6DPSOH3RUWIROLR · 15/6/2017 · Final Market Value $1.26 mil Average Annualized Return 7.92%...

Sample Portfolio

June 15, 2017

Prepared by:TYLER MACKESONMACKESON ADVISORY777 SW MILL VIEWSUITE 200BEND, OR 97702USA541 323 [email protected]

Hypothetical Portfolio Illustration

06-19-2006 to 05-31-2017

Portfolio Summary

Portfolio Custom Benchmark Net Amount Invested

0

130

260

390

520

650

780

910

1,040

1,170

$1,300k

06-06 06-07 06-08 06-09 06-10 06-11 06-12 06-13 06-14 06-15 06-16

Planning Assumptions

Currency USD

Rebalance None

Rebalance Threshold% +/- 0.00%

Allocation UpdateFrequency

None

Annual Fee Paid Out of Pocket

Federal Income Tax Rate 0%

Capital Gain Tax Rate 0%

State Tax Rate 0%

Tax Paid Out of Pocket

Performance

Net Amount Invested $577,176

Final Market Value $1.26 mil

Average Annualized Return 7.92%

Cumulative Return 130.56%

Cumulative Ret -Benchmark

96.60%

Portfolio-Level Performance Disclosure

The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown.

Investment DetailPeriod Beginning

BalanceNew

InvestmentDistribution/Withdrawal

TotalReinvest

Charges& Fees

TaxesDue

MarketValue

TotalReturn %

Totals 0 500,000 0 326,494 77,176 0 1,264,702 7.92

June-December 2006 0 500,000 0 16,961 2,410 0 567,181 12.93January-December 2007 567,181 0 0 30,480 5,302 0 614,889 7.45January-December 2008 614,889 0 0 21,855 4,861 0 464,758 -25.11January-December 2009 464,758 0 0 17,618 4,534 0 593,543 26.63

January-December 2010 593,543 0 0 19,899 5,386 0 673,304 12.48January-December 2011 673,304 0 0 22,845 6,181 0 697,464 2.66January-December 2012 697,464 0 0 28,691 6,760 0 800,255 13.71January-December 2013 800,255 0 0 30,739 7,763 0 948,576 17.49

January-December 2014 948,576 0 0 46,204 8,990 0 1,040,765 8.73January-December 2015 1,040,765 0 0 45,778 9,579 0 1,072,740 2.14January-December 2016 1,072,740 0 0 36,522 9,883 0 1,152,942 6.53January-May 2017 1,152,942 0 0 8,903 5,528 0 1,264,702 9.20

Release date 05-31-2017 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information.

©2017 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, accountinformation provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely forinformational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for anytrading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompaniedby a prospectus, or equivalent, and disclosure statement.

Securities and Advisory Services Offered Through LPL Financial - A Registered Investment Advisor, Member FINRA / SIPC

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Prepared by: TYLERMACKESON

Hypothetical Portfolio Illustration Continued

06-19-2006 to 05-31-2017

Security Summary

0

130

260

390

520

650

780

910

1,040

1,170

$1,300k

06-06 06-07 06-08 06-09 06-10 06-11 06-12 06-13 06-14 06-15 06-16

% of Total Market Value

Start 06-19-2006

End 05-31-2017

Investment Assumptions

Investment Name HoldingPeriod

InitialInvestment

SubsequentInvest/Withdwl

ReinvestDistributions

Liqui-date

Re-balance

Charges and Fees

FrontLoad

AnnualFee

Deferred LoadAmount%

PeriodYears

MarketValue

Start End Amount Amount Freq Income Cap Gains (%) End ($)

Eaton Vance Atlanta Capital SMID-Cap I (USD, EISMX)

06-06 05-17 45,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 161,734

PowerShares QQQ ETF (USD, QQQ) 06-06 05-17 30,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 122,227

Oakmark International Investor (USD,OAKIX)

06-06 05-17 25,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 51,636

Edgewood Growth Instl (USD, EGFIX) 06-06 05-17 10,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 33,928

First Trust Dow Jones Internet ETF(USD, FDN)

06-06 05-17 5,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 23,774

Health Care Select Sector SPDR®ETF (USD, XLV)

06-06 05-17 5,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 15,276

JHancock International Growth I(USD, GOGIX)

06-06 05-17 25,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 49,454

Lord Abbett High Yield F (USD,LHYFX)

06-06 05-17 25,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 58,474

Technology Select Sector SPDR® ETF(USD, XLK)

06-06 05-17 5,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 16,638

Templeton Global Bond Adv (USD,TGBAX)

06-06 05-17 20,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 42,928

Vanguard Long-Term Tax-ExemptAdm (USD, VWLUX)

06-06 05-17 50,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 84,089

BlackRock Health Sciences Opps Instl(USD, SHSSX)

06-06 05-17 7,500 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 31,968

Vanguard FTSE Emerging Markets ETF(USD, VWO)

06-06 05-17 15,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 27,621

iShares Core S&P Mid-Cap (USD, IJH) 06-06 05-17 15,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 41,300

Vanguard Long-Term Investment-Grade Adm (USD, VWETX)

06-06 05-17 75,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 170,730

Vanguard Total Stock Market ETF(USD, VTI)

06-06 05-17 40,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 100,198

iShares MSCI EAFE (USD, EFA) 06-06 05-17 22,500 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 33,165

Vanguard Dividend Growth Inv (USD,VDIGX)

06-06 05-17 60,000 0 — Y Y N — 0.00% 0.90% 0.00-0.00 — 162,000




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Hypothetical Portfolio Illustration Continued

06-19-2006 to 05-31-2017

Investment Assumptions

Closed End Funds Name HoldingPeriod

InitialInvestment



Liqui-date

Re-balance

Charges and Fees

FrontLoad

AnnualFee

MarketValue

Start End Amount Amount Freq Income Cap Gains % End $

EV Tax-Managed Buy-Write Opps(USD, ETV)

06-06 05-17 10,000 0 — Y Y N — 0.00% 0.90% 27,550

Index/Proxy/Category Name HoldingPeriod

InitialInvestment



Liqui-date

Re-balance

Charges and Fees

FrontLoad

AnnualFee

MarketValue

Start End Amount Amount Freq Income Cap Gains % End $

Cash - 0.010% 06-06 05-17 10,000 0 — Y Y N — 0.00% 0.00% 10,011




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Portfolio X-Ray®

Benchmark Market ValueCustom $1,264,701.54

Asset Allocation 05-31-2017

Asset Allocation Portfolio % Bmark (%)

Cash 3.50 8.24US Stocks 55.94 45.63Non-US Stocks 13.55 17.84Bonds 26.13 28.27Other/Not Clsfd 0.87 0.02

Bond Analysis 05-31-2017

Fixed-Income Sectors Portfolio (%) Bmark (%) Portfolio Bmark

⁄ Government 12.21 37.88

‹ Municipal 29.39 0.52

› Corporate 53.79 23.49

€ Securitized 0.12 18.53

fi Cash & Equivalents 4.48 19.58

± Derivative 0.01 0.00

0% 10 20 30 40 50 60 70 80 90 100

Maturity BreakdownEffective Maturity Portfolio (%)

1-3 3.153-5 5.785-7 6.977-10 10.3910-15 10.5015-20 13.7420-30 44.73>30 4.74

Credit Quality BreakdownCredit Quality Portfolio (%)

AAA 9.74AA 30.07A 32.80BBB 8.46BB 7.89B 7.00Below B 3.19NR 0.85

Stock Analysis 05-31-2017

Stock Sectors

Cyclical

Defe

nsive

Sensitive

BenchmarkPortfolio

Portfolio (%) Bmark (%)h Cyclical 32.95 35.29

r Basic Matls 2.93 4.35t Consumer Cycl 13.92 11.26y Financial Svs 14.11 16.99u Real Estate 1.99 2.69

j Sensitive 41.87 37.99

i Commun Svs 2.60 4.23o Energy 2.25 5.68p Industrials 13.87 11.22a Technology 23.15 16.86

k Defensive 25.18 26.72

s Consumer Def 7.04 10.18d Healthcare 17.21 13.22f Utilities 0.93 3.32

Not Classified 0.00 0.00

World Regions

Greater Asia Americas Greater Europe

<25 25-50 50-75 >75%

Portfolio (%) Bmark (%)Americas 81.67 71.89

North America 81.04 71.90Latin America 0.63 0.00

Greater Europe 11.09 17.98

United Kingdom 3.14 4.91Europe-Developed 7.37 12.91Europe-Emerging 0.22 0.00Africa/Middle East 0.36 0.16

Greater Asia 7.24 10.12

Japan 1.59 6.42Australasia 0.52 1.91Asia-Developed 1.40 1.32Asia-Emerging 3.73 0.47

Not Classified 0.00 0.00

Investment Style 05-31-2017

Ltd Mod Ext

HighM

edLow

0 0 0

0 0 75

9 16 0

0-10 10-25 25-50 >50

Fixed-Income Style Portfolio Bmark

Effective Duration 9.17 5.77Effective Maturity 14.72 8.09

Value Blend Growth

LargeM

idSm

all

15 21 32

3 7 14

2 2 4

0-10 10-25 25-50 >50

Equity Style Portfolio Bmark

Average Market Cap ($mil) 38,891.53 68,073.33Price/Earnings 23.20 20.38Price/Book 3.25 2.45Price/Sales 1.93 1.75Price/Cash Flow 13.68 11.49

Top 10 Net Underlying Holdings 05-31-2017

Assets % Name Type Sector Country

1.71 Apple Inc(USD) ST Technology United States1.68 Microsoft Corp(USD) ST Technology United States1.26 Amazon.com Inc(USD) ST Consumer Cyclical United States1.10 Facebook Inc A(USD) ST Technology United States0.86 Alphabet Inc A(USD) ST Technology United States

0.79 Alphabet Inc C(USD) ST Technology United States0.62 Nike Inc B(USD) ST Consumer Cyclical United States0.62 UnitedHealth Group Inc(USD) ST Healthcare United States0.60 Costco Wholesale Corp(USD) ST Consumer Defensive United States0.60 Visa Inc Class A(USD) ST Financial Services United States

Release date 05-31-2017



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Portfolio X-Ray®

Portfolio Holdings BenchmarkCustom

Portfolio Holdings 05-31-2017

Total: 20 Holdings Type Fund Portfolio Date Assets % Market Value $

Vanguard Long-Term Investment-Grade Adm (USD, VWETX) MF 03-31-2017 13.50 170,730Vanguard Dividend Growth Inv (USD, VDIGX) MF 03-31-2017 12.81 162,000Eaton Vance Atlanta Capital SMID-Cap I (USD, EISMX) MF 04-30-2017 12.79 161,734PowerShares QQQ ETF (USD, QQQ) ETF 06-13-2017 9.66 122,227Vanguard Total Stock Market ETF (USD, VTI) ETF 04-30-2017 7.92 100,198

Vanguard Long-Term Tax-Exempt Adm (USD, VWLUX) MF 03-31-2017 6.65 84,089Lord Abbett High Yield F (USD, LHYFX) MF 04-30-2017 4.62 58,474Oakmark International Investor (USD, OAKIX) MF 03-31-2017 4.08 51,636JHancock International Growth I (USD, GOGIX) MF 04-30-2017 3.91 49,454Templeton Global Bond Adv (USD, TGBAX) MF 03-31-2017 3.39 42,928

iShares Core S&P Mid-Cap (USD, IJH) ETF 06-12-2017 3.27 41,300Edgewood Growth Instl (USD, EGFIX) MF 01-31-2017 2.68 33,928iShares MSCI EAFE (USD, EFA) ETF 06-12-2017 2.62 33,165BlackRock Health Sciences Opps Instl (USD, SHSSX) MF 04-30-2017 2.53 31,968Vanguard FTSE Emerging Markets ETF (USD, VWO) ETF 04-30-2017 2.18 27,621

EV Tax-Managed Buy-Write Opps (USD, ETV) CE 04-30-2017 2.18 27,550First Trust Dow Jones Internet ETF (USD, FDN) ETF 06-13-2017 1.88 23,774Technology Select Sector SPDR® ETF (USD, XLK) ETF 06-13-2017 1.32 16,638Health Care Select Sector SPDR® ETF (USD, XLV) ETF 06-13-2017 1.21 15,276Cash - 0.010% CASH — 0.79 10,011




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-3.00

0.00

3.00

6.00

9.00

12.00

15.00

18.00

21.00

24.00

27.00

-2.0 -0.2 1.6 3.4 5.2 7.0 8.8 10.6 12.4 14.2 16.0 17.8 19.6 21.4 23.2 25.0

Low Risk/High Reward High Risk/High Reward

Low Risk/Low Reward High Risk/Low Reward

12

3

45

6

7

8

9

10

11

1213

14

15

1617 18

19

20

10 Years Risk/Reward Scatterplot

05-31-2007 to 05-31-2017 Currency Benchmark

USD Custom

Risk/Reward Analysis

Portfolio Security Bmark 10 Year Mean

10 Year Standard Deviation

Securities 10 Years Std Dev 10 Years Mean

1 Eaton Vance Atlanta Capital SMID-Cap I(USD,EISMX) 16.79 10.322 PowerShares QQQ ETF(USD,QQQ) 18.22 11.713 Oakmark International Investor(USD,OAKIX) 20.22 3.894 Edgewood Growth Instl(USD,EGFIX) 17.34 9.235 EV Tax-Managed Buy-Write Opps(USD,ETV) 15.83 7.62

6 First Trust Dow Jones Internet ETF(USD,FDN) 21.28 12.947 Cash - 0.010% 0.00 0.018 Health Care Select Sector SPDR® ETF(USD,XLV) 13.95 8.659 JHancock International Growth I(USD,GOGIX) 16.57 3.34

10 Lord Abbett High Yield F(USD,LHYFX) 9.86 6.68

11 Technology Select Sector SPDR® ETF(USD,XLK) 17.21 9.1912 Templeton Global Bond Adv(USD,TGBAX) 8.39 5.4313 Vanguard Long-Term Tax-Exempt Adm(USD,VWLUX) 5.13 3.8214 BlackRock Health Sciences Opps Instl(USD,SHSSX) 14.13 12.1415 Vanguard FTSE Emerging Markets ETF(USD,VWO) 23.87 1.03

16 iShares Core S&P Mid-Cap(USD,IJH) 17.89 7.2217 Vanguard Long-Term Investment-Grade Adm(USD,VWETX) 9.90 6.6318 Vanguard Total Stock Market ETF(USD,VTI) 15.78 6.3119 iShares MSCI EAFE(USD,EFA) 19.15 0.1920 Vanguard Dividend Growth Inv(USD,VDIGX) 12.54 7.05

Benchmark 10.15 5.11Portfolio 10.95 6.76




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Stock IntersectionThis Stock Detail table shows how the top 50 net stock holdings are distributed across the portfolio, ranked by the percentage of portfolio net assets. The Holding Portfolio Date is thedate that the fund's portfolio was last updated. When making comparisons among funds, it is an important date to keep in mind. It is possible that a fund's portfolio could be up to eightmonths old at the time of publication. See disclosures for more information.

Stock Details

Stock Ticker/ISIN Market Value $ % of Investments Holding PortfolioDate

Sector

Apple Inc(USD) AAPL 21,606 1.71 a Technology

Source of Stock

PowerShares QQQ ETF (USD) QQQ 14,141 1.12 06-13-17Vanguard Total Stock Market ETF (USD) VTI 2,856 0.23 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 2,439 0.19 06-13-17EV Tax-Managed Buy-Write Opps (USD) ETV 2,169 0.17 04-30-17

Microsoft Corp(USD) MSFT 21,225 1.68 a Technology

Source of Stock

PowerShares QQQ ETF (USD) QQQ 10,038 0.79 06-13-17Vanguard Dividend Growth Inv (USD) VDIGX 5,845 0.46 03-31-17Vanguard Total Stock Market ETF (USD) VTI 2,006 0.16 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 1,731 0.14 06-13-17EV Tax-Managed Buy-Write Opps (USD) ETV 1,606 0.13 04-30-17

Amazon.com Inc(USD) AMZN 15,891 1.26 t Consumer Cyclical

Source of Stock

PowerShares QQQ ETF (USD) QQQ 8,605 0.68 06-13-17Edgewood Growth Instl (USD) EGFIX 2,355 0.19 01-31-17First Trust Dow Jones Internet ETF (USD) FDN 2,107 0.17 06-13-17Vanguard Total Stock Market ETF (USD) VTI 1,497 0.12 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 1,326 0.10 04-30-17

Facebook Inc A(USD) FB 13,870 1.10 a Technology

Source of Stock

PowerShares QQQ ETF (USD) QQQ 6,525 0.52 06-13-17First Trust Dow Jones Internet ETF (USD) FDN 1,969 0.16 06-13-17Edgewood Growth Instl (USD) EGFIX 1,791 0.14 01-31-17Vanguard Total Stock Market ETF (USD) VTI 1,414 0.11 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 1,125 0.09 06-13-17EV Tax-Managed Buy-Write Opps (USD) ETV 1,046 0.08 04-30-17

Alphabet Inc A(USD) GOOGL 10,911 0.86 a Technology

Source of Stock

PowerShares QQQ ETF (USD) QQQ 5,302 0.42 06-13-17Edgewood Growth Instl (USD) EGFIX 1,371 0.11 01-31-17First Trust Dow Jones Internet ETF (USD) FDN 1,242 0.10 06-13-17Vanguard Total Stock Market ETF (USD) VTI 1,108 0.09 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 973 0.08 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 914 0.07 06-13-17

Alphabet Inc C(USD) GOOG 9,987 0.79 a Technology

Source of Stock

PowerShares QQQ ETF (USD) QQQ 6,082 0.48 06-13-17First Trust Dow Jones Internet ETF (USD) FDN 1,214 0.10 06-13-17Vanguard Total Stock Market ETF (USD) VTI 1,058 0.08 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 893 0.07 06-13-17EV Tax-Managed Buy-Write Opps (USD) ETV 741 0.06 04-30-17




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Stock Intersection (Continued)

Stock Details


Sector

Nike Inc B(USD) NKE 7,838 0.62 t Consumer Cyclical

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 6,036 0.48 03-31-17Edgewood Growth Instl (USD) EGFIX 1,268 0.10 01-31-17Vanguard Total Stock Market ETF (USD) VTI 293 0.02 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 241 0.02 04-30-17

UnitedHealth Group Inc(USD) UNH 7,779 0.62 d Healthcare

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 3,568 0.28 03-31-17BlackRock Health Sciences Opps Instl (USD) SHSSX 2,391 0.19 04-30-17Health Care Select Sector SPDR® ETF (USD) XLV 908 0.07 06-13-17Vanguard Total Stock Market ETF (USD) VTI 671 0.05 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 241 0.02 04-30-17

Costco Wholesale Corp(USD) COST 7,609 0.60 s Consumer Defensive

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 5,704 0.45 03-31-17PowerShares QQQ ETF (USD) QQQ 1,458 0.12 06-13-17Vanguard Total Stock Market ETF (USD) VTI 311 0.02 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 136 0.01 04-30-17

Visa Inc Class A(USD) V 7,594 0.60 y Financial Services

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 4,070 0.32 03-31-17Edgewood Growth Instl (USD) EGFIX 2,114 0.17 01-31-17Vanguard Total Stock Market ETF (USD) VTI 676 0.05 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 562 0.04 06-13-17EV Tax-Managed Buy-Write Opps (USD) ETV 171 0.01 04-30-17

Johnson & Johnson(USD) JNJ 7,427 0.59 d Healthcare

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 3,278 0.26 03-31-17Health Care Select Sector SPDR® ETF (USD) XLV 1,853 0.15 06-13-17Vanguard Total Stock Market ETF (USD) VTI 1,340 0.11 04-30-17BlackRock Health Sciences Opps Instl (USD) SHSSX 800 0.06 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 157 0.01 04-30-17

Amgen Inc(USD) AMGN 7,410 0.59 d Healthcare

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 2,637 0.21 03-31-17PowerShares QQQ ETF (USD) QQQ 2,227 0.18 06-13-17BlackRock Health Sciences Opps Instl (USD) SHSSX 1,152 0.09 04-30-17Health Care Select Sector SPDR® ETF (USD) XLV 626 0.05 06-13-17Vanguard Total Stock Market ETF (USD) VTI 479 0.04 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 288 0.02 04-30-17

Markel Corp(USD) MKL 7,199 0.57 y Financial Services

Source of Stock

Eaton Vance Atlanta Capital SMID-Cap I (USD) EISMX 7,148 0.57 04-30-17Vanguard Total Stock Market ETF (USD) VTI 51 0.00 04-30-17




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Stock Details


Sector

Teleflex Inc(USD) TFX 7,054 0.56 d Healthcare

Source of Stock

Eaton Vance Atlanta Capital SMID-Cap I (USD) EISMX 6,796 0.54 04-30-17iShares Core S&P Mid-Cap (USD) IJH 221 0.02 06-12-17Vanguard Total Stock Market ETF (USD) VTI 37 0.00 04-30-17

Celgene Corp(USD) CELG 6,676 0.53 d Healthcare

Source of Stock

Edgewood Growth Instl (USD) EGFIX 2,341 0.19 01-31-17PowerShares QQQ ETF (USD) QQQ 1,711 0.14 06-13-17BlackRock Health Sciences Opps Instl (USD) SHSSX 1,272 0.10 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 485 0.04 04-30-17Health Care Select Sector SPDR® ETF (USD) XLV 481 0.04 06-13-17Vanguard Total Stock Market ETF (USD) VTI 384 0.03 04-30-17

Medtronic PLC(USD) MDT 6,625 0.52 d Healthcare

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 4,031 0.32 03-31-17BlackRock Health Sciences Opps Instl (USD) SHSSX 1,518 0.12 04-30-17Health Care Select Sector SPDR® ETF (USD) XLV 620 0.05 06-13-17Vanguard Total Stock Market ETF (USD) VTI 456 0.04 04-30-17

Ansys Inc(USD) ANSS 6,380 0.50 a Technology

Source of Stock


Merck & Co Inc(USD) MRK 6,118 0.48 d Healthcare

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 3,539 0.28 03-31-17Health Care Select Sector SPDR® ETF (USD) XLV 899 0.07 06-13-17BlackRock Health Sciences Opps Instl (USD) SHSSX 705 0.06 04-30-17Vanguard Total Stock Market ETF (USD) VTI 685 0.05 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 291 0.02 04-30-17

SEI Investments Co(USD) SEIC 5,214 0.41 y Financial Services

Source of Stock


Automatic Data Processing Inc(USD) ADP 5,170 0.41 p Industrials

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 4,004 0.32 03-31-17PowerShares QQQ ETF (USD) QQQ 841 0.07 06-13-17Vanguard Total Stock Market ETF (USD) VTI 178 0.01 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 147 0.01 06-13-17

Walgreens Boots Alliance Inc(USD) WBA 5,166 0.41 s Consumer Defensive

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 3,205 0.25 03-31-17




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Stock Details


Sector

Walgreens Boots Alliance Inc(USD) WBA 5,166 0.41 s Consumer Defensive

Source of Stock

PowerShares QQQ ETF (USD) QQQ 1,623 0.13 06-13-17Vanguard Total Stock Market ETF (USD) VTI 317 0.03 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 20 0.00 04-30-17

Comcast Corp Class A(USD) CMCSA 5,065 0.40 i Communication Services

Source of Stock

PowerShares QQQ ETF (USD) QQQ 3,587 0.28 06-13-17Vanguard Total Stock Market ETF (USD) VTI 740 0.06 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 738 0.06 04-30-17

Accenture PLC A(USD) ACN 4,927 0.39 a Technology

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 3,939 0.31 03-31-17JHancock International Growth I (USD) GOGIX 434 0.03 04-30-17Vanguard Total Stock Market ETF (USD) VTI 301 0.02 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 253 0.02 06-13-17

Coca-Cola Co(USD) KO 4,908 0.39 s Consumer Defensive

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 4,045 0.32 03-31-17Vanguard Total Stock Market ETF (USD) VTI 668 0.05 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 195 0.02 04-30-17

United Parcel Service Inc Class B(USD) UPS 4,849 0.38 p Industrials

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 4,554 0.36 03-31-17Vanguard Total Stock Market ETF (USD) VTI 295 0.02 04-30-17

ACE 4,841 0.38

Source of Stock


Bio-Rad Laboratories Inc(USD) BIO 4,822 0.38 d Healthcare

Source of Stock


Exxon Mobil Corp(USD) XOM 4,806 0.38 o Energy

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 3,248 0.26 03-31-17Vanguard Total Stock Market ETF (USD) VTI 1,360 0.11 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 198 0.02 04-30-17

TJX Companies Inc(USD) TJX 4,775 0.38 t Consumer Cyclical

Source of Stock





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Page 10 of 58



Stock Details


Sector

Dentsply Sirona Inc(USD) XRAY 4,749 0.38 d Healthcare

Source of Stock

Eaton Vance Atlanta Capital SMID-Cap I (USD) EISMX 4,347 0.34 04-30-17PowerShares QQQ ETF (USD) QQQ 269 0.02 06-13-17Health Care Select Sector SPDR® ETF (USD) XLV 75 0.01 06-13-17Vanguard Total Stock Market ETF (USD) VTI 58 0.00 04-30-17

IDEX Corp(USD) IEX 4,706 0.37 p Industrials

Source of Stock


Intel Corp(USD) INTC 4,646 0.37 a Technology

Source of Stock

PowerShares QQQ ETF (USD) QQQ 3,119 0.25 06-13-17Vanguard Total Stock Market ETF (USD) VTI 682 0.05 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 540 0.04 06-13-17EV Tax-Managed Buy-Write Opps (USD) ETV 304 0.02 04-30-17

PepsiCo Inc(USD) PEP 4,589 0.36 s Consumer Defensive

Source of Stock


Cardinal Health Inc(USD) CAH 4,585 0.36 d Healthcare

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 4,090 0.32 03-31-17BlackRock Health Sciences Opps Instl (USD) SHSSX 280 0.02 04-30-17Health Care Select Sector SPDR® ETF (USD) XLV 123 0.01 06-13-17Vanguard Total Stock Market ETF (USD) VTI 91 0.01 04-30-17

Diageo PLC(GBP) DGE 4,539 0.36 s Consumer Defensive

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 3,404 0.27 03-31-17Oakmark International Investor (USD) OAKIX 958 0.08 03-31-17iShares MSCI EAFE (USD) EFA 177 0.01 06-12-17

Cisco Systems Inc(USD) CSCO 4,533 0.36 a Technology

Source of Stock

PowerShares QQQ ETF (USD) QQQ 2,919 0.23 06-13-17Vanguard Total Stock Market ETF (USD) VTI 681 0.05 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 505 0.04 06-13-17EV Tax-Managed Buy-Write Opps (USD) ETV 428 0.03 04-30-17

Union Pacific Corp(USD) UNP 4,466 0.35 p Industrials

Source of Stock





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Stock Details


Sector

Colgate-Palmolive Co(USD) CL 4,371 0.35 s Consumer Defensive

Source of Stock


PayPal Holdings Inc(USD) PYPL 4,320 0.34 y Financial Services

Source of Stock

Edgewood Growth Instl (USD) EGFIX 1,521 0.12 01-31-17First Trust Dow Jones Internet ETF (USD) FDN 1,236 0.10 06-13-17PowerShares QQQ ETF (USD) QQQ 1,156 0.09 06-13-17Vanguard Total Stock Market ETF (USD) VTI 219 0.02 04-30-17Technology Select Sector SPDR® ETF (USD) XLK 188 0.01 06-13-17

Honeywell International Inc(USD) HON 4,282 0.34 p Industrials

Source of Stock


JB Hunt Transport Services Inc(USD) JBHT 4,240 0.34 p Industrials

Source of Stock

Eaton Vance Atlanta Capital SMID-Cap I (USD) EISMX 4,004 0.32 04-30-17PowerShares QQQ ETF (USD) QQQ 185 0.01 06-13-17Vanguard Total Stock Market ETF (USD) VTI 32 0.00 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 19 0.00 04-30-17

Canadian National Railway Co(CAD) CNR 4,201 0.33 p Industrials

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 4,201 0.33 03-31-17

Manhattan Associates Inc(USD) MANH 4,184 0.33 a Technology

Source of Stock


Lockheed Martin Corp(USD) LMT 4,165 0.33 p Industrials

Source of Stock


American Tower Corp(USD) AMT 4,114 0.33 i Communication Services

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 2,599 0.21 03-31-17Edgewood Growth Instl (USD) EGFIX 1,235 0.10 01-31-17Vanguard Total Stock Market ETF (USD) VTI 214 0.02 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 66 0.01 04-30-17

Netflix Inc(USD) NFLX 4,092 0.32 t Consumer Cyclical

Source of Stock

First Trust Dow Jones Internet ETF (USD) FDN 1,222 0.10 06-13-17PowerShares QQQ ETF (USD) QQQ 1,209 0.10 06-13-17




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Stock Details


Sector

Netflix Inc(USD) NFLX 4,092 0.32 t Consumer Cyclical

Source of Stock

Edgewood Growth Instl (USD) EGFIX 1,148 0.09 01-31-17Vanguard Total Stock Market ETF (USD) VTI 248 0.02 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 176 0.01 04-30-17Lord Abbett High Yield F (USD) LHYFX 89 0.01 04-30-17

McKesson Corp(USD) MCK 4,091 0.32 d Healthcare

Source of Stock

Vanguard Dividend Growth Inv (USD) VDIGX 3,331 0.26 03-31-17BlackRock Health Sciences Opps Instl (USD) SHSSX 428 0.03 04-30-17Health Care Select Sector SPDR® ETF (USD) XLV 183 0.01 06-13-17Vanguard Total Stock Market ETF (USD) VTI 117 0.01 04-30-17EV Tax-Managed Buy-Write Opps (USD) ETV 32 0.00 04-30-17

Fair Isaac Corp(USD) FICO 4,072 0.32 a Technology

Source of Stock


Blackbaud Inc(USD) BLKB 4,055 0.32 a Technology

Source of Stock

Eaton Vance Atlanta Capital SMID-Cap I (USD) EISMX 4,040 0.32 04-30-17Vanguard Total Stock Market ETF (USD) VTI 15 0.00 04-30-17

Carlisle Companies Inc(USD) CSL 4,013 0.32 t Consumer Cyclical

Source of Stock





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Page 13 of 58


Eaton Vance Atlanta CapitalSMID-Cap I (USD)

Morningstar Analyst RatingTM

„01-05-2017

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQQ S&P 500 TR USD Russell Mid Cap

Growth TR USDUS Fund Mid-CapGrowth581 US Fund Mid-Cap Growth

Performance 05-31-2017Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2015 6.03 2.96 -6.43 7.44 9.742016 3.32 3.36 1.59 2.51 11.212017 5.28 — — — 7.79

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-adj Mthly 11.53 12.16 15.25 11.21 10.93Std 03-31-2017 13.32 — 13.66 11.67 10.88Total Return 11.53 12.16 15.25 11.21 10.93

+/- Std Index -5.94 2.03 -0.17 4.28 —+/- Cat Index -5.15 3.33 0.69 3.56 —

% Rank Cat 91 5 16 1

No. in Cat 633 581 504 373

Subsidized Unsubsidized

7-day Yield — —30-day SEC Yield — —

Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-262-1122 or visitwww.eatonvance.com.

