your future starts today › uploadedfiles › SRP - Hancock... · 2016-03-24 · starts today...

A GUIDE TO YOUR RETIREMENT PLAN TRANSITION

your future starts today

CHICAGO REGIONAL COUNCIL OF CARPENTERS SUPPLEMENTAL RETIREMENT PLAN

John Hancock Retirement Plan Services, LLC and the Chicago Regional Council of Carpenters Supplemental Retirement Fund are not affiliated and neither is responsible for the liabilities of the other.

The Chicago Regional Council of Carpenters

Supplemental Retirement Plan (the “Plan”) is transitioning

to a new record keeper, John Hancock Retirement

Plan Services (“John Hancock”). This booklet provides

information about the transition.

We encourage you to take this opportunity to ensure

you’re making the most of the plan. Whether you are

planning retirement now or in the future, John Hancock

can help with your long-term retirement security. They

have 40 years of experience in the retirement industry,

helping people take the guesswork out of their plans and

live the lives they want … today and tomorrow.

Sincerely,

Board of Trustees

good news!

TABLE OF CONTENTS

What do I do next ....................................................................... p1What to expect and when ...........................................................p2How will my investments transition to the new plan ...................p3Plan’s features & benefits ...........................................................p5 Few important notes ...................................................................p6Legal notices ............................................................................... p7

Spanish-speaking representatives are available

by calling 888.440.0022 between 9 a.m. and 7 p.m. Central Time Monday through Friday. (Para información en español, llame al 888.440.0022. Representantes están disponibles de lunes a viernes, de 9 a.m. a 7 p.m. hora del centro.) For your protection, all calls are recorded.

ñ

hablamos español

what do I do next?

Know what’s happening when. During the transition, there will be a brief period when you’ll be unable to access your account. If you’re planning to make any changes to your account, be sure to do so before the cutoff dates listed in this booklet.

Understand how your investments will transition. Your account will be moving to John Hancock. Make sure you know how your money will be invested after the transition.

Contact us if you have questions. Contact us if you have questions about the transition. You can speak with a John Hancock representative at 855.312.CRCC (855.312.2722) from 7 a.m. to 9 p.m. Central time (CT) Monday through Friday. For your protection, all calls are recorded.

Actually, you don’t have to do anything. The transition will happen all by itself, but it’s a good idea to understand what’s happening. Below are three things you may want to know before the transition happens.

1

Here’s an overview of what’s happening

and when. For more detailed information,

please review the legal notices on page 7.

Make any changes before the transition begins. There will be a period during the transition when you won’t be able to access or make changes to your account.

September 25, 2015—The transition begins. Starting on this date at 2 p.m. CT, your money will be in motion and unavailable. Contributions will continue to be made to your account and invested according to your elections on record.

October 1, 2015—Your money is transferred. As of this date, your money will be transferred to John Hancock. Your money may not be invested for a day or so while it’s being transferred.

October 1, 2015 through week ending October 17, 2015— All account information is transferred and reconciled. During this time all plan accounts will be transferred to John Hancock and all accounts will be reconciled to ensure all account information is transferred correctly.

Week ending October 17, 2015—The transition ends. By the end of this week, you’ll have full access to your account through John Hancock. You’ll be able to change your investment allocation and request distributions.

Thinking about making one of these changes?

If you think you’ll need to take any of the following actions before the transition begins, be sure to do so before these deadlines …

All requests for a distribution must be received by the Fund Office no later than September 18, 2015.

September 25, 2015 Last day to change how your current account balance or future contributions will be allocated. Changes must be submitted prior to 2 p.m. CT.

what to expect and when

2

3

Here’s how your investments will transition The charts below show how your current account balance and future contributions will be invested after the transition and the expense ratios for each investment.

Balances in this fund ... Annual gross expense ratio

... will be invested in this fund Annual gross expense ratio

Putnam Stable Value Fund* 0.43% Putnam Stable Value Fund* 0.28%

PIMCO Total Return Fund (Class A) 0.85% PIMCO Total Return Fund (Institutional Class) 0.46%

Vanguard Target Retirement 2010 Fund† 0.16% Vanguard Target Retirement 2010 Fund† 0.16%











Vanguard Target Retirement Income Fund† 0.16% Vanguard Target Retirement Income Fund† 0.16%

BlackRock Equity Dividend Fund (Class A) 0.95% BlackRock Equity Dividend Fund (Institutional Class) 0.70%

Dodge & Cox Balanced Fund† 0.53% Dodge & Cox Balanced Fund† 0.53%

George Putnam Balanced Fund (Class Y) 0.74% George Putnam Balanced Fund (Class R6) 0.63%

Vanguard Dividend Growth Fund (Investor Shares)†

0.31% Vanguard Dividend Growth Fund (Investor Shares)† 0.31%

Putnam S&P 500 Index Fund* 0.25% Vanguard Institutional Index Fund (Institutional Shares) 0.04%

Columbia Small Cap Value Fund II (Class Z) 1.08% Columbia Small Cap Value Fund II (Class Y) 0.88%

...funds continue on next page

how will my investments transition to the new plan

Balances in this fund ... Annual gross expense ratio

... will be invested in this fund Annual gross expense ratio

Goldman Sachs Mid Cap Value Fund (Class A) 1.14% Goldman Sachs Mid Cap Value Fund (Institutional Class)

0.74%

Morgan Stanley Institutional Fund Trust Mid Cap Growth Portfolio (Class A)

1.00% Morgan Stanley Institutional Fund Trust Mid Cap Growth Portfolio (Class IS)

0.61%

T. Rowe Price New America Growth Fund (Advisor Class) 1.06% T. Rowe Price New America Growth Fund 0.81%

Vanguard Explorer Fund (Admiral Shares)† 0.36% Vanguard Explorer Fund (Admiral Shares)† 0.36%

Hartford International Opportunities Fund (Class R5) 0.84% Hartford International Opportunities Fund (Class R6) 0.74%

* This is not a mutual fund.

† This fund is transferring in-kind.

Investment fact sheets, including information regarding expense ratios and redemption fees, are included in this mailing. Please review the investment fact sheets carefully. Funds in your plan may have implemented restrictions such as short-term trading fees and/or trading blackout periods on certain transactions. Please refer to the fund prospectus for more information.

4

5

Check out these plan features that will be available after the transition. Once the transition is complete, you can learn more about these features—including how to sign up for them. Contact John Hancock for more information.

Want to choose your own investments, but need a little help? Once the transition is complete, you can take advantage of Online Advice, a free, web-based service powered by Morningstar® Retirement Managersm.

This easy-to-use online tool will suggest which investments make sense and how much you should contribute to each investment option. To make the most of the tool, you also can include information about any investments you or your spouse/partner may have outside of the Supplemental Retirement Plan.

The Morningstar name and logo are registered marks of Morningstar, Inc. Morningstar® Retirement Managersm is offered by and is the property of Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. and is intended for citizens or legal residents of the United States or its territories. Neither Morningstar Associates LLC, nor Morningstar Inc. is affiliated with John Hancock Retirement Plan Services, LLC.

There is no guarantee investment objectives will be met.

A simple way to save Consider target date funds if you’re looking for a simple way to save. These diversified mutual funds are managed with specific time periods in mind. As you approach retirement, their investments generally become more conservative.

Stay balanced When you participate in the plan, you choose a mix of investments, and you decide what percentage of your contributions should go into each investment. This is your “allocation.” No matter what allocation you choose, however, the percentages are likely to change over time due to the performance of your investments.

With the plan’s automatic rebalancing feature, however, you can make sure you stay invested the way you want. When you sign up for this free feature, you can choose to have your account automatically rebalanced every three, six, or twelve months.

plan features and benefits

6

Here’s some information about the risks of certain types of investments.

Funds in your Plan may have implemented restrictions such as short-term trading fees and/or blackout periods on certain transactions. In addition, information regarding expense ratios and redemption fees are enclosed. Please refer to the prospectuses for more information. When reviewing your investments, carefully consider this information.

The stable value option seeks capital preservation, but there can be no assurance that this goal will be achieved. Returns will fluctuate with interest rates and market conditions.

All mutual funds are subject to market risk and will fluctuate in value.

Investing in Target Date Funds The “target date” in a target date fund is the approximate date an investor plans to start withdrawing money. Because target date funds are managed to specific retirement dates, investors may be taking on greater risk if the actual year of retirement differs dramatically from the original estimated date. Target date funds generally shift to a more conservative investment mix over time. While this may help to manage risk, it does not guarantee earnings growth, nor is the fund’s principal value guaranteed at any time including at the target date. You do not have the ability to actively manage the investments within target date funds. The portfolio managers control security selection and asset allocation. Target date funds allocate their investments among multiple asset classes which can include U.S. and foreign equity and fixed income securities.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Please call 855.312.CRCC (855.312.2722) for a prospectus. Investors are asked to consider the investment objective, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing. Plan administrative services may be provided by John Hancock Retirement Plan Services, LLC or a plan consultant selected by the Plan. John Hancock Distributors, LLC, member FINRA/SIPC.

few important notes

questions?ONE-ON-ONE SUPPORT 855.312.CRCC (855.312.2722)

John Hancock representatives are available between 7 a.m. and 9 p.m. Central time Monday through Friday (9 a.m. and 7 p.m. for assistance in Spanish). For your protection, all calls to a representative are recorded.

