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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 seeks to provide long-term capital appreciation. The Fund invests mainly in stocks of U.S. companies, emphasizing those companies with above average earning growth potential that is not reflected in their current market prices. These stocks typically provide little current income. The Fund’s portfolio consists predominantly of mid- and large-cap stocks and may include stocks of foreign companies. Through its research, the Fund’s adviser identifies stocks that it believes will outperform over a three to five year time frame the Stand & Poor’s 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies.

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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