Fees and ExpensesSales Charges

Front-End Load % NADeferred Load % NA

Fund Expenses

Management Fees % 0.8312b1 Expense % NAGross Expense Ratio % 0.96

Risk and Return Profile3 Yr 5 Yr 10 Yr

581 funds 504 funds 373 funds

Morningstar RatingTM 5Q 4Q 5QMorningstar Risk -Avg -Avg -AvgMorningstar Return High +Avg High

3 Yr 5 Yr 10 Yr

Standard Deviation 11.66 10.55 16.77Mean 12.16 15.25 11.21Sharpe Ratio 1.03 1.39 0.69

MPT Statistics Standard Index Best Fit IndexMorningstar US Mid

Core TR USDAlpha 2.06 3.41Beta 0.99 0.92R-Squared 77.90 84.56

12-Month Yield —Potential Cap Gains Exp 32.74%

6 8 8 8 8 8 8 8 8 8 8 8100 100 100 96 96 93 94 95 98 94 95 95

4k

10k

20k

40k

60k80k100k

Investment StyleEquityStocks %

Growth of $10,000

Eaton Vance Atlanta CapitalSMID-Cap I36,780Category Average22,256Standard Index24,627

_ _ _ ( * & * * ( & & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

12.82 12.56 9.02 12.20 15.26 16.03 18.26 24.69 25.20 25.92 27.85 30.02 NAV/Price

14.79 11.99 -25.99 35.25 25.80 5.62 14.26 36.06 5.17 9.74 11.21 7.79 Total Return %

-1.00 6.50 11.00 8.79 10.74 3.51 -1.74 3.67 -8.52 8.36 -0.75 -0.87 +/- Standard Index

4.14 0.57 18.33 -11.04 -0.58 7.27 -1.54 0.31 -6.73 9.94 3.89 -3.28 +/- Category Index

— — — 66 44 3 49 41 69 1 17 — % Rank Cat

— — — 812 759 751 737 703 749 733 644 654 No. of Funds in Cat

Portfolio Analysis 04-30-2017Asset Allocation % 03-31-2017 Net % Long % Short %

Cash 4.84 4.84 0.00US Stocks 95.16 95.16 0.00Non-US Stocks 0.00 0.00 0.00Bonds 0.00 0.00 0.00Other/Not Clsfd 0.00 0.00 0.00

Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all

Portfolio Statistics PortAvg

RelIndex

RelCat

P/E Ratio TTM 28.8 1.36 1.05P/C Ratio TTM 17.8 1.35 1.10P/B Ratio TTM 3.7 1.25 0.97Geo Avg Mkt Cap$mil

6899 0.08 0.62

Fixed-Income Style

Ltd Mod Ext

HighM

edLow

Avg Eff Maturity —Avg Eff Duration —Avg Wtd Coupon —Avg Wtd Price —

Credit Quality Breakdown — Bond %

AAA —AA —A —

BBB —BB —B —

Below B —NR —

Regional Exposure Stocks % Rel Std Index

Americas 100.0 1.01Greater Europe 0.0 0.00Greater Asia 0.0 0.00

Share Chgsince03-2017

ShareAmount

Holdings :50 Total Stocks , 0 Total Fixed-Income,17% Turnover Ratio

Net Assets%

422,351 Markel Corp 4.422 mil Teleflex Inc 4.203 mil Ansys Inc 3.766 mil SEI Investments Co 3.101 mil Bio-Rad Laboratories Inc 2.90

2 mil IDEX Corp 2.764 mil Dentsply Sirona Inc 2.695 mil Manhattan Associates Inc 2.533 mil Blackbaud Inc 2.503 mil JB Hunt Transport Services Inc 2.48

2 mil Fair Isaac Corp 2.444 mil CDW Corp 2.411 mil Affiliated Managers Group Inc 2.402 mil Carlisle Companies Inc 2.373 mil Kirby Corp 2.31

Sector Weightings Stocks % Rel Std Index

h Cyclical 31.1 0.98

r Basic Materials 1.2 0.43t Consumer Cyclical 12.0 1.08y Financial Services 16.5 1.06u Real Estate 1.3 0.59


i Communication Services 0.0 0.00o Energy 0.8 0.14p Industrials 26.6 2.54a Technology 21.3 1.03


s Consumer Defensive 1.6 0.17d Healthcare 18.5 1.30f Utilities 0.0 0.00

Operations

Family: Eaton VanceManager: MultipleTenure: 15.2 YearsObjective: Growth

Base Currency: USDTicker: EISMXMinimum Initial Purchase: $250,000Min Auto Investment Plan: $250,000

Purchase Constraints: CIncept: 04-30-2002Type: MFTotal Assets: $9,510.09 mil




ß®

Page 14 of 58


PowerShares QQQ ETF (USD) Overall Morningstar RatingTM

QQQQ191 US Fund Technology

Standard Index Category Index Morningstar Cat

MSCI ACWI NRUSD

Morningstar USTechnology TR USD

US Fund Technology


2015 2.57 1.69 -4.66 10.15 9.542016 -2.12 -1.19 10.63 0.02 7.012017 12.03 — — — 19.54


Std Mkt 03-31-17 22.47 — 15.81 12.77 6.04Std NAV 03-31-17 22.49 — 15.80 12.76 6.05

Mkt Total Ret 29.37 16.91 19.33 12.54 6.37NAV Total Ret 29.21 16.88 19.34 12.53 6.37

+/- Std Index 11.68 11.57 7.82 8.90 —+/- Cat Index -5.33 -0.01 1.58 1.70 —

% Rank Cat 70 46 33 5No. in Cat 206 191 182 148


30-day SEC Yield — —

Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-983-0903 or visitwww.invescopowershares.com.

Fees and ExpensesFund Expenses

Management Fees % 0.06Expense Ratio % 0.2012b1 Expense % NA



Morningstar RatingTM 3Q 4Q 5QMorningstar Risk Low Low -AvgMorningstar Return Avg Avg High

3 Yr 5 Yr 10 Yr

Standard Deviation NAV 13.56 12.26 18.11Standard Deviation MKT 13.69 12.37 18.20Mean NAV 16.88 19.34 12.53Mean MKT 16.91 19.33 12.54Sharpe Ratio 1.21 1.50 0.72

MPT Statistics Standard Index Best Fit Index

NAVMorningstar US

Technology TR USDAlpha 10.16 1.36Beta 1.12 0.91R-Squared 79.91 93.26

12-Month Yield —Potential Cap Gains Exp —Leveraged NoLeverage Type —Leverage % 100.00Primary Prospectus Benchmark NASDAQ 100 TR

USD

7 7 7 7 7 7 7 7 7 7 7 7100 100 100 100 100 100 100 100 100 100 100 100

4k

10k

20k

40k

60k80k100k


Growth of $10,000

PowerShares QQQ ETF38,329Category Average29,409Standard Index19,048

_ _ _ _ _ _ _ _ _ _ _ _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

7.14 19.02 -41.73 54.70 19.91 3.38 18.12 36.63 19.18 9.45 7.10 19.50 Mkt Total Ret %

7.02 19.07 -41.68 54.45 19.89 3.44 18.09 36.60 19.12 9.54 7.01 19.54 NAV Total Ret %

-13.94 7.41 0.52 19.83 7.22 10.79 1.97 13.80 14.96 11.90 -0.85 8.57 +/- Standard Index

-3.85 2.51 0.31 -7.40 6.50 3.82 4.80 8.17 0.12 5.53 -7.05 -0.64 +/- Category Index

— — — — — — — — — — — — % Rank Cat

— — — — — — — — — — — 218 No. of Funds in Cat

-0.05 -0.02 -0.11 -0.01 0.00 0.03 0.00 0.03 0.02 0.01 -0.01 — Avg Prem/Discount %



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


151961 2.92 2.15

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

T 41 mil Apple Inc 11.96

T 61 mil Microsoft Corp 8.17

T 4 mil Amazon.com Inc 7.09

T 18 mil Facebook Inc A 5.36

T 3 mil Alphabet Inc C 5.02

T 2 mil Alphabet Inc A 4.39

T 37 mil Comcast Corp Class A 2.85

T 37 mil Intel Corp 2.54

T 39 mil Cisco Systems Inc 2.33

T 6 mil Amgen Inc 1.76

T 10 mil The Kraft Heinz Co 1.66

T 3 mil Broadcom Ltd 1.50

T 385,464 The Priceline Group Inc 1.37

T 6 mil Celgene Corp 1.34

T 2 mil Charter Communications Inc A 1.33








Operations

Family: PowerSharesManager: Management TeamTenure: 18.3 YearsTotal Assets: $51,135.4 milShares Outstanding: 365.90 mil

Ticker: QQQIncept: 03-10-1999Expiration Date: —Exchange: NASDAQNAV: 141.23

Prem/Discount: 0.04Mkt Price: 141.29Base Currency: USDLegal Structure: Unit Investment TrustBacking Bank: Invesco PowerShares Capital Mgmt LLC




ß®

Page 15 of 58


Oakmark InternationalInvestor (USD)


Œ01-12-2017

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQQ MSCI ACWI Ex

USA NR USDMSCI ACWI ExUSA NR USD

US Fund Foreign LargeBlend592 US Fund Foreign Large

Blend


2015 6.51 -1.13 -13.18 5.19 -3.832016 -2.95 -7.77 13.28 6.42 7.912017 9.43 — — — 15.68



+/- Std Index 11.83 2.03 5.58 3.49 —+/- Cat Index 11.83 2.03 5.58 3.49 —

% Rank Cat 1 16 2 4

No. in Cat 734 592 528 339



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-625-6275 or visit www.oakmark.com.



Fund Expenses




Morningstar RatingTM 4Q 5Q 5QMorningstar Risk High High HighMorningstar Return +Avg High High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMSCI EAFE Value

NR USDAlpha 2.19 3.83Beta 1.12 1.11R-Squared 81.24 89.91


1 1 1 4 4 4 4 4 4 1 4 498 98 98 96 95 96 95 95 97 97 96 95

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Oakmark InternationalInvestor22,691Category Average14,834Standard Index15,853

_ _ _ _ _ _ & & ( ) & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

25.45 20.95 10.85 16.84 19.41 16.55 20.93 26.32 23.34 21.36 22.70 26.26 NAV/Price

30.60 -0.51 -41.06 56.30 16.22 -14.07 29.22 29.34 -5.41 -3.83 7.91 15.68 Total Return %

3.95 -17.16 4.46 14.86 5.07 -0.36 12.39 14.06 -1.54 1.84 3.42 1.94 +/- Standard Index

3.95 -17.16 4.46 14.86 5.07 -0.36 12.39 14.06 -1.54 1.84 3.42 1.94 +/- Category Index

— — — — — — 2 3 52 77 3 — % Rank Cat

— — — — — — 786 791 750 788 762 782 No. of Funds in Cat

Portfolio Analysis 03-31-2017Asset Allocation % Net % Long % Short %


Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


31297 0.97 0.77

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

Y 296 mil Glencore PLC 3.91

T 1,282 mil Lloyds Banking Group PLC 3.59

T 16 mil BNP Paribas 3.57

T 6 mil Allianz SE 3.54

T 381 mil Intesa Sanpaolo 3.49

T 67 mil Credit Suisse Group AG 3.36

T 13 mil Daimler AG 3.2095 mil CNH Industrial NV 3.08

T 33 mil Hennes & Mauritz AB B 2.81

T 23 mil Honda Motor Co Ltd 2.30

Y 13 mil EXOR NV 2.23

T 12 mil Toyota Motor Corp 2.15

T 3 mil Continental AG 2.08

T 23 mil Grupo Televisa SAB ADR 2.00

T 4 mil Willis Towers Watson PLC 1.96








Operations

Family: OakmarkManager: MultipleTenure: 24.8 YearsObjective: Foreign StockBase Currency: USD

Ticker: OAKIXMinimum Initial Purchase: $1,000Min Auto Investment Plan: $500Minimum IRA Purchase: $1,000Purchase Constraints: —

Incept: 09-30-1992Type: MFTotal Assets: $33,977.93 mil




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Edgewood Growth Instl(USD)

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQQ S&P 500 TR USD Russell 1000

Growth TR USDUS Fund Large Growth

1,284 US Fund Large Growth


2015 1.92 3.68 -3.64 9.59 11.592016 -3.52 -0.85 9.79 -1.38 3.572017 13.37 — — — 21.12




% Rank Cat 4 1 2 5

No. in Cat 1426 1284 1145 805



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-791-4226 or visitwww.edgewoodfunds.com.



Fund Expenses




Morningstar RatingTM 5Q 5Q 5QMorningstar Risk High +Avg +AvgMorningstar Return High High High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMorningstar US

Large Growth TRUSD

Alpha 3.81 2.67Beta 1.14 1.08R-Squared 75.90 90.88


7 7 7 7 7 7 7 7 7 7 7 797 96 94 98 98 99 99 99 98 98 98 98

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Edgewood Growth Instl30,705Category Average21,971Standard Index23,926

_ & * ( ) & & & & & * _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

10.55 12.62 7.68 10.04 11.26 11.68 13.84 18.74 20.28 21.90 22.21 26.90 NAV/Price

— 21.52 -39.14 30.73 12.15 3.73 18.72 37.19 13.50 11.59 3.57 21.12 Total Return %

— 16.03 -2.15 4.26 -2.91 1.62 2.72 4.80 -0.19 10.20 -8.39 12.45 +/- Standard Index

— 9.71 -0.71 -6.48 -4.56 1.09 3.47 3.71 0.45 5.92 -3.51 6.82 +/- Category Index

— 13 39 70 78 5 15 19 15 3 47 — % Rank Cat

— 1748 1809 1796 1718 1683 1681 1712 1710 1681 1463 1468 No. of Funds in Cat

Portfolio Analysis 04-30-2017 Top Holdings 01-31-2017Asset Allocation % 01-31-2017 Net % Long % Short %


Total 100.00 100.02 0.02

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


75999 0.86 0.70

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

T 620,775 Amazon.com Inc 6.94

T 4 mil Celgene Corp 6.90

T 6 mil Visa Inc Class A 6.23

T 3 mil Illumina Inc 5.92

T 261,428 The Priceline Group Inc 5.59


T 7 mil Cognizant Technology Solutions Cor 4.70

T 3 mil CME Group Inc Class A 4.66

T 8 mil PayPal Holdings Inc 4.48

T 3 mil S&P Global Inc 4.47

T 795,485 Equinix Inc 4.16

Y 362,858 Alphabet Inc A 4.04

Y 7 mil Charles Schwab Corp 3.87

T 7 mil IHS Markit Ltd A 3.78

T 1 mil Alliance Data Systems Corp 3.76








Operations

Family: EdgewoodManager: MultipleTenure: 11.3 YearsObjective: Growth

Base Currency: USDTicker: EGFIXMinimum Initial Purchase: $100,000Minimum IRA Purchase: $100,000

Purchase Constraints: —Incept: 02-28-2006Type: MFTotal Assets: $9,122.49 mil




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Page 17 of 58


EV Tax-Managed Buy-Write Opps (USD) Overall Morningstar RatingTM

QQQQQ75 US CE Option Writing


S&P 500 TR USD CBOE S&P 500BuyWrite BXM

US CE Option Writing


2015 2.45 2.90 -3.55 5.48 7.252016 -1.05 1.24 3.79 2.09 6.152017 4.32 — — — 6.91


Std Mkt 03-31-17 13.58 — 13.60 8.23 8.80Std NAV 03-31-17 11.91 — 9.43 7.69 8.12


+/- Std Index -4.26 -1.63 -4.63 0.67 —+/- Cat Index 0.25 2.06 2.36 3.03 —

% Rank Cat 65 7 24 5No. in Cat 30 30 30 24



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-262-1122 or visitwww.eatonvance.com.





Morningstar RatingTM 5Q 4Q 5QMorningstar Risk -Avg -Avg -AvgMorningstar Return High +Avg High

3 Yr 5 Yr 10 Yr



NAVRussell 3000 Growth

TR USDAlpha 1.47 1.00Beta 0.68 0.63R-Squared 88.39 89.22

12-Month Yield —Potential Cap Gains Exp —

7 7 7 7 7 0 7 7 7 7 7 7100 100 100 100 100 — 100 100 100 100 100 100

4k

10k

20k

40k

60k80k100k


Growth of $10,000

EV Tax-Managed Buy-WriteOpps24,496Category Average23,980Standard Index24,627

_ _ _ _ _ _ _ _ _ _ * _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

26.89 -7.77 -30.90 71.39 -2.80 0.01 18.26 23.87 9.87 19.03 6.63 7.79 Mkt Total Ret %

11.70 9.48 -28.50 39.01 8.87 6.30 10.66 18.24 9.35 7.25 6.15 6.91 NAV Total Ret %

-4.09 3.99 8.50 12.55 -6.19 4.19 -5.34 -14.15 -4.34 5.87 -5.81 -1.76 +/- Standard Index

-1.63 2.89 0.16 13.10 3.01 0.58 5.46 4.98 3.71 2.01 -0.92 0.07 +/- Category Index

— — — — — — — — — — 37 — % Rank Cat

— — — — — — — — — — 113 30 No. of Funds in Cat

-0.65 -1.75 -9.01 -2.33 -1.27 -11.23 -10.76 -7.52 -1.29 0.40 5.73 — Avg Prem/Discount %



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


116780 1.32 1.09

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

Y 511,733 Apple Inc 7.88

Y 794,720 Microsoft Corp 5.83

Y 48,581 Amazon.com Inc 4.81235,794 Facebook Inc A 3.80

Y 35,671 Alphabet Inc A 3.53

27,700 Alphabet Inc C 2.69

Y 638,342 Comcast Corp Class A 2.68132,582 Celgene Corp 1.76197,602 Texas Instruments Inc 1.68425,260 Cisco Systems Inc 1.55

210,061 Gilead Sciences Inc 1.54119,119 Walt Disney Co 1.48259,569 Oracle Corp 1.2512,611 Intuitive Surgical Inc 1.13

285,159 Intel Corp 1.10








Operations

Family: Eaton VanceManager: MultipleTenure: 12.0 YearsTotal Assets: $924.9 mil

Ticker: ETVIncept: 06-27-2005Exchange: NEW YORK STOCK EXCHANGE,

INC.NAV: 14.45

Prem/Discount: 6.57Mkt Price: 15.40Base Currency: USD




ß®

Page 18 of 58


First Trust Dow Jones Internet ETF (USD) Overall Morningstar RatingTM

QQQQQ191 US Fund Technology


MSCI ACWI NRUSD


US Fund Technology


2015 5.86 3.53 -1.58 12.89 21.772016 -8.56 5.67 13.13 -2.19 6.912017 10.35 — — — 18.66


Std Mkt 03-31-17 28.92 — 18.87 14.26 14.78Std NAV 03-31-17 29.03 — 18.89 14.26 14.78


+/- Std Index 11.90 13.22 11.04 10.15 —+/- Cat Index -5.10 1.64 4.80 2.95 —

% Rank Cat 68 28 8 2No. in Cat 206 191 182 148



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-621-1675 or visitwww.ftportfolios.com.


Management Fees % 0.4012b1 Expense % 0.00Expense Ratio % 0.54



Morningstar RatingTM 4Q 4Q 5QMorningstar Risk +Avg +Avg +AvgMorningstar Return +Avg +Avg High

3 Yr 5 Yr 10 Yr



NAVMorningstar US

Large Growth TRUSD

Alpha 11.41 4.76Beta 1.20 1.14R-Squared 70.34 78.64

12-Month Yield —Potential Cap Gains Exp —Leveraged NoLeverage Type —Leverage % 100.00Primary Prospectus Benchmark DJ Internet

Composite TR USD

8 8 8 8 8 8 7 7 7 7 7 7100 100 100 100 100 100 100 100 100 100 100 100

4k

10k

20k

40k

60k80k100k


Growth of $10,000

First Trust Dow JonesInternet ETF44,830Category Average30,230Standard Index17,947

_ ) * & & * & & ) & ( _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

— 11.29 -44.03 79.12 36.72 -5.82 20.65 53.61 2.44 21.67 7.00 18.61 Mkt Total Ret %

— 11.18 -44.02 79.16 36.68 -5.74 20.85 53.40 2.42 21.77 6.91 18.66 NAV Total Ret %

— -0.49 -1.83 44.53 24.01 1.60 4.72 30.59 -1.74 24.13 -0.95 7.69 +/- Standard Index

— -5.39 -2.03 17.30 23.29 -5.36 7.55 24.96 -16.57 17.76 -7.15 -1.51 +/- Category Index

— 77 34 11 4 36 8 4 92 1 67 — % Rank Cat

— 289 248 210 206 209 203 199 207 203 207 218 No. of Funds in Cat

0.06 0.02 -0.43 0.12 0.11 0.04 -0.02 0.06 0.01 0.03 -0.01 — Avg Prem/Discount %



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


33003 0.63 0.47

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

401,949 Amazon.com Inc 8.862 mil Facebook Inc A 8.251 mil Netflix Inc 5.414 mil PayPal Holdings Inc 5.27

239,456 Alphabet Inc A 5.24

238,150 Alphabet Inc C 5.112 mil Salesforce.com Inc 4.804 mil Yahoo! Inc 4.655 mil eBay Inc 3.85

970,106 Expedia Inc 3.16

1 mil Citrix Systems Inc 2.546 mil Twitter Inc 2.441 mil IAC/InterActiveCorp 2.444 mil Juniper Networks Inc 2.412 mil Veeva Systems Inc Class A 2.29








Operations

Family: First TrustManager: MultipleTenure: 11.0 YearsTotal Assets: $4,427.9 milShares Outstanding: 46.95 mil

Ticker: FDNIncept: 06-19-2006Expiration Date: —Exchange: NYSE ARCANAV: 94.68

Prem/Discount: 0.01Mkt Price: 94.69Base Currency: USDLegal Structure: Open Ended Investment CompanyBacking Bank: First Trust Advisors L.P.




ß®

Page 19 of 58


Health Care Select Sector SPDR® ETF(USD)

Overall Morningstar RatingTM

QQQQ127 US Fund Health


MSCI ACWI NRUSD

S&P 1500 HealthCare TR

US Fund Health


2015 6.58 2.79 -10.66 9.14 6.822016 -5.55 6.22 0.88 -3.99 -2.832017 8.28 — — — 10.83


Std Mkt 03-31-17 11.47 — 16.47 10.20 7.86Std NAV 03-31-17 11.40 — 16.46 10.19 7.86


+/- Std Index -9.10 4.69 6.43 5.88 —+/- Cat Index -1.01 -0.67 -0.48 -0.58 —

% Rank Cat 46 41 47 68No. in Cat 143 127 120 98


30-day SEC Yield 1.49 —

Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 866-732-8673 or visit www.spdrs.com.





Morningstar RatingTM 4Q 4Q 3QMorningstar Risk Low Low LowMorningstar Return Avg Avg -Avg

3 Yr 5 Yr 10 Yr



NAVS&P 1500 Health

Care TRAlpha 5.36 -0.61Beta 0.86 1.00R-Squared 54.57 99.79

12-Month Yield 1.50%Potential Cap Gains Exp —Leveraged NoLeverage Type —Leverage % 100.00Primary Prospectus Benchmark S&P Health Care

Select Sector TRUSD

7 4 7 4 4 4 4 7 7 7 7 4100 100 100 100 100 100 100 100 100 100 100 100

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Health Care Select SectorSPDR® ETF29,177Category Average31,199Standard Index19,048

* ( * ( ) & ( ) ( ( & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

7.05 7.15 -23.31 19.51 3.30 12.39 17.37 41.40 25.14 6.84 -2.76 10.76 Mkt Total Ret %

7.10 6.92 -23.15 19.84 2.91 12.44 17.56 41.24 25.17 6.82 -2.83 10.83 NAV Total Ret %

-13.86 -4.74 19.04 -14.78 -9.76 19.79 1.43 18.44 21.01 9.19 -10.70 -0.14 +/- Standard Index

0.13 -1.10 0.61 -0.92 -2.29 0.56 -0.80 -0.95 0.38 -0.59 -0.78 -0.41 +/- Category Index

32 62 34 66 86 13 71 84 70 61 12 — % Rank Cat

205 201 181 165 160 140 134 130 126 128 134 149 No. of Funds in Cat

0.02 -0.03 -0.11 -0.06 0.01 0.01 -0.01 0.02 0.00 -0.05 -0.01 — Avg Prem/Discount %



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


78986 1.52 2.73

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

Y 15 mil Johnson & Johnson 12.09

Y 33 mil Pfizer Inc 6.61

Y 15 mil Merck & Co Inc 5.99

Y 5 mil UnitedHealth Group Inc 5.96

Y 4 mil Amgen Inc 4.09

Y 8 mil Medtronic PLC 4.03

Y 9 mil AbbVie Inc 3.76

Y 4 mil Celgene Corp 3.11

Y 9 mil Bristol-Myers Squibb Company 3.06

Y 7 mil Gilead Sciences Inc 2.86

Y 2 mil Allergan PLC 2.78

Y 5 mil Eli Lilly and Co 2.66

Y 8 mil Abbott Laboratories 2.34

Y 2 mil Thermo Fisher Scientific Inc 2.31

Y 1 mil Biogen Inc 1.94


h Cyclical 0.0 0.00






Operations

Family: SPDR State Street GlobalAdvisors

Manager: MultipleTenure: 6.4 YearsTotal Assets: $16,725.4 milShares Outstanding: 214.62 mil

Ticker: XLVIncept: 12-16-1998Expiration Date: —Exchange: NYSE ARCANAV: 76.09

Prem/Discount: -0.01Mkt Price: 76.08Base Currency: USDLegal Structure: Open Ended Investment CompanyBacking Bank: SSgA Funds Management Inc




ß®

Page 20 of 58


JHancock InternationalGrowth I (USD)


Neutral11-01-2016

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQQ MSCI ACWI Ex

USA NR USDMSCI ACWI ExUSA Growth NRUSD

US Fund Foreign LargeGrowth323 US Fund Foreign Large

Growth


2015 6.49 2.61 -6.03 4.65 7.452016 -2.45 1.85 5.31 -9.02 -4.802017 10.90 — — — 20.19



+/- Std Index -3.30 5.11 4.35 2.92 —+/- Cat Index -1.88 3.36 3.71 2.11 —

% Rank Cat 45 6 5 3

No. in Cat 400 323 272 193



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 888-972-8696 or visit www.jhfunds.com.