Representatives can answer questions like:

“What will happen with my money during the transition?”

“What if I want to make changes to my account before the transition?”

“How will I know that the transition is over?”

After the transition, you’ll still be able to reach John Hancock by phone. Plus, you’ll be able to access your account, make changes, and use learning tools online.

7

Sarbanes-Oxley notice

Important Notice Concerning Your Rights Under the Chicago Regional Council of Carpenters Supplemental Retirement Plan

August 18, 2015

1. This notice is to inform you that the Chicago Regional Council of Carpenters Supplemental Retirement Plan (“Plan”) will be changing recordkeepers and available investment options.

2. As a result of these changes, you temporarily will be unable to direct or diversify investments in your individual accounts, or obtain a distribution from the Plan. This period, during which you will be unable to exercise these rights otherwise available under the Plan, is called a ‘‘blackout period’’ or “transition period.” Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this blackout period may affect your retirement planning, as well as your overall financial plan.

3. The transition period for the Plan is expected to begin on September 25, 2015, at 2 p.m. Central time (CT) and end during the week of October 17, 2015. All requests for distributions prior to the transition period must be received by September 18, 2015. During these weeks, you can determine whether the transition period has started or ended by contacting a John Hancock representative at 855.312.CRCC (855.312.2722). Representatives are available from 7 a.m. to 9 p.m. CT Monday through Friday.

4. During the transition period you will be unable to receive a distribution or direct or diversify the assets held in your Plan account. It is very important that you review and consider the appropriateness of your current investments in light of your inability to direct or diversify those investments during the transition period. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income, and investments.

5. If you have any questions concerning this notice, you should contact a John Hancock representative at 855.312.CRCC (855.312.2722).

John Hancock Retirement Plan Services P.O. Box 940, Norwood, MA 02062-0447 855.312.CRCC (855.312.2722)

legal notices

8

notes

9

notes

Your Trustees chose John Hancock Retirement Plan Services to manage your retirement savings plan because we’re totally focused on you. John Hancock Retirement Plan Services knows you have a lot going on, and we want to help. That’s what MyLifeNowSM (mylife.jhrps.com) is all about. It’s the way we help you live the life you want … today and tomorrow.

We provide simple, personal suggestions that help you make progress, one step at a time. That’s our business and our commitment. By participating in your plan, you put that commitment to work for you.

it’s all about you

John Hancock Retirement Plan Services, LLC is also referred to as “John Hancock”.

John Hancock Retirement Plan Services, LLC offers service programs for retirement plans through which a sponsor or administrator of a plan may invest in mutual funds, ETFs, guaranteed products and collective investment trusts on behalf of plan participants. John Hancock Trust Company, LLC provides trust and custodial services to such plans. For the OnTarget service, investment advisory services may be provided by either New York Life Investment Management LLC, or John Hancock Personal Financial Services LLC, as set out in the Form ADV Part 2 available to sponsors and participants on mylife.jhrps.com. For Morningstar Retirement Manager, investment advisory services are provided by Morningstar Associates, LLC. Plan administrative services may be provided by John Hancock Retirement Plan Services, LLC or a plan consultant selected by the Plan. John Hancock Distributors, LLC, member FINRA/SIPC.

NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT INSURED BY ANY GOVERNMENT AGENCY

© 2015 All rights reserved.

S-P-26256-GE 06/2015-26256 RS041015227507-4063

The content of this document is for general information only and is believed to be accurate and reliable as of posting date but may be subject to change. John Hancock does not provide investment, tax, or legal advice. Please consult your own independent advisor as to any investment, tax, or legal statements made herein.

Making sense of investment fact sheets

This page can help you decode the following invest-ment fact sheets. They’re usually full of financial language, graphs and charts. This page breaks them down and explains what each section is saying.

For more detailed information about the funds, call 800.294.3575.

A Category: Each fund falls into one of 48 categories, based on its investments.

B Portfolio composition: Shows how the fund is invested.

C Morningstar® Style Box™ and Rating: The fund’s style and a rating of its performance com-pared to peers.

D Asset class: A fund’s classification, based upon its investments: stock, bonds or cash. “Balanced” funds own combinations of stocks and bonds.

E What is this fund’s strategy?: How the fund works and what it’s trying to do (for more details,

request the fund’s prospectus).

F Industry sectors: Shows how much of the fund’s assets are invested in 12 major categories.

G Average annual total returns and perfor-mance: The fund’s performance over time, including a benchmark index for comparison.

H Other considerations: A summary of the risks of investing in this fund.

I Annual turnover ratio: Percentage of the fund bought and sold last year.

J Other information: Expense ratio: The percentage of the fund’s share price you’re charged for management of the fund.

Redemption fee (if any): The fee you’re charged if you sell a fund’s shares before their holding period expires. Redemption fee holding period (if any): The

number of days you must hold onto a fund’s shares before you can sell them without a fee.

K Top ten holdings: Fund’s largest stock and bond holdings.

L Operations: Fund manager’s name and contact information.

M Volatility analysis: A summary of the fund’s past price fluctuation; higher volatility

equals more risk.

Need more information? Call us at 800.294.3575.

As of September 30, 2005 Stock InvestmentABC Fund

Category: Large BlendLarge-blend funds have portfoliosthat are fairly representative ofthe overall stock market in bothsize, growth rates, and price. Theytend to invest across the spectrumof U.S. industries and owing totheir broad exposure, the funds’returns are often similar to thoseof the S&P 500 Index.

What is the investment’s strategy?The ABC Fund seeks toreplicate the total returnperformance (reflecting reinvestmentof dividends) of common stocks inthe aggregate, as represented by theS&P 500 index. The fund uses a fullreplication method; it invests inall 500 stocks in the S&P 500 in thesame proportion as theirrepresentation in the index. Thecorrelation between index and fundis expected to be over 0.95 on anannual basis.

Other ConsiderationsUnlike other funds, which generallyseek to "beat" the market, Index Fundsseek to match their respectiveindices. It is not possible to investin an index. The Fund may invest inderivatives, which may increase thevolatility of the Fund’s net assetvalue and may result in a loss to theFund.

Other Information12b-1 fee: 0.00%Expense Ratio: 0.30% of fund assetsFund Inception Date: 01/02/1991Total Fund Assets($mil): 1276.67Ticker: MSPIX

Portfolio Manager(s)Francis J. Ok

Management Company: New York LifeInvestment Management LLC.Telephone: 800-624-6782

Portfolio Snapshot as of 07/31/2005 ^Portfolio Composition Other Information

Cash 10.40%Stocks* 89.60%Bonds 0.00%Other 0.00%*Foreign Stock 0.00%(% of stocks)

Industry Sectors as of 07/31/2005 ^Fund

Information Technology 21.02Software 3.82Hardware 10.21Media 3.82Telecommunications 3.17Service Economy 45.51Healthcare 13.18Consumer Services 8.88Business Services 3.72Financial Services 19.73Manufacturing Economy 33.48Consumer Goods 8.93Industrial Materials 12.15Energy 9.00Utilities 3.40Total Number of Stock Holdings 498Total Number of Bond Holdings 0Annual Turnover Ratio % 2

Top Ten Holdings as of 07/31/2005 ^% of Assets

ExxonMobil 2.97General Electric 2.91Microsoft 2.04Citigroup 1.80Pfizer 1.57Johnson & Johnson 1.51Bank of America 1.39Intel 1.33Wal-Mart Stores 1.32American International Group 1.24

Morningstar Style Box ™

Large

Medium

Value Blend Growth

Small

Morningstar Rating*✭✭✭ Overall 1

✭✭✭ 3 Year 2

✭✭✭ 5 Year 3

✭✭✭ 10 Year 4

Out of 1227 Large Blend Funds1




Past performance is noguarantee of future results.

* For each fund with at least a three-year history, Morningstar calculates a MorningstarRating™ based on a Morningstar Risk-Adjusted Return measure that accounts forvariation in a fund’s monthly performance (including the effects of sales charges, loads,and redemption fees), placing more emphasis on downward variations and rewardingconsistent performance. The top 10% of funds in each category receive five stars, thennext 22.5% receive four stars, the middle 35% receive three stars, the next 22.5% receivetwo stars, and the bottom 10% receive one star. The Overall Morningstar Rating™ fora fund is derived from a weighted average of the performance figures associated with itsthree-, five- and 10-year (if applicable) Morningstar Rating™ metrics.

