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Resolution 03-035 Establishing Retiree Health Savings Plan for Employees
CITY OF SPOKANE VALLEY SPOKANE COUNTY,WASHINGTON RESOLUTION NO. 03-035 A RESOLUTION OF THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY, WASHINGTON, ESTAI;LISHING A RETIREE HEALTH SAVINGS PLAN FOR CITY EMPLOYEES. WHEREAS, the City has employees rendering valuable services; and WHEREAS, the establishment of a retiree health savings plan for such employees serves the interest of the City by enabling it to provide reasonable security regarding such employees' health needs during retirement, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and WHEREAS, the City Council has determined that the establishment of the retiree health savings (RHS) plan (the"Plan")serves the above objectives; NOW THEREFORE, be it resolved by the City Council of the City of Spokane Valley, Spokane County, Washington, as follows: Section 1. Plan Adopted. The City Council hereby adopts the Plan, attached hereto as appendix "A" in the form of the 1CMA Retirement Corporation's VantageCare Retirement Health Savings Program Adoption Agreement. Section 2. Plan Trustee. The assets of the Plan shall be held in trust with the City serving as trustee for the exclusive benefit of Plan participants and their beneficiaries, and the assets of the Plan shall not be diverted to any other purpose prior to the satisfaction of all liabilities of the Plan. The City hereby adopts the Declaration of Trust of the City of Spokane Valley Integral Part Trust in the form of the model trust made available by the ICIVIA Retirement Corporation, attached hereto as Appendix "13" and directs the City Manager to execute the same. Section 3. Plan Coordinator. The City Manager shall be the coordinator and contact for the Plan and shall receive necessary reports, notices, etc. Section 4. Effective Date. This Resolution shall be in full force and effective upon adoption. Adopted this 10'x' day of June 2003. City of Spokane Valley Mayor Michael DeVle ng 314x,: Christine Bainbridge, City Clerk Approved as to Form: �j y M. T_, City Attte ey S:\cbainbridgc\Rcsolutions12003Utesolution 03-035 Retiree Health Savings.doc Appendix "A" EMPLOYER VANTAGECARE RETIREMENT HEALTH SAVINGS (RHS) PLAN ADOPTION AGREEMENT Plan Number: 8 00343 Employer Retirement Health Savings Plan Name: City of Spokane Valley Retirement Health Savings Plan I. Employer Name: City of Spokane Valley State: , WA II. The Employer hereby attests that it is a unit of a state or local government or an agency or instrumentality of one or more units of a state or local government. III. The Effective Date of the Plan: May 1, 2003 IV. The Employer intends to utilize the Trust to fund only welfare benefits pursuant to the following welfare ben- efit plan(s) established by the Employer: V. Eligible Groups and Participant Eligibility Requirements - A. The following group or groups of Employees are eligible to participate in the VantageCare Retirement Health Savings Plan: X All Employees All Full-Time Employees Non-Union Employees Public Safety Employees -- Police Public Safety Employees -- Firefighters General Employees Collectively-Bargained Employees (Specify unit) Other (specify below) The group specified must correspond to a group of the same designation that is defined in the statutes, ordi- nances, rules, regulations, personnel manuals or other material in effect in the state or locality of the Employer. • I If this box is checked, in lieu of mandatory participation, the Employer provides for a one-time irrevoca- ble election by eligible Employees to participate in RHS. Until such time as the election is made, the Employee shall not participate in the Plan or receive contributions pursuant to Section VI. Newly eligible Employees shall be provided an election window of 60 days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate. Participation may begin no earlier than the calendar month following the end of the election window. If the Employee does not make the election in the year of initial eligibility, the election to participate may be made in a later year. An annual election window of 60 days (no more than 60 calendar days) shall be provided during which the election may be made. The election window shall run from Oct 1 ,to Nov 30 (insert your annual time frame for the election window, e.g. October 1 to November 29). Participation may begin no earlier than the calendar year following the year of the elec- tion. Once made, the election is irrevocable and may not be revoked while the participant is a member of the group covered by the RHS plan. If the Employer's underlying welfare benefit plan or funding under this VantageCare Retirement Health Savings Plan is in whole or part a non-collectively bargained, self-insured plan, the nondiscrimination requirements of Internal Revenue Code (IRC) Section 105(h) will apply. These rules may impose taxation on the benefits received 11 by highly compensated Employees if the Plan discriminates in favor of highly compensated Employees in terms• of eligibility or benefits. The Employer should discuss these rules with appropriate counsel. B. Participant Eligibility 1. Minimum period of service required for participation is NA (write N/A if an Employee is eligible to partici- pate or to elect to participate immediately upon employment). 2. Minimum age required for eligibility to participate is NA (write N/A if no minimum age is required). VI.Contribution Sources and Amounts A. Mandatory Contributions Q 1. Direct Employer Contributions The Employer shall contribute on behalf of each Participant % of earnings or$ for the Plan Year. Definition of earnings: base annual salary 2. Mandatory Leave Contributions The Employer will make mandatory contributions of leave as follows: Accrued Sick Leave* 1J Yes 0 No Accrued Vacation* ❑ Yes 0 No Other" (describe) ❑ Yes 0 No Please provide the formula for determining the Accrued Leave contribution: An Employee shall not have the right to discontinue or vary the rate of annual leave contributions. O 3. Mandatory Employee Compensation Contributions The Employer will make mandatory contributions of Employee compensation as follows: O Reduction in Salary - % of earnings (as defined in VI.A.1.) or $ will be contributed for the Plan Year. O Decreased Merit or Pay Plan Adjustment - All or a portion of the Employees' annual merit or pay plan adjustment will be contributed as follows: An Employee shall no have the right to discontinue or vary the rate of mandatory contributions of Employee compensation. 12 B. Elective Contributions 1. Elective Pre-Tax Contributions The Employer will permit each Employee to make the following elections to make pre-tax contributions to the Plan: al a. Irrevocable Election for Pre-Tax Contributions from Compensation: A one-time, irrevocable election of the amount of Employer contributions of compensation made on his or her behalf. The Employer limits the amount elected to either a fixed percentage or a range of percentages of an Employee's earnings • of earnings (as defined in VI.A.1.) or up to 25 % of earnings (as defined in VI.A.1) for the Plan Year. Newly eligible Employees shall be provided an election window of 60 days {no more than 60) from the date of initial eligibility during which they may make the election to contribute. Contributions may begin no earlier than the calendar month following the end of the election window. If the Employee does not make the election in the year of initial eligibility,the election to contribute may be made in a later year. An annual election window of 60 days (no more than 60) shall be provided during which the election may be made. The election window shall run from Oct ! to Nov 30 (insert your annual time frame for the election window). Contributions may begin no ear- lier than the calendar year following the year of the election. Once made, the election is irrevocable and may not be revoked. LJ b. Irrevocable Election for Pre-Tax Contributions of Accrued Leave: A one-time, irrevocable election of the amount of employer contributions of Employee accrued sick 0 vacation t 1 other (describe) leave made on his or her behalf. 11 Yes 11 No The Employer limits the amount elected as shown below: Newly eligible Employees shall be provided an election window of days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to contribute. Contributions may begin no earlier than the calendar month following the end of the election window. If the Employee does not make the election in the year of initial eligibility, the election to contribute may be made in a later year. An annual election window of days (no more than 60 calendar days) shall be provided during which the election may be made. The election window shall run from to (insert your annual time frame for the election window). Contributions may begin no earlier than the calendar year following the year of the election. Once made, the election is irrevocable and may not be revoked. I1 c. Annual Prospective Election for Pre-Tax Contributions of Leave: An annual, irrevocable election to have his or her 0 sick 0 vacation 0 other {describe) leave to be accrued in the next calendar year contributed to the Plan on his or her behalf . 13 • The Employer limits the amount elected as shown below: Contributions of future leave accruals will be remitted to the Plan 0 as earned 0 at the end of the calendar year. The election to contribute must be made in the calendar year before the year in which contributions are to begin. Once made, the election shall apply to succeeding calendar years unless otherwise revised or revoked by the Employee on an annual basis. An annual election window of days (no more than 60 calendar days) is provided during which eligible Employees may make the election to contribute. The election window shall run from to (insert your annual time frame for the election window). In adopting section a, b, and/or c,the Employer acknowledges that the Internal'Revenue Service has not ruled on irrevocable election contributions in an integral part trust. ICMA-RC has obtained the advice of counsel that such contributions are allowable under the conditions outlined in this Adoption Agreement. The Employer should discuss this issue with appropriate counsel. 2. Voluntary After-Tax Contributions Each Employee may contribute up to 25 % of earnings (as defined in VI.A.1.) or$ for the Plan Year on a voluntary after-tax b asis. In no event may aggregate Employee voluntary after-tax contributions exceed 25% of total contributions in any Plan Year. An Employee shall have the right to discontinue or vary the rate of elective after-tax contributions of Employee earnings. By adopting this section, the Employer acknowledges that the Internal Revenue Service has declined to rule on Employee after tax contributions in an integral part trust. ICMA-RC has obtained the advice of counsel that such contributions are allowable in an insubstantial amount (i.e. no more than 25% of total contributions in any Plan [year):_The Employer should discuss this issue with appropriate counsel. C. Limits on Total Contributions The total contribution on behalf of each Participant (including both Mandatory and Elective Contributions) for each Plan Year shall not exceed the following limit(s): L7 % of earnings (as defined in VI.A.1.). L1 $ n There is no Plan-defined limit on the percentage or dollar amount of earnings that may be contributed. Limits on individual contribution types are defined within the appropriate section above. See Section V.A. for a discussion of nondiscrimination rules that may apply to non-collectively bargained self- insured Plans. 14 VII: Vesting Schedule A. The account is 100% vested at all times, unless specified otherwise in B. below. B. The following vesting schedule applies to Direct Employer Contributions outlined in VI.A.1: Years of Specified Service Percent Completed Vesting C. The account will become 100%vested upon the death, disability, retirement, or attainment of benefit eligibility by a Participant. Definition of retirement: D. Any period of service by a Participant prior to a rehire of the Participant by the Employer shall not count toward the vesting schedule outlined in B. above. VIII. Forfeiture Provisions Upon separation from the service of the Employer or upon reversion to the Trust of a Participant's account assets remaining upon the participant's death (as outlined in Section XI), a Participant's non-vested funds shall: 13 Remain in the Trust to be reallocated among all Plan Participant's as Direct Employer Contributions for the next and succeeding contribution cycle(s). L1 Remain in the Trust to be reallocated on an equal dollar basis among all Plan Participants. 21 Remain in the Trust to be reallocated among all Plan Participants based upon Participant account bal- ances. (3 Revert to the Employer. In the case of separation from service, the Participant's non-vested funds shall be applied as shown above. In the case of reversion due to the Participant's death under Section XI, the remaining account assets shall be applied as shown above. IX. Eligibility Requirements to Receive Medical Benefit Payments from the VantageCare Retirement Health Savings Plan A. A Participant is eligible to receive benefits: At retirement only (as defined in Section VII.C.) X At separation from service with the following restrictions At age only At retirement and age At retirement or age 15 B. Termination prior to general benefit eligibility: A Participant who separates from the service of the Employer • prior to attaining benefit eligibility as outlined in Section IX.A. or C. will be eligible to receive benefits: L �1 Immediately upon separation from service. 0 At age C. A Participant who dies or becomes totally and permanently disabled (as defined by the Social Security Administration) will become immediately eligible to receive medical benefit payments from his/her VantageCare Retirement Health Savings Plan account. X. Permissible Medical Benefit Payments Benefits eligible for payment consist of: A. X All Medical Expenses eligible under IRC Section 213* other than direct long-term care expenses, OR B. The following Medical Expenses (select only the expenses you wish to cover under the VantageCare Retirement Health Savings Plan): Medical Insurance Premiums Medical Out-of-Pocket Expenses* Medicare Part B Insurance Premiums Medicare Supplement Insurance Premiums COBRA Premiums Dental Insurance Premiums Dental Out-of-Pocket Expenses* Long Term Care Insurance Premiums Other (Must be eligible under IRC Section 213)* * See Section V.A. for a discussion of nondiscrimination rules which may apply to non-collectively bargained, self-insured Plans. XI. Death Benefit In the event of a Participant's death, the following shall apply: Account Transfer: The surviving spouse and/or surviving eligible dependents (as defined in Section XIII.F.) of the deceased Participant are immediately eligible to maintain the account and utilize it to fund eligible medical bene- fits specified in Section X above. Upon notification of a Participant's death, the Participant's account balance will be transferred into the Vantagepoint Money Market Fund*. The account balance may be reallocated by the surviving spouse or dependents. * Please read the current prospectus carefully prior to investing. An investment in this fund is neither insured nor guaranteed and there can be no assurance that the Fund will be able to maintain a stable net asset value of $1.00 per share. Vantagepoint Mutual Funds are distributed by ICMA-RC Services, LLC, a controlled affiliate of ICMA Retirement Corporation. Member NASD/SIPC. If a Participant's account balance has not been fully utilized upon the death of the eligible spouse, the account balance may continue to be utilized to pay benefits of eligible dependents. Upon the death of all eligible depend- ents, the balance will be available for medical benefits for the designated beneficiary of the last dependent or spouse to die. Assets remaining upon the death of a designated beneficiary shall be available for medical bene- fits of the beneficiary's designated beneficiary. If there is no living beneficiary(ies), the account will revert to the Plan to be applied as specified in Section VIII. 16 There will be no elective withholding of federal, state, or local taxes for medical benefit payments to the Participant's spouse's or dependent's designated beneficiary(ies). If there are no living spouse or dependents at the time of death of the Participant, the account will be available for medical benefits for the designated beneficiary(ies) of the Participant. Assets remaining upon the death of all designated beneficiaries shall be available for medical benefits of the beneficiary's beneficiary. If there is no liv- ing beneficiary(ies), the account will revert to the Plan to be applied as specified in Section VIII. There will be no elective withholding of federal, state, or local taxes for medical benefit payments to the Participant's beneficiary(ies) or any beneficiary's beneficiary. XII. De Minimis Accounts Upon separation from the service of the Employer prior to a Participant becoming eligible for medical benefits from a VantageCare Retirement Health Savings Plan account, Participant accounts that are considered de min- imis as specified below will be paid to the Participant. (� The de minimis account value shall be $5,000 or less. 0 The de minimis account value shall be $ (insert dollar amount between $0 and $5,000) or less. L The Plan shall not allow de minimis account distributions. XII1. The Plan will operate according to the following provisions: A. Employer Responsibilities 1. The Employer will submit all VantageCare Retirement Health Savings Plan contribution data via electronic submission. 2. Participant status updates and/or changes or personal information updates and/or changes (Participants' termination dates, Participants' benefit eligibility dates, etc.) will be provided via electronic submission. B. Participant account administration fees will be paid through the redemption of Participant account shares, unless agreed upon otherwise in the Administrative Services Agreement. C. Employer plan fees will be paid by the Employer as outlined in the Administrative Services Agreement. D. Assignment of benefits is not permitted. E. Payments to an alternate payee (payee other than a Participant) are not permitted with the exception of reim- bursement of health insurance premiums to the Employer. F. An eligible dependent is the Participant's lawful spouse and any other individual who is a person described in IRC Section 152(a). G. The Employer will be responsible for withholding, reporting and remitting any applicable taxes, as outlined in the VantageCare Retirement Health Savings Plan Employer Manual. XIV. The Employer hereby acknowledges it understands that failure to properly fill out this Employer VantageCare Retirement Health Savings Plan Adoption Agreement may result in the loss of tax exemption of the Trust and/or loss of tax-deferred status for Employer contributions. 17 EMPLOYER By: Title: Attest: Accepted: Vantagepoint Transfer Agents, LLC Corporate Treasurer 18 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN Appendix "B" DECLARATION OF TRUST OF THE City of Spokane Valley, WA NAME OF EMPLOYER INTEGRAL PART TRUST Declaration of Trust made as of the 1 day of May , 20 03 , by and between the City of Spokane Valley Washington a City Govt. Name of Employer State Type of Entire (hereinafter referred to as the "Employer") and City Manager or its designee (hereinafter Name of Trustee referred to as the "Trustee"). RECITALS WHEREAS, the Employer is a political subdivision of the State of Washington exempt from federal income tax under the Internal Revenue Code of 1986;and state WHEREAS,the Employer provides for the security and welfare of its eligible employees (here- inafter referred to as "Participants"), their Spouses, Dependents and Beneficiaries by the maintenance of one or more post-retirement welfare benefit plans, programs or arrangements which provide for life, sickness, medical, disability, severance and other similar benefits through insurance and self-funded reimbursement plans (collectively the "Plan");and WHEREAS, it is an essential function and integral part of the exempt activities of the Employer to assist Participants, their Spouses, Dependents and Beneficiaries by making contributions to and accu- mulating assets in the trust, a segregated fund, for post-retirement welfare benefits under the Plan; and WHEREAS, the authority to conduct the general operation and administration of the Plan is vested in the Employer or its designee, who has the authority and shall be subject to the duties with respect to the trust specified in this Declaration of Trust; and WHEREAS, the Employer wishes to establish this trust to hold assets and income of the Plan for the exclusive benefit of Plan Participants, their Spouses, Dependents and Beneficiaries; NOW,THEREFORE, the parties hereto do hereby establish this trust, by executing the Declara- tion of Trust of the City of Spokane Valley Integral Part Trust (hereinafter referred to Nemo of Employer as the "Trust"), and agree that the following constitute the Declaration of Trust (hereinafter referred to as the "Declaration"): 4 RETAIN BOOKLET ARTICLE I Definitions 1.1 Definitions. For the purposes of this Declaration, the following terms shall have the respective meanings set forth below unless otherwise expressly provided. (a) "Account" means the individual recordkeeping account maintained under the Plan to record the interest of a Participant in the Plan in accordance with Section 7.4. (b) "Administrator" means the Employer or the entity designated by the Employer to carry out admin- istrative services as are necessary to implement the Plan. (c) "Beneficiary" means the Spouse and Dependents, or the person or persons designated by the Participant pursuant to the terms of the Plan, who will receive any benefits payable hereunder in the event of the Participant's death. A Beneficiary may also designate a beneficiary(ies)to receive any benefits payable hereunder in the event of the preceding Beneficiary's death, until the satisfac- tion of all liabilities under the Plan to provide benefits. In the case where there is no designated Beneficiary, any amount of contributions, plus accrued earnings thereon, remaining in the Account must, under the terms of the Plan, be returned to the Trust. (d) "Code" means the Internal Revenue Code of 1986, as amended from time to time. (e) "Dependent" means an individual who is a person described in Code Section 152(a). (f) "Investment Fund" means any separate investment option or vehicle selected by the Employer in which all or a portion of the Trust assets may be separately invested as herein provided. The Trustee shall not be required to select any Investment Fund. (g) "Nonforfeitable Interest" means the interest of the Participant or the Participant's Spouse, Depend- ent or Beneficiary(whichever is applicable) in the percentage of Participant's Employer's contribu- tion which has vested pursuant to the vesting schedule specified in the Employer's Plan. A Partici- pant shall, at all times, have a one hundred percent (100%) Nonforfeitable Interest in the Partici- pant's own contributions. (h) "Spouse" means the Participant's lawful spouse as determined under the laws of the state in which the Participant has his primary place of residence. (i) "Trust" means the trust established by this Declaration. (j) "Trustee" means the Employer or the person or persons appointed by the Employer to serve in that capacity. 5 VANTAGECARE RETIREMENT HEALTH SAVINGS PLA " • ARTICLE II Establishment of Trust 2.1 The Trust is hereby established as of the date set forth above for the exclusive benefit of Partici- pants, their Spouses, Dependents and Beneficiaries. ARTICLE III Construction 3.1 This Trust and its validity, construction and effect shall be governed by the laws of the State of Washington Stan 3.2 Pronouns and other similar words used herein in the masculine gender shall be read as the feminine gender where appropriate, and the singular form of words shall be read as the plural where appropriate. 3.3 If any provision of this Trust shall be held illegal or invalid for any reason, such determination shall not affect the remaining provisions, and such provisions shall be construed to effectuate the purpose of this Trust. ARTICLE IV Benefits 4.1 Benefits. This Trust may provide benefits to the Participant,the Participant's Spouse, Dependents and Beneficiary(ies) pursuant to the terms of the Plan. 4.2 Form of Benefits. This Trust may provide benefits by cash payment. This Trust may reimburse the Participant, his Spouse, Dependents or Beneficiary(ies) for insurance premiums or other payments ex- pended for permissible benefits described under the Plan. This trust may reimburse the Employer, or the Administrator for insurance premiums. ARTICLE V General Duties 5.1 It shall be the duty of the Trustee to hold title to assets held in respect of the Plan in the Trustee's name as directed by the Employer or its designees in writing. The Trustee shall not be under any duty to com- pute the amount of contributions to be paid by the Employer or to take any steps to collect such amounts as may be due to be held in trust under the Plan. The Trustee shall not be responsible for the custody, investment,'safekeeping or disposition of any assets comprising the Trust, to the extent such functions are performed by the Employer or the Administrator, or both. 5.2 It shall be the duty of the Employer, subject to the provisions of the Plan,to pay over to the Adminis- trator or other person designated hereunder from time to time the Employer's contributions and Partici- pants' contributions under the Plan and to inform the Trustee in writing as to the identity and value of the assets titled in the Trustee's name hereunder and to keep accurate books and records with respect to the Participants of the Plan. 6 RETAIN BOOKLET • ARTICLE VI Investments 6.1 The Employer may appoint one or more investment managers to manage and control all or part of the assets of the Trust and the Employer shall notify the Trustee in writing of any such appointment. 6.2 The Trustee shall not have any discretion or authority with regard to the investment of the Trust and shall act solely as a directed Trustee of the assets of which it holds title.To the extent directed by the Employer(or Participants, their Spouses and Dependents, or Beneficiaries to the extent provided herein) the Trustee is authorized and empowered with the following powers, rights and duties, each of which the Trustee shall exercise in a nondiscretionary manner: (a) To cause stocks, bonds, securities, or other investments to be registered in its name as Trustee or in the name of a nominee, or to take and keep the same unregistered; (b) To employ such agents and legal counsel as it deems advisable or proper in connection with its duties and to pay such agents and legal counsel a reasonable fee. The Trustee shall not be liable for the acts of such agents and counsel or for the acts done in good faith and in reliance upon the advice of such agents and legal counsel, provided it has used reasonable care in selecting such agents and legal counsel; (c) To exercise where applicable and appropriate any rights of ownership in any contracts of insurance in which any part of the Trust may be invested and to pay the premiums thereon; and (d) At the direction of the Employer (or Participants,their Spouses, their Dependents,their Benefi- ciaries, or the investment manager, as the case may be) to sell, write options on, convey or transfer, invest and reinvest any part thereof in each and every kind of property, whether real, personal or mixed,tangible or intangible, whether income or non-income producing and wherever situated, including but not limited to, time deposits (including time deposits in the Trustee or its affiliates, or any successor thereto, if the deposits bear a reasonable rate of interest), shares of common and preferred stock, mortgages, bonds, leases, notes, debentures, equipment or collateral trust certificates, rights, warrants, convertible or exchangeable securi- ties and other corporate, individual or government securities or obligations, annuity, retire- ment or other insurance contracts, mutual funds (including funds for which the Trustee or its affiliates serve as investment advisor, custodian or in a similar or related capacity), or in units of any other common, collective or commingled trust fund. 6.3 Notwithstanding anything to the contrary herein, the assets of the Plan shall be held by the Trustee as title holder only. Persons holding custody or possession of assets titled to the Trust shall include the Employer,the Administrator,the investment manager, and any agents and subagents, but not the Trustee. The Trustee shall not be responsible or liable for any loss or expense which may arise from or result from compliance with any direction from the Employer, the Administrator, the investment manager, or such agents to take title to any assets nor shall the Trustee be responsible or liable for any loss or expense which may result from the Trustee's refusal or failure to comply with any direction to hold title, except if the same shall involve or result from the Trustee's negligence or intentional misconduct. The Trustee may refuse to comply with any direction from the Employer, the Administrator, the investment manager, or such agents in the event that the Trustee, in its sole and absolute discretion, deems such direction illegal. 6.4 The Employer hereby indemnifies and holds the Trustee harmless from any and all actions, claims, demands, liabilities, losses, damages or reasonable expenses of whatsoever kind and nature in connection with or arising out of(i) any action taken or omitted in good faith by the Trustee in accordance with the directions of the Employer or its agents and subagents hereunder, or (ii) any disbursements of any part of the Trust made by the Trustee in accordance with the directions of the Employer, or (iii) any action taken by or omitted in good faith by the Trustee with respect to an investment managed by an investment manager in accordance with any direction of.the investment manager or any inaction with respect to any 7 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN such investment in the absence of directions from the investment manager. Notwithstanding anything to the contrary herein, the Employer shall have no responsibility to the Trustee under the foregoing indemni- fication if the Trustee fails negligently, intentionally or recklessly to perform any of the duties undertaken by it under the provisions of this Trust. 