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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 long-term capital growth by following an investment approach founded on three tenets – value, patience, and bottom-up stock selection. Value- the goal is to identify those companies selling at the greatest discount to future intrinsic value, which over time may produce the greatest returns. Patience- on a long-term basis, the managers believe markets are efficient and may reward investors who have identified “undervalued” stocks. Bottoms-Up- information is examined on a company by company basis in different countries and industries to determine the best buying opportunities.

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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