Average Annual Total Returns as of 09/30/2005YTD 1Year 3Year 5Year 10Year Since

Inception

MainStay S&P 500 Index Fund(Class I) 2.54% 11.97% 16.42% -1.66% 9.27% -- Large Blend Average 3.49 13.17 15.72 -1.17 8.23 -- S&P 500 Index 2.77 12.25 16.71 -1.49 9.48 --

Performance data quoted represents past performance. Past performance is no guarantee offuture results. Due to market volatility, current performance may be less or higher thanthe figures shown. Investment return and principal value will fluctuate so that uponredemption, shares may be worth more or less than their original cost. For current to themost recent month-end performance information, please contact 800-294-3575 or visitwww.bcomplete.com.

PerformanceHypothetical Growth of $10,000 MainStay S&P 500 Index I $ 26,985

S&P 500 Index $ 23,603

0

10,000

20,000

30,000

9596 97 98 99 00 01 02 03 04 05

Volatility Analysis▼Investment

▲Category

Low Moderate High

This investment has shown a relatively moderate range of price fluctuations in the past.For this reason, it currently lands in the middle third of all investments with records ofat least three years. However, this investment may experience larger or smaller pricedeclines or price increases depending on market conditions. To offset some of theinvestment’s risk, investors may wish to own investments with different portfolio makeupsor investment strategies.

^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securitiesthat the fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund’s current or futureinvestments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of dateshown, do not include the fund’s entire investment portfolio, and may change at any time.S&P 500 Index: S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500 is an unmanaged index and is widely regarded asthe standard for measuring large-cap U.S. stock market performance. Results assume the reinvestment of all capital gain and dividenddistributions. An investment cannot be made directly into an index.Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany NJ, 07054Please contact your Investment Professional or call Benefits Complete at 1-800-294-3575 for a prospectus. Investors are asked to considerthe investment objectives, risks, and charges and expenses of investment carefully before investing. The prospectus contains this and otherinformation about the investment company. Please read the prospectus carefully before you invest.©2005 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its contentproviders; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from the use of this information.

A B C

H I

E

L

D

G

K

M

F

J

1

As of June 30, 2015 Cash Investment

Putnam Stable Value Fund

What is the investment’s strategy?The fund seeks to deliver intermediate-bond-like returns while maintaining astable net asset value. Consistency,liquidity, and stability are essential tothe portfolio construction process, whichemphasizes diversifying the sources ofreturns, industries, and issuers withinthe portfolio.

Other ConsiderationsThe fund is not a mutual fund and isprivately offered. Prospectuses are notrequired and prices are not available inlocal publications. The fund seeks capitalpreservation, but there can be no assurancesthat it will achieve this goal. The fundmay be exposed to risks associated with theproviders of any wrap contracts (syntheticGICs) covering the fund’s assets, includingcredit risk and capacity risk. Investmentsin the Fund are not guaranteed, even thoughsome of the Fund’s investments areguaranteed by the U.S. government or itsagencies or instrumentalities. Funds thatinvest in bonds are subject to interest-rate risk. Interest rate increases can causethe price of a debt security to decrease.The issuer of a debt security may not maketimely interest payments or may fail to paythe principal upon maturity. The principalon mortgage- or asset-backed securitiesmay normally be prepaid at any time, whichwill reduce the yield and market value ofthese securities. Foreign securities may besubject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability.

Other InformationExpense Ratio (gross) **: 0.28% of fund assetsFund Inception Date: 10/01/2015

** Expense ratio (gross) does not include fee waivers or expense reimbursements which result in lower actual cost to the investor.

^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities thatthe fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund’s current or futureinvestments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of dateshown, do not include the fund’s entire investment portfolio, and may change at any time.

The inception date of this investment is October 1, 2015. As a result, this fact sheet does not contain current total return or total fundasset information. The December 31, 2015 fact sheet will contain updated information.Citigroup 3 Month T-Bill Index (previously the Salomon Brothers 3 Month T-Bill Index) is an unmanaged index generally consideredrepresentative of the average yield of three-month Treasury Bills. Results assume the reinvestment of all capital gain and dividenddistributions. An investment cannot be made directly into an index..

As of June 30, 2015 Bond Investment

PIMCO Total Return Fund (Institutional Class)

Category: Intermediate-Term BondIntermediate-term bond funds have averagedurations that are greater than 3.5 yearsand less than six years. Most of the fundsrotate among a variety of sectors in thebond market, based upon which appear tooffer better values. Whatever types ofbonds they hold, these funds are lesssensitive to interest rates, and thereforeless volatile, than funds that have longerdurations.

What is the investment’s strategy?The investment seeks maximum total return,consistent with preservation of capitaland prudent investment management. Thefund normally invests at least 65% of itstotal assets in a diversified portfolio ofFixed Income Instruments of varyingmaturities, which may be represented byforwards or derivatives such as options,futures contracts, or swap agreements. Itinvests primarily in investment-gradedebt securities, but may invest up to 10%of its total assets in high yieldsecurities ("junk bonds") rated B orhigher by Moody’s, or equivalently ratedby S&P or Fitch, or, if unrated,determined by PIMCO to be of comparablequality.

Other ConsiderationsFunds that invest in bonds are subject tointerest-rate risk. Interest rate increasescan cause the price of a debt security todecrease. High-yield securities ("junkbonds") are generally considered speculativebecause they present a greater risk of lossthan higher-quality debt securities; thesesecurities may also be subject to greaterprice volatility. Foreign securities may besubject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability. These risks are likelyto be greater for emerging markets than fordevelopedmarkets. Derivativesmayincreasethe volatility of a fund s net asset valueand may result in a loss to a fund.

Other InformationExpense Ratio (gross) **: 0.46% of fund assetsFund Inception Date: 05/11/1987Total Fund Assets($mil): 68391.56Ticker: PTTRX

Portfolio Manager(s)Mihir P. WorahMark R. KieselScott A. Mather

Management Company: Pacific InvestmentManagement Co LLC. Telephone: 888-877-4626

Portfolio Snapshot as of 03/31/2015 ^

Portfolio CompositionLong % Short % Net %

Cash 149.55 27.85 121.70Stocks* 0.00 0.00 0.00Bonds 135.51 160.91 -25.39Other 4.22 0.52 3.69*Foreign Stock 0.00 0.00 0.00(% of stocks)

Annual Turnover Ratio % 265

Top Ten Holdings as of 03/31/2015 ^

% of Assets

Fin Fut Euro$ Cme (Wht) 12/14/15 -21.0510 Year US Treasury Note Future June15 16.90Irs Usd 1.000 04/17/15-2y Cme -14.26Irs Usd 0.665 04/17/15-1y (Wht) Cme -14.24Fin Fut Euro$ Cme (Wht) 09/14/15 -13.97

Fin Fut Euro$ Cme (Wht) 03/14/16 -13.49Fin Fut Uk 90day Ice (Wht) 03/16/16 -9.64Irs Usd 1.050 10/19/15-1y (Wht) Cme -7.45Fin Fut Euro$ Cme (Red) 09/19/16 -7.41Irs Usd 0.750 06/17/15-1y (Wht) Cme -6.44

Morningstar Rating*

✭✭✭✭ Overall 1

✭✭✭ 3 Year 2

✭✭✭ 5 Year 3

✭✭✭✭✭ 10 Year 4

Out of 935 Intermediate-Term Bond Funds1





* For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthlyperformance (including the effects of sales charges, loads, and redemption fees), placing moreemphasis on downward variations and rewarding consistent performance. The top 10% of funds in eachcategory receive five stars, then next 22.5% receive four stars, the middle 35% receive three stars,the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall MorningstarRating™ for a fund is derived from a weighted average of the performance figures associated with itsthree-, five- and 10-year (if applicable) Morningstar Rating™ metrics.


Inception

PIMCO Total Return Instl 0.34% 1.30% 2.45% 4.03% 5.72% -- Intermediate-Term Bond Average 1.34 4.75 3.44 4.62 4.64 -- Barclays US Aggregate Bond Ind -0.10 1.86 1.83 3.35 4.44 --

Performance data quoted represents past performance. Past performance is no guarantee offuture results. Due to market volatility, current performance may be less or higher than thefigures shown. Investment return and principal value will fluctuate so that upon redemption,shares may be worth more or less than their original cost. Performance data does not reflectdeduction of redemption fee, which, if such fee exists, would lower performance. For currentto the most recent month-end performance information, please log ontomylife.newyorklife.com or call a New York Life representative at (800) 294-3575.

PerformanceHypothetical Growth of $10,000 PIMCO Total Return Instl $ 17,947

Barclays US Aggregate Bond Ind $ 15,826

10,000

12,000

14,000

16,000

18,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15

Volatility AnalysisBest 3-month Period Nov. 08-Jan. 09 6.56%Worst 3-month Period May. 13-Jul. 13 -4.26%

▼Investment

▲ Category

Low Moderate High

This investment has shown a relatively small range of price fluctuations in the past.Based on this measure, currently more than two thirds of all mutual funds with three-year histories have shown higher levels of risk.