Fund Expenses




Morningstar RatingTM 5Q 5Q 5QMorningstar Risk Avg Avg -AvgMorningstar Return High High High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMSCI ACWI Ex USA

Growth NR USDAlpha 5.26 3.68Beta 0.75 0.84R-Squared 67.60 81.29


4 4 7 7 7 7 7 7 7 7 7 794 91 91 92 96 98 95 94 92 99 96 92

4k

10k

20k

40k

60k80k100k


Growth of $10,000

JHancock InternationalGrowth I18,662Category Average15,200Standard Index14,454

_ _ _ _ _ & * & & & ( _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

23.79 24.71 15.03 18.12 20.41 18.44 20.43 24.00 20.18 21.59 20.36 24.47 NAV/Price

— 12.28 -37.21 21.71 13.72 -8.25 19.87 22.33 1.58 7.45 -4.80 20.19 Total Return %

— -4.38 8.32 -19.74 2.57 5.46 3.04 7.04 5.44 13.11 -9.30 6.44 +/- Standard Index

— -8.75 8.41 -16.96 -0.73 5.96 3.21 6.84 4.23 8.70 -4.93 2.89 +/- Category Index

— — — — — 20 26 24 8 3 74 — % Rank Cat

— — — — — 251 250 278 341 361 363 414 No. of Funds in Cat



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


33104 1.03 1.00

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

T 5 mil Tencent Holdings Ltd 3.19

T 23 mil Taiwan Semiconductor Manufacturing 3.03

T 72,139 Samsung Electronics Co Ltd 2.94

T 2 mil British American Tobacco PLC 2.87

T 1 mil Alibaba Group Holding Ltd ADR 2.77

T 2 mil Unilever NV DR 2.65

T 7 mil AAC Technologies Holdings Inc 2.00

T 12 mil AIA Group Ltd 1.79

T 510,712 Largan Precision Co Ltd 1.76

T 135,217 Partners Group Holding AG 1.70

T 1 mil Airbus SE 1.69

T 4 mil Experian PLC 1.64

T 2 mil Industria De Diseno Textil SA 1.64

T 347,533 Broadcom Ltd 1.60

T 1 mil DSV A/S 1.59








Operations

Family: John HancockManager: John BoselliTenure: 2.9 YearsObjective: Foreign Stock

Base Currency: USDTicker: GOGIXMinimum Initial Purchase: $250,000Purchase Constraints: A





ß®

Page 21 of 58


Lord Abbett High Yield F(USD)


´03-20-2017

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQQ BBgBarc US Agg

Bond TR USDBofAML US HYMaster II TR USD

US Fund High YieldBond591 US Fund High Yield Bond


2015 3.07 0.89 -4.21 -1.79 -2.182016 2.18 5.39 5.49 2.08 15.962017 2.85 — — — 4.81


Load-adj Mthly 14.09 5.53 8.38 — 8.03Std 03-31-2017 16.72 — 7.72 — 7.96Total Return 14.09 5.53 8.38 7.60 8.03


% Rank Cat 15 2 4 3

No. in Cat 686 591 468 317



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 888-522-2388 or visitwww.lordabbett.com.



Fund Expenses

Management Fees % 0.5312b1 Expense % 0.10Gross Expense Ratio % 0.78



Morningstar RatingTM 5Q 5Q 5WMorningstar Risk Avg Avg AvgMorningstar Return High High High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexBofAML US HY

Master II TR USDAlpha 4.58 1.12Beta 0.32 0.92R-Squared 2.65 96.49


6 6 6 6 6 0 6 0 6 6 3 696 98 91 89 91 92 88 87 82 85 86 88

4k

10k

20k

40k

60k80k100k

Investment StyleFixed-IncomeBond %

Growth of $10,000

Lord Abbett High Yield F24,050Category Average19,470Standard Index16,343

_ _ * * * ( & & & * & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

— 7.72 5.42 7.38 7.77 7.39 7.84 7.80 7.45 6.88 7.50 7.67 NAV/Price

9.94 2.52 -23.22 49.27 14.40 3.23 16.63 9.80 3.56 -2.18 15.96 4.81 Total Return %

5.60 -4.45 -28.46 43.34 7.86 -4.61 12.41 11.82 -2.41 -2.73 13.31 2.44 +/- Standard Index

-1.83 0.32 3.17 -8.24 -0.79 -1.15 1.04 2.38 1.05 2.47 -1.53 0.01 +/- Category Index

— — 34 42 40 53 20 10 9 27 16 — % Rank Cat

— — 559 543 574 573 598 662 731 769 707 713 No. of Funds in Cat



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat

P/E Ratio TTM 29.7 — —P/C Ratio TTM 14.4 — 2.49P/B Ratio TTM 3.6 — 2.09Geo Avg Mkt Cap$mil

4835 — 0.70

Fixed-Income Style

Ltd Mod Ext

HighM

edLow

Avg Eff Maturity 6.51Avg Eff Duration 4.36Avg Wtd Coupon —Avg Wtd Price 104.60

Credit Quality Breakdown 03-31-2017 Bond %

AAA 0.00AA 0.00A 0.00

BBB 1.88BB 37.55B 37.80

Below B 20.59NR 2.19


Americas 85.9 —Greater Europe 11.6 —Greater Asia 2.5 —


ShareAmount


Net Assets%

75 mil Neptune Finco 144A 10.875% 1.41

T 56 mil Dish Dbs 7.75% 1.0354 mil Navient Corporation 5.875% 0.88

T 50 mil T Mobile Usa 6.5% 0.86

T 42 mil Diamond 1 Fin Corp/Diamond 2 144A 0.73

T 42 mil Sprint 7.625% 0.72

T 49 mil Freeport-Mcmoran 3.875% 0.7140 mil Arcelormittal Sa Luxembourg 6.125% 0.7140 mil Cco Hldgs Llc / Cco Hldgs Ca 144A 0.6735 mil Mgm Resorts Intl 6% 0.60

T 33 mil L Brands 6.875% 0.5129 mil Equinix 5.875% 0.49

T 29 mil Netflix 5.875% 0.4925 mil Sprint Cap 8.75% 0.47

T 26 mil Hca 5.25% 0.43


h Cyclical 53.6 —

r Basic Materials 9.6 —t Consumer Cyclical 38.2 —y Financial Services 2.3 —u Real Estate 3.4 —

j Sensitive 27.8 —

i Communication Services 2.5 —o Energy 3.6 —p Industrials 5.3 —a Technology 16.3 —

k Defensive 18.6 —

s Consumer Defensive 7.3 —d Healthcare 11.3 —f Utilities 0.0 —

Operations

Family: Lord AbbettManager: MultipleTenure: 6.5 YearsObjective: Corporate Bond - High Yield

Base Currency: USDTicker: LHYFXMinimum Initial Purchase: $0Purchase Constraints: A





ß®

Page 22 of 58


Technology Select Sector SPDR® ETF(USD)


QQQQ191 US Fund Technology


MSCI ACWI NRUSD


US Fund Technology


2015 0.80 0.27 -4.05 8.91 5.622016 4.03 -1.73 10.60 1.54 14.812017 10.79 — — — 17.40


Std Mkt 03-31-17 22.27 — 14.14 10.36 3.97Std NAV 03-31-17 22.27 — 14.14 10.36 4.34


+/- Std Index 12.44 11.10 5.75 6.33 —+/- Cat Index -4.56 -0.48 -0.49 -0.87 —

% Rank Cat 63 51 62 56No. in Cat 206 191 182 148



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 866-732-8673 or visit www.spdrs.com.





Morningstar RatingTM 3Q 3Q 4QMorningstar Risk Low Low LowMorningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr



NAVMorningstar US

Technology TR USDAlpha 10.10 1.04Beta 1.05 0.90R-Squared 73.98 97.00

12-Month Yield 1.47%Potential Cap Gains Exp —Leveraged NoLeverage Type —Leverage % 100.00Primary Prospectus Benchmark S&P Technology

Select Sector TRUSD

7 7 7 7 7 7 7 7 7 7 7 7100 99 100 100 100 100 100 99 100 100 100 100

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Technology Select SectorSPDR® ETF31,932Category Average29,409Standard Index19,048

& ( & ) ) & * ) & ( & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

12.00 15.32 -41.42 51.32 11.39 2.61 15.30 26.25 17.85 5.49 15.02 17.34 Mkt Total Ret %

12.12 15.19 -41.42 51.02 11.60 2.69 15.47 25.98 17.75 5.62 14.81 17.40 NAV Total Ret %

-8.83 3.52 0.78 16.39 -1.07 10.04 -0.66 3.18 13.59 7.98 6.94 6.43 +/- Standard Index

1.25 -1.38 0.58 -10.84 -1.79 3.07 2.17 -2.45 -1.24 1.61 0.74 -2.77 +/- Category Index

15 54 20 82 82 1 31 82 18 55 25 — % Rank Cat

315 289 248 210 206 209 203 199 207 203 207 218 No. of Funds in Cat

0.01 -0.02 -0.14 -0.10 0.04 0.01 -0.03 0.02 0.04 -0.01 -0.02 — Avg Prem/Discount %



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


184672 3.55 2.61

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%




T 969,675 Alphabet Inc A 5.50

T 964,414 Alphabet Inc C 5.35

T 20 mil AT&T Inc 4.54

T 6 mil Visa Inc Class A 3.36

T 15 mil Intel Corp 3.23

T 16 mil Cisco Systems Inc 3.01

T 11 mil Verizon Communications Inc 3.00

T 10 mil Oracle Corp 2.59

T 3 mil International Business Machines Co 2.53

T 3 mil Mastercard Inc A 2.23

T 1 mil Broadcom Ltd 1.88

T 2 mil NVIDIA Corp 1.72


h Cyclical 8.1 0.21






Operations

Family: SPDR State Street GlobalAdvisors

Manager: MultipleTenure: 6.4 YearsTotal Assets: $16,420.3 milShares Outstanding: 294.21 mil

Ticker: XLKIncept: 12-16-1998Expiration Date: —Exchange: NYSE ARCANAV: 56.49

Prem/Discount: 0.07Mkt Price: 56.53Base Currency: USDLegal Structure: Open Ended Investment CompanyBacking Bank: SSgA Funds Management Inc




ß®

Page 23 of 58


Templeton Global Bond Adv(USD)


Œ10-31-2016

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQ BBgBarc US Agg

Bond TR USDCiti WGBI NonUSDUSD

US Fund World Bond308 US Fund World Bond


2015 0.22 -0.27 -6.11 2.26 -4.032016 0.09 -0.37 -1.27 8.28 6.612017 4.65 — — — 2.61



+/- Std Index 8.92 -1.28 2.41 2.02 —+/- Cat Index 11.19 3.03 5.38 3.33 —

% Rank Cat 3 30 9 2

No. in Cat 331 308 258 126



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-342-5236 or visitwww.franklintempleton.com.



Fund Expenses




Morningstar RatingTM 3Q 4Q 5QMorningstar Risk +Avg +Avg +AvgMorningstar Return Avg High High

3 Yr 5 Yr 10 Yr



Large Val TR USDAlpha 1.59 -1.60Beta -0.16 0.38R-Squared 0.49 35.17


2 2 6 5 2 2 2 2 3 3 3 345 70 82 92 54 82 75 80 73 73 79 70

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Templeton Global Bond Adv22,564Category Average15,308Standard Index16,343

& & & & & ) & & * * & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

11.02 11.40 11.17 12.69 13.56 12.37 13.34 13.09 12.41 11.53 11.96 12.12 NAV/Price

13.72 11.26 6.47 19.21 13.00 -2.21 16.15 2.41 1.84 -4.03 6.61 2.61 Total Return %

9.38 4.29 1.23 13.28 6.46 -10.05 11.94 4.43 -4.13 -4.58 3.96 0.23 +/- Standard Index

6.78 -0.20 -3.64 14.82 7.79 -7.38 14.65 6.97 4.51 1.51 4.80 -3.43 +/- Category Index

3 5 15 16 5 96 4 4 45 44 13 — % Rank Cat

197 218 234 269 270 297 315 365 385 367 339 351 No. of Funds in Cat


Cash 30.36 30.36 0.00US Stocks 0.00 0.00 0.00Non-US Stocks 0.00 0.00 0.00Bonds 69.84 69.84 0.00Other/Not Clsfd -0.20 0.29 0.48

Total 100.00 100.48 0.48

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat

P/E Ratio TTM — — —P/C Ratio TTM — — —P/B Ratio TTM — — —Geo Avg Mkt Cap$mil

— — —

Fixed-Income Style

Ltd Mod Ext

HighM

edLow

Avg Eff Maturity 3.80Avg Eff Duration 0.28Avg Wtd Coupon —Avg Wtd Price —


AAA 0.49AA 11.94A 21.57

BBB 33.51BB 21.71B 10.78

Below B 0.00NR 0.00


Americas — —Greater Europe — —Greater Asia — —


ShareAmount


Net Assets%

510 mil United Mexican States 8.5% 7.16

Y 488 mil Vereinigte Mexikanische 7.75% 6.715 mil Secretaria Tesouro Nacl 10% 3.80

1,456,387mil

Korea(Republic Of) 2% 3.36

4 mil Brazil Federative Rep 10% 3.29

Y 4 mil Brazil Federative Rep 2.8111,168,790

milIndonesia(Rep Of) 8.375% 2.33

10,037,615mil

Indonesia(Rep Of) 8.375% 2.07

883,047mil

Korea Treasury Bond 2.01

859,780mil

Korea Treasury Bond 1.93

T 11,196 mil Argentina (Rep Of) 15.5% 1.9310,008 mil Argentina (Rep Of) 18.2% 1.78

2 mil Brazil Federative Rep 10% 1.7237,755 mil India(Govt Of) 8.83% 1.631,657,780

milRepublic Of Colombia 7.75% 1.60


h Cyclical — —

r Basic Materials — —t Consumer Cyclical — —y Financial Services — —u Real Estate — —

j Sensitive — —

i Communication Services — —o Energy — —p Industrials — —a Technology — —

k Defensive — —

s Consumer Defensive — —d Healthcare — —f Utilities — —

Operations

Family: Franklin Templeton InvestmentsManager: MultipleTenure: 15.5 YearsObjective: Worldwide Bond

Base Currency: USDTicker: TGBAXMinimum Initial Purchase: $0Purchase Constraints: A





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Page 24 of 58


Vanguard Long-Term Tax-Exempt Adm (USD)


„08-04-2016

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQQ BBgBarc

Municipal TR USDBBgBarc Municipal20 Yr 17-22 TRUSD

US Fund MuniNational Long142 US Fund Muni National

Long


2015 1.10 -1.02 1.83 2.11 4.052016 1.93 3.36 -0.43 -3.97 0.732017 1.34 — — — 4.01



+/- Std Index -0.06 0.66 0.71 0.18 —+/- Cat Index 0.01 -0.29 -0.17 -0.49 —

% Rank Cat 10 14 13 16

No. in Cat 159 142 132 104



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-662-7447 or visit www.vanguard.com.



Fund Expenses




Morningstar RatingTM 4Q 4Q 5QMorningstar Risk +Avg Avg AvgMorningstar Return +Avg +Avg High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexBBgBarc Municipal

20 Yr 17-22 TR USDAlpha 0.23 0.10Beta 1.13 0.91R-Squared 98.12 98.82


4 4 7 8 8 5 5 8 5 5 8 895 100 99 98 98 100 99 100 100 100 100 100

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Vanguard Long-Term Tax-Exempt Adm16,813Category Average15,548Standard Index16,518

& & & ( ( * ( & * & & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

11.32 11.09 10.07 10.98 10.68 11.33 11.80 11.01 11.74 11.75 11.38 11.66 NAV/Price

5.24 2.61 -4.80 14.17 1.58 10.78 8.16 -2.88 11.15 4.05 0.73 4.01 Total Return %

0.40 -0.75 -2.33 1.26 -0.80 0.08 1.38 -0.32 2.10 0.75 0.48 0.07 +/- Standard Index

-0.62 0.32 2.84 -4.35 0.26 -3.20 -1.85 1.54 -1.88 0.12 0.24 -0.42 +/- Category Index

15 17 23 64 52 41 62 7 36 10 10 — % Rank Cat

297 269 265 271 270 246 237 242 220 197 161 162 No. of Funds in Cat



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


— — —

Fixed-Income Style

Ltd Mod Ext

HighM

edLow

Avg Eff Maturity 6.70Avg Eff Duration 7.13Avg Wtd Coupon —Avg Wtd Price —


AAA 13.98AA 54.25A 22.00

BBB 7.33BB 0.40B 0.61

Below B 0.00NR 1.43




ShareAmount

Holdings :0 Total Stocks , 1,506 Total Fixed-Income,13% Turnover Ratio

Net Assets%

T 1 mil Cmt Municipal Rate 1.1542 mil California St Go Bds 6.5% 0.4634 mil J P Morgan Chase Putters / Dri Ctfs 0.3430 mil Texas Private Activity Bd Surf Sr 0.3430 mil New Jersey St Transn Tr Fd Aut Tra 0.33

29 mil Virginia Comwlth Transn Brd Tr Rev 0.33

R 30 mil Hamilton Cnty Ohio Hosp Facs R Rev 0.3328 mil Houston Tex Util Sys Rev For I Com 0.3329 mil Hudson Yds Infrasct Corp Senior Re 0.32

T 29 mil California Health Facs Fing Au Rev 0.32

28 mil Chicago Ill Pub Bldg Commn Bld Bld 0.3127 mil Chicago Ill O Hare Intl Arpt R Ref 0.3026 mil New York St Dorm Auth 5% 0.3025 mil Massachusetts St Dev Fin Agy R Rev 0.2925 mil New York St Dorm Auth 5% 0.28


h Cyclical — —


j Sensitive — —


k Defensive — —


Operations

Family: VanguardManager: Mathew KiselakTenure: 6.9 YearsObjective: Municipal Bond - National

Base Currency: USDTicker: VWLUXMinimum Initial Purchase: $50,000Purchase Constraints: —





ß®

Page 25 of 58


BlackRock Health SciencesOpps Instl (USD)

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQQ MSCI ACWI NR

USDS&P 1500 HealthCare TR

US Fund Health127 US Fund Health


2015 10.26 4.75 -11.15 8.46 11.302016 -9.68 7.30 2.74 -5.38 -5.792017 10.49 — — — 14.41



+/- Std Index -6.09 7.89 8.72 9.43 —+/- Cat Index 2.00 2.53 1.82 2.98 —

% Rank Cat 24 4 13 16

No. in Cat 143 127 120 98



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-441-7762 or visitwww.blackrock.com.



Fund Expenses




Morningstar RatingTM 5Q 5Q 5QMorningstar Risk Avg Avg -AvgMorningstar Return High +Avg +Avg

3 Yr 5 Yr 10 Yr



Healthcare TR USDAlpha 8.36 2.02Beta 0.89 1.08R-Squared 43.97 96.24


7 7 7 7 7 7 7 7 7 7 7 792 87 97 96 96 95 98 95 98 94 97 96

4k

10k

20k

40k

60k80k100k


Growth of $10,000

BlackRock Health SciencesOpps Instl41,202Category Average31,199Standard Index19,048

& & & & * ( ( ( * & & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

26.35 30.60 22.21 28.36 29.05 29.23 32.34 42.38 51.17 50.52 46.51 53.21 NAV/Price

8.61 20.74 -19.05 27.69 7.50 6.24 18.77 44.56 29.23 11.30 -5.79 14.41 Total Return %

-12.35 9.07 23.14 -6.94 -5.17 13.59 2.64 21.76 25.07 13.67 -13.66 3.43 +/- Standard Index

1.64 12.72 4.71 6.93 2.30 -5.64 0.41 2.37 4.44 3.89 -3.74 3.17 +/- Category Index

20 4 21 19 45 61 57 57 32 23 24 — % Rank Cat

205 201 181 165 160 140 134 130 126 128 134 149 No. of Funds in Cat



Total 100.00 100.18 0.18

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


42227 0.81 1.46

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

2 mil UnitedHealth Group Inc 7.48

T 3 mil Medtronic PLC 4.752 mil Celgene Corp 3.98

Y 1 mil Amgen Inc 3.606 mil Boston Scientific Corp 2.99

654,560 Allergan PLC 2.87

T 1 mil Stryker Corp 2.85690,400 Humana Inc 2.76

Y 3 mil Baxter International Inc 2.68454,560 C.R. Bard Inc 2.52

1 mil Johnson & Johnson 2.50

T 2 mil Eli Lilly and Co 2.381 mil Vertex Pharmaceuticals Inc 2.36

813,500 Cigna Corp 2.29

Y 4 mil Pfizer Inc 2.24


h Cyclical 0.5 0.01






Operations

Family: BlackRockManager: Erin XieTenure: 13.9 YearsObjective: Specialty - Health

Base Currency: USDTicker: SHSSXMinimum Initial Purchase: $2 milPurchase Constraints: A





ß®

Page 26 of 58


Vanguard FTSE Emerging Markets ETF(USD)


QQQ634 US Fund DiversifiedEmerging Mkts


MSCI ACWI ExUSA NR USD

MSCI EM NR USD US Fund DiversifiedEmerging Mkts


2015 2.08 1.73 -18.21 -0.33 -15.352016 5.36 2.33 7.80 -3.84 11.752017 10.87 — — — 13.83


Std Mkt 03-31-17 17.83 — 0.90 2.68 6.43Std NAV 03-31-17 17.60 — 0.89 2.70 6.35


+/- Std Index 5.77 0.14 -4.21 0.78 —+/- Cat Index -3.40 -0.22 -0.35 -0.32 —

% Rank Cat 52 47 61 44No. in Cat 820 634 441 178








Morningstar RatingTM 3Q 3Q 3QMorningstar Risk Avg Avg AvgMorningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr



NAVMorningstar EM GR

USDAlpha 0.46 -1.09Beta 1.07 1.00R-Squared 71.75 98.13

12-Month Yield —Potential Cap Gains Exp —Leveraged NoLeverage Type —Leverage % 100.00Primary Prospectus Benchmark FTSE EMs AC China

A Incl (US RIC) NRUSD

4 4 4 4 4 4 4 4 4 4 4 493 94 94 97 97 95 98 97 98 99 97 98

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Vanguard FTSE EmergingMarkets ETF17,747Category Average16,749Standard Index15,853

( * * * * * * ) & ( * _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

29.36 37.26 -52.49 76.28 19.46 -18.75 19.20 -4.92 -0.07 -15.81 12.21 14.06 Mkt Total Ret %

29.53 39.05 -52.77 76.28 18.99 -18.68 18.84 -5.00 0.60 -15.35 11.75 13.83 NAV Total Ret %

2.88 22.40 -7.25 34.83 7.84 -4.97 2.01 -20.29 4.46 -9.69 7.26 0.09 +/- Standard Index

-2.61 -0.37 0.56 -2.23 0.12 -0.25 0.62 -2.40 2.79 -0.43 0.57 -3.42 +/- Category Index

71 36 38 34 42 41 48 77 17 62 26 — % Rank Cat

242 274 312 367 386 458 552 614 749 840 813 862 No. of Funds in Cat

0.54 0.31 0.58 0.39 0.11 0.07 0.01 -0.30 -0.12 -0.14 0.26 — Avg Prem/Discount %


Cash 1.92 1.92 0.00US Stocks -0.01 0.03 0.04Non-US Stocks 97.56 97.56 0.00Bonds 0.00 0.00 0.00Other/Not Clsfd 0.52 0.52 0.00

Total 100.00 100.04 0.04

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


14248 0.44 0.55

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount

Holdings :3,968 Total Stocks , 0 Total Fixed-Income,13% Turnover Ratio

Net Assets%

T 103,683 Tencent Holdings Ltd 3.69

T 282,030 Taiwan Semiconductor Manufacturing 2.07

T 8,246 Naspers Ltd Class N 1.78

T 2 mil China Construction Bank Corp H 1.60

T 35,580 Taiwan Semiconductor Manufacturing 1.34

T 101,391 China Mobile Ltd 1.23

T 286,828 Hon Hai Precision Industry Co Ltd 1.07

T 1 mil Industrial And Commercial Bank Of 1.04

T 30,224 Housing Development Finance Corp L 0.82

T 1 mil Bank Of China Ltd H 0.80

R 14 Msci Emerging Markets Futures Nyse 0.78

T 30,284 Reliance Industries Ltd 0.75

T 204,143 Sberbank of Russia PJSC 0.67

T 100,287 Ping An Insurance (Group) Co. of C 0.64

T 36,179 Infosys Ltd 0.59








Operations

Family: VanguardManager: MultipleTenure: 8.8 YearsTotal Assets: $55,249.3 milShares Outstanding: 1,351.50 mil

Ticker: VWOIncept: 03-04-2005Expiration Date: —Exchange: NYSE ARCANAV: 40.68

Prem/Discount: 0.15Mkt Price: 40.74Base Currency: USDLegal Structure: Open Ended Investment CompanyBacking Bank: Vanguard Group Inc




ß®

Page 27 of 58


iShares Core S&P Mid-Cap (USD) Overall Morningstar RatingTM

QQQQ369 US Fund Mid-Cap Blend


S&P 500 TR USD Russell Mid Cap TRUSD

US Fund Mid-CapBlend


2015 5.32 -1.10 -8.52 2.60 -2.232016 3.77 3.97 4.12 7.39 20.632017 3.92 — — — 4.27


Std Mkt 03-31-17 20.73 — 13.22 8.83 9.44Std NAV 03-31-17 20.80 — 13.22 8.85 9.44


+/- Std Index -0.40 -0.81 -0.53 1.11 —+/- Cat Index 1.20 0.82 -0.25 0.72 —

% Rank Cat 21 6 16 5No. in Cat 436 369 329 218



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-474-2737 or visit www.ishares.com.