6.5 Notwithstanding anything to the contrary herein, the Employer or, if so designated by the Employer, the Administrator and the investment manager or another agent of the Employer,will be responsible for valuing all assets so acquired for all purposes of the Trust and of holding, investing, trading and disposing of the same. The Employer will indemnify and hold the Trustee harmless against any and all claims, actions, demands, liabilities, losses, damages, or expenses of whatsoever kind and nature,which arise from or are related to any use of such valuation by the Trustee or holding, trading, or disposition of such assets. 6.6 The Trustee shall and hereby does indemnify and hold harmless the Employer from any and all ac- tions, claims, demands, liabilities, losses, damages and reasonable expenses of whatsoever kind and nature in connection with or arising out of(a) the Trustee's failure to follow the directions of the Employer, the Administrator, the investment manager, or agents thereof, except as permitted by the last sentence of Section 6.3 above; (b) any disbursements made without the direction of the Employer, the Administrator, the investment manager or agents thereof; and (c) the Trustee's negligence, willful misconduct, or reck- lessness with respect to the Trustee's duties under this Declaration. ARTICLE VII Contributions 7.1 Employer Contributions. The Employer shall contribute to the Trust such amounts as specified in the Plan or by resolution. 7.2 Participant Contributions. If specified in the Plan, each Participant may make voluntary after-tax contributions. Under no circumstances shall Participant Contributions exceed an insubstantial amount. These contributions shall be collected by the Employer and remitted to the Trust for deposit at such time or times as required under the terms of the Plan. 7.3 Accrued Leave. Contributions up to an amount equal to the value of accrued sick leave, vacation leave, or other type of accrued leave, as permitted under the Plan. The Employer's Plan must provide a formula for determining the value of the Participant's contribution of accrued leave . The Employer's Plan must contain a forfeiture provision that will prevent Participants from receiving the accrued leave in cash in lieu of a contribution to the Trust. 7.4 Accounts. Employer contributions, Participant contributions, and contributions of accrued leave , all investment income and realized and unrealized gains and losses, and forfeitures allocable thereto will be deposited into an Account in the name of the Participant for the exclusive benefit of the Participant, his Spouse, Dependents and Beneficiaries. The assets in each Participant's Account may be invested in Investment Funds as directed by the Participant (or, after the Participant's death, by the Spouse, Dependents or Beneficiaries) from among the Investment Funds selected by the Employer. 7.5 Receipt of Contributions. The Employer or, if so designated by the Employer, the Administrator or investment manager or another agent of the Employer, shall receive all contributions paid or delivered to it hereunder and shall hold, invest, reinvest and administer such contributions pursuant to this Declara- tion, without distinction between principal and income. The Trustee shall not be responsible for the calculation or collection of any contribution under the Plan, but shall hold title to property received in respect of the Plan in the Trustee's name as directed by the Employer or its designee pursuant to this Declaration. 8 RETAIN BOOKLET 7.6 No amount in any Account maintained under this Trust shall be subject to transfer, assignment, or alienation, whether voluntary or involuntary, in favor of any creditor, transferee, or assignee of the Em- ployer, the Trustee, any Participant, his Spouse, Dependent, or Beneficiaries. 7.7 Upon the satisfaction of all liabilities under the Plan to provide such benefits, any amount of Employer contributions, plus accrued earnings thereon, remaining in such separate Accounts must, under the terms of the Plan, be returned to the Employer. ARTICLE VIII Other Plans If the Employer hereafter adopts one or more other plans providing life, sickness, accident, medical, disability, severance, or other benefits and designates the Trust hereby created as part of such other plan, the Employer or, if so designated by the Employer, the Administrator or an investment manager or an- other agent of the Employer shall, subject to the terms of this Declaration, accept and hold hereunder contributions to such other plans. In that event (a) the Employer or, if so designated by the Employer,the Administrator or an investment manager or another agent of the Employer, may commingle for invest- ment purposes the contributions received under such other plan or plans with the contributions previously received by the Trust, but the books and records of the Employer or, if so designated by the Employer, the • Administrator or an investment manager or another agent of the Employer, shall at all times show the portion of the Trust Fund allocable to each plan; (b) the term "Plan" as used herein shall be deemed to refer separately to each other plan; and (c) the term "Employer" as used herein shall be deemed to refer to the person or group of persons which have been designated by the terms of such other plans as having the authority to control and manage the operation and administration of such other plan. ARTICLE IX Disbursements and Expenses 9.1 The Employer or its designee shall make such payments from the Trust at such time to such persons and in such amounts as shall be authorized by the provisions of the Plan provided, however, that no payment shall be made, either during the existence of or upon the discontinuance of the Plan (subject to Section 7.7), which would cause any part of the Trust to be used for or diverted to purposes other than the exclusive benefit of the Participants, their Spouses and Dependents, and Beneficiaries pursuant to the provisions of the Plan. 9.2 All payments of benefits under the Plan shall be made exclusively from the assets of the Accounts of the Participants to whom or to whose Spouse, Dependents, or Beneficiaries such payments are to be made, and no person shall be entitled to look to any other source for such payments. 9.3 The Employer, Trustee and Administrator may be reimbursed for expenses reasonably incurred by them in the administration of the Trust. All such expenses, including, without limitation, reasonable fees of accountants and legal counsel to the extent not otherwise reimbursed, shall constitute a charge against and shall be paid from the Trust upon the direction of the Employer. ARTICLE X Accounting 10.1 The Trustee shall not be required to keep accounts of the investments, receipts, disbursements, and other transactions of the Trust, except as necessary to perform its title-holding function hereunder. All accounts, books, and records relating thereto shall be maintained by the Employer or its designee. 9 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN • 10.2 As promptly as possible following the close of each year, the Trustee shall file with the Employer a written account setting forth assets titled to the Trust as reported to the Trustee by the Employer or its designee. ARTICLE XI Miscellaneous Provisions 11.1 Neither the Trustee nor any affiliate thereof shall be required to give any bond or to qualify before, be appointed by, or account to any court of law in the exercise of its powers hereunder. 11.2 No person transferring title or receiving a transfer of title from the Trustee shall be obligated to look to the propriety of the acts of the Trustee in connection therewith. 11.3 The Employer may engage the Trustee as its agent in the performance of any duties required of the Employer under the Plan, but such agency shall not be deemed to increase the responsibility or liability of the Trustee under this Declaration. 11.4 The Employer shall have the right at all reasonable times during the term of this Declaration and for three (3) years after the termination of this Declaration to examine, audit, inspect, review, extract informa- tion from, and copy all books, records, accounts, and other documents of the Trustee relating to this Declaration and the Trustees' performance hereunder. ARTICLE XII Amendment and Termination 12.1 The Employer reserves the right to alter, amend, or (subject to Section 9.1) terminate this Declaration at any time for any reason without the consent of the Trustee or any other person, provided that no amendment affecting the rights, duties, or responsibilities of the Trustee shall be adopted without the execution of the Trustee to the amendment. Any such amendment shall become effective as of the date provided in the amendment, if requiring the Trustee's execution, or on delivery of the amendment to the Trustee, if the Trustee's execution is not required. 12.2 Upon termination of this Declaration and upon the satisfaction of all liabilities under the Plan to provide such benefits, any amount of Employer contributions, plus accrued earnings thereon, remaining in such separate Accounts must, under the terms of the Plan, be returned to the Employer. ARTICLE XIII Successor Trustees 13.1 The Employer reserves the right to discharge the Trustee for any or no reason, at any time by giving ninety (90) days' advance written notice. 13.2 The Trustee reserves the right to resign at any time by giving ninety (90) days' advance written notice to the Employer. 13.3 In the event of discharge or resignation of the Trustee, the Employer may appoint a successor Trus- tee who shall succeed to all rights, duties, and responsibilities of the former Trustee under this Declara- tion, and the terminated Trustee shall be deemed discharged of all duties under this Declaration and responsibilities for the Trust. 10 RETAIN BOOKLET • ARTICLE XIV Limited Effect of Plan and Trust Neither the establishment of the Plan and the Trust or any modification thereof, the creation of any fund or account, nor the payment of any benefits, shall be construed as giving to any person covered under the Plan or other person any legal or equitable right against the Trustee, the Administrator, the Employer or any officer or employee thereof, except as may otherwise be expressly provided in the Plan or in this Declaration. ARTICLE XV Protective Clause Neither the Administrator, the Employer, nor the Trustee shall be responsible for the validity of any con- tract of insurance or other arrangement maintained in connection with the Plan, or for the failure on the part of the insurer or provider to make payments provided by such contract, or for the action of any per- son which may delay payment or render a contract void or unenforceable in whole or in part. 11 VANTAGECARE RETIREMENT HEALTH'SAVINGS PLAN IN WITNESS WHEREOF, the Employer and the Trustee have executed this Declaration by their respective duly authorized officers, as of the date first hereinabove mentioned. EMPLOYER: By: Title: TRUSTEES: By: Title: By: Title:, By: Title: 12 CITY OF SPOKANE VALLEY SPOKANE COUNTY,WASHINGTON RESOLUTION NO.03-035 A RESOLUTION OF THE CITY OF SPOKANE VALLEY, SPOKANE COUNTY, WASHINGTON, ESTABLISHING A RETIREE HEALTH SAVINGS PLAN FOR CITY EMPLOYEES. WHEREAS,the City has employees rendering valuable services; and WHEREAS, the establishment of a retiree health savings plan for such employees serves the interest of the City by enabling it to provide reasonable security regarding such employees' health needs during retirement, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and WHEREAS, the City Council has determined that the establishment of the retiree health savings (RHS) plan(the "Plan") serves the above objectives; NOW THEREFORE, be it resolved by the City Council of the City of Spokane Valley, Spokane County, Washington,as follows: Section 1. Plan Adopted. The City Council hereby adopts the Plan, attached hereto as appendix "A" in the form of the ICMA Retirement Corporation's VantageCare Retirement Health Savings Program Adoption Agreement. Section 2. Plan Trustee. The assets of the Plan shall be held in trust with the City serving as trustee for the exclusive benefit of Plan participants and their beneficiaries,and the assets of the Plan shall not be diverted to any other purpose prior to the satisfaction of all liabilities of the Plan. The City hereby adopts the Declaration of Trust of the City of Spokane Valley integral Part Trust in the form of the model trust made available by the ICMA Retirement Corporation, attached hereto as Appendix "B" and directs the City Manager to execute the same. Section 3. Plan Coordinator. The City Manager shall be the coordinator and contact for the Plan and shall receive necessary reports, notices,etc. Section 4. Effective Date. This Resolution shall be in full force and effective upon adoption. Adopted this l0'h day of June 2003. City of Spokane Valley Mayor Michael DcVle • ng A Christine Bainbridge, City Clerk f Approved as to Form: ' ' 'y M. 1.T.., City Atte ey Sacbsinbridge Resoiutions\2003Utesolution 03-035 Retiree Health Savings.doc S1To1 \ \iilley Sprague A . • Suit 1 • 5 okane Valle WA 9 206 11707 E. ve a 106 p y, 9 (509)921-1000 • Fax(509)921-1008 • cityhall @spokanevalley.org November 27,2007 Ms. Erika Armstrong ICMA-RC 777 North Capital Street,NE Washington,DC 20002-4240 Dear Ms. Armstrong In regard to Retirement Health Savings Plan No. 800343 please amend it to include the following provisions: ' Covered Group: City Manager,mandatory employee contribution of$1,500.00. If you have questions please contact us at any time(509-688-0027). Very truly yours, iSb-..----4y)4-----. Ken Thompson • Finance Director . RHS Trustee • • Appendix "A" EMPLOYER VANTAGECARE RETIREMENT HEALTH • v(r SAVINGS (RHS) PLAN ADOPTION AGREEMENT Plan Number: 8 00343 Employer Retirement Health Savings Plan Name: City of Spokane Valley Retirement Health Savings Plan I. Employer Name: City of Spokane Valley State: WA II. The Employer hereby attests that it is a unit of a state or local government or an agency or instrumentality of one or more units of a state or local government. III. The Effective Date of the Plan: May 1., 2003 IV. The Employer intends to utilize the Trust to fund only welfare benefits pursuant to the following welfare ben- efit plan(s) established by the Employer: V. Eligible Groups and Participant Eligibility Requirements A. The following group or groups of Employees are eligible to participate in the VantageCare Retirement Health Savings Plan: X All Employees All Full-Time Employees Non-Union Employees Public Safety Employees -- Police Public Safety Employees -- Firefighters General Employees Collectively-Bargained Employees (Specify unit) Other (specify below) The group specified must correspond to a group of the same designation that is defined in the statutes, ordi- nances, rules, regulations, personnel manuals or other material in effect in the state or locality of the Employer. L If this box is checked, in lieu of mandatory participation, the Employer provides for a one-time irrevoca- ble election by eligible Employees to participate in RHS. Until such time as the election is made, the Employee shall not participate in the Plan or receive contributions pursuant to Section VI. Newly eligible Employees shall be provided an election window of 60 days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to participate. Participation may begin no earlier than the calendar month following the end of the election window. • If the Employee does not make the election in the year of initial eligibility, the election to participate may be made in a later year. An annual election window of 60 days (no more than 60 calendar days) shall be provided during which the election may be made. The election window shall run from Oct 1 to Nov 30 (insert your annual time frame for the election window, e.g. October 1 to November 29). Participation may begin no earlier than the calendar year following the year of the elec- tion. Once made, the election is irrevocable and may not be revoked while the participant is a member of the group covered by the RHS plan. If the Employer's underlying welfare benefit plan or funding under this VantageCare Retirement Health Savings Plan is in whole or part a non-collectively bargained, self-insured plan, the nondiscrimination requirements of Internal Revenue Code (IRC) Section 105(h) will apply. These rules may impose taxation on the benefits received 11 by highly compensated Employees if the Plan discriminates in favor of highly compensated Employees.in terms of eligibility or benefits. The Employer should discuss these rules with appropriate counsel. r ' B. Participant Eligibility 1. Minimum period of service required for participation is NA (write N/A if an Employee is eligible to partici- pate or to elect to participate immediately upon employment). 2. Minimum age required for eligibility to participate is NA (write N/A if no minimum age is required). VI.Contribution Sources and Amounts A. Mandatory Contributions CI 1. Direct Employer Contributions The Employer shall contribute on behalf of each Participant % of earnings or $ for the Plan Year. Definition of earnings: base annual salary D 2. Mandatory Leave Contributions The Employer will make mandatory contributions of leave as follows: Accrued Sick Leave* ❑ Yes 0 No Accrued Vacation* 0 Yes 0 No Other* (describe) 0 Yes 0 No * Please provide the formula for determining the Accrued Leave contribution: An Employee shall not have the right to discontinue or vary the rate of annual leave contributions. L�I 3. Mandatory Employee Compensation Contributions The Employer will make mandatory contributions of Employee compensation as follows: 0 Reduction in Salary - % of earnings (as defined in VI.A.1.) or $ will be contributed for the Plan Year. 0 Decreased Merit or Pay Plan Adjustment - All or a portion of the Employees' annual merit or pay plan adjustment will be contributed as follows: An Employee shall rat have the right to discontinue or vary the rate of mandatory contributions of Employee compensation. 12 B. Elective Contributions , e 1. Elective Pre-Tax Contributions The Employer will permit each Employee to make the following elections to make pre-tax contributions to the Plan: 3 a. Irrevocable Election for Pre-Tax Contributions from Compensation: A one-time, irrevocable election of the amount of Employer contributions of compensation made on his or her behalf. The Employer limits the amount elected to either a fixed percentage or a range of percentages of an Employee's earnings of earnings (as defined in VI.A.1.) or up to 25 % of earnings (as defined in VI.A.1) for the Plan Year. Newly eligible Employees shall be provided an election window of b0 days (no more than 60) from the date of initial eligibility during which they may make the election to contribute. Contributions may begin no earlier than the calendar month following the end of the election window. If the Employee does not make the election in the year of initial eligibility, the election to contribute may be made in a later year. An annual election window of 60 days (no more than 60) shall be provided during which the election may be made, The election window shall run from Oct ! to Nov 30 (insert your annual time frame for the election window). Contributions may begin no ear- lier than the calendar year following the year of the election. Once made, the election is irrevocable and may not be revoked. 0 b. Irrevocable Election for Pre-Tax Contributions of Accrued Leave: A one-time, irrevocable election of the amount of employer contributions of Employee accrued L1 sick ❑ vacation 0 other (describe) leave made on his or her behalf. 0Yes 0 No The Employer limits the amount elected as shown below: Newly eligible Employees shall be provided an election window of days (no more than 60 calendar days) from the date of initial eligibility during which they may make the election to contribute. Contributions may begin no earlier than the calendar month following the end of the election window. If the Employee does not make the election in the year of initial eligibility, the election to contribute may be made in a later year. An annual election window of days (no more than 60 calendar days) shall be provided during which the election may be made. The election window shall run from to (insert your annual time frame for the election window). Contributions may begin no earlier than the calendar year following the year of the election. Once made, the election is irrevocable and may not be revoked. c. Annual Prospective Election for Pre-Tax Contributions of Leave: An annual, irrevocable election to have his or her 0 sick U vacation 0 other (describe) leave to be accrued in the next calendar year contributed to the Plan on his or her behalf . 13 The Employer limits the amount elected as shown below: t Contributions of future leave accruals will be remitted to the Plan i0 as earned 101 at the end of the calendar year. The election to contribute must be made in the calendar year before the year in which contributions are to begin. Once made,the election shall apply to succeeding calendar years unless otherwise revised or revoked by the Employee on an annual basis. An annual election window of days ('no more than 60 calendar days) is provided during which eligible Employees may make the election to contribute. The election window shall run from to (insert your annual time frame for the election window). In adopting section a, b, and/or c, the Employer acknowledges that the Internal Revenue Service has not ruled on irrevocable election contributions in an integral part trust. ICMA-RC has obtained the advice of counsel that such contributions are allowable under the conditions outlined in this Adoption Agreement. The Employer should discuss this issue with appropriate counsel. , 2. Voluntary After-Tax Contributions • Each Employee may contribute up to 25 % of earnings (as defined in VI.A.1.) or $ for the Plan Year on a voluntary after-tax basis.. In no event may aggregate Employee voluntary after-tax contributions exceed 25% of total contributions in any Plan Year. • An.Employee shall have the right to discontinue or vary the rate of elective after-tax contributions of Employee earnings. By adopting this section, the Employer acknowledges that the Internal Revenue Service has declined to rule on Employee after tax contributions in an integral part trust. ICMA-RC has obtained the advice of counsel that such contributions are allowable in an insubstantial amount (i.e. no more than 25% of total contributions in any Plan Year). The Employer should discuss this issue with appropriate counsel. C. Limits on Total Contributions The total contribution on behalf of each Participant (including both Mandatory and Elective Contributions) for each Plan Year shall not exceed the following limit(s): ❑ % of earnings (as defined in VI.A.1.). LA $, El There is no Plan-defined limit on the percentage or dollar amount of earnings that may be contributed. Limits on individual contribution types are defined within the appropriate section above. See Section V.A. for a discussion of nondiscrimination rules that may apply to non-collectively bargained self- insured Plans. 14 VII. Vesting Schedule A. The account is 100% vested at all times, unless specified otherwise in B. below. B. The following vesting schedule applies to Direct Employer Contributions outlined in VI.A.1: Years of Specified Service Percent Completed Vesting % C. The account will become 100% vested upon the death, disability, retirement, or attainment of benefit eligibility by a Participant. Definition of retirement: D. Any period of service by a Participant prior to a rehire of the Participant by the Employer shall not count toward the vesting schedule outlined in B. above. VIII. Forfeiture Provisions Upon separation from the service of the Employer or upon reversion to the Trust of a Participant's account assets remaining upon the participant's death (as outlined in Section XI), a Participant's non-vested funds shall: ❑ Remain in the Trust to be reallocated among all Plan Participant's as Direct Employer Contributions for the next and succeeding contribution cycle(s). lJ Remain in the Trust to be reallocated on an equal dollar basis among all Plan Participants. 21 Remain in the Trust to be reallocated among all Plan Participants based upon Participant account bal- ances. 0 Revert to the Employer. In the case of separation from service, the Participant's non-vested funds shall be applied as shown above. In the case of reversion due to the Participant's death under Section XI, the remaining account assets shall be applied as shown above. IX. Eligibility Requirements to Receive Medical Benefit Payments from the VantageCare Retirement Health Savings Plan A. A Participant is eligible to receive benefits: At retirement only (as defined in Section VII.C.) X At separation from service with the following restrictions At age only At retirement and age At retirement or age 15 B. Termination prior to general benefit eligibility: A Participant who separates from the service of the Employer • prior to attaining benefit eligibility as outlined in Section IX.A. or C. will be eligible to receive benefits: 11 Immediately upon separation from service. At age C. A Participant who dies or becomes totally and permanently disabled (as defined by the Social Security Administration) will become immediately eligible to receive medical benefit payments from his/her VantageCare Retirement Health Savings Plan account. X. Permissible Medical Benefit Payments Benefits eligible for payment consist of: A. X All Medical Expenses eligible under IRC Section 213* other than direct long-term care expenses, OR B. The following Medical Expenses (select only the expenses you wish to cover under the VantageCare Retirement Health Savings Plan): Medical Insurance Premiums Medical Out-of-Pocket Expenses* Medicare Part B Insurance Premiums Medicare Supplement Insurance Premiums COBRA Premiums Dental Insurance Premiums Dental Out-of-Pocket Expenses* Long Term Care Insurance Premiums Other (Must be eligible under IRC Section 213)* * See Section V.A. for a discussion of nondiscrimination rules which may apply to non-collectively bargained, self-insured Plans. XI. Death Benefit In the event of a Participant's death, the following shall apply: Account Transfer: The surviving spouse and/or surviving eligible dependents (as defined in Section XIII.F.) of the deceased Participant are immediately eligible to maintain the account and utilize it to fund eligible medical bene- fits specified in Section X above. Upon notification of a Participant's death, the Participant's account balance will be transferred into the Vantagepoint Money Market Fund*. The account balance may be reallocated by the surviving spouse or dependents. * Please read the current prospectus carefully prior to investing. An investment in this fund is neither insured nor guaranteed and there can be no assurance that the Fund will be able to maintain a stable net asset value of $1.00 per share. Vantagepoint Mutual Funds are distributed by ICMA-RC Services, LLC, a controlled affiliate of ICMA Retirement Corporation. Member NASD/SIPC. If a Participant's account balance has not been fully utilized upon the death of the eligible spouse, the account balance may continue to be utilized to pay benefits of eligible dependents. Upon the death of all eligible depend- ents, the balance will be available for medical benefits for the designated beneficiary of the last dependent or spouse to die. Assets remaining upon the death of a designated beneficiary shall be available for medical bene- fits of the beneficiary's designated beneficiary. If there is no living beneficiary(ies), the account will revert to the Plan to be applied as specified in Section VIII. 16 There will be no elective withholding of federal, state, or local taxes for medical benefit payments to the Participant's spouse's or dependent's designated beneficiary(ies). If there are no living spouse or dependents at the time of death of the Participant, the account will be available for medical benefits for the designated beneficiary(ies) of the Participant. Assets remaining upon the death of all designated beneficiaries shall be available for medical benefits of the beneficiary's beneficiary. If there is no liv- ing beneficiary(ies), the account will revert to the Plan to be applied as specified in Section VIII. There will be no elective withholding of federal, state, or local taxes for medical benefit payments to the Participant's beneficiary(ies) or any beneficiary's beneficiary. XII. De Minimis Accounts Upon separation from the service of the Employer prior to a Participant becoming eligible for medical benefits from a VantageCare Retirement Health Savings Plan account, Participant accounts that are considered de min- imis as specified below will be paid to the Participant. al The de minimis account value shall be $5,000 or less. 1=1 The de minimis account value shall be $ (insert dollar amount between $0 and $5,000) or less. 0 The Plan shall not allow de minimis account distributions. XIII. The Plan will operate according to the following provisions: A. Employer Responsibilities 1. The Employer will submit all VantageCare Retirement Health Savings Plan contribution data via electronic submission. 2. Participant status updates and/or changes or personal information updates and/or changes (Participants' termination dates, Participants' benefit eligibility dates, etc.) will be provided via electronic submission. B. Participant account administration fees will be paid through the redemption of Participant account shares, unless agreed upon otherwise in the Administrative Services Agreement. C. Employer plan fees will be paid by the Employer as outlined in the Administrative Services Agreement. D. Assignment of benefits is not permitted. E. Payments to an alternate payee (payee other than a Participant) are not permitted with the exception of reim- bursement of health insurance premiums to the Employer. F. An eligible dependent is the Participant's lawful spouse and any other individual who is a person described in IRC Section 152(a). G. The Employer will be responsible for withholding, reporting and remitting any applicable taxes, as outlined in the VantageCare Retirement Health Savings Plan Employer Manual. XIV. The Employer hereby acknowledges it understands that failure to properly fill out this Employer VantageCare Retirement Health Savings Plan Adoption Agreement may result in the loss of tax exemption of the Trust and/or loss of tax-deferred status for Employer contributions. 