Top 3 Stock Sectors %

The top sectors in which the fund has placed its stock assets. The sectors with their major industries are:

• Utilities Sector
  Includes companies in communications, electronics, and gas utilities. Some examples of companies in this sector include AT&T, Gulf States Utilities, Pacific Gas & Electric Company, and Consumers' Water.
• Energy Sector
  Includes oil and natural gas services. Some examples of companies in this sector include Dresser Industries, Noble Drilling, DeKalb Energy, Chevron, and Pennzoil.
• Financials Sector
  Includes banks, insurance, investments, real-estate investment, real estate, and savings and loan. Some examples of companies in this sector include New England Banks, American Express, PMC Capital, American Bankers, Reich & Tang, FNMA, United Capital, DPA, and York Financial.
• Industrials Sector
  Includes aerospace and aerospace industries, building supplies, industrial-building products, business equipment, chemicals, machinery (both light and industrial), metals fabrication, paper and packaging, and photo equipment. Some examples of companies in this sector include Boeing, Georgia Pacific, English China, and Sherwin-Williams.
• Consumer Durables Sector
  Includes automotives, housewares, multi-industry firms, recreation (luxury goods), rubber/plastic, shoes and leather, textiles, and textile manufacturers. Some examples of companies in this sector include General Motors, Maytag, Singer, Williams Sonoma, Toys 'R' Us, Goodyear, K-Swiss, Fruit of the Loom, and Wacoal.
• Consumer Staples Sector
  Includes cosmetics, grooming supplies, distillers, breweries, food and food production, meats, dairy, confections, and tobacco. Some examples of companies in this sector include Avon, Seagram, Adolph Coors, Chiquita Brands, Procter & Gamble, Bob Evans Farms, Ben & Jerry's, Coca-Cola, and Philip Morris.
• Services Sector
  Includes freight, airlines, business services, publishing, railroads, hotels, motels, resorts, restaurants, personal services, recreational services, and movies. Some examples of companies in this sector include Mayflower Group, Federal Express, Ryder Systems, Delta Airways, Kelly Services, Knight-Ridder, Price Stern, Illinois Central, Rent-A-Wreck, Fuji Photo Film, Orion Pictures, and Blockbuster International.
• Retail Sector
  Includes apparel, department stores, food stores, and miscellaneous shops. Some examples of companies in this sector include Gap, Sears Roebuck, Revco, Spiegel, Starbucks, Winn-Dixie, Trak Auto, Best Buy, Audiovox, and Sharper Image.
• Health Sector
  Includes drug manufacturers, medical instruments, institutional services, and drug wholesalers. Some examples of companies in this sector include Abbot Labs, Eli Lilly, Cybertronics, Biogen, and Medco Containment.
• Technology Sector
  Includes aerospace components, business data processing, computer leasing, electrical equipment, specialized machinery, and precision instruments. Some examples of companies in this sector include Hexcel, Apple, Pioneer, Sony, Silicon Valley Group, Arizona Instrument, and American Superconductor.

Stock Sectors Relative to S&P 500

Morningstar shows how the sector weightings of an individual fund compare with the sector weightings of the S&P 500. The S&P 500 is set equal to 1.00. For example, a domestic-equity fund with a utilities weighting of 1.50 has 50% more in utilities issues than the S&P 500.

International Exposure

• Regional Exposure
  Displays the percentage of the fund's assets invested in the United States, Europe, Japan, the Pacific Rim, Latin America, and other regions.
• Country Exposure
  Displays the countries in which the fund invests most heavily. This information is gathered from fund companies and is the most recent data available.