A Smarter Way to Manage Your Retirement Plan

Transcription

1 A Smarter Way to Manage Your Retirement Plan United of Omaha Life Insurance Company A Mutual of Omaha Company Introducing SmartPlan Enterprise SM SmartPlan is a quick and easy way to learn about your retirement plan. Live video hosts discuss how your plan works and the benefits of participation, and then guide you through an interactive process that helps you discover your retirement needs and risk profile, as well as choose plan investments and contribution amounts. Topics include: n Plan Basics: How your plan works, how to get started, and why it may be your best retirement savings option SmartPlan Makes It Easy In just a few minutes you ll create a personalized Investor Profile that will help guide your plan investment decisions. And you can come back as often as you like to update your choices. To access SmartPlan Enterprise, visit the link listed on the inside cover of your Enrollment Booklet. n n n n Retirement Needs: A personalized retirement income needs analysis Risk Profile: Find out what type of investor you are: aggressive, moderate, or conservative, in just a few easy questions s: Learn about the investments available in your plan and help select the ones that seem right for you Contributions: Calculate the amount you want to contribute to your plan 2011 vwise, Inc., SmartPlan Enterprise is a service mark of vwise, Inc. All rights reserved. SmartPlan is designed to provide a brief video summary of your retirement plan and help you make informed choices by guiding you through several interactive applications, including retirement needs and risk profile surveys, and investments and contribution selectors. Once you ve completed the interactive applications, you re done with SmartPlan but you have not yet enrolled in your retirement plan. Please be aware that you will need to enroll using the process communicated to you by your employer. Please refer to your Enrollment materials for assistance in completing this process. Be sure to a copy of your Investor Profile to yourself for future reference. MUGC9276

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3 PLATTE COUNTY AMBULANCE 401(K) PLAN ELIGIBILITY REQUIREMENTS: You must have completed 3 months of service with your employer and be at least 21 years of age to participate in the plan. ENROLLMENTS: The first day of the month following the completion of the eligibility requirements. YOUR CONTRIBUTIONS: You have the choice to make your contributions on a pre-tax and/or a Roth (after-tax) basis. You may contribute from 1% to 100% of compensation up to the maximum permitted by the Internal Revenue Code. For 2015, the deferral limit is $18,000. Participants over age 50 are eligible to make catchup contributions in 2015 of $6,000. Additional limitations may be imposed due to the results from compliance testing, if applicable. If this occurs, your plan administrator will notify you. EMPLOYER CONTRIBUTIONS: You will receive Safe Harbor Matching Contributions to your Individual Account in an amount equal to 100% of your elective deferrals that do not exceed 3% of your compensation plus 50% of the portion of your Elective Deferrals on the next 2% of your Compensation for the Plan year. Your employer may also make a discretionary profit sharing contribution to the plan. INVESTMENT CHANGES: You may change your investment choices for future contributions or transfer money between funds through the Internet secure Web site or by calling the interactive voice response system. Changes made by 4 p.m. Eastern Time each day will generally occur on the same business day. Changes after 4 p.m. Eastern Time will generally occur the next business day. INVESTMENT OPTIONS: You may direct your savings into various investment options. See the list of your available investment options in your enrollment booklet. VESTING: Vesting describes the percentage of your total account balance available to you, subject to legal and plan requirements. Your contributions and earnings and your employer s Safe Harbor contributions and earnings are always 100% vested. Your employer profit sharing contributions and earnings will be subject to the following vesting schedule: Years of Service Vested % 1 0% 2 20% 3 40% 4 60% 5 80% 6 or more 100% DISTRIBUTIONS: Distributions from the plan may only occur in the event of: Retirement Death Disability Termination of Employment 59 1/2 Hardships This is not the Plan Document or the Summary Plan Description (SPD), but is intended to provide only general information about your plan. If there are any differences between these plan highlights and the plan document or SPD, the plan document will govern. Contact your plan administrator if you have any questions concerning your plan. 07/17/2015

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5 Congratulations. Your employer provides you with another opportunity to save for your retirement. Your plan offers you greater plan flexibility by allowing both traditional pre-tax elective deferral contributions and Roth contributions. As an eligible participant, you decide which to contribute. WHAT ARE ROTH CONTRIBUTIONS? Roth contributions differ from pre-tax elective deferral contributions because they are made on an after-tax basis. This means that taxes are payable on the contributions in the year contributed. The benefit with Roth contributions is tax-free withdrawals; you pay no taxes on the earnings (if the following conditions are met): 1. Contributions remain in the plan for at least 5 years from the first time a Roth contribution is made. 2. Withdrawals do not begin until age 59½ (the age 59½ requirement is waived for distributions due to death or disability). WHAT ARE THE CONTRIBUTION LIMITS? For 2015, the employee contribution limit is $18,000 (includes both pre-tax elective deferral contributions and Roth contributions). Participants over age 50 are eligible to make catch-up contributions in 2015 of $6,000. Total contributions (Roth and pre-tax elective deferrals) cannot exceed the limit of $18,000 (plus $6,000, if catch-up eligible). If your plan allows, you may make both pre-tax elective deferral contributions and Roth contributions in the same year. Once a contribution has been made to the plan, the type of contribution (pre-tax or Roth) cannot be changed. However, you can change the type of contribution for future deferrals. Please see your Plan Highlights for more information on plan limits and the frequency of changes. WHAT ARE SOME OF THE CHARACTERISTICS OF ROTH CONTRIBUTIONS? Roth contributions are similar to Roth IRA contributions in that they are contributed after tax MUGC8431 Unlike the Roth IRA, there are no income restrictions Roth contributions are subject to required minimum distribution (RMD) rules for participants over age 70½ Roth contributions are eligible for rollover to another qualified plan that maintains Roth contributions Roth contributions are eligible for matching contributions according to your plan s matching formula You can contribute to both a Roth and a Roth IRA You cannot convert an existing or Roth IRA account into a Roth account Roth contributions are not available to be withdrawn as a loan, even if your plan permits plan loans WHICH IS MORE ADVANTAGEOUS, MAKING PRE-TAX CONTRIBUTIONS OR ROTH CONTRIBUTIONS? There is no clear answer. It depends in large part on future tax rates, which can change at any time. It also depends on your personal tax situation. While there is no right answer, you should consider the following points when making your decision. Continued

6 YOU MAY WANT TO CONSIDER PRE-TAX CONTRIBUTIONS IF: Minimizing the taxes you pay today is very important to you You think your tax rates will be lower when you retire than they are today The current tax savings you get by making pretax contributions is substantial Increasing your income would reduce tax credits you may be eligible for now You believe the certainty of an immediate tax reduction outweighs a potentially larger, but uncertain, tax reduction in the future (the bird in the hand theory) You have the self-discipline to take the tax savings and invest them for retirement YOU MAY WANT TO CONSIDER ROTH CONTRIBUTIONS IF: You want your retirement savings to be tax free when withdrawn (subject to IRS conditions) You think your tax rates will be higher when you retire than they are today Your personal tax situation limits the benefits of pre-tax contributions today (your income is low or you have high tax deductions or credits) You plan to leave the money in the plan until you retire You are younger and have a long time to accumulate earnings on your contributions (compounding earnings will have a greater impact on the amount distributed tax free) You are not eligible for a Roth IRA due to income limitations The most important point is not whether you contribute on a Roth or pre-tax basis, but whether you contribute as much as you can, as early as you can.

7 The investment options available in your retirement plan are carefully screened by professional investment managers and cover a wide range of asset classes and styles. For more information, review the investment profiles. Additional information about the investments listed below can be found within the enclosed document titled ' Information Regarding Your Retirement Account'. This information is also available on the website: Mutual of Omaha is required to comply with US Securities and Exchange Commission (SEC) Rule 22c-2. This rule requires Mutual of Omaha to monitor frequent trading and market timing activities. Mutual of Omaha has established a policy to monitor trading activity and, if necessary, to enforce restrictions on trading to comply with Rule 22c-2 and our investment manager agreements. Additionally, monitoring helps avoid the possible imposition of redemption fees by the investment managers on fund transfers. Professional Portfolios GlidePath Retirement 2005 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2010 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2015 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2020 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2025 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2030 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2035 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of RPD301

8 GlidePath Retirement 2040 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2045 Manager: Multiple managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2050 Manager: Multiple Managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of Mutual Directions 2 Manager: Multiple managers : Moderately conservative portfolio Seeks to provide income, in combination with the potential for some growth of capital over the long-term. Mutual Directions 3 Manager: Multiple managers : Moderate portfolio Seeks to provide capital appreciation and income over the long-term, by investing in five stock funds and a bond fund. Mutual Directions 4 Manager: Multiple managers : Moderately aggressive portfolio Seeks to provide long-term capital appreciation with some opportunity for income. Mutual Directions 5 Manager: Multiple managers : Aggressive portfolio Seeks to provide maximum capital appreciation over the long-term. GlidePath Retirement 2055 Manager: Multiple Managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of GlidePath Retirement 2060 Manager: Multiple Managers : Time-based portfolio Seeks to achieve long-term capital growth by investing in a diversified mix of asset classes and investment styles which becomes increasingly conservative over time. Designed for investors who intend to retire within 5 years of Mutual Directions 1 Manager: Multiple managers : Conservative portfolio Seeks to provide stability of income, with some exposure to stocks for capital appreciation, while attempting to minimize overall risk over the long-term. T. Rowe Price Personal Strategy Balanced Fund Manager: T. Rowe Price Associates, Inc. : Moderate Seeks the highest total return over time, consistent with an emphasis on both capital growth and income. T. Rowe Price Personal Strategy Growth Fund Manager: T. Rowe Price Associates, Inc. : Moderately Aggressive Seeks the highest total return over time, consistent with an emphasis on capital growth and a secondary emphasis on income. T. Rowe Price Personal Strategy Income Fund Manager: T. Rowe Price Associates, Inc. : Moderately Conservative Seeks the highest total return over time, consistent with a primary emphasis on income and a secondary emphasis on capital growth. RPD301

9 Vanguard Target Retirement 2015 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income. Vanguard Target Retirement 2060 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income. Vanguard Target Retirement 2020 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income. Vanguard Target Retirement Income Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks current income and some capital appreciation. Vanguard Target Retirement 2025 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income. Vanguard Target Retirement 2030 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income. Vanguard Target Retirement 2035 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income. Vanguard Target Retirement 2040 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income Vanguard Target Retirement 2045 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income. Stable Value/Bonds BlackRock High Yield Bond Portfolio Manager: BlackRock Advisors, LLC : High Yield Bond Seeks to maximize total return, consistent with income generation and prudent investment management. Bond Index Fund Manager: State Street Global Advisors : Intermediate Term Bond Seeks to provide current income, by tracking the Lehman Brothers Government/Credit Index. Risk is expected to be low to moderate. Guaranteed Account Manager: United of Omaha Life Insurance Company : Short-Term Fixed Income Provides safety of principal and guaranteed daily compound rates of interest. Risk is considered low. Lifetime Guaranteed Income Account Manager: United of Omaha Life Insurance Company : Short-Term Fixed Income Provides guaranteed retirement income and safety of principal. Vanguard Target Retirement 2050 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income Metropolitan West Total Return Bond Fund Manager: Metropolitan West Asset Management : Intermediate Term Bond Seeks to maximize long-term total return. Vanguard Target Retirement 2055 Fund Manager: The Vanguard Group, Inc. : Time-based portfolio Seeks capital appreciation and current income. PIMCO Total Return Fund Manager: Pacific Management Company : Intermediate Term Bond Seeks maximum total return, consistent with preservation of capital and prudent investment management. RPD301

10 Templeton Global Total Return Fund Manager: Franklin Templeton s : World Bond Seeks total investment return through interest income, capital appreciation and currency gains. TIPS Index Fund Manager: State Street Global Advisors : Inflation-Protected Bond Match, as closely as practicable before expenses, the performance of the Barclays Capital US TIPS Index over the long term. International Stock Funds Causeway International Value Fund Manager: Causeway Capital Management, LLC : Large-Cap Value Seeks long-term growth of capital and income. Emerging Markets Index Fund Manager: State Street Global Advisors : Diversified Emerging Markets The Fund seeks to match closely the returns of the capitalization weighted MSCI Emerging Markets Index while providing daily liquidity. Harbor International Fund Manager: Harbor Capital Advisors : Foreign Large-Cap Blend The Fund seeks long-term total return, principally from growth of capital. International Developed Countries Fund Manager: Causeway Capital Management, LLC and Artio Global Management : Foreign Large-Cap Blend Seeks to provide long-term capital appreciation. Invests in stocks from developed countries outside the U.S. International Stock Index Fund Manager: State Street Global Advisors : Large-Cap Core International Tracks the performance of the MSCI EAFE Index, which measures investment return of stocks from developed markets outside North America. MFS International Growth Fund Manager: Massachusetts Financial Services Company : Foreign Large Growth Capital appreciation Wells Fargo Advantage Emerging Markets Equity Fund Manager: Wells Fargo Funds Management, LLC : Diversified Emerging Markets Seeks long-term capital appreciation. Domestic Stock Funds AB Discovery Value Fund Manager: AllianceBernstein L.P. : Small/Mid Cap Value An open-end fund that seeks long-term growth of capital. AllianzGI NFJ Dividend Value Fund Manager: NFJ Group, LP : Large-Cap Value Seeks long-term growth of capital and income. Goldman Sachs Small Cap Value Fund Manager: Goldman Sachs Asset Management, LP : Small Cap Value Seeks long term capital appreciation. Growth Stock Index Fund Manager: State Street Global Advisors : Large-Cap Growth Tracks the performance of the Russell 1000 Growth Index, which measures investment return of largecapitalization growth stocks. Harbor Capital Appreciation Fund Manager: Harbor Capital Advisors : Large Cap-Growth Seeks long-term growth of capital. John Hancock Disciplined Value Mid Cap Fund Manager: John Hancock Management Services, LLC : Mid Cap Value Seeks long-term growth of capital with current income as a secondary objective. RPD301

11 Lord Abbett Value Opportunities Fund Manager: Lord, Abbett & Co., LLC : Mid Cap Core Seeks long-term capital appreciation. MFS Value Fund Manager: Massachusetts Financial Services Company : Large Cap Value Seeks capital appreciation. Mid Cap Stock Index Fund Manager: State Street Global Advisors : Mid Cap Core Seeks to match as closely as possible, before expenses, the performance of the S&P MidCap 400 Index over the long term. Prudential Small-Cap Value Fund Manager: Prudential s LLC : Small-Cap Value Seeks above-average capital appreciation. Royce Total Return Fund Manager: Royce & Associates, LLC : Small-/Mid-Cap Value Strives for long-term growth of capital and current income. Small Cap Growth Stock Index Fund Manager: State Street Global Advisors : Small Cap Value Seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Russell 2000 Value Index over the long term. Small Cap Stock Index Fund Manager: State Street Global Advisors : Small-Cap Core The fund seeks to replicate the returns and characteristics of the Russell 2000 Index. Small Cap Value Stock Index Fund Manager: State Street Global Advisors : Small Cap Value Seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Russell 2000 Value Index over the long term. Small Company Fund Manager: Wellington Management Co., LLP : Small-Cap Core Strives to provide long-term capital growth through investment in small companies (generally, up to $1 billion in capital). Stock Market Index Fund Manager: State Street Global Advisors : Large-Cap Core Seeks to provide long-term growth of principal and income by matching the return of the S&P 500 Stock Index. T. Rowe Price Growth Stock Fund Manager: T. Rowe Price Associates, Inc. : Large-Cap Growth Seeks long-term growth of capital and, secondarily, increasing dividend income by investing primarily in common stocks of well-established growth companies. Value Stock Index Fund Manager: State Street Global Advisors : Large-Cap Value Tracks the performance of the Russell 1000 Value Index, which measures investment return of largecapitalization value stocks. Vanguard Morgan Growth Fund Manager: The Vanguard Group Inc. : Large-Cap Growth Seeks to provide long-term capital appreciation. Vanguard Windsor II Fund Manager: The Vanguard Group Inc. : Large-Cap Value Aims to provide long-term growth of capital and, secondarily, some dividend income. Waddell & Reed New Concepts Fund Manager: Waddell & Reed Management Company : Mid Cap Growth Seeks growth of investment. William Blair Small-Mid Cap Growth I Fund Manager: William Blair & Company, L.L.C. : Small-/Mid-Cap Growth Seeks long-term capital appreciation. RPD301

12 Specialty Funds Cohen & Steers Institutional Realty Shares Fund Manager: Cohen & Steers Capital Management, Inc. : Real Estate Seeks total return through investment in real estate securities. Franklin Growth Fund Manager: Franklin Templeton s : Unconstrained Seeks capital appreciation. Oppenheimer Global Fund Manager: OppenheimerFunds, Inc. : World Stock Seeks capital appreciation. PIMCO All Asset Fund Manager: Pacific Management Co LLC : Specialty Fund Seeks maximum real return, consistent with preservation of real capital and prudent investment management. Risk is expected to be moderate. Vanguard Global Equity Fund Manager: The Vanguard Group Inc. : World Stock The fund seeks to provide long-term capital appreciation. RPD301

13 What is the Lifetime Guaranteed Income Account? The Lifetime Guaranteed Income Account is a new kind of investment option that: Converts your contributions to the account into a guaranteed amount of retirement income Shows you how much annual income you ll have in retirement Guarantees you won t outlive your retirement income Is there a limit on how much I can contribute to the Lifetime Guaranteed Income Account? You can direct 100% of your contributions and/or your employer s contributions (if applicable) to the Lifetime Guaranteed Income Account provided your plan allows participant direction of plan investments. Plan and IRSimposed contribution limits apply. Are there any trading restrictions on the Lifetime Guaranteed Income Account? In an effort to deter frequent trading/market timing, the Lifetime Guaranteed Income Account has blocking provisions that prevent transfers back into the account for 60 days after any amount has been transferred out of the account. Direct transfers between the Guaranteed Account and the Lifetime Guaranteed Income Account are not permitted. What is the cost to invest in the Lifetime Guaranteed Income Account? The interest-crediting rate applied to the account is net of all fees. The credited interest rate will typically be 0.5% lower than the rate credited to the Guaranteed Account. What is an annual guaranteed retirement income? Your annual guaranteed retirement income is the amount of money you will receive annually, beginning at age 65 and continuing for the rest of your life. How is the annual guaranteed retirement income calculated? Each contribution you make into the Lifetime Guaranteed Income Account buys a specific amount of guaranteed annual income, which you will begin receiving at age 65. How often is my annual guaranteed retirement income calculated? The amount is calculated daily. Contributions and transfers into the account will increase your annual guaranteed retirement income amount. Distributions, loans and transfers out of the account will decrease the amount. You can check your balance daily online. Can I start my benefit at an age other than 65? Benefits are scheduled to start at age 65 and may not be started earlier. If you work beyond age 65, you can start receiving benefits at a later date and the benefit will be adjusted to reflect the actual commencement date. What payment options are available? The standard benefit shown will be expressed as a 20 year certain and life annuity. That means you will receive those payments for as long as you live. Your benefit is guaranteed for the first 20 years, so if you were to die before receiving all of the guaranteed payments, your beneficiary will receive the remaining guaranteed payments. Other forms of annuity payment are available and may be selected at the time you commence benefits. If another annuity form is selected, an actuarial adjustment will be made. What if I die shortly after payments begin? Your spouse or beneficiary may be entitled to continue receiving benefits depending on the payment option you selected at retirement. Will my benefits be adjusted based on the performance of the account? Yes. Each year, on your birthday, your guaranteed retirement income amount will be reviewed to determine whether earnings warrant an increase in your guaranteed retirement income amount. If the guaranteed retirement income amount is increased, we will notify you in writing. Benefits will never decrease based on the performance of the account. Will the amount of my annual guaranteed retirement income ever decrease? The annual guaranteed income will not decrease, unless withdrawals are made from the account. MUGC

14 What if the date of birth used to calculate my annual guaranteed retirement income is incorrect? If your date of birth is incorrect, your annual guaranteed retirement income will be calculated incorrectly. Please contact your plan sponsor to update your date of birth in our records. Once your birth date has been corrected, the amount of your guaranteed income will be adjusted to reflect your actual date of birth. This adjustment may involve an increase or decrease in your guaranteed benefit. What happens to my accrued benefit if I transfer my account balance out of the Lifetime Guaranteed Income Account? If you transfer the entire account balance out of the account, you will lose the guaranteed benefit. If you transfer only a portion, your guaranteed retirement income will be reduced proportionately. What happens to my guaranteed retirement income if I terminate employment or retire prior to age 65? If you leave your money in the account, your guaranteed retirement income benefit will remain in place and will continue to be reviewed annually. If you take a cash distribution, you will lose the guaranteed benefit. The account balance and guaranteed retirement income can also be rolled over to an IRA upon termination of employment in most, but not all states. How do I start my guaranteed retirement income when I reach age 65? Contact Mutual of Omaha at , and we will assist you with initiating your benefit payments. How does the Lifetime Guaranteed Income Account differ from the Guaranteed Account? The Lifetime Guaranteed Income Account includes a guaranteed retirement benefit. The Guaranteed Account will typically pay a higher rate of interest on money contributed in the same month, however, the Guaranteed Account does not include a guaranteed retirement benefit. Can I move money between the Guaranteed Account and the Lifetime Guaranteed Income Account? No, money cannot be transferred directly between these funds. Is there a calculator I can use to project how much annual retirement income my current balance and future contributions to the Lifetime Guaranteed Income Account will provide? Yes, we do have an online calculator. Visit the web at: options are offered through a group variable annuity contract (Forms 902-GAQC-09 or 902-GAQC-09(CT) or 902-GAQC-09(OR) underwritten by United of Omaha Life Insurance Company, Omaha, NE which accepts full responsibility for all of United of Omaha's contractual obligations under the contract but does not guarantee any contributions or investment returns except as to the Guaranteed Account and the Lifetime Guaranteed Income Account as provided under the contract. Neither United of Omaha Life Insurance Company nor its representatives or affiliates offers investment advice in connection with the contract. Specific features of the Lifetime Guaranteed Income Account (Rider Forms 651-GAQR-10 or 651-GAQR-10(CT) or 651GAQR-10(OR) vary by state. Restrictions apply. The Lifetime Guaranteed Income Account is not available in Nevada or New York.