17 EMPLOYER By: Title: Attest: Accepted: Vantagepoint Transfer Agents, LLC ?c?....e_ Corporate Treasurer 18 V'antageCare Retirement Health Savings Plan Implementation Data Form - Page 1 Instructions to Employer: Provide necessary information to establish your plan properly. ICMA RETIREMENT CORPORATION Please contact your New Business Analyst at 1-BOB-326.7272,if you have any questions. ICMA-RC Use Only - 1.Employer# 800343 General Information 2. (902) Employer's Full Name: City of Spokane Valley, Washington 3. (924) Street Address: 11707 East Sprague, Suite 106 (925) 4. (9181 City: Spokane Valley, WA 99206 (919) State: WA (9201 Zip Code: 99206 5. (633)Primary Contact Ken Thompson 6. (634) Primary Contact Title: Finance/Admin. Services Dir. 7. (631)Primary Contact Telephone#:( 509 ) 921-1000 8. (6321 Fax#:( 509) 921-1008 9. (PT00) E-mail Address: ktoompson@spokanevalley.org 10. (882)Employer's Federal Tax Identification Number: 71-0914170 11. #of Employees: 1 12. #of Employees Eligible for Plan Participation: 45 13. #of Employees Eligible to Receive Medical Benefits: 40 Plan Implementation 14. Plan Level Quarterly Statements: (Note:*= default) Information a. Sort Order: (629) l S=SSN* ❑ N=Name b. Output Media: (627) L P=Paper* ❑ M=Microfiche ❑ B=Bound c. Type: (626) it S=Summary* ❑ D=Detail 15. (611)Contribution Information:(Note:*= default) a. Frequency: (check one): ❑ (0) Bi-weekly* ❑ (4)Monthly ❑ (8)Semi-quarterly ❑ (1)Weekly gl (5)Semi-Monthly ❑ (9) Bi-annually ❑ (2)Semi-weekly ❑ (6) Bi-quarterly ❑ (10)Annually ❑ (3) Bi-monthly ❑ (7) Quarterly ❑ (11) Semi-annually O ( ) Other. b. Deposit Medium: (624) 11 Check* ❑ Wire ❑ EFT c. Data Medium: EZ Link Required to participate in RHS Plan d. First Contribution Date Following Implementation: June 30, 2003 ICMA Retirement Corporation•Attn: Records Management Unit• P.O. Box 96220•Washington,DC 20090-6220•Toll Free 1-800 669-7400 20 VantageCare Retirement Health Savings Plan Implementation Data Form - Page 2 Plan Contacts ICMA RETIREMENT CORPORATION (If any item#16-21 is left blank,the Primary Contact in#5 will receive mailings Payroll Contact Information 16. PT01 Contact Signature: (200) Contact Name: Please indicate (200) Contact Title: alternate addresses in (420) Telephone: ( ) Fax: ( ) Coments Section 17. PT08 Contact Signature: (200) Contact Name: (200) Contact Title: (420) Telephone: (__) Fax: ( ) 18. PT09 Contact Signature: (200) Contact Name: 1200) Contact Title: (420) Telephone: 1 ) Fax: ( ) Contribution 19. PT02 (200) Contact Name: Dan Cenis Contact (200) Contact Title: Account in_ Mana:er Information 509 921-1000 (420) Telephone: ( ) Fax: (509) 921-1008 Trustee Contact 20. PT10 (200) Trustee Name: Information (200) Trustee Title: (200) Trustee Address: Street City State Zip (420) Telephone: ( ) Fax: ( ) Billing(Fees) 21. PT06 (200) Contact Name: Dan Cenis Contact (200) Contact Title: Accounting Manager Information (420) Telephone: (509) 921-1000 Fax: (509) 921-1008 Comments: (Alternate Addresses for #16-21) Internal Use Only 641 912 608 ICMA Retirement Corporation•Ann: Records Management Unit•P.O. Box 96220•Washington, DC 20090-6220•Toll Free 1-800 669-7400 21 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN Appendix "B" DECLARATION OF TRUST OF THE City of Spokane Valley, WA NAME OF EMPLOYER INTEGRAL PART TRUST Declaration of Trust made as of the 1 day of Hay , 20 03 , by and between the City of Spokane Valley ,Washington a City Govt. Name of Employer State Type of Entity (hereinafter referred to as the "Employer") and City Manager or its designee (hereinafter Name of Trustee referred to as the "Trustee"). RECITALS WHEREAS, the Employer is a political subdivision of the State of Washington exempt from federal income tax under the Internal Revenue Code of 1986; and State WHEREAS, the Employer provides for the security and welfare of its eligible employees (here- inafter referred to as "Participants"), their Spouses, Dependents and Beneficiaries by the maintenance of one or more post-retirement welfare benefit plans, programs or arrangements which provide for life, sickness, medical, disability, severance and other similar benefits through insurance and self-funded reimbursement plans (collectively the "Plan"); and WHEREAS, it is an essential function and integral part of the exempt activities of the Employer to assist Participants, their Spouses, Dependents and Beneficiaries by making contributions to and accu- mulating assets in the trust, a segregated fund, for post-retirement welfare benefits under the Plan; and WHEREAS, the authority to conduct the general operation and administration of the Plan is vested in the Employer or its designee, who has the authority and shall be subject to the duties with respect to the trust specified in this Declaration of Trust; and WHEREAS, the Employer wishes to establish this trust to hold assets and income of the Plan for the exclusive benefit of Plan Participants, their Spouses, Dependents and Beneficiaries; NOW,THEREFORE,the parties hereto do hereby establish this trust, by executing the Declara- tion of Trust of the City of Spokane Valley Integral Part Trust (hereinafter referred to Name of Employer as the "Trust"), and agree that the following constitute the Declaration of Trust (hereinafter referred to as the "Declaration"): 4 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN ARTICLE II Establishment of Trust 2.1 The Trust is hereby established as of the date set forth above for the exclusive benefit of Partici- pants, their Spouses, Dependents and Beneficiaries. ARTICLE III Construction 3.1 This Trust and its validity, construction and effect shall be governed by the laws of the State of Washington Sate 3.2 Pronouns and other similar words used herein in the masculine gender shall be read as the feminine gender where appropriate, and the singular form of words shall be read as the plural where appropriate. 3.3 If any provision of this Trust shall be held illegal or invalid for any reason, such determination shall not affect the remaining provisions, and such provisions shall be construed to effectuate the purpose of this Trust. ARTICLE IV Benefits 4.1 Benefits. This Trust may provide benefits to the Participant, the Participant's Spouse, Dependents and Beneficiary(ies) pursuant to the terms of the Plan. 4.2 Form of Benefits. This Trust may provide benefits by cash payment. This Trust may reimburse the Participant, his Spouse, Dependents or Beneficiary(ies) for insurance premiums or other payments ex- pended for permissible benefits described under the Plan. This trust may reimburse the Employer, or the Administrator for insurance premiums. ARTICLE V General Duties 5.1 It shall be the duty of the Trustee to hold title to assets held in respect of the Plan in the Trustee's name as directed by the Employer or its designees in writing. The Trustee shall not be under any duty to com- pute the amount of contributions to be paid by the Employer or to take any steps to collect such amounts as may be due to be held in trust under the Plan. The Trustee shall not be responsible for the custody, investment,'safekeeping or disposition of any assets comprising the Trust, to the extent such functions are performed by the Employer or the Administrator, or both. 5.2 It shall be the duty of the Employer, subject to the provisions of the Plan, to pay over to the Adminis- trator or other person designated hereunder from time to time the Employer's contributions and Partici- pants' contributions under the Plan and to inform the Trustee in writing as to the identity and value of the assets titled in the Trustee's name hereunder and to keep accurate books and records with respect to the Participants of the Plan. 6 RETAIN BOOKLET ARTICLE I Definitions 1.1 Definitions. For the purposes of this Declaration, the following terms shall have the respective meanings set forth below unless otherwise expressly provided. (a) "Account" means the individual recordkeeping account maintained under the Plan to record the interest of a Participant in the Plan in accordance with Section 7.4. (b) "Administrator" means the Employer or the entity designated by the Employer to carry out admin- istrative services as are necessary to implement the Plan. (c) "Beneficiary" means the Spouse and Dependents, or the person or persons designated by the Participant pursuant to the terms of the Plan, who will receive any benefits payable hereunder in the event of the Participant's death. A Beneficiary may also designate a beneficiary(ies) to receive any benefits payable hereunder in the event of the preceding Beneficiary's death, until the satisfac- tion of all liabilities under the Plan to provide benefits. In the case where there is no designated Beneficiary, any amount of contributions, plus accrued earnings thereon, remaining in the Account must, under the terms of the Plan, be returned to the Trust. (d) "Code" means the Internal Revenue Code of 1986, as amended from time to time. (e) "Dependent" means an individual who is a person described in Code Section 152(a). (f) "Investment Fund" means any separate investment option or vehicle selected by the•Employer in which all or a portion of the Trust assets may be separately invested as herein provided. The Trustee shall not be required to select any Investment Fund. (g) "Nonforfeitable Interest" means the interest of the Participant or the Participant's Spouse, Depend- ent or Beneficiary (whichever is applicable) in the percentage of Participant's Employer's contribu- tion which has vested pursuant to the vesting schedule specified in the Employer's Plan. A Partici- pant shall, at all times, have a one hundred percent (100%) Nonforfeitable Interest in the Partici- pant's own contributions. (h) "Spouse" means the Participant's lawful spouse as determined under the laws of the state in which the Participant has his primary place of residence. (i) "Trust" means the trust established by this Declaration. (j) "Trustee" means the Employer or the person or persons appointed by the Employer to serve in that capacity. 5 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN such investment in the absence of directions from the investment manager. Notwithstanding anything to the contrary herein, the Employer shall have no responsibility to the Trustee under the foregoing indemni- fication if the Trustee fails negligently, intentionally or recklessly to perform any of the duties undertaken by it under the provisions of this Trust. 6.5 Notwithstanding anything to the contrary herein, the Employer or, if so designated by the Employer, the Administrator and the investment manager or another agent of the Employer,will be responsible for valuing all assets so acquired for all purposes of the Trust and of holding, investing, trading and disposing of the same. The Employer will indemnify and hold the Trustee harmless against any and all claims, actions, demands, liabilities, losses, damages, or expenses of whatsoever kind and nature,which arise from or are related to any use of such valuation by the Trustee or holding,trading, or disposition of such assets. 6.6 The Trustee shall and hereby does indemnify and hold harmless the Employer from any and all ac- tions, claims, demands, liabilities, losses, damages and reasonable expenses of whatsoever kind and nature in connection with or arising out of(a) the Trustee's failure to follow the directions of the Employer, the Administrator,the investment manager, or agents thereof, except as permitted by the last sentence of Section 6.3 above; (b) any disbursements made without the direction of the Employer, the Administrator, the investment manager or agents thereof; and (c)the Trustee's negligence, willful misconduct, or reck- lessness with respect to the Trustee's duties under this Declaration. ARTICLE VII Contributions 7.1 Employer Contributions. The Employer shall contribute to the Trust such amounts as specified in the Plan or by resolution. 7.2 Participant Contributions. If specified in the Plan, each Participant may make voluntary after-tax contributions. Under no circumstances shall Participant Contributions exceed an insubstantial amount. These contributions shall be collected by the Employer and remitted to the Trust for deposit at such time or times as required under the terms of the Plan. 7.3 Accrued Leave. Contributions up to an amount equal to the value of accrued sick leave, vacation leave, or other type of accrued leave, as permitted under the Plan. The Employer's Plan must provide a formula for determining the value of the Participant's contribution of accrued leave . The Employer's Plan must contain a forfeiture provision that will prevent Participants from receiving the accrued leave in cash in lieu of a contribution to the Trust. 7.4 Accounts. Employer contributions, Participant contributions, and contributions of accrued leave , all investment income and realized and unrealized gains and losses, and forfeitures allocable thereto will be deposited into an Account in the name of the Participant for the exclusive benefit of the Participant, his Spouse, Dependents and Beneficiaries. The assets in each Participant's Account may be invested in Investment Funds as directed by the Participant (or, after the Participant's death, by the Spouse, Dependents or Beneficiaries) from among the Investment Funds selected by the Employer. 7.5 Receipt of Contributions. The Employer or, if so designated by the Employer,the Administrator or investment manager or another agent of the Employer, shall receive all contributions paid or delivered to it hereunder and shall hold, invest, reinvest and administer such contributions pursuant to this Declara- tion, without distinction between principal and income. The Trustee shall not be responsible for the calculation or collection of any contribution under the Plan, but shall hold title to property received in respect of the Plan in the Trustee's name as directed by the Employer or its designee pursuant to this Declaration. 8 RETAIN BOOKLET ARTICLE VI Investments 6.1 The Employer may appoint one or more investment managers to manage and control all or part of the assets of the Trust and the Employer shall notify the Trustee in writing of any such appointment. 6.2 The Trustee shall not have any discretion or authority with regard to the investment of the Trust and shall act solely as a directed Trustee of the assets of which it holds title.To the extent directed by the Employer (or Participants, their Spouses and Dependents, or Beneficiaries to the extent provided herein) the Trustee is authorized and empowered with the following powers, rights and duties, each of which the Trustee shall exercise in a nondiscretionary manner: (a) To cause stocks, bonds, securities, or other investments to be registered in its name as Trustee or in the name of a nominee, or to take and keep the same unregistered; (b) To employ such agents and legal counsel as it deems advisable or proper in connection with its duties and to pay such agents and legal counsel a reasonable fee. The Trustee shall not be liable for the acts of such agents and counsel or for the acts done in good faith and in reliance upon the advice of such agents and legal counsel, provided it has used reasonable care in selecting such agents and legal counsel; (c) To exercise where applicable and appropriate any rights of ownership in any contracts of insurance in which any part of the Trust may be invested and to pay the premiums thereon; and (d) At the direction of the Employer (or Participants, their Spouses, their Dependents, their Benefi- ciaries, or the investment manager, as the case may be) to sell,write options on, convey or transfer, invest and reinvest any part thereof in each and every kind of property,whether real, personal or mixed,tangible or intangible, whether income or non-income producing and wherever situated, including but not limited to, time deposits (including time deposits in the Trustee or its affiliates, or any successor thereto, if the deposits bear a reasonable rate of interest), shares of common and preferred stock, mortgages, bonds, leases, notes, debentures, equipment or collateral trust certificates, rights,warrants, convertible or exchangeable securi- ties and other corporate, individual or government securities or obligations, annuity, retire- ment or other insurance contracts, mutual funds (including funds for which the Trustee or its affiliates serve as investment advisor, custodian or in a similar or related capacity), or in units of any other common, collective or commingled trust fund. 6.3 Notwithstanding anything to the contrary herein, the assets of the Plan shall be held by the Trustee as title holder only. Persons holding custody or possession of assets titled to the Trust shall include the Employer, the Administrator, the investment manager, and any agents and subagents, but not the Trustee. The Trustee shall not be responsible or liable for any loss or expense which may arise from or result from compliance with any direction from the Employer, the Administrator, the investment manager, or such agents to take title to any assets nor shall the Trustee be responsible or liable for any loss or expense which may result from the Trustee's refusal or failure to comply with any direction to hold title, except if the same shall involve or result from the Trustee's negligence or intentional misconduct. The Trustee may refuse to comply with any direction from the Employer, the Administrator, the investment manager, or such agents in the event that the Trustee, in its sole and absolute discretion, deems such direction illegal. 6.4 The Employer hereby indemnifies and holds the Trustee harmless from any and all actions, claims, demands, liabilities, losses, damages or reasonable expenses of whatsoever kind and nature in connection with or arising out of (i) any action taken or omitted in good faith by the Trustee in accordance with the directions of the Employer or its agents and subagents hereunder, or(ii) any disbursements of any part of the Trust made by the Trustee in accordance with the directions of the Employer, or (iii) any action taken by or omitted in good faith by the Trustee with respect to an investment managed by an investment manager in accordance with any direction of the investment manager or any inaction with respect to any 7 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN 10.2 As promptly as possible following the close of each year, the Trustee shall file with the Employer a written account setting forth assets titled to the Trust as reported to the Trustee by the Employer or its designee. ARTICLE XI Miscellaneous Provisions 11.1 Neither the Trustee nor any affiliate thereof shall be required to give any bond or to qualify before, be appointed by, or account to any court of law in the exercise of its powers hereunder. 11.2 No person transferring title or receiving a transfer of title from the Trustee shall be obligated to look to the propriety of the acts of the Trustee in connection therewith. 11.3 The Employer may engage the Trustee as its agent in the performance of any duties required of the Employer under the Plan, but such agency shall not be deemed to increase the responsibility or liability of the Trustee under this Declaration. 11.4 The Employer shall have the right at all reasonable times during the term of this Declaration and for three (3)years after the termination of this Declaration to examine, audit, inspect, review, extract informa- tion from, and copy all books, records, accounts, and other documents of the Trustee relating to this Declaration and the Trustees' performance hereunder. ARTICLE XII Amendment and Termination 12.1 The Employer reserves the right to alter, amend, or (subject to Section 9.1) terminate this Declaration at any time for any reason without the consent of the Trustee or any other person, provided that no amendment affecting the rights, duties, or responsibilities of the Trustee shall be adopted without the execution of the Trustee to the amendment. Any such amendment shall become effective as of the date provided in the amendment, if requiring the Trustee's execution, or on delivery of the amendment to the Trustee, if the Trustee's execution is not required. 12.2 Upon termination of this Declaration and upon the satisfaction of all liabilities under the Plan to provide such benefits, any amount of Employer contributions, plus accrued earnings thereon, remaining in such separate Accounts must, under the terms of the Plan, be returned to the Employer. ARTICLE XIII Successor Trustees 13.1 The Employer reserves the right to discharge the Trustee for any or no reason, at any time by giving ninety (90) days' advance written notice. 13.2 The Trustee reserves the right to resign at any time by giving ninety (90) days' advance written notice to the Employer. 13.3 In the event of discharge or resignation of the Trustee, the Employer may appoint a successor Trus- tee who shall succeed to all rights, duties, and responsibilities of the former Trustee under this Declara- tion, and the terminated Trustee shall be deemed discharged of all duties under this Declaration and responsibilities for the Trust. 10 RETAIN BOOKLET 7.6 No amount in any Account maintained under this Trust shall be subject to transfer, assignment, or alienation, whether voluntary or involuntary, in favor of any creditor,transferee, or assignee of the Em- ployer, the Trustee, any Participant, his Spouse, Dependent, or Beneficiaries. 7.7 Upon the satisfaction of all liabilities under the Plan to provide such benefits, any amount of Employer contributions, plus accrued earnings thereon, remaining in such separate Accounts must, under the terms of the Plan, be returned to the Employer. ARTICLE VIII Other Plans If the Employer hereafter adopts one or more other plans providing life, sickness, accident, medical, disability, severance, or other benefits and designates the Trust hereby created as part of such other plan, the Employer or, if so designated by the Employer, the Administrator or an investment manager or an- other agent of the Employer shall, subject to the terms of this Declaration, accept and hold hereunder contributions to such other plans. In that event (a) the Employer or, if so designated by the Employer,the Administrator or an investment manager or another agent of the Employer, may commingle for invest- ment purposes the contributions received under such other plan or plans with the contributions previously received by the Trust, but the books and records of the Employer or, if so designated by the Employer,the Administrator or an investment manager or another agent of the Employer, shall at all times show the portion of the Trust Fund allocable to each plan; (b) the term °Plan" as used herein shall be deemed to refer separately to each other plan; and (c) the term "Employer° as used herein shall be deemed to refer to the person or group of persons which have been designated by the terms of such other plans as having the authority to control and manage the operation and administration of such other plan. ARTICLE IX Disbursements and Expenses 9.1 The Employer or its designee shall make such payments from the Trust at such time to such persons and in such amounts as shall be authorized by the provisions of the Plan provided, however,that no payment shall be made, either during the existence of or upon the discontinuance of the Plan (subject to Section 7.7), which would cause any part of the Trust to be used for or diverted to purposes other than the exclusive benefit of the Participants, their Spouses and Dependents, and Beneficiaries pursuant to the provisions of the Plan. 9.2 All payments of benefits under the Plan shall be made exclusively from the assets of the Accounts of the Participants to whom or to whose Spouse, Dependents, or Beneficiaries such payments are to be made, and no person shall be entitled to look to any other source for such payments. 9.3 The Employer,Trustee and Administrator may be reimbursed for expenses reasonably incurred by them in the administration of the Trust. All such expenses, including, without limitation, reasonable fees of accountants and legal counsel to the extent not otherwise reimbursed, shall constitute a charge against and shall be paid from the Trust upon the direction of the Employer. ARTICLE X Accounting 10.1 The Trustee shall not be required to keep accounts of the investments, receipts, disbursements, and other transactions of the Trust, except as necessary to perform its title-holding function hereunder. All accounts, books, and records relating thereto shall be maintained by the Employer or its designee. 9 VANTAGECARE RETIREMENT HEALTH'SAVINGS PLAN • IIN WITNESS WHEREOF, the Employer and the Trustee have executed this Declaration by their respective duly authorized officers, as of the date first hereinabove mentioned. EMPLOYER: By: Title:. TRUSTEES: By: Title:. By: Title:, By: Title: 12 RETAIN BOOKLET ARTICLE XIV Limited Effect of Plan and Trust Neither the establishment of the Plan and the Trust or any modification thereof, the creation of any fund or account, nor the payment of any benefits, shall be construed as giving to any person covered under the Plan or other person any legal or equitable right against the Trustee, the Administrator, the Employer or any officer or employee thereof, except as may otherwise be expressly provided in the Plan or in this Declaration. ARTICLE XV Protective Clause Neither the Administrator,the Employer, nor the Trustee shall be responsible for the validity of any con- tract of insurance or other arrangement maintained in connection with the Plan, or for the failure on the part of the insurer or provider to make payments provided by such contract, or for the action of any per- son which may delay payment or render a contract void or unenforceable in whole or in part. 11 777 North Capitol Street.NE Washington,DC 20002-4240 1-202-962.4600 FAX 1.202.962-4691 Tall free 1-800-6511-7404 May 7, En Espanol llama al 1-800669.8216 y , - Internet:hiip;//vrvrvtianarc,arg Daniel Cenis Accounting Manager City of Spokane Valley 11707 East Sprague Avenue, Suite 106 Spokane Valley City, WA 99206 RE: VantageCare Retirement Health Savings Plan Account Number—800343 Dear Mr. Cenis: We are pleased that RC's VantageCare Retirement Health Savings Plan has been selected for your employees. Enclosed is everything you need to adopt and implement RC's VantageCare Retirement Health Savings Plan including: 1) the VantageCare Retirement Health Savings Plan Return Booklet. It contains: • A Suggested Resolution for adoption of the plan; • An Employer VantageCare Retirement Health Savings Plan Adoption_Agreement ; • A VantageCare Retirement Health Savings Plan implementation Data Form; and • Two Administrative Services Agreement Addendums. 2) the VantageCare Retirement Health Savings Plan Retain Booklet. It contains: • the Trust Document; • a Private Letter Ruling; • a Model Welfare Benefit Plan; 3) the VantageCare Retiree's Health Savings Enrollment Kit; 4) The ICMA Retirement Corporation's EZ Link Access Application; 5) Trustee Information Sheet ; 6) Two Addendums to the Administrative Services Agreement; 7) Pre-paid,pre-addressed Return Envelope. ICMA RETIREMENT CORPORATION The Public Sector Expert Vantag joint secroities are distributud by ICA4A-RC Services.ll.C.,a controlled broker-dea er a lia:e of ICOAA-RC,maim NAS0/SIFC. Additionally, the VantageCare Retirement Health Savings Plan employer manual will be made available to you on-line once your plan has been implemented. Please ensure that the following items are returned to me in the enclosed pre-addressed envelope or at the address shown above: ❑ Resolution adopting the plan (if required); ❑ Completed Adoption Agreement; o Completed Implementation Data Form; tJ One executed Administrative Services Agreement Addendum; o Completed EZ Link Access Form. After reviewing the enclosed materials, please contact your Retirement Plans Specialist at (800) 326-7272 with any questions you may have. Thank you for your interest in RC. S.ncerely, c-1)-(Alp San Diep New Business Analyst Enclosures May 7, 2003 Daniel Cenis City of Spokane Valley City 11707 East Sprague Avenue, #106 Spokane Valley City, Washington 99206 Dear Mr. Cenis: This letter agreement will serve to amend the existing Agreement between City of Spokane Valley City (the "Employer") and the ICMA Retirement Corporation ("ICMA- RC") to provide the City of Spokane Valley City VantageCare Retirement Health Savings (RHS) Plan for Employer's eligible employees ("Accountholders"). The existing Agreement between Employer and ICMA-RC is hereby amended as follows: 1. Employer desires to make the RHS plan administered by ICMA-RC available to its employees. The details of the RHS plan shall be as mutually agreed between Employer and ICMA-RC, but in general shall be as set forth in the RHS plan materials developed by ICMA-RC and provided to Employer. 2. Absent an explicit agreement to the contrary between ICMA-RC and Employer, Accountholder fees and expenses shall be payable from RHS assets, in accordance with the requirements of the RHS plan as set forth in paragraph 8 below. Employer plan fees, as set forth in paragraph 9 below, shall be payable from the Employer's assets. 3. Each Accountholder will receive a consolidated quarterly statement providing information for any deferred compensation plan, qualified plan or RHS account maintained by each Accountholder and administered by ICMA-RC. 4. Tax withholding and reporting will be provided by ICMA-RC and its agents in conjunction with the Employer for each RHS Account administered by ICMA-RC. 5. Information required to be retained by the employer shall be set forth in the RHS plan materials developed by ICMA-RC and provided to Employer. 6. The details of ICMA-RC's administration of the RHS plan, as well as other features of the RHS plan, shall be as set forth in RHS plan materials. The RHS plan materials are hereby incorporated by reference and made a part of this Agreement, except that Employer and ICMA-RC may from time to time mutually agree in writing to terms that vary from the RHS plan materials. 