Morningstar RatingTM 5Q 4Q 4QMorningstar Risk Avg Avg AvgMorningstar Return High +Avg High

3 Yr 5 Yr 10 Yr



NAVMorningstar US

Small Cap TR USDAlpha -0.73 2.81Beta 1.02 0.82R-Squared 76.60 96.18

12-Month Yield —Potential Cap Gains Exp —Leveraged NoLeverage Type —Leverage % 100.00Primary Prospectus Benchmark S&P MidCap 400 TR

5 5 5 5 5 5 5 5 5 5 5 5100 99 100 100 100 100 99 99 100 100 100 100

4k

10k

20k

40k

60k80k100k


Growth of $10,000

iShares Core S&P Mid-Cap27,297Category Average22,061Standard Index24,627

( * * * & * * ( * & & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

10.14 7.30 -36.02 37.48 26.72 -2.18 17.79 33.46 9.71 -2.33 20.73 4.25 Mkt Total Ret %

10.13 7.80 -36.19 37.21 26.38 -1.89 17.76 33.40 9.64 -2.23 20.63 4.27 NAV Total Ret %

-5.66 2.30 0.80 10.74 11.32 -4.01 1.76 1.01 -4.05 -3.61 8.67 -4.39 +/- Standard Index

-5.13 2.20 5.27 -3.27 0.91 -0.35 0.48 -1.36 -3.58 0.21 6.83 -2.65 +/- Category Index

72 30 30 33 17 31 34 54 31 22 5 — % Rank Cat

464 494 512 451 433 424 412 399 369 432 427 472 No. of Funds in Cat

-0.03 0.01 -0.06 -0.06 0.00 -0.02 -0.06 -0.06 -0.03 -0.01 -0.01 — Avg Prem/Discount %



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


4832 0.05 0.68

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

2 mil Align Technology Inc 0.682 mil Ansys Inc 0.651 mil Domino's Pizza Inc 0.623 mil ResMed Inc 0.629 mil Duke Realty Corp 0.60

7 mil Cadence Design Systems Inc 0.592 mil Packaging Corp of America 0.582 mil MSCI Inc 0.566 mil Trimble Inc 0.55

T 880,072 Everest Re Group Ltd 0.55

1 mil SVB Financial Group 0.551 mil Teleflex Inc 0.553 mil CDK Global Inc 0.531 mil Huntington Ingalls Industries Inc 0.533 mil Broadridge Financial Solutions Inc 0.53








Operations

Family: iSharesManager: MultipleTenure: 9.4 YearsTotal Assets: $40,771.9 milShares Outstanding: 231.60 mil

Ticker: IJHIncept: 05-22-2000Expiration Date: —Exchange: NYSE ARCANAV: 171.87

Prem/Discount: -0.02Mkt Price: 171.83Base Currency: USDLegal Structure: Open Ended Investment CompanyBacking Bank: BlackRock Fund Advisors




ß®

Page 28 of 58


Vanguard Long-TermInvestment-Grade Adm(USD)


„06-24-2016

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQQ BBgBarc US Agg

Bond TR USDBBgBarc US CorpIG TR USD

US Fund CorporateBond174 US Fund Corporate Bond


2015 3.09 -7.61 2.65 0.11 -2.112016 6.80 6.08 1.84 -6.47 7.922017 1.37 — — — 5.02



+/- Std Index 2.50 3.20 3.17 3.16 —+/- Cat Index -0.19 2.20 1.44 1.91 —

% Rank Cat 62 2 8 7

No. in Cat 206 174 141 79






Fund Expenses




Morningstar RatingTM 5Q 4Q 5QMorningstar Risk High High HighMorningstar Return High High High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexBBgBarc US

Govt/Credit Long TRUSD

Alpha -0.23 0.96Beta 2.55 0.93R-Squared 86.32 97.00


8 8 8 8 8 8 8 8 8 8 8 8100 99 98 98 98 100 98 97 96 96 97 97

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Vanguard Long-TermInvestment-Grade Adm21,429Category Average18,336Standard Index16,343

) ( & ) * & * ) & ( * _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

9.25 9.06 8.72 8.92 9.34 10.29 10.85 9.65 10.75 9.90 10.06 10.38 NAV/Price

2.99 3.86 2.40 8.89 10.85 17.30 11.77 -5.77 18.28 -2.11 7.92 5.02 Total Return %

-1.34 -3.11 -2.84 2.96 4.30 9.46 7.55 -3.75 12.32 -2.66 5.27 2.64 +/- Standard Index

-1.31 -0.70 7.33 -9.79 1.85 9.15 1.95 -4.24 10.82 -1.43 1.81 1.54 +/- Category Index

95 52 5 95 41 1 38 97 1 74 27 — % Rank Cat

89 84 91 97 104 127 134 145 169 177 199 231 No. of Funds in Cat



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


— — —

Fixed-Income Style

Ltd Mod Ext

HighM

edLow

Avg Eff Maturity 23.30Avg Eff Duration 13.31Avg Wtd Coupon —Avg Wtd Price 114.43


AAA 12.28AA 30.40A 50.45

BBB 6.56BB 0.01B 0.01

Below B 0.00NR 0.29




ShareAmount


Net Assets%

Y 261 mil Ge Cap Intl Fdg 4.418% 1.85

T 251 mil Anheuser Busch Inbev Fin 4.9% 1.82

T 178 mil US Treasury Bond 4.5% 1.52143 mil Wells Fargo Co New 5.606% 1.10106 mil California St Go Bds 7.3% 1.00

92 mil Jpmorgan Chase 6.4% 0.80

T 107 mil Anheuser Busch Inbev Fin 4.7% 0.7682 mil Wal-Mart Stores 6.2% 0.7270 mil California St Go Bds 7.6% 0.7182 mil Wal-Mart Stores 5.625% 0.68

66 mil Metropolitan Transn Auth 7.336% 0.6566 mil Comcast Corp New 6.95% 0.5963 mil New Jersey St Tpk Auth 7.102% 0.5968 mil Wyeth 5.95% 0.5661 mil Los Angeles Calif Uni Sch Dist 6.7 0.55


h Cyclical — —


j Sensitive — —


k Defensive — —


Operations

Family: VanguardManager: MultipleTenure: 3.5 YearsObjective: Corporate Bond - High Quality

Base Currency: USDTicker: VWETXMinimum Initial Purchase: $50,000Purchase Constraints: —





ß®

Page 29 of 58


Vanguard Total Stock Market ETF (USD) Overall Morningstar RatingTM

QQQQ1,222 US Fund Large Blend


S&P 500 TR USD Russell 1000 TRUSD

US Fund Large Blend


2015 1.80 0.09 -7.26 6.25 0.402016 0.94 2.68 4.41 4.12 12.682017 5.78 — — — 7.99


Std Mkt 03-31-17 18.09 — 13.15 7.68 6.81Std NAV 03-31-17 18.07 — 13.14 7.69 6.59


+/- Std Index 0.22 -0.49 -0.19 0.16 —+/- Cat Index 0.21 -0.19 -0.15 0.09 —

% Rank Cat 24 22 21 14No. in Cat 1,383 1,222 1,081 798








Morningstar RatingTM 4Q 4Q 4QMorningstar Risk Avg Avg AvgMorningstar Return +Avg +Avg +Avg

3 Yr 5 Yr 10 Yr



NAVRussell 3000 TR

USDAlpha -0.62 -0.02Beta 1.02 1.00R-Squared 98.62 100.00

12-Month Yield 1.84%Potential Cap Gains Exp —Leveraged NoLeverage Type —Leverage % 100.00Primary Prospectus Benchmark CRSP US Total

Market TR USD

4 4 4 4 4 4 4 4 4 4 4 499 99 99 100 100 93 100 100 99 99 99 99

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Vanguard Total Stock MarketETF25,104Category Average21,142Standard Index24,627

& * * * & * * * * * & _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

15.69 5.37 -36.98 28.89 17.42 0.97 16.45 33.45 12.54 0.36 12.83 7.88 Mkt Total Ret %

15.66 5.56 -36.97 28.82 17.26 1.06 16.41 33.51 12.56 0.40 12.68 7.99 NAV Total Ret %

-0.13 0.06 0.03 2.36 2.19 -1.05 0.40 1.12 -1.13 -0.99 0.72 -0.67 +/- Standard Index

0.20 -0.22 0.62 0.39 1.16 -0.44 -0.02 0.40 -0.68 -0.52 0.62 -0.52 +/- Category Index

23 48 37 40 12 31 27 31 36 38 20 — % Rank Cat

1980 2090 2086 2027 2010 1786 1686 1559 1568 1606 1409 1466 No. of Funds in Cat

0.02 0.01 -0.04 -0.02 0.02 -0.02 -0.01 -0.01 0.00 -0.01 -0.01 — Avg Prem/Discount %



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


49546 0.56 0.45

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount

Holdings :3,496 Total Stocks , 0 Total Fixed-Income,4% Turnover Ratio

Net Assets%



T 9 mil Amazon.com Inc 1.49


T 94 mil Exxon Mobil Corp 1.36

T 61 mil Johnson & Johnson 1.34

T 81 mil JPMorgan Chase & Co 1.24

T 42 mil Berkshire Hathaway Inc B 1.23

T 7 mil Alphabet Inc A 1.11

T 7 mil Alphabet Inc C 1.06

T 199 mil General Electric Co 1.02

T 102 mil Wells Fargo & Co 0.97

T 138 mil AT&T Inc 0.97

T 226 mil Bank of America Corporation 0.93

T 58 mil Procter & Gamble Co 0.89








Operations

Family: VanguardManager: MultipleTenure: 22.5 YearsTotal Assets: $81,786.0 milShares Outstanding: 650.83 mil

Ticker: VTIIncept: 05-24-2001Expiration Date: —Exchange: NYSE ARCANAV: 123.86

Prem/Discount: -0.01Mkt Price: 123.85Base Currency: USDLegal Structure: Open Ended Investment CompanyBacking Bank: Vanguard Group Inc




ß®

Page 30 of 58


iShares MSCI EAFE (USD) Overall Morningstar RatingTM

QQQ592 US Fund Foreign LargeBlend




US Fund Foreign LargeBlend


2015 4.85 0.63 -10.23 4.62 -0.902016 -2.99 -1.40 6.36 -0.76 0.962017 7.23 — — — 14.08


Std Mkt 03-31-17 12.37 — 5.74 0.94 5.01Std NAV 03-31-17 11.60 — 5.74 0.97 5.01


+/- Std Index -1.88 0.21 1.73 -0.20 —+/- Cat Index -1.88 0.21 1.73 -0.20 —

% Rank Cat 43 52 24 44No. in Cat 734 592 528 339



Performance DisclosureThe Overall Morningstar Rating is based on risk-adjusted returns,derived from a weighted average of the three-, five-, and 10-year(if applicable) Morningstar metrics.The performance data quoted represents past performance anddoes not guarantee future results. The investment return andprincipal value of an investment will fluctuate; thus an investor'sshares, when sold or redeemed, may be worth more or less thantheir original cost.Current performance may be lower or higher than return dataquoted herein. For performance data current to the most recentmonth-end, please call 800-474-2737 or visit www.ishares.com.





Morningstar RatingTM 3Q 4Q 3QMorningstar Risk +Avg +Avg -AvgMorningstar Return Avg +Avg Avg

3 Yr 5 Yr 10 Yr

Standard Deviation NAV 12.44 12.06 18.56Standard Deviation MKT 11.74 11.87 —Mean NAV 1.47 10.12 0.98Mean MKT 1.36 10.01 0.92Sharpe Ratio 0.16 0.85 0.12

MPT Statistics Standard Index Best Fit IndexNAV MSCI EAFE NR USD

Alpha 0.25 -0.06Beta 0.97 1.00R-Squared 95.05 100.00

12-Month Yield —Potential Cap Gains Exp —Leveraged NoLeverage Type —Leverage % 100.00Primary Prospectus Benchmark MSCI EAFE NR USD

4 4 4 4 4 4 4 4 4 4 4 4100 97 96 100 100 100 98 99 98 99 99 99

4k

10k

20k

40k

60k80k100k


Growth of $10,000

iShares MSCI EAFE15,368Category Average14,834Standard Index15,853

* ( * * ( * ( & * * * _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

25.81 9.88 -41.04 26.95 8.15 -12.25 18.82 21.39 -6.20 -1.00 1.37 14.43 Mkt Total Ret %

26.00 10.97 -43.14 31.41 7.52 -12.18 17.22 22.62 -5.04 -0.90 0.96 14.08 NAV Total Ret %

-0.65 -5.69 2.38 -10.04 -3.63 1.52 0.39 7.34 -1.18 4.76 -3.53 0.34 +/- Standard Index

-0.65 -5.69 2.38 -10.04 -3.63 1.52 0.39 7.34 -1.18 4.76 -3.53 0.34 +/- Category Index

36 61 43 43 75 27 66 18 46 46 47 — % Rank Cat

657 743 778 823 829 817 786 791 750 788 762 782 No. of Funds in Cat

0.29 0.11 0.47 -0.29 -0.34 -0.01 0.13 0.00 -0.03 -0.20 -0.07 — Avg Prem/Discount %



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


34319 1.06 0.85

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

17 mil Nestle SA 1.9112 mil Novartis AG 1.30

4 mil Roche Holding AG Dividend Right Ce 1.29109 mil HSBC Holdings PLC 1.2514 mil Toyota Motor Corp 1.00

10 mil British American Tobacco PLC 0.9613 mil Total SA 0.8524 mil Royal Dutch Shell PLC Class A 0.84

107 mil BP PLC 0.836 mil Sanofi SA 0.80

5 mil Bayer AG 0.784 mil Siemens AG 0.78

27 mil GlaxoSmithKline PLC 0.765 mil SAP SE 0.75

21 mil Royal Dutch Shell PLC B 0.74








Operations

Family: iSharesManager: MultipleTenure: 9.4 YearsTotal Assets: $76,732.8 milShares Outstanding: 1,159.20 mil

Ticker: EFAIncept: 08-14-2001Expiration Date: —Exchange: NYSE ARCANAV: 66.11

Prem/Discount: -0.08Mkt Price: 66.06Base Currency: USDLegal Structure: Open Ended Investment CompanyBacking Bank: BlackRock Fund Advisors




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Vanguard Dividend GrowthInv (USD)


Œ04-04-2017

Overall Morningstar RatingTM Standard Index Category Index Morningstar CatQQQQ S&P 500 TR USD Russell 1000 TR

USDUS Fund Large Blend

1,222 US Fund Large Blend


2015 0.86 -1.54 -3.26 6.83 2.622016 2.86 2.66 0.81 1.01 7.532017 5.87 — — — 9.08



+/- Std Index -4.66 -1.00 -1.55 0.94 —+/- Cat Index -4.67 -0.69 -1.51 0.87 —

% Rank Cat 85 36 64 5

No. in Cat 1383 1222 1081 798






Fund Expenses




Morningstar RatingTM 3Q 3Q 5QMorningstar Risk Low Low LowMorningstar Return Avg Avg High

3 Yr 5 Yr 10 Yr



Large Cap TR USDAlpha 0.38 0.33Beta 0.86 0.86R-Squared 91.03 91.15


4 4 4 4 4 4 4 4 4 4 7 498 96 94 95 95 94 98 96 97 97 99 98

4k

10k

20k

40k

60k80k100k


Growth of $10,000

Vanguard Dividend GrowthInv27,630Category Average21,142Standard Index24,627

_ _ & ) ) & ) ( * & ) _ Performance Quartile(within category)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 05-17 History

14.57 15.21 11.08 13.17 14.38 15.42 16.64 21.36 23.09 22.42 23.43 25.42 NAV/Price

19.58 7.00 -25.57 21.74 11.42 9.43 10.39 31.53 11.85 2.62 7.53 9.08 Total Return %

3.78 1.51 11.43 -4.72 -3.64 7.31 -5.62 -0.86 -1.84 1.24 -4.43 0.42 +/- Standard Index

4.12 1.23 12.02 -6.69 -4.67 7.92 -6.04 -1.59 -1.39 1.70 -4.52 0.57 +/- Category Index

— — 3 83 81 1 91 55 47 11 84 — % Rank Cat

— — 2086 2027 2010 1786 1686 1559 1568 1606 1409 1466 No. of Funds in Cat



Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

LargeM

idSm

all


RelIndex

RelCat


86512 0.98 0.79

Fixed-Income Style

Ltd Mod Ext

HighM

edLow



AAA —AA —A —

BBB —BB —B —

Below B —NR —




ShareAmount


Net Assets%

Y 21 mil Nike Inc B 3.73

Y 17 mil Microsoft Corp 3.61

Y 7 mil Costco Wholesale Corp 3.52

T 11 mil TJX Companies Inc 2.83

T 8 mil United Parcel Service Inc Class B 2.81

Y 6 mil Chubb Ltd 2.75

Y 11 mil Canadian National Railway Co 2.59

Y 10 mil Cardinal Health Inc 2.53

Y 9 mil Visa Inc Class A 2.51

Y 11 mil Colgate-Palmolive Co 2.50

Y 18 mil Coca-Cola Co 2.50

Y 10 mil Medtronic PLC 2.49

Y 8 mil Automatic Data Processing Inc 2.47

Y 7 mil Union Pacific Corp 2.46

Y 6 mil Accenture PLC A 2.43








Operations

Family: VanguardManager: Donald KilbrideTenure: 11.3 YearsObjective: Equity-Income

Base Currency: USDTicker: VDIGXMinimum Initial Purchase: $3,000Purchase Constraints: C





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Standardized and Tax Adjusted Returns Disclosure Statement

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment willfluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than returndata quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp.

Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted toreflect sales charges and ongoing fund expenses.

If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, includingM&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract,and sales charges.

After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fundshares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out ofcertain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified bythe fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. After-taxreturns for exchange-traded funds are based on net asset value.

Money Market Fund DisclosuresIf money market fund(s) are included in the Standardized Returns table below, each money market fund’s name will be followed by a superscripted letter that linksit to the applicable disclosure below:

Institutional Money Market Funds (designated by an “S”):You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less thanwhat you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidityfalls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal DepositInsurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should notexpect that the sponsor will provide financial support to the fund at any time.

Government Money Market Funds that have chosen to rely on the ability to impose liquidity fees and suspend redemptions (designated by an ”L” )andRetail Money Market Funds (designated by an “L”):You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will doso. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimumsbecause of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will providefinancial support to the fund at any time.

Government Money Market Funds that have chosen not to rely on the ability to impose liquidity fees and suspend redemptions (designated by an“N”):You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will doso. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has nolegal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Annualized returns 03-31-2017

Standardized Returns (%) 7-day YieldSubsidized

7-day YieldUnsubsidized

1Yr 5Yr 10Yr SinceInception

InceptionDate

Max FrontLoad %

Max BackLoad %

Net ExpRatio %

Gross ExpRatio %

BlackRock Health Sciences Opps Instl — — 15.25 18.42 13.54 12.93 10-16-2000 NA NA 0.91 0.91Eaton Vance Atlanta Capital SMID-Cap I — — 13.32 13.66 11.67 10.88 04-30-2002 NA NA 0.96 0.96Edgewood Growth Instl — — 21.70 15.64 10.19 9.99 02-28-2006 NA NA 1.00 1 1.08EV Tax-Managed Buy-Write Opps-NAV — — 11.91 9.43 7.69 8.12 06-27-2005 NA NA 0.00 0.00EV Tax-Managed Buy-Write Opps-Market — — 13.58 13.60 8.23 8.80 06-27-2005 NA NA 0.00 0.00

First Trust Dow Jones Internet ETF-NAV — — 29.03 18.89 14.26 14.78 06-19-2006 NA NA 0.54 0.54First Trust Dow Jones Internet ETF-Market — — 28.92 18.87 14.26 14.78 06-19-2006 NA NA 0.54 0.54Health Care Select Sector SPDR® ETF-NAV — — 11.40 16.46 10.19 7.86 12-16-1998 NA NA 0.14 0.14




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InceptionDate

Max FrontLoad %

Max BackLoad %

Net ExpRatio %

Gross ExpRatio %

Health Care Select Sector SPDR® ETF-Market

— — 11.47 16.47 10.20 7.86 12-16-1998 NA NA 0.14 0.14

iShares Core S&P Mid-Cap-NAV — — 20.80 13.22 8.85 9.44 05-22-2000 NA NA 0.07 0.07

iShares Core S&P Mid-Cap-Market — — 20.73 13.22 8.83 9.44 05-22-2000 NA NA 0.07 0.07iShares MSCI EAFE-NAV — — 11.60 5.74 0.97 5.01 08-14-2001 NA NA 0.33 0.33iShares MSCI EAFE-Market — — 12.37 5.74 0.94 5.01 08-14-2001 NA NA 0.33 0.33JHancock International Growth I — — 8.23 8.96 3.90 5.81 06-12-2006 NA NA 1.05 1.05Lord Abbett High Yield F — — 16.72 7.72 — 7.96 09-28-2007 NA NA 0.78 0.78

Oakmark International Investor — — 21.68 8.98 4.59 9.97 09-30-1992 NA NA 1.00 2 1.05PowerShares QQQ ETF-NAV — — 22.49 15.80 12.76 6.05 03-10-1999 NA NA 0.20 0.20PowerShares QQQ ETF-Market — — 22.47 15.81 12.77 6.04 03-10-1999 NA NA 0.20 0.20Technology Select Sector SPDR® ETF-NAV — — 22.27 14.14 10.36 4.34 12-16-1998 NA NA 0.14 0.14Technology Select Sector SPDR® ETF-Market

— — 22.27 14.14 10.36 3.97 12-16-1998 NA NA 0.14 0.14

Templeton Global Bond Adv — — 11.46 3.88 7.10 7.33 01-02-1997 NA NA 0.68 3 0.74Vanguard Dividend Growth Inv — — 10.67 12.00 8.41 8.29 05-15-1992 NA NA 0.30 0.30Vanguard FTSE Emerging Markets ETF-NAV — — 17.60 0.89 2.70 6.35 03-04-2005 NA NA 0.14 0.14Vanguard FTSE Emerging Markets ETF-Market

— — 17.83 0.90 2.68 6.43 03-04-2005 NA NA 0.14 0.14

Vanguard Long-Term Investment-GradeAdm

— — 2.43 5.83 7.15 7.18 02-12-2001 NA NA 0.11 0.11

Vanguard Long-Term Tax-Exempt Adm — — 0.15 3.93 4.46 4.71 02-12-2001 NA NA 0.09 0.09Vanguard Total Stock Market ETF-NAV — — 18.07 13.14 7.69 6.59 05-24-2001 NA NA 0.04 0.04Vanguard Total Stock Market ETF-Market — — 18.09 13.15 7.68 6.81 05-24-2001 NA NA 0.04 0.04

BBgBarc Municipal 20 Yr 17-22 TR USD 0.04 4.12 4.93 — —BBgBarc Municipal TR USD 0.15 3.24 4.33 — —BBgBarc US Agg Bond TR USD 0.44 2.34 4.27 — —BBgBarc US Corp IG TR USD 3.31 3.96 5.44 — —BBgBarc US Govt/Credit Long TR USD 0.98 4.84 6.92 — —

BofAML US HY Master II TR USD 16.88 6.85 7.34 — —BofAML US Treasury Bill 3 Mon YldUSD

0.39 0.13 0.53 — —

CBOE S&P 500 BuyWrite BXM 12.20 7.04 4.60 — —Citi WGBI NonUSD USD -4.79 -1.50 2.64 — —Morningstar EM GR USD 18.28 — — — —

Morningstar US Healthcare TR USD 11.54 16.94 — — —Morningstar US Large Cap TR USD 17.26 13.14 7.47 — —Morningstar US Large Growth TR USD 12.65 12.73 8.57 — —Morningstar US Large Val TR USD 17.84 12.03 4.64 — —Morningstar US Mid Core TR USD 17.07 13.50 8.69 — —

Morningstar US Small Cap TR USD 22.36 12.51 8.02 — —Morningstar US Technology TR USD 26.20 13.68 — — —MSCI ACWI Ex USA Growth NR USD 9.63 4.84 1.97 — —MSCI ACWI Ex USA NR USD 13.13 4.36 1.35 — —MSCI ACWI NR USD 15.04 8.37 4.00 — —

MSCI EAFE NR USD 11.67 5.83 1.05 — —MSCI EAFE Value NR USD 15.98 5.56 0.05 — —MSCI EM NR USD 17.22 0.81 2.72 — —Russell 1000 Growth TR USD 15.76 13.32 9.13 — —Russell 1000 TR USD 17.43 13.26 7.58 — —

Russell 3000 Growth TR USD 16.27 13.22 9.04 — —Russell 3000 TR USD 18.07 13.18 7.54 — —Russell Mid Cap Growth TR USD 14.07 11.95 8.13 — —Russell Mid Cap TR USD 17.03 13.09 7.94 — —S&P 1500 Health Care TR 12.22 16.92 — — —

S&P 500 TR USD 17.17 13.30 7.51 — —USTREAS T-Bill Auction Ave 3 Mon 0.42 0.14 0.60 — —

1. Contractual waiver; Expires 02-28-2018




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InceptionDate

Max FrontLoad %

Max BackLoad %

Net ExpRatio %

Gross ExpRatio %

2. Contractual waiver; Expires 01-28-20183. Contractual waiver; Expires 06-12-2018

Return after Tax (%) On Distribution On Distribution and Sales of Shares

1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception

BlackRock Health Sciences Opps Instl 14.62 15.76 11.64 11.46 10-16-2000 9.06 13.94 10.53 10.54Eaton Vance Atlanta Capital SMID-Cap I 12.41 12.94 10.94 10.22 04-30-2002 8.26 10.89 9.52 9.11Edgewood Growth Instl 21.10 14.99 9.83 9.67 02-28-2006 12.69 12.51 8.35 8.25EV Tax-Managed Buy-Write Opps-NAV 11.05 8.70 7.21 7.66 06-27-2005 7.30 7.36 6.19 6.64First Trust Dow Jones Internet ETF-NAV 29.03 18.89 14.25 14.77 06-19-2006 16.43 15.42 12.07 12.62

Health Care Select Sector SPDR® ETF-NAV 10.63 15.74 9.63 7.47 12-16-1998 6.43 12.97 8.15 6.49iShares Core S&P Mid-Cap-NAV 20.17 12.74 8.49 9.06 05-22-2000 11.96 10.44 7.14 7.91iShares MSCI EAFE-NAV 10.79 5.00 0.40 4.42 08-14-2001 7.13 4.43 0.78 4.00JHancock International Growth I 7.79 7.11 2.54 4.46 06-12-2006 4.63 6.59 2.63 4.21Lord Abbett High Yield F 13.68 4.43 — 4.74 09-28-2007 9.38 4.50 — 4.79

Oakmark International Investor 21.24 7.84 3.22 8.25 09-30-1992 12.56 6.75 3.17 7.82PowerShares QQQ ETF-NAV 22.14 15.31 12.40 5.83 03-10-1999 12.88 12.53 10.51 4.93Technology Select Sector SPDR® ETF-NAV 21.36 13.34 9.82 4.01 12-16-1998 12.55 10.94 8.30 3.39Templeton Global Bond Adv 11.13 2.12 4.99 5.00 01-02-1997 6.48 2.23 4.73 4.79Vanguard Dividend Growth Inv 9.58 10.93 7.71 6.94 05-15-1992 6.35 9.27 6.70 6.42

Vanguard FTSE Emerging Markets ETF-NAV 16.58 -0.07 1.87 5.57 03-04-2005 10.14 0.34 1.83 4.91Vanguard Long-Term Investment-Grade Adm 0.16 3.49 4.86 4.90 02-12-2001 1.61 3.56 4.68 4.74Vanguard Long-Term Tax-Exempt Adm 0.05 3.89 4.44 4.69 02-12-2001 1.71 3.92 4.40 4.66Vanguard Total Stock Market ETF-NAV 17.50 12.50 7.21 6.16 05-24-2001 10.62 10.33 6.11 5.33




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Hypothetical ReportDisclosure Statement

GeneralThis is an illustration of a simulated investment that assumes the portfolioholding(s) were purchased on the first day of the period indicated. Sales and taxcharges, including those required in the event of transfers between assets, aretaken into account at the rates shown and may be higher or lower than what aninvestor would have actually paid had the investments been purchased then ornow. The performance data represents past performance and is not indicative offuture results. Principal value and investment returns will fluctuate, and aninvestor's shares/units, when redeemed, may be worth more or less than theoriginal investment.

The underlying holdings of the portfolio are not federally or FDIC-insured and arenot deposits or obligations of, or guaranteed by, any financial institution.Investing in securities involves investment risks including possible loss ofprincipal and fluctuation in value.

The investment returns do not reflect active trading and do not necessarilyreflect the results that might have been achieved by active management of theaccount. The investment returns of other clients of the advisor may differmaterially from the investment portrayed.

The information contained in this report is from the most recent informationavailable to Morningstar as of the release date, and may or may not be anaccurate reflection of the current composition of the securities included in theportfolio. There is no assurance that the weightings, composition and ratios willremain the same.

Pre-inception ReturnsThe analysis in this report may be based, in part, on adjusted historical returnsfor periods prior to the fund's actual inception. These calculated returns reflectthe historical performance of the oldest share class of the fund, adjusted toreflect the fees and expenses of this share class. These fees and expenses arereferenced in the report's Charges and Fees section.

When pre-inception data is presented in the report, the header at thetop of the report will indicate this.

While the inclusion of pre-inception data provides valuable insight into theprobable long-term behavior of newer share classes of a fund, investors shouldbe aware that an adjusted historical return can only provide an approximation ofthat behavior. For example, the fee structures of a retail share class will varyfrom that of an institutional share class, as retail shares tend to have higheroperating expenses and sales charges. These adjusted historical returns are notactual returns. Calculation methodologies utilized by Morningstar may differfrom those applied by other entities, including the fund itself.

The investment returns do not necessarily reflect the deduction of all investmentadvisory fees. Client investment returns may be reduced if additional fees areincurred.

Performance for closed-end and exchange-traded funds is calculated based onthe fund's end of the day market prices as reported by the New York StockExchange. Separate account performance is based on the mean experience ofan investor in the account.

This illustration may reflect the results of systematic investments and/or

withdrawals. Systematic investment does not ensure a profit, nor does it protectthe investor against a loss in a declining market. Also, systematic investing willnot keep an investor from losing money if shares are sold when the market isdown.

Investment Summary GraphThe investment summary graph plots the approximate market value of thesecurity or portfolio over the investing horizon. It may also include the totalinvestment assumed in the illustration and/or a benchmark. Total investmentincludes dollar inflows and outflows, including outflows representing notedtaxes and annual fees paid out of pocket. If a benchmark index is included on agraph, it assumes a similar pattern of investment/withdrawal as that of thesecurity or portfolio. Taxes and transaction costs are also applied to thebenchmark index. Note that direct investment in an index is not possible.Indexes are unmanaged portfolios representing different asset classes, withvarying levels of associated risk. The benchmark index included in the graphmay or may not represent an appropriate or accurate comparison with thesecurity or portfolio illustrated.

Standardized ReturnsFor ETFs, the standardized returns reflect performance, both at market price andNAV price, without adjusting for the effects of taxation or brokeragecommissions. These returns are adjusted to reflect all ongoing ETF expensesand assume reinvestment of dividends and capital gains. If adjusted, the effectsof taxation would reduce the performance quoted.

For HOLDRs, the standardized returns reflect performance at market price,without adjusting for the effects of taxation or brokerage commissions. Thesereturns are adjusted to reflect all ongoing expenses and assume reinvestment ofdividends and capital gains. If adjusted, the effects of taxation would reduce theperformance quoted.

For money-market mutual funds, standardized return is total return adjusted forsales charges and reflects all ongoing fund expenses. Current 7-day yield moreclosely reflects the current earnings of the money-market fund than the totalreturn quotation.

For mutual funds, standardized return is total return adjusted for sales chargesand reflects all ongoing fund expenses. Preceding this disclosure statement,standardized returns for each portfolio holding are shown.

For VA subaccounts, standardized return is total return based on the inceptiondate within the separate account and is adjusted to reflect recurring and non-recurring charges such as surrender fees, contract charges, maximum front-endload, maximum deferred load, maximum M&E risk charge, administration fees,and actual ongoing fund-level expenses.