^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities that the fund has boughtand diversity of areas in which the fund may invest and may not be representative of the fund’s current or future investments. The top ten holdings do not includemoney market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund’s entire investment portfolio, and maychange at any time.

Intermediate-Term Bond Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarIntermediate-Term Bond category.

Barclays US Aggregate Bond Index: The Barclays US Aggregate Bond Index is an unmanaged market value-weighted performance benchmark for investment-grade orbetter fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. Resultsassume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.

Fund data, Style Box and Rating © 2011 Morningstar, Inc. All Rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsiblefor any damages or losses arising from the use of this information.

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany NJ, 07054

Please log onto mylife.newyorklife.com or call a New York Life representative at (800) 294-3575 for a prospectus, and, if available, a summary prospectus.Investors are asked to consider the investment objectives, risks, charges and expenses of the investment carefully before investing. The prospectus, and, ifavailable, a summary prospectus, contains this and other information about the investment company. Please read the prospectus, and, if available, a summaryprospectus, carefully before investing.

As of June 30, 2015 Balanced/Asset Allocation Investment

Vanguard Target Retirement 2010 Fund

Category: Target Date 2000-2010Target-date portfolios provide adiversified exposure to stocks, bonds, andcash for those investors who have aspecific date in mind (in this case, theyears 2000-2010) for retirement oranother goal. These portfolios aim toprovide investors with an optimal level ofreturn and risk, based solely on thetarget date. Over time, management adjuststhe allocation among asset classes to moreconservative mixes as the target dateapproaches.

What is the investment’s strategy?The investment seeks to provide capitalappreciation and current income consistentwith its current asset allocation. Thefund invests in other Vanguard mutualfunds according to an asset allocationstrategy designed for investors planningto retire and leave the workforce in orwithin a few years of 2010 (the targetyear). Its asset allocation will becomemore conservative over time, meaning thatthe percentage of assets allocated tostocks will decrease while the percentageof assets allocated to bonds and otherfixed income investments will increase.

Other ConsiderationsThe target date in a target date fund isthe approximate date an investor plans tostart withdrawing money. The fundsgenerally shift to a more conservativeinvestment mix over time. Earnings andprincipal value are not guaranteed at anytime including the target date. Small andmid-cap stocks are often more volatile thanlarge-cap stocks. Growth stocks may bemore volatile than other stocks because theyare generally more sensitive to investorperceptions and market moves. The principalrisk of investing in value funds is that theprice of the security may not approach itsanticipated value. Foreign securities can besubject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, political andeconomic instability, less publiclyavailable information, and changes in tax orcurrency laws or monetary policy. Theserisks are likely to be greater for emergingmarkets than in developed markets. Fundsthat invest in bonds are subject to interestrate risk and can lose principal value wheninterest rates rise. The principal value ofthe fund is not guaranteed at any time,including at the target date.

Other InformationExpense Ratio (gross) **: 0.16% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 06/07/2006Total Fund Assets($mil): 6976.89Ticker: VTENX

Portfolio Manager(s)William ColemanWalter NejmanMichael H. Buek

Management Company: Vanguard Group, Inc..Telephone: 800-662-7447


Portfolio CompositionNet %

Cash 6.08Stocks* 34.73Bonds 57.98Other 1.20*Foreign Stock 11.85(% of stocks)

Industry Sectors as of 05/31/2015 ^

Long %Cyclical 37.35Basic Materials 5.19Consumer Cyclical 11.69Financial Services 16.74Real Estate 3.73

Defensive 24.93Consumer Defensive 8.76Healthcare 13.13Utilities 3.04

Sensitive 37.72Communication Services 4.14Energy 7.10Industrials 11.64Technology 14.84Annual Turnover Ratio % 15


% of Assets

Vanguard Total Bond Market II Idx Inv 35.42Vanguard Total Stock Mkt Idx Inv 23.25Vanguard Total Intl Bd Idx Investor 14.60Vanguard Shrt-Term Infl-Prot Sec Idx Inv 14.42Vanguard Total Intl Stock Index Inv 12.32


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

Out of 117 Target Date 2000-2010 Funds1






Inception

Vanguard Target Retirement 201 1.03% 2.19% 6.96% 8.37% -- 5.77%Target Date 2000-2010 Average 2.41 4.32 6.13 6.53 4.83 -- Dow Jones Target 2010 Index -0.15 -0.74 3.44 5.22 4.78 --


PerformanceHypothetical Growth of $10,000 Vanguard Target Retirement 201 $ 16,489

Dow Jones Target 2010 Index $ 15,149

8,000

10,000

12,000

14,000

16,000

6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15

Volatility AnalysisBest 3-month Period Mar. 09-May. 09 16.61%Worst 3-month Period Sep. 08-Nov. 08 -18.82%

▼Investment

▲Category

Low Moderate High




Target Date 2000-2010 Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarTarget Date 2000-2010 category.

The Dow Jones Target Date Indexes (each an "Index" or collectively the "Indexes") are a series of Indexes designed as benchmarks for multi-asset class portfolioswith risk profiles that become more conservative over time. The Index weightings among the major asset classes are adjusted monthly based on a published set ofIndex rules. The Indexes with longer time horizons have higher allocations to equity securities, while the Indexes with shorter time horizons replace some oftheir stock allocations with allocations to fixed income securities and money market instruments. You cannot invest directly in an index.







What is the investment’s strategy?The investment seeks to provide capitalappreciation and current income consistentwith its current asset allocation. Thefund invests in other Vanguard mutualfunds according to an asset allocationstrategy designed for investors planningto retire and leave the workforce in orwithin a few years of 2015 (the targetyear). The fund’s asset allocation willbecome more conservative over time,meaning that the percentage of assetsallocated to stocks will decrease whilethe percentage of assets allocated tobonds and other fixed income investmentswill increase.


Other InformationExpense Ratio (gross) **: 0.16% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 10/27/2003Total Fund Assets($mil): 22141.74Ticker: VTXVX











% of Assets

Vanguard Total Stock Mkt Idx Inv 32.74Vanguard Total Bond Market II Idx Inv 29.86Vanguard Total Intl Stock Index Inv 17.09Vanguard Total Intl Bd Idx Investor 12.26Vanguard Shrt-Term Infl-Prot Sec Idx Inv 8.04


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭✭ 10 Year 4








Inception

Vanguard Target Retirement 201 1.37% 2.61% 8.81% 9.68% 5.95% -- Target Date 2011-2015 Average 2.52 4.76 7.01 7.10 4.53 -- Dow Jones Target 2015 Index -0.09 -0.63 4.65 6.23 5.11 --




10,000

15,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High














Other InformationExpense Ratio (gross) **: 0.16% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 06/07/2006Total Fund Assets($mil): 31299.05Ticker: VTWNX











% of Assets

Vanguard Total Stock Mkt Idx Inv 39.75Vanguard Total Bond Market II Idx Inv 29.43Vanguard Total Intl Stock Index Inv 20.09Vanguard Total Intl Bd Idx Investor 10.70


Large

Medium

Value Blend Growth

Small

Morningstar Rating*

✭✭✭✭✭ Overall 1

✭✭✭✭ 3 Year 2

✭✭✭✭✭ 5 Year 3







Inception

Vanguard Target Retirement 202 1.58% 3.03% 10.19% 10.70% -- 6.32%Target Date 2016-2020 Average 2.79 5.29 7.39 7.60 5.10 -- Dow Jones Target 2020 Index 0.38 -0.12 6.39 7.62 5.71 --




10,000

15,000

6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High














Other InformationExpense Ratio (gross) **: 0.17% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 10/27/2003Total Fund Assets($mil): 35271.82Ticker: VTTVX











% of Assets

Vanguard Total Stock Mkt Idx Inv 45.54Vanguard Total Bond Market II Idx Inv 23.80Vanguard Total Intl Stock Index Inv 21.80Vanguard Total Intl Bd Idx Investor 8.81


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭✭ 10 Year 4








Inception

Vanguard Target Retirement 202 1.81% 3.09% 11.18% 11.52% 6.31% -- Target Date 2021-2025 Average 3.17 5.79 8.80 8.77 5.75 -- Dow Jones Target 2025 Index 1.06 0.59 8.28 9.18 6.33 --




10,000

15,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High

This investment has shown a relatively moderate range of price fluctuations in thepast. For this reason, it currently lands in the middle third of all investments withrecords of at least three years. However, this investment may experience larger orsmaller price declines or price increases depending on market conditions. To offsetsome of the investment’s risk, investors may wish to own investments with differentportfolio makeups or investment strategies.