7. The Employer understands that, as a general matter, the Internal Revenue Service ("IRS") may decline to rule on certain design features or provisions that the Employer may request to have added to the RHS plan materials. The Employer agrees to hold ICMA-RC harmless in connection with the addition and administration of any RHS plan feature or provision requested by the Employer for which the IRS will not provide express interpretive guidance. 8. Accountholder's account administration fees will be paid from RHS assets according to the following schedule: a. An annualized fee of .90% will be applied to the first $7,000 of an Accountholder's account balance. (There will be a minimum annual charge of $35). b. An annualized fee of .55% will be applied to assets between $7,001 and $23,000. c. For accounts greater than $23,000, a maximum annual fee of$150 will apply. Account administration fees will be calculated each quarter based on the balance on the last day of the previous quarter, and will be charged against the account on a quarterly basis. Account administration fees are subject to change with appropriate prior notification. For De Minimis account payments (as defined in the RHS plan materials), there will be a fee of$25 collected at the time of disbursement. 9. The Employer will pay an annual Employer plan fee equal to the greater of(a) $200 or (b) $25 per Accountholder with a positive RHS account balance. The Employer plan fee will be calculated each quarter based on the number of Accountholders on the last day of the previous quarter, and will be charged to the Employer on a quarterly basis. Employers with $5 million or more in combined §401 and §457 plan assets or average §401and §457 plan participant account balances $25,000 or more administered by ICMA-RC will not be charged an Employer plan fee. If City of Spokane Valley City finds these terms agreeable, please so indicate by having the appropriate person sign and date this letter agreement in the space indicated below. Very truly yours, , a < Paul Gallagher Corporate Secretary Agreed: Authorized Official Date RETAIN BOOKLET DECLARATION OF TRUST OF THE City of Spokane VAlley, Washington INTEGRAL PART TRUST NAME OF EMPLOYER 3 L May 7, 2003 Daniel Cenis City of Spokane Valley City 11707 East Sprague Avenue, #106 Spokane Valley City, Washington 99206 Dear Mr. Cenis: This letter agreement will serve to amend the existing Agreement between City of Spokane Valley City (the "Employer") and the ICMA Retirement Corporation ("ICMA- RC") to provide the City of Spokane Valley City VantageCare Retirement Health Savings (RHS) Plan for Employer's eligible employees ("Accountholders"). The existing Agreement between Employer and ICMA-RC is hereby amended as follows: 1. Employer desires to make the RHS plan administered by ICMA-RC available to its employees. The details of the RHS plan shall be as mutually agreed between Employer and ICMA-RC, but in general shall be as set forth in the RHS plan materials developed by ICMA-RC and provided to Employer. 2. Absent an explicit agreement to the contrary between ICMA-RC and Employer, Accountholder fees and expenses shall be payable from RHS assets, in accordance . with the requirements of the RHS plan as set forth in paragraph 8 below. Employer plan fees, as set forth in paragraph 9 below, shall be payable from the Employer's assets. 3. Each Accountholder will receive a consolidated quarterly statement providing information for any deferred compensation plan, qualified plan or RHS account maintained by each Accountholder and administered by ICMA-RC. 4. Tax withholding and reporting will be provided by ICMA-RC and its agents in conjunction with the Employer for each RHS Account administered by ICMA-RC. 5. Information required to be retained by the employer shall be set forth in the RHS plan materials developed by ICMA-RC and provided to Employer. 6. The details of ICMA-RC's administration of the RHS plan, as well as other features of the RHS plan, shall be as set forth in RHS plan materials. The RHS plan materials are hereby incorporated by reference and made a part of this Agreement, except that Employer and ICMA-RC may from time to time mutually agree in writing to terms that vary from the RHS plan materials. 7. The Employer understands that, as a general matter, the Internal Revenue Service ("IRS") may decline to rule on certain design features or provisions that the Employer may request to have added to the RHS plan materials. The Employer agrees to hold ICMA-RC harmless in connection with the addition and administration of any RHS plan feature or provision requested by the Employer for which the IRS will not provide express interpretive guidance. 8. Accountholder's account administration fees will be paid from RHS assets according to the following schedule: a. An annualized fee of .90%will be applied to the first$7,000 of an Accountholder's account balance. (There will be a minimum annual charge of $35). b. An annualized fee of .55% will be applied to assets between $7,001 and $23,000. c. For accounts greater than $23,000, a maximum annual fee of$150 will apply. Account administration fees will be calculated each quarter based on the balance on the last day of the previous quarter, and will be charged against the account on a quarterly basis. Account administration fees are subject to change with appropriate prior notification. For De Minimis account payments (as defined in the RHS plan materials), there will be a fee of$25 collected at the time of disbursement. 9. The Employer will pay an annual Employer plan fee equal to the greater of(a) $200 or (b) $25 per Accountholder with a positive RHS account balance. The Employer plan fee will be calculated each quarter based on the number of Accountholders on the last day of the previous quarter, and will be charged to the Employer on a quarterly basis. Employers with $5 million or more in combined §401 and §457 plan assets or average §401 and §457 plan participant account balances $25,000 or more administered by ICMA-RC will not be charged an Employer plan fee. If City of Spokane Valley City finds these terms agreeable, please so indicate by having the appropriate person sign and date this letter agreement in the space indicated below. Very truly yours, is '.J. Paul Gallagher Corporate Secretary Agreed: Authorized Official Date 2 PROCESSING POLICIES FOR CONTRIBUTIONS AND LOAN REPAYMENTS In order to provide the most efficient and dependable service possible to all of our valued customers, ICMA-RC has established the following policies related to contribution and loan repayment processing, effective January 1, 2000. UNBALANCED CONTRIBUTIONS/LOAN REPAYMENTS In situations where the contribution/loan repayment amount remitted differs from the sum of the detail records provided, investment of the contributions and loan repayments will be delayed until the difference is resolved. If the difference cannot be resolved within 7 business days,ICMA-RC will return the money to the employer, unless alternative instructions are received. NON-CONFORMING FORMATS Non-conforming submittals of contribution/loan repayment detail records are typically paper documents printed from an employer's payroll system or other electronic files not formatted according to ICMA-RC specifications. Processing time for non-conforming submittals can be significantly longer than for conforming formats. Consequently,while ICMA-RC will strive to process non-conform- ing submittals as timely as possible,we may take up to 5 business days to reconcile.The contributions and loan repayments will not be invested during this time. The following table provides the processing turnaround standards for non-conforming submittals. Number of Contributing Number of Business Participants Days to Process 50 or fewer 2 51 -99 3 _ 100- 299 4 300 or more 5 UNREADABLE OR ERRONEOUS FILES If a contribution/loan repayment detail file is not readable(e.g.,formatting problem, in-transit damage)or does not contain current data, investment of the contributions and loan repayments will be delayed until the employer provides a readable replacement file with current data. In such cases, ICMA-RC will initiate contact with the employer the day the file is received. PARTICIPANTS NOT ENROLLED _ Contributions received for participants who have not been enrolled in the plan cannot be invested. In such cases, ICMA-RC will initiate contact with the employer the next business day to request the required enrollment information. If ICMA-RC does not receive the required enrollment information by the close of the third business day following receipt of the contribution,the contribution amount will be refunded to the employer. INCORRECT LOAN NUMBERS - If a loan repayment is received with incorrect loan number referencing, ICMA-RC may take up to two business days to invest the loan repayment. CONFORMING FORMA S FOR CONTRIBUTIONS AND LOAN REPAY ENTS TO ICMA-RC • EZ Link On-line Contribution File Creation • EZ Link Data Transfer in ICMA-RC Record Format#3 Please call an Employer Services representative at 1-800-326-7272 to receive additional information about these options. ICMA RETIREMENT CORPORATION The Pub&x Sector ERocri FLY&O-023200207 777 North Capitol Street.NE • Washington,DC 20002.4240 I-202-9622-4600 I=A\ 1-202-962-4601 Toll Free 1-S00.669-7400 Internet:http:f/%vww.icmarc.org WIRE, ACH and CHECK INSTRUCTIONS Dear RC Employer: Below are the instructions for submitting funds to ICMA Retirement Corporation for crediting to participant accounts.This information has been provided to ensure timely processing of your plan's contributions to the Vantagepoint Transfer Agents. In order to process your contributions quickly and accurately, the 1CMA Retirement Corporation has separate and distinct banking and mailing instructions for each of your plans. Please use the chart below to identify the correct information for your specific plan when submitting contributions to us. As each address is different,please do not conthine separate plat: contributions in the sante mailing. Plan Wires ACH Checks 457 ALLFIRST BANK ALLFIRST BANK Vantagepoint Transfer Agents—457 ABA#: 052 000 113 ABA#: 052 000 113 GO ALLFIRST BANK Vantagepoint Transfer Agents—457 Account#:425-3800-1 P.O.Box 64553 Account#: 425-3800-1 Ppt ID: 30XXXX (Plan#) Baltimore,MD 21264-4553 OBI: 30*XXXXmmddyyyy Reference Plan #on check stub (Plan#and payroll date) 401 ALLFIRST BANK ALLFIRST BANK Vantagepoint Transfer Agents—401 ABA#: 052 000 113 ABA#: 052 000 113 C/O ALLFIRST BANK Vantagepoint Transfer Agents—401 Account#:425-3798-1 P.O.Box 64668 Account#:425-3798-1 Ppt ID: 10XXXX(Plan#) Baltimore,MD 21264-4668 OBI: 10*XXXXmmddyyyy Reference Plan#on check stub (Plan #and payroll date) *IRA ALLFIRST BANK ALLFIRST BANK Vantagepoint Transfer Agents ABM!: 052 000 113 ABA#: 052 000 113 C/O ALLFIRST BANK Vantagepoint Transfer Agents Account#:895-5902-9 P.O. Box 64636 Account#: 895-5902-9 Ppt ID: 70XXXX(Plan #) Baltimore, MD 21264-4636 OBI: 70*XXXXmmddyyyy Reference Plan #on check stub (Plan #and pyroll date) RHS ALLFIRST BANK ALLFIRST BANK Vantagepoint Transfer Agents ABA#: 052 000 113 ABA#: 052 000 113 GO ALLFIRST BANK Vantagepoint Transfer Agents Account#: 895-5902-9 P.O.Box 64636 Account#: 895-5902-9 Ppt 1D: 80XX.XX(Plan#) Baltimore,MD 21264-4636 OBI: 80'XXXXmmddyyyy Reference Plan #on check stub (Plan #and payroll date) *Payroll Deduction IRA Note: If your contribution is sent to any address other than the one specified for each plan above, it may delay the investment of your contribution. ICMA RETIREMENT CORPORATION Wire,ACH and Check Instructions The public service vantaseeeint since 1272 Updated:04116/03 Page lof 2 777 North Capitol Sncct,NI Washington,DC 20002-4240 • 1-202-9o2-4600 FAX 1-202-062-4601 Toll Free 1-800-669-7400 Internet:http://www.ieniarc.org Wire and ACH information WIRE'S: You must include your plan number where*XXXX is reflected,plus the current payroll date,in the OBI field for each wire,to ensure timely processing. ACH: You must include Four plan number where *XXXX is reflected,to ensure timely processing. It is extremely important that your participant detail breakdown be received prior to or at the same time as your remittance, when using the wire or AC-1 methods.Detail received alter the receipt of funds will be credited upon receipt of conforming detail(see Employer Manual for definition of conforming detail). Checks Please be sure to include your printed participant detail breakdown with your check to ensure it is received at the same time as your remittance. If you are sending your file electronically,please ensure that the detail is received prior to or at the same time as your check.Detail received after the receipt of funds will be credited upon receipt of conforming detail. Please refer to the Employer Manual for definition of conforming detail and the bulletin that was mailed out late December 1999 regarding the new processing policies instituted beginning January 2000. Detail submission should be submitted electronically for all wires and ACHs,however, if detail is mailed it should be sent via the following: Fax# ATTN: PLAN CONTRIBUTION SERVICES UNIT 202-962-4601 or Overnight Mail: ICMA Retirement Corporation 777 North Capitol Street NE,Suite 600 Washington,DC 20002-4240 ATIN:PLAN CONTRIBUTION SERVICES UNIT If you have any questions regarding this instructions or interest in submitting your detail electronically,please contact the investor Services Unit at 1-800-326-7272. ICMA RETIREMENT CORPORATION Wire,ACH and The ittalic se:vice Vantaaapeint since ia72 Check instructions Updated:04/16!03 Page 2of 2 EZLINK ACCESS FORM Link INSTRUCTIONS Who should use the EZLink Access form? ICMA RETIREMENT CORPORATION Plan Sponsors who would like to receive an EZLink USER ID and password for the first time and those who would like to change the access on a particular USER ID. - You must include the plan name and plan number. 7 Please provide the name of the person at your plan who is designated as the plan coordinator.This person should also authorize access at the end of this form. If you want to confirm your current plan Plan coordinator, please call the Employer Services Unit at 1-800-326-7272 between 8:30 a.m. and 7:30 p.m. Coordinator Eastern lime. Information 2 If this is an "Initial Access Request", please complete the password holder information for all staff members that are to be assigned User ID's and passwords. Please be sure to include their level of Password access. Holder Information If this is a change, please make sure to enter the staff members current User ID. To reassign this User ID to a new staff member, please provide the new users password holder information including their level of access. To update he current password holder's information, enter the new information. To unassign this User ID, check the "Delete User ID" box.This will remove all information currently on file for this User ID and make it available for future use. Bala ce n•f.tiry: access plan and participant level information, including balances and investment allocations Enrollrnen /Rehires: enroll or rehire a participant on-line Contribution& Loan Repayments Detail; File Transfer: submit a pre-formatted contribution & loan repayment file (in ICMA-RC format) On-Line Entry: process contributions and loan repayments on-line using a prior payroll as a base, or start from scratch Participant Ch.nges: update participant information such as name, address, marital status, title, phone number 3 This section outlines the systems recommendations for accessing and processing on-line using EZLink. If you have any questions regarding these recommendations, please send an email to the System ICMA-RC Webmaster by accessing ICMA-RC's Web site at www.icmarc.org and select"Contact Us." Recommen- dations: 4 Please have the plan coordinator sign and date this EZLink Access Form. Plan Coordinator Approval Please fax your completed EZLink Access Form to the "EZLink Administrator" at 1.202-962.4601. I RM000-013-Z00208 For internal use only: N B - EZ LINK ACCESS FORM Link User ID: C ICMA RETIREMENT CORPORATION (J Initial Access Request ri Change Access Request Plan Plan Name': First Contribution Date: Coordinator Plan Number': Information Plan Coordinator Name: Title: (You may contact!Employer Services at 1.600.326.7272 to canrirm the name of the Plan Coordinator.) ( anbTrolxri Phone Number: Fax: n41 1 be !mmktedto Email Address: aiv;ripressirg Mailing Address: ctqays) City: State: Zip: You must provide the"Password Holder Information"to establish a User ID and password for the Plan Coordinator. Total Number of User ID's: PLEASE READ SECTION 2 OF THE INSTRUCTIONS BEFORE COMPLETING THIS SECTION. 2 User ID (if a change) ❑ Delete User ID Name: Password Title: Holder Information Phone if: email Address: ccess: Balances/Inquiry _Y _N Contributions & Loan Repays: Enrollments/Rehires _Y _N File Transfer _Y _N Participant Changes _Y N On-Line Entry Y N (name, address. etc.) User ID (if a change) ❑ Delete User ID Name: Title: Phone #: Email Address: Access,; BalancesiInquiry _Y _N Contributions & Loan Repays: Enrollments/Rehires _Y _N File Transfer _Y _N Participant Changes Y _N On-Line Entry _Y _N (name, address, etc.) User ID (if a change) ❑ Delete User ID Name: Title: Phone #: Email Address: Access: Balances/Inquiry _Y N Contributions & Loan Repays: Enrollments/Rehires _Y _N File Transfer _Y _N Participant Changes _Y _N On-Line Entry _Y N (name, address. etc.) User ID (if a change) ❑ Delete User ID Name: Title: Phone ir: Email Address: Access: Balances/Inquiry _Y _N Contributions & Loan Repays: Enrollments/Rehires _Y _N File Transfer Y N Participant Changes Y _N On-Line Entry _Y _N (name, address, etc.) Please fax your completed EZLink Access Form to the "EZLink Administrator" at 1-202.962.4601. FRM000.0 i 9.200206 EZ LINK ACCESS FORM Link ICMA RETIREMENT CORPORATION 2 User ID(if a change) 0 Delete User ID Name: Password Title: Holder Information Phone#: Email Address: (continued) Access Balances/Inquiry _Y _N Contributions & Loan Repays: Enrollments/Rehires Y _N File Transfer _Y _N Participant Changes _Y _N On-Line Entry _Y _N (name, address, etc.) User ID(if a change) 0 Delete User ID Name: Title: Phone#: Email Address: Access: Balances/Inquiry Y _N Contributions & Loan Repays: Enrollments/Rehires _Y _N File Transfer _Y _N Participant Changes _Y _N On-Line Entry _Y _N (name, address, etc.) The minimum supported hardware and software for EZLink is: ✓ Netscape Navigator Version 4.5, OR Microsoft Internet Explorer 5.0 System Recommen- ✓ 128 Bit Encryption dations ✓ 56K modem or better ✓ Pentium class PC ✓ Windows NT, 1995 or later OTHER SYSTEMS ARE NOT RECOMMENDED 4 ICMA-RC considers participant information to be highly confidential,and we go to great lengths to avoid breaching that confidentiality. For this reason,ICMA-RC cannot be responsible for(i)negligent or intentional misuse of the PIN by the Plan [the municipality's]officers,employees,agents or contractors, (ii)a breach of confidentiality that may occur as a result Coordinator of such negligent or intentional misuse of the PIN,or(iii)a breach of confidentiality that may occur as a proximate result Approval of the[municipality's]access to the participant database.If the(municipality's]uses Mink online transaction process- ing,please remember to review all financial information you have entered for your participants,as ICMA-RC is not responsible for incorrect data transmitted by the (Municipality]. ICMA-RC recommends that you encourage all partici- pants to review confirmations for accuracy. The Retirement Corporation's home page is normally available 24 hours a day,seven days a week.However,service availability is not guaranteed.Neither the Retirement Corporation or its affiliates,the Retirement Trust,nor The Vantagepoint Funds will be responsible for any loss(or forgone gain)you may incur as a result of service being unavail- able. Please signify your agreement to these terms by signing in the space indicated below.You may fax this signed agreement to the EZLink Administrator at 1-202-962-4601.We will then provide you with your User ID(s)and Password(s)so you can use EZLink.Should you have questions,please call Employer Services at 1-800-326.7272. Agreed; Date: Authorized Signatory (Once you complete this form,please print it and have the Plan Coordinator (you mat enter the date as mmicWyyyy) sign the form before faxing itbadt to ICMA Retirement Corporation.) Print Plan Coordinator Name (This lorm n*sst besigned by the Plan Coordinator we have on file for your plan.Please contact Employer Services at 1-800-32x-7272 if you need to confirm the name of your Plan Coordaratw3 Please fax your completed EZLink Access Form to the "EZLink Administrator"at 1-202-962-4601. FRM000-019.200208 • EZLINK ACCESS FORM Link INSTRUCTIONS Who should use the EZLink Access form? ICMA RETIREMENT CORPORATION Plan Sponsors who would like to receive an EZLink USER ID and password for the first time and those who would like to change the access on a particular USER ID. • You must include the plan name and plan number. 9 Please provide the name of the person at your plan who is designated as the plan coordinator. This person should also authorize access at the end of this form. If you want to confirm your current plan Plan coordinator, please call the Employer Services Unit at 1-800-326-7272 between 8:30 a.m.and 7:30 p.m. Coordinator Eastern Time. Information 2 If this is an "Initial Access Request", please complete the password holder information for all staff members that are to be assigned User ID's and passwords. Please be sure to include their level of Password access. Holder Information If this is a change, please make sure to enter the staff members current User ID. To reassign this User ID to a new staff member, please provide the new users password holder information including their level of access. To update the current password held-Cs information, enter the new information. To unassign this User IR. check the "Delete User ID" box.This will remove all information currently on file for this User ID and make it available for future use. Balances/Inquiry: access plan and participant level information, including balances and investment allocations Enrollments/Rehires: enroll or rehire a participant on-line Contribution & Loan Repayments Detail: File Transfer: submit a pre-formatted contribution & loan repayment file (in ICMA-RC format) On-Line Entry: process contributions and loan repayments on-line using a prior payroll as a base, or start from scratch Participant anges: update participant information such as name,address. marital status,title. phone number 3 This section outlines the systems recommendations for accessing and processing on-line using EZLink. If you have any questions regarding these recommendations, please send an email to the System ICMA-RC Webmaster by accessing ICMA-RC's Web site at www.icmarc.org and select "Contact Us." Recommen- dations: 4 Please have the plan coordinator sign and date this EZLink Access Form, Plan Coordinator Approval Please fax your completed EZLink Access Form to the "EZLink Administrator" at 1-202.962-4601. FRM000-01 91 200208 rRETAIN BOOKLET DECLARATION OF TRUST OF THE INTEGRAL PART TRUST NAME OF EMPLOYER 3 1 VANTAGECARF_ RETIREMENT HEALTH SAVINGS PLAN DECLARATION OF TRUST OF THE NAME OF EMPLOYER INTEGRAL PART TRUST Declaration of Trust made as of the day of , 20 , by and between the a Namo of Employer State Type of Entity (hereinafter referred to as the "Employer") and or its designee (hereinafter Name of Trustoo referred to as the "Trustee"). RECITALS WHEREAS,the Employer is a political subdivision of the State of exempt from federal income tax under the Internal Revenue Code of 1986; and State WHEREAS,the Employer provides for the security and welfare of its eligible employees (here- inafter referred to as "Participants"), their Spouses, Dependents and Beneficiaries by the maintenance of one or more post-retirement welfare benefit plans, programs or arrangements which provide for life, sickness, medical, disability, severance and other similar benefits through insurance and self-funded reimbursement plans (collectively the "Plan");and WHEREAS, it is an essential function and integral part of the exempt activities of the Employer to assist Participants, their Spouses, Dependents and Beneficiaries by making contributions to and accu- mulating assets in the trust, a segregated fund, for post-retirement welfare benefits under the Plan; and WHEREAS, the authority to conduct the general operation and administration of the Plan is vested in the Employer or its designee,who has the authority and shall be subject to the duties with respect to the trust specified in this Declaration of Trust; and WHEREAS, the Employer wishes to establish this trust to hold assets and income of the Plan for the exclusive benefit of Plan Participants,their Spouses, Dependents and Beneficiaries; NOW,THEREFORE, the parties hereto do hereby establish this trust, by executing the Declara- tion of Trust of the Integral Part Trust (hereinafter referred to Name of Employer as the °Trust"), and agree that the following constitute the Declaration of Trust (hereinafter referred to as the "Declaration"): 4 RETAIN BOOKLET ARTICLE I Definitions 1.1 Definitions. For the purposes of this Declaration, the following terms shall have the respective meanings set forth below unless otherwise expressly provided. (a) "Account" means the individual recordkeeping account maintained under the Plan to record the interest of a Participant in the Plan in accordance with Section 7.4. (b) "Administrator" means the Employer or the entity designated by the Employer to carry out admin- istrative services as are necessary to implement the Plan. (c) "Beneficiary" means the Spouse and Dependents, or the person or persons designated by the Participant pursuant to the terms of the Plan, who will receive any benefits payable hereunder in the event of the Participant's death. A Beneficiary may also designate a beneficiary(ies) to receive any benefits payable hereunder in the event of the preceding Beneficiary's death, until the satisfac- tion of all liabilities under the Plan to provide benefits. In the case where there is no designated Beneficiary, any amount of contributions, plus accrued earnings thereon, remaining in the Account must, under the terms of the Plan, be returned to the Trust. (d) "Code" means the Internal Revenue Code of 1986, as amended from time to time. (e) "Dependent"means an individual who is a person described in Code Section 152(a). (f) "Investment Fund" means any separate investment option or vehicle selected by the Employer in which all or a portion of the Trust assets may be separately invested as herein provided. The Trustee shall not be required to select any Investment Fund. (g) "Nonforfeitable Interest" means the interest of the Participant or the Participant's Spouse, Depend- ent or Beneficiary (whichever is applicable) in the percentage of Participant's Employer's contribu- tion which has vested pursuant to the vesting schedule specified in the Employer's Plan. A Partici- pant shall, at all times, have a one hundred percent (100%) Nonforfeitable Interest in the Partici- pant's own contributions. (h) "Spouse" means the Participant's lawful spouse as determined under the laws of the state in which the Participant has his primary place of residence. (i) "Trust" means the trust established by this Declaration. (j) "Trustee" means the Employer or the person or persons appointed by the Employer to serve in that capacity. 5 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN ARTICLE II Establishment of Trust 2.1 The Trust is hereby established as of the date set forth above for the exclusive benefit of Partici- pants, their Spouses, Dependents and Beneficiaries. ARTICLE III Construction 3.1 This Trust and its validity,construction and effect shall be governed by the laws of the State of State 3.2 Pronouns and other similar words used herein in the masculine gender shall be read as the feminine gender where appropriate, and the singular form of words shall be read as the plural where appropriate. 3.3 If any provision of this Trust shall be held illegal or invalid for any reason, such determination shall not affect the remaining provisions, and such provisions shall be construed to effectuate the purpose of this Trust. ARTICLE IV Benefits 4.1 Benefits. This Trust may provide benefits to the Participant, the Participant's Spouse, Dependents and Beneficiary(ies) pursuant to the terms of the Plan. 4.2 Form of Benefits. This Trust may provide benefits by cash payment. This Trust may reimburse the Participant, his Spouse, Dependents or Beneficiary(ies)for insurance premiums or other payments ex- pended for permissible benefits described under the Plan. This trust may reimburse the Employer, or the Administrator for insurance premiums. ARTICLE V General Duties 5.1 It shall be the duty of the Trustee to hold title to assets held in respect of the Plan in the Trustee's name as directed by the Employer or its designees in writing. The Trustee shall not be under any duty to com- pute the amount of contributions to be paid by the Employer or to take any steps to collect such amounts as may be due to be held in trust under the Plan. The Trustee shall not be responsible for the custody, investment, safekeeping or disposition of any assets comprising the Trust, to the extent such functions are performed by the Employer or the Administrator, or both. 5.2 It shall be the duty of the Employer, subject to the provisions of the Plan,to pay over to the Adminis- trator or other person designated hereunder from time to time the Employer's contributions and Partici- pants' contributions under the Plan and to inform the Trustee in writing as to the identity and value of the assets titled in the Trustee's name hereunder and to keep accurate books and records with respect to the Participants of the Plan. • 6 RETAIN BOOKLET ARTICLE VI Investments 6.1 The Employer may appoint one or more investment managers to manage and control all or part of the assets of the Trust and the Employer shall notify the Trustee in writing of any such appointment. 