15 Information Regarding Your Retirement Account Platte County Ambulance 401(k) Plan 07/17/2015 The information in this document is designed to provide you important information about your company s retirement plan and help you make decisions regarding the features and investments that are available. This information will be updated at least annually and more frequently if certain information changes. You are encouraged to review this information along with any additional materials provided in order to make the best possible decisions regarding the management of your retirement account. General Plan Information This section describes any limitations or restrictions on how you can manage your account along with information on the plan s investment options and any voting rights that may apply to them. If your plan offers a brokerage account option, information regarding this account can also be found in this section. Administrative Expenses The information in this section provides detail on expenses associated with the administration and recordkeeping of the plan and, if deducted from your account, how these expenses will be calculated. Please note that administrative expenses may not be deducted from your account and instead be paid by your employer. Whether or not these expenses are deducted from your account may also vary from year to year. Individual Expenses In this section you will find a listing of services available to help you manage your retirement account and the cost for each service. These services are optional and you will only be charged if they are used. Options The charts in this section are designed to provide detailed information on the investments available through your company s plan. This section is broken out by investment type and includes such information as investment returns, performance of comparative benchmarks and where to obtain additional information on each investment.

16 General Plan Information Instructions Upon meeting the eligibility requirements of your company s plan and completing all required enrollment documents, you are responsible for choosing how to invest the assets in your account. Your investment decisions are subject to any limitations or restrictions described in the table below. Limitations or Restrictions The portion(s) of your account that you can invest How often you can change your investment elections Your Entire Account How often you can transfer assets between investment options Daily - subject to restrictions shown in Table 3 Additional rules that apply to selecting investments Daily See Table 3 Fees and Expenses for investment restrictions. Exercise of Voting and Other Rights Certain voting rights may apply to an investment option that you have CHOSEN for your account. If the investment option is not a mutual fund, the voting rights will be exercised by the investment manager(s) of the investment option. United of Omaha Life Insurance Company will exercise any voting rights for investment options that are mutual funds. Designated s For a list of investment options offered through the plan, please review the Variable Return Table in Part 1 of this document. Managers For the investment managers of the plan s investment options, please see each investment s website, prospectus or fact sheet. Fund profiles are available at Uwww.getretirementright.com/invest/135. The fund name on the performance chart is a link to the fund profile. Administrative Expenses Expenses for administrative services provided to the plan may be charged to your account. These services include recordkeeping (e.g., valuing participant accounts, processing contributions and investment transactions and providing account statements), legal (e.g., design changes required by law and interpreting the plan document) and accounting (e.g., auditing the plan s financial records). If administrative expenses are charged to plan participants, they will be shown on the quarterly account statement and charged either pro rata based on the amount of each participant s account balance relative to total plan assets, or per capita based on the number of the participants in the plan. The payment method will be determined by the plan administrator at the time the expense is due.

17 Individual Expenses The expenses listed below for services provided to you may be charged to your account. If any of these expenses are charged to you, they will be deducted from check proceeds or from account assets. Expense Taking a distribution $50.00 Options Whether you will have adequate savings at retirement will depend in large part on how much you choose to save and how you invest your savings. While the information below is important to making informed investment decisions, you should carefully review all available information about an investment option prior to making an investment decision. This document includes important information to help you compare the investment options under your retirement plan. If you want additional information about your investment options, you can go to the specific website address shown below or you can contact Jeff Shullaw at , rd Ave, Columbus, NE and request a free paper copy of the information available on the website(s). Document Summary This document has three parts. Part I consists of performance information for plan investment options. This part shows you how well the investments have performed in the past. Part II shows you the fees and expenses you will pay if you invest in an option. Part III contains information about the annuity options (if applicable) under your retirement plan. Part I Performance Information Table 1 focuses on the performance of investment options that do not have a fixed or stated rate of return. Table 1 shows how these options have performed over time and allows you to compare them with an appropriate benchmark for the same time periods. Past performance does not guarantee how the investment option will perform in the future. Your investment in these options could lose money. Information about an option s principal risks is available on the website(s). Additional information, including more current performance information, is also available at Uwww.getretirementright.com/invest/135.

18 Name/ Professional Portfolio Table 1 Variable Return s Average Annual Total Return as of 06/30/2015 1y. 5yr. 10yr. Since Inception Benchmark 1y. 5yr. 10yr. Since Inception GlidePath Retirement % 7.21% N/A 2.24% 1.61% 6.37% N/A 3.92% S&P Target Date Retirement Income TR USD GlidePath Retirement % 8.61% N/A 2.72% 1.88% 7.70% N/A 4.17% S&P Target Date 2010 TR USD GlidePath Retirement % 9.49% N/A 2.78% 2.12% 8.94% N/A 4.37% S&P Target Date 2015 TR USD GlidePath Retirement % 10.43% N/A 2.83% 2.32% 10.01% N/A 4.48% S&P Target Date 2020 TR USD GlidePath Retirement % 11.03% N/A 2.74% 2.22% 10.87% N/A 4.51% S&P Target Date 2025 TR USD GlidePath Retirement % 11.61% N/A 2.84% 2.32% 11.62% N/A 4.47% S&P Target Date 2030 TR USD GlidePath Retirement % 11.89% N/A 2.90% 2.42% 12.24% N/A 4.45% S&P Target Date 2035 TR USD GlidePath Retirement % 11.95% N/A 2.90% 2.46% 12.67% N/A 4.46% S&P Target Date 2040 TR USD GlidePath Retirement % 11.91% N/A 2.91% 2.48% 12.98% N/A 4.39% S&P Target Date 2045 TR USD GlidePath Retirement % 11.92% N/A 9.88% 2.54% 13.18% N/A 11.11% S&P Target Date 2050 TR USD GlidePath Retirement % 11.89% N/A 9.88% 2.51% 13.40% N/A 11.29% S&P Target Date 2055 TR USD GlidePath Retirement % N/A N/A 8.40% 2.51% N/A N/A 10.43% S&P Target Date 2055 TR USD Mutual Directions % 3.10% 2.43% N/A 0.31% 5.68% 4.57% N/A S&P Target Risk Conservative TR USD Mutual Directions % 4.94% 2.95% N/A 0.31% 5.68% 4.57% N/A S&P Target Risk Conservative TR USD Mutual Directions % 7.79% 4.37% N/A 0.77% 7.27% 4.78% N/A S&P Target Risk Moderate TR USD Mutual Directions % 9.35% 4.96% N/A 2.59% 10.23% 5.90% N/A S&P Target Risk Growth TR USD Mutual Directions % 11.27% 5.41% N/A 2.78% 13.43% 7.07% N/A S&P Target Risk Aggressive TR USD

19 Name/ Professional Portfolio T. Rowe Price Personal Strategy Balanced Fund T. Rowe Price Personal Strategy Growth Fund T. Rowe Price Personal Strategy Income Fund Vanguard Target Retirement 2015 Fund Vanguard Target Retirement 2020 Fund Vanguard Target Retirement 2025 Fund Vanguard Target Retirement 2030 Fund Vanguard Target Retirement 2035 Fund Vanguard Target Retirement 2040 Fund Vanguard Target Retirement 2045 Fund Vanguard Target Retirement 2050 Fund Vanguard Target Retirement 2055 Fund Table 1 Variable Return s Average Annual Total Return as of 06/30/2015 1y. 5yr. 10yr. Since Inception Benchmark 1y. 5yr. 10yr. Since Inception 0.99% 9.71% 5.35% N/A 0.77% 7.27% 4.78% N/A S&P Target Risk Moderate TR USD 1.93% 12.11% 5.67% N/A 2.59% 10.23% 5.90% N/A S&P Target Risk Growth TR USD -0.08% 7.04% 4.53% N/A 0.31% 5.68% 4.57% N/A S&P Target Risk Conservative TR USD 0.64% 7.60% 3.95% N/A 2.12% 8.94% 5.57% N/A S&P Target Date 2015 TR USD 1.05% 8.61% N/A 4.17% 2.32% 10.01% N/A 5.72% S&P Target Date 2020 TR USD 1.08% 9.41% 4.30% N/A 2.22% 10.87% 6.14% N/A S&P Target Date 2025 TR USD 1.25% 10.24% N/A 4.28% 2.32% 11.62% N/A 5.96% S&P Target Date 2030 TR USD 1.35% 11.04% 4.75% N/A 2.42% 12.24% 6.41% N/A S&P Target Date 2035 TR USD 1.23% 11.35% N/A 4.62% 2.46% 12.67% N/A 6.10% S&P Target Date 2040 TR USD 1.23% 11.35% 5.08% N/A 2.48% 12.98% 6.54% N/A S&P Target Date 2045 TR USD 1.29% 11.47% N/A 4.68% 2.54% 13.18% N/A 6.18% S&P Target Date 2050 TR USD 1.23% N/A N/A 11.19% 2.51% N/A N/A 12.11% S&P Target Date 2055 TR USD

20 Name/ Professional Portfolio Vanguard Target Retirement 2060 Fund Vanguard Target Retirement Income Fund Stable Value/Bonds BlackRock High Yield Bond Portfolio Table 1 Variable Return s Average Annual Total Return as of 06/30/2015 1y. 5yr. 10yr. Since Inception Benchmark 1y. 5yr. 10yr. Since Inception 1.24% N/A N/A 10.45% 2.51% N/A N/A 14.05% S&P Target Date 2055 TR USD 0.03% 4.75% 3.25% N/A 1.61% 6.37% 4.59% N/A S&P Target Date Retirement Income TR USD -1.93% 7.19% 6.07% N/A -0.39% 8.58% 7.90% N/A BarCap US Corporate High Yield TR USD Bond Index Fund -0.23% 1.47% 2.39% N/A 1.68% 3.51% 4.38% N/A BarCap US Govt/Credit TR USD Guaranteed Account 0.25% 0.90% 1.68% N/A 0.03% 0.06% 1.30% N/A USTREAS T-Bill Sec Mkt 3 Mon Lifetime Guaranteed Income Account Metropolitan West Total Return Bond Fund 0.25% 0.61% 1.29% N/A 0.03% 0.06% 1.30% N/A USTREAS T-Bill Sec Mkt 3 Mon 0.14% 3.53% 4.57% N/A 1.85% 3.35% 4.44% N/A BarCap US Agg Bond TR USD PIMCO Total Return Fund -0.62% 2.07% 3.73% N/A 1.85% 3.35% 4.44% N/A BarCap US Agg Bond TR USD Templeton Global Total Return Fund -3.97% 4.60% 6.89% N/A -7.10% 2.30% N/A 3.52% BarCap Multiverse TR USD TIPS Index Fund -3.64% 1.25% 2.09% N/A -1.73% 3.29% 4.13% N/A BarCap US Treasury US TIPS TR USD International Stock Funds Causeway International Value Fund Emerging Markets Index Fund -5.27% 9.25% 3.76% N/A -4.22% 9.52% 5.11% N/A MSCI EAFE NR USD -7.30% 1.35% 5.52% N/A -4.77% 4.03% 8.45% N/A MSCI EM NR USD Harbor International Fund -5.97% 7.75% 6.13% N/A -4.22% 9.52% 5.11% N/A MSCI EAFE NR USD

21 Name/ International Stock Funds International Developed Countries Fund International Stock Index Fund MFS International Growth Fund Wells Fargo Advantage Emerging Markets Equity Fund Domestic Stock Funds Table 1 Variable Return s Average Annual Total Return as of 06/30/2015 1y. 5yr. 10yr. Since Inception Benchmark 1y. 5yr. 10yr. Since Inception -5.22% 6.43% 3.00% N/A -4.22% 9.52% 5.11% N/A MSCI EAFE NR USD -5.83% 7.67% 3.26% N/A -4.22% 9.52% 5.11% N/A MSCI EAFE NR USD -5.17% 7.14% 5.22% N/A -1.70% 8.84% 6.37% N/A MSCI All Country World (ex-us) Growth Index -8.44% 1.84% 8.06% N/A -4.77% 4.03% 8.45% N/A MSCI EM NR USD AB Discovery Value Fund 0.67% 14.40% 7.34% N/A 0.99% 16.24% 7.77% N/A Russell 2500 Value TR USD AllianzGI NFJ Dividend Value Fund Goldman Sachs Small Cap Value Fund -2.07% 13.21% 4.78% N/A 4.14% 16.50% 7.05% N/A Russell 1000 Value TR USD 1.96% 15.75% 7.65% N/A 0.78% 14.81% 6.87% N/A Russell 2000 Value TR USD Growth Stock Index Fund 8.41% 16.31% 7.01% N/A 10.56% 18.59% 9.11% N/A Russell 1000 Growth TR USD Harbor Capital Appreciation Fund John Hancock Disciplined Value Mid Cap Fund Lord Abbett Value Opportunities Fund 12.14% 16.84% 7.49% N/A 10.56% 18.59% 9.11% N/A Russell 1000 Growth TR USD 6.91% 17.95% 9.62% N/A 3.67% 17.73% 8.89% N/A Russell Midcap Value TR USD 3.97% 13.73% N/A 9.80% 0.99% 16.24% N/A 7.68% Russell 2500 Value TR USD MFS Value Fund 4.96% 14.25% 6.32% N/A 4.14% 16.50% N/A 7.05% Russell 1000 Value TR USD Mid Cap Stock Index Fund 4.35% 15.57% 7.64% N/A 6.40% 17.83% 9.75% N/A S&P Midcap 400 TR

22 Name/ Domestic Stock Funds Prudential Small-Cap Value Fund Table 1 Variable Return s Average Annual Total Return as of 06/30/2015 1y. 5yr. 10yr. Since Inception Benchmark 1y. 5yr. 10yr. Since Inception -0.03% 13.27% 6.72% N/A 0.78% 14.81% 6.87% N/A Russell 2000 Value TR USD Royce Total Return Fund -2.37% 11.68% 5.51% N/A 0.99% 16.24% 7.77% N/A Russell 2500 Value TR USD Small Cap Growth Stock Index Fund 9.99% 16.94% N/A 14.62% 12.34% 19.32% N/A 16.95% Russell 2000 Growth TR USD Small Cap Stock Index Fund 4.49% 14.88% 6.44% N/A 6.49% 17.09% 8.41% N/A Russell 2000 TR USD Small Cap Value Stock Index Fund -1.22% 12.63% N/A 10.95% 0.78% 14.81% N/A 13.14% Russell 2000 Value TR USD Small Company Fund 6.60% 17.77% 8.60% N/A 6.49% 17.09% 8.41% N/A Russell 2000 TR USD Stock Market Index Fund 5.35% 15.09% 5.86% N/A 7.42% 17.34% 7.89% N/A S&P 500 TR T. Rowe Price Growth Stock Fund 11.49% 17.36% 7.74% N/A 10.56% 18.59% 9.11% N/A Russell 1000 Growth TR USD Value Stock Index Fund 2.21% 14.31% 5.05% N/A 4.14% 16.50% 7.05% N/A Russell 1000 Value TR USD Vanguard Morgan Growth Fund 10.66% 15.53% 6.46% N/A 10.56% 18.59% 9.11% N/A Russell 1000 Growth TR USD Vanguard Windsor II Fund 2.39% 14.18% 5.00% N/A 4.14% 16.50% 7.05% N/A Russell 1000 Value TR USD Waddell & Reed New Concepts Fund William Blair Small-Mid Cap Growth I Fund Specialty Funds Cohen & Steers Institutional Realty Shares Fund 5.84% 14.77% 8.98% N/A 9.45% 18.69% 9.69% N/A Russell Midcap Growth TR USD 13.87% 17.02% 9.26% N/A 11.30% 19.55% 10.32% N/A Russell 2500 Growth TR USD 3.71% 11.93% 5.74% N/A 4.14% 14.36% 7.06% N/A FTSE NAREIT Equity REITs TR

23 Name/ Specialty Funds Table 1 Variable Return s Average Annual Total Return as of 06/30/2015 1y. 5yr. 10yr. Since Inception Benchmark 1y. 5yr. 10yr. Since Inception Franklin Growth Fund 9.01% 14.60% 7.63% N/A 7.29% 17.53% 8.15% N/A Russell 3000 TR USD Oppenheimer Global Fund 6.04% 12.98% 6.40% N/A 1.43% 13.03% 6.35% N/A MSCI World NR USD PIMCO All Asset Fund -7.60% 3.37% 3.26% N/A -1.95% 2.36% 3.71% N/A Barclays US Trsy Infl Note 1-10Y TR USD Vanguard Global Equity Fund -0.42% 11.49% 4.69% N/A 1.23% 12.51% 6.96% N/A MSCI AC World GR USD Table 2 focuses on the performance of investment options that have a fixed or stated rate of return. Table 2 shows the annual rate of return of each option, the term or length of time that you will earn this rate of return and other information relevant to performance. Your Plan does not have any fixed return investments. Table 2 Fixed Return s Name/Type of Option Return Term Other The rate of return on the Guaranteed Account varies each month so it is not a fixed return investment.

24 Part II Fee and Expense Information Table 3 shows fee and expense information for the investment options listed in Table 1 and Table 2. Table 3 shows the total annual operating expenses of the options in Table 1. Total annual operating expenses are expenses that reduce the rate of return of the investment option. Table 3 also shows shareholder-type fees. These fees are in addition to total annual operating expenses. Table 3 Fees and Expenses as of 06/30/2015 Name / Type of Option Fund Gross Total Annual Operating Expenses Net Total Annual Operating Expenses Trading Restrictions Professional Portfolio GlidePath Retirement 2005 Professional Portfolios GlidePath Retirement 2010 Professional Portfolios GlidePath Retirement 2015 Professional Portfolios GlidePath Retirement 2020 Professional Portfolios GlidePath Retirement 2025 Professional Portfolios GlidePath Retirement 2030 Professional Portfolios GlidePath Retirement 2035 Professional Portfolios GlidePath Retirement 2040 Professional Portfolios GlidePath Retirement 2045 Professional Portfolios GlidePath Retirement 2050 Professional Portfolios GlidePath Retirement 2055 Professional Portfolios GlidePath Retirement 2060 Professional Portfolios Mutual Directions 1 Professional Portfolios Mutual Directions 2 Professional Portfolios Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Conservative portfolio Moderately conservative portfolio As % Per $1000 As % Per $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $20.73

25 Table 3 Fees and Expenses as of 06/30/2015 Name / Type of Option Fund Gross Total Annual Operating Expenses Net Total Annual Operating Expenses Trading Restrictions Professional Portfolio Mutual Directions 3 Professional Portfolios Mutual Directions 4 Professional Portfolios Mutual Directions 5 Professional Portfolios T. Rowe Price Personal Strategy Balanced Fund Professional Portfolios T. Rowe Price Personal Strategy Growth Fund Professional Portfolios T. Rowe Price Personal Strategy Income Fund Professional Portfolios Vanguard Target Retirement 2015 Fund Professional Portfolios Vanguard Target Retirement 2020 Fund Professional Portfolios Vanguard Target Retirement 2025 Fund Professional Portfolios Vanguard Target Retirement 2030 Fund Professional Portfolios Vanguard Target Retirement 2035 Fund Professional Portfolios Vanguard Target Retirement 2040 Fund Professional Portfolios Vanguard Target Retirement 2045 Fund Professional Portfolios Moderate portfolio Moderately aggressive portfolio Aggressive portfolio Moderate Moderately Aggressive Moderately Conservative Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio As % Per $1000 As % Per $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $20.60 *YES 2.06% $ % $20.60 *YES 2.07% $ % $20.70 *YES 2.07% $ % $20.70 *YES 2.08% $ % $20.80 *YES 2.08% $ % $20.80 *YES 2.08% $ % $20.80 *YES

26 Table 3 Fees and Expenses as of 06/30/2015 Name / Type of Option Fund Gross Total Annual Operating Expenses Net Total Annual Operating Expenses Trading Restrictions Professional Portfolio Vanguard Target Retirement 2050 Fund Professional Portfolios Vanguard Target Retirement 2055 Fund Professional Portfolios Vanguard Target Retirement 2060 Fund Professional Portfolios Vanguard Target Retirement Income Fund Professional Portfolios Stable Value/Bonds BlackRock High Yield Bond Portfolio Fixed Income/Bonds Bond Index Fund Fixed Income/Bonds Guaranteed Account Fixed Income/Bonds Lifetime Guaranteed Income Account Fixed Income/Bonds Metropolitan West Total Return Bond Fund Fixed Income/Bonds PIMCO Total Return Fund Fixed Income/Bonds Templeton Global Total Return Fund Fixed Income/Bonds TIPS Index Fund Fixed Income/Bonds International Stock Funds Causeway International Value Fund International Stock Funds Time-based portfolio Time-based portfolio Time-based portfolio Time-based portfolio High Yield Bond Intermediate Term Bond Short-Term Fixed Income Short-Term Fixed Income Intermediate Term Bond Intermediate Term Bond World Bond Inflation-Protected Bond Large-Cap Value As % Per $1000 As % Per $ % $ % $20.80 *YES 2.08% $ % $20.80 *YES 2.08% $ % $20.80 *YES 2.06% $ % $20.60 *YES 2.45% $ % $24.20 *YES 1.98% $ % $ % $ % $13.50 *YES 1.35% $ % $13.50 *YES 2.26% $ % $ % $ % $ % $ % $ % $ % $ % $ % $28.20

