Fund Characteristics

Equity Risk: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed-income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Asset Allocation Risk: An asset allocation strategy does not guarantee any specific result or profit nor protect against a loss.

Interest Rate Risk: Increases in prevailing interest rates will cause fixed-income securities, including convertible securities, held by the Fund to decline in value.

International Risk: International investing involves increased risk and volatility.

Asset Allocation Blend Index consists of 60% MSCI All Country World Index and 40% Barclays U.S. Aggregate Bond Index. It is not possible to invest directly in an index.

Internal Reference Benchmark represents the strategic asset allocation weights assigned annually by the Investment Policy Committee the baseline from which the portfolio managers tactically allocate within the fund. As of July 1, 2014, the benchmark consists of 34% Barclays U.S. Aggregate Bond Index, 21% MSCI U.S. IMI, 17% MSCI World ex. USA IMI, 7% MSCI Emerging Markets IMI, 4% Barclays U.S. TIPS Index, 3% Barclays EM Local Currency Government Diversified Index, 3% Barclays U.S. Corporate High Yield 2% Issuer Capped, 3% FTSE EPRA/NAREIT Global Index, 3% Morningstar Global Upstream Natural Resources Index, 3% S&P Global Infrastructure Index, and 2% iMoneyNet Fund Avg. First Tier Institutional. It is not possible to invest directly in an index.

Barclays U.S. Aggregate Bond Index is an unmanaged index of prices of U.S. dollar-denominated, fixed rate, taxable, investment-grade fixed income securities with remaining maturities of one year and longer. It is not possible to invest directly in an index.

Barclays Emerging Markets Local Currency Government Diversified Index measures the performance of fixed-rate local currency sovereign debt of emerging market countries. The Index includes government bonds issued by countries outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated B3/B-/B- or higher. It is not possible to invest directly in an index.

Barclays U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged index that measures the market of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds. It is a version of the Barclays High Yield Corporate Bond Index except it limits its exposure of each issuer to 2% of the total market value and redistributes any excess market value Index-wide on a pro-rata basis. It is not possible to invest directly in an index.

Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index is a rules-based, market value-weighted index that tracks inflation-protected securities issued by the U.S. Treasury. It is not possible to invest directly in an index.

FTSE EPRA/NAREIT Global Index is a free float, market capitalization weighted real estate index designed to represent publicly traded equity REITs and listed property companies in 38 countries worldwide, covering both the developed and emerging markets. It is not possible to invest directly in an index.

iMoneyNet Fund Avg. First Tier Institutional Category includes only non-government institutional funds that also are not holding any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury, U.S. other, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier CP, floating rate notes and asset-backed commercial paper. It is not possible to invest directly in an index.

Morningstar Global Upstream Natural Resources Index measures the performance of stocks issued by companies that have significant business operations in the ownership, management and/or production of natural resources in energy, agriculture, precious or industrial metals, timber and water resources sectors as defined by Morningstars industry classification standards. Individual stock weights as well as category and regional exposure are capped to provide diversified exposure. It is not possible to invest directly in an index.

MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure the equity performance of large and mid cap securities in the global developed and emerging markets. It is not possible to invest directly in an index.

MSCI Emerging Markets Investable Markets Index (IMI) is a free float-adjusted market capitalization index that is designed to measure equity market performance of large, mid, and small cap securities in the global emerging markets. It is not possible to invest directly in an index.

MSCI United States Investable Markets Index (IMI) is a free float-adjusted market capitalization index that is designed to measure equity market performance of large, mid, and small cap securities of the U.S. market. It is not possible to invest directly in an index.

MSCI World ex. USA Investable Markets Index (IMI) is a free float-adjusted market capitalization index that is designed to measure the equity performance of large, mid, and small cap securities in developed markets, excluding the USA. It is not possible to invest directly in an index.

S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation, and Energy. It is not possible to invest directly in an index.