6.2 The Trustee shall not have any discretion or authority with regard to the investment of the Trust and shall act solely as a directed Trustee of the assets of which it holds title. To the extent directed by the Employer (or Participants, their Spouses and Dependents, or Beneficiaries to the extent provided herein) the Trustee is authorized and empowered with the following powers, rights and duties,each of which the Trustee shall exercise in a nondiscretionary manner: (a) To cause stocks, bonds, securities, or other investments to be registered in its name as Trustee or in the name of a nominee, or to take and keep the same unregistered; (b) To employ such agents and legal counsel as it deems advisable or proper in connection with its duties and to pay such agents and legal counsel a reasonable fee. The Trustee shall not be liable for the acts of such agents and counsel or for the acts done in good faith and in reliance upon the advice of such agents and legal counsel, provided it has used reasonable care in selecting such agents and legal counsel; (c) To exercise where applicable and appropriate any rights of ownership in any contracts of insurance in which any part of the Trust may be invested and to pay the premiums thereon; and (d) At the direction of the Employer (or Participants,their Spouses,their Dependents, their Benefi- ciaries, or the investment manager, as the case may be) to sell, write options on, convey or transfer, invest and reinvest any part thereof in each and every kind of property,whether real, personal or mixed,tangible or intangible, whether income or non-income producing and wherever situated, including but not limited to, time deposits (including time deposits in the Trustee or its affiliates, or any successor thereto, if the deposits bear a reasonable rate of interest),shares of common and preferred stock, mortgages, bonds, leases, notes, debentures, equipment or collateral trust certificates, rights,warrants, convertible or exchangeable securi- ties and other corporate, individual or government securities or obligations, annuity, retire- ment or other insurance contracts, mutual funds (including funds for which the Trustee or its affiliates serve as investment advisor, custodian or in a similar or related capacity), or in units of any other common, collective or commingled trust fund. 6.3 Notwithstanding anything to the contrary herein, the assets of the Plan shall be held by the Trustee as title holder only. Persons holding custody or possession of assets titled to the Trust shall include the Employer, the Administrator, the investment manager, and any agents and subagents, but not the Trustee. The Trustee shall not be responsible or liable for any loss or expense which may arise from or result from compliance with any direction from the Employer, the Administrator, the investment manager, or such agents to take title to any assets nor shall the Trustee be responsible or liable for any loss or expense which may result from the Trustee's refusal or failure to comply with any direction to hold title, except if the same shall involve or result from the Trustee's negligence or intentional misconduct. The Trustee may refuse to comply with any direction from the Employer, the Administrator,the investment manager, or such agents in the event that the Trustee, in its sole and absolute discretion, deems such direction illegal. 6.4 The Employer hereby indemnifies and holds the Trustee harmless from any and all actions,claims, demands, liabilities, losses, damages or reasonable expenses of whatsoever kind and nature in connection with or arising out of(i) any action taken or omitted in good faith by the Trustee in accordance with the directions of the Employer or its agents and subagents hereunder, or (ii) any disbursements of any part of the Trust made by the Trustee in accordance with the directions of the Employer, or(iii) any action taken by or omitted in good faith by the Trustee with respect to an investment managed by an investment manager in accordance with any direction of the investment manager or any inaction with respect to any 7 1 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN such investment in the absence of directions from the investment manager. Notwithstanding anything to the contrary herein, the Employer shall have no responsibility to the Trustee under the foregoing indemni- fication if the Trustee fails negligently, intentionally or recklessly to perform any of the duties undertaken by it under the provisions of this Trust. 6.5 Notwithstanding anything to the contrary herein, the Employer or, if so designated by the Employer, the Administrator and the investment manager or another agent of the Employer, will be responsible for valuing all assets so acquired for all purposes of the Trust and of holding, investing, trading and disposing of the same. The Employer will indemnify and hold the Trustee harmless against any and all claims, actions, demands, liabilities, losses, damages, or expenses of whatsoever kind and nature, which arise from or are related to any use of such valuation by the Trustee or holding, trading, or disposition of such assets. 6.6 The Trustee shall and hereby does indemnify and hold harmless the Employer from any and all ac- tions, claims, demands, liabilities, losses, damages and reasonable expenses of whatsoever kind and nature in connection with or arising out of(a) the Trustee's failure to follow the directions of the Employer, the Administrator, the investment manager, or agents thereof, except as permitted by the last sentence of Section 6.3 above; (b) any disbursements made without the direction of the Employer, the Administrator, the investment manager or agents thereof; and (c) the Trustee's negligence, willful misconduct, or reck- lessness with respect to the Trustee's duties under this Declaration. ARTICLE VII Contributions 7.1 Employer Contributions. The Employer shall contribute to the Trust such amounts as specified in the Plan or by resolution. 7.2 Participant Contributions. If specified in the Plan, each Participant may make voluntary after-tax contributions. Under no circumstances shall Participant Contributions exceed an insubstantial amount. These contributions shall be collected by the Employer and remitted to the Trust for deposit at such time or times as required under the terms of the Plan. 7.3 Accrued Leave. Contributions up to an amount equal to the value of accrued sick leave, vacation leave, or other type of accrued leave, as permitted under the Plan. The Employer's Plan must provide a formula for determining the value of the Participant's contribution of accrued leave . The Employer's Plan must contain a forfeiture provision that will prevent Participants from receiving the accrued leave in cash in lieu of a contribution to the Trust. 7.4 Accounts. Employer contributions, Participant contributions, and contributions of accrued leave , all investment income and realized and unrealized gains and losses, and forfeitures allocable thereto will be deposited into an Account in the name of the Participant for the exclusive benefit of the Participant, his Spouse, Dependents and Beneficiaries. The assets in each Participant's Account may be invested in Investment Funds as directed by the Participant (or, after the Participant's death, by the Spouse, Dependents or Beneficiaries) from among the Investment Funds selected by the Employer. 7.5 Receipt of Contributions. The Employer or, if so designated by the Employer,the Administrator or investment manager or another agent of the Employer, shall receive all contributions paid or delivered to it hereunder and shall hold, invest, reinvest and administer such contributions pursuant to this Declara- tion, without distinction between principal and income. The Trustee shall not be responsible for the calculation or collection of any contribution under the Plan, but shall hold title to property received in respect of the Plan in the Trustee's name as directed by the Employer or its designee pursuant to this Declaration. 8 RETAIN BOOKLET 7.6 No amount in any Account maintained under this Trust shall be subject to transfer, assignment, or alienation, whether voluntary or involuntary, in favor of any creditor,transferee, or assignee of the Em- ployer, the Trustee, any Participant, his Spouse, Dependent, or Beneficiaries. 7.7 Upon the satisfaction of all liabilities under the Plan to provide such benefits, any amount of Employer contributions, plus accrued earnings thereon, remaining in such separate Accounts must, under the terms of the Plan, be returned to the Employer. ARTICLE VIII Other Plans If the Employer hereafter adopts one or more other plans providing life, sickness, accident, medical, disability, severance, or other benefits and designates the Trust hereby created as part of such other plan, the Employer or, if so designated by the Employer,the Administrator or an investment manager or an- other agent of the Employer shall, subject to the terms of this Declaration, accept and hold hereunder contributions to such other plans. In that event (a) the Employer or, if so designated by the Employer,the Administrator or an investment manager or another agent of the Employer, may commingle for invest- ment purposes the contributions received under such other plan or plans with the contributions previously received by the Trust, but the books and records of the Employer or, if so designated by the Employer,the Administrator or an investment manager or another agent of the Employer, shall at all times show the portion of the Trust Fund allocable to each plan; (b)the term "Plan" as used herein shall be deemed to refer separately to each other plan; and (c) the term "Employer" as used herein shall be deemed to refer to the person or group of persons which have been designated by the terms of such other plans as having the authority to control and manage the operation and administration of such other plan. ARTICLE IX Disbursements and Expenses 9.1 The Employer or its designee shall make such payments from the Trust at such time to such persons and in such amounts as shall be authorized by the provisions of the Plan provided, however,that no payment shall be made, either during the existence of or upon the discontinuance of the Plan (subject to Section 7.7), which would cause any part of the Trust to be used for or diverted to purposes other than the exclusive benefit of the Participants, their Spouses and Dependents, and Beneficiaries pursuant to the provisions of the Plan. 9.2 All payments of benefits under the Plan shall be made exclusively from the assets of the Accounts of the Participants to whom or to whose Spouse, Dependents, or Beneficiaries such payments are to be made, and no person shall be entitled to look to any other source for such payments. 9.3 The Employer,Trustee and Administrator may be reimbursed for expenses reasonably incurred by them in the administration of the Trust. All such expenses, including, without limitation, reasonable fees of accountants and legal counsel to the extent not otherwise reimbursed, shall constitute a charge against and shall be paid from the Trust upon the direction of the Employer. ARTICLE X Accounting 10.1 The Trustee shall not be required to keep accounts of the investments, receipts, disbursements, and other transactions of the Trust, except as necessary to perform its title-holding function hereunder. All accounts, books, and records relating thereto shall be maintained by the Employer or its designee. 9 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN 10.2 As promptly as possible following the close of each year,the Trustee shall file with the Employer a written account setting forth assets titled to the Trust as reported to the Trustee by the Employer or its designee. ARTICLE XI Miscellaneous Provisions 11.1 Neither the Trustee nor any affiliate thereof shall be required to give any bond or to qualify before, be appointed by, or account to any court of law in the exercise of its powers hereunder. 11.2 No person transferring title or receiving a transfer of title from the Trustee shall be obligated to look to the propriety of the acts of the Trustee in connection therewith. 11.3 The Employer may engage the Trustee as its agent in the performance of any duties required of the Employer under the Plan, but such agency shall not be deemed to increase the responsibility or liability of the Trustee under this Declaration. 11.4 The Employer shall have the right at all reasonable times during the term of this Declaration and for three (3) years after the termination of this Declaration to examine, audit, inspect, review, extract informa- tion from, and copy all books, records, accounts, and other documents of the Trustee relating to this Declaration and the Trustees' performance hereunder. ARTICLE XII Amendment and Termination 12.1 The Employer reserves the right to alter, amend, or (subject to Section 9.1) terminate this Declaration at any time for any reason without the consent of the Trustee or any other person, provided that no amendment affecting the rights, duties, or responsibilities of the Trustee shall be adopted without the execution of the Trustee to the amendment. Any such amendment shall become effective as of the date provided in the amendment, if requiring the Trustee's execution, or on delivery of the amendment to the Trustee, if the Trustee's execution is not required. 12.2 Upon termination of this Declaration and upon the satisfaction of all liabilities under the Plan to provide such benefits, any amount of Employer contributions, plus accrued earnings thereon, remaining in such separate Accounts must, under the terms of the Plan, be returned to the Employer. ARTICLE XIII Successor Trustees 13.1 The Employer reserves the right to discharge the Trustee for any or no reason, at any time by giving ninety (90) days' advance written notice. 13.2 The Trustee reserves the right to resign at any time by giving ninety (90) days' advance written notice to the Employer. 13.3 In the event of discharge or resignation of the Trustee, the Employer may appoint a successor Trus- tee who shall succeed to all rights, duties, and responsibilities of the former Trustee under this Declara- tion, and the terminated Trustee shall be deemed discharged of all duties under this Declaration and responsibilities for the Trust. 10 RETAIN BOOKLET ARTICLE XIV Limited Effect of Plan and Trust Neither the establishment of the Plan and the Trust or any modification thereof, the creation of any fund or account, nor the payment of any benefits, shall be construed as giving to any person covered under the Plan or other person any legal or equitable right against the Trustee, the Administrator, the Employer or any officer or employee thereof, except as may otherwise be expressly provided in the Plan or in this Declaration. ARTICLE XV Protective Clause Neither the Administrator, the Employer, nor the Trustee shall be responsible for the validity of any con- tract of insurance or other arrangement maintained in connection with the Plan, or for the failure on the part of the insurer or provider to make payments provided by such contract, or for the action of any per- son which may delay payment or render a contract void or unenforceable in whole or in part. 11 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN IN WITNESS WHEREOF, the Employer and the Trustee have executed this Declaration by their respective duly authorized officers, as of the date first hereinabove mentioned. EMPLOYER: By: Title: TRUSTEES: By: Title:_ By: Title: By: Title: 12 IONIA R E T I R E E N T C O R P O R A T I O N VANTAGE CARE RETIREMENT HEALTH SAVINGS PLAN Return Booklet Z This booklet contains the follmving documents: • Suggested Resoludon for Adoption of the VantageCare Retirement Health Savings Program s Suggested Affirmative Statement for Adoption of the Van to e 'are Retirement Health Savings Program • Employer VantageCare Retirement Health Savings Plan Adoption Agreement • Van taear.'e Retirement Health Savings Plan Implementation Data Form • Administrative .Services Agreement Addendum for the VantageCare Retirement Health Savings Plan IMA RETIREMENT CORPORATION The Public. Sector Expert USING THE VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN RETURN BOOKLET SUGGESTED RESOLUTION FOR ADOPTION OF THE VANTAGECARE RETIREMENT HEALTH SAVINGS (RHSI PROGRAM This is one of two booklets containing information needed to establish your VantageCare Retirement Health Savings (RHS} Plan with the ICMA Retirement Corporation {ICMA-RC}. This booklet includes: Plan (Number; 8 • Suggested Resolution and Suggested Affirmative VantageCare Retirement Name of Employer State= Sugge gg a Statement for Adoption of the Health Savings Plan • Employer VantegeCare Retirement Health Savings Plan Adoption Agreement Resolution of the above-named Employer {the 'Employer"): l■ VantageCare Retirement Health Savings Plan Implementation Data Form • Administrative Services Agreement Addendum for the RHS Plan prepared for employers expecting to i WHEREAS, the Employer has employees rendering valuable services; and adopt the Plan WHEREAS, the establishment of a retiree health savings plan for such employees serves the interests of the Please return the following to ICMA-RC using the envelope provided. Employer by enabling it to provide reasonable security regarding such employees' health needs during retire- , - rinent, by providing increased flexibility in its personnel management system. and by assisting in the attraction 1. A copy of the approved and executed Resolution or Affirmative Statement for adoption. i' and retention of competent personnel; and Your governing body may require the execution of a formal Resolution to adopt the RHS Han. If so, you may WHEREAS, the Employer has determined that the establishment of the retiree health savings plan (the "flan") use this model Resolution. Other jurisdictions may simply require an Affirmative Statement for adoption of the RHS plan. A model Affirmative Statement is also included. You may wish to speak with counsel to determine serves the above objectives; which action is required in your jurisdiction. ICMA-RC cannot make this determination for you, Please return a copy of the appropriate document to ICMA-RC along with the other forms in this Return Booklet. NOW THEREFORE BE IT RESOLVED, that the Employer hereby adopts the Plan in the form of the ICMA .'I Retirement Corporation's VantageCare Retirement Health Savings program. 2- The original completed RHS Adoption Agreement- i .I BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the Employer serving as Detailed instructions for completion of the Adoption Agreement follow. You may wish to consult with your trustee, for the exclusive benefit of Plan participants and their beneficiaries. and the assets of the Plan shall not ICMA-RC Retirement Plans Specialist and your benefits counsel on the various choices in the Adoption be diverted to any other purpose prior to the satisfaction of all liabilities of the Plan. The Employer has executed Agreement. the Declaration of Trust of the (name of Employer) Integral Part Trust in the form If your governing body requires the execution of this Adoption Agreement at the same time as the Resolution, j: of; (Select one) or Affirmative Statement. please execute it prior to returning it to ICIViA-RC along with the other forms in this Return Booklet- I: The model trust made available by the ICMA Retirement Corporation 3. The original completed RI-IS Implementation Data Form. ID The trust provided by the Employer {executed copy attached hereto}- This form provides ICMA-RC with the necessary contact information in order to set up your new VantageCare I BE IT FURTHER RESOLVED, that the , (use title of Employer's official, not Retirement Health Savings Plan. name} shall be the coordinator and contact for the Plan and shall receive necessary reports, notices, etc. 4. Two executed originals of the Administrative Services Agreement Addendum- I, , Clerk of the (City. County, etc.) of , do Please execute both copies of the Administrative Services Agreement Addendum. Retain one original for your i hereby certify that the foregoing resolution, proposed by (Council Member, Trustee, etc.) records and return one original to ICMA-RC along with the other forms in this Return Booklet b was duly passed and adapted in the ICouncil, Board, etc.) Please note of the (City, County, etc.) of at a regular meeting thereof assembled this day of , 20 , by the following vote: Upon receipt and processing of your Return Booklet, ICMA-RC will send you a written Notice of Plan Acceptance, i employee enrollment kits including an employee RHS announcement letter, employee election forms (if applica- AYES' ble) and complete instructions for submitting contributions that may also be found in Chapter Three of the NAYS: VantageCare Retirement Health Savings Plan Employer Manual. ABSENT: For assistance ' Please contact the VantageCare Retirement Health Savings Plan New Business Analyst at 1-800-326-7272. (Seal) Clerk of the (City.. County, etc.) - .., /. Please note that the information in this booklet and the documents herein take into account only the federal tax rules related to ICMA-RC's VantageCare Retirement Health Savings Plan. Prior to implementing an RHS ' I plan, the employer is responsible for determining that there are no state or local taws that would prohibit it from offering the plan to its employees. The employer must also determine that the options it selects in the VantageCare Retirement Health Savings Plan Adoption Agreement fall within state/local requirements. 1 1 I 1. • 1 F. 2 • • r SUGGESTED AFFIRMATIVE STATEMENT FOR ADOPTION OF THE VANTAGECARE RETIREMENT HEALTH SAVINGS (RHS) PROGRAM Plan Number: 8 II Name of Employer -- . . _. State: Affirmative Statement of the above-named Employer (the Employer"): WHEREAS, the Employer has employees rendering valuable services; and WHEREAS, the establishment of a retiree health savings plan serves the interests of the Employer by enabling it to provide reasonable security regarding such employees' health needs during retirement, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and WHEREAS, the Employer has determined that the establishment of the retiree health savings plan {the "Plan"} serves the above objectives; NOW THEREFORE, as a duly authorized agent of the Employer. I hereby: ESTABLISH the Employer's Plan in the form of the ICMA Retirement Corporation's VantageCare Retirement Health Savings program; and SPECIFY that the assets of the Plan shall be held in trust, with the Employer serving as trustee (°Trustee"), for the 1, exclusive benefit of the Plan participants and their beneficiaries, and the assets of the plan shall not be diverted to any other purpose prior to the satisfaction of all liabilities of the Plan. The Employer has executed the Declaration of trust of the (name of Employer) Integral Part Trust in the form of: (Select one) 0 The model trust made available by the ICMA Retirement Corporation The trust provided by the Employer (executed copy attached hereto), SPECIFY that the (use title of Employer's official, not name) shall be the coordinator and contact for the Plan and shall receive necessary reports. notices, etc. DATE: _ (Title of Designated Agent) (Signature) i �I Instructions For Completing The Employer VantageCare Retirement Health Savings Plan Adoption Agreement The Employer Vantage Care Retirement Health Savings (RHS) Plan Adoption Agreement specifies the details of how your RHS Plan will operate. For example, the adoption agreement details employee eligibility requirements, sources of contributions, the )eve/ of contributions, vesting provisions {if any), the types of benefits that will be funded by the RHS Trust, 81nd procedures to be followed in case of the death of the employee. The following instructions outline how the adoption agreement should be completed_ Any questions regarding the adoption agreement can be directed to your ICMA-RC Retirement Plans Specialist. You may also wash to consult with your benefits counsel, I, Employer Name - Enter the official name of the employer sponsoring the RHS Plan (e.g. City of Anytown, State). III. Effective Date of the Plan - Enter the date your RHS Plan will become effective. iV. Welfare Plan - Enter the name{s) of the employee welfare benefit plan(s) that will be funded through the RHS Plan, If you do not already have a retiree welfare plan in place, a sample plan is provided in the VantageCare Retirement Health Savings Plan Retain Booklet. Your welfare plan document(s) identifies the underlying benefits available to the retiree such as medical, dental and long-term care coverage. It can be a simple document, but it must be in writing in order for your employees to enjoy tax-free treatment of the benefits they receive, V. Eligible Groups and Participant Eligibility Requirements A. Eligible Groups: This section is used to designate the employee group(s) that are covered under your RHS Plan. If you intend to provide different benefits or program features (e.g. vesting, benefits eligibility criteria) to different groups of employees, you should establish distinct RHS Plans and complete a separate adoption agree- ment for each group. Please note that if your RHS Plan covers non-collectively bargained employees, AND if it provides for reimburse- ment of any medical expenses other than insurance premiums, the welfare plan nondiscrimination rules will apply. More information regarding these rules is available in the VantageCare Retirement Health Savings Men Questions-And Answers For Employers and the VantageCare Retirement Health Savings Plan Employer Manu&l. The coverage group specified in your adoption agreement must correspond to a group of the same designation that is defined in the statutes, ordinances, rules, regulations, personnel manuals or other material in effect in your state or locality. irrevocable Election to Participate: Unless you check this box, all employees in the eligibility groups) you desig- nate must participate in the RHS program. If you desire, you may allow your employees to make a one-time irrevocable election to participate in the RHS program by Checking the Irrevocable Election box. Employees in the designated eligibility group(s) will be allowed to elect to participate in the program on an irrevocable basis. For newly eligible employees, you may allow an election window of no more than 60 calendar days from the date of initial eligibility during which they may make the election to participate. Participation may begin no earli- er than the calendar month following the end of the election window, If the employee does not make the election in the year of initial eligibility, the election to participate may be made in a later year. You may provide an annual election window of no more than 60 calendar days (e.g. November 1 to December 30) during which these employees may make their elections. Participation may not begin until the following calendar year for employ- , ees that wait until a Later year to make their participation election. In either cast, the election may not be revoked. Employees that do not elect to participate in RI-IS will nor be eligible to receive direct employer contributions or to make employee contributions (mandatory or elective), 4 • -- - If you do not check this box, all employees in the covered group Icurrent employees and future hires) will be required to participate in the RHS program. Note that the IHS plan upon which the VantageCare RHS IRS private Getter ruling was based did not include elective employee participation (see shaded portion of the Adoption Agreement)- However, ICMA-RC has obtained the opinion of counsel that this feature should be allowed as long as the requirements outlined in the RHS Declaration of Trust and this Adoption Agreement are met- You may wish to discuss this feature with your own benefits counsel. Any questions regarding this feature of the RHS program can be directed to your ICMA- RC Retirement Plans Specialist. B. Participant Eligibility: If desired, you may specify a minimum period of service (e.g- 6 months) and/or mini- mum age (e.g. age 21) requirement. VI. Contribution Sources and Amounts -This section defines the amount and types of contributions to your RHS Plan. A. Direct Employer Contributions and Mandatory Employee Contributions You, as the employer, may choose to make V direct employer contributions of a specific amount or percentage of earnings (as defined by you in this section}, ✓ mandatory contributions of accumulated unused leave, y/ mandatory contributions of employee compensation, or r, a combination of the above. Your selection is made in Section VI,A, of the Adoption Agreement. Use Section VI.A.1. to define your direct employer contribution formula, Use Sections VI,A-2- and 3. to define your mandatory accrued leave or compen- sation contribution requirements. • • Direct employer contributions Direct employer contributions can be made as either a specific dollar amount or a percentage of earnings. Please note that this definition of earnings is referred to in other sections of the Adoption Agreement. You may need to complete the definition of earnings even if you do not choose to make direct employer contributions. Mandatory contributions of employee compensation and accumulated leave Mandatory contributions can be used as a way to share responsibility for funding your retirement health plan with your employees- Mandatory compensation contributions may take the form of either a reduction in salary (e-g.) 1% of compensation is contributed to the Trust) or a decrease in the annual pay plan or merit increase 14 of a 3% pay plan adjustment is contributed to the Trust). Earnings must be defined in Section VI.A.I. The employer can establish an unused leave or compensation contribution formula that best fits the needs of its covered employees. For example, the employer might require all accumulated leave in excess of a certain num- ber of hours to be contributed to the RHS Plan on an annual basis. For mandatory contributions of both compen- sation and leave, no FICA or income tax are payable at the time of contribution, and, if used for medical expens- es of the participant, spouse or dependent, no FICA or income tax are payable at distribution. Mandatory contributions of employee compensation or accrued leave are established by the employer— employ- . ees may_not choose whether or not rti ke #hes ribu#ions he ma vise the c ibution • • a Tatnl. 5 Note that direct employer contributions made as a percentage of earnings, mandatory contributions of employee compensation that are made as a percentage of earnings, as well as mandatory contributions of accumulated leave, may be subject to nondiscrimination testing. See the discussion in the VantageCare Retirement Health Savings Plan Questions And Answers For Employers and the VenrageCare Retirement Health Savings Plan Employer Manual, or contact your benefits counsel. 