fund– P Series (IPF-P) Custom Benchmark. The IPF–P Custom Benchmark consists of 80% Bloomberg Barclays World Government Inflation Linked Bond Index (Hedged), 10% Bloomberg Barclays Emerging Market Tradeable Inflation Linked Bond Index (Unhedged) and 10% Bloomberg Commodity Index. From January 1, 2016 to December 31, 2016, the benchmark for the MAF–P was 40% Russell 3000 Index, 25% MSCI ACWI ex-USA IMI, 25% Bloomberg Barclays U.S. Universal Index ex-MBS, and 10% IPF –P Custom Benchmark. From January 1, 2014 to December 31, 2015, the benchmark for the MAF–P was 40% Russell 3000 Index, 25% MSCI ACWI ex-USA IMI, 25% Bloomberg Barclays U.S. Universal Index ex-MBS, and 10% Bloomberg Barclays U.S. Government Inflation Linked Bond Index. From January 1, 2006 to December 31, 2013, the benchmark for MAF–P was 45% Russell 3000 Index, 20% MSCI ACWI ex-USA IMI, 25% Bloomberg Barclays U.S. Universal Index MBS and 10% Bloomberg Barclays U.S. Government Inflation-Linked Bond Index. Prior to January 1, 2006, the benchmark for the MAF–P was 47% Russell 3000 Index, 15% MSCI EAFE Index, 3% MSCI Emerging Markets Index and 35% Lehman Brothers U.S. Universal Index.

STIF Strategy Benchmark: The benchmark for the Short Term Investment Fund – I (STIF–I) Series is the BofA Merrill Lynch 3-Month Treasury Bill Index. For periods prior to January 1, 2019, the benchmark for the Short Term Investment Fund–P Series (STIF–P) is presented. The benchmark for the STIF–P was the BofA Merrill Lynch 3-Month Treasury Bill Index.

USEF Strategy Benchmark: The benchmark for the U.S. Equity Fund – I (USEF–I) Series is the Russell 3000 Index. For periods prior to January 1, 2019, the benchmark for the U.S. Equity Fund–P Series (USEF–P) is presented. The benchmark for the USEF–P was the Russell 3000 Index.

USEIF Strategy Benchmark: The benchmark for the U.S. Equity Index Fund – I (USEIF–I) Series is the Russell 3000 Index. For periods prior to January 1, 2019, the benchmark for the U.S. Equity Index Fund–P Series (USEIF–P) is presented. The benchmark for the USEIF–P was the Russell 3000 Index.

USTPF Strategy Benchmark: The benchmark for the U.S. Treasury Inflation Protection Fund – I (USTPF–I) Series is the Bloomberg Barclays U.S. Inflation Linked Bond Index. For periods prior to January 1, 2019, the benchmark for the U.S. Treasury Inflation Protection Fund–P Series (USTPF–P) is presented. The benchmark for the USTPF–P was the Bloomberg Barclays U.S. Inflation Linked Bond Index.

 

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