For VL subaccounts, standardized return is total return based on the inceptiondate within the separate account and is adjusted to reflect recurring and non-recurring charges such as surrender fees, contract charges, maximum front-endload, maximum deferred load, maximum M&E risk charge, administration fees,and actual ongoing fund-level expenses. For VLs, additional fees specific to a VLpolicy such as transfer fees and cost of insurance fees, which are based onspecific characteristics of an individual, are not included. If VL fees wereincluded in the return calculations, the performance would be significantlylower. An investor should contact a financial advisor and ask for a personalizedperformance illustration, either hypothetical or historical, which reflects allapplicable fees and charges including the cost of insurance. Please review theprospectus and SAI for more detailed information.

Bond ReturnsPrice evaluations and fixed coupon amounts are provided by Interactive Data




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Corporation. The fixed coupon amount is assumed to be paid out semi-annuallywith the first payment beginning six months after the bond start date within theillustration.

Definitions of Report TermsAnnual Fee Paid: Your advisor was able to specify whether annual fees, if any,should be assumed paid out of pocket or from selling shares of securities held inthe illustration.

Average Annualized Return: Average annualized money-weighted return(internal rate of return). In illustrations with time periods less than one year, thisfigure is not annualized.

Capital Gains (Individual Report): Percentage of the total market value of theholding that is attributable to the reinvestment of capital gains distributions.

Charges & Fees (Investment Detail): The sum of fees charged to the investorduring the period, including front or deferred loads, VA charges, and annualfees.

Cumulative Return: The total money-weighted return of the investment over theentire time period of the illustration.

Distribution/Withdrl: The sum of distributions not reinvested, plus any cashwithdrawals during the period.

Income (Individual Report): The percentage of the total market value of theholding that is attributable to the reinvestment of income or dividenddistributions.

Liquidate: Indicates whether the advisor chose that the holding be liquidated onthe end date.

Median (Comparison Report): The total money-weighted return (internal rate ofreturn) of the median security in the illustration for the calendar year indicated.

New investment: Any new cash invested during the period.

Principal (Individual Reports): The percentage of the total market value of theholding that is attributable to new investment.

Rebalance (Planning Assumptions): Indicates whether rebalancing is used, andits frequency. "No" indicates no rebalancing. Options for rebalancing frequencyare monthly, quarterly, semi-annually, and annually.

Rebalance (Investment Assumptions): Percentage of total asset allocation to bemaintained in this holding through rebalancing.

Security Return (Comparison Report): The total money-weighted return (internalrate of return) for the holding in the calendar year indicated, taking into accountcash flows, charges, and fees.

Subsequent Invest/Withdwl: The amount, type, and frequency of subsequentinvestments or withdrawals from the holding. Withdrawals are represented bya negative number. Systematic investments and withdrawals may be mademonthly, quarterly, semi-annually, or annually. If "Custom", a custom scheduleof investments or withdrawals was used.

Taxes Due: The total amount of taxes due from the investor, determined byapplying specified tax rates to distributions and sale of shares during eachcalendar year. Taxes accrued during the calendar year are applied on April 15 of

the following year, or on the illustration end date if it occurs before April 15.

Taxes Paid: Your advisor was able to specify whether taxes, if any, should beassumed paid out of pocket or from selling shares of securities held in theillustration.

Net Amount Invested: The total out-of-pocket expense for the investor. Includesnew investment, annual fees paid to advisor, and taxes due. This figure is netof withdrawals, including liquidation.

Total Reinvest: The sum of distributions reinvested during the period.

Total Return %: The total money-weighted return (internal rate of return) oninvestments for the period.

Portfolio X-Ray ReportDisclosure Statement

GeneralThis report summarizes the composition characteristics of a portfolio ofsecurities. It considers broad asset allocation and regional exposure, securitystyle, and sector exposure to provide a variety of ways for considering the levelof diversification within a portfolio, its potential riskiness, and its possiblebehavior in the future.

The Portfolio X-Ray report is supplemental sales literature and must bepreceded or accompanied by the fund’s/policy’s current prospectus orequivalent. Please read these carefully before investing. In all cases, thisdisclosure statement should accompany the Portfolio X-Ray report. Morningstaris not itself a FINRA-member firm.

Data for this analysis is collected in several ways. For mutual funds, closed-endfunds, exchange-traded funds, and variable annuity subaccounts, equity data isbased upon Morningstar's analysis of the holdings, which are providedperiodically by the fund to Morningstar. For fixed-income securities included inthese products, duration and other data is provided by the fund company. Forseparately managed accounts, data for the account composite reflecting theaverage investor's experience is provided directly by the manager. Stock data isbased upon Morningstar analysis.

An investment in the funds/subaccounts listed in this report is not insured orguaranteed by the Federal Deposit Insurance Corporation (FDIC) or any othergovernment agency.

The information contained in this report is from the most recent informationavailable to Morningstar as of the release date, and may or may not be anaccurate reflection of the current composition of the securities included in theportfolio. There is no assurance that the weightings, composition, ratios, etc.will remain the same.

Comparison of Fund TypesFunds, including closed-end funds, exchange-traded funds (ETFs), money marketfunds, open-end funds, and unit investment trusts (UITs), have many similarities,but also many important differences. In general, publicly-offered funds areinvestment companies registered with the Securities and Exchange Commissionunder the Investment Company Act of 1940, as amended. Funds pool moneyfrom their investors and manage it according to an investment strategy orobjective, which can vary greatly from fund to fund. Funds have the ability tooffer diversification and professional management, but also involve risk,




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including the loss of principal.

A closed-end fund is an investment company, which typically makes one publicoffering of a fixed number of shares. Thereafter, shares are traded on asecondary market. As a result, the secondary market price may be higher orlower than the closed-end fund's net asset value (NAV). If these shares trade ata price above their NAV, they are said to be trading at a premium. Conversely, ifthey are trading at a price below their NAV, they are said to be trading at adiscount. A closed-end mutual fund’s expense ratio is an annual fee charged toa shareholder. It includes operating expenses and management fees, but doesnot take into account any brokerage costs. Closed-end funds may also have 12b-1 fees. Income distributions and capital gains of the closed-end fund are subjectto income tax, if held in a taxable account.

An ETF is an investment company that typically has an investment objective ofstriving to achieve a similar return as a particular market index. The ETF willinvest in either all or a representative sample of the securities included in theindex it is seeking to imitate. Like closed-end funds, an ETF can be traded on asecondary market and thus have a market price that may be higher or lower thanits net asset value. If these shares trade at a price above their NAV, they aresaid to be trading at a premium. Conversely, if they are trading at a price belowtheir NAV, they are said to be trading at a discount. ETFs are not activelymanaged, so their value may be affected by a general decline in the U.S. marketsegments relating to their underlying indexes. Similarly, an imperfect matchbetween an ETF’s holdings and those of its underlying index may cause itsperformance to vary from that of its underlying index. The expense ratio of anETF is an annual fee charged to a shareholder. It includes operating expensesand management fees, but does not take into account any brokerage costs. ETFsdo not have 12b-1 fees or sales loads. Capital gains from funds held in a taxableaccount are subject to income tax. In many, but not all cases, ETFs are generallyconsidered to be more tax-efficient when compared to similarly invested mutualfunds.

Holding company depository receipts (HOLDRs) are similar to ETFs, but theyfocus on narrow industry groups. HOLDRs initially own 20 stocks, which areunmanaged, and can become more concentrated due to mergers, or thedisparate performance of their holdings. HOLDRs can only be bought in 100-share increments. Investors may exchange shares of a HOLDR for its underlyingstocks at any time.

A money-market fund is an investment company that invests in commercialpaper, banker's acceptances, repurchase agreements, government securities,certificates of deposit and other highly liquid securities, and pays money marketrates of interest. Money markets are not FDIC-insured, may lose money, and arenot guaranteed by a bank or other financial institution.

An open-end fund is an investment company that issues shares on a continuousbasis. Shares can be purchased from the open-end mutual fund itself, or throughan intermediary, but cannot be traded on a secondary market, such as the NewYork Stock Exchange. Investors pay the open-end mutual fund’s current netasset value plus any initial sales loads. Net asset value is calculated daily, atthe close of business. Open-end mutual fund shares can be redeemed, or soldback to the fund or intermediary, at their current net asset value minus anydeferred sales loads or redemption fees. The expense ratio for an open-endmutual fund is an annual fee charged to a shareholder. It includes operatingexpenses and management fees, but does not take into account any brokeragecosts. Open-end funds may also have 12b-1 fees. Income distributions andcapital gains of the open-end fund are subject to income tax, if held in a taxableaccount.

A unit investment trust (UIT) is an investment company organized under a trustagreement between a sponsor and trustee. UITs typically purchase a fixed

portfolio of securities and then sell units in the trust to investors. The majordifference between a UIT and a mutual fund is that a mutual fund is activelymanaged, while a UIT is not. On a periodic basis, UITs usually distribute to theunit holder their pro rata share of the trust's net investment income and netrealized capital gains, if any. If the trust is one that invests only in tax-freesecurities, then the income from the trust is also tax-free. UITs generally makeone public offering of a fixed number of units. However, in some cases, thesponsor will maintain a secondary market that allows existing unit holders tosell their units and for new investors to buy units. A one-time initial salescharge is deducted from an investment made into the trust. UIT investors mayalso pay creation and development fees, organization costs, and/or trustee andoperation expenses. UIT units may be redeemed by the sponsor at their netasset value minus a deferred sales charge, and sold to other investors. UITshave set termination dates, at which point the underlying securities are sold andthe sales proceeds are paid to the investor. Typically, a UIT investment is rolledover into successive trusts as part of a long-term strategy. A rollover fee may becharged for the exercise of rollover purchases. There are tax consequencesassociated with rolling over an investment from one trust to the next.

Comparison of Other Security TypesVariable annuities are tax-deferred investments structured to convert a sum ofmoney into a series of payments over time. Variable annuity policies havelimitations and are not viewed as short-term liquid investments. An insurancecompany's fulfillment of a commitment to pay a minimum death benefit, aschedule of payments, a fixed investment account guaranteed by the insurancecompany, or another form of guarantee depends on the claims-paying ability ofthe issuing insurance company. Any such guarantee does not affect or apply tothe investment return or principal value of the separate account and itssubaccount. The financial ratings quoted for an insurance company do not applyto the separate account and its subaccount. The insurance company offering avariable life contract will charge several fees to investors, including annualcontract charges that compensate the insurance company for the cost ofmaintaining and administering the variable life contract, mortality and expenserisk (M&E Risk) charges based on a percentage of a subaccount’s assets tocover costs associated with mortality and expense risk, and administration feesthat are based on a percentage of a subaccount’s assets to cover the costsinvolved in offering and administering the subaccount. A variable life investorwill also be charged a front-end load by the insurance company on their initialcontribution, ongoing fees related to the management of the fund, and surrendercharges if the investor makes a withdrawal prior to a specified time. If thevariable annuity subaccount is invested in a money-market fund, the moneymarket fund is not FDIC-insured, may lose money, and is not guaranteed by abank or other financial institution.

Variable life insurance is a cash-value life insurance that has a variable cashvalue and/or death benefit depending on the investment performance of thesubaccount into which premium payments are invested. Unlike traditional lifeinsurance, variable life insurance has inherent risks associated with it, includingmarket volatility, and is not viewed as a short-term liquid investment. For moreinformation on a variable life product, including each subaccount, please readthe current prospectus. Please note, the financial ratings noted on the report arequoted for an insurance company and do not apply to the separate account andits subaccount.

Fixed annuities have a predetermined rate of return an investor earns and afixed income payout that is guaranteed by the issuing investment company, andmay be immediate or deferred. Payouts may last for a specific period or for thelife of the investor. Investments in a deferred fixed annuity grow tax-deferredwith income tax incurred upon withdrawal, and do not depend on the stockmarket. However, the insurance company's guaranteed rate of return andpayments depends on the claims-paying ability of the insurance company. Fixedannuities typically do not have cost-of-living payment adjustments. Fixed




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annuities often have surrender charges if the event you need to withdraw yourinvestment early. Fixed annuities are regulated by state insurancecommissioners.

Fixed indexed annuities, also called equity index annuities, are a combination ofthe characteristics of both fixed and variable annuities. Fixed indexed annuitiesoffer a predetermined rate of return like a fixed annuity, but they also allow forparticipation in the stock market, like a variable annuity. Fixed indexed annuitiesare typically risker and offer the potential for greater return than fixed annuities,but less so than a variable annuity. Investments in a fixed indexed annuity growtax-deferred with income tax incurred upon withdrawal. The insurancecompany’s guaranteed rate of return and ability to make payments depends onthe claims-paying ability of the insurance company. While fixed indexedannuities may limit an investor’s gains in an up market, they are also designedto help limit losses in a down market. Fixed indexed annuities can becomplicated and an investor in a fixed indexed annuity should carefully read theinsurance company’s offering material to understand how a specific annuity’sreturn will be determined. Fixed indexed annuities often have surrender chargesin the event you need to withdraw your investment early and are regulated bystate insurance commissioners.

A stock is an ownership interest in a company. When an investor purchases astock, they become a business owner, and the value of their ownership stakewill rise and fall according to the underlying business. Stockholders are entitledto the profits, if any, generated by the company after everyone else –employees, vendors, lenders – get paid. Companies usually pay out their profitsto investors in the form of dividends, or they reinvest the money back into thebusiness. Stocks trade on exchanges throughout the day, through a brokeragefirm who will charge a commission for the purchase or sale of shares. Incomedistributions and capital gains of the stock are subject to income tax upon theirsale, if held in a taxable account.

A bond is a debt security. When an investor purchases a bond, the purchaseamount is lent to a government, municipality, corporation or other entity knownas an issuer. The issuer promises to pay a specified rate of interest during thelife of the bond and repay the face value of the bond when it matures. U.STreasuries can be purchased directly from the Treasury or through a brokeragefirm. Most other newly issued bonds are offered through an underwriter. Olderbonds are traded throughout the day on the secondary market and can bepurchased through a brokerage firm, who will charge transaction fees andcommission for the purchase or sale. Price evaluations are provided byInteractive Data Corporation (IDC).

Preferred stock usually offers a fixed dividend payment, which is paid out beforevariable dividends that may be paid to investors in a company's common stock.Therefore, preferred stock is typically less risky in terms of principal loss, butthere is also less potential for return when compared to a company’s commonstock. If a company fails, their obligations to preferred stockholders must be metbefore those of the company's common stock holders, but after bondholders arereimbursed.

A separate account is a portfolio of securities (such as stocks, bonds, and cash)that follows a specified investment strategy and is managed by an investmentprofessional. The securities in the portfolio are directly owned by the separateaccount’s owner. Separate accounts are unregistered investment vehicles;therefore they do not have the same performance and holding reportingresponsibilities that registered securities have. Separate account performancedata is reported to Morningstar from the investment manager as a composite ofsimilarly managed portfolios. As such, investors in the same separate accountmay have slightly different portfolio holdings because each investor hascustomized account needs, tax considerations and security preferences. Themethod for calculating composite returns can vary. The composite performance

for each separate account manager may differ from actual returns in specificclient accounts during the same period for a number of reasons. Differentseparate account managers may use different methods in constructing orcomputing performance figures. Thus, performance and risk figures for differentseparate account managers may not be fully comparable to each other.Likewise, performance and risk information of certain separate accountmanagers may include only composites of larger accounts, which may or maynot have more holdings, different diversification, different trading patterns anddifferent performance than smaller accounts with the same strategy. Finally,composite performance of the separate account offered by the money managermay or may not reflect the reinvestment of dividends and capital gains. Grossreturns are collected on a monthly and quarterly basis for separate accounts andcommingled pools. This information is collected directly from the assetmanagement firm running the product(s). Morningstar calculates total returns,using the raw data (gross monthly and quarterly returns), collected from theseasset management firms. The performance data reported by the separateaccount managers will not represent actual performance net of managementfees, brokerage commissions or other expenses. Management fees as well asother expenses a client may incur will reduce individual returns for that client.Because fees are deducted regularly, the compounding effect will increase theimpact of the fee deduction on gross account performance by a greaterpercentage than that of the annual fee charged. For example, if an account ischarged a 1% management fee per year and has gross performance of 12%during that same period, the compounding effect of the quarterly feeassessments will result in an actual return of approximately 10.9%. Clientsshould refer to the disclosure document of the separate account manager andtheir advisor for specific information regarding fees and expenses. The analysisin this report may be based, in part, on adjusted historical returns for periodsprior to an insurance group separate account's (IGSA's) actual inception. Whenpre-inception data are presented in the report, the header at the top of thereport will indicate this and the affected data elements will be displayed initalics. These calculated returns reflect the historical performance of the oldestshare class of the underlying fund, adjusted to reflect the management fees ofthe current IGSA. While the inclusion of pre-inception data provides valuableinsight into the probable long-term behavior of an IGSA based on the underlyingfund’s performance, investors should be aware that an adjusted historical returncan only provide an approximation of that behavior. These adjusted historicalreturns are not actual returns. Calculation methodologies utilized byMorningstar may differ from those applied by other entities, including the IGSAitself. Morningstar % Rank within Morningstar Category does not account for aseparate account's sales charge (if applicable).

A collective investment trust (CIT) may also be called a commingled or collectivefund. CITs are tax-exempt, pooled investment vehicles maintained by a bank ortrust company exclusively for qualified plans, including 401(k)s, and certaintypes of government plans. CITs are unregistered investment vehicles subject tobanking regulations of the Office of the Comptroller of the Currency (OCC),which means they are typically less expensive than other investment optionsdue to lower marketing, overhead, and compliance-related costs. CITs are notavailable to the general public, but are managed only for specific retirementplans.

A 529 Portfolio is a specific portfolio of securities created from a 529 plan'savailable investments. In general, the data presented for a 529 Portfolio uses aweighted average of the underlying holdings in the portfolio. Most 529 plans areinvested in open-end mutual funds; however, other investment types arepossible such as stable value funds, certificates of deposit, and separateaccounts.

Offshore funds are funds domiciled in a country outside the one the investorresides in. Many banks have offshore subsidiaries that are under the standardsand regulations of the particular country, which can vary considerably.




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Companies may establish headquarters offshore because of lower tax rates.Offshore funds are not regulated by the SEC and may have tax implications.

Hedge funds are aggressively managed portfolios which make extensive use ofunconventional investment tools such as derivatives as well as long and shortpositions. Managers of hedge-funds typically focus on specific areas of themarket and/or trading strategies. Strategies may include the use of arbitrage,derivatives, leverage, and short selling, and may hold concentrated positions orprivate securities, which can make them risker than other investment types.Hedge funds are typically pooled investment vehicles available to sophisticatedinvestors that meet high investing minimums. Many hedge funds areunregistered and are not subject to the same regulations as registeredinvestment vehicles, such as mutual funds. Funds of hedge funds are pooledinvestment vehicles that invest in multiple unregistered hedge funds, and maybe registered with the SEC. Registered funds of hedge funds typically havelower investment minimums than hedge funds, but they are usually notregistered on an exchange and can be illiquid. Fund of hedge fund fees aregenerally higher than those of other pooled investments (like mutual funds) andmay have tax consequences.

Cash is a short-term, highly liquid investment. Cash typically doesn’t earn asmuch as other investments, such as stocks or bonds, but is less risky.

Indexes are unmanaged and not available for direct investment. Indexes arecreated to measure a specified area of the stock market using a representativeportfolio of securities. If a security is not available in Morningstar’s database,your financial professional may choose to show a representative index. Pleasenote that indexes vary widely, and it is important to choose an index that hassimilar characteristics to the security it is being used to represent. In no wayshould the performance of an index be considered indicative or a guarantee ofthe future performance of an actual security, be considered indicative of theactual performance achieved by a security, or viewed as a substitute for theactual security in your portfolio. Actual results of a security may differsubstantially from the historical performance shown for an index and mayinclude an individual client incurring a loss. Past performance is no guarantee offuture results.

Morningstar assigns each security in its database to a Morningstar Categoryusing the underlying securities in the security’s portfolio. If a security is notavailable in Morningstar’s database, your financial professional may choose toshow the security’s category. Please note that a category will not be an exactmatch to your securities. In no way should the performance of a category beconsidered indicative or a guarantee of the future performance of an actualsecurity, be considered indicative of the actual performance achieved by asecurity, or viewed as a substitute for the actual security in your portfolio.Actual results of a security may differ substantially from the historicalperformance shown for a category and may include an individual client incurringa loss. Past performance is no guarantee of future results.

Asset AllocationThe weighting of the portfolio in various asset classes, including "Other" isshown in this graph and table. "Other" includes security types that are notneatly classified in the other asset classes, such as convertible bonds andpreferred stocks.

In the graph and table, allocation to the classes is shown for long positions,short positions, and net (long positions net of short) positions. These newportfolio statistics help investors look "under the hood" of a portfolio. Thesestatistics summarize what the managers are buying and how they arepositioning the portfolio. When short positions are captured in these portfoliostatistics, investors get a more robust description of the funds' exposure andrisk.

Most managed product portfolios hold fairly conventional securities, such aslong positions in stocks and bonds. Other portfolios use other investmentstrategies or securities, such as short positions or derivatives, to reducetransaction costs, enhance returns, or reduce risk. Some of these securities andstrategies behave like conventional securities, while others have unique returnand risk characteristics.

Most portfolios take long positions in securities. Long positions involve buyingthe security outright and then selling it later, with the hope that the securityprice rises over time. In contrast, short positions are taken to benefit fromanticipated price declines. In this type of transaction, the investor borrows thesecurity from another investor, sells it and receives cash, and then is obligatedto buy it back at some point in the future. If the price falls after the short sale,the investor will have sold high and can now buy low to close the short positionand lock in a profit. However, if the price of the security increases after theshort sale, the investor will experience losses by buying it at a higher price thanthe sale price.

The strategy of selling securities short is prevalent in specialized portfolios,such as long-short, market-neutral, bear-market, and hedge funds. Mostconventional portfolios do not typically short securities, although they mayreserve the right to do so under special circumstances. Funds may also shortderivatives, and this is sometimes more efficient than shorting individualsecurities. Short positions produce negative exposure to the security that isbeing shorted. This means that when the security rises in value, the shortposition will fall in value and vice versa. Morningstar's portfolio statistics willcapture this negative exposure. For example, if a fund has many short stockpositions, the percent of assets in stocks in the asset allocation breakdown maybe negative. Funds must provide their broker with cash collateral for the shortposition, so funds that short often have a large cash position, sometimes evenexceeding 100% cash.

World RegionsThis data set provides a broad breakdown of a portfolio's geographicalexposure, by region and by market maturity. Only non-cash long equity assetsare evaluated in determining the exposure. Not Classified indicates thepercentage of the equity portion of the portfolio for which Morningstar is unableto assess region or origin.

Stock SectorsThis table shows the percentage of the portfolio's long equity assets invested ineach of the three supersectors (Cyclical, Sensitive, and Defensive) and 11 majorindustry subclassifications. The Sector Graph accompanying the tabledemonstrates the sector orientation of the portfolio.

Fixed Income SectorsThis table shows the percentage of the portfolio's long fixed income assetsinvested in each of the six supersectors (Government, Municipal, Corporate,Securitized, Cash & Equivalents, and Derivative). The Sector Graphaccompanying the table demonstrates the sector weighting of the portfolioagainst the benchmark.

Morningstar Style Box DiversificationThe Morningstar Style Box reveals a fund's investment style as of the datenoted on this report.

For equity funds the vertical axis shows the market capitalization of the longstocks owned and the horizontal axis shows investment style (value, blend, orgrowth).

For fixed-income funds, the vertical axis shows the credit quality of the longbonds owned and the horizontal axis shows interest rate sensitivity as




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measured by a bond's effective duration.

Morningstar seeks credit rating information from fund companies on a periodicbasis (e.g., quarterly). In compiling credit rating information Morningstar acceptscredit ratings reported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations (NRSROs). For a list of allNRSROs, please visithttp://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally,Morningstar accepts foreign credit ratings from widely recognized or registeredrating agencies. If two rating organizations/agencies have rated a security, fundcompanies are to report the lower rating; if three or moreorganizations/agencies have rated a security, fund companies are to report themedian rating, and in cases where there are more than two organization/agencyratings and a median rating does not exist, fund companies are to use the lowerof the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself anNRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time.

For credit quality, Morningstar combines the credit rating information providedby the fund companies with an average default rate calculation to come up witha weighted-average credit quality. The weighted-average credit quality iscurrently a letter that roughly corresponds to the scale used by a leadingNRSRO. 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 arethose whose weighted-average credit quality is determined to be less than"BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; andhigh are those with a weighted-average credit quality of "AA-" or higher. Whenclassifying a bond portfolio, Morningstar first maps the NRSRO credit ratings ofthe underlying holdings to their respective default rates (as determined byMorningstar's analysis of actual historical default rates). Morningstar thenaverages these default rates to determine the average default rate for the entirebond fund. Finally, Morningstar maps this average default rate to itscorresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companies theaverage effective duration. Generally, Morningstar classifies a fixed-incomefund's interest-rate sensitivity based on the effective duration of theMorningstar Core Bond Index (MCBI), which is currently three years. Theclassification of Limited will be assigned to those funds whose averageeffective duration is between 25% to 75% of MCBI's average effective duration;funds whose average effective duration is between 75% to 125% of the MCBIwill be classified as Moderate; and those that are at 125% or greater of theaverage effective duration of the MCBI will be classified as Extensive.

For municipal bond funds, Morningstar also obtains from fund companies theaverage effective duration. In these cases static breakpoints are utilized. Thesebreakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: morethan 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. Inaddition, for non-US taxable and non-US domiciled fixed income funds staticduration 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: greaterthan 6 years.

The below referenced data elements are a weighted average of the longholdings in the portfolio.

Price/Earnings Ratio: The asset-weighted average of the price/earnings ratiosof the stocks in the portfolio. The P/E ratio of a stock is calculated by dividingthe current price of the stock by its trailing 12-months’ earnings per share.

Price/Cashflow: The asset-weighted average of the price/cash flow ratios ofstocks in a portfolio. Price/cash flow shows the ability of a business to

generate cash and acts as a gauge of liquidity and solvency.

Price/Book Ratio is a weighted average of the price/book ratios of all the stocksin the underlying fund's portfolio. The P/B ratio of a company is calculated bydividing the market price of its stock by the company's per-share book value.Stocks with negative book values are excluded from this calculation.

Price/Sales is the asset-weighted average of the portfolio's stock's pricesdivided by the respective company's sales per share.

Geometric Average Capitalization is the overall size of a stock fund's portfolio asthe geometric mean of the market capitalization for all of the stocks it owns. It'scalculated by raising the market capitalization of each stock to a power equal tothat stock's stake in the portfolio. The resulting numbers are multiplied togetherto produce the geometric mean of the market caps of the stocks in the portfolio,which is reported as geometric average cap.

Effective duration is a time measure of a bond's interest-rate sensitivity. Incomputing the average, Morningstar weights the duration of each fixed-incomeholding within the portfolio by the percentage of fixed income assets itrepresents compared with the entire portfolio.

Effective maturity is used for holdings in the taxable fixed-income category. Thisis a weighted average of all the maturities of the bonds in a portfolio, computedby weighting each maturity date by the market value of the security.

Credit quality breakdowns are shown for corporate-bond holdings and depict thequality of bonds in the underlying portfolio. The report shows the percentage offixed-income securities that fall within each credit quality rating as assigned byan NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR)category.

Top 10 Underlying HoldingsThis section indicates the 10 most heavily weighted underlying holdings in theportfolio. It identifies the percentage of assets that each holding represents inthe portfolio, the security type, the sector classification, and the country oforigin.

Disclosure for Risk/Reward Graph

General DisclosuresThis report is intended as supplemental sales literature and must be preceded oraccompanied by current prospectus or equivalent. Please read these carefullybefore investing. Morningstar is not itself a FINRA-member firm.

The information contained in this report is from the most recent informationavailable to Morningstar as of the release date, and may or may not be anaccurate reflection of the current composition of the securities included in theportfolio. There is no assurance that the weightings, compositions, and ratioswill remain the same.

Morningstar Investment Management LLC, both a registered investment adviserand wholly owned subsidiary of Morningstar, Inc., provides various institutionalinvestment consulting services, including asset allocation advice to investmentadvisers who have or will be creating a fund-of-fund/asset allocation product.However, despite the fact that such relationships may exist, the informationdisplayed for those products will not be influenced as they are objectivemeasures and/or are derived by quantitative driven formulas (i.e., MorningstarRating).




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Notes Regarding Included SecuritiesA closed-end fund is an investment company, which typically makes one publicoffering of a fixed number of shares. Thereafter, shares are traded on asecondary market such as the New York Stock Exchange. As a result, thesecondary market price may be higher or lower than the closed-end fund's netasset value (NAV). If these shares trade at a price above their NAV, they aresaid to be trading at a premium. Conversely, if they are trading at a price belowtheir NAV, they are said to be trading at a discount.

