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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

Using a growth-at-a-reasonable-price philosophy, the managers employ numerous themes to direct stock selection, such as those related to demographic patterns and technological innovation. Firms with strong earnings and cash flow, competitive products, and rock-solid balance sheets are fund favorites. Such stocks often trade at a premium, but management gets edgy when prices climb too high. Although its initial position in any one issue is small, it holds on to winners. Turnover is very low.

Annual Performance

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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