27 Table 3 Fees and Expenses as of 06/30/2015 Name / Type of Option Fund Gross Total Annual Operating Expenses Net Total Annual Operating Expenses Trading Restrictions International Stock Funds Emerging Markets Index Fund International Stock Funds Harbor International Fund International Stock Funds International Developed Countries Fund International Stock Funds International Stock Index Fund International Stock Funds MFS International Growth Fund International Stock Funds Wells Fargo Advantage Emerging Markets Equity Fund International Stock Funds Domestic Stock Funds AB Discovery Value Fund U.S. Stock Funds AllianzGI NFJ Dividend Value Fund U.S. Stock Funds Goldman Sachs Small Cap Value Fund U.S. Stock Funds Growth Stock Index Fund U.S. Stock Funds Harbor Capital Appreciation Fund U.S. Stock Funds John Hancock Disciplined Value Mid Cap Fund U.S. Stock Funds Lord Abbett Value Opportunities Fund U.S. Stock Funds MFS Value Fund U.S. Stock Funds Diversified Emerging Markets Foreign Large-Cap Blend Foreign Large-Cap Blend Large-Cap Core International Foreign Large Growth As % Per $1000 As % Per $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $27.10 Diversified Emerging Markets 2.98% $ % $29.80 Small/Mid Cap Value Large-Cap Value Small Cap Value Large-Cap Growth Large Cap-Growth Mid Cap Value Mid Cap Core Large Cap Value 2.69% $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $23.90

28 Table 3 Fees and Expenses as of 06/30/2015 Name / Type of Option Fund Gross Total Annual Operating Expenses Net Total Annual Operating Expenses Trading Restrictions Domestic Stock Funds Mid Cap Stock Index Fund U.S. Stock Funds Prudential Small-Cap Value Fund U.S. Stock Funds Royce Total Return Fund U.S. Stock Funds Small Cap Growth Stock Index Fund U.S. Stock Funds Small Cap Stock Index Fund U.S. Stock Funds Small Cap Value Stock Index Fund U.S. Stock Funds Small Company Fund U.S. Stock Funds Stock Market Index Fund U.S. Stock Funds T. Rowe Price Growth Stock Fund U.S. Stock Funds Value Stock Index Fund U.S. Stock Funds Vanguard Morgan Growth Fund U.S. Stock Funds Vanguard Windsor II Fund U.S. Stock Funds Waddell & Reed New Concepts Fund U.S. Stock Funds William Blair Small-Mid Cap Growth I Fund U.S. Stock Funds Specialty Funds Cohen & Steers Institutional Realty Shares Fund Specialty Funds Mid Cap Core Small-Cap Value Small-/Mid-Cap Value Small Cap Value Small-Cap Core Small Cap Value Small-Cap Core Large-Cap Core Large-Cap Growth Large-Cap Value Large-Cap Growth Large-Cap Value Mid Cap Growth Small-/Mid-Cap Growth Real Estate As % Per $1000 As % Per $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $21.60 *YES 2.18% $ % $21.80 *YES 2.93% $ % $ % $ % $ % $ % $25.60

29 Table 3 Fees and Expenses as of 06/30/2015 Name / Type of Option Fund Gross Total Annual Operating Expenses Net Total Annual Operating Expenses Trading Restrictions Specialty Funds Franklin Growth Fund Specialty Funds Oppenheimer Global Fund Specialty Funds PIMCO All Asset Fund Specialty Funds Vanguard Global Equity Fund Specialty Funds Unconstrained World Stock Specialty Fund World Stock As % Per $1000 As % Per $ % $ % $ % $ % $ % $ % $ % $ % $25.10 *YES * URESTRICTIONU: participants who redeem, transfer or exchange any amount out of this investment option must wait 60 calendar days before transferring or exchanging any amount back into this investment option. There are no redemption fees or Maximum & Deferred Sales charges applicable to the funds listed above. However, in the event of an employer-directed withdrawal (as defined by the plan's annuity contract), a market value adjustment may be applicable to the Guaranteed Account and the Lifetime Guaranteed Income Account. Any market value adjustment will be calculated in accordance with the terms of the plan's annuity contract. The Total Annual Operating Expense ratio is the percentage of fund assets paid for operating expenses and management fees. This ratio typically includes the following types of fees and expenses: accounting, administrator, advisor, auditor, board of directors, custodial, distribution, legal, organizational, professional, registration, shareholder reporting, subadvisor and transfer agency. This ratio does not reflect the fund s brokerage costs. This ratio may be reduced by fee waivers or reimbursements from investment managers. The Net Total Annual Operating Expense ratio reflects the ratio after investment manager fee waivers or reimbursements. This is the expense ratio that currently applies to the investment. The Gross Total Annual Operating Expense does not include any investment manager fee waivers or reimbursements and is the maximum expense ratio that could apply to the investment. Note: For Exchange Trade Funds ( ETFs ), the following transaction costs are factored into the average share price: trading commissions (estimated at $0.02 per share) and securities transaction fees (estimated at $19.20 per $1,000,000 of sales proceeds). The cumulative effect of fees and expenses can substantially reduce the growth of your retirement savings. Visit the Department of Labor s website for an example showing the long-term effect of fees and expenses at Fees and expenses are only one of many factors to consider when you decide to invest in an option. You may also want to think about whether an investment in a particular option, along with your other investments, will help you achieve your financial goals. You should consult your own financial or tax advisor when making investment decisions.

30 for Part III Annuity Information Table 4 focuses on the annuity options under the plan. Annuities are insurance contracts that allow you to receive a guaranteed stream of payments at regular intervals, usually beginning when you retire and lasting for your entire life. Annuities are issued by insurance companies. Guarantees of an insurance company are subject to its long-term financial strength and claims-paying ability. Table 4 Annuity Options Name Objectives / Goals Pricing Factors Restrictions / Fees Lifetime Guaranteed Income Account ( LGIA ) Uhttp:// /documents/retire/fund_profiles/life time-income_404a.pdfu To provide guaranteed retirement income for life. In addition, this investment option builds an account value by guaranteeing principal and paying a fixed rate of interest during the accumulation phase. Participants can elect to receive either the account balance at retirement or the guaranteed income for life commencing no earlier than age 65, unless otherwise provided in the plan s contract. The guaranteed income amount is calculated by multiplying contributions and transfers to the LGIA by agespecific annuity purchase factors. Annuity purchase factors for each age are based on mortality and interest rate assumptions. The participant's total guaranteed income is the sum of all guaranteed income amounts purchased at each age, adjusted for any withdrawals or transfers from the LGIA. Withdrawals from the LGIA reduce the guaranteed income amount by the percentage of the account value withdrawn. Contributions to this account cannot be made for 60 days following any withdrawal or transfer out. Payout amounts are calculated and displayed as a single-life annuity with payments guaranteed for 20 years. Other actuarially equivalent payout options are also available. If a participant elects to receive the guaranteed lifetime income payments, the account value will be used to purchase those income benefits and will no longer be available to the participant. A liquidation charge may be assessed on any employerdirected withdrawals. Please visit U a glossary of investment terms relevant to the investment options under this plan. This glossary is intended to help you better understand your options. More current information about your plan s investment options, including fees and expenses and performance updates, may be available at the listed website addresses.

31 Compliance with Section 404(c) of the Employee Retirement Income Security Your employer intends to satisfy the requirements of Section 404(c) of the Employee Retirement Income Security Act (ERISA) and corresponding Department of Labor regulations. This means that your employer is providing you with the opportunity to decide how to invest the assets in your account, enabling you to choose investments that fit your personal needs. Your employer and certain individuals in charge of the plan (known as fiduciaries) will not be responsible for the investment performance of your account that results from your investment instructions. For additional information, please contact Jeff Shullaw at , rd Ave, Columbus, NE who monitors compliance with these procedures.

32 Disclaimers options are offered through a group variable annuity contract (Forms 902-GAQC-09, 902-GAQC-09(OR), 903- GAQC-14, 903-GAQC-14 FL, 903-GAQC-14 MN, 903-GAQC-14 OR, 903-GAQC-14 TX, or state equivalent) underwritten by United of Omaha Life Insurance Company for contracts issued in all states except New York. United of Omaha Life Insurance Company, Omaha, NE is licensed nationwide except in New York. Companion Life Insurance Company, Hauppauge, NY is licensed in New York and underwrites the group variable annuity (Form 900-GAQC-07(NY) or 903-GAQC-14 NY). Each company accepts full responsibility for each of their respective contractual obligations under the contract but does not guarantee any contributions or investment returns except as to the Guaranteed Account and the Lifetime Guaranteed Income Account as provided under the contract. Specific features of the Lifetime Guaranteed Income Account vary by state. Restrictions apply. The Lifetime Guaranteed Income Account is not available in Nevada or New York. Neither United of Omaha Life Insurance Company, Companion Life Insurance Company, nor their representatives or affiliates offers investment advice in connection with the contract. Group variable annuities are long-term investment vehicles designed to accumulate money on a tax-deferred basis for retirement purposes. Distributions may be subject to ordinary income tax and, if taken prior to age 59½, a 10 percent federal tax penalty may apply. Investing in a group variable annuity involves risk, including possible loss of principal.

33 July 1, 2015 Guaranteed Account Month January 2.01% 1.19% 0.50% 0.50% 0.25% 0.25% 0.25% February 2.11% 0.83% 0.50% 0.50% 0.25% 0.25% 0.25% March 2.27% 0.73% 0.50% 0.50% 0.25% 0.25% 0.25% April 1.91% 1.00% 0.50% 0.50% 0.25% 0.25% 0.25% May 2.11% 1.00% 0.50% 0.50% 0.25% 0.25% 0.25% June 2.27% 0.53% 0.50% 0.25% 0.25% 0.25% 0.25% July 1.91% 0.50% 0.50% 0.25% 0.25% 0.25% 0.25% August 1.75% 0.50% 0.50% 0.25% 0.25% 0.25% September 1.34% 0.50% 0.50% 0.25% 0.25% 0.25% October 0.99% 0.50% 0.50% 0.25% 0.25% 0.25% November 0.99% 0.50% 0.50% 0.25% 0.25% 0.25% December 0.53% 0.50% 0.50% 0.25% 0.25% 0.25% An administrative fee of 1.35% is reflected in the rates on this page. The rates displayed are declared monthly by Companion United of Omaha Life Insurance Life Insurance Company Company and are and applicable are applicable to all contributions to all contributions and an d transfers made to the Guaranteed Account during the month shown. The rate shown is the annual effective rate. options are offered through a group variable annuity contract (Forms 900-GAQC-07(NY)) 902-GAQC-09, 903-GAQC-14, underwritten by Companion Life 903-GAQC-14 Insurance Company FL, 903-GAQC-14 in Hauppauge, MN, 903-GAQC-14 NY, which OR, accepts 903-GAQC-14 full responsibility TX, or state for equivalent) all of Companion underwritten Life Insurance by United of Company s Omaha Life contractual Insurance Company, obligations Omaha, under the NE contract accepts but does full not responsibility guarantee any for contributions each of their or respective investment contractual returns except obligation as to s the under Guaranteed the contract Account but does as provided not guarantee under any the contributions contract. Neither or investment Companion returns Life Insurance except as Company to the Guaranteed nor its representatives Account and the or affiliates Lifetime offers Guaranteed investment Income advice Account in connection as provided with under the contract. the contract. Neither United of Omaha Life Insurance Company nor its representatives or affiliates offers investment advice in connection with the contract. RPD303-CG_1006

34

35 July 1, 2015 Lifetime Guaranteed Income Account Month January 1.51% 0.69% 0.25% 0.25% 0.25% 0.25% 0.25% February 1.61% 0.33% 0.25% 0.25% 0.25% 0.25% 0.25% March 1.77% 0.23% 0.25% 0.25% 0.25% 0.25% 0.25% April 1.41% 0.50% 0.25% 0.25% 0.25% 0.25% 0.25% May 1.61% 0.50% 0.25% 0.25% 0.25% 0.25% 0.25% June 1.77% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% July 1.41% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% August 1.25% 0.25% 0.25% 0.25% 0.25% 0.25% September 0.84% 0.25% 0.25% 0.25% 0.25% 0.25% October 0.49% 0.25% 0.25% 0.25% 0.25% 0.25% November 0.49% 0.25% 0.25% 0.25% 0.25% 0.25% December 0.03% 0.25% 0.25% 0.25% 0.25% 0.25% An administrative fee of 1.35% is reflected in the rates on this page. The The rates rates displayed displayed are are declared declared monthly monthly by by United Companion of Omaha Life Insurance Life Insurance Company Company and are and applicable are applicable to all contributions to all contributions and and transfers transfers made made to to the the Guaranteed Guaranteed Account Account during during the the month month shown. shown. The The rate rate shown shown is is the the annual annual effective effective rate. rate. options are offered through a group variable annuity contract (Forms 902-GAQC-09 or 902-GAQC-09(CT) or options are offered through group variable annuity contract (Form 900-GAQC-07(NY)) underwritten by Companion 902-GAQC-09(OR)) underwritten by United of Omaha Life Insurance Company, Omaha, NE accepts full responsibility for all of Life United's Insurance contractual Company obligations in Hauppauge, under the NY, contract which but does accepts not guarantee full responsibility any contributions for all of Companion or investment Life returns Insurance except as to the Company s Guaranteed contractual Account obligations and the Lifetime under the Guaranteed contract but Income does Account not guarantee as provided any contributions under the contract. or investment Neither returns United except of Omaha as Life to the Insurance Guaranteed Company Account nor as its provided representatives under the or contract. affiliates offers Neither investment Companion advice Life in Insurance connection Company with the nor contract. its representatives or affiliates offers investment advice in connection with the contract. Specific features of the Lifetime Guaranteed Income Account (Rider Forms 651-GAQR-10 or 651-GAQR-10(CT) or 651GAQR-10(OR)) vary by state. Restrictions apply. The Lifetime Guaranteed Income Account is not available in Nevada or New York. RPD303-CG_1006

36

37 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2005 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 26.8 Non-U.S. Stocks 7.6 Bonds 21.8 Cash -2.1 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Wells Fargo Bk Declaration Tr Establishi Prudential Retiremt Real Estate Pyramis Group Trust For Emp Mutual Fund BBH Inflation Indexed Securities Trust 7.10 Western Asset Inflation Idxd Plus Bd IS 7.09 Mellon Capital EB DL Aggregate Bd Idx 6.98 Voya Senior Loan Trust 5.91 Capital Group Intl All Countries Eq DC-S 2.67 Dodge & Cox International Stock 2.66 SSgA Intl Index SL Ser Fund Cl I 2.63 PIMCO Small Cap StocksPLUS AR Strt Inst 2.42 Royce Pennsylvania Mutual Instl 2.40 Total Number of Holdings 13 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.25 Consumer Cyclical Financial Services Real Estate 3.11 Sensitive Communication Services 3.99 Energy 7.10 Industrials Technology Defensive Consumer Defensive 8.12 Healthcare Utilities 2.67 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity High Med Low AFN41575

38 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2010 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 33.0 Non-U.S. Stocks 10.4 Bonds 18.9 Cash -3.1 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Prudential Retiremt Real Estate Wells Fargo Bk Declaration Tr Establishi Pyramis Group Trust For Emp Mutual Fund 9.96 Mellon Capital EB DL Aggregate Bd Idx 6.30 BBH Inflation Indexed Securities Trust 5.11 Western Asset Inflation Idxd Plus Bd IS 5.10 Voya Senior Loan Trust 4.72 Capital Group Intl All Countries Eq DC-S 3.66 Dodge & Cox International Stock 3.65 SSgA Intl Index SL Ser Fund Cl I 3.61 PIMCO Small Cap StocksPLUS AR Strt Inst 3.43 Royce Pennsylvania Mutual Instl 3.41 Total Number of Holdings 13 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.36 Consumer Cyclical Financial Services Real Estate 3.10 Sensitive Communication Services 4.01 Energy 7.02 Industrials Technology Defensive Consumer Defensive 8.02 Healthcare Utilities 2.62 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity High Med Low AFN41576

39 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2015 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 38.8 Non-U.S. Stocks 13.2 Bonds 16.7 Cash -3.6 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Prudential Retiremt Real Estate Pyramis Group Trust For Emp Mutual Fund 8.63 Wells Fargo Bk Declaration Tr Establishi 6.22 Mellon Capital EB DL Aggregate Bd Idx 5.40 Capital Group Intl All Countries Eq DC-S 4.66 Dodge & Cox International Stock 4.64 SSgA Intl Index SL Ser Fund Cl I 4.59 PIMCO Small Cap StocksPLUS AR Strt Inst 4.06 Royce Pennsylvania Mutual Instl 4.04 BBH Inflation Indexed Securities Trust 3.98 Western Asset Inflation Idxd Plus Bd IS 3.98 Voya Senior Loan Trust 3.95 Total Number of Holdings 13 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.39 Consumer Cyclical Financial Services Real Estate 3.09 Sensitive Communication Services 4.06 Energy 6.99 Industrials Technology Defensive Consumer Defensive 8.00 Healthcare Utilities 2.60 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity High Med Low AFN41577

40 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2020 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 42.9 Non-U.S. Stocks 16.0 Bonds 15.6 Cash -4.4 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Prudential Retiremt Real Estate Pyramis Group Trust For Emp Mutual Fund 8.14 Capital Group Intl All Countries Eq DC-S 5.65 Dodge & Cox International Stock 5.63 SSgA Intl Index SL Ser Fund Cl I 5.56 Mellon Capital EB DL Aggregate Bd Idx 5.11 PIMCO Small Cap StocksPLUS AR Strt Inst 4.94 Royce Pennsylvania Mutual Instl 4.92 Voya Senior Loan Trust 3.75 BBH Inflation Indexed Securities Trust 2.62 Western Asset Inflation Idxd Plus Bd IS 2.62 Wells Fargo Bk Declaration Tr Establishi 2.24 Total Number of Holdings 13 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.47 Consumer Cyclical Financial Services Real Estate 3.08 Sensitive Communication Services 4.09 Energy 6.93 Industrials Technology Defensive Consumer Defensive 7.92 Healthcare Utilities 2.56 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN41578

41 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2025 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 47.8 Non-U.S. Stocks 19.5 Bonds 13.1 Cash -5.0 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Prudential Retiremt Real Estate Capital Group Intl All Countries Eq DC-S 6.90 Dodge & Cox International Stock 6.88 SSgA Intl Index SL Ser Fund Cl I 6.80 Pyramis Group Trust For Emp Mutual Fund 6.74 PIMCO Small Cap StocksPLUS AR Strt Inst 5.58 Royce Pennsylvania Mutual Instl 5.55 Mellon Capital EB DL Aggregate Bd Idx 4.20 Voya Senior Loan Trust 3.05 BBH Inflation Indexed Securities Trust 1.12 Western Asset Inflation Idxd Plus Bd IS 1.12 Total Number of Holdings 12 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.51 Consumer Cyclical Financial Services Real Estate 3.06 Sensitive Communication Services 4.16 Energy 6.89 Industrials Technology Defensive Consumer Defensive 7.89 Healthcare Utilities 2.53 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN41579

42 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2030 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 51.3 Non-U.S. Stocks 22.4 Bonds 10.9 Cash -5.9 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Prudential Retiremt Real Estate 9.99 Capital Group Intl All Countries Eq DC-S 7.98 Dodge & Cox International Stock 7.93 SSgA Intl Index SL Ser Fund Cl I 7.81 PIMCO Small Cap StocksPLUS AR Strt Inst 6.56 Royce Pennsylvania Mutual Instl 6.54 Pyramis Group Trust For Emp Mutual Fund 4.87 Mellon Capital EB DL Aggregate Bd Idx 3.02 Voya Senior Loan Trust 2.15 Total Number of Holdings 10 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.59 Consumer Cyclical Financial Services Real Estate 3.05 Sensitive Communication Services 4.18 Energy 6.83 Industrials Technology Defensive Consumer Defensive 7.82 Healthcare Utilities 2.49 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN41580

43 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2035 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 54.7 Non-U.S. Stocks 24.4 Bonds 9.8 Cash -6.4 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Capital Group Intl All Countries Eq DC-S 8.64 Dodge & Cox International Stock 8.62 SSgA Intl Index SL Ser Fund Cl I 8.52 Prudential Retiremt Real Estate 7.22 PIMCO Small Cap StocksPLUS AR Strt Inst 7.10 Royce Pennsylvania Mutual Instl 7.06 Pyramis Group Trust For Emp Mutual Fund 3.41 Mellon Capital EB DL Aggregate Bd Idx 2.10 Voya Senior Loan Trust 1.48 Total Number of Holdings 10 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.61 Consumer Cyclical Financial Services Real Estate 3.05 Sensitive Communication Services 4.19 Energy 6.82 Industrials Technology Defensive Consumer Defensive 7.80 Healthcare Utilities 2.48 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN41581

44 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2040 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 56.6 Non-U.S. Stocks 26.2 Bonds 9.2 Cash -6.8 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Capital Group Intl All Countries Eq DC-S 9.31 Dodge & Cox International Stock 9.28 SSgA Intl Index SL Ser Fund Cl I 9.17 PIMCO Small Cap StocksPLUS AR Strt Inst 7.60 Royce Pennsylvania Mutual Instl 7.56 Prudential Retiremt Real Estate 4.98 Pyramis Group Trust For Emp Mutual Fund 2.46 Mellon Capital EB DL Aggregate Bd Idx 1.50 Voya Senior Loan Trust 1.03 Total Number of Holdings 10 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.64 Consumer Cyclical Financial Services Real Estate 3.05 Sensitive Communication Services 4.21 Energy 6.79 Industrials Technology Defensive Consumer Defensive 7.77 Healthcare Utilities 2.46 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN41582

45 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2045 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 56.6 Non-U.S. Stocks 26.2 Bonds 9.3 Cash -6.8 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Capital Group Intl All Countries Eq DC-S 9.30 Dodge & Cox International Stock 9.28 SSgA Intl Index SL Ser Fund Cl I 9.18 PIMCO Small Cap StocksPLUS AR Strt Inst 7.62 Royce Pennsylvania Mutual Instl 7.57 Prudential Retiremt Real Estate 4.97 Pyramis Group Trust For Emp Mutual Fund 2.37 Mellon Capital EB DL Aggregate Bd Idx 1.49 Voya Senior Loan Trust 1.12 Total Number of Holdings 10 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.64 Consumer Cyclical Financial Services Real Estate 3.05 Sensitive Communication Services 4.21 Energy 6.79 Industrials Technology Defensive Consumer Defensive 7.77 Healthcare Utilities 2.46 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN41583