An exchange-traded fund (ETF) is an investment company that typically has aninvestment objective of striving to achieve a similar return as a particular marketindex. The ETF will invest in either all or a representative sample of thesecurities included in the index it is seeking to imitate. ETFs can be traded on asecondary market and thus have a market price that may be higher or lower thanits net asset value. If these shares trade at a price above their NAV, they aresaid to be trading at a premium. Conversely, if they are trading at a price belowtheir NAV, they are said to be trading at a discount.

A holding company depository receipt (HOLDR) is similar to an ETF, but isfocused on narrow industry groups and initially owns 20 stocks which areunmanaged, and can become more concentrated due to mergers, or thedisparate performance of their holdings. HOLDRs can only be bought in 100-share increments. Investors may exchange shares of a HOLDR for its underlyingstocks at any time.

A money market fund is an investment company that invests in commercialpaper, banker's acceptances, repurchase agreements, government securities,certificates of deposit and other highly liquid securities, and pays money marketrates of interest. Money markets are not FDIC-insured, may lose money, and arenot guaranteed by a bank or other financial institution.

Variable annuities are tax-deferred investments structured to convert a sum ofmoney into a series of payments over time. Variable annuity policies havelimitations and are not viewed as short-term liquid investments. An insurancecompany's fulfillment of a commitment to pay a minimum death benefit, aschedule of payments, a fixed investment account guaranteed by the insurancecompany, or another form of guarantee depends on the claims-paying ability ofthe issuing insurance company. Any such guarantee does not affect or apply tothe investment return or principal value of the separate account and itssubaccount. The financial ratings quoted for an insurance company do not applyto the separate account and its subaccount.

Variable life insurance is a cash-value life insurance product that has a variablecash value and/or death benefit depending on the investment performance ofthe subaccount into which premium payments are invested. Unlike traditionallife insurance, variable life insurance has inherent risks associated with it,including market volatility, and is not viewed as a short-term liquid investment.For more information on a variable life product, including each subaccount,please read the current prospectus. Please note, the financial ratings noted onthe report are quoted for an insurance company and do not apply to the separateaccount and its subaccount.

Before investing in a 529 portfolio, an investor should consider whether theinvestor's or designated beneficiary's home state offers any state tax or otherbenefits that are only available for investments in such state's 529 collegesavings plan.

A bond is a debt security. When an investor purchases a bond, the purchaseamount is lent to a government, municipality, corporation or other entity knownas an issuer. The issuer promises to pay a specified rate of interest during thelife of the bond and repay the face value of the bond when it matures.Individual bond issue data, price evaluations, and effective duration are

provided by Interactive Data Corporation.

General Performance DisclosureThe Performance data given represents past performance and shouldnot be considered indicative of future results. Principal value andinvestment return will fluctuate, so that an investor’s shares and/orunits when redeemed may be worth more or less than the originalinvestment. Securities in this report are not FDIC-insured, may losevalue, and are not guaranteed by a bank or other financial institution.

Total Return/Non Load-Adjusted ReturnTotal return (also called “Non Load-Adjusted Return” in some reports) reflectsperformance without adjusting for sales charges or the effects of taxation, but isadjusted to reflect all actual ongoing fund expenses, and assumes reinvestmentof dividends and capital gains. It is the return an investor would haveexperienced if the security was held throughout the period. If adjusted for salescharges and the effects of taxation, the performance quoted would besignificantly reduced.

For mutual funds, the analysis in this report may be based, in part, on historicalreturns for periods prior to the historical performance of the fund’s oldest shareclass, adjusted to reflect the fees and expenses of this share class. While theinclusion of preinception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware thatan adjusted historical return can provide only an approximation of that behavior.For example, the fee structures between a retail share class will vary from thatof an institutional share class, as retail share classes tend to have higheroperating expense and sales charges. These adjusted historical returns are notactual returns. Calculation methodologies utilized by Morningstar may differfrom those provided by other entities, including the fund itself. If mutual fundpreinception data is included in this report, this data will be represented in thereport in italics.

For variable annuity and variable life subaccounts, total return reflects theinvestment experience of a subaccount since its inception, and extended to theperformance history of the underlying insurance fund. Total returns are adjustedto reflect fees & expenses, such as M&E charges, administrative fees, contractcharges, fund-level expenses such as management fees and operating fees.Return is not adjusted to reflect front-end loads or surrender fees. It reflects thereturn that would be earned by an investor who held the security through theperiod shown, but did not buy at the beginning or sell at the end. If adjusted forthe effects of loads, surrender fees, and taxation, the subaccount returns wouldbe significantly reduced. When subaccount returns reflect pre-inception data, itwill be represented in italics.

All separate account performance data is reported as a "composite" of similarlymanaged portfolios. As such, investors in the same separate account may haveslightly different portfolio holdings because each investor has customizedaccount needs, tax considerations and security preferences. The method forcalculating composite returns can vary.

The composite performance for each separate account manager may differ fromactual returns in specific client accounts during the same period for a number ofreasons. Different separate account managers may use different methods inconstructing or computing performance figures. Thus, performance and riskfigures for different separate account managers may not be fully comparable toeach other. Likewise, performance and risk information of certain separateaccount managers may include only composites of larger accounts, which mayor may not have more holdings, different diversification, different tradingpatterns and different performance than smaller accounts with the samestrategy.




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Finally, composite performance of the separate account offered by the moneymanager may or may not reflect the reinvestment of dividends and capital gains.

Gross returns are collected on a monthly and quarterly basis for separateaccounts and commingled pools. This information is collected directly from theasset management firm running the product(s). Morningstar calculates totalreturns, using the raw data (gross monthly and quarterly returns), collected fromthese asset management firms.

The performance data reported by the separate account managers will notrepresent actual performance net of management fees, brokerage commissionsor other expenses. Management fees as well as other expenses a client mayincur will reduce individual returns for that client. Because fees are deductedregularly, the compounding effect will be to increase the impact of the feededuction on gross account performance by a greater percentage than that ofthe annual fee charged. For example, if an account is charged a 1%management fee per year and has gross performance of 12% during that sameperiod, the compounding effect of the quarterly fee assessments will result inan actual return of approximately 10.9%. Clients should refer to the disclosuredocument of the separate account manager and their advisor for specificinformation regarding fees and expenses.

For closed-end funds, total return reflects month-end performance withoutadjusting for the effects of taxation or brokerage commissions, but is adjustedto reflect all ongoing fund expenses. If adjusted, the effects of taxation andcommissions would reduce the performance quoted. Market return and NAVreturn are both presented. Market return provides a good representation ofinvestor experience, whereas NAV return provides a good measure of managerexperience. Return assumes reinvestment of dividends and capital gains.

For ETFs and HOLDRs, total return reflects month-end performance withoutadjusting for brokerage commissions and the effects of taxation, but is adjustedto reflect all actual ongoing ETF fund expenses. If adjusted, the effects ofbrokerage commissions and taxation would reduce the performance quoted.Market return and NAV return are both presented. Market return provides agood representation of investor experience, whereas NAV return provides agood measure of manager experience. Return assumes reinvestment ofdividends and capital gains.

529 Portfolio total return data is collected in one of two ways: the 529 planprovides it or Morningstar calculates it based on the underlying holdings of the529 portfolio.

When collected from the 529 plan, total return reflects performance withoutadjusting for sales charges or the effects of taxation, but is adjusted to reflectall actual ongoing fund expenses and assumes reinvestment of dividends andcapital gains. If adjusted for sales charges and the effects of taxation, theperformance quoted would be reduced.

If the 529 plan only supplies Morningstar with the underlying holdings,Morningstar will calculate the performance of the 529 portfolio based on itsunderlying holdings. Most of the holdings will be investments that Morningstartracks such as mutual funds and equities. If, however, there is a holding type forwhich Morningstar does not have data (for example, bonds, cash, moneymarkets, etc.) then the total return calculated will be a weighted average of theholdings for which we have return data. All other underlying holdings will beclassified as "other" and will not factor into the total return calculations. WhenMorningstar calculates the total return based on the underlying holdings,adjusted historical returns are never used in the calculations.

Variable Life ReturnPlease refer to the hypothetical illustration in the prospectus which,

among other things, shows the effect that fees and charges have onperformance. We urge investors to obtain a personalized illustrationthat reflects the costs of insurance protection.

Risk/Reward GraphThe graph plots the return and risk (measured by standard deviation) for aselection of securities and a benchmark index for the trailing period identified inthe report. The table beneath the graph identifies the specific risk and returnplot points for the graphed securities and the benchmark index.

The returns noted for a security reflect any sales charges that were applied inthe illustration over the time period selected, but do not reflect impacts oftaxation. If impacts of taxation were reflected, the returns would be lower thanthose indicated in the report.

The return plotted in the graph is mean geometric return. Standard deviation isa statistical measure of the volatility of the security’s or portfolio’s returns inrelation to the mean return. The larger the standard deviation, the greater thevolatility of return in relation to the mean return.

Stock Intersection ReportDisclosure Statement

Used as supplemental sales literature, the Stock Intersection report must bepreceded or accompanied by the fund's/policy's current prospectus orequivalent. In all cases, this disclosure statement should accompany the StockIntersection report. Morningstar is not itself a FINRA-member firm. Informationcontained in the report is from the most recent information available toMorningstar.

The Stock Intersection report reviews the top 50 holdings in the portfolio toidentify, at a glance, the portfolio's overall weighting in a particular security orsector. This report only displays the top 50 holdings; the investor's portfolio mayhold substantially more.

Note that while the investor does not own the securities held by an open-endfund, closed-end fund, or similar investment, the holdings are relevant inreviewing the overall asset allocation and diversification. This report is not anoffer or recommendation by Morningstar to purchase or liquidate any securitylisted.

Percentage of PortfolioThe Percentage of Portfolio column indicates the percentage of net assets anygiven security (either as an individual holding or as an underlying stock) makesup as an overall position of the portfolio.

Holding Portfolio DateThe Portfolio Date is the date that the fund's portfolio was last updated. Whenmaking comparisons among funds, it is an important date to keep in mind.Although Morningstar tries to ensure that we receive timely information, wedon't always receive current information from fund companies. By law, fundsneed only report this information two times during the calendar year, and theyhave two months after the report date to actually release the shareholder reportand portfolio. Therefore, it is possible that a fund's portfolio could be up to eightmonths old at the time of publication.

SectorMorningstar breaks down all equities into the following sectors: ConsumerDefensive, Healthcare, Utilities, Communication Services, Energy, Industrials,




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Technology, Basic Materials, Consumer Cyclical, Financial Services, and RealEstate.

Mutual Fund Detail ReportDisclosure Statement

The Mutual Fund Detail Report is supplemental sales literature, and thereforemust be preceded or accompanied by the mutual fund’s current prospectus or anequivalent statement. Please read this information carefully. In all cases, thisdisclosure statement should accompany the Mutual Fund Detail Report.Morningstar is not itself a FINRA-member firm.

All data presented is based on the most recent information available toMorningstar as of the release date and may or may not be an accurate reflectionof current data for securities included in the fund’s portfolio. There is noassurance that the data will remain the same.

Unless otherwise specified, the definition of “funds” used throughout thisDisclosure Statement includes closed-end funds, exchange-traded funds,grantor trusts, index mutual funds, open-ended mutual funds, and unitinvestment trusts. It does not include exchange-traded notes or exchange-tradedcommodities.

Prior to 2016, Morningstar’s methodology evaluated open-end mutual funds andexchange-traded funds as separate groups. Each group contained a subset ofthe current investments included in our current comparative analysis. In thisreport, historical data presented on a calendar-year basis and trailing periodsending at the most-recent month-end reflect the updated methodology.

Risk measures (such as alpha, beta, r-squared, standard deviation, mean, orSharpe ratio) are calculated for securities or portfolios that have at least athree-year history.

Most Morningstar rankings do not include any adjustment for one-time salescharges, or loads. Morningstar does publish load-adjusted returns, and rankssuch returns within a Morningstar Category in certain reports. The total returnsfor ETFs and fund share classes without one-time loads are equal toMorningstar’s calculation of load-adjusted returns. Share classes that aresubject to one-time loads relating to advice or sales commissions have theirreturns adjusted as part of the load-adjusted return calculation to reflect thoseloads.

Comparison of Fund TypesFunds, including closed-end funds, exchange-traded funds (ETFs), money marketfunds, open-end funds, and unit investment trusts (UITs), have many similarities,but also many important differences. In general, publically-offered funds areinvestment companies registered with the Securities and Exchange Commissionunder the Investment Company Act of 1940, as amended. Funds pool moneyfrom their investors and manage it according to an investment strategy orobjective, which can vary greatly from fund to fund. Funds have the ability tooffer diversification and professional management, but also involve risk,including the loss of principal.

A closed-end fund is an investment company, which typically makes one publicoffering of a fixed number of shares. Thereafter, shares are traded on asecondary market. As a result, the secondary market price may be higher orlower than the closed-end fund's net asset value (NAV). If these shares trade ata price above their NAV, they are said to be trading at a premium. Conversely, if

they are trading at a price below their NAV, they are said to be trading at adiscount. A closed-end mutual fund’s expense ratio is an annual fee charged toa shareholder. It includes operating expenses and management fees, but doesnot take into account any brokerage costs. Closed-end funds may also have 12b-1 fees. Income distributions and capital gains of the closed-end fund are subjectto income tax, if held in a taxable account.




An open-end fund is an investment company that issues shares on a continuousbasis. Shares can be purchased from the open-end mutual fund itself, orthrough an intermediary, but cannot be traded on a secondary market, such asthe New York Stock Exchange. Investors pay the open-end mutual fund’s currentnet asset value plus any initial sales loads. Net asset value is calculated daily,at the close of business. Open-end mutual fund shares can be redeemed, or soldback to the fund or intermediary, at their current net asset value minus anydeferred sales loads or redemption fees. The expense ratio for an open-endmutual fund is an annual fee charged to a shareholder. It includes operatingexpenses and management fees, but does not take into account any brokeragecosts. Open-end funds may also have 12b-1 fees. Income distributions andcapital gains of the open-end fund are subject to income tax, if held in a taxableaccount.

A unit investment trust (UIT) is an investment company organized under a trustagreement between a sponsor and trustee. UITs typically purchase a fixedportfolio of securities and then sell units in the trust to investors. The majordifference between a UIT and a mutual fund is that a mutual fund is activelymanaged, while a UIT is not. On a periodic basis, UITs usually distribute to theunit holder their pro rata share of the trust's net investment income and netrealized capital gains, if any. If the trust is one that invests only in tax-freesecurities, then the income from the trust is also tax-free. UITs generally makeone public offering of a fixed number of units. However, in some cases, the




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sponsor will maintain a secondary market that allows existing unit holders tosell their units and for new investors to buy units. A one-time initial salescharge is deducted from an investment made into the trust. UIT investors mayalso pay creation and development fees, organization costs, and/or trustee andoperation expenses. UIT units may be redeemed by the sponsor at their netasset value minus a deferred sales charge, and sold to other investors. UITshave set termination dates, at which point the underlying securities are sold andthe sales proceeds are paid to the investor. Typically, a UIT investment is rolledover into successive trusts as part of a long-term strategy. A rollover fee may becharged for the exercise of rollover purchases. There are tax consequencesassociated with rolling over an investment from one trust to the next.

PerformanceThe performance data given represents past performance and should not beconsidered indicative of future results. Principal value and investment return willfluctuate, so that an investor's shares, when sold, may be worth more or lessthan the original investment. Fund portfolio statistics change over time. Fundsare not FDIC-insured, may lose value, and are not guaranteed by a bank or otherfinancial institution.

Morningstar calculates after-tax returns using the highest applicable federalmarginal income tax rate plus the Medicare surcharge. As of 2016, this rate is39.6% plus 0.9% Medicare surcharge, or 40.5%, this has been unchanged since2013. This rate changes periodically in accordance with changes in federal law.

Pre-Inception ReturnsThe analysis in this report may be based, in part, on adjusted historical returnsfor periods prior to the inception of the share class of the fund shown in thisreport (“Report Share Class”). If pre-inception returns are shown, a performancestream consisting of the Report Share Class and older share class(es) is created.Morningstar adjusts pre-inception returns downward to reflect higher expensesin the Report Share Class, we do not hypothetically adjust returns upwards forlower expenses. For more information regarding calculation of pre-inceptionreturns please see the Morningstar Extended Performance Methodology.

When pre-inception data is presented in the report, the header at thetop of the report will indicate this. In addition, the pre-inception dataincluded in the report will appear in italics.

While the inclusion of pre-inception data provides valuable insight into theprobable long-term behavior of newer share classes of a fund, investors shouldbe aware that an adjusted historical return can only provide an approximation ofthat behavior. For example, the fee structures of a retail share class will varyfrom that of an institutional share class, as retail shares tend to have higheroperating expenses and sales charges. These adjusted historical returns are notactual returns. The underlying investments in the share classes used tocalculate the pre-performance string will likely vary from the underlyinginvestments held in the fund after inception. Calculation methodologies utilizedby Morningstar may differ from those applied by other entities, including thefund itself.

12b1 Expense %A 12b-1 fee is a fee used to pay for a mutual fund’s distribution costs. It is oftenused as a commission to brokers for selling the fund. The amount of the fee istaken from a fund’s returns.

AlphaAlpha is a measure of the difference between a security or portfolio’s actualreturns and its expected performance, given its level of risk (as measured bybeta.) Alpha is often seen as a measure of the value added or subtracted by a

portfolio manager.

Asset AllocationAsset Allocation reflects asset class weightings of the portfolio. The “Other”category includes security types that are not neatly classified in the other assetclasses, such as convertible bonds and preferred stocks, or cannot be classifiedby Morningstar as a result of missing data. Morningstar may display assetallocation data in several ways, including tables or pie charts. In addition,Morningstar may compare the asset class breakdown of the fund against itsthree-year average, category average, and/or index proxy.

Asset allocations shown in tables may include a breakdown among the long,short, and net (long positions net of short) positions. These statistics summarizewhat the fund’s managers are buying and how they are positioning the fund’sportfolio. When short positions are captured in these portfolio statistics,investors get a more robust description of the fund’s exposure and risk. Longpositions involve buying the security outright and selling it later, with the hopethe security’s price rises over time. Short positions are taken with the hope ofbenefitting from anticipated price declines. The investor borrows the securityfrom another investor, sells it and receives cash, and then is obligated to buy itback at some point in the future. If the price falls after the short sale, theinvestor will have sold high and can buy low to close the short position and lockin a profit. However, if the price of the security increases after the short sale,the investor will experience a loss buying it at a higher price than the sale price.

Most fund portfolios hold fairly conventional securities, such as long positions inequities and bonds. Morningstar may generate a colored pie chart for theseportfolios. Other portfolios use other investment strategies or securities, such asshort positions or derivatives, in an attempt to reduce transaction costs,enhance returns, or reduce risk. Some of these securities and strategies behavelike conventional securities, while other have unique return and riskcharacteristics. Portfolios that incorporate investment strategies resulting inshort positions or portfolio with relatively exotic derivative positions often reportdata to Morningstar that does not meet the parameters of the calculationunderlying a pie chart’s generation. Because of the nature of how thesesecurities are reported to Morningstar, we may not always get completeportfolio information to report asset allocation. Morningstar, at its discretion,may determine if unidentified characteristics of fund holdings are material.Asset allocation and other breakdowns may be rescaled accordingly so thatpercentages total to 100 percent. (Morningstar used discretion to determine ifunidentified characteristics of fund holdings are material, pie charts and otherbreakdowns may rescale identified characteristics to 100% for more intuitivepresentation.)

Note that all other portfolio statistics presented in this report are based on thelong (or long rescaled) holdings of the fund only.

Average Effective DurationDuration is a time measure of a bond's interest-rate sensitivity. Averageeffective duration is a weighted average of the duration of the fixed-incomesecurities within a portfolio.

Average Effective MaturityAverage Effective Maturity is a weighted average of the maturities of all bondsin a portfolio.

Average Weighted CouponA coupon is the fixed annual percentage paid out on a bond. The averageweighted coupon is the asset-weighted coupon of each bond in the portfolio.

Average Weighted PriceAverage Weighted Price is the asset-weighted price of bonds held in a portfolio,




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expressed as a percentage of par (face) value. This number reveals if theportfolio favors bonds selling at prices above or below par value (premium ordiscount securities respectively.)

Best Fit IndexAlpha, beta, and R-squared statistics are presented for a broad market indexand a “best fit” index. The Best Fit Index identified in this report wasdetermined by Morningstar by calculating R-squared for the fund againstapproximately 100 indexes tracked by Morningstar. The index representing thehighest R-squared is identified as the best fit index. The best fit index may notbe the fund’s benchmark, nor does it necessarily contain the types of securitiesthat may be held by the fund or portfolio.

BetaBeta is a measure of a security or portfolio’s sensitivity to market movements(proxied using an index.) A beta of greater than 1 indicates more volatility thanthe market, and a beta of less than 1 indicates less volatility than the market.

Credit Quality BreakdownCredit Quality breakdowns are shown for corporate-bond holdings in the fund’sportfolio and depict the quality of bonds in the underlying portfolio. It shows thepercentage of fixed-income securities that fall within each credit-quality ratingas assigned by a Nationally Recognized Statistical Rating Organization (NRSRO).Bonds not rated by an NRSRO are included in the Other/Not-Classified category.

Deferred Load %The back-end sales charge or deferred load is imposed when an investorredeems shares of a fund. The percentage of the load charged generallydeclines the longer the fund’s shares are held by the investor. This charge,coupled with 12b-1 fees, commonly serves as an alternative to a traditionalfront-end load.

Expense Ratio %The expense ratio is the annual fee that all funds charge their shareholders. Itexpresses the percentage of assets deducted each fiscal year for fund expenses,including 12b-1 fees, management fees, administrative fees, operating costs,and all other asset-based costs incurred by the fund. Portfolio transaction fees,or brokerage costs, as well as front-end or deferred sales charges are notincluded in the expense ratio. The expense ratio, which is deducted from thefund’s average net assets, is accrued on a daily basis. The gross expense ratio,in contrast to the net expense ratio, includes interest and dividends on borrowedsecurities but does not reflect any fee waivers in effect during the time period.

Front-end Load %The initial sales charge or front-end load is a deduction made from eachinvestment in the fund and is generally based on the amount of the investment.

Geometric Average Market CapitalizationGeometric Average Market Capitalization is a measure of the size of thecompanies in which a portfolio invests.

Growth of 10,000For funds, this graph compares the growth of an investment of 10,000 (in thebase currency of the fund) with that of an index and/or with that of the averagefor all funds in its Morningstar Category. The total returns are not adjusted toreflect sales charges or the effects of taxation but are adjusted to reflect actualongoing fund expenses, and they assume reinvestment of dividends and capitalgains. If adjusted, effects of sales charges and taxation would reduce theperformance quoted. If pre-inception data is included in the analysis, it will begraphed.

The index in the Growth of 10,000 graph is an unmanaged portfolio of specifiedsecurities and cannot be invested in directly. The index does not reflect anyinitial or ongoing expenses. A fund's portfolio may differ significantly from thesecurities in the index. The index is chosen by Morningstar.

Management Fees %The management fee includes the management and administrative fees listed inthe Management Fees section of a fund’s prospectus. Typically, these feesrepresent the costs shareholders paid for management and administrativeservices over the fund’s prior fiscal year.

Maximum Redemption Fee %The Maximum Redemption Fee is the maximum amount a fund may charge ifredeemed in a specific time period after the fund’s purchase (for example, 30,180, or 365 days).

MeanMean is the annualized geometric return for the period shown.

Morningstar Analyst Rating™The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjectiveevaluation performed by Morningstar’s manager research group, which consistsof various Morningstar, Inc. subsidiaries (“Manager Research Group”). In theUnited States, that subsidiary is Morningstar Research Services LLC, which isregistered with and governed by the U.S. Securities and Exchange Commission.The Manager Research Group evaluates funds based on five key pillars, whichare process, performance, people, parent, and price. The Manager ResearchGroup uses this five pillar evaluation to determine how they believe funds arelikely to perform relative to a benchmark, or in the case of exchange-tradedfunds and index mutual funds, a relevant peer group, over the long term on arisk-adjusted basis. They consider quantitative and qualitative factors in theirresearch, and the weight of each pillar may vary. The Analyst Rating scale isGold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating ofGold, Silver, or Bronze reflects the Manager Research Group’s conviction in afund’s prospects for outperformance. Analyst Ratings ultimately reflect theManager Research Group’s overall assessment, are overseen by an AnalystRating Committee, and are continuously monitored and reevaluated at leastevery 14 months. For more detailed information about Morningstar’s AnalystRating, including its methodology, please go toglobal.morningstar.com/managerdisclosures/.

The Morningstar Analyst Rating (i) should not be used as the sole basis inevaluating a fund, (ii) involves unknown risks and uncertainties which may causethe Manager Research Group’s expectations not to occur or to differsignificantly from what they expected, and (iii) should not be considered an offeror solicitation to buy or sell the fund.

Morningstar CategoryMorningstar Category is assigned by placing funds into peer groups based ontheir underlying holdings. The underlying securities in each portfolio are theprimary factor in our analysis as the investment objective and investmentstrategy stated in a fund’s prospectus may not be sufficiently detailed for ourproprietary classification methodology. Funds are placed in a category based ontheir portfolio statistics and compositions over the past three years. Analysis ofperformance and other indicative facts are also considered. If the fund is newand has no portfolio history, Morningstar estimates where it will fall beforegiving it a permanent category assignment. Categories may be changed basedon recent changes to the portfolio.

Morningstar RankMorningstar Rank is the total return percentile rank within each MorningstarCategory. The highest (or most favorable) percentile rank is zero and the lowest




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(or least favorable) percentile rank is 100. Historical percentile ranks are basedon a snapshot of a fund at the time of calculation.

Morningstar Rating™The Morningstar Rating™ for funds, or "star rating", is calculated for managedproducts (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at leasta three-year history. Exchange-traded funds and open-ended mutual funds areconsidered a single population for comparative purposes. It is calculated basedon a Morningstar Risk-Adjusted Return measure that accounts for variation in amanaged product's monthly excess performance, placing more emphasis ondownward variations and rewarding consistent performance. The top 10% ofproducts in each product category receive 5 stars, the next 22.5% receive 4stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and thebottom 10% receive 1 star. The Overall Morningstar Rating for a managedproduct is derived from a weighted average of the performance figuresassociated with its three-, five-, and 10-year (if applicable) Morningstar Ratingmetrics. The weights are: 100% three-year rating for 36-59 months of totalreturns, 60% five-year rating/40% three-year rating for 60-119 months of totalreturns, and 50% 10-year rating/30% five-year rating/20% three-year rating for120 or more months of total returns. While the 10-year overall star ratingformula seems to give the most weight to the 10-year period, the most recentthree-year period actually has the greatest impact because it is included in allthree rating periods.

Morningstar ReturnThe Morningstar Return rates a fund’s performance relative to other managedproducts in its Morningstar Category. It is an assessment of a product's excessreturn over a risk-free rate (the return of the 90-day Treasury Bill) in comparisonwith the products in its Morningstar category. In each Morningstar category,the top 10% of products earn a High Morningstar Return (High), the next 22.5%Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% BelowAverage (-Ave), and the bottom 10% Low (Low). Morningstar Return ismeasured for up to three time periods (three, five, and 10 years). Theseseparate measures are then weighted and averaged to produce an overallmeasure for the product. Products with less than three years of performancehistory are not rated.

Morningstar RiskMorningstar Risk evaluates a fund’s downside volatility relative to that of otherproducts in its Morningstar Category. It is an assessment of the variations inmonthly returns, with an emphasis on downside variations, in comparison withthe products in its Morningstar category. In each Morningstar category, the 10%of products with the lowest measured risk are described as Low Risk (Low), thenext 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk ismeasured for up to three time periods (three, five, and 10 years). Theseseparate measures are then weighted and averaged to produce an overallmeasure for the product. Products with less than three years of performancehistory are not rated.

Morningstar Style Box™The Morningstar Style Box™ reveals a fund’s investment strategy as of the datenoted on this report.

For equity funds, the vertical axis shows the market capitalization of the longstocks owned, and the horizontal axis shows the investment style (value, blend,or growth.) A darkened square in the style box indicates the weighted averagestyle of the portfolio.

For fixed-income funds, the vertical axis shows the credit quality of the longbonds owned and the horizontal axis shows interest-rate sensitivity as

measured by a bond's effective duration. Morningstar seeks credit ratinginformation from fund companies on a periodic basis (for example, quarterly). Incompiling credit rating information, Morningstar accepts credit ratings reportedby fund companies that have been issued by all Nationally RecognizedStatistical Rating Organizations. For a list of all NRSROs, please visithttp://www.sec.gov/divisions/marketreg/ ratingagency.htm. Additionally,Morningstar accepts foreign credit ratings from widely recognized or registeredrating agencies. If two rating organizations/ agencies have rated a security, fundcompanies are to report the lower rating; if three or moreorganizations/agencies have rated a security, fund companies are to report themedian rating; and in cases where there are more than two organization/agencyratings and a median rating does not exist, fund companies are to use the lowerof the two middle ratings.

