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Classic Value Fund (PZFVX)

Asset Mix (%)
as of 5/31/17

Common Stocks: 88.27
Foreign Stock: 9.81
Cash & Cash Equivalents: 1.66

Market Characteristics
as of 5/31/17

Alpha: -1.99
Beta: 1.31
R-Squared: 86.64
Standard deviation: 14.85


Source: Morningstar, Inc.

Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk. A positive alpha figure indicates the fund has performed better than its beta would predict.

Beta is the market risk of the Fund and is based on 3-year performance. By definition, the beta of the market (as represented by the stated benchmark) is 1.00. Accordingly, a fund with a 1.10 beta is theoretically expected to have 10% more volatility than the market.

R-squared measures how closely a fund's performance correlates with the performance of a benchmark index. An R-squared of 100 means that a fund's performance is perfectly correlated with the benchmark index.

Standard deviation measures performance fluctuation — generally the higher the standard deviation, the greater the expected volatility of returns. These measures of past risk are not completely or necessarily representative of future risk and cannot predict a fund’s performance.

All data is based on the 3-year period and is calculated using the Russell 1000 Value Index. The Russell 1000 Value Index measures the performance of those companies within the Russell 1000 index with lower price-to-book ratios and lower forecasted growth values.

Top Holdings (%)

as of 5/31/17
Citigroup, Inc. 3.97
Royal Dutch Shell PLC 3.86
Exxon Mobil Corp. 3.58
Cognizant Technology Solutions Corp. 3.49
Bank of America Corp. 3.37
Oracle Corp. 3.30
Dover Corp. 3.20
American International Group, Inc. 3.09
Morgan Stanley 3.02
Franklin Resources, Inc. 3.02

The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets except for certain closed-end funds where characteristics are expressed as a percentage of total managed assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top Holdings and Top Issuers.

With regard to the Asset Mix table to the right: The percentages disclosed in the Asset Mix table are based on the Fund's total investments.

Top Sectors (%)

as of 5/31/17
Financials 38.82
Information Technology 15.70
Energy 12.94
Consumer Discretionary 12.08
Health Care 9.48
Industrials 6.23
Consumer Staples 2.84

The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets except for certain closed-end funds where characteristics are expressed as a percentage of total managed assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top Sectors.

Top Industries (%)

as of 5/31/17
Capital Markets 13.70
Oil, Gas & Consumable Fuels 12.68
Banks 12.05
Insurance 7.82
Machinery 6.23
Health Care Providers & Services 5.91
Media 5.66
Technology Hardware, Storage & Peripherals 4.54
IT Services 4.26
Software 3.30

The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets except for certain closed-end funds where characteristics are expressed as a percentage of total managed assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top Industries.

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