46 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2050 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 56.6 Non-U.S. Stocks 26.2 Bonds 9.2 Cash -6.8 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Capital Group Intl All Countries Eq DC-S 9.30 Dodge & Cox International Stock 9.27 SSgA Intl Index SL Ser Fund Cl I 9.16 PIMCO Small Cap StocksPLUS AR Strt Inst 7.61 Royce Pennsylvania Mutual Instl 7.57 Prudential Retiremt Real Estate 4.98 Pyramis Group Trust For Emp Mutual Fund 2.42 Mellon Capital EB DL Aggregate Bd Idx 1.50 Voya Senior Loan Trust 1.07 Total Number of Holdings 10 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.64 Consumer Cyclical Financial Services Real Estate 3.05 Sensitive Communication Services 4.21 Energy 6.79 Industrials Technology Defensive Consumer Defensive 7.77 Healthcare Utilities 2.46 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation/Deflation, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN42011

47 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2055 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 56.6 Non-U.S. Stocks 26.2 Bonds 9.3 Cash -6.9 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Capital Group Intl All Countries Eq DC-S 9.30 Dodge & Cox International Stock 9.26 SSgA Intl Index SL Ser Fund Cl I 9.14 PIMCO Small Cap StocksPLUS AR Strt Inst 7.62 Royce Pennsylvania Mutual Instl 7.57 Prudential Retiremt Real Estate 4.97 Pyramis Group Trust For Emp Mutual Fund 2.32 Mellon Capital EB DL Aggregate Bd Idx 1.49 Voya Senior Loan Trust 1.16 Total Number of Holdings 10 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.64 Consumer Cyclical Financial Services Real Estate 3.05 Sensitive Communication Services 4.21 Energy 6.79 Industrials Technology Defensive Consumer Defensive 7.77 Healthcare Utilities 2.46 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN42012

48 GlidePath Retirement Target Date The Fund seeks to achieve a balance of long-term capital growth and inflation protection by investing in a diversified mix of asset classes and investment styles, which becomes increasingly conservative over time and through retirement. The Fund is designed for investors who intend to retire within 5 years of 2060 and seek a simple method to achieve a broadly diversified portfolio that will gradually become more conservative in its allocation over time. The Fund utilizes both actively and passively managed investments allocated across a full range of global asset classes, investing with institutional expert organizations at institutional pricing. Initial Inception Date Management Company Wilmington Trust RISC Wilmington Trust RISC The volatility measure is not displayed for investments with fewer than three years of history. The category average, however, is shown above. Each GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Allocation of Assets Years Until Retirement Composition as of %Net U.S. Stocks 56.6 Non-U.S. Stocks 26.2 Bonds 9.1 Cash -6.9 Other Total Top 20 Holdings as of Mellon Capital EB DL Large Cap Stk Idx Capital Group Intl All Countries Eq DC-S 9.30 Dodge & Cox International Stock 9.27 SSgA Intl Index SL Ser Fund Cl I 9.17 PIMCO Small Cap StocksPLUS AR Strt Inst 7.62 Royce Pennsylvania Mutual Instl 7.56 Prudential Retiremt Real Estate 4.98 Pyramis Group Trust For Emp Mutual Fund 2.59 Mellon Capital EB DL Aggregate Bd Idx 1.50 Voya Senior Loan Trust 0.90 Total Number of Holdings 10 Annual Turnover Ratio % % Allocation Bonds U.S. Stocks Non-U.S. Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.64 Consumer Cyclical Financial Services Real Estate 3.05 Sensitive Communication Services 4.21 Energy 6.79 Industrials Technology Defensive Consumer Defensive 7.77 Healthcare Utilities 2.46 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Lending, Credit and Counterparty, Extension, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emerging Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Bank Loans, Depositary Receipts, Distressed s, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity/Duration, Sovereign Debt, Multimanager, Shareholder Activity AFN45509

49 Mutual Directions 1 - Conservative... Conservative Allocation The Mutual Directions 1 Fund - Conservative - seeks to provide stability of income, with some exposure to stocks (20%) for capital appreciation, while attempting to minimize overall risk over the long-term. The Fund is designed for investors who tolerate little risk or who are not concerned about the long-term impact of inflation. Considered the most conservative of the five asset allocation models, the Fund places 80% of the investments in stable value and bond funds. The Fund allocates its investments among Stable Value Fund (50%), TIPS Index Fund (20%), Stock Market Index Fund (20%) and Bond Index Fund (10%). Initial Inception Date Management Company Multiple Advisors United of Omaha Life Insurance In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. The performance of the portfolios is dependent on the performance of their underlying funds, and will assume the risks associated with these funds. The risks will vary according to each portfolio's asset allocation, and the risk level assigned to each portfolio is intended to reflect the relative short-term price volatility among the funds in each. return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results. Diversification does not ensure a profit or protect against loss in a declining market. Composition as of U.S. Stocks 21.3 Non-U.S. Stocks 0.4 Bonds 29.4 Cash 48.9 Other 0.0 Top 20 Holdings as of US Treasury TIP US Treasury Note US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP 0.125% US Treasury Note US Treasury TIP US Treasury TIP 1.125% Apple Inc 0.75 US Treasury TIP 1.25% US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP 2% Exxon Mobil Corporation 0.45 Microsoft Corp 0.44 Total Number of Stock Holdings 502 Total Number of Bond Holdings 3447 Annual Turnover Ratio % Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 3.30 Consumer Cyclical Financial Services Real Estate 1.89 Sensitive Communication Services 4.04 Energy 9.70 Industrials Technology Defensive Consumer Defensive 9.51 Healthcare Utilities 2.99 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit and Counterparty, Inflation-Protected Securities, Prepayment (Call), Loss of Money, Not FDIC Insured, Index Correlation/Tracking Error,, Interest Rate, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Fixed-Income Securities, Suitability, -Grade Securities, Management, Large Cap AFN41570

50 Mutual Directions 2 - Moderately Conservative... Conservative Allocation The Mutual Directions 2 Fund - Moderately Conservative - attempts to provide incomewith the potential for some growth of capital over the long-term. The Fund is considered moderately conservative and is designed for investors who want some exposure to stocks. The Fund allocates 35% of its investments to stocks and 65% to bonds. The Fund allocates its investments among Bond Index Fund (50%), Stock Market Index Fund (20%), TIPS Index Fund (15%), International Developed Countries Fund (10%), Target Small Capitalization Value Portfolio (2.5%), and Small Company Fund (2.5%). Initial Inception Date Management Company Multiple Advisors United of Omaha Life Insurance In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. The performance of the portfolios is dependent on the performance of their underlying funds, and will assume the risks associated with these funds. The risks will vary according to each portfolio's asset allocation, and the risk level assigned to each portfolio is intended to reflect the relative short-term price volatility among the funds in each. return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results. Diversification does not ensure a profit or protect against loss in a declining market. Composition as of U.S. Stocks 26.2 Non-U.S. Stocks 9.6 Bonds 63.4 Cash 0.8 Other 0.0 Top 20 Holdings as of US Treasury TIP US Treasury Note Apple Inc 0.74 US Treasury Note 0.75% US Treasury TIP US Treasury Note 3.875% US Treasury Note 0.25% US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP 0.125% US Treasury Note US Treasury TIP US Treasury Note 0.5% US Treasury TIP 1.125% US Treasury Note 0.5% US Treasury Note 2.875% US Treasury TIP 1.25% Total Number of Stock Holdings 2710 Total Number of Bond Holdings 3447 Annual Turnover Ratio % Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.38 Consumer Cyclical Financial Services Real Estate 2.87 Sensitive Communication Services 3.82 Energy 7.94 Industrials Technology Defensive Consumer Defensive 9.79 Healthcare Utilities 2.46 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit and Counterparty, Inflation-Protected Securities, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, Value Investing, Index Correlation/Tracking Error,, Interest Rate, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Derivatives, Fixed-Income Securities, Suitability, -Grade Securities, Management, Small Cap, Large Cap AFN41571

51 Mutual Directions 3 - Moderate... Moderate Allocation The Mutual Directions 3 Fund - Moderate - seeks capital appreciation and income over the long-term. The Fund is a midway point on the risk and reward spectrum designed for the investor who is not averse to accepting more risk. The Fund allocates 60% to stocks, including small cap and international stocks and attempts to balance risk by investing 40% in bonds. The Fund allocates its investments among Bond Index Fund (35%), Stock Market Index Fund (30%), International Developed Countries Fund (15%), TIPS Index Fund (5%), Target Small Capitalization Value Portfolio (5%), Small Company Fund (5%) and Emerging Markets Index Fund (5%). Initial Inception Date Management Company Multiple Advisors United of Omaha Life Insurance In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. The performance of the portfolios is dependent on the performance of their underlying funds, and will assume the risks associated with these funds. The risks will vary according to each portfolio's asset allocation, and the risk level assigned to each portfolio is intended to reflect the relative short-term price volatility among the funds in each. return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results. Diversification does not ensure a profit or protect against loss in a declining market. Composition as of U.S. Stocks 41.4 Non-U.S. Stocks 18.8 Bonds 38.7 Cash 0.9 Other 0.2 Top 20 Holdings as of Apple Inc 1.10 Exxon Mobil Corporation 0.66 Microsoft Corp 0.65 S+p500 Emini Fut Mar15 Xcme US Treasury Note 0.75% Johnson & Johnson 0.50 US Treasury Note 3.875% US Treasury Note 0.25% Berkshire Hathaway Inc Class B 0.46 Wells Fargo & Co General Electric Co 0.43 Procter & Gamble Co 0.42 JPMorgan Chase & Co 0.40 US Treasury Note 0.5% Chevron Corp US Treasury Note 0.5% Roche Holding AG Dividend Right Cert US Treasury Note 2.875% Pfizer Inc 0.33 Verizon Communications Inc 0.33 Total Number of Stock Holdings 3554 Total Number of Bond Holdings 3447 Annual Turnover Ratio % Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.51 Consumer Cyclical Financial Services Real Estate 3.22 Sensitive Communication Services 3.95 Energy 7.76 Industrials Technology Defensive Consumer Defensive 9.44 Healthcare Utilities 2.56 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit and Counterparty, Inflation-Protected Securities, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, Value Investing, Index Correlation/Tracking Error,, Interest Rate, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Derivatives, Fixed-Income Securities, Suitability, -Grade Securities, Management, Small Cap, Large Cap AFN41572

52 Mutual Directions 4 - Moderately Aggressive... Aggressive Allocation The Mutual Directions 4 Fund - Moderately Aggressive - seeks long-term capital appreciation with some opportunity for income. The Fund is considered moderately aggressive and is designed for the investor who can accept more risk and greater volatility in their returns. The Fund allocates 80% of investments to stocks and 20% to bonds. The Fund allocates its investments among Stock Market Index Fund (35%), International Developed Countries Fund (25%), Bond Index Fund (15%), Emerging Markets Index Fund (10%), Target Small Capitalization Value Portfolio (5%), TIPS Index Fund (5%) and Small Company Fund (5%). Initial Inception Date Management Company Multiple Advisors United of Omaha Life Insurance In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The performance of the portfolios is dependent on the performance of their underlying funds, and will assume the risks associated with these funds. The risks will vary according to each portfolio's asset allocation, and the risk level assigned to each portfolio is intended to reflect the relative short-term price volatility among the funds in each. return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results. Diversification does not ensure a profit or protect against loss in a declining market. Composition as of U.S. Stocks 44.9 Non-U.S. Stocks 34.2 Bonds 19.6 Cash 1.0 Other 0.3 Top 20 Holdings as of Apple Inc 1.22 Exxon Mobil Corporation 0.74 Microsoft Corp 0.72 S+p500 Emini Fut Mar15 Xcme Roche Holding AG Dividend Right Cert UBS Group AG 0.59 Bayer AG 0.57 Johnson & Johnson 0.55 Akzo Nobel NV 0.52 China Mobile Ltd Berkshire Hathaway Inc Class B 0.51 Wells Fargo & Co 0.49 Samsung Electronics Co Ltd 0.49 Linde AG 0.49 General Electric Co Procter & Gamble Co 0.46 Schneider Electric SE 0.45 Nestle SA 0.44 JPMorgan Chase & Co 0.44 Reed Elsevier NV 0.42 Total Number of Stock Holdings 3554 Total Number of Bond Holdings 3447 Annual Turnover Ratio % Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 6.32 Consumer Cyclical Financial Services Real Estate 2.64 Sensitive Communication Services 4.35 Energy 7.51 Industrials Technology Defensive Consumer Defensive 9.93 Healthcare Utilities 2.37 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit and Counterparty, Inflation-Protected Securities, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, Value Investing, Index Correlation/Tracking Error,, Interest Rate, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Government Obligations, Derivatives, Fixed-Income Securities, Suitability, -Grade Securities, Management, Small Cap, Large Cap AFN41573

53 Mutual Directions 5 - Aggressive... World Stock The Mutual Directions 5 Fund - Aggressive - seeks maximum capital appreciation over the long-term. The Fund is the most aggressive model of the Mutual Directions series. Mutual Directions 5 is for those investors who are not averse to risk and who can accept significant fluctuations in the stock markets. The Fund allocates 100% of investments to stocks and invests in both domestic (55%) and international (45%) companies. The Fund allocates its investments among Stock Market Index Fund (35%), International Developed Countries Fund (30%), Emerging Markets Index Fund (15%), Target Small Capitalization Value Portfolio (10%) and Small Company Fund (10%). Initial Inception Date Management Company Multiple Advisors United of Omaha Life Insurance In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The performance of the portfolios is dependent on the performance of their underlying funds, and will assume the risks associated with these funds. The risks will vary according to each portfolio's asset allocation, and the risk level assigned to each portfolio is intended to reflect the relative short-term price volatility among the funds in each. return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results. Diversification does not ensure a profit or protect against loss in a declining market. Composition as of U.S. Stocks 60.6 Non-U.S. Stocks 37.9 Bonds 0.0 Cash 1.1 Other 0.4 Top 20 Holdings as of Apple Inc 1.35 Exxon Mobil Corporation 0.82 Microsoft Corp 0.80 S+p500 Emini Fut Mar15 Xcme Roche Holding AG Dividend Right Cert UBS Group AG 0.65 Johnson & Johnson 0.61 Bayer AG 0.60 China Mobile Ltd 0.59 Akzo Nobel NV Berkshire Hathaway Inc Class B 0.57 Wells Fargo & Co 0.54 Samsung Electronics Co Ltd 0.53 General Electric Co 0.53 Linde AG Procter & Gamble Co 0.51 Schneider Electric SE 0.49 JPMorgan Chase & Co 0.49 Reed Elsevier NV 0.49 KDDI Corp 0.46 Total Number of Stock Holdings 3554 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small Micro 7.20 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas North America Latin America 1.98 Greater Europe United Kingdom 6.31 Europe Developed Europe Emerging 0.75 Africa/Middle East 1.31 Greater Asia Japan 3.45 Australasia 0.14 Asia Developed 4.91 Asia Emerging 5.43 Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, Value Investing, Index Correlation/Tracking Error,, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Derivatives, Suitability, Management, Small Cap, Large Cap AFN41574

54 T. Rowe Price Personal Strategy Balanced Fund... Moderate Allocation The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund invests in a diversified portfolio typically consisting of approximately 60% stocks and 40% bonds, money market securities, and cash reserves. Under normal conditions, its allocation to the broad asset classes will be within the following ranges: stocks (50-70%); bonds (20-40%); and money markets (0-20%). Initial Inception Date Management Company T. Rowe Price Associates, Inc. T. Rowe Price In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of U.S. Stocks 37.3 Non-U.S. Stocks 20.9 Bonds 34.8 Cash 6.0 Other 1.1 Top 20 Holdings as of T. Rowe Price Reserve T. Rowe Price Instl High Yield 4.47 T. Rowe Price Instl Emerging Mkts Bond 4.08 T. Rowe Price Instl Emerging Mkts Eq 3.91 T. Rowe Price Instl Intl Bond 3.05 T. Rowe Price Real Assets 2.30 American Airlines Group Inc 0.95 US Treasury Note 1.5% Amazon.com Inc 0.80 General Electric Co 0.78 Boeing Co 0.73 Ginnie Mae Jumbos TBA 3.5% US Treasury Note 1.25% Pfizer Inc 0.58 Danaher Corp 0.57 Thermo Fisher Scientific Inc 0.57 Biogen Inc 0.55 Lowe's Companies Inc 0.55 McKesson Corp 0.53 Priceline Group Inc 0.53 Total Number of Stock Holdings 689 Total Number of Bond Holdings 870 Annual Turnover Ratio % Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.28 Consumer Cyclical Financial Services Real Estate 2.85 Sensitive Communication Services 2.45 Energy 3.39 Industrials Technology Defensive Consumer Defensive 5.75 Healthcare Utilities 3.33 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other High Med Low Extension, Prepayment (Call), Foreign Securities, Loss of Money, Not FDIC Insured, Active Management, Equity Securities, Fixed-Income Securities, Money Market Fund RPD1114

55 T. Rowe Price Personal Strategy Growth Fund... Aggressive Allocation The investment seeks the highest total return over time consistent with a primary emphasis on capital growth and a secondary emphasis on income. The fund invests in a diversified portfolio typically consisting of approximately 80% stocks and 20% bonds and money market securities, and cash reserves. Under normal conditions, its allocation to the broad asset classes will be within the following ranges: stocks (70%-90%) and bonds and money markets (10-30%). Initial Inception Date Management Company T. Rowe Price Associates, Inc. T. Rowe Price In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of U.S. Stocks 49.3 Non-U.S. Stocks 27.8 Bonds 18.1 Cash 4.0 Other 0.8 Top 20 Holdings as of T. Rowe Price Instl Emerging Mkts Eq 5.20 T. Rowe Price Reserve T. Rowe Price Real Assets 3.04 T. Rowe Price Instl High Yield 2.19 T. Rowe Price Instl Emerging Mkts Bond 2.03 T. Rowe Price Instl Intl Bond 1.48 American Airlines Group Inc 1.26 Amazon.com Inc 1.05 General Electric Co 1.04 Boeing Co 0.97 Danaher Corp 0.76 Pfizer Inc 0.76 Thermo Fisher Scientific Inc 0.74 Biogen Inc 0.73 Lowe's Companies Inc 0.73 McKesson Corp 0.70 Priceline Group Inc 0.69 Morgan Stanley 0.67 Facebook Inc Class A 0.64 Baidu Inc ADR 0.63 Total Number of Stock Holdings 689 Total Number of Bond Holdings 806 Annual Turnover Ratio % Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.30 Consumer Cyclical Financial Services Real Estate 2.85 Sensitive Communication Services 2.49 Energy 3.39 Industrials Technology Defensive Consumer Defensive 5.72 Healthcare Utilities 3.33 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other High Med Low Extension, Prepayment (Call), Foreign Securities, Loss of Money, Not FDIC Insured, Active Management, Equity Securities, Fixed-Income Securities, Money Market Fund RPD1115

56 T. Rowe Price Personal Strategy Income Fund... Conservative Allocation The investment seeks the highest total return over time consistent with a primary emphasis on income and a secondary emphasis on capital growth. The fund invests in a diversified portfolio typically consisting of approximately 40% stocks and 60% bonds, money market securities, and cash reserves. T. Rowe Price may decide to overweight or underweight a particular asset class based on the managers' outlook for the economy and financial markets. Under normal conditions, its allocation to the broad asset classes will be within the following ranges: stocks (30%-50%); bonds (30%-50%); and money markets (0-30%). Initial Inception Date Management Company T. Rowe Price Associates, Inc. T. Rowe Price In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Composition as of U.S. Stocks 24.5 Non-U.S. Stocks 13.9 Bonds 44.2 Cash 16.2 Other 1.2 Top 20 Holdings as of T. Rowe Price Reserve T. Rowe Price Instl High Yield 6.64 T. Rowe Price Instl Emerging Mkts Bond 6.10 T. Rowe Price Instl Intl Bond 4.55 T. Rowe Price Instl Emerging Mkts Eq 2.58 T. Rowe Price Real Assets 1.49 US Treasury Note 1.25% US Treasury Note 1.5% Ginnie Mae Jumbos TBA 3.5% American Airlines Group Inc 0.63 US Treasury Bond 3.125% US Treasury TIP Amazon.com Inc 0.52 General Electric Co 0.51 Boeing Co 0.48 US Treasury Note 0.875% Danaher Corp 0.38 Pfizer Inc 0.38 Thermo Fisher Scientific Inc 0.37 Biogen Inc 0.36 Total Number of Stock Holdings 689 Total Number of Bond Holdings 873 Annual Turnover Ratio % Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.27 Consumer Cyclical Financial Services Real Estate 2.83 Sensitive Communication Services 2.56 Energy 3.41 Industrials Technology Defensive Consumer Defensive 5.73 Healthcare Utilities 3.30 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other High Med Low Extension, Prepayment (Call), Foreign Securities, Loss of Money, Not FDIC Insured, Active Management, Equity Securities, Fixed-Income Securities, Money Market Fund RPD1116

57 Vanguard Target Retirement 2015 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2015 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 34.3 Non-U.S. Stocks 14.9 Bonds 46.2 Cash 3.6 Other 1.0 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Bond Market II Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Intl Bd Idx Investor Vanguard Shrt-Term Infl-Prot Sec Idx Inv 7.97 CMT Market Liquidity Rate 0.03 Total Number of Holdings 6 Annual Turnover Ratio % Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.01 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.00 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.88 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Management, Target Date AFN43636

58 Vanguard Target Retirement 2020 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2020 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 41.0 Non-U.S. Stocks 17.6 Bonds 37.7 Cash 2.5 Other 1.1 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Bond Market II Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Intl Bd Idx Investor 8.64 CMT Market Liquidity Rate 0.19 Total Number of Holdings 5 Annual Turnover Ratio % 7.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.00 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.00 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.88 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Management, Target Date AFN43637