Please Note: Morningstar, Inc. is not an NRSRO nor does it issue a credit ratingon the fund. NRSRO or rating agency ratings can change from time to time.

For credit quality, Morningstar combines the credit rating information providedby the fund companies with an average default rate calculation to come up witha weighted-average credit quality. The weighted-average credit quality iscurrently a letter that roughly corresponds to the scale used by a leadingNRSRO. Bond funds are assigned a style box placement of “low,” “medium,” or“high” based on their average credit quality. Funds with a "low" credit qualityare 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 creditratings of the underlying holdings to their respective default rates (asdetermined by Morningstar’s analysis of actual historical default rates).Morningstar then averages these default rates to determine the average defaultrate for the entire bond fund. Finally, Morningstar maps this average defaultrate to its corresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companies theaverage effective duration. Generally, Morningstar classifies a fixed-incomefund's interest-rate sensitivity based on the effective duration of theMorningstar Core Bond Index, which is currently three years. The classificationof Limited will be assigned to those funds whose average effective duration isbetween 25% to 75% of MCBI's average effective duration; funds whoseaverage effective duration is between 75% to 125% of the MCBI will beclassified as Moderate; and those that are at 125% or greater of the averageeffective duration of the MCBI will be classified as Extensive.

For municipal-bond funds, Morningstar also obtains from fund companies theaverage effective duration. In these cases, static breakpoints are used. Thesebreakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. Inaddition, for non-U.S. taxable and non-U.S. domiciled fixed-income funds, staticduration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii)Moderate: more than 3.5 years but less than or equal to 6 years; (iii) Extensive:more than 6 years.

Interest-rate sensitivity for non-U.S. domiciled funds (excluding funds inconvertible categories) may be measured with modified duration when effectiveduration is not available.

P/B Ratio TTMThe Price/Book Ratio (or P/B Ratio) for a fund is the weighted average of the P/BRatio of the stocks in its portfolio. Book value is the total assets of a company,less total liabilities. The P/B ratio of a company is calculated by dividing themarket price of its outstanding stock by the company's book value, and thenadjusting for the number of shares outstanding. Stocks with negative book




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values are excluded from this calculation. It shows approximately how much aninvestor is paying for a company’s assets based on historical valuations.

P/C Ratio TTMThe Price/Cash Flow Ratio (or P/C Ratio) for a fund is the weighted average ofthe P/C Ratio of the stocks in its portfolio. The P/C Ratio of a stock representsthe amount an investor is willing to pay for a dollar generated from a company’soperations. It shows the ability of a company to generate cash and acts as agauge of liquidity and solvency.

P/E Ratio TTMThe Price/Earnings Ratio (or P/E Ratio) for a fund is the weighted average of theP/E Ratios of the stocks in its portfolio. The P/E Ratio of a stock is the stock’scurrent price divided by the company’s trailing 12-month earnings per share. Ahigh P/E Ratio usually indicates the market will pay more to obtain thecompany’s earnings because it believes in the company’s abilities to increasetheir earnings. A low P/E Ratio indicates the market has less confidence thatthe company’s earnings will increase, however value investors may believe suchstocks have an overlooked or undervalued potential for appreciation.

Percentile Rank in CategoryPercentile Rank is a standardized way of ranking items within a peer group, inthis case, funds within the same Morningstar Category. The observation withthe largest numerical value is ranked zero the observation with the smallestnumerical value is ranked 100. The remaining observations are placed equaldistance from one another on the rating scale. Note that lower percentile ranksare generally more favorable for returns (high returns), while higher percentileranks are generally more favorable for risk measures (low risk).

Performance QuartilePerformance Quartile reflects a fund’s Morningstar Rank.

Potential Capital Gains ExposurePotential Capital Gains Exposure is an estimate of the percent of a fund’s assetsthat represent gains. It measures how much the fund’s assets haveappreciated, and it can be an indicator of possible future capital gainsdistributions. A positive potential capital gains exposure value means that thefund’s holdings have generally increased in value while a negative value meansthat the fund has reported losses on its book.

Quarterly ReturnsQuarterly Return is calculated applying the same methodology as Total Returnexcept it represents return through each quarter-end.

R-SquaredR-squared is the percentage of a security or portfolio’s return movements thatare explained by movements in its benchmark index, showing the degree ofcorrelation between the security or portfolio and the benchmark. This figure ishelpful in assessing how likely it is that beta and alpha are statisticallysignificant. A value of 1 indicates perfect correlation between the security orportfolio and its benchmark. The lower the R-squared value, the lower thecorrelation.

Regional ExposureThe regional exposure is a display of the portfolio’s assets invested in theregions shown on the report.

Sector WeightingsSuper Sectors represent Morningstar's broadest classification of equity sectorsby assigning the 11 equity sectors into three classifications. The Cyclical SuperSector includes industries significantly impacted by economic shifts, and thestocks included in these sectors generally have betas greater than 1. The

Defensive Super Sector generally includes industries that are relatively immuneto economic cycles, and the stocks in these industries generally have betas lessthan 1. The Sensitive Super Sector includes industries that ebb and flow withthe overall economy, but not severely so. Stocks in the Sensitive Super Sectorgenerally have betas that are close to 1.

Share ChangeShares Change represents the number of shares of a stock bought or sold by afund since the previously reported portfolio of the fund.

Sharpe RatioSharpe Ratio uses standard deviation and excess return (a measure of a securityor portfolio’s return in excess of the U.S. Treasury three-month Treasury Bill) todetermine the reward per unit of risk.

Standard DeviationStandard deviation is a statistical measure of the volatility of the security orportfolio’s returns. The larger the standard deviation, the greater the volatilityof return.

Standardized ReturnsStandardized Return applies the methodology described in the StandardizedReturns page of this report. Standardized Return is calculated through the mostrecent calendar-quarter end for one-year, five-year, 10-year, and/or since-inception periods, and it demonstrates the impact of sales charges (ifapplicable) and ongoing fund expenses. Standardized Return reflects the returnan investor may have experience if the security was purchased at the beginningof the period and sold at the end, incurring transaction charges.

Total ReturnTotal Return, or "Non Load-Adjusted Return", reflects performance withoutadjusting for sales charges (if applicable) or the effects of taxation, but it isadjusted to reflect all actual ongoing security expenses and assumesreinvestment of dividends and capital gains. It is the return an investor wouldhave experienced if the fund was held throughout the period. If adjusted forsales charges and the effects of taxation, the performance quoted would besignificantly reduced.

Total Return +/- indicates how a fund has performed relative to its peers (asmeasure by its Standard Index and/or Morningstar Category Index) over the timeperiods shown.

Trailing ReturnsStandardized Return applies the methodology described in the StandardizedReturns page of this report. Standardized Return is calculated through the mostrecent calendar-quarter end for one-year, five-year, 10-year, and/or since-inception periods, and it demonstrates the impact of sales charges (ifapplicable) and ongoing fund expenses. Standardized Return reflects the returnan investor may have experienced if the fund was purchased at the beginning ofthe period and sold at the end, incurring transaction charges.

Load-Adjusted Monthly Return is calculated applying the same methodology asStandardized Return, except that it represents return through month-end. Aswith Standardized Return, it reflects the impact of sales charges and ongoingfund expenses, but not taxation. If adjusted for the effects of taxation, theperformance quoted would be significantly different.

Trailing Return +/- indicates how a fund has performed relative to its peers (asmeasure by its Standard Index and/or Morningstar Category Index) over the timeperiods shown.




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ETF Detail ReportDisclosure Statement

The Exchange-Traded Fund (ETF) Detail Report is supplemental sales literature,and therefore must be preceded or accompanied by the mutual fund’s currentprospectus or an equivalent statement. Please read this information carefully. Inall cases, this disclosure statement should accompany the ETF Detail Report.Morningstar is not itself a FINRA-member firm. All data presented is based onthe most recent information available to Morningstar as of the release date andmay or may not be an accurate reflection of current data for securities includedin the fund’s portfolio. There is no assurance that the data will remain thesame.

Unless otherwise specified, the definition of “funds” used throughout thisDisclosure Statement includes closed-end funds, exchange-traded funds,grantor trusts, index mutual funds, open-ended mutual funds, and unitinvestment trusts. It does not include exchange-traded notes or exchange-tradedcommodities.

Prior to 2016, Morningstar’s methodology evaluated open-end mutual funds andexchange-traded funds as separate groups. Each group contained a subset ofthe current investments included in our current comparative analysis. In thisreport, historical data presented on a calendar-year basis and trailing periodsending at the most-recent month-end reflect the updated methodology.

Risk measures (such as alpha, beta, r-squared, standard deviation, mean, orSharpe ratio) are calculated for securities or portfolios that have at least athree-year history.

Most Morningstar rankings do not include any adjustment for one-time salescharges, or loads. Morningstar does publish load-adjusted returns, and rankssuch returns within a Morningstar Category in certain reports. The total returnsfor ETFs and fund share classes without one-time loads are equal toMorningstar’s calculation of load-adjusted returns. Share classes that aresubject to one-time loads relating to advice or sales commissions have theirreturns adjusted as part of the load-adjusted return calculation to reflect thoseloads.

Comparison of Fund TypesFunds, including closed-end funds, exchange-traded funds (ETFs), money marketfunds, open-end funds, and unit investment trusts (UITs), have many similarities,but also many important differences. In general, publically-offered funds areinvestment companies registered with the Securities and Exchange Commissionunder the Investment Company Act of 1940, as amended. Funds pool moneyfrom their investors and manage it according to an investment strategy orobjective, which can vary greatly from fund to fund. Funds have the ability tooffer diversification and professional management, but also involve risk,including the loss of principal.

A closed-end fund is an investment company, which typically makes one publicoffering of a fixed number of shares. Thereafter, shares are traded on asecondary market. As a result, the secondary market price may be higher orlower than the closed-end fund's net asset value (NAV). If these shares trade ata price above their NAV, they are said to be trading at a premium. Conversely, ifthey are trading at a price below their NAV, they are said to be trading at adiscount. A closed-end mutual fund’s expense ratio is an annual fee charged toa shareholder. It includes operating expenses and management fees, but doesnot take into account any brokerage costs. Closed-end funds may also have 12b-1 fees. Income distributions and capital gains of the closed-end fund are subjectto income tax, if held in a taxable account.




An open-end fund is an investment company that issues shares on a continuousbasis. Shares can be purchased from the open-end mutual fund itself, orthrough an intermediary, but cannot be traded on a secondary market, such asthe New York Stock Exchange. Investors pay the open-end mutual fund’s currentnet asset value plus any initial sales loads. Net asset value is calculated daily,at the close of business. Open-end mutual fund shares can be redeemed, or soldback to the fund or intermediary, at their current net asset value minus anydeferred sales loads or redemption fees. The expense ratio for an open-endmutual fund is an annual fee charged to a shareholder. It includes operatingexpenses and management fees, but does not take into account any brokeragecosts. Open-end funds may also have 12b-1 fees. Income distributions andcapital gains of the open-end fund are subject to income tax, if held in a taxableaccount.

A unit investment trust (UIT) is an investment company organized under a trustagreement between a sponsor and trustee. UITs typically purchase a fixedportfolio of securities and then sell units in the trust to investors. The majordifference between a UIT and a mutual fund is that a mutual fund is activelymanaged, while a UIT is not. On a periodic basis, UITs usually distribute to theunit holder their pro rata share of the trust's net investment income and netrealized capital gains, if any. If the trust is one that invests only in tax-freesecurities, then the income from the trust is also tax-free. UITs generally makeone public offering of a fixed number of units. However, in some cases, thesponsor will maintain a secondary market that allows existing unit holders tosell their units and for new investors to buy units. A one-time initial salescharge is deducted from an investment made into the trust. UIT investors mayalso pay creation and development fees, organization costs, and/or trustee andoperation expenses. UIT units may be redeemed by the sponsor at their netasset value minus a deferred sales charge, and sold to other investors. UITshave set termination dates, at which point the underlying securities are sold and




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the sales proceeds are paid to the investor. Typically, a UIT investment is rolledover into successive trusts as part of a long-term strategy. A rollover fee may becharged for the exercise of rollover purchases. There are tax consequencesassociated with rolling over an investment from one trust to the next.

PerformanceThe performance data given represents past performance and should not beconsidered indicative of future results. Principal value and investment return willfluctuate, so that an investor's shares, when sold, may be worth more or lessthan the original investment. Fund portfolio statistics change over time. Fundsare not FDIC-insured, may lose value, and are not guaranteed by a bank or otherfinancial institution.

The market price noted on the ETF Detail Report is the price of the fund as of theclose of trading on the last business day at month-end. This date is listed at thetop of the ETF Detail Report.

Morningstar calculates after-tax returns using the highest applicable federalmarginal income tax rate plus the Medicare surcharge. As of 2016, this rate is39.6% plus 0.9% Medicare surcharge, or 40.5%, this has been unchanged since2013. This rate changes periodically in accordance with changes in federal law.

12 Month Yield12 Month Yield is derived by summing the trailing 12-months’ incomedistributions and dividing the sum by the last month’s ending NAV, plus anycapital gains distributed over the same period. Income refers only to interestpayments from fixed-income securities and dividend payoffs from commonstocks.

12b1 Expense %A 12b-1 fee is a fee used to pay for a mutual fund’s distribution costs. It is oftenused as a commission to brokers for selling the fund. The amount of the fee istaken from a fund’s returns.

30-Day SEC YieldThe 30-day SEC Yield is a calculation based on a 30-day period ending on thelast day of the previous month. It is computed by dividing the net investmentincome per share earned during the period by the maximum offering price pershare on the last day of the period. The figure listed lags by one month. Whena dash appears, the yield available is more than 30 days old. This information istaken from fund surveys.

AlphaAlpha is a measure of the difference between a security or portfolio’s actualreturns and its expected performance, given its level of risk (as measured bybeta.) Alpha is often seen as a measure of the value added or subtracted by aportfolio manager.

Asset AllocationAsset Allocation reflects asset class weightings of the portfolio. The “Other”category includes security types that are not neatly classified in the other assetclasses, such as convertible bonds and preferred stocks, or cannot be classifiedby Morningstar as a result of missing data. Morningstar may display assetallocation data in several ways, including tables or pie charts. In addition,Morningstar may compare the asset class breakdown of the fund against itsthree-year average, category average, and/or index proxy.

Asset allocations shown in tables may include a breakdown among the long,short, and net (long positions net of short) positions. These statistics summarizewhat the fund’s managers are buying and how they are positioning the fund’sportfolio. When short positions are captured in these portfolio statistics,investors get a more robust description of the fund’s exposure and risk. Long

positions involve buying the security outright and selling it later, with the hopethe security’s price rises over time. Short positions are taken with the hope ofbenefitting from anticipated price declines. The investor borrows the securityfrom another investor, sells it and receives cash, and then is obligated to buy itback at some point in the future. If the price falls after the short sale, theinvestor will have sold high and can buy low to close the short position and lockin a profit. However, if the price of the security increases after the short sale,the investor will experience a loss buying it at a higher price than the sale price.

Most fund portfolios hold fairly conventional securities, such as long positions inequities and bonds. Morningstar may generate a colored pie chart for theseportfolios. Other portfolios use other investment strategies or securities, such asshort positions or derivatives, in an attempt to reduce transaction costs,enhance returns, or reduce risk. Some of these securities and strategies behavelike conventional securities, while other have unique return and riskcharacteristics. Portfolios that incorporate investment strategies resulting inshort positions or portfolio with relatively exotic derivative positions often reportdata to Morningstar that does not meet the parameters of the calculationunderlying a pie chart’s generation. Because of the nature of how thesesecurities are reported to Morningstar, we may not always get completeportfolio information to report asset allocation. Morningstar, at its discretion,may determine if unidentified characteristics of fund holdings are material.Asset allocation and other breakdowns may be rescaled accordingly so thatpercentages total to 100 percent. (Morningstar used discretion to determine ifunidentified characteristics of fund holdings are material, pie charts and otherbreakdowns may rescale identified characteristics to 100% for more intuitivepresentation.)

Note that all other portfolio statistics presented in this report are based on thelong (or long rescaled) holdings of the fund only.

Average Effective DurationDuration is a time measure of a bond's interest-rate sensitivity. Averageeffective duration is a weighted average of the duration of the fixed-incomesecurities within a portfolio.

Average Effective MaturityAverage Effective Maturity is a weighted average of the maturities of all bondsin a portfolio.

Average Weighted CouponA coupon is the fixed annual percentage paid out on a bond. The averageweighted coupon is the asset-weighted coupon of each bond in the portfolio.

Average Weighted PriceAverage Weighted Price is the asset-weighted price of bonds held in a portfolio,expressed as a percentage of par (face) value. This number reveals if theportfolio favors bonds selling at prices above or below par value (premium ordiscount securities respectively.)

Best Fit IndexAlpha, beta, and R-squared statistics are presented for a broad market indexand a “best fit” index. The Best Fit Index identified in this report wasdetermined by Morningstar by calculating R-squared for the fund againstapproximately 100 indexes tracked by Morningstar. The index representing thehighest R-squared is identified as the best fit index. The best fit index may notbe the fund’s benchmark, nor does it necessarily contain the types of securitiesthat may be held by the fund or portfolio.

BetaBeta is a measure of a security or portfolio’s sensitivity to market movements(proxied using an index.) A beta of greater than 1 indicates more volatility than




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the market, and a beta of less than 1 indicates less volatility than the market.

Credit Quality BreakdownCredit Quality breakdowns are shown for corporate-bond holdings in the fund’sportfolio and depict the quality of bonds in the underlying portfolio. It shows thepercentage of fixed-income securities that fall within each credit-quality ratingas assigned by a Nationally Recognized Statistical Rating Organization (NRSRO).Bonds not rated by an NRSRO are included in the Other/Not-Classified category.

Expense Ratio %The expense ratio is the annual fee that all funds charge their shareholders. Itexpresses the percentage of assets deducted each fiscal year for fund expenses,including 12b-1 fees, management fees, administrative fees, operating costs,and all other asset-based costs incurred by the fund. Portfolio transaction fees,or brokerage costs, as well as front-end or deferred sales charges are notincluded in the expense ratio. The expense ratio, which is deducted from thefund’s average net assets, is accrued on a daily basis. The gross expense ratio,in contrast to the net expense ratio, includes interest and dividends on borrowedsecurities but does not reflect any fee waivers in effect during the time period.

Geometric Average Market CapitalizationGeometric Average Market Capitalization is a measure of the size of thecompanies in which a portfolio invests.

Growth of 10,000For funds, this graph compares the growth of an investment of 10,000 (in thebase currency of the fund) with that of an index and/or with that of the averagefor all funds in its Morningstar Category. The total returns are not adjusted toreflect sales charges or the effects of taxation but are adjusted to reflect actualongoing fund expenses, and they assume reinvestment of dividends and capitalgains. If adjusted, effects of sales charges and taxation would reduce theperformance quoted. If pre-inception data is included in the analysis, it will begraphed.

The index in the Growth of 10,000 graph is an unmanaged portfolio of specifiedsecurities and cannot be invested in directly. The index does not reflect anyinitial or ongoing expenses. A fund's portfolio may differ significantly from thesecurities in the index. The index is chosen by Morningstar.

Management Fees %The management fee includes the management and administrative fees listed inthe Management Fees section of a fund’s prospectus. Typically, these feesrepresent the costs shareholders paid for management and administrativeservices over the fund’s prior fiscal year.

Maximum Redemption Fee %The Maximum Redemption Fee is the maximum amount a fund may charge ifredeemed in a specific time period after the fund’s purchase (for example, 30,180, or 365 days).

MeanMean is the annualized geometric return for the period shown.

Morningstar Analyst Rating™The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjectiveevaluation performed by Morningstar’s manager research group, which consistsof various Morningstar, Inc. subsidiaries (“Manager Research Group”). In theUnited States, that subsidiary is Morningstar Research Services LLC, which isregistered with and governed by the U.S. Securities and Exchange Commission.The Manager Research Group evaluates funds based on five key pillars, whichare process, performance, people, parent, and price. The Manager ResearchGroup uses this five pillar evaluation to determine how they believe funds are

likely to perform relative to a benchmark, or in the case of exchange-tradedfunds and index mutual funds, a relevant peer group, over the long term on arisk-adjusted basis. They consider quantitative and qualitative factors in theirresearch, and the weight of each pillar may vary. The Analyst Rating scale isGold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating ofGold, Silver, or Bronze reflects the Manager Research Group’s conviction in afund’s prospects for outperformance. Analyst Ratings ultimately reflect theManager Research Group’s overall assessment, are overseen by an AnalystRating Committee, and are continuously monitored and reevaluated at leastevery 14 months. For more detailed information about Morningstar’s AnalystRating, including its methodology, please go toglobal.morningstar.com/managerdisclosures/.

The Morningstar Analyst Rating (i) should not be used as the sole basis inevaluating a fund, (ii) involves unknown risks and uncertainties which may causethe Manager Research Group’s expectations not to occur or to differsignificantly from what they expected, and (iii) should not be considered an offeror solicitation to buy or sell the fund.

Morningstar CategoryMorningstar Category is assigned by placing funds into peer groups based ontheir underlying holdings. The underlying securities in each portfolio are theprimary factor in our analysis as the investment objective and investmentstrategy stated in a fund’s prospectus may not be sufficiently detailed for ourproprietary classification methodology. Funds are placed in a category based ontheir portfolio statistics and compositions over the past three years. Analysis ofperformance and other indicative facts are also considered. If the fund is newand has no portfolio history, Morningstar estimates where it will fall beforegiving it a permanent category assignment. Categories may be changed basedon recent changes to the portfolio.

Morningstar RankMorningstar Rank is the total return percentile rank within each MorningstarCategory. The highest (or most favorable) percentile rank is zero and the lowest(or least favorable) percentile rank is 100. Historical percentile ranks are basedon a snapshot of a fund at the time of calculation.

Morningstar Rating™The Morningstar Rating™ for funds, or "star rating", is calculated for managedproducts (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at leasta three-year history. Exchange-traded funds and open-ended mutual funds areconsidered a single population for comparative purposes. It is calculated basedon a Morningstar Risk-Adjusted Return measure that accounts for variation in amanaged product's monthly excess performance, placing more emphasis ondownward variations and rewarding consistent performance. The top 10% ofproducts in each product category receive 5 stars, the next 22.5% receive 4stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and thebottom 10% receive 1 star. The Overall Morningstar Rating for a managedproduct is derived from a weighted average of the performance figuresassociated with its three-, five-, and 10-year (if applicable) Morningstar Ratingmetrics. The weights are: 100% three-year rating for 36-59 months of totalreturns, 60% five-year rating/40% three-year rating for 60-119 months of totalreturns, and 50% 10-year rating/30% five-year rating/20% three-year rating for120 or more months of total returns. While the 10-year overall star ratingformula seems to give the most weight to the 10-year period, the most recentthree-year period actually has the greatest impact because it is included in allthree rating periods.

Morningstar ReturnThe Morningstar Return rates a fund’s performance relative to other managedproducts in its Morningstar Category. It is an assessment of a product's excess




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return over a risk-free rate (the return of the 90-day Treasury Bill) in comparisonwith the products in its Morningstar category. In each Morningstar category,the top 10% of products earn a High Morningstar Return (High), the next 22.5%Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% BelowAverage (-Ave), and the bottom 10% Low (Low). Morningstar Return ismeasured for up to three time periods (three, five, and 10 years). Theseseparate measures are then weighted and averaged to produce an overallmeasure for the product. Products with less than three years of performancehistory are not rated.

Morningstar RiskMorningstar Risk evaluates a fund’s downside volatility relative to that of otherproducts in its Morningstar Category. It is an assessment of the variations inmonthly returns, with an emphasis on downside variations, in comparison withthe products in its Morningstar category. In each Morningstar category, the 10%of products with the lowest measured risk are described as Low Risk (Low), thenext 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk ismeasured for up to three time periods (three, five, and 10 years). Theseseparate measures are then weighted and averaged to produce an overallmeasure for the product. Products with less than three years of performancehistory are not rated.

Morningstar Style Box™The Morningstar Style Box™ reveals a fund’s investment strategy as of the datenoted on this report.

For equity funds, the vertical axis shows the market capitalization of the longstocks owned, and the horizontal axis shows the investment style (value, blend,or growth.) A darkened square in the style box indicates the weighted averagestyle of the portfolio.

For fixed-income funds, the vertical axis shows the credit quality of the longbonds owned and the horizontal axis shows interest-rate sensitivity asmeasured by a bond's effective duration. Morningstar seeks credit ratinginformation from fund companies on a periodic basis (for example, quarterly). Incompiling credit rating information, Morningstar accepts credit ratings reportedby fund companies that have been issued by all Nationally RecognizedStatistical Rating Organizations. For a list of all NRSROs, please visithttp://www.sec.gov/divisions/marketreg/ ratingagency.htm. Additionally,Morningstar accepts foreign credit ratings from widely recognized or registeredrating agencies. If two rating organizations/ agencies have rated a security, fundcompanies are to report the lower rating; if three or moreorganizations/agencies have rated a security, fund companies are to report themedian rating; and in cases where there are more than two organization/agencyratings and a median rating does not exist, fund companies are to use the lowerof the two middle ratings.

Please Note: Morningstar, Inc. is not an NRSRO nor does it issue a credit ratingon the fund. NRSRO or rating agency ratings can change from time to time.

For credit quality, Morningstar combines the credit rating information providedby the fund companies with an average default rate calculation to come up witha weighted-average credit quality. The weighted-average credit quality iscurrently a letter that roughly corresponds to the scale used by a leadingNRSRO. Bond funds are assigned a style box placement of “low,” “medium,” or“high” based on their average credit quality. Funds with a "low" credit qualityare 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 (asdetermined by Morningstar’s analysis of actual historical default rates).Morningstar then averages these default rates to determine the average defaultrate for the entire bond fund. Finally, Morningstar maps this average defaultrate to its corresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companies theaverage effective duration. Generally, Morningstar classifies a fixed-incomefund's interest-rate sensitivity based on the effective duration of theMorningstar Core Bond Index, which is currently three years. The classificationof Limited will be assigned to those funds whose average effective duration isbetween 25% to 75% of MCBI's average effective duration; funds whoseaverage effective duration is between 75% to 125% of the MCBI will beclassified as Moderate; and those that are at 125% or greater of the averageeffective duration of the MCBI will be classified as Extensive.

For municipal-bond funds, Morningstar also obtains from fund companies theaverage effective duration. In these cases, static breakpoints are used. Thesebreakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. Inaddition, for non-U.S. taxable and non-U.S. domiciled fixed-income funds, staticduration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii)Moderate: more than 3.5 years but less than or equal to 6 years; (iii) Extensive:more than 6 years.

Interest-rate sensitivity for non-U.S. domiciled funds (excluding funds inconvertible categories) may be measured with modified duration when effectiveduration is not available.

P/B Ratio TTMThe Price/Book Ratio (or P/B Ratio) for a fund is the weighted average of the P/BRatio of the stocks in its portfolio. Book value is the total assets of a company,less total liabilities. The P/B ratio of a company is calculated by dividing themarket price of its outstanding stock by the company's book value, and thenadjusting for the number of shares outstanding. Stocks with negative bookvalues are excluded from this calculation. It shows approximately how much aninvestor is paying for a company’s assets based on historical valuations.

P/C Ratio TTMThe Price/Cash Flow Ratio (or P/C Ratio) for a fund is the weighted average ofthe P/C Ratio of the stocks in its portfolio. The P/C Ratio of a stock representsthe amount an investor is willing to pay for a dollar generated from a company’soperations. It shows the ability of a company to generate cash and acts as agauge of liquidity and solvency.

P/E Ratio TTMThe Price/Earnings Ratio (or P/E Ratio) for a fund is the weighted average of theP/E Ratios of the stocks in its portfolio. The P/E Ratio of a stock is the stock’scurrent price divided by the company’s trailing 12-month earnings per share. Ahigh P/E Ratio usually indicates the market will pay more to obtain thecompany’s earnings because it believes in the company’s abilities to increasetheir earnings. A low P/E Ratio indicates the market has less confidence thatthe company’s earnings will increase, however value investors may believe suchstocks have an overlooked or undervalued potential for appreciation.

Percentile Rank in CategoryPercentile Rank is a standardized way of ranking items within a peer group, inthis case, funds within the same Morningstar Category. The observation withthe largest numerical value is ranked zero the observation with the smallestnumerical value is ranked 100. The remaining observations are placed equaldistance from one another on the rating scale. Note that lower percentile ranksare generally more favorable for returns (high returns), while higher percentile




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ranks are generally more favorable for risk measures (low risk).

Performance QuartilePerformance Quartile reflects a fund’s Morningstar Rank.

Potential Capital Gains ExposurePotential Capital Gains Exposure is an estimate of the percent of a fund’s assetsthat represent gains. It measures how much the fund’s assets haveappreciated, and it can be an indicator of possible future capital gainsdistributions. A positive potential capital gains exposure value means that thefund’s holdings have generally increased in value while a negative value meansthat the fund has reported losses on its book.