6. Employee Elective Contributions In addition, you may also choose to allow your employees 4/ to make a one-time irrevocable election of the amount of their compensation that will be contributed on an ongoing basis to your RHS Plan as an employer contributions to make a one-time irrevocable election of the amount of their accrued leave that will be contributed (generally at retirement) to your RHS Plan as an employer contribution, to make an annual, irrevocable election to have all or a portion of their leave accruing in the next calen- dar year contributed to your RHS Plan as an employer contribution, to elect to make voluntary after-tax contributions, or a combination of the above_ If you desire to allow irrevocable employee elections or after-tax contributions, complete Section VI.B. See immediately be'ow for additional information regarding each of these contribution types. Note that the RHS plan upon which the VantageCare RHS IRS private letter ruling was based did not include elective employee contributions (see shaded portion of the Adoption Agreement). However, ICl/AA-RC has obtained the opinion of counsel that these features should be allowed as long as the requirements outlined in the RHS Declaration of Trust and this Adoption Agreement are met. You may wish to discuss these features with your own benefits counsel. Any questions regarding these features of the RHS program can be directed to your ICMA-RC Retirement Plans Specialist_ Note that elective employee contributions (with the exception of voluntary after-tax contributions and contribu- tions of a fixed dollar amount of compensation made pursuant to an irrevocable election) may be subject to nondiscrimination testing. See the discussion in the VantageCare Retirement Health Savings Plan Questions And Answers For Employers and the Vanrage 'are Retirement Health Savings Plan Employer Manual, or contact your benefits counsel. Irrevocable Election to Contribute Compensation or Accrued Leave Your RHS Plan can provide a way for employees to choose the amount of their compensation or previously accrued sick, vacation, and other types of leave they wish to contribute to the Plan on a tax-deferred basis. The employer and employee will pay no FICA or income tax on the contributed funds, and, if used for medical expenses for the participant, spouse or depenents, no FICA or income tax will be due at distribution. Please note that employees may not choose whether or not to receive their leave or compensation in cash once they elect to contribute it to the RHS plan. Once your employees make an irrevocable election to contribute compen- sation or accrued leave, the election will apply to all succeeding years in which they participate in the RHS pro- gram. The election cannot be revised or revoked. You may allow employees to make an irrevocable election with respect to compensation or accrued leave, or both. In addition, you may specify the type{s} of leave that may be contributed. To allow your employees to make irrevocable elections to contribute compensation or accrued leave, complete Section VI,B,1.a. or b. The employee's election is made on the VanrageCare RHS Plan Irrevocable Err-Oioyee Pre-Tax Contribution Election Form_ Employers should discuss with counsel the number or range of choices provided to participants. The IRS guid- ance upon which this election is based consisted of three specific percentages of compensation. 6 • There is no fixed maximum or minimum contribution amount or percentage for irrevocable election contribu- tions of compensation or leave, If you desire to provide for such limits, however, you may do so. You must define earnings in Section Vl.A.l if you allow an election with respect to compensation. For newly eligible employees, you may allow an election window of no more than 60 calendar days from the date of initial eligibility during which they may make the election to contribute_ Contributions may begin no earli- er than the calendar month following the end of the election window. If the employee does not make the election in the year of initial eligibility, the election to contribute may be made in a later year. You may provide an annual election window of no more than 60 calendar days during which these employees may make their elections. Contributions may not begin until the following calendar year for employees that wait until a later year to make their election. In either case, the election may not be revoked. Annual Irrevocable Election to Contribute Leave Accruing in the Next Calendar Year Your RHS Plan can also allow participants to contribute sick, vacation and other types of leave that are scheduled to be accrued in the next calendar year on a tax-deferred basis. As with irrevocable election contributions of compensation and accrued leave, no FICA or income tax is payable on these future accrual contributions and, if used for medical expenses for the participant, spouse and dependents, no FICA or income tax will be due at dis- tribution. To allow your employees to make annual elections to contribute leave accruing in the next calendar year, com- plete Section VI.B.I.c. Future leave accrual contributions must be elected prior to the start of the next calendar year employees may not elect to contribute the value of their sick and vacation leave for the calendar year during which the election is made. There is no exception for newly eligible employees — all elections must be made in the prior calendar year_ You may specify the type(s) of leave that may be contributed pursuant to the annual irrevocable election to con- tribute future accruals. In addition, you may specify whether you wish contributions of future leave accruals to be made as the leave is earned or at the end of the year. In either case, the leave must be retained for contribu- tion to the RHS plan. In the case where you specify contributions to be made at the end of the year the leave must be placed in "reserve' as it accrues such that the employee cannot access it The leave most be con- tributed to the RHS Plan. There is no fixed maximum or minimum contribution amount or percentage for annual irrevocable election con- tributions of future leave accruals, if you desire to provide for such limits, however, you may do so. Your employees' election to contribute future leave accruals will apply to all succeeding years until revised by the employee on the VantageCare RHS Plan Annual Prospective Leave Election Form_ Voluntary After-Tax Contributions If you choose, your employees may elect to make voluntary after-tax contributions to their RHS accounts_ In order to protect the tax-exempt status of your RHS Trust, aggregate employee after-tax contributions are limited to no more than 25% of total contributions to your RHS plan. You may specify a lower limit, and/or enforce the limit at the employee level if you wish. After-tax contributions are subject to FICA {if applicable) and income tax. To allow your employees to make voluntary after-tax contributions, complete Section VI.B,2. Your employees may modify their after-tax contribution election at any time by completing the VantageCare 1714.5 Plan Employee After--Tax Contribution Election Form_ C. Limits on Contributions • You may establish limits on each type of RHS Plan contribution by completing the pertinent sections referenced above. In addition, you may establish an overall limitation on RHS plan contributions by completing Section 7 VI.C. While this is not a requirement of the program, you may do so to ensure that the NHS program does not provide benefits in excess of reasonable benefits normally provided by such a welfare plan. You may wish to speak with your benefits counsel. Recordkeeping of Contribution Types Note that the IRS considers direct employer contributions, mandatory accrued leave and mandatory compensa- tion contributions, irrevocably elected employee compensation and accrued leave contributions, and future leave accrual contributions, to be employer contributions. In other words, all contributions other than voluntary after- tax contributions are considered to be employer contributions, However, ICMA-RC will recordkeep the direct employer contributions as a distinct source for participant reporting purposes. Voluntary after-tax contributions will also be sourced to a distinct employee after-tax source. All other types of employee contributions -- manda- tory accrued leave, mandatory employee compensation, irrevocably elected employee compensation and accrued leave contributions, and future leave accrual contributions -- will be combined and shown as employee pre-tax contributions on participant statements, See the VantageCare RI-IS Employer Manual for directions on how to report your contribution detail properly via EZ Link, VII. Vesting — Mandatory unused leaver mandatory employee compensation, irrevocably elected employee com- pensation and accrued leave, future leave accrual and employee voluntary after-tax contributions are always 100% vested. In addition, the RHS Plan default is 100% vesting for direct employer contributions, However, if you desire, you may specify a vesting schedule for your direct employer contributions in this section. Note that a participants RHS account will automatically become 100% vested upon the death, disability, retire- ment as you define it in Section VII,C. and attainment of benefit eligibility by the participant. Note also that the "years of service completed" for a participant that separates from service and is then rehired will start over for vesting purposes upon rehire. V111_ Forfeiture Provisions All RHS clans must coatain a forfeitu ptovisian. These instructions will be used in two situations: • Your RHS plan includes direct employer contributions subject to vesting: when a participant separates from service prior to attaining full vesting, the nonvested assets will be forfeited and used as you direct in Section VIII. • Upon the death of a participant: if there are no surviving spouse, dependents, or designated beneficiar- ies, remaining assets will revert to your RHS Trust to be utilized as you direct in Section VIII. Note that as long as there are designated survivors lincluding a beneficiary of a former beneficiary}, no forfeiture will occur_ See also Section Xl. below. There are four choices: 01 Forfeited account balances will be used to offset your direct employer contributions for the next and suc- ceeding contribution cycles. Forfeited account balances will be reallocated on an equal dollar basis among remaining plan partici- pants, Forfeited account balances will be reallocated among remaining plan participants based on account bal- ances. I] Forfeited account balances will revert to the employer_ (It is anticipated that few employers will choose this option, in order for RHS funds to continue to be used for medical benefits for remaining partici- pants.� Regardless of which option you choose, you must inform ICMA-RC at the time you wish to use the forfeited funds. a IX. Eligibility Requirements to Receive Medical Benefit Payments from the VantageCare Retirement Health Savings Plan A. This section defines your benefit eligibility provisions. You may select: • E Retirement, as defined in Section VII.C, ID Separation from service, with criteria defined by the employer. if desired Attainment of a certain age 0 A combination of retirement and a certain age. If you designate retirement as a portion of your eligibility criteria, you must define 'retirement" in Section VlI.C. even if you did not specify a vesting schedule in Section Vll_P_ B. Use this section to specify benefit eligibility criteria for employees that separate from service prior to attain- ing the general benefit eligibility you have selected in Section A. For example, if your general benefit eligibility criteria requires employees to "retire" before they become eligible for benefits, you may have some employees that separate from service prior to retirement; in this situation, you need to designate a specific time for those early-separating employees to become eligible for benefits. You might specify immediate eligibility or a certain age (e.g_ retirement age under your general pension program). If you do not specify benefit eligibility criteria in Section B., employees that leave employment prior to attainment of your general benefit eligibility may never attain benefit eligibility. and their account will not be available for use until the employee's death. C. Note that employees will automatically become eligible for medical benefits if they are disabled. In addition, upon the death of the employee, the surviving spouse and dependents will automatically become eligible for benefits. See Section Xl. X. Permissible Medical Benefit Payments - This section is used to designate the medical expenses that will qual- ify for reimbursement under your RHS Plan, You may offer reimbursement for all qualifying medical expenses as defined in Internal Revenue Code Section 213 (i.e. medical costs that would otherwise be deductible to the employee on his or her individual income tax return) other than direct long-term care expenses. Alternatively, you may pick and choose the benefits that will be provided. For example, reimbursements may be made avail- able only for health insurance premiums, COBRA premiums, Medicare supplemental insurance premiums. den- tal insurance premiums, out-of-pocket medical casts, qualified long-term care insurance, etc. The employer may allow reimbursement for only one benefit, or for any combination of qualifying medical costs_ Information about what constitutes a ualifyin medical expense can be found in IRS Publication 502, Medical and Dental q 9 Expenses available on the IRS Web site at http://www.irs_gov{). XI. Death Benefit - This section is used to define the treatment of the participant's account balance at death. Upon the death of the participant, the surviving spouse and{or surviving eligible dependents are immediately eli gible to maintain the account and utilize it to fund eligible medical benefits. If there are no surviving spouse or dependents, a designated beneficiary will be allowed to use the account assets for medical expense reimburse- ments, {For example, the participant might name his or her adult children or a parent as beneficiary,} Upon notification of the death of the participant, ICMA-RC will create a new account in the transferee's name and move all funds into the Vantagepoint Money Market Fund*. The transferee may move the money into other investments once the new account has been established, * Please read the current prospectus carefully prior to investing. An investment in this fund is neither insured nor guaranteed and there can be no assurance that the Fund will be able to maintain a stable net asset value of $1.00 per share. Varrtagepoint Mutual Funds are distributed by ICMA-RC Services., LLc, a controlled affiliate of IOWA Retirement Corporation. Member NA5Dl IPC. XII. De Minimis Accounts Upon separation of service from the Employer prior to a Participant becoming eligible for medical benefits from a VantageCare Retirement Health Savings Plan account, Participant accounts that are considered de minimis as specified in Section XII will be paid to the Participant. 9 If the empployee is already eligible for health benefits through the RHO plan, his/her account will not be consid- ered de minimis regardless of the balenee, Likewise, if the employee dies or is disabled, no de minimis payment will be made. If you wish to name a lower de minimis account value, or if you do not wish to include a de minimis feature in your RHS program, check the appropriate box in Section XII_ El The de minirnis account value shall be $5,000 or less. 0 The de minimis account value shall be (insert dollar amount between $0 and $5,000) or less. The Plan shall not allow de minimis account distributions. XIII. Other Provisions - This section defines other provisions of the RHS Plan, including= 0 RHS Plan administration must be accomplished via ICMA-RC's EZ Link System. ❑ RHS Plan fee payment 0 Employer responsibilities for tax reporting and remitting. After you have completed the Adoption Agreement, it should be signed (and executed, if required by your state or local law), and returned to ICMA-RC with the other documents in this booklet. Questions regarding completion of the Adoption Agreement can be directed to your ICI +IA-RC Retirement Plans Specialist. 10 Instructions for Completing the VantageCare Retirement Health Savings Plan Implementation Data Form Please ensure that each section of this form is completed before returning it to rCI IA-RC along with the other RHS Plan adoption materials. You may contact Employer Services at 1-800-326-7272 if you have questions. The following list of designations should help you while completing the Implementation Data Form: 5. Primary Contact This person is responsible for the day-to-day administration and processing of RHS transactions_ This is the per- son we call if general questions arise concerning your RHS Plan. ICMA-RC will also call this person regarding all { EZ Link transmission questions with the exception of questions regarding contributions. 16. Payroll Contact This person(s) will be responsible for coordinating with Zenith Administrators, Inc. 19. Contribution Contact This person is responsible for sending contributions to ICMA-RC, If there are discrepancies in the actual EFT, check or wire amounts and the corresponding detail transmitted via EZ Link, this k the person we will contact to resolve the issue. This person should have access to all payroll/contribution information to ensure efficient pro- cessing of contributions. 20. Trustee The title of this person is designated in the resolution, if required by state or local law. If a different person obtains the same title, you may use this form to update the name change. If your state or local law requires a resolution, you must have your legislative body pass a new resolution to update the title of the person designat- ed as Trustee. This person will receive all quarterly statements as well as confirmations for each contribution received and confirmations for all reinvested dividends. 21. Billing (Fees) If ICMA-RC charges any employer paid fees to your account, this person will receive the invoices. I 19 This booklet should be accompanied by the following materials; Sample Enrollment Kit Pre-addressed, Postage-Paid Envelope If you have not received all of these documents, please notify your New Business Analyst at (800) 326-7272 immediately. I C M A R E T I R E M E N T C O R P O R A T I O N VANTAGE CAR RETIREMENT HEALTH SAVINGS PLAN Retain Booklet 4Y. ‘,.? \ vc___,- . . . ,1 --,1 _ _ . ; ,I, fter., .. ,,.t , \1 . _, .,-.„111p, , ___....„., L',.:',-Niii:- .`,__„r..-, "51___4\0-W, . , ...6., - E I k si v This booklet contains the following documents: • Model Integral Part H'u t Document • Private Letter Ruling • Sample Welfare Benefit Plan -"..°--.......PAA "....4. - IIVIA RETIREMENT CORPORATION The Public Sector Expert REYRVN BOOKLET USING THE VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN RETAIN BOOKLET This is one of two booklets containing information to establish your VantageCare Retirement Health Savings (RHS) Plan with the ICMA Retirement Corporation (ICMA-RC). This booklet includes: •Model Integral Part Trust Document -Private Letter Ruling -Sample Welfare Benefit Plan Please read the information and retain it for your files_ MODEL INTEGRAL PART TRUST DOCUMENT 1' need to exe u +� c�e anus# document you may execute the model trust document in this retain booklet by inserting your information on pages 3, 4r 6, and 12. If you do not use the IC/V1A-RC model trust document, your individually designed document must be reviewed and approved by ICMA-RC prior to your joining the RHS program. This will ensure that ICMA-RC can administer all provisions of your plan. The ICMA-RC model trust document has been worded broadly to encompass any employer's RHS pro- gram. In most situations, as with your 457 or 401 plans, the Employer will act as Trustee, In this case, the terms Administrator and Trustee will refer to the Employer, Each reference to the Employer, Administra- tor, or Trustee refers to the Employer acting in the appropriate capacity. The Trust agreement is not an agreement between you and ICMA-RC; it provides for the legal establishment of the RHS Trust and lays out the duties of the Employer and Trustee with respect to the trust. The agreement gives the Employer (acting as Administrator) the ability to designate another entity (i.e. ICMA-RC) to perform administrative services for the RHS plan, The Administrative Services Agreement contained in the return booklet consti- tutes the contract between you and ICMA-RC for these services. The ICMA-RC mode/ trust document may also be used in the situation where the Employer retains the services of an outside third-party trustee. In this case, the term Trustee refers to that third-party trustee. In no case may ICMA-RC be named as trustee for your RHS plan. PRIVATE LETTER RULING ICMA-RC has obtained a private letter ruling from the IRS approving one employer's RHS Plan trust. Your use of ICMA-RC's model trust document will provide you with comfort that the trust for your Plan is also within the IRS' requirements. (This is similar to the comfort provided when you use ICMA-FTC's model 457 plan document.) Of course, you may want to talk to your legal counsel about whether or not you should obtain a private letter ruling on your own RHS trust document if you choose not to use the ICMA-RC model document Note that the plan upon which the IRS private letter ruling was based did not include certain features that have subsequently been added to the RHS program. These features include • the irrevocable election to participate in the program, • the irrevocable election to contribute compensation or accrued leave*, the irrevocable prospective election to contribute leave to be earned in the coming year*, and voluntary employee after-tax contributions ;Article 7.2 of the Trust). *These contribution types are treated as Employer contributions under Article 7.1 and 7.3 of the Trust. 1 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN However, ICMA-RC has obtained the opinion of counsel that these features should be allowed as long as the requirements outlined in the Trust and Adoption Agreement are met. Any questions regarding these features of the RHS program can be directed to your ICMA-RC Retirement Plans Specialist. SAMPLE WELFARE BENEFIT PLAN You will reed to execute a welfare benefit r�la if you do not already have one in glace. You may execute the sample welfare benefit plan provided herein or you may execute your own welfare benefit plan_ It can be a simple document, but it must be in writing in order for your employees to enjoy tax-free treatment of the benefits they receive from this plan or any other welfare benefit plan you provide. FOR ASSISTANCE Please contact your VantageCare Retirement Health Savings Plan New Business Analyst at 1-800-326-7272. Please note that the information in this booklet and the documents herein take into account only the federal tax rules related to ICMA-RC's VantageCare Retirement Health Savings Plan. Prior to implementing an FIHS plan, the employer is responsible for determining that there are no state or local laws that would prohibit it from offering the plan to its employees. The employer must also determine that the options it selects in the VantageCare Retirement Health Savings Plan Adoption Agreement fall within state/local requirements. 2 RETAIN BOOKLET Internal Revenue Service Department of the Treasury Washington, DC 20224 Index Number; 115 . 02-00 Contact Person: Telephone Number: in Reference to: �ry CC : DOM : FI&P: 2 PLR-116585-99 Dale: December 28 , 1999 City Trust State • Dear This is in response to a letter dated October 12 , 1999 , and prior correspondence, requesting a private letter ruling that Trust is an integral part of City . FACTS City is a political subdivision of State . City currently maintains one or more post-retirement welfare benefit plans (collectively, the 'Plan" ) that provide its eligible employees ( "Participants" ) and their beneficiaries ( "Beneficiaries" ) with life , sickness , medical, disability, severance and other similar benefits through insurance and self-funded reimbursement plans . City intends to establish Trust to hold assets and income of the Plan for the exclusive benefit of Participants and their 1 [1, Beneficiaries . Trust ' s Declaration defines "Beneficiaries " to include a Participant ' s spouse, any child of the Participant or the Participant ' s spouse who is a minor or a student within the meaninc of section 151 (c) (4) of the Internal . Revenue Code , any ether minor child residing with the Participant , and any ogler individual who is a person described in section 152 ;ai of the Code _ Death benefits may be provided to any Beneficiary designated by a Participant under the terms of a death benefit program or an insurance contract forming part of the 13 VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN PLR-116685-99 2 may provide benefits by cash payment , and may reimburse a Participant , City, or Trust ' s Administrator for insurance premiums or other payments expended for permissible benefits under the Plan. Under Trust ' s Declaration, City will be the Administrator of Trust . City may appoint one or more investment managers to manage and control all or part of the assets of Trust . Under Trust ' s Declaration, the Trustee will hold assets only as titleholder . Persons having custody or possession of assets may include City, the Administrator of Trust ,. the investment manager, and their agents and subagents, but not the Trustee . The Trustee will have no discretion or authority with regard to the investments of Trust and will act solely as a directed Trustee with respect to the assets to which it holds title . The Trustee will not be responsible or liable for any loss or expense that may arise or result from complying with any direction from the City, the Administrator, the investment manager, or such agents to take title to any assets, or from the Trustee ' s refusal or failure to comply with any direction to hold title, unless it involves or results from the Trustee ' s negligence or intentional misconduct . The Trustee may refuse to comply with any direction if it deems such direction illegal . City indemnifies and holds the Trustee harmless from any actions , claims, demands, liabilities , losses , damages or reasonable expenses of any kind in connection with or arising out of (i) any action taken or omitted in good faith in accordance with its directions , (ii) any disbursements made in accordance with directions , or (iii) any action taken by or omitted by the Trustee with respect to an investment managed by an investment manager in accordance with any direction of the investment manager or any inaction regarding any investment in the absence of directions from the investment manager. City, however, has no responsibility to the Trustee under the indemnification if the Trustee fails negligently, intentionally, or reckless to perform its duties . City will contribute to Trust such amounts as specified in the Plan or by resolution . . No other person or persons will be Permitted to make any contributions . The Plan must provide a formula for determining the value of a Participant ' s accrued vacation leave, sick leave , or both, in excess of a threshold number of hours of such leave . City may contribute amounts so determined to Trust . The Plan will contain a forfeiture provision that will prevent Participants and their Beneficiaries from receiving cash in lieu of a contribution to 'rust in their behalf . Contributions, investment income , realized and unrealized rains and losses , and forfeitures will be deposited into an account in Trust in the name of the Par: cipan= 14 RETAIN BOOKLET FLR-116685- 99 3 for the exclusive benefit of the Participant and- his or her Beneficiaries . A Participant may direct the investment of amounts in her or his account among investments selected by City- No amount in any account will be subject to transfer, assignment , or alienation, Whether voluntary or involuntary, in favor of any creditor, transferee, or assignee of City, the Trustee , . Participant or Beneficiary. City or the Administrator, investment manager, or other agent designated by City will receive contributions and will hold, invest , and administer contributions without distinction between principal and income . The Trustee will not be responsible for the calculation or collection of contributions , but will hold title to property received as directed by City or its designee . The Trustee will not be required to keep accounts of the investments, receipts, disbursements , and other transaction of Trust except as necessary to perform its title - holding function . City or its designee will maintain all books and records . City reserves the right to alter, amend, or terminate Trust at any time for any reason without the consent of any person . No amendment affecting the Trustee is effective without the Trustee ' s consent , and no termination can result in any part of Trust ' s assets being used for or diverted to purposes other than the exclusive benefit of Participants and Beneficiaries . If City adopts other clans Providing life , sickness , accident, medical, disability, severance, or other benefits and designates Trust as part of such plan, City or its agent will hold contributions to such plan in Trust _ The contributions may be commingled for investment purposes, but the books and record • of Trust must show the portion of Trust allocable to each plan. Upon the satisfaction of all liabilities under the Plan to provide benefits , any amounts remaining in any account must be reti rned to City, LAW & ANALYSIS Income of an integral part of a state or political Ij subdivision of a state is not taxable absent specific staturcry authorization. See Rev. Rul . 87-2 , 1987-1 C . B . 18 ; section f 51l (a) (2 ) (9 ) of the Code, GC4 14407, C. H . IV-1 , 103 (1935 ) , superseded by Rev- Rul . 71-131 , 1971-1 C. B . 28 . whether an enterprise is an integral part depends on facts and circumstances such as the state ' s degree of control over the enterprise and its financial commitment to the- enterprise . If an enterpris= is an integral part of a state or political subdi vision of a state , it will not be treated as a separate entity for federal tax puz-poses , though it may have been formed as a separate e :t is VANTAGECARE RETIREMENT HEALTH 5AV!NG5 PLAN PLR-115585-99 4 under state law. Section 301 . 