59 Vanguard Target Retirement 2025 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2025 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 46.0 Non-U.S. Stocks 19.9 Bonds 30.8 Cash 2.2 Other 1.2 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Bond Market II Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Intl Bd Idx Investor 7.12 CMT Market Liquidity Rate 0.18 Total Number of Holdings 5 Annual Turnover Ratio % 7.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.01 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.00 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.88 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Management, Target Date AFN43638

60 Vanguard Target Retirement 2030 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2030 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 51.1 Non-U.S. Stocks 22.0 Bonds 23.8 Cash 1.9 Other 1.3 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv Vanguard Total Intl Bd Idx Investor 5.82 CMT Market Liquidity Rate 0.22 Total Number of Holdings 5 Annual Turnover Ratio % 7.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.00 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.00 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.88 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Management, Target Date AFN43639

61 Vanguard Target Retirement 2035 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2035 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 56.2 Non-U.S. Stocks 24.2 Bonds 16.7 Cash 1.6 Other 1.3 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv Vanguard Total Intl Bd Idx Investor 4.12 CMT Market Liquidity Rate 0.18 Total Number of Holdings 5 Annual Turnover Ratio % 6.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.00 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.00 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.88 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Management, Target Date AFN43640

62 Vanguard Target Retirement 2040 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2040 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 61.0 Non-U.S. Stocks 26.9 Bonds 9.6 Cash 1.2 Other 1.4 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv 7.92 Vanguard Total Intl Bd Idx Investor 2.20 CMT Market Liquidity Rate 0.08 Total Number of Holdings 5 Annual Turnover Ratio % 6.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.03 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.01 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.89 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Management, Target Date AFN43617

63 Vanguard Target Retirement 2045 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2045 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 61.1 Non-U.S. Stocks 26.8 Bonds 9.6 Cash 1.1 Other 1.4 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv 7.95 Vanguard Total Intl Bd Idx Investor 2.17 CMT Market Liquidity Rate 0.08 Total Number of Holdings 5 Annual Turnover Ratio % 7.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.03 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.01 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.89 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management, Target Date AFN43618

64 Vanguard Target Retirement 2050 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2050 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 60.8 Non-U.S. Stocks 27.1 Bonds 9.5 Cash 1.2 Other 1.4 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv 7.83 Vanguard Total Intl Bd Idx Investor 2.21 CMT Market Liquidity Rate 0.13 Total Number of Holdings 5 Annual Turnover Ratio % 7.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.04 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.01 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.89 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management, Target Date AFN43619

65 Vanguard Target Retirement 2055 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2055 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 60.4 Non-U.S. Stocks 27.4 Bonds 9.5 Cash 1.2 Other 1.4 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv 7.56 Vanguard Total Intl Bd Idx Investor 2.49 CMT Market Liquidity Rate 0.16 Total Number of Holdings 5 Annual Turnover Ratio % 7.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.07 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.02 Energy 7.05 Industrials Technology Defensive Consumer Defensive 8.90 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management, Target Date AFN43620

66 Vanguard Target Retirement 2060 Fund... Target Date The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2060 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 60.5 Non-U.S. Stocks 27.0 Bonds 9.5 Cash 1.6 Other 1.4 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Stock Mkt Idx Inv Vanguard Total Intl Stock Index Inv Vanguard Total Bond Market II Idx Inv 7.05 Vanguard Total Intl Bd Idx Investor 2.98 Cmt Market Liquidity Rate 0.60 Total Number of Holdings 5 Annual Turnover Ratio % Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.05 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.01 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.89 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management, Target Date AFN45508

67 Vanguard Target Retirement Income Fund... Retirement Income The investment seeks to provide current income and some capital appreciation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. Its indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard Allocation of Assets Years Until Retirement Composition as of U.S. Stocks 20.4 Non-U.S. Stocks 8.8 Bonds 64.5 Cash 5.5 Other 0.8 % Allocation Bonds Stocks Cash Other Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Ltd Mod Ext High Med Low In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The equity allocation of the Vanguard Target Retirement Funds is relatively more conservative closer to and at retirement. Vanguard's glide path converts to the Vanguard Target Retirement Income Fund, with a static asset allocation, following the seventh year of reaching the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Top 20 Holdings as of Vanguard Total Bond Market II Idx Inv Vanguard Total Stock Mkt Idx Inv Vanguard Shrt-Term Infl-Prot Sec Idx Inv Vanguard Total Intl Bd Idx Investor Vanguard Total Intl Stock Index Inv 9.05 CMT Market Liquidity Rate 0.05 Total Number of Holdings 6 Annual Turnover Ratio % 6.00 Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.01 Consumer Cyclical Financial Services Real Estate 3.93 Sensitive Communication Services 4.00 Energy 7.06 Industrials Technology Defensive Consumer Defensive 8.88 Healthcare Utilities 3.08 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, Market/Market Volatility, Equity Securities, Fixed-Income Securities, Management AFN43646

68 BlackRock High Yield Bond Portfolio... High Yield Bond The investment seeks to maximize total return, consistent with income generation and prudent investment management. The fund invests primarily in non-investment grade bonds with maturities of ten years or less. It normally invests at least 80% of its assets in high yield bonds. The fund may invest up to 30% of its assets in non-dollar denominated bonds of issuers located outside of the United States. Its investment in non-dollar denominated bonds may be on a currency hedged or unhedged basis. The fund may also invest in convertible and preferred securities. Initial Inception Date Management Company BlackRock Advisors LLC BlackRock In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Composition as of U.S. Stocks 2.1 Non-U.S. Stocks 2.1 Bonds 87.5 Cash 0.8 Other 7.6 Top 20 Holdings as of ishares iboxx $ High Yield Corporate Bd 2.47 Blackstone Cqp Holdco Lp Prvt Hd Sply 7.5% Gmac 8% Amaya Cv New Lightsquared Llc Tl American Capital Ltd 0.78 Ccoh Safari 5.75% Hd Sply 11% Consol Engy 5.875% Vrx Escrow 144A % American International Group Inc 0.58 Realogy 144A 7.625% Ally Financial Inc (Legended) Prvt 0.56 Sprint Nextel 144A 2% Wise Metals Grp Llc / Wise 144A 8.75% Family Tree Escrow 144A 5.75% First Data Corporation Tl Alcoa 5.125% Novelis 8.75% Total Number of Stock Holdings 31 Total Number of Bond Holdings 1018 Annual Turnover Ratio % Morningstar Fixed Income Style Box as of Avg Eff Duration 1.19 Avg Eff Maturity 4.91 Avg Wtd Coupon 5.73 Avg Wtd Price Ltd Mod Ext High Med Low Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit Analysis as of % Bonds AAA 5 AA 0 A 1 BBB 3 BB 24 B 37 Below B 17 Not Rated 13 Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, High Portfolio Turnover, Market/Market Volatility, Bank Loans, Convertible Securities, Distressed s, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Other, Preferred Stocks, Repurchase Agreements, Restricted/Illiquid Securities, Derivatives, Leverage, Fixed-Income Securities, Dollar Rolls, Management, Structured Products AFN41541

69 Bond Index Fund... Intermediate-Term Bond The SSgA U.S. Government/Credit Bond Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Barclays U.S. Government/Credit Bond Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to replicate, before expenses, the performance of the Index. The Fund may attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. However, due to the large number of securities in the Index and the fact that many of the securities comprising the Index may be unavailable for purchase, it may not be possible for the Fund to purchase some of the securities comprising the Index. In such a case, SSgA will select securities for the Fund that SSgA believes will track the characteristics of the Index. The Fund's returns may vary from the returns of the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Composition as of U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 99.9 Cash 0.1 Other 0.0 Top 20 Holdings as of US Treasury Note 0.75% US Treasury Note 3.875% US Treasury Note 0.5% US Treasury Note 0.5% US Treasury Note 0.625% US Treasury Note 2.875% US Treasury Note 0.25% US Treasury Note 1.5% US Treasury Note 1.625% US Treasury Note 1.625% US Treasury Note 0.625% US Treasury Note 1.5% US Treasury Note 2.75% US Treasury Note 0.5% US Treasury Note 0.25% US Treasury Note 1% US Treasury Note 1.125% US Treasury Note 2.25% US Treasury Note 1.625% US Treasury Note 2.125% Total Number of Stock Holdings 0 Total Number of Bond Holdings 3432 Annual Turnover Ratio % Morningstar Fixed Income Style Box as of Avg Eff Duration 6.26 Avg Eff Maturity 8.32 Avg Wtd Coupon 2.92 Avg Wtd Price Ltd Mod Ext High Med Low Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit Analysis as of % Bonds AAA 60 AA 6 A 16 BBB 18 BB 0 B 0 Below B 0 Not Rated 0 Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Call Risk, Credit Risk, Index Risk, Interest Rate Risk, Risk, Liquidity Risk, Market Risk, Mortgage-Related and Other Asset-Backed Securities Risk, U.S. Government Securities Risk, Index Licensing Risk, Settlement Risk, Sovereign Risk AFN41544

70 Guaranteed Account... Stable Value The Guaranteed Account seeks to provide safety of principal and guaranteed rates of interest. The Guaranteed Account is an insurance company guarantee, backed by the applicable underwriting company's general asset account, which offers competitive, consistent investment returns relative to its asset category. The Guaranteed Account has no fluctuation of principal and offers liquidity to withdraw funds for benefits payments and investment elections. The underwriting company's general asset account is a well-diversified, managed portfolio of bonds, mortgage loans, and other appropriate investments. The general asset account investment policy strictly limits the bond holdings by type, quality, and maturity to create a stable low-risk bond portfolio. The general asset account has appropriate asset/liability management strategies which are utilized to insulate portfolio assets from the effects of adverse interest rate movements and to offer competitive, risk-adjusted returns. Initial Inception Date Management Company United of Omaha Life Insurance United of Omaha Life Insurance Composition as of Risk: Below Average Synthetic GICs 0.0 Traditional GICs 0.0 Cash 5.8 Other 94.2 In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Not FDIC Insured,, Suitability Morningstar Style Box as of Ltd Mod Ext High Med Low Investors who redeem, transfer or exchange any amount out of the Account must wait sixty (60) calendar days before transferring or exchanging any amount back into the Account. AFN41545

71 Release Date: Lifetime Guaranteed Income Account... Stable Value The Lifetime Guaranteed Income Account seeks to provide a guaranteed retirement income benefit that can be exercised any time after age 65. The investment objectives of this account include safety of principal and guaranteed rates of interest. Participants have the flexibility to choose either the guaranteed retirement income benefit or the accumulated account value at retirement. The Lifetime Guaranteed Income Account is an insurance company guarantee, backed by the applicable underwriting company's general asset account. The underwriting company's general asset account investment policy strictly limits the bond holdings by type, quality, and maturity to create a stable low-risk bond portfolio. The general asset account has appropriate asset/liability management strategies which are utilized to insulate portfolio assets from the effects of adverse interest rate movements and to offer competitive, risk-adjusted returns. Composition as of Risk: Below Average Synthetic GICs 0.0 Traditional GICs 0.0 Cash 4.6 Other 95.4 In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Morningstar Style Box as of Ltd Mod Ext High Med Low Product Inception Date Initial Inception Date Management Company United of Omaha Life Insurance Custom Fund Registrant Data not available Investors who redeem, transfer or exchange any amount out of the Account must wait sixty (60) calendar days before transferring or exchanging any amount back into the Account. You may find additional information regarding the Account at AFN Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or Page1of2

72 Metropolitan West Total Return Bond Fund... Intermediate-Term Bond The investment seeks to maximize long-term total return. The fund normally invests at least 80% of its net assets in investment grade fixed income securities or unrated securities that are determined by the Adviser to be of similar quality. Up to 20% of its net assets may be invested in securities rated below investment grade. Under normal conditions, the portfolio duration is two to eight years and the dollar-weighted average maturity ranges from two to fifteen years. The fund invests in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. Initial Inception Date Management Company Metropolitan West Asset Management, LLC. Metropolitan West Funds In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Composition as of %Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds Cash -1.2 Other Total Top 20 Holdings as of FNMA 3.19 US Treasury Note 0.5% FNMA US Treasury Note 0.5% US Treasury Note 1.375% US Treasury Note 2.75% US Treasury Note 0.01% FNMA 1.86 FNMA US Treasury Note % US Treasury Note 2.375% US Treasury Note 0.625% US Treasury Bond 2.5% Ginnie Mae Jumbos TBA 3.5% FNMA 1.16 US Treasury Bond 3.75% Dreyfus Government Cash Mgmt Instl US Treasury Note 0.875% US Treasury Note Morgan Stanley Inst Liquidity Gov Inst Total Number of Stock Holdings 1 Total Number of Bond Holdings 1580 Annual Turnover Ratio % Morningstar Fixed Income Style Box as of Avg Eff Duration 4.67 Avg Eff Maturity 8.58 Avg Wtd Coupon 2.75 Avg Wtd Price Ltd Mod Ext High Med Low Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit Analysis as of % Bonds AAA 70 AA 5 A 9 BBB 7 BB 2 B 1 Below B 5 Not Rated 0 Credit and Counterparty, Extension, Prepayment (Call), Foreign Securities, Loss of Money, Not FDIC Insured, Interest Rate, Market/Market Volatility, Mortgage-Backed and Asset-Backed Securities, Restricted/Illiquid Securities, Derivatives, Management, Swaps AFN41525

73 PIMCO Total Return Fund... Intermediate-Term Bond The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It invests primarily in investment-grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. Initial Inception Date Management Company Pacific Management Co LLC PIMCO In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Composition as of %Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 46.3 Cash 46.7 Other Total Top 20 Holdings as of Year US Treasury Note Future Mar Irs Usd /17/15-1y (Wht) Cme Pimco Fds Year US Treasury Bond Future Mar Irs Usd /17/15-2y Cme Fin Fut Euro$ Cme (Wht) 06/15/ Fin Fut Euro$ Cme (Wht) 09/14/ Fin Fut Uk 90day Ice (Wht) 06/17/ Ois Usd Fedl01/ /29/14 Cme Euro BUND Future Mar Fin Fut Euro$ Cme (Wht) 12/14/ Irs Mxn P /23/14-0y* Myc Long Term Euro BTP Future Mar Irs Gbp /18/15-2y* Cme FNMA 4.5% TBA US Treasury Bond 3.125% Fin Fut Uk 90day Ice (Wht) 09/16/ FNMA 4% TBA Ois Usd Fedl01/1.0 10/15/15 Cme Irs Usd /15/11-30y Cme Total Number of Stock Holdings 0 Total Number of Bond Holdings 8872 Annual Turnover Ratio % Morningstar Fixed Income Style Box as of Avg Eff Duration 4.87 Avg Eff Maturity Not Avg Wtd Coupon 4.19 Available Avg Wtd Price. Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit Analysis Not Available % Bonds Short Sale, Credit and Counterparty, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured,, Interest Rate, Market/Market Volatility, Convertible Securities, Equity Securities, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Restricted/Illiquid Securities, Derivatives, Leverage, Management AFN41523

74 Templeton Global Total Return Fund... World Bond The investment seeks total investment return consisting of a combination of interest income, capital appreciation, and currency gains. Under normal market conditions, the fund invests primarily in fixed and floating rate debt securities and debt obligations (including convertible bonds) of governments, government-related or corporate issuers worldwide (collectively, "bonds"). Bonds include debt securities of any maturity, such as bonds, notes, bills and debentures. It regularly uses various currency related transactions involving derivative instruments. The fund may buy bonds rated in any category, including securities in default. It is non-diversified. Initial Inception Date Management Company Franklin Advisers, Inc. Franklin Templeton s In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 62.4 Cash 32.2 Other 5.4 Top 20 Holdings as of United Mexican States 7.25% Ireland(Rep Of) % Portugal Rep % Korea Monetary Stab Bond Uruguay Rep % Philippines(Rep Of 1.625% Brazil Federative Rep % India(Govt Of) 8.83% United Mexican States 6.25% Hungary(Rep Of) 6% Slovenia Rep 5.85% Poland(Rep Of) 5% Poland(Rep Of) 4.75% Hungary(Rep Of) 5.5% Secretaria Tesouro Nacl 10% Hungary(Rep Of) 6.75% Bk Of Korea 2.07% Brazil Federative Rep % Hungary(Rep Of) 6.75% Korea(Republic Of) 3% Total Number of Stock Holdings 1 Total Number of Bond Holdings 331 Annual Turnover Ratio % Morningstar Fixed Income Style Box as of Avg Eff Duration 1.85 Avg Eff Maturity 3.64 Avg Wtd Coupon 5.14 Avg Wtd Price. Ltd Mod Ext High Med Low Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit Analysis as of % Bonds AAA 7 AA 14 A 24 BBB 20 BB 16 B 14 Below B 5 Not Rated 1 Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Nondiversification, Active Management, Income, Interest Rate, Market/Market Volatility, High-Yield Securities, Restricted/Illiquid Securities, Derivatives, Sovereign Debt, Management AFN43622

75 TIPS Index Fund... Inflation-Protected Bond The SSgA U.S. Inflation Protected Bond Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to replicate, before expenses, the performance of the Index. The Fund may attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. However, it may not be possible for the Fund to purchase some of the securities comprising the Index. In such a case, SSgA will select securities for the Fund that SSgA believes will track the characteristics of the Index. The Fund's returns may vary from the returns of the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 99.8 Cash 0.2 Other 0.0 Top 20 Holdings as of US Treasury Note US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP US Treasury Note US Treasury TIP 0.125% US Treasury TIP US Treasury TIP US Treasury TIP 1.125% US Treasury TIP 1.25% US Treasury TIP US Treasury TIP US Treasury TIP US Treasury TIP 2% US Treasury TIP US Treasury TIP US Treasury TIP 2.375% Total Number of Stock Holdings 0 Total Number of Bond Holdings 36 Annual Turnover Ratio % Morningstar Fixed Income Style Box as of Avg Eff Duration 6.00 Avg Eff Maturity 8.62 Avg Wtd Coupon 1.10 Avg Wtd Price Ltd Mod Ext High Med Low Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Credit Analysis as of % Bonds AAA 100 AA 0 A 0 BBB 0 BB 0 B 0 Below B 0 Not Rated 0 Index Risk, Inflation-Indexed Securities Risk, Interest Rate Risk, Liquidity Risk, Market Risk, U.S. Government Securities Risk, Index Licensing Risk, Settlement Risk AFN44714

76 Causeway International Value Fund... Foreign Large Blend The investment seeks long-term growth of capital and income. The fund invests primarily in common stocks of companies located in developed countries outside the U.S. Normally, it invests at least 80% of its total assets in stocks of companies located in at least ten foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. There is no limit on investments in any one country. The fund may invest up to 10% of its total assets in companies in emerging (less developed) markets. Initial Inception Date Management Company Causeway Capital Management LLC Causeway In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 0.0 Non-U.S. Stocks 93.8 Bonds 0.0 Cash 5.2 Other 1.0 Top 20 Holdings as of Dreyfus Cash Management Instl 5.15 Akzo Nobel NV 3.52 Reed Elsevier NV 3.37 KDDI Corp 3.20 China Mobile Ltd 2.67 Sanofi 2.66 UBS Group AG 2.65 British American Tobacco PLC 2.59 SK Telecom Co Ltd 2.37 Novartis AG 2.33 GlaxoSmithKline PLC 2.26 Hitachi Ltd 2.22 Aviva PLC 2.21 Toyota Motor Corp 2.11 International Consolidated Airlines Group SA 2.06 Linde AG 2.00 BNP Paribas 1.96 Total SA 1.87 Schneider Electric SE 1.86 Carnival PLC 1.82 Total Number of Stock Holdings 58 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 5.67 Small 0.00 Micro 0.00 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas 0.87 North America 0.87 Latin America 0.00 Greater Europe United Kingdom Europe Developed Europe Emerging 0.00 Africa/Middle East 0.00 Greater Asia Japan Australasia 0.00 Asia Developed 6.39 Asia Emerging 5.50 Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing,, Market/Market Volatility, Equity Securities, Suitability, Management AFN41633

77 Emerging Markets Index Fund... Diversified Emerging Mkts The SSGA Emerging Markets Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the MSCI Emerging Markets Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSGA attempts to match, before expenses, the performance of the Index. SSGA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSGA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSGA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 0.3 Non-U.S. Stocks 95.2 Bonds 0.0 Cash 1.7 Other 2.8 Top 20 Holdings as of Samsung Electronics Co Ltd 3.54 Taiwan Semiconductor Manufacturing Co Ltd 2.74 Tencent Holdings Ltd 2.41 China Mobile Ltd 1.97 Mini Msci Emg Mkt Jun15 Ifus Naspers Ltd Class N 1.51 China Construction Bank Corp H Shares 1.48 Industrial And Commercial Bank Of China Ltd H Shares 1.34 Bank Of China Ltd. H Shares 1.13 Hon Hai Precision Ind Co Ltd 0.91 America Movil SAB de CV Class L 0.85 Infosys Ltd 0.81 China Life Insurance Co Ltd H Shares 0.80 Housing Development Finance Corp Ltd 0.78 Ping An Insurance Group H Shares 0.77 Itau Unibanco Holding S.A Mtn Group Ltd 0.70 Ambev SA 0.67 OAO Gazprom ADR 0.65 CNOOC Ltd 0.62 Total Number of Stock Holdings 865 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.47 Micro 0.18 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas North America 0.43 Latin America Greater Europe United Kingdom 0.00 Europe Developed 0.39 Europe Emerging 7.25 Africa/Middle East 9.82 Greater Asia Japan 0.00 Australasia 0.00 Asia Developed Asia Emerging Currency Risk, Emerging Markets Risks, Equity Risk, Index Risk, Risk, Liquidity Risk, Market Capitalization Risk, Market Disruption and Geopolitical Risk, Market Risk, Non-U.S. Securities Risk, Recent Market Volatility; Government Intervention Risk, Valuation Risk AFN41635