Other InformationExpense Ratio (gross) **: 0.17% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 06/07/2006Total Fund Assets($mil): 26736.71Ticker: VTHRX











% of Assets

Vanguard Total Stock Mkt Idx Inv 49.80Vanguard Total Intl Stock Index Inv 24.91Vanguard Total Bond Market II Idx Inv 18.14Vanguard Total Intl Bd Idx Investor 7.11


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3







Inception

Vanguard Target Retirement 203 2.07% 3.19% 12.20% 12.35% -- 6.48%Target Date 2026-2030 Average 3.48 6.12 9.18 8.83 5.55 -- Dow Jones Target 2030 Index 1.78 1.40 10.16 10.62 6.85 --




10,000

15,000

6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High














Other InformationExpense Ratio (gross) **: 0.18% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 10/27/2003Total Fund Assets($mil): 26926.41Ticker: VTTHX











% of Assets



Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭✭ 10 Year 4








Inception





10,000

15,000

20,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High














Other InformationExpense Ratio (gross) **: 0.18% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 06/07/2006Total Fund Assets($mil): 18725.03Ticker: VFORX











% of Assets



Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3







Inception





10,000

15,000

6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High














Other InformationExpense Ratio (gross) **: 0.18% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 10/27/2003Total Fund Assets($mil): 16748.91Ticker: VTIVX











% of Assets



Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭ 10 Year 4








Inception





10,000

15,000

20,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High











Category: Target Date 2046-2050Target-date portfolios providediversified exposure to stocks, bonds, andcash for those investors who have aspecific date in mind (in this case, theyears 2046-2050) for retirement. Theseportfolios aim to provide investors withan optimal level of return and risk, basedsolely on the target date. Managementadjusts the allocation among asset classesto more-conservative mixes as the targetdate approaches, following a preset glidepath. A target-date portfolio is part ofa series of funds offering multipleretirement dates to investors



Other InformationExpense Ratio (gross) **: 0.18% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 06/07/2006Total Fund Assets($mil): 8971.14Ticker: VFIFX











% of Assets



Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3







Inception





10,000

15,000

6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High











Category: Target Date 2051+Target-date portfolios provide adiversified exposure to stocks, bonds, andcash for those investors who have aspecific date in mind (in this case, theyears 2050 and beyond) for retirement oranother goal. These portfolios aim toprovide investors with an optimal level ofreturn and risk, based solely on thetarget date. Over time, management adjuststhe allocation among asset classes to moreconservative mixes as the target dateapproaches.



Other InformationExpense Ratio (gross) **: 0.18% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 08/18/2010Total Fund Assets($mil): 2501.20Ticker: VFFVX











% of Assets



Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

Out of 111 Target Date 2051+ Funds1





Inception

Vanguard Target Retirement 205 2.44% 3.21% 13.79% -- -- 12.50%Target Date 2051+ Average 4.08 6.89 11.47 10.15 -- -- Dow Jones Target 2055 Index 3.21 2.98 13.74 13.16 7.75 --




10,000

12,000

14,000

16,000

18,000

6/11 6/12 6/13 6/14 6/15

Volatility AnalysisBest 3-month Period Sep. 10-Nov. 10 12.06%Worst 3-month Period Jul. 11-Sep. 11 -14.79%

▼Investment

▲Category

Low Moderate High




Target Date 2051+ Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar TargetDate 2051+ category.







Category: Target Date 2051+Target-date portfolios provide adiversified exposure to stocks, bonds, andcash for those investors who have aspecific date in mind (in this case, theyears 2050 and beyond) for retirement oranother goal. These portfolios aim toprovide investors with an optimal level ofreturn and risk, based solely on thetarget date. Over time, management adjuststhe allocation among asset classes to moreconservative mixes as the target dateapproaches.



Other InformationExpense Ratio (gross) **: 0.18% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 01/19/2012Total Fund Assets($mil): 778.36Ticker: VTTSX











% of Assets



Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2






Inception

Vanguard Target Retirement 206 2.45% 3.19% 13.81% -- -- 12.73%Target Date 2051+ Average 4.08 6.89 11.47 10.15 -- -- Dow Jones Target 2055 Index 3.21 2.98 13.74 13.16 7.75 --




10,000

12,000

14,000

16,000

6/12 6/13 6/14 6/15

Volatility AnalysisBest 3-month Period Sep. 13-Nov. 13 10.10%Worst 3-month Period Mar. 12-May. 12 -5.74%

▼Investment

▲Category

Low Moderate High




Target Date 2051+ Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar TargetDate 2051+ category.






Vanguard Target Retirement Income Fund

Category: Retirement IncomeRetirement income portfolios provide a mixof stocks, bonds and cash for thoseinvestors already in or enteringretirement. These portfolios tend to bemanaged to more of a conservative assetallocation strategy. These portfolios aimto provide investors with steady incomethroughout retirement.

What is the investment’s strategy?The investment seeks to provide currentincome and some capital appreciation. Thefund invests in other Vanguard mutualfunds according to an asset allocationstrategy designed for investors currentlyin retirement. Its indirect bond holdingsare a diversified mix of short-,intermediate-, and long-term U.S.government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by theU.S. Treasury; mortgage-backed and asset-backed securities; and government, agency,corporate, and securitized investment-grade foreign bonds issued in currenciesother than the U.S. dollar.


Other InformationExpense Ratio (gross) **: 0.16% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 10/27/2003Total Fund Assets($mil): 11636.57Ticker: VTINX











% of Assets

Vanguard Total Bond Market II Idx Inv 37.66Vanguard Total Stock Mkt Idx Inv 19.15Vanguard Shrt-Term Infl-Prot Sec Idx Inv 16.87Vanguard Total Intl Bd Idx Investor 15.71Vanguard Total Intl Stock Index Inv 10.60


Large

Medium

Value Blend Growth

Small

Morningstar Rating*

✭✭✭✭✭ Overall 1

✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭✭✭ 10 Year 4

Out of 150 Retirement Income Funds1







Inception

Vanguard Target Retirement Inc 0.81% 1.94% 5.35% 6.76% 5.23% -- Retirement Income Average 2.03 4.22 4.87 5.56 4.26 -- Dow Jones Target Today Index -0.14 -0.68 2.63 4.42 4.64 --


PerformanceHypothetical Growth of $10,000 Vanguard Target Retirement Inc $ 16,986

Dow Jones Target Today Index $ 15,847

10,000

12,000

14,000

16,000

18,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High




Retirement Income Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarRetirement Income category.





As of June 30, 2015 Stock Investment

BlackRock Equity Dividend Fund (Institutional Class)

Category: Large ValueLarge-value funds focus on big companiesthat are less expensive or growing moreslowly than other large-cap stocks. Thesefunds often feature investments in energy,financial, or manufacturing sectors.

What is the investment’s strategy?The investment seeks long-term totalreturn and current income. The fund seeksto achieve its objective by investingprimarily in a diversified portfolio ofequity securities. Under normalcircumstances, it will invest at least 80%of its assets in equity securities and atleast 80% of its assets in dividend payingsecurities. The fund may invest insecurities of companies with any marketcapitalization, but will generally focuson large cap securities. It may alsoinvest in convertible securities and non-convertible preferred stock. The fund mayinvest up to 25% of its total assets insecurities of foreign issuers.

Other ConsiderationsCompanies that normally pay dividends maynot do so if their profits or cash flows areinadequate. Foreign securities may besubject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability. These risks are likelyto be greater for emerging markets than fordevelopedmarkets. Derivativesmayincreasethe volatility of a fund s net asset valueand may result in a loss to a fund.

Other InformationExpense Ratio (gross) **: 0.70% of fund assetsFund Inception Date: 11/29/1988Total Fund Assets($mil): 13366.54Ticker: MADVX

Portfolio Manager(s)Kathleen M. AndersonDavid J. CasseseTony DeSpiritoRobert M. Shearer

Management Company: BlackRock AdvisorsLLC. Telephone: 800-441-7762







Sensitive 36.97Communication Services 4.72Energy 9.26Industrials 14.81Technology 8.18

Total Number of Stock Holdings 89Total Number of Bond Holdings 0Annual Turnover Ratio % 6


% of Assets

JPMorgan Chase & Co 3.72Wells Fargo & Co 3.70General Electric Co 2.62Home Depot Inc 2.61Pfizer Inc 2.52

Citigroup Inc 2.36Merck & Co Inc 2.24Microsoft Corp 2.13Bristol-Myers Squibb Company 2.07Comcast Corp Class A 2.05


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭ 3 Year 2

✭✭✭ 5 Year 3

✭✭✭✭✭ 10 Year 4

Out of 1185 Large Value Funds1







Inception

BlackRock Equity Dividend Inst -0.96% 3.40% 12.34% 14.42% 8.29% -- Large Value Average 1.24 7.86 14.42 12.25 6.72 -- Russell 1000 Value Index -0.61 4.13 17.34 16.50 7.05 --


PerformanceHypothetical Growth of $10,000 BlackRock Equity Dividend Inst $ 23,080

Russell 1000 Value Index $ 20,106

10,000

15,000

20,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High




Large Value Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Large Valuecategory.

Russell 1000 Value Index: The Russell 1000 Value Index is an unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be madedirectly into an index.





Dodge & Cox Balanced Fund

Category: Moderate AllocationModerate-allocation funds seek to provideboth capital appreciation and income byinvesting in three major areas: stocks,bonds, and cash. These funds tend to holdlarger positions in stocks thanconservative-allocation funds. Thesefunds typically have 50% to 70% of assetsin equities and the remainder in fixedincome and cash.