77G1-1 (a) (3) of the Procedural and Administrative Regulations . City has made a substantial financial commitment to Trust by providing all of its funding. City retains complete control over Trust because it may amend or terminate Trust at any time . City retains control over the daily operation of Trust by its power to appoint or remove agents who manage daily operation . The Trustee is merely a title holder with no power to manage Trust . CONCLUSION Provided that City is the only person that makes contributions to Trust , and Trust accepts or holds only amounts of money contributed by City, Trust will be an integral part of City, and any income earned on amounts in Trust will not be subject to federal income tax. This that requested not be it . Section or cited as precedent . Except as specifically provided otherwise , no opinion is expressed on the federal income tax consequences of the transaction described above . In accordance with the terms of a power of attorney on file in this office , a copy of th ' letter is being sent to your authorized representative . Sincerely, Assistant Chief Counsel (Financial Institutions & Products) William Coppersmith By: �l Pp ersmith William E . Coppersmith Chief , Branch 2 16 RETAfJV 8O0KLET \\,\ SAMPLE RETIREE MEDICAL AND DENTAL EXPENSE REIMBURSEMENT PLAN 17 VANTAGECARE RETIREMENT HEALTH SRVrNGS PLAN SAMPLE RETIREE MEDICAL AND DENTAL EXPENSE REIMBURSEMENT PLAN Article 1 Preamble 1.01 Establishment of Plan 1.02 Purpose of Plan Article Il Definitions 2-01 "Beneficiary 2.02 "Benefits" 2,03 "Code" 2.04 "Dependent" 2.05 "Eligible Medical or Dental Expenses" 2,06 "Employer" 2.07 "Entry Date" 2.08 "Participant" 2-09 "Plan Administrator" 2,10 "Plan Year" 2.11 "Retiree" 2.12 "Spouse" Article 111 Eligibility 3.01 General Requirements Article IV Amount of Benefits 4.01 Annual Benefits Provided by the Plan 4.02 Cost of Coverage Article V Payment of Benefits 5.01 Eligibility for Benefits 5.02 Claims for Benefits Article VI Plan Administration 6.01 Allocation of Authority 6.02 Provision for Third-Party Plan Service Providers 6-03 Several Fiduciary Liability ,04 Compensation of Plan Administrator 6.05 Bonding 6-06 Payment of Administrative Expenses 6.07 Timeliness of Payments 6-08 Annual Statements Article VI Claims Procedure 7.01 Procedure if Benefits are Denied Under the Plan 7.02 Requirement for Written Notice of Claim Denial 7,03 Right to Request Hearing on Benefit Denial 7,04 Disposition of Disputed Claims 7.05 Preservation of Other Remedies Article VIII Amendment or Termination of Plan 8,01 Permanency 8-02 Employer's Right to Amend 8.03 Employer's Right to Terminate 18 RETAIN BOOKLET Article IX General Provisions 9.01 No Employment Rights Conferred 9.02 Payments to Beneficiary 9.03 Nor}alienation of Benefits 9.04 Mental or Physical Incompetency 9.05 /na bility to Locate Payee 9.06 Requirement of Proper Forms 9.07 Source of Payments 9.08 Tax Effects 9.09 Multiple Functions 9.10 Gender and Number 9.11 Headings 9.12 Applicable Laws 9.13 Severability t), 19 F . VANTAGECARE RETIREMENT HEALTH $AV1N05 PLAN i ARTICLE I Preamble THIS INSTRUMENT made and published by thereinafter called "Employer"} on the day of . 20 creates the Retiree Medical and Dental Expense Reimbursement Plan, as follows: 1.01 Establishment of Plan The Employer named above hereby establishes a Retiree Medical and Dental Expense Reimbursement Plan as of the day of . 20 1.02 Purpose of Plan This Plan has been established to reimburse the eligible Retirees of the Employer for medical and dental expenses incurred by them, their Spouses, Dependents, and Beneficiaries pursuant to the Employer's VantegeCare Retirement Health Savings (RH ) Plan. ARTICLE II Definitions The following words and phrases as used herein shall have the following meanings, unless a different 1 meaning is plainly required by the context: 2.01 "Beneficiary" means the person or persons designated pursuant to the terms of the Plan, who will receive any Benefits payable hereunder in the event of the Participant's death. A Beneficiary may also designate a beneciarylies} to receive any benefits payable hereunder in the event of the preceeding Ben- eficiary's death until the satisfaction of all liabilities under the plan to provide benefits. 2.02 "Benefits" means any amounts paid to a Participant or Beneficiary in the Plan as reimbursement for Eligible Medical and Dental Expenses incurred by the Participant or Beneficiary during a Plan Year by him, his Spouse, his Dependents, or his Beneficiary. 2.03 "Code" means the Internal Revenue Code of 1986, as amended. 2.04 "Dependent" means any individual who is a dependent of the Participant within the meaning of Code Sec. 152. 2.05 "Eligible Medical or Dental Expenses" means those expenses designated by the Employer as eligible for reimbursement in the VantageCare Retirement Health Savings Plan Adoption Agreement. 2.06 "Employer" means the unit of state or local government creating this Plan, or any affiliate or succes- sor thereof that likewise adopts this Plan_ 2.07 "Entry Date" means the first day the Participant meets the eligibility requirements of Article Ill as of such Date. 2.08 "Participant" means any Retiree who has met the eligibility requirements set forth in Article Ill. 2.09 "Plan Administrator" means the Employer or other person appointed by the Employer who has the authority and responsibility to manage and direct the operation and administration of the Plan. 20 RETAIN BOOKLET 2.10 "Plan Year" means the annual accounting period of the Plan, which begins on the day of , 20 and ends on the ... day of- 20 , with respect to the first Plan Year, and thereafter as long as this Plan remains in effect, the period that begins on and ends on 2,11 "Retiree- means any individual who, while in the service of the Employer, was considered to be in a legal employer-employee relationship with the Employer for federal withholding tax purposes, and who was part of the classification of employees designated as covered by the Employer's VantageCare Retire- ment Health Savings Plan, 2.12 "Spouse" means the Participant's lawful spouse as determined under the laws of the state in which the Participant has his primary place of residence_ 1 All other defined terms in this Plan shall have the meanings specified in the various Articles of the Plan in which they appear. ARTICLE III Eligibility Each Retiree who meets the eligibility requirements outlined in the Employer's VantageCare Retirement Health Savings Plan shall be eligible to participate in this Plan. ARTICLE IV Amount of Benefits 4.01 Annual Benefits Provided by the Plan Each Participant shall be entitled to reimbursement for his documented, Eligible Medical or Dental Ex- penses incurred during the Plan Year in an annual amount not to exceed the account balance of the Partici- pant in the Employer's VantageCare Retirement Hearth Savings Plan, 4.02 Cost of Coverage The expense of providing the benefits set out in Section 4.01 shall be contributed as outlined in the Em- ployers VantageCare Retirement Health Savings Plan. ARTICLE V Payment of Benefits 5.01 Eligibility for Benefits (a) Each Participant in the Plan shall be entitred to a benefit hereunder for all Eligible Medical and Dental Expenses incurred by the Participant on or after the Entry Date of his or her participa- tion, rand after the effective date of the Plan) subject to the limitations contained in this Article V, regardless whether the mental or physical condition for which the Participant makes applica- tion for benefits under this Plan was detected, diagnosed, or treated before the Participant became covered by the Plan. {b} In order to be eligible for benefits, the Participant must meet the benefit eligibility criteria outlined in the Employer's VantageCare Retirement Hearth Savings Plan Adoption Agreement. 21 VANTAGECARE RETl12EMENT NEALTN SAVINGS PLAN 3c� A Participant who becomes totally and permanently disabled as defined by the Social Security Administration) will become immediately eligible to receive medical benefit payments from the Plan. Pursuant to Section 9.02 and Employers VantageCare Retirement Health Savings Plan Adoption Agreement, the surviving Spouse and Dependents, or Beneficiarylies} shall become immediately eligible to receive or to continue receiving medical benefit payments from the Plan upon the death of the Participant. 5.02 Claims for Benefits No benefit shall be paid hereunder unless a Participant, his Spouse.Depandent or Beneficiary has first submitted a written claim for benefits to the Plan Administrator on a form specified by the Plan Adminis- trator, and pursuant to the procedures set out in Article VI, below, Upon receipt of a properly documented claim, the Plan Administrator shall pay the Participant, his Spouse, Dependent or Beneficiary the benefits provided under this Plan as soon as is administratively feasible. ARTICLE VI Plan Administration 6.01 Allocation of Authority The Employer shall control and manage the operation and Administration of the Plan. The Employer shall have the exclusive right to interpret the Plan and to decide all matters arising thereunder, including the right to remedy possible ambiguities, inconsistencies, or omissions. All determinations of the Employer with respect to any matter hereunder shall be conclusive and binding on all persons_ Without limiting the generality of the foregoing, the Employer shall have the following powers and duties. lal To decide on questions concerning the Plan and the eligibility of any Employee to participate in the Plan, in accordance with the provisions of the Plan; {b} To determine the amount of benefits that shall be payable to any person in accordance with the provisions of the Plan;to inform the Plan Administrator, as appropriate, of the amount of such Benefits; and to provide a full and fair review to any Participant whose claim for benefits has been denied in whole or in part, and (c) To designate other persons to carry out any duty or power which would otherwise be a fiduci- ary responsibility of the Plan Administrator, under the terms of the Plan. {d} To require any person to furnish such reasonable information as it may request for the purpose of the proper administration of the Plan as a condition to receiving any benefits under the Plan; (e) To make and enforce such rules and regulations and prescribe the use of such forms as he shall deem necessary for the efficient administration of the Plan. 6.02 Provision for Third-Party Plan Service Providers The Plan Administrator, subject to approval of the Employer, may employ the services of such persons as it may deem necessary or desirable in connection with operation of the Plan. The Plan Administrator, the Employer {and any person to whom it may delegate any duty or power in connection with the administra- tion of the Plan}, and all persons connected therewith may rely upon all tables, valuations, certificates, reports and opinions furnished by any duly appointed actuary, accountant, (including Employees who are actuaries or accountants), consultant, third party administration service provider, legal counsel, or other specialist, and they shall be fully protected in respect to any action taken or permitted in good faith in reliance thereon. All actions so taken or permitted shall be conclusive and binding as to all persons. 22 ReTl1AN BOOKLET 6,03 Several Fiduciary Liability To the extent permitted by law, neither the Plan Administrator nor any other person shall incur any liability for any acts or for failure to act except for his own willful misconduct or willful breach of this Plan. 6.04 Compensation of Plan Administrator Unless otherwise agreed to by the Employer, the Plan Administrator shall serve without compensation for services rendered in such capacity, but all reasonable expenses incurred in the performance of his duties shall be paid by the Employer, 6.05 Bonding Unless otherwise determined by the Employer, or unless required by any Federal or State law, the Han Administrator shall not be required to give any bond or other security in any jurisdiction in connection with the administration of this Plan. 6.06 Payment of Administrative Expenses All reasonable expenses incurred in administering the Plan, including but not limited to administrative fees and expenses owing to any third party administrative service provider, actuary, consultant, account- ant, attorney, specialist, or other person or organization that may be employed by the Plan Administrator in connection with the administration thereof, shall be paid by the Employer, provided, however that each Participant shall bear the monthly cost (if any) charged by a third party administrator for maintenance of his Benefit Account unless otherwise paid by the Employer. 6.07 Timeliness of Payment for Benefits Payment for Benefits shall be made as soon as administratively feasible after the required forms and documentation have been received by the Plan Administrator, 6.08 Annual Statements The Plan Administrator shall furnish each Participant with an annual statement of his medical and dental expense reimbursement account within ninety {90) days after the close of each Plan Year. ARTICLE VII Claims Procedure 7.01 Procedure if Benefits are Denied Under the Plan Any Participant, Spouse, Dependent, or Beneficiary, or his duly authorized representative may file a claim fora plan benefit to which the claimant believes that he is entitled. Such a claim must be in writing on a form provided by the Plan Administrator and delivered to the Plan Administrator, in person or by mail, postage paid. Within thirty (30) days after receipt of such claim, the Plan Administrator shall send to the r claimant, by mail, postage prepaid, notice of the granting or denying, in whole or in part, of such claim, unless special circumstances require an extension of time for processing the claim. In no event may the extension exceed ninety 190) days from the end of the initial period. If such extension is necessary, the claimant will be given a written notice to this effect prior to the expiration of the initial 30-day period. The Plan Administrator shall have full discretion to deny or grant a claim in whole or in part. If notice of the denial of a claim is not furnished in accordance with this Section, the claim shall be deemed denied and the claimant shall be permitted to exercise his right to review pursuant to Sections 7.03 and 7.04_ 23 Vl1NTl1GECARE RET/REMENT HEALTH SAvJNGS PLAN 7.02 Requirement for Written Notice of Claim Denial The Plan Administrator shall provide, to every claimant who is denied a claim for benefits, written notice setting forth in a manner calculated to be understood by the claimant: �a1 The specific reason or reasons for the denial; lb) Specific reference to pertinent Plan provisions on which the denial is based; lc) A description of any additional material of information necessary for the claimant to perfect the claim and an explanation of why such material is necessary, and Id) An explanation of the Plan's claim review procedure. 7.03 Right to Request Hearing on Benefit Denial Within sixty {60) days after the receipt by the claimant of written notification of the denial {in whole or in part) of his claim, the claimant or his duly authorized representative, upon written application to the Plan Administrator, in person or by certified mail, postage prepaid, may request a review of such denial, may review pertinent documents. and may submit issues and comments in writing. 7,04 Disposition of Disputed Claims Upon its receipt of notice of a request for review, the Plan Administrator shall make a prompt decision on the review. The decision on review shall be written in a manner calculated to be understood by the claim- ant and shall include specific reasons for the decision and specific references to the pertinent plan provi- sions on which the decision is based. The decision on review shall be made not later than sixty 160} days after the Plan Administrator's receipt of a request for a review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered not later than one hundred- twenty {1201 days after receipt of a request for review. If an extension is necessary, the claimant shall be given written notice of the extension prior to the expiration of the initial sixty $0) day period. If notice of the decision on the review is not furnished in accordance with this Section, the claim shall be deemed denied and the claimant shall be permitted to exercise his right to legal remedy pursuant to Section 7.05, 7.05 Preservation of Other Remedies After exhaustion of the claims procedures provided under this Plan, nothing shell prevent any person from pursuing any other legal or equitable remedy otherwise available, ARTICLE VIII Amendment or Termination of Plan 8.01 Permanency While the Employer fully expects that this Plan will continue indefinitely, due to unforeseen, future busi- ness contingencies, permanency of the Plan will be subject to the Employer's right to amend or terminate the Plan, as provided in Sections 8.02 and 8.03, below. 8.02 Employer's Right to Amend The Employer reserves the right to amend the Plan at any time and from time-to-time, and retroactively if deemed necessary or appropriate to meet the requirements of the Code, or any similar provisions of subsequent revenue or other laws, or the rules and regulations in effect under any of such laws or to conform with governmental regulations or other policies, to modify or amend in whole or in part any or all of the provisions of the Plan. 24 RETAIN BOOKLET 8,03 Employer's Right to Terminate The Employer reserves the right to discontinue or terminate the Plan at any time without prejudice. ARTICLE IX General Provisions 9.01 No Employment Rights Conferred Neither this Plan nor any action taken with respect to it shall confer upon any person the right to be con- tinued in the employment of the Employer. 9.02 Payments After Death of Participant Any benefits otherwise payable to a Participant following the date of death of such Participant shall be paid as outlined in the Employer's VantegeCare Retirement Health Savings Plan Adoption Agreement. 9.03 Nonalienation of Benefits No benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assign- ment, pledge, encumbrance or charge, and any attempt to do so shall be void_ No benefit under the Plan shall in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts of any person. If any person entitled to benefits under the Plan becomes bankrupt or attempts to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any benefit under the Plan, or if any attempt is made to subject any such benefit to the debts, contracts, liabilities, engagements or torts of the person entitled to any such benefit, except as specifically provided in the Plan, then such benefit shall cease and terminate in the discretion of the Plan Administrator, and he may hold or apply the same or any part thereof to the benefit of any dependent or beneficiary of such person, in such manner and proportion as he may deem proper. 9.04 Mental or Physical Incompetency If the Plan Administrator determines that any person entitled to payments under the Plan is incompetent by reason of physical or mental disability, he may cause all payments thereafter becoming due to such person to be made to any other person for his benefit, without responsibility to follow the application of amounts so paid. Payments made pursuant to this Section shall completely discharge the Plan Adminis- trator and the Employer, 9.05 Inability to Locate Payee If the Plan Administrator is unable to make payment to any Participant or other person to whom a pay- s ment is due under the Plan because he cannot ascertain the identity or whereabouts of such Participant or other person after reasonable efforts have been made to identify or locate such person (including a notice of the payment so due mailed to the last known address of such Participant or other person as shown on the records of the Employer, such payment and all subsequent payments otherwise due to such Partici- pant or other person shall be escheated under the laws of the State of the last known address of the Participant or other persons eligible for benefits. 9.06 Requirement of Proper Forms All communications in connection with the Plan made by a Participant shall become effective only when duly executed on forms provided by and filed with the Plan Administrator. _ 25 i VANTAGECARE RETIREMENT HEALTH SAVINGS AL.4Jv 9.97 Source of Payments The Employer shall be the sole source of benefits under the Plan. No Employee or Beneficiary shall have any right to, or interest in, any assets of the Employer upon termination of employment or otherwise, except as provided from time to time under the Plan, and then only to the extent of the benefits payable under the Plan to such Employee or Beneficiary. 9.08 Tax Effects Neither the Employer nor the Plan Administrator makes any warranty or other representation as to whether any payments received by a Participant, his Spouse, Dependents, or Beneficiary{ies( hereunder will be treated as includible in gross income for federal or state income tax purposes. 9.09 Multiple Functions Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan. 9.19 Gender and Number Masculine pronouns include the feminine as well as the neuter gender, and the singular shall include the plural, unless indicated otherwise by the context. 9.11 Headings The Article and Section headings contained herein are for convenience of reference only, and shall not be construed as defining or limiting the matter contained thereunder. 9.12 Applicable Laws The provisions of the Plan shall be construed, administered and enforced according to the laws of the State of 9.13 Severability Should any part of this Plan subsequently be invalidated by a court of competent jurisdiction, the remain- der thereof shall be given effect to the maximum extent possible. IN WITNESS WHEREOF, we have executed this Plan Agreement the date and year first written above. (Employer) By: ATTEST Secretary 26 Vantagepoint Funds VantageCare Retirement Health Savings Plan Actively Managed Funds Code Index Funds Code Money Market Fund ... . MW Lore Bond Index Fund WM US Govenment Securities Fund' MT 500 Stock Index Fund WJ Asset Allocation Fund ._MP Broad Market Index Fund . WG Equity Income Fund MM Mid/Small Company Index Fund ... WD Growth&Income Fund MJ Overseas Equity Index Fund WB Growth Fund _ ..... ... -. MG Aggressive Opportunities Fund MA International Fund MD Vantagepoint Model Portfolio Funds Savings Oriented (Code SF) Long-Term Growth (Code SM) i%international fund., in international Fund, I&%Growth&Inane Fund 596 ilvttraeaa Equity . 20%Core Bond Index Fund Index Fund 10%Equity Income Fund -61--65%Income Preservation 15%A9gressive 10%Equity Income 10%US Go ntmem Fund GPKinunnres Fund Securrtros Fund' Fuld 20%Growth Fund• 2096 Growth& Ivnme Fund Conservative Growth (Code SG) All-Equity Growth (Code SP) 5%Intemat,c:;+ 5%km-we Opportunities Fun. 5", Igor;'rd:rnt@ Fund 10%Growth Fund -- %, 10%Grown+& ; _58%Income Preservation 2.0%Growth& Inton=e Fund Fund income Fund 20%Aggressive . 0pporuniGa, 10%Equity Income Fund Fund 10%Carty Boras Index Fund 2596 Growth Fvnd This page displays each of the Model Portfolio funds available to ICMA Retirement Corporation participants Vantegepornt securities are distrib- uted by ICMA-RC Services,LLC.,a controlled broker-dealer affiliate of Traditional Growth (Code SL) ICMA-RC.member NASD/SIPC. For complete details on funds,including U! In;enrannr 1i I charges and expenses call 1800.669.7400 to obtain the VaMafpuirtr Funds Prospectus Please read it carefully before investing 10%Aggressive Opportunities Fund Y' 0%Income Preservation Fund AAL. 15%Growth Fund ICMA RETIREMENT CORPORATION 10%Core Bond index Fund H l'�t.,,e src.ror c•aert 15°o Growth$ • 777 North Capitol Street.NE Income Fund 10%Equity Income Fund Washington,DC 20007-4240 1-800-669-7400 Para asistencia en Espoflol llama al 1-800-669-8716 www.rcmarc.org • Reramet from US Fretwry Samna Funa.as or Cecerrtsr I ziml =t raw=a. aas • r Actively Managed Funds FIXEO INCOME PUN='3 INVESTMENT t]EI.I€L'rrvt. Ff L Lr1 ft VL5TM€WPtHITFERIO HISTORICALVOIAAll Manley Malkin Fund l'ie_+_94OLiu, ul.,;prtaal,liquidity,and a punitive Ikney marketanda wanaly di snail lta+,ti;uv1 low rnr31 moan each month i1C JPJme assumes US Gnvr•_rnmem Securibirs Fund' Hiukl ICI at psolertfixl alantai credit i Ink,art]Irony-Itiria.. pitdl LI S Irmo)and wilily ae lnti1Am Low to rnidb le,slim;4rt In egisterointlesuirialinhttiratqh rolnvwraara et punodlc mow changges m Inte=aol ra e' BLENDED ASSET FUND INVESTMENT O€Ar,,lor_ - - rYI'_ 1'41' CSIM'NE r-;IFSTIOLJ1D HISTORI Al.VriLATIIIT4 Ali styt All ucatian1 nut I•1 ,:., qrer illti°nrwIlh lens risk Its uptstfah Stocks,bonds,and ailfsinootssrtintisdr_terrnllr�dIN Modaraw TVA Mll5advlerk'S assessment of Irunrket condition FOUITY IFUNDS INVESTMENT OBJECTIVE TYPE OF INVESTMENT POP TFOLIU I ISTUF6NCAL VOLA1ILII a Equity Incumn Rod Luna-=Lrrlri iiirol naturr..ptiniorily I latiook I inv ti -,r al Conic 3li ulnas of unlablial-d;ompan!II t pak Mad to current ernfrie dividends Growth&Inc Lunn Fund I i rrg-tirorl Irrl;Il rsitlatr NMI loth repaid appal;iailun Anil .' nrrlinn stiiahR al=pekes WWI uiiXJ cinrentaal WI pit:-t Average lament i o nsa appreciation,ornalsa erg lima lbw Tray 2157 pay diingalIu Growth Tund Lurg,T n capital dpprlt Lion cline 10 pru:a gain ,,iu ra 1 MO US of=ripples wath aim-miracle Aba4a auartiga pnfunlral ran earninus gitymh Aggrnsuvr.Opportunities High long-tarin capitol e'lylpn!cintion mans F1=3 of Ynall to mndaurn sired dJnlaalww Significant Foil drd tnraygn ixmponieo Inlemational Fund Loni-term capful apprnoot.wi and diaorait trop r/r Shirks of campm1Ir 3 f mtinfu teru'i❑uT.iL11i Significant iriaerd ng in iureign companies Ilia Lhu1ii SLOLI Index Fund Series FUXEf INCOME RIND INVESTMENT OBJECTIVE TYPE OF INVESTMENT fOATTQLIO HLSTTiiIiGALVOLATILITY Core BOO d'laadara Frame Lsn IIk-1nrr:I L a t i n a!not iociatii)n,pi Irn a ry.through ;bids are ofln;arl lu replicate ma ClialaCiEciritla of the rulgderaain_5.410incl to cilrlrrges reintiesimarts al periodic intrdi= Lehman lilio Mr Cor rrxrwaiCurpornre Bond Irnks in intrust ran u Ei1UTTVFUNDS INVESTMENT OBJECTIVE flFF4WF:!We :S Ill[NTPORTFOLIO rtl:;TIlnlf -+ ,.i...A.fo'T 5011 Stook Index Fund Loris-iprm capital aptlrmiaticn ralieeffng the lolly. Shinto ark eimen m 1uIFt rattilicaia the Stardlird&Prof Modem.% capi!alitation aegrr rat or the U.S.olntk ma ltnt 507 Index Britoil Metkat Index fusid Lniu-u0nrn Capital Beer-mallunl refitting lta broad Stecitt ereclmen to repbcdta the chnrucrenstic .51 Inn Maclean to above.peeve LI S.Mork minima Wilshire 51110LI!Wet Mildamall Company Index Lurrk�}}torts I:apital appinciatrt)ol raltecnrrg tint rnudum:I—In Sruelu arPEIVIICIII nu replltote 1hu Chlrraatansi RN•f t ai Ssgnsficana NH shell capitI+aion moment al the 4i.S.ttnxi rnarkot WiIihire 4 L1 lidex Qv rienS Equity Index Fund low tom repro!apprrecr.'