Quarterly ReturnsQuarterly Return is calculated applying the same methodology as Total Returnexcept it represents return through each quarter-end.

R-SquaredR-squared is the percentage of a security or portfolio’s return movements thatare explained by movements in its benchmark index, showing the degree ofcorrelation between the security or portfolio and the benchmark. This figure ishelpful in assessing how likely it is that beta and alpha are statisticallysignificant. A value of 1 indicates perfect correlation between the security orportfolio and its benchmark. The lower the R-squared value, the lower thecorrelation.

Regional ExposureThe regional exposure is a display of the portfolio’s assets invested in theregions shown on the report.

Sector WeightingsSuper Sectors represent Morningstar's broadest classification of equity sectorsby assigning the 11 equity sectors into three classifications. The Cyclical SuperSector includes industries significantly impacted by economic shifts, and thestocks included in these sectors generally have betas greater than 1. TheDefensive Super Sector generally includes industries that are relatively immuneto economic cycles, and the stocks in these industries generally have betas lessthan 1. The Sensitive Super Sector includes industries that ebb and flow withthe overall economy, but not severely so. Stocks in the Sensitive Super Sectorgenerally have betas that are close to 1.

Share ChangeShares Change represents the number of shares of a stock bought or sold by afund since the previously reported portfolio of the fund.

Sharpe RatioSharpe Ratio uses standard deviation and excess return (a measure of a securityor portfolio’s return in excess of the U.S. Treasury three-month Treasury Bill) todetermine the reward per unit of risk.

Standard DeviationStandard deviation is a statistical measure of the volatility of the security orportfolio’s returns. The larger the standard deviation, the greater the volatilityof return.

Standardized ReturnsStandardized Return applies the methodology described in the StandardizedReturns page of this report. Standardized Return is calculated through the mostrecent calendar-quarter end for one-year, five-year, 10-year, and/or since-inception periods, and it demonstrates the impact of sales charges (ifapplicable) and ongoing fund expenses. Standardized Return reflects the returnan investor may have experience if the security was purchased at the beginning

of the period and sold at the end, incurring transaction charges.

Total ReturnTotal Return, or "Non Load-Adjusted Return", reflects performance withoutadjusting for sales charges (if applicable) or the effects of taxation, but it isadjusted to reflect all actual ongoing security expenses and assumesreinvestment of dividends and capital gains. It is the return an investor wouldhave experienced if the fund was held throughout the period. If adjusted forsales charges and the effects of taxation, the performance quoted would besignificantly reduced.

Total Return +/- indicates how a fund has performed relative to its peers (asmeasure by its Standard Index and/or Morningstar Category Index) over the timeperiods shown.

Trailing ReturnsStandardized Return applies the methodology described in the StandardizedReturns page of this report. Standardized Return is calculated through the mostrecent calendar-quarter end for one-year, five-year, 10-year, and/or since-inception periods, and it demonstrates the impact of sales charges (ifapplicable) and ongoing fund expenses. Standardized Return reflects the returnan investor may have experienced if the fund was purchased at the beginning ofthe period and sold at the end, incurring transaction charges.

Load-Adjusted Monthly Return is calculated applying the same methodology asStandardized Return, except that it represents return through month-end. Aswith Standardized Return, it reflects the impact of sales charges and ongoingfund expenses, but not taxation. If adjusted for the effects of taxation, theperformance quoted would be significantly different.

Trailing Return +/- indicates how a fund has performed relative to its peers (asmeasure by its Standard Index and/or Morningstar Category Index) over the timeperiods shown.

Closed-End Fund Detail ReportDisclosure Statement

The Closed-End Fund Detail Report is supplemental sales literature, andtherefore should be preceded or accompanied by the fund's current prospectus,or equivalent, and this disclosure statement. Please read the fund informationcarefully. In all cases, this disclosure statement should accompany the Closed-End Fund Detail Report. Morningstar is not itself a FINRA-member firm. All datapresented is based on the most recent information available to Morningstar.

A key feature of closed-end funds is that they generally do not continuouslyoffer their shares for sale. They sell a fixed number of shares initially, afterwhich the shares typically trade on a secondary market. Closed-end funds maytrade at, above, or below their net asset value. If a closed-end fund's sharestrade at a price above their net asset value, they are said to be trading at apremium. Conversely, if they are trading at a price below their net asset value,they are said to be trading at a "discount."

PerformanceThe performance data given represents past performance and should not beconsidered indicative of future results. Principal value and investment returnwill fluctuate, so that an investor's shares, when redeemed, may be worth moreor less than the original investment. Fund portfolio statistics change over time.The fund is not FDIC-insured, may lose value, and is not guaranteed by a bankor other financial institution.




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Total Return reflects performance without adjusting for the effects of taxationor brokerage commission, but is adjusted to reflect all actual ongoing fundexpenses and assumes reinvestment of dividends and capital gains. If adjusted,the effects of taxation would reduce the performance quoted.

Morningstar % Rank within Morningstar Category does not account for a fund'ssales charge (if applicable) or brokerage commission. Rankings will not beprovided for periods less than one year.

The 12-month yield is derived by summing the trailing 12-months' incomedistributions and dividing the sum by the last month's ending NAV, plus anycapital gains distributed over the same period. Income refers only to interestpayments from fixed-income securities and dividend payoffs from commonstocks.

Growth of 10,000This graph compares the growth of an investment of 10,000 (in the basecurrency of the fund) with that of an index and with that of the average for allfunds in its Morningstar category. The NAV total returns are not adjusted toreflect the effects of taxation, but they are adjusted to reflect actual ongoingfund expenses and assume reinvestment of dividends and capital gains. Ifadjusted, the effect of taxation would reduce the performance quoted. Pleasenote, while the investor obtaining a closed-end fund through the secondarymarket does not obtain it at NAV, the purpose in presenting this graph based onNAV is to provide an illustration of the historical performance of the fundstrategy.

In no way should this performance be considered indicative of or aguarantee of the future performance of this closed-end fund nor shouldit be viewed as a substitute for an actual investor experience.

The index is an unmanaged portfolio of specified securities, and cannot beinvested in directly. The index and the category average do not reflect anyinitial or ongoing expenses. A fund's portfolio may differ significantly from thesecurities in the index. The index is chosen by Morningstar.

Risk and Return ProfileThe risk measures below are calculated for funds with at least a three-yearhistory.

The Morningstar Rating is calculated for funds with at least a three-yearhistory. It is calculated based on Morningstar Risk-Adjusted Return measurethat accounts for variation in a fund's monthly performance, placing moreemphasis on downward variations and rewarding consistent performance. Thetop 10% of funds in each category receive 5 stars, the next 22.5% receive 4stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and thebottom 10% receive 1 star. (Each share class is counted as a fraction of onefund within this scale and rated separately, which may cause slight variationsin the distribution percentages.) The Overall Morningstar Rating for a fund isderived from a weighted average of the performance figures associated with itsthree-, five- and ten-year (if applicable) Morningstar Rating metrics.

Morningstar Return rates a fund's performance relative to other funds in itsMorningstar Category. It is an assessment of a fund's excess return over a risk-free rate (the return of the 90-day Treasury Bill), after adjusting for all applicableloads and sales charges, in comparison with the funds in its MorningstarCategory. In each Morningstar Category, the top 10% of funds earn a HighMorningstar Return (HIGH), the next 22.5% Above Average (+AVG), the middle35% Average (AVG), the next 22.5% Below Average (-AVG), and the bottom10% Low (LOW). Morningstar Return is measured for up to three time periods(three-, five-, and 10-years). These separate measures are then weighted andaveraged to produce an overall measure for the fund. Funds with less than

three years of performance history are not rated.

Morningstar Risk evaluates a fund's downside volatility relative to that of otherfunds in its Morningstar Category. It is an assessment of the variations in afund's monthly returns, with an emphasis on downside variations, in comparisonwith the funds in its Morningstar Category. In each Morningstar Category, the10% of funds with the lowest measured risk are described as Low Risk (LOW),the next 22.5% Below Average (-AVG), the middle 35% Average (AVG), the next22.5% Above Average (+AVG), and the top 10% High (HIGH). Morningstar Riskis measured for up to three time periods (three-, five-, and 10 years). Theseseparate measures are then weighted and averaged to produce an overallmeasure for the fund. Funds with less than three years of performance historyare not rated.

Risk MeasuresThe risk measures below are calculated for funds with at least a three-yearhistory.

Standard deviation is a statistical measure of the volatility of the fund's returns.

Mean represents the annualized geometric return for the period shown.

The Sharpe ratio uses standard deviation and excess return to determine rewardper unit of risk.

Alpha measures the difference between a fund's actual returns and its expectedperformance, given its level of risk as measured by beta. Alpha is often seen asa measure of the value added or subtracted by a portfolio manager.

Beta is a measure of a fund's sensitivity to market movements. A portfolio witha beta greater than 1 is more volatile than the market, and a portfolio with abeta less than 1 is less volatile than the market.

R-squared reflects the percentage of a fund's movements that is explained bymovements in its benchmark index, showing the degree of correlation betweenthe fund and the benchmark. This figure is also helpful in assessing how likely itis that alpha and beta are statistically significant.

Best fit index: Alpha, beta, and R-squared statistics are presented for a broadmarket index and a "Best fit" index. The Best-Fit index identified in this reportwas determined by Morningstar by calculating R-squared for the fund againstapproximately 100 indexes tracked by Morningstar. The index representing thehighest R-squared is identified as the best-fit index. The best-fit index may notbe the fund's benchmark, nor does it necessarily contain the types of securitiesthat may be held by the fund.

Asset AllocationThe weighting of the portfolio in various asset classes, including "Other" isshown in the table. "Other" includes security types that are not neatly classifiedin the other asset classes, such as convertible bonds and preferred stocks.

In the table, allocation to the classes is shown for long positions, shortpositions, and net (long positions net of short) positions. These statisticssummarize what the managers are buying and how they are positioning theportfolio. When short positions are captured in these portfolio statistics,investors get a more robust description of the funds' exposure and risk.

Most managed product portfolios hold fairly conventional securities, such aslong positions in stocks and bonds. Other portfolios use other investmentstrategies or securities, such as short positions or derivatives, to reducetransaction costs, enhance returns, or reduce risk. Some of these securities andstrategies behave like conventional securities, while others have unique return




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and risk characteristics.

Most portfolios take long positions in securities. Long positions involve buyingthe security outright and then selling it later, with the hope that the securityprice rises over time. In contrast, short positions are taken to benefit fromanticipated price declines. In this type of transaction, the investor borrows thesecurity from another investor, sells it and receives cash, and then is obligatedto buy it back at some point in the future. If the price falls after the short sale,the investor will have sold high and can now buy low to close the short positionand lock in a profit. However, if the price of the security increases after theshort sale, the investor will experience losses by buying it at a higher price thanthe sale price.

The strategy of selling securities short is prevalent in specialized portfolios,such as long-short, market-neutral, bear-market, and hedge funds. Mostconventional portfolios do not typically short securities, although they mayreserve the right to do so under special circumstances. Funds may also shortderivatives, and this is sometimes more efficient than shorting individualsecurities. Short positions produce negative exposure to the security that isbeing shorted. This means that when the security rises in value, the shortposition will fall in value and vice versa. Morningstar's portfolio statistics willcapture this negative exposure. For example, if a fund has many short stockpositions, the percent of assets in stocks in the asset allocation breakdown maybe negative. Funds must provide their broker with cash collateral for the shortposition, so funds that short often have a large cash position, sometimes evenexceeding 100% cash.

Note that all other portfolio statistics presented in this report are based on thelong holdings of the fund only.

Style AnalysisThe Morningstar Style Box reveals a fund's investment style as of the datenoted on this report.

For equity funds the vertical axis shows the market capitalization of the longstocks owned and the horizontal axis shows investment style (value, blend, orgrowth).

For fixed-income funds, the vertical axis shows the credit quality of the longbonds owned and the horizontal axis shows interest rate sensitivity asmeasured by a bond's effective duration.

Morningstar seeks credit rating information from fund companies on a periodicbasis (e.g., quarterly). In compiling credit rating information Morningstar acceptscredit ratings reported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations (NRSROs). For a list of allNRSROs, please visithttp://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally,Morningstar accepts foreign credit ratings from widely recognized or registeredrating agencies. If two rating organizations/agencies have rated a security, fundcompanies are to report the lower rating; if three or moreorganizations/agencies have rated a security, fund companies are to report themedian rating, and in cases where there are more than two organization/agencyratings and a median rating does not exist, fund companies are to use the lowerof the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself anNRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time.

For credit quality, Morningstar combines the credit rating information providedby the fund companies with an average default rate calculation to come up witha weighted-average credit quality. The weighted-average credit quality iscurrently 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 arethose whose weighted-average credit quality is determined to be less than"BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; andhigh are those with a weighted-average credit quality of "AA-" or higher. Whenclassifying a bond portfolio, Morningstar first maps the NRSRO credit ratings ofthe underlying holdings to their respective default rates (as determined byMorningstar's analysis of actual historical default rates). Morningstar thenaverages these default rates to determine the average default rate for the entirebond fund. Finally, Morningstar maps this average default rate to itscorresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companies theaverage effective duration. Generally, Morningstar classifies a fixed-incomefund's interest-rate sensitivity based on the effective duration of theMorningstar Core Bond Index (MCBI), which is currently three years. Theclassification of Limited will be assigned to those funds whose averageeffective duration is between 25% to 75% of MCBI's average effective duration;funds whose average effective duration is between 75% to 125% of the MCBIwill be classified as Moderate; and those that are at 125% or greater of theaverage effective duration of the MCBI will be classified as Extensive.

For municipal bond funds, Morningstar also obtains from fund companies theaverage effective duration. In these cases static breakpoints are utilized. Thesebreakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: morethan 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. Inaddition, for non-US taxable and non-US domiciled fixed income funds staticduration 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: greaterthan 6 years.

Equity Portfolio StatisticsThe referenced data elements below are a weighted average of the long equityholdings in the portfolio.

The Price/Earnings ratio is a weighted average of the price/earnings ratios ofthe stocks in the underlying fund's portfolio. The P/E ratio of a stock iscalculated by dividing the current price of the stock by its trailing 12-months'earnings per share. In computing the average, Morningstar weights eachportfolio holding by the percentage of equity assets it represents.The Price/Cash Flow ratio is a weighted average of the price/cash-flow ratiosof the stocks in a fund's portfolio. Price/cash-flow shows the ability of abusiness to generate cash and acts as a gauge of liquidity and solvency.

The Price/Book ratio is a weighted average of the price/book ratios of all thestocks in the underlying fund's portfolio. The P/B ratio of a company iscalculated by dividing the market price of its stock by the company's per- sharebook value. Stocks with negative book values are excluded from thiscalculation.

The geometric average market capitalization of a fund's equity portfolio givesyou a measure of the size of the companies in which the mutual fund invests.

Fixed-Income Portfolio StatisticsThe referenced data elements below are a weighted average of the long fixedincome holdings in the portfolio.

Duration is a time measure of a bond's interest rate sensitivity. Averageeffective duration is a weighted average of the duration of the underlying fixedincome securities within the portfolio.

Average effective maturity is a weighted average of all the maturities of the




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bonds in a portfolio, computed by weighting each maturity date by the marketvalue of the security.

Average weighted coupon is generated from the fund's portfolio by weightingthe coupon of each bond by its relative size in the portfolio. Coupons are fixedpercentages paid out on a fixed-income security on an annual basis.

Average weighted price is generated from the fund's portfolio by weighting theprice of each bond by its relative size in the portfolio. This number reveals if thefund favors bonds selling at prices above or below face value (premium ordiscount securities, respectively). A higher number indicates a bias towardpremiums. This statistic is expressed as a percentage of par (face) value.

Credit quality breakdowns are shown for corporate-bond holdings and depict thequality of bonds in the underlying portfolio. The report shows the percentage offixed-income securities that fall within each credit quality rating as assigned byan NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR)category.

Investment Risks

International/Emerging Market Equities: Investing in international securitiesinvolves special additional risks. These risks include, but are not limited to,currency risk, political risk, and risk associated with varying accountingstandards. Investing in emerging markets may accentuate these risks.

Sector Strategies: Portfolios that invest exclusively in one sector or industryinvolve additional risks. The lack of industry diversification subjects the investorto increased industry-specific risks.

Non-Diversified Strategies: Portfolios that invest a significant percentage ofassets in a single issuer involve additional risks, including share pricefluctuations, because of the increased concentration of investments.

Small Cap Equities: Portfolios that invest in stocks of small companies involveadditional risks. Smaller companies typically have a higher risk of failure, andare not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than theoverall market average.

Mid Cap Equities: Portfolios that invest in companies with market capitalizationbelow $10 billion involve additional risks. The securities of these companiesmay be more volatile and less liquid than the securities of larger companies.

High-Yield Bonds: Portfolios that invest in lower-rated debt securities(commonly referred to as junk bonds) involve additional risks because of thelower credit quality of the securities in the portfolio. The investor should beaware of the possible higher level of volatility, and increased risk of default.

Tax-Free Municipal Bonds: The investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and theAlternative Minimum Tax.

Bonds: Bonds are subject to interest rate risk. As the prevailing level of bondinterest rates rise, the value of bonds already held in a portfolio declines.Portfolios that hold bonds are subject to declines and increases in value due togeneral changes in interest rates.

HOLDRs: The investor should note that these are narrow industry-focusedproducts that, if the industry is hit by hard times, will lack diversification and

possible loss of investment would be likely. These securities can trade at adiscount to market price, ownership is of a fractional share interest, theunderlying investments may not be representative of the particular industry, theHOLDR might be delisted from the AMEX if the number of underlying companiesdrops below nine, and the investor may experience trading halts.

Hedge Funds: The investor should note that hedge fund investing involvesspecialized risks that are dependent upon the type of strategies undertaken bythe manager. This can include distressed or event-driven strategies, long/shortstrategies, using arbitrage (exploiting price inefficiencies), internationalinvesting, and use of leverage, options and/or derivatives. Although the goal ofhedge fund managers may be to reduce volatility and produce positive absolutereturn under a variety of market conditions, hedge funds may involve a highdegree of risk and are suitable only for investors of substantial financial meanswho could bear the entire loss of their investment.

Bank Loan/Senior Debt: Bank loans and senior loans are impacted by the risksassociated with fixed income in general, including interest rate risk and defaultrisk. They are often non-investment grade; therefore, the risk of default is high.These securities are also relatively illiquid. Managed products that invest inbank loans/senior debt are often highly leveraged, producing a high risk ofreturn volatility.

Exchange Traded Notes (ETNs): ETNs are unsecured debt obligations. Anyrepayment of notes is subject to the issuer's ability to repay its obligations.ETNs do not typically pay interest.

Leveraged ETFs: Leveraged investments are designed to meet multiples of thereturn performance of the index they track and seek to meet their fundobjectives on a daily basis (or other time period stated within the prospectusobjective). The leverage/gearing ratio is the amount of excess return that aleveraged investment is designed to achieve in comparison to its indexperformance (i.e. 200%, 300%, -200%, or -300% or 2X, 3X, -2X, -3X).Compounding has the ability to affect the performance of the fund to be eithergreater or less than the index performance multiplied by the multiple statedwithin the funds objective over a stated time period.

Short Positions: When a short position moves in an unfavorable way, the lossesare theoretically unlimited. The broker may demand more collateral and amanager might have to close out a short position at an inopportune time to limitfurther losses.

Long-Short: Due to the strategies used by long-short funds, which may includebut are not limited to leverage, short selling, short-term trading, and investing inderivatives, these funds may have greater risk, volatility, and expenses thanthose focusing on traditional investment strategies.

Liquidity Risk: Closed-end fund, ETF, and HOLDR trading may be halted due tomarket conditions, impacting an investor’s ability to sell a fund.

Market Price Risk: The market price of ETFs, HOLDRs, and closed-end fundstraded on the secondary market is subject to the forces of supply and demandand thus independent of the NAV. This can result in the market price trading ata premium or discount to the NAV, which will affect an investor’s value.

Market Risk: The market prices of ETFs and HOLDRs can fluctuate as a result ofseveral factors, such as security-specific factors or general investor sentiment.Therefore, investors should be aware of the prospect of market fluctuations andthe impact it may have on the market price.

Target-Date Funds: Target-date funds typically invest in other mutual funds andare designed for investors who are planning to retire during the target date year.




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The fund's target date is the approximate date when investors expect to beginwithdrawing their money. A target-date fund's investment objective/strategytypically becomes more conservative over time, primarily by reducing itsallocation to equity mutual funds and increasing its allocations in fixed-incomemutual funds. An investor's principal value in a target-date fund is notguaranteed at any time, including at the fund's target date.

High double- and triple-digit returns: High double- and triple-digit returns werethe result of extremely favorable market conditions, which may not continue tobe the case. High returns for short time periods must not be a major factor whenmaking investment decisions.

Benchmark Disclosure

Custom Benchmark Allocation % Type

BBgBarc US Agg Bond TR USD (USD) 31.68 IDXS&P 500 TR USD (USD) 45.83 IDXMSCI EAFE NR USD (USD) 17.67 IDXBofAML US Treasury Bill 3 Mon Yld USD (USD) 4.83 IDX

BBgBarc Municipal 20 Yr 17-22 TR USDA benchmark for long-term, investment-grade, tax-exempt municipal bonds. Thematurities of these bonds must be between 17 and 22 years. The returns wepublish for the index are total returns, which include reinvestment of dividends.

BBgBarc Municipal TR USDTracks long-term, investment-grade, tax-exempt municipal bonds. Theconstituents displayed for this index are from the following proxy: SPDR®Nuveen Blmbg Barclays Muni Bd ETF.

BBgBarc US Agg Bond TR USDThis index is composed of the BarCap Government/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. The returns wepublish for the index are total returns, which includes the daily reinvestment ofdividends. The constituents displayed for this index are from the followingproxy: iShares Core US Aggregate Bond.

BBgBarc US Corp IG TR USDDescription unavailable.

BBgBarc US Govt/Credit Long TR USDIncludes the BarCap Government and BarCap Corporate Bond indices that havematurities of 10 years or longer. The returns we publish for the index are totalreturns, which include reinvestment of dividends. The constituents displayed forthis index are from the following proxy: Vanguard Long-Term Bond Index Fund.

BofAML US HY Master II TR USDThe US High Yield Master II Index tracks the performance of below investmentgrade US dollar-denominated corporate bonds publicly issued in the USdomestic market. “Yankee” bonds are included in the Index provided the issueris domiciled in a country having an investment grade foreign currency long-termdebt rating. 144a issues are not included in the index until they are exchangedfor registered securities. Qualifying bonds must have at least one yearremaining term to maturity, a fixed coupon schedule and a minimum amountoutstanding of USD 100 million.

BofAML US Treasury Bill 3 Mon Yld USDDescription unavailable.

CBOE S&P 500 BuyWrite BXMDescription unavailable. The constituents displayed for this index are from thefollowing proxy: Powershares S&P 500 BuyWrite Portfolio.

Citi WGBI NonUSD USDA market-capitalization weighted index consisting of the government bondmarkets of the following countries: Australia, Austria, Belgium, Canada,Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Spain, Sweden,Switzerland, and United Kingdom. Country eligibility is determined based uponmarket capitalization and investability criteria. The index includes all fixed-ratebonds with a remaining maturity of one year or longer and with amountsoutstanding of at least the equivalent of US$25 million. Government securitiestypically exclude floating or variable rate bonds.

Morningstar EM GR USDDescription unavailable.

Morningstar US Healthcare TR USDThe Healthcare Sector includes biotechnology, pharmaceuticals, researchservices, home healthcare, hospitals, long-term care facilities, and medicalequipment and supplies.

Morningstar US Large Cap TR USDThe Morningstar Large Cap Index tracks the performance of U.S. large-capstocks. These stocks represent the largest 70 percent capitalization of theinvestable universe.

Morningstar US Large Growth TR USDThe Morningstar Large Growth Index measures the performance of U.S. large-cap stocks that are expected to grow at a faster pace than the rest of the marketas measured by forward earnings, historical earnings, book value, cash flow andsales. The constituents displayed for this index are from the following proxy:iShares Morningstar Large-Cap Growth.

Morningstar US Large Val TR USDThe Morningstar Large Value Index measures the performance of U.S. large-capstocks with relatively low prices given anticipated per-share earnings, bookvalue, cash flow, sales and dividends. The constituents displayed for this indexare from the following proxy: iShares Morningstar Large-Cap Value.

Morningstar US Mid Core TR USDThe Morningstar Mid Core Index measures the performance of U.S. mid-capstocks where neither growth nor value characteristics predominate. Theconstituents displayed for this index are from the following proxy: iSharesMorningstar Mid-Cap.

Morningstar US Small Cap TR USDThe Morningstar Small Cap Index tracks the performance of U.S. small-capstocks. These stocks fall between the 90th and 97th percentile in marketcapitalization of the investable universe. In aggregate, the Small Cap Indexrepresents 7 percent of the investable universe.

Morningstar US Technology TR USDThe Technology Sector tracks the performance of companies engaged in thedesign, development, and support of computer operating systems andapplications. This sector also includes companies that provide computertechnology consulting services. Also includes companies engaged in themanufacturing of computer equipment, data storage products, networkingproducts, semiconductors, and components.

MSCI ACWI Ex USA Growth NR USD




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Description unavailable.

MSCI ACWI Ex USA NR USDThe MSCI AC World ex USA is a free float-adjusted market capitalization indexthat is designed to measure equity market performance in the global developedand emerging markets. The index consists of 48 developed and emerging marketcountry indices. The returns we publish for the index are total returns, whichinclude reinvestment of dividends. The constituents displayed for this index arefrom the following proxy: iShares MSCI ACWI.

MSCI ACWI NR USDDescription unavailable. The constituents displayed for this index are from thefollowing proxy: iShares MSCI ACWI.

MSCI EAFE NR USDThis Europe, Australasia, and Far East index is a market-capitalization-weightedindex of 21 non-U.S., industrialized country indexes.

This disclosure applies to all MSCI indices: Certain information included hereinis derived by Morningstar in part from MSCI’s Index Constituents (the “IndexData”). However, MSCI has not reviewed any information contained herein anddoes not endorse or express any opinion such information or analysis. MSCIdoes not make any express or implied warranties, representations or guaranteesconcerning the Index Data or any information or data derived therefrom, and inno event will MSCI have any liability for any direct, indirect, special, punitive,consequential or any other damages (including lost profits) relating to any use ofthis information.

MSCI EAFE Value NR USDThe MSCI EAFE Value Index is an unmanaged index of value stocks ofcompanies located in Europe, Australasia and the Far East. The constituentsdisplayed for this index are from the following proxy: iShares MSCI EAFE Value.

MSCI EM NR USDDescription unavailable. The constituents displayed for this index are from thefollowing proxy: iShares MSCI Emerging Markets.

Russell 1000 Growth TR USDTracks the companies within the Russell 1000 with higher price-to-book ratiosand higher forecasted growth values. The constituents displayed for this indexare from the following proxy: iShares Russell 1000 Growth.

Russell 1000 TR USDConsists of the 1000 largest companies within the Russell 3000 index, whichrepresents approximately 98% of the investable US equity market. Also knownas the Market-Oriented Index, because it represents the group of stocks fromwhich most active money managers choose. The constituents displayed for thisindex are from the following proxy: iShares Russell 1000.

Russell 3000 Growth TR USDMeasures the performance of those Russell 3000 Index companies with higherprice-to-book ratios and higher forecasted growth values. The Russell 3000includes the largest U.S. companies by market capitalization, representingapproximately 98% of the U.S. equity market. The constituents displayed for thisindex are from the following proxy: iShares Core S&P US Growth.

Russell 3000 TR USDComposed of the 3000 largest U.S. companies by market capitalization,representing approximately 98% of the U.S. equity market. The constituentsdisplayed for this index are from the following proxy: iShares Russell 3000.

Russell Mid Cap Growth TR USDTracks the companies within the Russell Midcap Index with higher price-to-bookratios and higher forecasted growth values. The constituents displayed for thisindex are from the following proxy: iShares Russell Mid-Cap Growth.

Russell Mid Cap TR USDMeasures the performance of the 800 smallest companies in the Russell 1000Index, which represent approximately 25% of the total market capitalization ofthe Russell 1000 Index. The constituents displayed for this index are from thefollowing proxy: iShares Russell Mid-Cap.

S&P 1500 Health Care TRDescription unavailable.

S&P 500 TR USDA market capitalization-weighted index composed of the 500 most widely heldstocks whose assets and/or revenues are based in the US; it's often used as aproxy for the U.S. stock market. TR (Total Return) indexes include dailyreinvestment of dividends. The constituents displayed for this index are from thefollowing proxy: iShares Core S&P 500.

USTREAS T-Bill Auction Ave 3 MonThree-month T-bills are government-backed, short-term investments consideredto be risk-free and as good as cash because the maturity is only three months.Morningstar collects yields on the T-bill on a weekly basis from the Wall StreetJournal.




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