78 Harbor International Fund... Foreign Large Blend The investment seeks long-term total return, principally from growth of capital. The fund invests normally in a minimum of ten countries throughout the world, focusing on companies located in Europe, the Pacific Basin and emerging industrialized countries whose economies and political regimes appear stable. It invests primarily (no less than 65% of its total assets) in common and preferred stocks of foreign companies, including those located in emerging market countries. Companies in the fund's portfolio generally have market capitalizations in excess of $1 billion at the time of purchase. Initial Inception Date Management Company Harbor Capital Advisors Inc Harbor In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 2.8 Non-U.S. Stocks 93.7 Bonds 0.0 Cash 1.5 Other 2.0 Top 20 Holdings as of Novo Nordisk A/S B 3.16 Fanuc Corp 2.95 Novartis AG 2.76 Roche Holding AG Dividend Right Cert Schneider Electric SE 2.65 AXA SA 2.62 Lloyds Banking Group PLC 2.58 Banco Bilbao Vizcaya Argentaria SA 2.49 Rolls-Royce Holdings PLC 2.36 SAP SE 2.32 Allianz SE 2.29 Diageo PLC 2.17 Atlas Copco AB A 2.12 Anheuser-Busch Inbev SA 2.10 Daimler AG 2.09 Essilor International SA 2.08 Linde AG 2.02 Unibail-Rodamco SE 1.99 Volkswagen AG 1.98 Pernod Ricard SA 1.87 Total Number of Stock Holdings 73 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 1.48 Small 0.00 Micro 0.00 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas 5.17 North America 3.18 Latin America 1.99 Greater Europe United Kingdom Europe Developed Europe Emerging 0.00 Africa/Middle East 0.00 Greater Asia Japan 9.93 Australasia 0.00 Asia Developed 1.84 Asia Emerging 0.71 Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing,, Market/Market Volatility, Management AFN42977

79 International Developed Countries Fund... Foreign Large Blend The International Developed Countries Fund seeks long-term capital appreciation. The Fund invests in both the Causeway International Value Fund and the MFS International Growth Fund. Causeway seeks to provide current income and long-term growth of income, accompanied by growth of capital by selecting stocks based on value, dividends and earning yield. MFS seeks capital appreciation and normally invests primarily in foreign equity securities, including emerging-market equity securities. MFS focuses on investing assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies. Initial Inception Date Management Company Causeway Capital Management LLC Massachusetts Financial Services Co United of Omaha Life Insurance Composition as of U.S. Stocks 2.3 Non-U.S. Stocks 96.4 Bonds 0.0 Cash 1.2 Other 0.0 Top 20 Holdings as of Causeway International Value Instl MFS International Growth R Total Number of Holdings 2 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.33 Micro 0.00 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas 6.14 North America 4.57 Latin America 1.57 Greater Europe United Kingdom Europe Developed Europe Emerging 0.11 Africa/Middle East 0.64 Greater Asia Japan Australasia 0.27 Asia Developed 7.45 Asia Emerging 4.37 In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, Value Investing,, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Suitability, Management AFN41637

80 International Stock Index Fund... Foreign Large Blend The SSGA International Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the MSCI EAFE Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSGA attempts to match, before expenses, the performance of the Index. SSGA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSGA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSGA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 0.4 Non-U.S. Stocks 94.2 Bonds 0.0 Cash 1.6 Other 3.8 Top 20 Holdings as of Nestle SA 1.80 Novartis AG 1.69 Roche Holding AG Dividend Right Cert Toyota Motor Corp 1.42 HSBC Holdings PLC 1.21 Bayer AG 0.92 BP PLC 0.88 Royal Dutch Shell PLC Class A 0.87 Sanofi 0.87 Commonwealth Bank of Australia 0.85 GlaxoSmithKline PLC 0.83 Novo Nordisk A/S B 0.80 Banco Santander SA 0.79 Total SA 0.79 Anheuser-Busch Inbev SA 0.73 British American Tobacco PLC 0.72 Daimler AG 0.69 Westpac Banking Corp 0.69 Basf Se 0.68 AstraZeneca PLC 0.64 Total Number of Stock Holdings 898 Total Number of Bond Holdings 1 Annual Turnover Ratio % 2.02 Lending, Currency, Equity Securities, -Grade Securities, Market Trading Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 8.72 Small 0.00 Micro 0.06 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas 0.43 North America 0.39 Latin America 0.04 Greater Europe United Kingdom Europe Developed Europe Emerging 0.00 Africa/Middle East 0.69 Greater Asia Japan Australasia 7.44 Asia Developed 4.60 Asia Emerging 0.03 AFN41641

81 MFS International Growth Fund... Foreign Large Growth The investment seeks capital appreciation. The fund normally invests its assets primarily in foreign equity securities, including emerging market equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, equity interests in real estate investment trusts (REITs), and depositary receipts for such securities. It focuses on investing the fund's assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies). Initial Inception Date Management Company Massachusetts Financial Services Co MFS In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 5.2 Non-U.S. Stocks 94.1 Bonds 0.0 Cash 0.7 Other 0.0 Top 20 Holdings as of Nestle SA 3.52 Roche Holding AG Dividend Right Cert LVMH Moet Hennessy Louis Vuitton SE 2.89 Bayer AG 2.80 Danone 2.67 Taiwan Semiconductor Manufacturing Co Ltd ADR 2.59 Canadian National Railway Co 2.56 Compass Group PLC 2.50 Accenture PLC Class A 2.37 Pernod Ricard SA 2.23 AIA Group Ltd 2.18 UBS Group AG 2.10 WPP PLC 1.98 Linde AG 1.89 Reckitt Benckiser Group PLC 1.81 Schneider Electric SE 1.75 Diageo PLC 1.63 HDFC Bank Ltd 1.59 L'Oreal SA 1.57 NICE-Systems Ltd ADR 1.57 Total Number of Stock Holdings 90 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.00 Micro 0.00 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas North America 8.85 Latin America 2.94 Greater Europe United Kingdom Europe Developed Europe Emerging 0.30 Africa/Middle East 1.58 Greater Asia Japan 8.15 Australasia 0.40 Asia Developed 8.13 Asia Emerging 4.28 Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing,, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Management AFN44713

82 Wells Fargo Advantage Emerging Markets Equity Fund... Diversified Emerging Mkts The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets in emerging market equity securities. It invests principally in equity or other listed securities of emerging market companies. The fund's managers consider emerging market companies to include companies that are traded in, have their primary operations in, are domiciled in or derive a majority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index. It may have exposure to stocks across all capitalizations and styles and will be diversified across countries and sectors. Initial Inception Date Management Company Wells Fargo Funds Management LLC Wells Fargo Advantage In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 0.0 Non-U.S. Stocks 91.7 Bonds 0.0 Cash 3.6 Other 4.8 Top 20 Holdings as of Samsung Electronics Co Ltd 4.54 Taiwan Semiconductor Manufacturing Co Ltd ADR 3.96 Wfa Cash Inv Mm Fund Par China Mobile Ltd 3.06 China Life Insurance Co Ltd H Shares 2.96 Fomento Economico Mexicano SAB de CV ADR 2.46 Lojas Americanas S.A. Pfd Shs 1.88 ICICI Bank Ltd ADR 1.85 America Movil SAB de CV ADR 1.80 AIA Group Ltd 1.75 Ambev SA ADR 1.72 CNOOC Ltd 1.62 Wal - Mart de Mexico SAB de CV Class V 1.62 Infosys Ltd ADR 1.61 Uni-President Enterprises Corp 1.61 ITC Ltd 1.54 Belle International Holdings Ltd 1.49 Hengan International Group Co Ltd 1.46 Bank Bradesco ADR 1.44 Grupo Financiero Banorte SAB de CV Class O 1.43 Total Number of Stock Holdings 118 Total Number of Bond Holdings 0 Annual Turnover Ratio % 7.00 Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 1.28 Micro 0.19 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas North America 0.00 Latin America Greater Europe United Kingdom 1.24 Europe Developed 0.00 Europe Emerging 3.79 Africa/Middle East 5.61 Greater Asia Japan 0.00 Australasia 0.00 Asia Developed Asia Emerging Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Market/Market Volatility, Futures, Derivatives, Management, Small Cap AFN43631

83 AB Discovery Value Fund... Mid-Cap Value The investment seeks long-term growth of capital. The fund invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization U.S. companies. Under normal circumstances, it invests at least 80% of its net assets in securities of small- to mid-capitalization companies. For purposes of this policy, small- to mid-capitalization companies are those that, at the time of investment, fall within the capitalization range between the smallest company in the Russell 2500(TM) Value Index and the greater of $5 billion or the market capitalization of the largest company in the Russell 2500(TM) Value Index. Initial Inception Date Management Company AllianceBernstein LP AllianceBernstein In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Fund name changed from AllianceBernstein Discovery Value Fund to AB Discovery Value Fund in Composition as of U.S. Stocks 95.8 Non-U.S. Stocks 2.2 Bonds 0.0 Cash 2.1 Other 0.0 Top 20 Holdings as of Office Depot Inc 2.05 Electronic Arts Inc 1.83 Bloomin Brands Inc 1.55 Big Lots Inc 1.50 Arrow Electronics Inc 1.47 American Financial Group Inc 1.46 Meritage Homes Corp 1.44 NCR Corp 1.43 Lam Research Corp 1.42 WellCare Health Plans Inc 1.42 Tenneco Inc 1.41 Avnet Inc 1.40 Booz Allen Hamilton Holding Corp 1.40 PNM Resources Inc 1.40 Aspen Insurance Holdings Ltd 1.37 Dean Foods Co 1.37 Huntington Bancshares Inc 1.35 The Hanover Insurance Group Inc 1.34 UGI Corp 1.34 Vishay Intertechnology Inc 1.34 Total Number of Stock Holdings 90 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 2.82 Medium Small Micro 7.72 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 2.19 Consumer Cyclical Financial Services Real Estate 7.27 Sensitive Communication Services 0.00 Energy 2.64 Industrials Technology Defensive Consumer Defensive 5.18 Healthcare 3.52 Utilities 5.44 Currency, Foreign Securities, Loss of Money, Not FDIC Insured, Active Management, Market/Market Volatility, Derivatives, Small Cap, Mid-Cap AFN41546

84 AllianzGI NFJ Dividend Value Fund... Large Value The investment seeks long-term growth of capital and income. The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that pay or are expected to pay dividends. Under normal conditions, the fund will invest primarily in common stocks of companies with market capitalizations greater than $3.5 billion. Initial Inception Date Management Company Allianz Global Inv Fund Mgmt LLC Allianz Funds In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of U.S. Stocks 84.9 Non-U.S. Stocks 13.9 Bonds 0.0 Cash 1.2 Other 0.0 Top 20 Holdings as of Ford Motor Co 4.16 AT&T Inc 4.15 Wells Fargo & Co 4.12 MetLife Inc 4.11 Baxter International Inc 4.04 Royal Dutch Shell PLC ADR Class A 3.99 JPMorgan Chase & Co 3.90 Total SA ADR 3.73 Freeport-McMoRan Inc 2.35 Mattel Inc 2.14 GlaxoSmithKline PLC ADR 2.13 PNC Financial Services Group Inc 2.12 Cisco Systems Inc 2.09 Verizon Communications Inc 2.09 Teva Pharmaceutical Industries Ltd ADR 2.08 Dow Chemical Co 2.05 Pfizer Inc 2.05 International Paper Co 2.04 Travelers Companies Inc 2.03 General Electric Co 2.02 Total Number of Stock Holdings 42 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.00 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.45 Consumer Cyclical Financial Services Real Estate 0.00 Sensitive Communication Services 6.31 Energy Industrials 5.80 Technology Defensive Consumer Defensive 1.88 Healthcare Utilities 3.46 Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, High Portfolio Turnover,, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Management, Portfolio Diversification, Small Cap, Real Estate/REIT Sector AFN41549

85 Goldman Sachs Small Cap Value Fund... Small Blend The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) ("net assets") in a diversified portfolio of equity investments in small-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000 Value Index at the time of investment. Although it will invest primarily in publicly traded U.S. securities, including real estate investment trusts, it may also invest in foreign securities. Initial Inception Date Management Company Goldman Sachs Asset Management, L.P. Goldman Sachs In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 95.8 Non-U.S. Stocks 1.7 Bonds 0.0 Cash 2.5 Other 0.0 Top 20 Holdings as of Goldman Sachs FS Government FST 2.39 Chesapeake Lodging Trust 1.29 Esterline Technologies 1.21 Pebblebrook Hotel Trust 1.13 PrivateBancorp Inc 1.04 Berry Plastics Group Inc 1.02 SM Energy Co 1.00 Webster Financial Corp 1.00 American Equity Life Holding Co 0.98 Bank of the Ozarks Inc 0.96 National Health Investors Inc 0.96 Acadia Realty Trust 0.95 Southwest Gas Corp 0.95 Strategic Hotels & Resorts Inc 0.95 CNO Financial Group Inc 0.93 Spectrum Brands Holdings Inc 0.93 CubeSmart 0.91 PS Business Parks Inc 0.85 Radian Group Inc 0.85 Jack In The Box Inc 0.84 Total Number of Stock Holdings 225 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 0.00 Medium Small Micro Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.91 Consumer Cyclical Financial Services Real Estate Sensitive Communication Services 0.27 Energy 3.54 Industrials Technology 9.75 Defensive Consumer Defensive 3.77 Healthcare 5.65 Utilities 6.11 Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Shareholder Activity, Management, Small Cap, Mid-Cap, Real Estate/REIT Sector AFN43623

86 Growth Stock Index Fund... Large Growth The SSgA Russell Large Cap Growth Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Russell 1000 Growth Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to match, before expenses, the performance of the Index. SSgA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSgA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSgA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 94.8 Non-U.S. Stocks 3.4 Bonds 0.0 Cash 1.8 Other 0.0 Top 20 Holdings as of Apple Inc 6.60 Microsoft Corp 1.91 Verizon Communications Inc 1.77 Facebook Inc Class A 1.43 Coca-Cola Co 1.41 Google Inc Class A 1.37 Google Inc Class C 1.36 Home Depot Inc 1.36 Walt Disney Co 1.34 Gilead Sciences Inc 1.33 International Business Machines Corp 1.33 PepsiCo Inc 1.27 Oracle Corporation 1.24 Amazon.com Inc 1.23 Comcast Corp Class A 1.18 Visa Inc Class A 1.15 S+p500 Emini Fut Jun15 Xcme Qualcomm Inc 1.03 Amgen Inc 1.01 Boeing Co 0.96 Total Number of Stock Holdings 679 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 1.12 Micro 0.02 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 3.71 Consumer Cyclical Financial Services 4.73 Real Estate 1.89 Sensitive Communication Services 4.86 Energy 4.50 Industrials Technology Defensive Consumer Defensive Healthcare Utilities 0.09 Equity Risk, Growth Investing Risk, Index Risk, Risk, Liquidity Risk, Market Capitalization Risk, Market Risk AFN41552

87 Harbor Capital Appreciation Fund... Large Growth The investment seeks long-term growth of capital. The fund invests primarily in equity securities, principally common and preferred stocks, of U.S. companies with market capitalizations of at least $1 billion at the time of purchase and that the Subadviser considers to have above average prospects for growth. The stocks of mid and large cap companies in the fund's portfolio are those the Subadviser expects to maintain or achieve above average earnings growth. The fund may invest up to 20% of its total assets in the securities of foreign issuers, including issuers located or doing business in emerging markets. Initial Inception Date Management Company Harbor Capital Advisors Inc Harbor In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 85.8 Non-U.S. Stocks 13.8 Bonds 0.0 Cash 0.4 Other 0.0 Top 20 Holdings as of Apple Inc 6.26 Facebook Inc Class A 3.64 MasterCard Inc Class A 3.41 Amazon.com Inc 2.82 Biogen Inc 2.73 Visa Inc Class A 2.60 Nike Inc Class B 2.51 Actavis PLC 2.29 Bristol-Myers Squibb Company 2.24 Walt Disney Co 2.13 Novo Nordisk A/S ADR 2.01 LinkedIn Corp Class A 1.98 Celgene Corp 1.94 Salesforce.com Inc 1.94 Boeing Co 1.88 Costco Wholesale Corp 1.87 Priceline Group Inc 1.79 Alibaba Group Holding Ltd ADR 1.75 Inditex Common Stock Eur Adobe Systems Inc 1.70 Total Number of Stock Holdings 66 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 8.66 Small 0.00 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 2.00 Consumer Cyclical Financial Services 7.20 Real Estate 1.19 Sensitive Communication Services 1.53 Energy 3.24 Industrials 6.70 Technology Defensive Consumer Defensive 4.67 Healthcare Utilities 0.00 Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing,, Market/Market Volatility, Management, Mid-Cap, Large Cap AFN41548

88 John Hancock Disciplined Value Mid Cap Fund... Mid-Cap Value The investment seeks long-term growth of capital with current income as a secondary objective. Under normal circumstances, the fund seeks to achieve its investment objectives by investing at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks, of issuers with medium market capitalizations, and identified by the subadvisor as having value characteristics. It may also invest up to 20% of its total assets in foreign currency-denominated securities. Initial Inception Date Management Company John Hancock Advisers, LLC John Hancock In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of U.S. Stocks 93.6 Non-U.S. Stocks 4.4 Bonds 0.0 Cash 1.9 Other 0.1 Top 20 Holdings as of Robert Half International Inc 1.79 TD Ameritrade Holding Corp 1.78 Western Digital Corp 1.78 Lear Corp 1.75 Omnicare Inc 1.57 Equity Residential 1.53 Boston Properties Inc 1.52 Graphic Packaging Holding Co 1.50 Constellation Brands Inc Class A 1.46 Marsh & McLennan Companies Inc 1.43 Allstate Corp 1.32 Raymond James Financial Inc 1.32 Amdocs Ltd 1.31 Crown Holdings Inc 1.27 BB&T Corp 1.26 Activision Blizzard Inc 1.22 Parker Hannifin Corp 1.19 ON Semiconductor Corp 1.17 Arrow Electronics Inc 1.16 Avago Technologies Ltd 1.15 Total Number of Stock Holdings 134 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 1.82 Large Medium Small 5.00 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 2.06 Consumer Cyclical Financial Services Real Estate 8.27 Sensitive Communication Services 0.00 Energy 3.94 Industrials Technology Defensive Consumer Defensive 4.52 Healthcare 8.79 Utilities 5.61 Currency, Foreign Securities, Loss of Money, Not FDIC Insured, Active Management, High Portfolio Turnover,, Market/Market Volatility, Equity Securities, Industry and Sector Investing, IPO, Restricted/Illiquid Securities, Regulation/Government Intervention, Mid-Cap AFN43624

89 Lord Abbett Value Opportunities Fund... Mid-Cap Blend The investment seeks long-term capital appreciation. To pursue its objective, the fund normally invests at least 65% of its net assets in equity securities of small and mid-sized companies. The remainder of the fund's assets may be invested in companies of any size. The fund may change this policy at any time. The fund attempts to invest in companies the investment team believes have been undervalued by the market and whose securities are selling at reasonable prices in relation to an assessment of their potential or intrinsic value. Initial Inception Date Management Company Lord, Abbett & Co LLC Lord Abbett In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 98.6 Non-U.S. Stocks 0.8 Bonds 0.0 Cash 0.6 Other 0.0 Top 20 Holdings as of Akamai Technologies Inc 2.83 HCC Insurance Holdings Inc 2.01 Marvell Technology Group Ltd 1.95 Ryder System Inc 1.91 Jarden Corp 1.87 Pinnacle Foods Inc 1.82 Signature Bank 1.62 Portland General Electric Co 1.54 igate Corp 1.52 Federal Realty Trust 1.51 PacWest Bancorp 1.51 American Campus Communities Inc 1.50 Rock-Tenn Company Class A 1.48 American Water Works Co Inc 1.46 CMS Energy Corp 1.46 Vantiv Inc 1.46 Fidelity National Information Services Inc 1.43 PerkinElmer Inc 1.39 Sally Beauty Holdings Inc 1.39 Arch Capital Group Ltd 1.38 Total Number of Stock Holdings 90 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.53 Large 2.80 Medium Small Micro 0.58 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 2.53 Consumer Cyclical Financial Services Real Estate 7.05 Sensitive Communication Services 0.00 Energy 4.80 Industrials Technology Defensive Consumer Defensive 2.68 Healthcare 4.86 Utilities 5.83 Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Restricted/Illiquid Securities, Shareholder Activity, Management, Small Cap, Mid-Cap AFN43625

90 MFS Value Fund... Large Value The investment seeks capital appreciation. The fund normally invests its assets in equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, equity interests in real estate investment trusts (REITs), and depositary receipts for such securities. It focuses on the stocks of companies it believes are undervalued compared to their perceived worth (value companies). The fund may invest in companies of any size, while it focuses on companies with large capitalizations. Initial Inception Date Management Company Massachusetts Financial Services Co MFS In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of U.S. Stocks 91.1 Non-U.S. Stocks 7.6 Bonds 0.0 Cash 1.2 Other 0.1 Top 20 Holdings as of JPMorgan Chase & Co 4.20 Johnson & Johnson 3.41 Philip Morris International Inc 3.33 Wells Fargo & Co 3.26 Pfizer Inc 3.01 Accenture PLC Class A 2.37 Honeywell International Inc 2.19 United Technologies Corp 2.17 Lockheed Martin Corp M Co 2.10 Medtronic PLC 1.96 CVS Health Corp 1.95 U.S. Bancorp 1.91 Goldman Sachs Group Inc 1.87 Travelers Companies Inc 1.86 Exxon Mobil Corporation 1.81 MetLife Inc 1.73 Verizon Communications Inc 1.72 Target Corp 1.64 Nestle SA 1.63 Total Number of Stock Holdings 89 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium 4.28 Small 0.03 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 1.76 Consumer Cyclical 8.35 Financial Services Real Estate 0.00 Sensitive Communication Services 3.78 Energy 5.66 Industrials Technology 6.61 Defensive Consumer Defensive Healthcare Utilities 0.23 Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing,, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Management AFN43626