What is the investment’s strategy?The investment seeks regular income,conservation of principal, and anopportunity for long-term growth ofprincipal and income. The fund invests ina diversified portfolio of equitysecurities and debt securities. Ittypically invests in companies that, inDodge & Cox’s opinion, appear to betemporarily undervalued by the stockmarket but have a favorable outlook forlong-term growth. The fund may invest upto 20% of its total assets in U.S. dollar-denominated securities of non-U.S.issuers traded in the United States thatare not in the S&P 500.

Other ConsiderationsFunds that invest in bonds are subject tointerest-rate risk. Interest rate increasescan cause the price of a debt security todecrease.

Other InformationExpense Ratio (gross) **: 0.53% of fund assetsFund Inception Date: 06/26/1931Total Fund Assets($mil): 15622.01Ticker: DODBX

Portfolio Manager(s)Steven C. VoorhisAnthony J. BrekkeAdam S. RubinsonLucinda I. JohnsPhilippe Barret, Jr.

Management Company: Dodge & Cox.Telephone: 800-621-3979










% of Assets

Wells Fargo & Co 2.73Capital One Financial Corp 2.61Hewlett-Packard Co 2.50Novartis AG ADR 2.37Microsoft Corp 2.33

Time Warner Inc 2.10Charles Schwab Corp 2.03Time Warner Cable Inc 1.99Bank of New York Mellon Corp 1.91Schlumberger NV 1.86


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭✭ 3 Year 2

✭✭✭✭✭ 5 Year 3

✭✭✭ 10 Year 4

Out of 815 Moderate Allocation Funds1







Inception

Dodge & Cox Balanced 1.10% 3.59% 15.55% 14.09% 6.76% -- Moderate Allocation Average 2.52 6.19 9.45 8.97 6.26 -- S&P 500 Index 1.23 7.42 17.31 17.34 7.89 --


PerformanceHypothetical Growth of $10,000 Dodge & Cox Balanced $ 19,428

S&P 500 Index $ 21,204

10,000

15,000

20,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High




Moderate Allocation Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarModerate Allocation category.

S&P 500 Index TR: S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500 is an unmanaged index and is widely regarded as the standard formeasuring large-cap U.S. stock market performance. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be madedirectly into an index.





George Putnam Balanced Fund (Class R6)

Category: Moderate AllocationModerate-allocation funds seek to provideboth capital appreciation and income byinvesting in three major areas: stocks,bonds, and cash. These funds tend to holdlarger positions in stocks thanconservative-allocation funds. Thesefunds typically have 50% to 70% of assetsin equities and the remainder in fixedincome and cash.

What is the investment’s strategy?The investment seeks to provide a balancedinvestment composed of a well-diversifiedportfolio of stocks and bonds whichproduce both capital growth and currentincome. The fund invests mainly in acombination of bonds and common stocks(growth or value stocks or both) of largeU.S. companies, with a greater focus oncommon stocks. For example, the managersmay purchase stocks of companies withstock prices that reflect a value lowerthan that which the managers place on thecompany.

Other ConsiderationsFunds that invest in bonds are subject tointerest-rate risk. Interest rate increasescan cause the price of a debt security todecrease. Equity funds are subjectgenerally to market, market sector, marketliquidity, issuer, and investment stylerisks, among other factors, to varyingdegrees.

Other InformationExpense Ratio (gross) **: 0.63% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 12/02/2013Total Fund Assets($mil): 8.29Ticker: PGEJX

Portfolio Manager(s)Aaron M. CooperKevin F. Murphy

Management Company: Putnam InvestmentManagement, LLC. Telephone: 800-225-1581










% of Assets

US Treasury Note 0.75% 3.26Apple Inc 2.57US Treasury Note 1% 2.42US Treasury Note 3.5% 2.35US Treasury Note 1.75% 1.88

Exxon Mobil Corporation 1.33Google Inc Class C Capital Stock 1.27US Treasury Note 1.125% 1.16JPMorgan Chase & Co 1.08L-3 Communications Holdings Inc 0.98


Large

Medium

Value Blend Growth

Small

Morningstar Rating*

There is no Morningstar Rating availablefor this fund/share class.




Inception

George Putnam Balanced Fund R6 1.53% 5.83% -- -- -- 8.94%Moderate Allocation Average 2.52 6.19 9.45 8.97 6.26 -- S&P 500 Index 1.23 7.42 17.31 17.34 7.89 --


PerformanceHypothetical Growth of $10,000 George Putnam Balanced Fund R6 $ 11,259

S&P 500 Index $ 11,508

10,000

12,000

6/14 6/15

Volatility AnalysisBest 3-month Period Feb. 14-Apr. 14 4.42%Worst 3-month Period Apr. 15-Jun. 15 -0.47%

▼Investment

▲Category

Low Moderate High




Moderate Allocation Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarModerate Allocation category.






Vanguard Dividend Growth Fund (Investor Shares)

Category: Large BlendLarge-blend funds have portfolios thatare fairly representative of the overallstock market in both size, growth rates,and price. They tend to invest across thespectrum of U.S. industries and owing totheir broad exposure, the funds’ returnsare often similar to those of the S&P 500Index.

What is the investment’s strategy?The investment seeks to provide,primarily, a growing stream of income overtime and, secondarily, long-term capitalappreciation and current income. The fundinvests primarily in stocks that tend tooffer current dividends. It focuses onhigh-quality companies that haveprospects for long-term total returns asa result of their ability to grow earningsand their willingness to increasedividends over time. These stockstypically-but not always-will be large-cap, will be undervalued relative to themarket, and will show potential forincreasing dividends. The fund seeks to bediversified across industry sectors.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees.Companies that normally pay dividends maynot do so if their profits or cash flows areinadequate.

Other InformationExpense Ratio (gross) **: 0.32% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 05/15/1992Total Fund Assets($mil): 24410.19Ticker: VDIGX

Portfolio Manager(s)Donald J. Kilbride

Management Company: Wellington ManagementCompany LLP. Telephone: 800-662-7447










% of Assets

United Parcel Service Inc (UPS) Class B 2.95TJX Companies Inc 2.80UnitedHealth Group Inc 2.76ACE Ltd 2.70United Technologies Corp 2.67

Coca-Cola Co 2.63Lockheed Martin Corp 2.59Cardinal Health Inc 2.52Honeywell International Inc 2.52Praxair Inc 2.52


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭ 3 Year 2

✭✭✭ 5 Year 3

✭✭✭✭✭ 10 Year 4








Inception

Vanguard Dividend Growth Inv -0.70% 6.19% 14.90% 16.13% 9.16% -- Large Blend Average 1.77 10.34 14.87 12.97 7.32 -- Russell 1000 Index 1.71 7.37 17.73 17.58 8.13 --


PerformanceHypothetical Growth of $10,000 Vanguard Dividend Growth Inv $ 23,758

Russell 1000 Index $ 21,876

10,000

15,000

20,000

25,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High




Large Blend Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Large Blendcategory.

Russell 1000 Index: The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, whichincludes the 3,000 largest U.S. companies based on total market capitalization. Results assume the reinvestment of all capital gain and dividend distributions. Aninvestment cannot be made directly into an index.





Vanguard Institutional Index Fund (Institutional Shares)

Category: Large BlendLarge-blend funds have portfolios thatare fairly representative of the overallstock market in both size, growth rates,and price. They tend to invest across thespectrum of U.S. industries and owing totheir broad exposure, the funds’ returnsare often similar to those of the S&P 500Index.

What is the investment’s strategy?The investment seeks to track theperformance of a benchmark index thatmeasures the investment return of large-capitalization stocks. The fund employs anindexing investment approach designed totrack the performance of the Standard &Poor’s 500 Index, a widely recognizedbenchmark of U.S. stock market performancethat is dominated by the stocks of largeU.S. companies. It attempts to replicatethe target index by investing all, orsubstantially all, of its assets in thestocks that make up the index, holdingeach stock in approximately the sameproportion as its weighting in the index.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees. Unlikeother funds, which generally seek to "beat"the market, Index Funds seek to match theirrespective indices. It is not possible toinvest in an index. Derivatives mayincrease the volatility of a fund s netasset value and may result in a loss to afund.

Other InformationExpense Ratio (gross) **: 0.04% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 07/31/1990Total Fund Assets($mil): 104957.37Ticker: VINIX

Portfolio Manager(s)Donald M. Butler











% of Assets

Apple Inc 4.06Microsoft Corp 2.05Exxon Mobil Corporation 1.91Johnson & Johnson 1.49General Electric Co 1.47

Wells Fargo & Co 1.40JPMorgan Chase & Co 1.31Berkshire Hathaway Inc Class B 1.31Pfizer Inc 1.14Procter & Gamble Co 1.13


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭✭ 10 Year 4








Inception

Vanguard Institutional Index I 1.22% 7.41% 17.28% 17.31% 7.90% -- Large Blend Average 1.77 10.34 14.87 12.97 7.32 -- S&P 500 Index 1.23 7.42 17.31 17.34 7.89 --


PerformanceHypothetical Growth of $10,000 Vanguard Institutional Index I $ 21,214

S&P 500 Index $ 21,204

10,000

15,000

20,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High




Large Blend Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Large Blendcategory.






