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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 Fund fully replicates the Russell 1000 Growth Index. The Russell 1000 represents the performance of the 1,000 largest U.S. companies in the Russell 3000 Index (index of the 3,000 largest capitalized stocks on the U.S., offered on a U.S. exchange of OTC). The index is calculated by multiplying the composite closing price by the adjusted shares. The largest company to the 1,000th largest company make up the Russell 1000. It is further divided in two styles indexes, the Value and Growth Indexes. This Russell 1000 Growth Index measures performance of the companies with higher price-to-book ratios and higher forecasted growth values. A percentage of this fund is held in S&P 500 index futures for participant transfer liquidity.

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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