91 Mid Cap Stock Index Fund... Mid-Cap Blend The SSgA S&P Mid Cap Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the S&P MidCap 400 Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to match, before expenses, the performance of the Index. SSgA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSgA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSgA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 95.3 Non-U.S. Stocks 2.4 Bonds 0.0 Cash 2.2 Other 0.0 Top 20 Holdings as of S+p Mid 400 Emini Jun15 Xcme Qorvo Inc 0.69 Realty Income Corp 0.68 Church & Dwight Company, Inc Signet Jewelers Ltd 0.65 Advance Auto Parts Inc 0.64 Salix Pharmaceuticals Ltd 0.64 Federal Realty Trust 0.59 ResMed Inc 0.59 Jarden Corp 0.55 Mettler-Toledo International Inc 0.54 Towers Watson & Co Class A 0.54 Cooper Companies 0.53 Rock-Tenn Company Class A 0.53 Westinghouse Air Brake Technologies Corp 0.53 Foot Locker Inc 0.52 Alaska Air Group Inc 0.51 UDR Inc 0.51 Energizer Holdings Inc 0.50 Polaris Industries Inc 0.50 Total Number of Stock Holdings 401 Total Number of Bond Holdings 0 Annual Turnover Ratio % Equity Risk, Index Risk, Risk, Liquidity Risk, Market Capitalization Risk, Market Risk Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 0.00 Medium Small Micro 0.23 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.93 Consumer Cyclical Financial Services Real Estate Sensitive Communication Services 0.34 Energy 4.67 Industrials Technology Defensive Consumer Defensive 4.66 Healthcare 9.10 Utilities 3.98 AFN42013

92 Prudential Small-Cap Value Fund... Small Value The investment seeks above-average capital appreciation. The fund normally invests at least 80% of its investable assets in equity and equity-related securities of small-cap companies. The subadviser considers small cap companies to be companies with market capitalizations within the market cap range of companies included in the Russell 2000 Index or the Standard & Poor's SmallCap 600 Index. While most assets will typically be invested in U.S. equity and equity-related securities, including real estate investment trusts (REITs), the fund may also invest in foreign equity and equity-related securities. Initial Inception Date Management Company Prudential s LLC Target Program In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Fund name changed from Target Small Capitalization Value Portfolio to Prudential Small-Cap Value Fund in Composition as of U.S. Stocks 98.9 Non-U.S. Stocks 1.1 Bonds 0.0 Cash 0.0 Other 0.0 Top 20 Holdings as of ishares Russell 2000 Value 1.52 Stifel Financial Corp 1.23 Webster Financial Corp 1.20 Teledyne Technologies Inc 1.09 American Equity Life Holding Co 1.02 SUPERVALU Inc 1.02 Bristow Group Inc 0.99 Dana Holding Corp 0.99 Sanmina Corp 0.98 CACI International Inc Class A 0.96 Cirrus Logic Inc 0.95 Berry Plastics Group Inc 0.91 Group 1 Automotive Inc 0.91 Radian Group Inc 0.89 The GEO Group Inc 0.88 Helen of Troy, Ltd New Residential Corp 0.83 KapStone Paper And Packaging Corp 0.82 Washington Federal Inc 0.82 First American Financial Corp 0.81 Total Number of Stock Holdings 434 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 0.00 Medium 8.94 Small Micro Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 3.30 Consumer Cyclical Financial Services Real Estate Sensitive Communication Services 0.81 Energy 6.14 Industrials Technology 9.50 Defensive 9.49 Consumer Defensive 5.00 Healthcare 2.23 Utilities 2.26 Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility, Equity Securities, Increase in Expenses, Management, Small Cap, Real Estate/REIT Sector AFN41555

93 Royce Total Return Fund... Small Blend The investment seeks long-term growth of capital and current income. Normally, the fund invests at least 65% of its net assets in equity securities. At least 90% of these securities will produce dividend or interest income to the fund, and at least 65% will be issued by companies with stock market capitalizations up to $2.5 billion at the time of investment. Composition as of U.S. Stocks 85.0 Non-U.S. Stocks 7.1 Bonds 0.0 Cash 4.8 Other 3.1 Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 1.07 Medium Small Micro Value Blend Growth Large Mid Small Initial Inception Date Management Company Royce & Associates, LLC Royce In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Top 20 Holdings as of AllianceBernstein Holding L.P Markel Corporation 1.08 Erie Indemnity Co Class A 1.03 Alleghany Corp 1.00 E-L Financial Corp Ltd 0.94 Gentex Corp 0.93 Bank of Hawaii Corp 0.92 Steris Corp 0.92 Brady Corp Class A 0.89 Owens & Minor Inc 0.83 Tennant Co 0.83 ManpowerGroup 0.81 Quaker Chemical Corp 0.81 Teleflex Inc 0.81 Nu Skin Enterprises Inc Class A 0.80 PerkinElmer Inc 0.79 Thor Industries Inc 0.78 Balchem Corp 0.77 Cabot Corp 0.76 Ritchie Bros Auctioneers Inc 0.76 Total Number of Stock Holdings 313 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 8.92 Consumer Cyclical Financial Services Real Estate 1.39 Sensitive Communication Services 0.96 Energy 3.77 Industrials Technology 9.18 Defensive Consumer Defensive 3.82 Healthcare 6.37 Utilities 2.71 Currency, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Management, Small Cap AFN41553

94 Small Cap Growth Stock Index Fund... Small Growth The SSgA Russell Small Cap Growth Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Russell 2000 Growth Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to match, before expenses, the performance of the Index. SSgA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSgA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSgA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 92.8 Non-U.S. Stocks 3.8 Bonds 0.0 Cash 3.4 Other 0.0 Top 20 Holdings as of Russell 2000 Mini Jun15 Ifus Qorvo Inc 1.15 ISIS Pharmaceuticals Inc 0.75 Puma Biotechnology Inc 0.56 Ultimate Software Group Inc 0.50 Graphic Packaging Holding Co 0.48 DexCom Inc 0.47 Maximus Inc 0.46 Cypress Semiconductor Corp 0.44 Cognex Corp 0.43 SS&C Technologies Holdings Inc 0.43 Belden Inc 0.42 Steris Corp 0.42 West Pharmaceutical Services Inc 0.42 WEX Inc 0.42 Team Health Holdings Inc 0.41 Cepheid 0.40 Heico Corp 0.40 Parexel International Corp 0.40 Tyler Technologies Inc 0.40 Total Number of Stock Holdings 1115 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 0.00 Medium Small Micro Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.82 Consumer Cyclical Financial Services 4.59 Real Estate 3.09 Sensitive Communication Services 1.27 Energy 2.61 Industrials Technology Defensive Consumer Defensive 4.09 Healthcare Utilities 0.35 Equity Risk, Growth Investing Risk, Index Risk, Risk, Liquidity Risk, Market Capitalization Risk, Market Risk, Small and Micro-Cap Companies Risk RPD1112

95 Small Cap Stock Index Fund... Small Blend The SSgA Russell Small Cap Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Russell 2000 Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to match, before expenses, the performance of the Index. SSgA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSgA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSgA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 96.7 Non-U.S. Stocks 1.1 Bonds 0.0 Cash 2.1 Other 0.1 Top 20 Holdings as of Qorvo Inc 0.62 ISIS Pharmaceuticals Inc 0.41 Puma Biotechnology Inc 0.30 Office Depot Inc 0.27 Brunswick Corp 0.26 DexCom Inc 0.26 Graphic Packaging Holding Co 0.26 JetBlue Airways Corp 0.26 Ultimate Software Group Inc 0.26 LaSalle Hotel Properties 0.24 Maximus Inc 0.24 Cognex Corp 0.23 Cypress Semiconductor Corp 0.23 Investors Bancorp Inc 0.23 RLJ Lodging Trust 0.23 SS&C Technologies Holdings Inc 0.23 Steris Corp 0.23 Team Health Holdings Inc 0.23 West Pharmaceutical Services Inc 0.23 Belden Inc 0.22 Total Number of Stock Holdings 1976 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 0.00 Medium Small Micro Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.94 Consumer Cyclical Financial Services Real Estate 9.34 Sensitive Communication Services 1.13 Energy 2.73 Industrials Technology Defensive Consumer Defensive 3.74 Healthcare Utilities 3.54 Equity Risk, Index Risk, Risk, Liquidity Risk, Market Capitalization Risk, Market Risk, Small and Micro-Cap Companies Risk AFN41556

96 Small Cap Value Stock Index Fund... Small Value The Fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Russell 2000 Value Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to match, before expenses, the performance of the Index. SSgA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSgA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSgA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 97.2 Non-U.S. Stocks 2.0 Bonds 0.0 Cash 0.7 Other 0.1 Top 20 Holdings as of Russell 2000 Mini Jun15 Ifus Office Depot Inc 0.55 LaSalle Hotel Properties 0.49 Highwoods Properties Inc 0.47 JetBlue Airways Corp 0.46 RLJ Lodging Trust 0.46 CubeSmart 0.44 Dynegy Inc 0.44 First American Financial Corp 0.43 Prosperity Bancshares, Inc WellCare Health Plans Inc 0.42 Esterline Technologies 0.41 Investors Bancorp Inc 0.41 Stifel Financial Corp 0.41 CNO Financial Group Inc 0.40 American Eagle Outfitters 0.38 EPR Properties 0.38 Pebblebrook Hotel Trust 0.38 Sunstone Hotel Investors Inc 0.38 Webster Financial Corp 0.38 Total Number of Stock Holdings 1222 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 0.00 Medium 6.24 Small Micro Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.05 Consumer Cyclical Financial Services Real Estate Sensitive Communication Services 0.97 Energy 2.85 Industrials Technology 9.67 Defensive Consumer Defensive 3.33 Healthcare 5.50 Utilities 6.91 Equity Risk, Index Risk, Risk, Liquidity Risk, Market Capitalization Risk, Market Risk, Small and Micro-Cap Companies Risk, Value Investing Risk RPD1113

97 Small Company Fund... Small Growth The Small Company Fund seeks to provide long-term capital growth. The Fund is broadly diversified, holds small companies of relatively high financial quality, and has an active management style. The Fund is managed by Wellington Management Company, LLP. Risk is expected to be higher than the overall market. The Fund has substantially similar investment objectives, policies and strategies as a small-cap portfolio (Small Cap 2000) managed by Wellington Management Company, LLP. The Fund utilizes proprietary research and selects companies that are within the market cap range of the Fund s benchmark, the Russell 2000 Index. The Fund invests in stocks of small companies, primarily located in the United States and has a focus on strong earnings growth and potential for significant appreciation. Initial Inception Date Management Company Wellington Management Company LLP Wellington Management Company LLP In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 92.0 Non-U.S. Stocks 6.3 Bonds 0.0 Cash 1.4 Other 0.3 Top 20 Holdings as of ishares Russell Graphic Packaging Holding Co 1.73 WuXi PharmaTech (Cayman) Inc ADR 1.48 Sonus Networks Inc 1.26 Marketo Inc 1.19 Huron Consulting Group Inc 1.14 Heartland Payment Systems Inc 1.13 Empire State Realty Trust Inc Class A 1.06 WEX Inc 1.06 Radware Ltd 1.02 Generac Holdings Inc 1.01 Rogers Corp 1.01 Team Health Holdings Inc 1.01 MGIC Corp 0.96 Ameris Bancorp 0.93 PacWest Bancorp 0.93 Post Holdings Inc 0.93 PDC Energy Inc 0.89 Headwaters Inc 0.88 Treehouse Foods Inc 0.86 Total Number of Stock Holdings 245 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 0.00 Medium Small Micro Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 4.84 Consumer Cyclical Financial Services Real Estate 9.86 Sensitive Communication Services 0.03 Energy 4.41 Industrials Technology Defensive Consumer Defensive 4.06 Healthcare Utilities 3.84 Loss of Money, Not FDIC Insured,, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Derivatives, Suitability, Management, Small Cap, Real Estate/REIT Sector AFN41559

98 Stock Market Index Fund... Large Blend The SSgA S&P 500 Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the S&P 500 (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to match, before expenses, the performance of the Index. SSgA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSgA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSgA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 95.9 Non-U.S. Stocks 2.7 Bonds 0.0 Cash 1.4 Other 0.0 Top 20 Holdings as of Apple Inc 3.85 Exxon Mobil Corporation 1.89 Microsoft Corp 1.77 Johnson & Johnson 1.49 S+p500 Emini Fut Jun15 Xcme Berkshire Hathaway Inc Class B 1.40 Wells Fargo & Co 1.36 General Electric Co 1.32 JPMorgan Chase & Co 1.20 Procter & Gamble Co 1.18 Pfizer Inc 1.13 Verizon Communications Inc 1.07 Chevron Corp 1.05 Facebook Inc Class A 0.91 AT&T Inc 0.90 Merck & Co Inc 0.87 Walt Disney Co 0.87 Bank of America Corporation 0.86 Coca-Cola Co 0.85 Google Inc Class A 0.84 Total Number of Stock Holdings 502 Total Number of Bond Holdings 0 Annual Turnover Ratio % 3.46 Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.09 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 3.00 Consumer Cyclical Financial Services Real Estate 2.26 Sensitive Communication Services 3.83 Energy 8.04 Industrials Technology Defensive Consumer Defensive 9.66 Healthcare Utilities 3.03 Equity Risk, Index Risk, Risk, Liquidity Risk, Market Capitalization Risk, Market Risk, Securities Lending Risk; Risks Of Collateral AFN41554

99 T. Rowe Price Growth Stock Fund... Large Growth The investment seeks long-term capital growth through investments in stocks. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of a diversified group of growth companies. It generally seeks investments in stocks of large-capitalization companies. While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the fund's objectives. It may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. Initial Inception Date Management Company T. Rowe Price Associates, Inc. T. Rowe Price In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 85.8 Non-U.S. Stocks 11.5 Bonds 0.0 Cash 2.3 Other 0.5 Top 20 Holdings as of Amazon.com Inc 4.09 Priceline Group Inc 3.04 Apple Inc 3.01 Visa Inc Class A 2.91 Google Inc Class C 2.77 Google Inc Class A 2.66 Facebook Inc Class A 2.42 Actavis PLC 2.33 T. Rowe Price Reserve McKesson Corp 2.23 Valeant Pharmaceuticals International Inc 2.16 MasterCard Inc Class A 2.15 Danaher Corp 2.13 Gilead Sciences Inc 2.10 Biogen Inc 2.04 American Airlines Group Inc 1.90 Boeing Co 1.76 Baidu Inc ADR 1.61 Celgene Corp 1.55 Alexion Pharmaceuticals Inc 1.52 Total Number of Stock Holdings 92 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 0.15 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 1.74 Consumer Cyclical Financial Services 8.81 Real Estate 1.49 Sensitive Communication Services 1.98 Energy 2.22 Industrials Technology Defensive Consumer Defensive 1.76 Healthcare Utilities 0.00 Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Active Management, Equity Securities, Large Cap AFN41560

100 Value Stock Index Fund... Large Value The SSgA Russell Large Cap Value Index Fund (the "Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the Russell 1000 Value Index (the "Index") over the long term. The Fund is managed using a "passive" or "indexing" investment approach, by which SSgA attempts to match, before expenses, the performance of the Index. SSgA will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. In some cases, it may not be possible or practicable to purchase all of the securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSgA may employ a sampling or optimization technique to construct the portfolio in question. The Fund's returns may vary from the returns of the Index. From time to time SSgA may purchase securities that are not yet represented in the Index or sell securities that have not yet been removed from the Index. Initial Inception Date Management Company State Street Global Advisors State Street Global Advisors In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Fund invests in units of a bank commingled fund for tax exempt retirement plans offered by State Street Global Advisors. For the principal risk definitions for this fund, please refer to the "Principal Risk Definitions - SSgA". Composition as of U.S. Stocks 94.8 Non-U.S. Stocks 3.0 Bonds 0.0 Cash 2.2 Other 0.0 Top 20 Holdings as of Exxon Mobil Corporation 3.42 Berkshire Hathaway Inc Class B 2.47 Wells Fargo & Co 2.43 General Electric Co 2.33 Johnson & Johnson 2.25 JPMorgan Chase & Co 2.15 S+p500 Emini Fut Jun15 Xcme Pfizer Inc 2.08 Procter & Gamble Co 1.96 Chevron Corp 1.87 AT&T Inc 1.59 Bank of America Corporation 1.52 Citigroup Inc 1.47 Merck & Co Inc 1.36 Intel Corp 1.33 Cisco Systems Inc 1.32 Microsoft Corp 1.11 Wal-Mart Stores Inc 1.10 UnitedHealth Group Inc 1.08 Medtronic PLC 1.04 Total Number of Stock Holdings 695 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 2.58 Micro 0.05 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 2.78 Consumer Cyclical 6.45 Financial Services Real Estate 4.97 Sensitive Communication Services 2.27 Energy Industrials Technology 9.15 Defensive Consumer Defensive 6.83 Healthcare Utilities 6.09 Equity Risk, Index Risk, Risk, Liquidity Risk, Market Capitalization Risk, Market Risk, Value Investing Risk AFN41561

101 Vanguard Morgan Growth Fund... Large Growth The investment seeks long-term growth of capital. The fund invests mainly in the stocks of mid- and large-capitalization U.S. companies whose revenues and/or earnings are expected to grow faster than those of the average company in the market. It uses multiple investment advisors. Initial Inception Date Management Company Vanguard Group, Inc. Vanguard In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Composition as of U.S. Stocks 92.9 Non-U.S. Stocks 5.2 Bonds 0.0 Cash 1.8 Other 0.0 Top 20 Holdings as of Apple Inc 5.37 Microsoft Corp 2.27 Oracle Corporation 1.87 Facebook Inc Class A 1.80 CMT Market Liquidity Rate 1.77 Google Inc Class C 1.68 Gilead Sciences Inc 1.64 Home Depot Inc 1.28 Verizon Communications Inc 1.19 Celgene Corp 1.13 Biogen Idec Inc 1.12 Qualcomm Inc 1.10 Costco Wholesale Corp 1.08 Bristol-Myers Squibb Company 1.06 Boeing Co 1.04 MasterCard Inc Class A 1.01 Cisco Systems Inc 0.98 Alibaba Group Holding Ltd ADR 0.97 Vanguard Growth ETF 0.97 F5 Networks Inc 0.96 Total Number of Stock Holdings 343 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 1.72 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 2.46 Consumer Cyclical Financial Services 6.27 Real Estate 0.75 Sensitive Communication Services 3.92 Energy 3.09 Industrials Technology Defensive Consumer Defensive 4.42 Healthcare Utilities 0.08 Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, Equity Securities, Management, Mid-Cap, Large Cap AFN41519

102 Vanguard Windsor II Fund... Large Value The investment seeks to provide long-term capital appreciation and income. The fund invests mainly in large- and mid-capitalization companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor feels are trading at prices that are below average in relation to measures such as earnings and book value. These stocks often have above-average dividend yields. It uses multiple investment advisors. Initial Inception Date Management Company Barrow, Hanley, Mewhinney & Strauss LLC. Lazard Asset Management LLC Vanguard Group, Inc. Vanguard In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Composition as of U.S. Stocks 88.1 Non-U.S. Stocks 8.7 Bonds 0.0 Cash 3.1 Other 0.2 Top 20 Holdings as of CMT Market Liquidity Rate 3.03 Microsoft Corp 2.89 JPMorgan Chase & Co 2.79 Medtronic Inc 2.61 Pfizer Inc 2.58 Wells Fargo & Co 2.48 Intel Corp 2.32 Citigroup Inc 2.26 Philip Morris International Inc 2.09 General Dynamics Corp 2.07 PNC Financial Services Group Inc 2.02 Wal-Mart Stores Inc 1.99 Bank of America Corporation 1.98 Target Corp 1.96 Oracle Corporation 1.94 American Express Co 1.92 Johnson & Johnson 1.85 Sanofi ADR 1.75 Raytheon Co 1.74 Honeywell International Inc 1.66 Total Number of Stock Holdings 262 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 1.22 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 0.26 Consumer Cyclical 8.89 Financial Services Real Estate 0.33 Sensitive Communication Services 3.16 Energy 9.41 Industrials 9.96 Technology Defensive Consumer Defensive Healthcare Utilities 3.58 Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility, Equity Securities, Management, Portfolio Diversification, Mid-Cap, Large Cap AFN41563

103 Waddell & Reed New Concepts Fund... Mid-Cap Growth The investment seeks to provide growth of capital. The fund seeks to achieve its objective by investing primarily in common stocks of mid capitalization companies that Waddell & Reed Management Company (WRIMCO), the fund's investment manager, believes are high quality and/or offer above-average growth potential. Mid capitalization companies typically are companies with market capitalizations within the range of companies in the Russell Midcap Growth Index at the time of acquisition. Initial Inception Date Management Company Waddell & Reed Management Co Waddell & Reed In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of U.S. Stocks 94.7 Non-U.S. Stocks 2.5 Bonds 0.0 Cash 2.0 Other 0.7 Top 20 Holdings as of Intuitive Surgical Inc 3.00 Electronic Arts Inc 2.94 Northern Trust Corp 2.69 Mead Johnson Nutrition Co 2.29 Expeditors International of Washington Inc 2.27 Fastenal Co 2.22 Microchip Technology Inc 2.19 Signature Bank 2.18 Hain Celestial Group Inc 1.99 Ross Stores Inc 1.98 Fortune Brands Home & Security Inc 1.97 LKQ Corp 1.94 Ulta Salon Cosmetics & Fragrances Inc 1.92 First Republic Bank 1.88 Zoetis Inc 1.88 Pandora Media Inc 1.85 Varian Medical Systems Inc 1.81 Polypore International Inc 1.71 Flowserve Corp 1.65 L Brands Inc 1.62 Total Number of Stock Holdings 68 Total Number of Bond Holdings 1 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large Medium Small 9.43 Micro 0.00 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 2.06 Consumer Cyclical Financial Services 9.62 Real Estate 1.26 Sensitive Communication Services 0.00 Energy 6.06 Industrials Technology Defensive Consumer Defensive 6.42 Healthcare Utilities 0.00 Loss of Money, Not FDIC Insured, Growth Investing,, Market/Market Volatility, Management, Mid-Cap AFN43627