Columbia Small Cap Value Fund II (Class Y)

Category: Small ValueSmall-value funds invest in small-capswith valuations and growth rates belowother small-cap peers. They tend toinvest in manufacturing, financial, andenergy sectors.

What is the investment’s strategy?The investment seeks long-term capitalappreciation. Under normal circumstances,the fund invests at least 80% of its netassets in equity securities of companiesthat have market capitalizations in therange of the companies in the Russell 2000Value Index at the time of purchase thatthe fund’s investment manager believes areundervalued and have the potential forlong-term growth. It may invest up to 20%of its total assets in foreign securities,including depositary receipts. The fundnormally invests in common stocks and alsomay invest in real estate investmenttrusts.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees. Stocksof small companies may be subject to higherprice volatility and small companies may bemore vulnerable to adverse business ormarket developments than larger, moreestablishedcompanies.Companiesthatissuevalue securities may have experiencedadverse business developments or may besubject to special risks that have causedtheir securities to be out of favor. If aportfolio manager s assessment of acompany s prospects is wrong, or if themarket does not recognize the value of thecompany, the price of its securities maydecline or may not approach the value thatthe portfolio manager anticipates. Foreignsecurities may be subject to greater risksthan U.S. investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability. These risks are likelyto be greater for emerging markets than fordeveloped markets.

Other InformationExpense Ratio (gross) **: 0.88% of fund assetsTrading Blackout Holding Period: 14 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 11/09/2012Total Fund Assets($mil): 120.05Ticker: CRRYX

Portfolio Manager(s)Christian K. StadlingerJarl Ginsberg

Management Company: Columbia MangmtInvestment Advisers, LLC. Telephone: 800-345-6611










% of Assets

Western Alliance Bancorp 1.35Helen of Troy, Ltd. 1.35VCA Inc 1.32Pharmerica Corp 1.30Catalent Inc 1.28

PrivateBancorp Inc 1.27Skechers USA Inc 1.26Renasant Corp 1.23Independent Bank Corp 1.22Deluxe Corp 1.21


Large

Medium

Value Blend Growth

Small

Morningstar Rating*





Inception

Columbia Small Cap Value Fund 4.40% 3.95% -- -- -- 21.10%Small Value Average 1.18 3.94 14.29 12.55 7.92 -- Russell 2000 Value Index 0.76 0.78 15.50 14.81 6.87 --


PerformanceHypothetical Growth of $10,000 Columbia Small Cap Value Fund $ 16,022

Russell 2000 Value Index $ 14,721

10,000

12,000

14,000

16,000

6/13 6/14 6/15

Volatility AnalysisBest 3-month Period Jan. 13-Mar. 13 14.01%Worst 3-month Period Jul. 14-Sep. 14 -6.77%

▼Investment

▲Category

Low Moderate High

In the past, this investment has shown a wide range of price fluctuations relative toother investments. This investment may experience significant price increases infavorable markets or undergo large price declines in adverse markets. Some of this riskmay be offset by owning other investments that follow different investment strategies.



Small Value Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Small Valuecategory.

Russell 2000 Value Index: The Russell 2000 Value Index is an unmanaged index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be madedirectly into an index.





Goldman Sachs Mid Cap Value Fund (Institutional Class)

Category: Mid-Cap ValueSome mid-cap value funds focus on medium-size companies while others land herebecause they own a mix of small-, mid-,and large-cap stocks. All look for stocksthat are less expensive or growing moreslowly than the market. Many of theirholdings come from financial, energy, andmanufacturing sectors.

What is the investment’s strategy?The investment seeks long-term capitalappreciation. The fund invests, undernormal circumstances, at least 80% of itsnet assets for investment purposes in adiversified portfolio of equityinvestments in mid-cap issuers withpublic stock market capitalizations withinthe range of the market capitalization ofcompanies constituting the Russell MidcapfiValue Index at the time of investment.Although it will invest primarily inpublicly traded U.S. securities, the fundmay invest in foreign securities,including securities of issuers incountries with emerging markets oreconomies ("emerging countries") andsecurities quoted in foreign currencies.

Other ConsiderationsFunds that invest in bonds are subject tointerest-rate risk. Interest rate increasescan cause the price of a debt security todecrease. Foreign securities may be subjectto greater risks than U.S. investments,including currency fluctuations, less liquidtrading markets, greater price volatility,and political and economic instability.Mid-capitalization companies are generallyless established and their stocks may bemore volatile and less liquid than thesecurities of larger companies.

Other InformationExpense Ratio (gross) **: 0.74% of fund assetsFund Inception Date: 08/01/1995Total Fund Assets($mil): 6349.78Ticker: GSMCX

Portfolio Manager(s)Timothy RyanAndrew I. BraunSean J. GallagherDolores Bamford

Management Company: Goldman Sachs AssetManagement, L.P.. Telephone: 800-621-2550










% of Assets

Sempra Energy 1.97Lincoln National Corp 1.89Cigna Corp 1.84Navient Corp 1.83Huntington Bancshares Inc 1.74

Brixmor Property Group Inc 1.72Gap Inc 1.68Devon Energy Corp 1.59Broadcom Corp 1.54FirstEnergy Corp 1.54


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭ 3 Year 2

✭✭✭ 5 Year 3

✭✭✭✭ 10 Year 4

Out of 429 Mid-Cap Value Funds1







Inception

Goldman Sachs Mid Cap Value In -0.12% 4.48% 18.45% 16.70% 8.50% -- Mid-Cap Value Average 2.34 8.89 16.30 13.69 8.43 -- Russell Midcap Value Index 0.41 3.67 19.13 17.73 8.89 --


PerformanceHypothetical Growth of $10,000 Goldman Sachs Mid Cap Value In $ 24,009

Russell Midcap Value Index $ 24,723

10,000

15,000

20,000

25,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High




Mid-Cap Value Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Mid-CapValue category.

Russell Midcap Value Index: A market-weighted total return index that measures the performance of companies within the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Index includes firms 201 through 1000, based on market capitalization, from the Russell3000 Index. The Russell 3000 Index represents 98% of the of the investable US equity market. An investment cannot be made directly into an index.





Morgan Stanley Institutional Fund Trust Mid Cap Growth Portfolio (Class IS)

Category: Mid-Cap GrowthSome mid-cap growth funds invest instocks of all sizes, thus leading to amid-cap profile, but others focus onmidsize companies. Mid-cap growth fundstarget firms that are projected to growfaster than other mid-cap stocks,therefore commanding relatively higherprices. Many of these stocks are found inthe volatile technology, health-care, andservices sectors.

What is the investment’s strategy?The investment seeks long-term capitalgrowth. The fund normally invests at least80% of the Portfolio’s assets in commonstocks of mid cap companies. The Adviserseeks to invest in high quality companiesit believes have sustainable competitiveadvantages and the ability to redeploycapital at high rates of return. It mayinvest up to 25% of its net assets insecurities of foreign issuers, includingissuers located in emerging market ordeveloping countries. The fund may investin privately placed securities. Inaddition, it may invest in convertiblesecurities. The fund may utilize foreigncurrency forward exchange contracts.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees. Mid-capitalization companies are generally lessestablished and their stocks may be morevolatile and less liquid than the securitiesof larger companies. Growth investinginvolves buying stocks that have relativelyhigh price-to-earnings ratios. Growthstocks may be more volatile than otherstocks because they are generally moresensitive to investor perceptions and marketmoves. During periods of growth stockunderperformance,afund sperformancemaysuffer. Foreign securities may be subjectto greater risks than U.S. investments,including currency fluctuations, less liquidtrading markets, greater price volatility,and political and economic instability.These risks are likely to be greater foremerging markets than for developed markets.

Other InformationExpense Ratio (gross) **: 0.61% of fund assetsFund Inception Date: 09/13/2013Total Fund Assets($mil): 807.25Ticker: MMCGX

Portfolio Manager(s)Alexander T. NortonJason C. YeungArmistead B. NashDennis P. LynchDavid S. Cohen

Management Company: Morgan StanleyInvestment Management Inc. Telephone: 800-548-7786










% of Assets

Illumina Inc 5.27Twitter Inc 4.83LinkedIn Corp Class A 4.70Intuitive Surgical Inc 4.48Mead Johnson Nutrition Co 3.52

Endo International PLC 3.26Tesla Motors Inc 3.04McGraw Hill Financial Inc 3.00MSCI Inc 3.00Workday Inc Class A 2.92


Large

Medium

Value Blend Growth

Small

Morningstar Rating*





Inception

Morgan Stanley Inst Tr MC Grw 2.51% 3.74% -- -- -- 7.77%Mid-Cap Growth Average 4.40 11.20 14.95 14.47 9.17 -- Russell Midcap Growth Index 4.18 9.45 19.24 18.69 9.69 --


PerformanceHypothetical Growth of $10,000 Morgan Stanley Inst Tr MC Grw $ 11,305

Russell Midcap Growth Index $ 12,617

10,000

12,000

6/14 6/15

Volatility AnalysisBest 3-month Period Dec. 13-Feb. 14 12.84%Worst 3-month Period Mar. 14-May. 14 -12.92%

▼Investment

▲Category

Low Moderate High




Mid-Cap Growth Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Mid-CapGrowth category.

