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Level Two: Manager Fact Sheet

Used in the Directed Account Plan Tier I – Target Retirement Funds

as of 12/31/15

This is an index fund that seeks to match the performance of the MSCI ACWI ex-US Investable Market IndexSM (ACWI ex-US IMI), which represents approximately 99% of the world’s total market capitalization outside the US. The ACWI ex-US IMI Fund was introduced in 2008. The ACWI ex-US IMI defines the non-US equity asset class and covers 22 developed markets and 22 emerging markets. The IMI (Investable Market Index) combines large, mid & small capitalization equity offerings and thus, provides the broadest international exposure available. Investing in foreign markets may offer additional diversification benefits to an investment portfolio. Diversification increases the chances that one investment’s strong performance will offset another investment’s poor performance. This fund is intended for long-term investors seeking to capture the earnings and growth potential of foreign companies in both developed and emerging market countries.

Not a mutual fund.

Comparison to Benchmark

* Note

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.

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