104 William Blair Small-Mid Cap Growth I Fund... Mid-Cap Growth The investment seeks long-term capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in stocks of small capitalized ("small cap") and medium capitalized ("mid cap") companies. It invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks), of small cap and mid cap domestic growth companies that are expected to exhibit quality growth characteristics. Initial Inception Date Management Company William Blair & Company LLC William Blair In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 94.1 Non-U.S. Stocks 3.0 Bonds 0.0 Cash 2.8 Other 0.0 Top 20 Holdings as of Stericycle Inc 2.51 j2 Global Inc 2.44 Robert Half International Inc 2.21 Guidewire Software Inc 2.05 Sirona Dental Systems Inc 2.04 Healthsouth Corp 1.89 Williams-Sonoma Inc 1.89 Affiliated Managers Group Inc 1.87 SBA Communications Corp 1.86 Nu Skin Enterprises Inc Class A 1.83 Mednax Inc 1.82 Jones Lang LaSalle Inc 1.80 Mettler-Toledo International Inc 1.79 Six Flags Entertainment Corp 1.79 Ligand Pharmaceuticals Inc 1.76 Sally Beauty Holdings Inc 1.75 Akamai Technologies Inc 1.69 NeuStar Inc 1.68 Vantiv Inc 1.66 International Flavors & Fragrances Inc 1.60 Total Number of Stock Holdings 73 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large 0.00 Medium Small Micro 4.15 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 3.92 Consumer Cyclical Financial Services 9.06 Real Estate 4.78 Sensitive Communication Services 3.64 Energy 2.76 Industrials Technology Defensive Consumer Defensive 1.88 Healthcare Utilities 0.00 Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, Equity Securities, Suitability, Management, Small Cap, Mid-Cap AFN41565

105 Cohen & Steers Institutional Realty Shares... Real Estate The investment seeks total return through investment in real estate securities. The fund invests at least 80%, and normally substantially all, of its total assets in common stocks and other equity securities issued by real estate companies. It may invest up to 20% of its total assets in securities of foreign issuers (including emerging market issuers) which meet the same criteria for investment as domestic companies, including investments in such companies in the form of American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs). The fund is non-diversified. Initial Inception Date Management Company Cohen & Steers Capital Management Inc. Cohen & Steers In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 99.9 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 0.1 Other 0.0 Top 20 Holdings as of Simon Property Group Inc 9.92 Equity Residential 7.20 Health Care REIT, Inc Vornado Realty Trust 6.09 SL Green Realty Corp 5.00 Public Storage 4.93 UDR Inc 4.73 Prologis Inc 3.00 Macerich Co 2.91 Regency Centers Corp 2.63 DDR Corp 2.47 Apartment & Management Company 2.27 CubeSmart 2.18 Weingarten Realty Investors 2.14 BioMed Realty Trust Inc 1.96 Host Hotels & Resorts Inc 1.92 Home Properties Inc 1.82 Spirit Realty Capital Inc 1.62 Brandywine Realty Trust 1.47 American Homes 4 Rent Class A 1.42 Total Number of Stock Holdings 50 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant 0.00 Large Medium Small Micro 1.11 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 0.00 Consumer Cyclical 2.96 Financial Services 0.39 Real Estate Sensitive 0.00 Communication Services 0.00 Energy 0.00 Industrials 0.00 Technology 0.00 Defensive 0.00 Consumer Defensive 0.00 Healthcare 0.00 Utilities 0.00 Foreign Securities, Loss of Money, Not FDIC Insured, Nondiversification, Market/Market Volatility, Equity Securities, Preferred Stocks, Small Cap, Mid-Cap, Real Estate/REIT Sector AFN41566

106 Franklin Growth Fund... Large Growth The investment seeks capital appreciation. The fund invests substantially in the equity securities of companies that are leaders in their industries. Although it normally invests substantially in the equity securities (principally common stocks) of U.S.-based large and medium market capitalization companies, the fund may invest in companies in new and emerging industries where growth is expected to be above average and may invest up to 40% of its assets in smaller companies. It may have significant positions in particular sectors. Initial Inception Date Management Company Franklin Advisers, Inc. Franklin Templeton s In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of U.S. Stocks 83.4 Non-U.S. Stocks 4.9 Bonds 0.0 Cash 11.7 Other 0.0 Top 20 Holdings as of Apple Inc 4.26 Alaska Air Group Inc 1.80 Biogen Inc 1.80 Northrop Grumman Corp 1.51 Walt Disney Co 1.51 Boeing Co 1.41 Amgen Inc 1.36 VF Corp M Co 1.20 Mettler-Toledo International Inc 1.19 General Dynamics Corp 1.16 Amazon.com Inc 1.11 Union Pacific Corp 1.11 W W Grainger Inc 1.10 Monster Beverage Corp 1.06 Johnson & Johnson 1.03 Hospira Inc 1.01 Sigma-Aldrich Corp 0.94 Actavis PLC 0.93 Cytec Industries Inc 0.92 Total Number of Stock Holdings 158 Total Number of Bond Holdings 0 Annual Turnover Ratio % 1.50 Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 1.42 Micro 0.10 Value Blend Growth Large Mid Small Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 5.66 Consumer Cyclical 9.16 Financial Services 4.98 Real Estate 0.65 Sensitive Communication Services 0.00 Energy 2.72 Industrials Technology Defensive Consumer Defensive 4.02 Healthcare Utilities 0.62 Loss of Money, Not FDIC Insured, Growth Investing, Active Management, Market/Market Volatility, Portfolio Diversification, Mid-Cap AFN41527

107 Oppenheimer Global Fund... World Stock The investment seeks capital appreciation. The fund invests mainly in common stock of U.S. and foreign companies. It can invest without limit in foreign securities and can invest in any country, including countries with developing or emerging markets. However, the fund currently emphasizes its investments in developed markets such as the United States, Western European countries and Japan. It does not limit its investments to companies in a particular capitalization range, but primarily invests in midand large-cap companies. The fund normally will invest in at least three countries (one of which may be the United States). Initial Inception Date Management Company OFI Global Asset Management, Inc. OppenheimerFunds In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. Composition as of U.S. Stocks 44.2 Non-U.S. Stocks 55.5 Bonds 0.0 Cash 0.1 Other 0.2 Top 20 Holdings as of McGraw Hill Financial Inc 2.78 LM Ericsson Telephone Company B 2.56 Walt Disney Co 2.32 ebay Inc 2.23 Murata Mfg Co Ltd 2.11 Bayerische Motoren Werke AG BMW 2.09 Airbus Group NV 2.03 Colgate-Palmolive Co 2.00 Citigroup Inc 1.96 Prudential PLC 1.93 Anthem Inc 1.91 Aetna Inc 1.90 Adobe Systems Inc 1.89 LVMH Moet Hennessy Louis Vuitton SE 1.87 Altera Corp 1.80 Intuit Inc 1.80 Unilever PLC 1.78 Maxim Integrated Products Inc 1.74 UBS Group AG 1.74 KDDI Corp 1.71 Total Number of Stock Holdings 85 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 3.50 Micro 0.30 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas North America Latin America 3.73 Greater Europe United Kingdom 5.06 Europe Developed Europe Emerging 0.28 Africa/Middle East 0.00 Greater Asia Japan Australasia 0.00 Asia Developed 0.00 Asia Emerging 3.89 Event-Driven /Arbitrage Strategies, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, Equity Securities, Management, Small Cap, Mid-Cap AFN41569

108 PIMCO All Asset Fund... Tactical Allocation The investment seeks maximum real return, consistent with preservation of real capital and prudent investment management. The fund normally invests substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust or PIMCO Equity Series, an affiliated open-end investment company, except other funds of funds, or shares of any actively-managed funds of the PIMCO ETF Trust, an affiliated investment company. The fund's investment in a particular Underlying PIMCO Fund normally will not exceed 50% of its total assets. It is non-diversified. Initial Inception Date Management Company Pacific Management Co LLC PIMCO In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Composition as of %Net U.S. Stocks 1.0 Non-U.S. Stocks 0.8 Bonds 85.8 Cash Other Total Top 20 Holdings as of PIMCO Emerging Local Bond Instl PIMCO Emerging Markets Currency Instl PIMCO EMG Intl LowVol RAFI -PLUS AR In PIMCO Income Instl PIMCO Fundamental Advtg Abs Ret Strat PIMCO Wldwd Fdmtl Advtg AR Strat Instl PIMCO EM Fdmtl IndexPLUS AR Strat Inst PIMCO Commodity Real Ret Strat Instl PIMCO Long-Term US Government Instl PIMCO Intl LwVol RAFI -PLUS AR Inst PIMCO Worldwide L/S Fdmtl Strat Instl PIMCO CommoditiesPLUS Strategy Instl PIMCO Intl Fdmtl IdxPLUS AR Strat Ins PIMCO High Yield Spectrum Instl PIMCO Real Estate Real Return Strategy PIMCO LowVol RAFI -PLUS AR Inst PIMCO High Yield Instl PIMCO Grade Corp Bd Instl PIMCO Senior Floating Rate Instl PIMCO Total Return Instl Total Number of Holdings 54 Annual Turnover Ratio % Morningstar Style Box as of (EQ) ; (F-I) Value Blend Growth Large Mid Small Not Available Morningstar Equity Sectors as of % Fund Cyclical Basic Materials 2.14 Consumer Cyclical Financial Services Real Estate 3.11 Sensitive Communication Services 3.84 Energy 7.18 Industrials Technology Defensive Consumer Defensive Healthcare 9.07 Utilities 0.83 Morningstar F-I Sectors as of % Fund % Government Corporate Securitized Municipal Cash & Equivalents Other Event-Driven /Arbitrage Strategies, Short Sale, Credit and Counterparty, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Municipal Project-Specific, Nondiversification, Value Investing,, Interest Rate, Market/Market Volatility, Commodity, Convertible Securities, Distressed s, Equity Securities, Futures, High-Yield Securities, Mortgage-Backed and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, U.S. Federal Tax Treatment, Derivatives, Leverage, Management, Small Cap, Real Estate/REIT Sector, Market Trading AFN46507

109 Vanguard Global Equity Fund... World Stock The investment seeks long-term capital appreciation. The fund invests primarily in U.S. and foreign equity securities chosen mainly on the basis of bottom-up stock analysis. It typically invests across a wide range of industries, and its holdings are expected to represent a mix of value and growth stocks, as well as a mix of developed and emerging markets stocks, across the capitalization spectrum. Under normal circumstances, at least 80% of the fund's assets will be invested in equity securities. The fund uses multiple investment advisors. Initial Inception Date Management Company Baillie Gifford Overseas Limited Marathon Asset Management LLP Acadian Asset Management LLC Vanguard In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. Investors who redeem, transfer or exchange any amount out of the Fund must wait sixty (60) calendar days before transferring or exchanging any amount back into the Fund. Composition as of U.S. Stocks 46.2 Non-U.S. Stocks 49.5 Bonds 0.0 Cash 3.6 Other 0.7 Top 20 Holdings as of CMT Market Liquidity Rate 3.36 Royal Caribbean Cruises Ltd 1.27 Wells Fargo & Co 1.11 Prudential PLC 1.04 Naspers Ltd Class N 1.03 Nestle SA 1.02 Anthem Inc 0.93 Taiwan Semiconductor Manufacturing Co Ltd ADR 0.93 Roche Holding AG Dividend Right Cert Samsung Electronics Co Ltd 0.84 Royal Dutch Shell PLC Class A 0.76 Berkshire Hathaway Inc Class B 0.74 Ryanair Holdings PLC ADR 0.73 Colgate-Palmolive Co 0.71 Praxair Inc 0.71 ebay Inc 0.68 M&T Bank Corp 0.67 Computer Sciences Corp 0.64 TD Ameritrade Holding Corp 0.64 Magna International Inc Class A 0.63 Total Number of Stock Holdings 730 Total Number of Bond Holdings 0 Annual Turnover Ratio % Morningstar Equity Style Box as of % Mkt Cap Giant Large Medium Small 7.52 Micro 1.56 Value Blend Growth Large Mid Small Morningstar World Regions as of % Fund Americas North America Latin America 1.98 Greater Europe United Kingdom 7.95 Europe Developed Europe Emerging 0.35 Africa/Middle East 1.66 Greater Asia Japan 8.28 Australasia 1.50 Asia Developed 7.67 Asia Emerging 4.50 Currency, Loss of Money, Not FDIC Insured, Country or Region, Capitalization, Market/Market Volatility, Equity Securities, Management AFN41568

110

111 Important Disclosures options are subaccounts in an insurance company separate account maintained by United of Omaha Life Insurance Company that invests in the underlying mutual fund/collective trust investments or is managed by the specified investment manager. All funds may not be available as an investment option in a plan. Mutual GlidePath Each Mutual GlidePath fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust RISC. The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust RISC has established a "group trust" within the meaning of IRS Revenue Ruling , as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Company Act of 1940, as amended. The Mutual GlidePath benchmark is a glidepath-weighted calculation of the Russell 1000 Index, Russell 2000 Index, MSCI ACWI ex-us, Barclays Capital Aggregate Bond Index, NCREIF Property Index, 90 Day Treasury Bill, and Barclays Capital US TIPS Index. Due to a one quarter lag in performance reporting, the monthly return of the NCREIF Property Index is estimated based on historical performance. Composition Graph The Long/Short/Net bar chart replaces the Composition pie chart when a fund invests in shorts and derivatives. The overall net percentage value of each investment class is displayed. A short is any security in which a negative position is taken where the portfolio manager looks to profit from falling prices. A derivative is any future, forward, option or swap contract that provides exposure to assets like stocks, bonds, or commodities. Derivatives are also used to manage risk or to act on a view about the economy. Morningstar Style Box The Morningstar Style Box reveals an investment choice's investment strategy as of the date noted on this report. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-us taxable and non-us domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years. Annual Turnover Ratio A proxy for how frequently a manager trades his or her portfolio. options are offered through a group variable annuity contract (Forms 902-GAQC-09 or 902-GAQC-09(CT) or 902-GAQC-09(OR)) underwritten by United of Omaha Life Insurance Company for contracts issued in all states except New York. United of Omaha Life Insurance Company, Omaha, NE is not licensed in New York. In New York, Companion Life Insurance Company, Hauppauge, NY underwrites the group variable annuity (Form 900-GAQC-07(NY)). Each company accepts full responsibility for each of their respective contractual obligations under the contract but does not guarantee any contributions or investment returns except as to the Guaranteed Account and the Lifetime Guaranteed Income Account as provided under the contract. Neither United of Omaha Life Insurance Company, Companion Life Insurance Company, nor their representatives or affiliates offers investment advice in connection with the contract. Group annuity contract (Form 728 LGAM-U-Rev. and Form 728-LGAI-U-Rev.) is issued by United of Omaha Life Insurance Company, Omaha, NE 68175, which accepts full responsibility for all its contractual obligations under the contract. Payments and values provided by this contract that are based on investment results of the separate account are variable and specific dollar amounts are not guaranteed. options are offered through a group annuity separate account rider (Form 625-GAQR-09, Form 625-GAQR-09(VA) or Form 625-GAQR-11) underwritten by United of Omaha Life Insurance Company, Omaha, NE 68175, which accepts full responsibility for all of United's contractual obligations under the rider but does not guarantee any contributions or investment returns except as to the Guaranteed Account, as provided under the rider. Neither United of Omaha Life Insurance Company nor its representatives or affiliates offers investment advice in connection with the rider. For a complete product description, including benefits and limitations, please refer to the contract. This product is not available in New York, Oklahoma, or Puerto Rico Morningstar, Inc., Morningstar Profiles All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at

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113 If you re planning to retire in five years or less, your personal situation may require more detailed planning and analysis. Please consult your personal financial advisor. ASSESSMENT In order to choose an appropriate investment strategy, you need to evaluate the factors that will affect how much risk is appropriate for you. First, become acquainted with your investment personality and understand how you feel about risk (your Risk Tolerance). Your Time Horizon (how long you have to invest your savings) is another important factor, as is your potential cash flow needs. This worksheet will help you determine what type of investor you are. Answer the following questions and total your score for each section (time horizon, risk tolerance and personal finances). Then, add up the scores for each section for a total score. Use the scale to convert your score into one of five potential investment strategies. TIME HORIZON The number of years until you retire or need to use the money you ve saved. TIME HORIZON 1. How many more years do you plan to work before you start using your 401(k) savings? 30 to 40 years (10 points) 20 to 30 years (8 points) 10 to 20 years (6 points) 5 to 10 years (4 points) Less than 5 years (2 points) 2. How long do you expect to draw upon your 401(k) savings? 25 to 30 years (10 points) 20 to 25 years (8 points) 15 to 20 years (6 points) 10 to 15 years (4 points) Less than 10 years (2 points) RISK TOLERANCE The risk you are willing to take in exchange for the possibility of a greater return. RISK TOLERANCE 3. Which statement best describes your investment objective for your 401(k) plan? I am looking for stability of my account balance and want to avoid any losses. (1 point) I am looking for stability of my account, but I can accept a low to moderate amount of fluctuation in my account if I can have more growth potential. (2 points) I am focused on growth. I am not concerned about moderate fluctuations each year. (3 points) I am focused on growth, and I am willing to accept a higher level of risk for higher returns. (4 points) I am seeking the most growth possible, and I am not concerned about fluctuations in the value of my account. (5 points) I am not sure what my investment objective should be for my 401(k) plan account. (2 points) 4. Which statement best describes your approach as an investor? I am very cautious about taking risks, and I want to avoid losses in my account. (1 point) I am somewhat cautious about taking risks, and I can handle relatively small losses in my account occasionally. (2 points) I am mixed between taking risks that are generally associated with greater account growth potential and the desire to minimize short-term losses in my account. (3 points) I am open to taking some risks for growth potential. I am less concerned about short-term (less than one year) losses or gains; I am looking more for long-term growth in my investments. (4 points) I am a risk taker and want to maximize the growth of my account over the next decade or longer. I am not concerned about short-term losses. (5 points) I am not sure what type of investor I am. (2 points) Total your Time Horizon points: MUGC9288

114 5. Generally, I m very impatient during unfavorable market conditions, and will usually change my mind often. I strongly agree. (1 point) I agree. (2 points) I somewhat agree. (3 points) I disagree. (4 points) I strongly disagree. (5 points) I m not sure. (2 points) 6. Consider the following ranges of possible returns over a one-year period. Which set of possibilities are you most comfortable with as it relates to your 401(k) investments? The ranges in the table above are based on historical returns over the last 75 years. The table reflects the range of returns you could have experienced in any one year. A (1 point) D (4 points) B (2 points) E (5 points) C (3 points) 7. The chart below shows possible growth of $1,000 over a five-year period for a series of different investment strategies. Which of the five scenarios are you most comfortable with as an investor? The ranges in the table above are based on historical returns over the last 75 years. The dollar amounts illustrate what could happen after five years if you had an initial investment of $1,000. A (1 point) D (4 points) B (2 points) E (5 points) C (3 points) 8. What would you do if you heard on the news or read in the paper that the U.S. stock market suddenly dropped by 10 percent? I would change my strategy to something with less volatility. This kind of market volatility makes me very nervous I don t want to be exposed to this type of risk again. (1 point) I would move most of my account into something a bit less risky. This kind of market volatility makes me nervous, but I would consider getting back into stock funds when it has quieted down. (2 points) I would probably move half of my stock portfolio balance into something with less market volatility, such as cash or bonds. This kind of market volatility makes me a little nervous, so I would rather reduce some of my stock exposure until the market has quieted down. (3 points) I would stick with my investments, but I would probably worry about meeting my retirement goals and watch my account balance very closely. (4 points) I would stick with my investment selections and would not make any changes. I have enough time and patience to ride it out. (5 points) I don t know what I would do. (2 points) Total your Risk Tolerance points: PERSONAL FINANCES Finally, a third factor is how you will use your retirement savings to provide you with income during retirement. Industry experts generally discourage participants from using their retirement savings plan assets for shorter-term goals for goals other than retirement income. Generally, taking a loan or making a withdrawal from the plan (if allowed by your plan) may jeopardize your retirement income security. PERSONAL FINANCES 9. How likely is it that you will take a loan or withdrawal (if available in your plan) within the next five years? Very likely (1 point) Likely (2 points) Somewhat likely (3 points) Not very likely (4 points) Definitely not likely (5 points)

115 10. Do you have an emergency fund set aside to meet unexpected cash flow demands? No, I do not have money set aside for emergencies. (1 point) I have about one month s worth. (2 points) I have two to three months worth. (3 points) I have four to six months worth. (4 points) I have more than six months worth. (5 points) Total your Personal Finance points: SCORING Add your Time Horizon, Risk Tolerance and Personal Finance scores to derive your Total Score. Match your Total Score with the scale to the right for an Asset Allocation portfolio that corresponds to your score. Time Horizon Points: Risk Tolerance Points: Personal Finance Points: TOTAL SCORE:

116 How Should I Invest My Money? The portfolios listed below are designed to help you in designing an investment mix appropriate for your time horizon and risk tolerance. These are based on whether you are a conservative or an aggressive investor or something in between which helped to be determined by the answers to the quiz. Once you have established your portfolio mix, it's important to review your portfolio on a yearly basis, and then if you need rebalance your investments, adjust target percentages or any other relevant changes to your situation. Refer to your plan s investment information for more details on the specific options available* to you. Your Total Score from the Portfolio Selection Worksheet: *Your plan may not include all the options necessary to build the portfolio with the suggested mix of investments. The sample portfolios are not intended to represent investment advice that is appropriate for all investors. This material does not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed. Each investor s portfolio must be constructed based on the individual s financial resources, investment goals, risk tolerance, investing timeframe, tax situation and other relevant factors. Because each investor s financial needs, goals and risk tolerance are different, you should work with your financial advisor to determine whether any of these funds are appropriate for you.