Russell Midcap Growth Index: The Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higherprice-to-book ratios and higher forecasted growth values. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannotbe made directly into an index.





T. Rowe Price New America Growth Fund

Category: Large GrowthLarge-growth funds invest in bigcompanies that are projected to growfaster than other large-cap stocks. Mostof these funds focus on companies inrapidly expanding industries.

What is the investment’s strategy?The investment seeks to provide long-termcapital growth. The fund invests primarily(at least 65% of its total assets) incommon stocks of U.S. companies operatingin those sectors of the economy that, inthe view of T. Rowe Price, are the fastestgrowing or have the greatest growthpotential. It may invest in foreign stocksin keeping with the fund’s objectives. Thefund may sell securities for a variety ofreasons, such as to secure gains, limitlosses, or redeploy assets into morepromising opportunities.

Other ConsiderationsGrowth investing involves buying stocks thathave relatively high price-to-earningsratios. Growth stocks may be more volatilethan other stocks because they are generallymore sensitive to investor perceptions andmarket moves. During periods of growth stockunderperformance,afund sperformancemaysuffer.

Other InformationExpense Ratio (gross) **: 0.79% of fund assetsTrading Blackout Holding Period: 30 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 09/30/1985Total Fund Assets($mil): 3955.68Ticker: PRWAX

Portfolio Manager(s)Daniel Martino

Management Company: T. Rowe PriceAssociates, Inc.. Telephone: 800-638-2587










% of Assets

Apple Inc 4.21Google Inc Class C 3.12Amazon.com Inc 2.94Visa Inc Class A 2.87Actavis PLC 2.46

Facebook Inc Class A 2.15Baidu Inc ADR 2.08CVS Health Corp 2.07Twitter Inc 2.04Biogen Inc 2.02


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭✭ 10 Year 4

Out of 1533 Large Growth Funds1







Inception

T. Rowe Price New America Grow 6.28% 13.27% 19.29% 18.61% 9.95% -- Large Growth Average 3.42 13.30 15.06 13.86 8.48 -- S&P 500 Index 1.23 7.42 17.31 17.34 7.89 --


PerformanceHypothetical Growth of $10,000 T. Rowe Price New America Grow $ 25,348

S&P 500 Index $ 21,204

10,000

15,000

20,000

25,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High




Large Growth Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Large Growthcategory.






Vanguard Explorer Fund (Admiral Shares)

Category: Small GrowthSmall-growth funds focus on faster-growing companies whose shares are at thelower end of the market-capitalizationrange. These funds tend to favor companiesin up-and-coming industries or youngfirms in their early growth stages. As aresult, the category tends to move in syncwith the market for initial publicofferings. Many of these funds invest inthe technology, health-care, and servicessectors. Because these businesses arefast-growing and often richly valued,their stocks tend to be volatile.

What is the investment’s strategy?The investment seeks to provide long-termcapital appreciation. The fund investsmainly in the stocks of small companies.These companies tend to be unseasoned butare considered by the fund’s advisors tohave superior growth potential. Also,these companies often provide little or nodividend income. It uses multipleinvestment advisors.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees. Stocksof small companies may be subject to higherprice volatility and small companies may bemore vulnerable to adverse business ormarket developments than larger, moreestablished companies. Growth investinginvolves buying stocks that have relativelyhigh price-to-earnings ratios. Growthstocks may be more volatile than otherstocks because they are generally moresensitive to investor perceptions and marketmoves. During periods of growth stockunderperformance,afund sperformancemaysuffer.

Other InformationExpense Ratio (gross) **: 0.36% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 11/12/2001Total Fund Assets($mil): 8322.59Ticker: VEXRX

Portfolio Manager(s)James D. TroyerChad MeadeBrian A. SchaubMichael R. RoachJennifer M. Pawloski











% of Assets

West Pharmaceutical Services Inc 0.90Alliance Data Systems Corp 0.83Imax Corp 0.79Akorn Inc 0.73Urban Outfitters Inc 0.72

Globus Medical Inc Class A 0.69Treehouse Foods Inc 0.68NASDAQ OMX Group, Inc. 0.66Clean Harbors Inc 0.64Cooper Companies 0.64


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭ 10 Year 4

Out of 667 Small Growth Funds1







Inception

Vanguard Explorer Adm 6.43% 8.17% 19.82% 18.76% 9.02% -- Small Growth Average 3.21 8.06 15.21 15.12 9.20 -- Russell 2500 Growth Index 8.09 11.30 20.35 19.55 10.32 --


PerformanceHypothetical Growth of $10,000 Vanguard Explorer Adm $ 23,848

Russell 2500 Growth Index $ 26,462

10,000

15,000

20,000

25,000

6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13 6/14 6/15


▼Investment

▲Category

Low Moderate High




Small Growth Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Small Growthcategory.

Russell 2500 Growth Index: The Russell 2500 Growth Index is an unmanaged index that measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be madedirectly into an index.





Hartford International Opportunities Fund (Class R6)

Category: Foreign Large BlendForeign large-blend funds invest in avariety of big international stocks. Mostof these funds divide their assets among adozen or more developed markets, includingJapan, Britain, France, and Germany. Theytend to invest the rest in emergingmarkets such as Hong Kong, Brazil, Mexicoand Thailand. These funds typically willhave less than 20% of assets invested inU.S. stocks.

What is the investment’s strategy?The investment seeks long-term growth ofcapital. The fund normally invests atleast 65% of its net assets in stocksissued by non-U.S. companies that tradein foreign markets that are generallyconsidered to be well established. It mayinvest up to the greater of 25% or theweight of emerging markets in the MSCI AllCountryWorldexUSAIndex("MSCIACWorldex USA Index") plus 10% of its net assetsin companies domiciled in emergingmarkets.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees. Mid-capitalization companies are generally lessestablished and their stocks may be morevolatile and less liquid than the securitiesof larger companies. Foreign securities maybe subject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability. These risks are likelyto be greater for emerging markets than fordeveloped markets.

Other InformationExpense Ratio (gross) **: 0.74% of fund assetsFund Inception Date: 11/07/2014Total Fund Assets($mil): 0.01Ticker: IHOVX

Portfolio Manager(s)Tara Connolly StilwellNicolas M. Choumenkovitch

Management Company: Hartford FundsManagement Company, LLC. Telephone: 888-843-7824










% of Assets

Anheuser-Busch Inbev SA 2.95Novartis AG 2.94AstraZeneca PLC 2.41Sky PLC 2.11Luxottica Group SpA 1.94

BNP Paribas 1.79Airbus Group SE 1.78Taiwan Semiconductor Manufacturing Co Lt 1.76Julius Baer Gruppe AG 1.75iShares MSCI ACWI ex US 1.72


Large

Medium

Value Blend Growth

Small

Morningstar Rating*





Inception

Hartford Intl Opportunity R6 6.58% -- -- -- -- 5.86%Foreign Large Blend Average 8.82 -0.76 7.86 5.68 5.00 -- MSCI EAFE Index 5.52 -4.22 11.97 9.54 5.12 --


PerformanceHypothetical Growth of $10,000 Hartford Intl Opportunity R6 $ 10,336

MSCI EAFE Index $ 10,186

10,000

6/15

Volatility AnalysisBest 3-month Period Feb. 15-Apr. 15 8.18%Worst 3-month Period Apr. 15-Jun. 15 1.50%

▼Investment

▲Category

Low Moderate High




Foreign Large Blend Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarForeign Large Blend category.

MSCI EAFE Index: The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East Index - the EAFE Index - is an unmanaged, capitalization-weighted index containing approximately 985 equity securities located outside the U.S. Results assume the reinvestment of all capital gain and dividenddistributions. An investment cannot be made directly into an index.



Please log onto mylife.newyorklife.com or call a New York Life representative at (800) 294-3575 for a prospectus, and, if available, a summary prospectus.Investors are asked to consider the investment objectives, risks, charges and expenses of the investment carefully before investing. The prospectus, and, ifavailable, a summary prospectus, contains this and other information about the investment company. Please read the prospectus, and, if available, a summaryprospectus carefully before investing

Date post:	04-Jul-2020
Category:	Documents
Upload:	others
View:	2 times
Download:	0 times

your future starts today › uploadedfiles › SRP - Hancock... · 2016-03-24 · starts today...

Documents