#hnn.lid durnifkamin Iry STOChi eats Mean ro rallcate the Ch oruCiensiico of me Signifcal1 I'w tinf in 1oreirincnmppnie: Morgan S1r�ilria Flaprl44lulorrun...Ai,rl fNCt;Fr=y IIl!ao Model Polrtfolio Funds (comprised of Vantagepoint Funds) MODEL PORTFOLIO INVESTMENT OBJECTIVE TYFF Of fNV€STMENT PORTFOLIO HISTORICAL VOLILTIL V Sowings Oriented Prassmation na pnncinala macldble LIJn$a1 innnfar6.and 5%VP lntarrlr#tional Fund,tpg,WGrirwth&hntante low lance growth of principal with minimal risk Fund,T1f%VP k'guiif Wane fund,10%VP US Goeramritent St£LJntIOS Fund'.55%Vnntagupuonii Income Iaeselvetioo Fund Currserrairre Druid' Haasonable current in-tome and a rifest emprzn n on 5%4P inrmmntiaruil hod.5%VP Aggoi r45 Mods ate IJr 449h air prirlcppl Uppinrtlmihiet Fund.IU%W Omith Fund.100%VP Growth it income Fund,10%VP Equity Incpmo Fund la%VP Care Band Ira k"Fuld 50 Varrragepotm Income Preservation Fund Trodrti an rrl GJuwui tvlurkrale Capital growth into raa3nnahla crrreri ini:mnR I(1%VP istnai'national Fund,10%VP AggrasTfik Moderate O.ppnrlurlities Fund,15%VP Growth Fund,15% F Grewin&ircomn Fund_10%VP Eqully Income Ford 10%VP Care Bind Index Fund. Vantiolnl Il4taams Pranorvistian Fund tong-Tears G ra wish Grovel of ptiuH uI 1 rYfr VP inlarrimicti51 Funk f%VP I;Janm u og Edudv li'dex AiDra average to s-Ilirraant Fund,15%VP Aggnnssiaoo Daportoiutipa Fort 20%VP !Growth Fad 20%VP&NM&hmorrm Fund,10%VP Equity itcuroe.fund 20%VP Curti Bonli Index rule! Ali-Egalil}GImvall Iii rl k;rig.tern Capital grtn,vth 20%VP Inteirlationai Fund.15%VP Equfatyy Imams above average to significant Fund,20%VP 0rcrreth&louvre Fund,25%VF Growth ;And 20%VP Aggressive LDppurtou.bone Fund • Ilsauoi I Iran U S TeudolmySosunnes Faro,as Of OIxalnile I.ail A - THE VANTAGEPOINT FUNDS Supplement dated May 29, 2002 to the Prospectus dated May 1, 2002 This supplement provides new and additional information beyond that which is contained in the Prospectus and should be read in conjunction with such Prospectus. The following information replaces that found under the Section entitled "Shareholder Information-Reporting to Investors" on page 40. Kepornng to l.nvCStOrr With respect to any investment transaction reports you may receive from the Funds. review these report- carefullti:and call the toll-free investor service line at 1-800-61W-740() or contact the Funds on-line at anvestorservices(uiicmarc.org immediately if you see any discrepancies. For transactions that receive confirmation statements,if you notify us within 30 days of the confirmation date.we will correct the transacnott and your account will he made I 10% whole. For transactions for which yiou only receive a quarterly statement, if you notify us within 90 days of the end of the quarter. we will correct the transaction and your account will be made 100% whole. The following information replaces the first paragraph found under the section entitled "Purchases, Exchanges, and Redemptions - Purchases" on page 40. Purchases The Funds are open for investment by. but not limited to, the following (i) the Vantag Trust Funds; (ii) the employee benefit plans of state and local governments and their agencies and instrumentalities (including retirement and deferred compensation plans established under Sections 401 and 457, respec- tively,of the Internal Revenue Code of 1986,as amended): (iii) individual Retirement Plans ("IRAs") of employees or other persons having a familial or otherwise close relationship to those public sector employees; (iv) (with the exception of the Income Preservation and Model Portfolio Funds),persons participating in the Vantagecare retirement health program; (v) 529 college savings plans; (vi) certain tax- exempt or not-fur-profit entities;or (vii) the Retirement Corporation and its affiliates. The derails of such eligibility criteria are set forth in the account application. RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE Vantagepoint fIinds VP000-004-200206-322 THE VANTAGEPOINT FUNDS Supplement dated October 22, 2002, to the Prospectus dated May 1, 2002 This supplement provides new information in addition to that contained in the Prospectus dated May 1.2002. and should be read in conjunction with that Prospectus. At a meeting held on September 30,2002, the Board of Directors of The Vantagepoint Funds hired Artisan Partners Limited Partnership as a subadviser to the International Fund and terminated the subadvisory agree- ments with Lazard Asset Management and T Rowe Price International, Inc. Therefore,the following information should be read together with that located on page 31 of the Prospectus under the section entitled "International Fund — Investment Subadvisers." Artisan Partners Limited Partnership, ("Artisan Partners"), Milwaukee,Wisconsin,seeks to achieve the Fund's investment objective of long-term capital growth and diversification by country,by using fundamental analysis to identify stocks of individual non-U.S. companies that Artisan Partners believes have sustainable growth,domi- nant industry positions,excellent management,attractive valuations and offer long-or short-teen growth oppor- tunities. Mark Yockey a managing director of Artisan Partners,serves as portfolio manager for the Fund. He joined Artisan Partners in 1995 and has worked in the investtnent management industry since 1981. The information about T. Rowe Price International, Inc. and Lazard Asset Management is deleted. RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE • The Vantagepomt •funds 777 North Capitol St., N.E. Washington, DC 20002-4240 1-800.669-7400 En Espanol (lame al 1-800-669-8216 www.icmarc.org SUPP-005-200210-322A VANTAGECARE RETIREMENT HEALTH SAVINGS (RHS) PLAN EMPLOYEE ENROLLMENT/CHANGE FORM - Page 2 ICMA RE TIREMENT CORPORATION 4 Beneficiary Designation (Continued) Contingent Beeefisiery(ittil (Draft'benefits will be pain to a Contingent Beneficiary only if NO primary beneficiary lives longer than you) lame Relationship_ % of Benefits SSN__ )0B Full Address 'hone Number( _ Name Relabansnlp _ %of Benefits SSN DOB Full Address -'{lone Number _ J Additional contingent beneficiaries on attached sheet (Note-Residents of community property states should consult a financial adviser.) ©Authorized Signatures For new enrollments: I acknowledge that I have received and read the current Vantagepoint Funds Prospectus prior to investing in any funds. I understand that once I begin participation, I will not be permitted to choose to cease participation so long as I am a member of the covered group. For all enrollments and changes: I acknowledge that I have read the instructions for the RHS Employee Enrollment/Change Form. I understand that the ICMA Retirement Corporation has established required procedures for telephone and Internet transfers that include personal identification numbers, recording instructions, and written confirmations. In the event I choose to transfer funds by telephone or Internet. I agree that neither the ICMA Retirement Corporation, nor ICMA-RC Services. LLC, will be liable for any loss, cost, or expense for acting upon any telephone or Internet instructions believed by it to be genuine and in accordance with the required procedures. If I am married and live in a community property state (see instructions), I certify that my spouse has signed below if I have named someone other than my spouse as beneficiary in Part 4. Participant Signature Date Your Spouse's Signature (if resident of a cammuntty property state) Date 6 Employe^.r Use Only Employer Signature Date Is the employee currently eligible to receive benefits? 11 Yes 1 No If yes, what date did the employee become eligible? _:�rI ill-, iav Ilf yes, the Participant should also complete the RHS Plan Employee Eligibility Form for Zenith Administrators, Inc.) PLEASE RETAIN A COPY FOR YOUR RECORDS AND RETURN TO YOUR EMPLOYER ICMA Retirement Corporation•P.O. Box 96220•Washington. DC 20090 6220• toll Free 1-1300-669 /400 FtrM(180uc VANTAGE ARE RETIREMENT HEALTH SAVINGS (RHS) PLAN EMPLOYEE ENROLLMENT/CHANGE FORM - Page 2 ICre u RE1IaEMEn'r CO R PORATICIN g.4 Beneficiary Designation !Continued) Contingent feneficiarvli¢41 (Death berrefrts wily be paid to a Contingent Rer+ef+Cia-y only if NO primary beneficiary lives longer Man yov-J Name Relationship % of Benefits SSN - - DOB Full Address Phone Number{ .I Name Relationship 910 of Benefits SSN - - DOB Full Address Phone Number I ) . . -- - - . CI Additional contingent beneficiaries on attached sheet {Note - Residents of community property states should consult a financial adviser.) ElAuthorized Signatures For new enrollments: I acknowledge that I have received and read the current Vantagepoint Funds Prospectus prior to investing in any funds. I understand that once I begin participation, I will not be permitted to choose to cease participation so long as I am a member of the covered group. For all enrollments and changes: I acknowledge that ! have read the instructions for the RHS Employee Enrollment/Change Form. I understand that the ICMA Retirement Corporation has established required procedures for telephone and Internet transfers that include personal identification numbers, recording instructions, and written confirmations. In the event I choose to transfer funds by telephone or Internet, I agree that neither the ICMA Retirement Corporation, nor ICMA-RC Services, LLC, will be liable for any loss, cast, or expense for acting upon any telephone or Internet instructions believed by it to be genuine and in accordance with the required procedures. If I am married and live in a community property state see instructions), I certify that my spouse has signed below if I have named someone other than my spouse as beneficiary in Part 4- I Participant Signature Date i I Your Spouse's Signature (if resident of a community property state) Date i Employer Use Only • Employer Signature Date ' Is the employee currently eligible to receive benefits? Ell Yes ini No If yes, what date did the employee become eligible? 1 /---- Monk1 Clay Year (lf yes, the Participant should also complete the RFf$Plan Employee Eligibility Form for Zenith Administrators, Inc,) PLEASE RETAIN A COPY FOR YOUR RECORDS AND RETURN TO YOUR EMPLOYER ICI VIA Retirement Corporation • P.O. Box 96220 . Washington, DC 20090-6220. Toll Free 1-800-669-7400 FRM630-a05-20x204-0327 Ms PLAN! EMPLOYEE L f( 9f LLG ll[rfi 1TIC11-MI J( [ FORM [INSTRUCTIONS By completing this enrallmenUehanrge form,you waft supply the information ' the accumulated value of your account. If none of your primary Or contingent necessary to begin participation in your employer's Vantage Care Retirement beneficiaries are living atthe time of your death,the proceeds will be paid to your Health Savings(RHS)program. You may also use this farm to change the • estate. If you do not have a signed,valid designation on file when a death benefit information at a later date. payment is required,benefits will be paid to your estate. Before you complete this form for enrollment,please read the accompanying Account Transfer: It your employer's plan requires an Account Transfer upon your literature so that you understand your plan's provisions. ' death,your surviving spouse/dependents will remain eligible to use the account on a tax-free basis for medical expense reimbursements. The beneficiaries you Your employer's plan may require participation for all members of a covered group designate on this form will not receive the account balance in this instance, or may permit employees in the covered group to irrevocably elect to participate. However,if there is no surviving spouse and/or dependents upon your death,the If your employer's plan allows you to choose to participate,you may not cease ' hcneficiary(iesI you designate on this form will receive the accumulated value of participation at any time after electing to participate. To determine whether your your account in a taxable distribution- (See Account Distribution above for employer requires participation or permits you to elect participation,please additional information.) review your employer's RHS announcement letter or contact your employer's benefits office- Note: If your employer's plan provides for Account Transfer,your spouse/ dependents are automatically eligible to use the account for medical expenses In order Ior ICMA-RC to process your enrollment/change efficiently,please after your death. Thus,you may wish to consider naming someone other than your complete the form accurately and completely and submit to your employer- Please spouse/dependents as your beneficiaryliesi. In the case of Account Transfer,the be sure to keep a copy for your records of all forms and documentation you heneficiarywill only receive the account if there is no surviving spouse or submit. dependents. Always review your quarterly statements to confirm the accuracy of your Note: Only the original participant may name beneficiaries. Spousal/dependent enrollment information. II you discover a discrepancy,contact ICMA-RC's participants may not name beneficiaries. Investor Services at I-80p-668-7404 as soon as possible. If you need to designate additional primary and/or contingent beneficiaries,please Initial Enrollment/Type of Change do so on a separate sheet of paper- ' Please check either Initial Enrollment or each Type of Change that you are making If you are married and live in a community property slate(AZ,CA,ID,LA,NV,NM, in your account Keep in mind that once you are enrolled in the plan,you do not TXr VITA,or WI)please check wish your financial adviser before completing this have the option of discontinuing your participation. section. If you are eligible to receive benefits,and are making changes to your account, 5.Authorized Signatures please also contact zenith Administrators, Inc.,at Once you have completed this form,sign it,make a copy for your records and 1-806-788-5865- submit it to your employer. 1-Essemial Information Your signature acknowledges that your initial enrollment will result in contributions Please complete this section carefully. The information you submit will be used to initially allocated to the Vantagepoint Money Marker Fund.* All changes to your establish your account and to identify the account when you make changes. The investment allocation tor future contributions and transfers of fund balances may employer plan number is available from your employer. II you are reporting a be made through Vantagel_irse,VantagoLink,or an ICMA-RC Investor Services name change,please enter your new name into the "Name"line in Part 1,and Representative. State law,local law,or your employer may place restrictions on provide your employer with any required documentation,which may include a available investments. copy of one of the fallowing: Driver's License,Social Security card,marriage certificate or court order. *Please read the current prospectus carefully prior to investing,An in vestment in this fund is neither insured nor guarantees and there can be no assurance that 2.Participant Personal Information the Fund will/be able to maintain a stable net asset vattue oiSt.O(1per share. The mailing information provided here will determine the address to which your Vaniagepoirrt Funds are distributed by ICMA-RC Services,LW,a controlled affiliate IGtf A-RC statement will he sent. If you are changing your marital status,you may of the ICMA Retirement Corporation- Member NASD/S1PC, wish to review your beneficiary designation at this time. Any resident of a community property state{Air CA, ID,LA.NV,NM,TX,WA,or 3.Work information ',hill who is married should obtain his or her spouse's consent to designate a Please provide your job title and work phone number, primary beneficiary other than his or her spouse. 4.Beneficiary Designation 6.Employer Use Only Your employer's plan governs how your account will be distributed upon your Once the employee has completed this form for initial enrollment,please verify his/ death- Your employer has chosen whether your account will be transferred to her eligibility to enroll by signing the form in section 5 and enter this information your surviving spouse and/or dependents for reimbursement of their medical into EZLink. For changes in participant information,please enter the name and expenses(Account Transfer)or paid out to your designated beneficiary(ies) address changes into EZLink. (Account Distribution). Regardless of which option your employer has chosen,it is• important that you complete this section to designate your ben eficiaryliesl and If the employee is eligible to receive benefits immediately,please provide the (INS keep this section up to date as your circumstances change. Employee Pipibility Form to the employee and enter the benefit eligibility informa- tion into Mink. Account Distribution: Your most current designation of beneficia ry(ies l specifies who should receive the accumulated value of your account if Account Distribution Retain a copy of this form for your records as ICMA-RC will call on you for the is required by your employer's plan. In this case,the designated beneficiaMies) beneficiary information when it is needed. will receive the balance of your account in a taxable distribution. If no primary ben eficiary(ies)lives longer than you,your contingent beneficlary(ies}will receive , . VantageCare 1 Retirement Health Savings Plan , ,_________ .,..------r / /1 ! , / / / / \\ ''.> 7 e / + � 1 rf —� _ I I f 7 ( _\\:.....,,,,,,,, Questions and Answers L. for Employees 1 ICMA RETIREMENT CORPORATION The.Public Se for Expert VANTAGECARE RETIREMENT HEALTH SAVINGS PLAN OUESTIONS AND ANSWERS FOR EMPLOYEES BASICS OF VANTAGECARE RETIREMENT HEALTH SAVINGS CV 1 What is the VantageCare Retirement Health Savings Plan? 02: What are the benefits of the VantageCare Retirement Health Savings Plan? 1 03: How do I get started? 04: Can I opt out of the VantageCare Retirement Health Savings Plan? 1 CONTRIBUTIONS OS: What types of contributions will be made to my RHS Plan? 06: How do I know what specifics govern my employer's RHS Plan? 07; Are there limits to the amount of contributions that may be made in a given year? 2 08: How are my RHS contributions coordinated with Section 457 and 401 plans? 2 09: Are contributions made to the account included in "pensionable" compensation? 3 PLAN INVESTMENTS 010: Where will my RI-IS assets be invested? 3 MEDICAL BENEFITS Q11: At what point will I be eligible for medical benefits? 3 012: What medical expense payments will be covered? 3 013; Who are my dependents? 4 Q14: Who handles medical benefit claims? 4 015: What is the procedure for submitting a claim for medical reimbursement? How long does it take? 016: What if a claim is denied? 4 OTHER PLAN DISTRIBUTIONS Q17: What happens to my account balance if I leave my job before I am eligible for benefits? 018: When I leave my job, can I roll my RHS balance into an IRA, another employer's retirement plan or another RHS account? 5 019: Can I take the balance under an emergency withdrawal or other circumstance? 5 Q20; What happens to the account balance when a participant dies? 5 021: Whom can I name as beneficiary of my account? • 6 • TAXES 022; How are payments from RHS accounts treated for tax purposes? 6 ADMINISTRATIVE 023: What types of reports will I receive? 3 024: What fees does ICMA-RC charge for the RHS Program? 8 RESOURCES 025: Whom should I contact with questions regarding the RHS Program? 8 BASICS OF VANTAGECARE contribute additional amounts to the plan on a RETIREMENT HEALTH SAVINGS pre-tax and/or after-tax basis (See Q5). • Tax-free medical expense reimbursement— Q1: What is the VantageCare Medical expense reimbursements are tax-free Retirement Health Savings Plan? when used for qualified medical expenses (as allowed under Section 213 of the Internal VantageCare Retirement Health Savings (RHS Revenue Code) covered by the employer's Plan is the ICMA Retirement Corporation's RHS Plan. employer-sponsored health benefit savings vehi- • Tax-deferred accumulation of savings —Assets de that allows employees to accumulate assets to grow in a Cox-deferred account, pay for medical expenses {e.g., health insurance • Flexibility —You may use RHS dollars to pay and prescription expenses) in retirement (or other medical expenses for you, your spouse and eligibility) on a tax-free basis. Your employer has dependents. chosen to offer you this benefit This booklet, • Familiar investment options — RHS allows you along with the RHS announcement letter from to take advantage of the Vantagepoint your employer, outlines how the program works Funds you are familiar with from your retire- II' and explains the benefits that are available to you ment plan, including model portfolio funds under your employer's plan. and low-cost index funds (see 010). • No account balance forfeiture on death — RI-IS is similar to your ICMA-RC retirement plan Upon your death, your account balance is (either a Section 401 qualified plan or a Section either transferred to an account to pay medical 457 plan) in that it allows you to invest dollars in expenses for your spouse and/or dependents, the Vantagepoint Funds* for financial needs dur- or paid out to a beneficiary (See 020). ing retirement or when otherwise eligible). RHS offers a number of benefits, including tax-deferred How do I get started? accumulation of earnings and, if account assets are used to pay for tax qualified medical benefits, 1. Your employer will provide you with enroll- the additional benefit of tax-free withdrawals, ment material when you are eligible to partici- pate Uantagepoint Funds are distributed by ICMA-RC (See C!4), Services, LL C.. a controlled affiliate of ICMA You complete the enrollment form and return Retirernant Corporation. Member WASD/ IPC_ it to your employer_ This form provides your indicative data {e.g. name and address) and Q2: What are the benefits of the your beneficiary designation. 3. if your employer's plan includes elective con- VantageCare Retirement Health tributions, you will complete a separate elec- t Savings Plan? Lion form for each type of contribution you will You can enjoy substantial benefits from the RHS make (See Q5). Plan. 4. Your employer will verify your eligibility for participation, transmit the participant data to • Accumulation of assets to pay for one of ICMA-RC, and retain the beneficiary data, retirements greatest financial needs—You ICMA-RC sets up your account the date of have the opportunity to prepare to meet a sig- receipt of information from the employer, if nificant financial outlay facing you in your the information is received prior to 4:00 p.m. retirement, whether for insurance premiums Eastern lime. and/or out-of-pocket expenses, co pays, or 6. ICMA-RC sends you a welcome letter the busi- pres ription drugs (as specified by your Hess day following the establishment of your new account. employer). 7, Your employer will begin sending your contd- . Convenience — Once you are eligible to partici- buttons_ pate (See Q4), you only need to enroll (see 03) and make decisions regarding investment of RHS funds (see 010)_ Contributions are made Q4: Can I opt out of the. VantageCare directly by your employer and/or through con- Retirement Health Savings Plan? venting your unused leave (see Q5)_ Although you may not choose to withdraw from • Additional contributions — Depending on your employer's plan features, you may be able to the RHS plan once you are a participant, some employers as part of their plan design have pro- vided their employees with the opportunity to pensation, These contributions are required by decide affirmatively that they wish to participate. the employer of all participants, They are not Your employer will provide an election window of subject to FICA or income tax.* up to 60 days during which you may make your election. Newly hired and newly eligible employ- • Voluntary after-tax contributions** ees may begin participation in the month follow- ing the end of the election window. If you do not • Elective pre-tax contributions of salary and/or elect to participate in the year of your initial eligi- accrued leave {irrevocable once elected}. bility, you may make your election in a later year These contributions are not subject to FICA or However, in that case, your participation will not income tax,** begin until the year following the year of your election. Annual elective contribution of vacation and/or sick leave to be earned during the coming Until you have made that decision, which may not year. These contributions are not subject to be changed once made, you are not required to FICA or income tax.** participate in a plan which offers you this irrevo- cable election. Of course, you will not receive plan * These contributions will be made to all plan contributions that your employer may make nor participants' accounts without completion of receive the tax-free benefits of accumulating a additional contribution forms. retirement health nest egg. *' Additional information on the specific require- ments of these contributions is available on Your election to participate in the RHS plan is the Contribution Election Form for that contri- made by completing the enrollment form. You do burion type. These forms are available from not need to complete the enrollment form until your employer, you choose to participate. Q6: How do I know what specifics If your employer has not incorporated the plan govern my employer's RHS plan? feature that allows employees ro chose to partici- pate, you are required to participate if you are in a The RHS announcement letter provided by your covered group. employer contains information on the specific fea- tures of your plan: whether you must participate in the plan, the types of contributions available to CONTRIBUTIONS you, and the types of medical expenses covered by the program. If you do not have a copy of the 05: What types of contributions will ftHS announcement letter, please contact your F be made to my RHS plan? employer. Depending on your employer's RH5 plan features, 07: Are there limits to the amount of the following contributions will potentially be contributions that may be made in available in your plan: a given year? • Employer contribution of a fixed percentage or Contributions can be made in any combination dollar amount. A vesting schedule may apply depending on the employer's plan, and there is no to this type of contribution. You will be auto- RHS dollar or percentage limit for any of these matically 100% vested when you become ben- types, except for after-tax voluntary contributions efit-eligible or when you retire, die, or become which may not exceed 25% of total plan contribu- disabled_ These contributions are not subject lions. Your employer may provide specific limits to FICA or income tax_'" for different types of contributions. • Mandatory contributions of accrued sick Q8: How are my RI-IS contributions and/or vacation leave on a pre-determined coordinated with Section 457 and schedule. These contributions are required by 401 plans? the employer of all participants- They are not subject to FICA or income tax. ' Contributions to RHS are not coordinated with and do not offset contributions that may be made • Mandatory contributions of employee corn- to Section 457 and 401 plans. However, there may • be an impact relative to mandatory and elective transfer the account balance from the Money Pre-tax contributions. Since these contributions Market Account into the investments of their are not considered gross compensation for Form choice at any time. W-2. purposes, they may lower the base on which the contributions to a 457 or 401 plan are calculat- * An investment in the Vantagepoint Money ed, depending upon the terms of your employer's Market Fund is neither insured nor guaranteed 457 or 401 plan, by the U.S_ Government and there can be no assurance that the Fund will be able to main- 09: Are contributions made to the rain a stable net asset value of 51.00 per share. account included in "pensionable.. Please read the current prospectus carefully compensation? prior to investing any money. Vantagepoint securities are distributed by ICMA-RC Services, The definition of compensation covered by the r!IC, a controlled broker dealer affiliate of employer's pension plan will need to be examined /ChM Retirement Corporation. Member to determine whether any of the various RHS eon- NASC/S/PC, tribution types (employer, sick and vacation leave accrual, mandatory pre-tax, elective pre-tax, and voluntary after-taxi are considered part of corn- MEDICAL BENEFITS • pensation on which pension benefit calculations are made. 011: At what point will 1 be eligible for medical benefits? PLAN INVESTMENTS your employer determines the benefit eligibility criteria for participating employees in its Adoption l "10: Where will m RHS assets be Agreement, as outlined in your employer's RHS invested? announcement letter_ For example, your employer might select "retirement" as the appropriate time The investment funds available to RHS partici- for benefit eligibility. Alternatively, a specific age pants are ICMVIA-RC's Vantagepoint Funds," with (e.g. 65) could be chosen, or a combination of the exception of the Vantagepoint Income retirement or separation from service and a specif- Preservation Fund. These 15 funds consist of eight is age. When you satisfy the criteria" you will be actively managed funds, five model portfolio eligible for medical benefits. At that time, your funds, and five index funds, employer will notify IMA-AC of your eligibility and, before beginning to receive benefits, you Upon initial enrollment in the RHS Program, your must complete the VantageCare RI-IS Plan investment allocation is automatically established Employee Benefit Eligibility Form. as the Vantagepoint Money Market Fund.* However, you may change the investment alloca- 012: What medical expense payments tion for future contributions at any time through will be covered? ICMA-RC's VantageLine (toll-free automated serv- ice line}, VantageLink (Internet Web site), or an When your employer adopted the RHS Plan, the ICMA-RC Investor Services Representative_ medical benefits that are offered to participating Additionally, existing balances can be transferred employees were selected. Your employer may among the Vantagepoint Funds at anytime allow reimbursement for only one benefit or for through VantageLine, VantageLink, or an ICMA-RC any combination of eligible medical casts. The Investor Services Representative, qualifying medical costs chosen by your employer are outlined in the RHS announcement letter from If you should die while participating in the RHS your employer. Information about what consti- Plan, your account balance will automatically be lutes a qualifying medical expense can be found transferred into the Vantagepoint Money Market in IRS Publication 502, Medical and Dental Fund. Moving the account balance into the Expenses (available on the IRS Web site at Vantagepoint Money Market Fund may provide www.irs.gov}. protection to your spouse/dependents or benefici- ary{ies) against a market downturn_ This will avoid Note that your RHS account can also be used to potential problems arising from a reduction in the pay for qualifying medical expenses incurred by value of the account due to a drop in the market. your spouse and dependents (See Q13l. The spouse/dependents or beneficiary(ies) may 3 • • 013: Who are my dependents? 014; Who handles medical benefit claims? While you are alive, eligible dependents include individuals who meet all the following require- Medical benefit claims processing and payment ments: will be handled by Zenith Administrators, Inc. Zenith is a third-party claims administrator hired - The person is related to you (see below) or by 1CMA-RC to perform administrative services for lived with you for the entire year as a member the RHS program as directed by ICMA-RC. Zenith of your household and is well versed in medical benefit claims processing • The person is a U.S. citizen or a resident of the (its 700 employees currently serve 400 client U.S., Canada or Mexico for some part of the funds), and is familiar with the workings of ICMA- calendar year in which your tax year began RC's HRS program. and • You provided over half of the person's total All questions regarding claims should be directed support for the calendar year. to Zenith at 1-500-783-58B5. Please request to speak with the ICMA-RC Vantage are RHS claims A person will he considered to be 'related to you representative. Zenith's claims representatives are if he or she falls in one of the following classifica- available from 9'30 a.m. to 5:30 p,m, Eastern lime. tions: 015: What is the procedure for submit- • Your son or daughter (or a descendant of ting a claim for a medical reirn- either} bursement? How long does it • Your stepson or stepdaughter take? • Your brother, sister, stepbrother, or stepsister • Your mother or father (or an ancestor of either) After you become benefit-eligible. claims for med- - Your stepfather or stepmother ical expenses that qualify under your employer's - Your nephew or niece RHS Plan (see Q12) are submitted for reimburse- - Your aunt or uncle meat on the VantageCare Retirement Health • Your son-in-law, daughter-in-law, father-in-law, Savings Plan Benefits Reimbursement Request mother-in-law, brother-in-law, or sister-in-law. Form. This form is available from your employer. ICMA-RC or from Zenith Administrators_ Zenith Your RHS account can provide medical benefits to any person who is your dependent under the pre- ceding definition even if you cannot claim an reviews the claim to make certain that you are eli- gible and that the expense is covered by the plan. Zenith will process the claim, which will be paid, exemption for the person on your income tax suspended, or denied in writing, within 30 days_ return. See IRS Publication 502, Medic&f and Dental Expenses, for more information. Eligible monthly insurance premiums may be set up with recurring reimbursements directly from • Note that there is no age limit on the definition of Zenith Administrators to you or your employer. So dependent while you are living. As long as the long as you have a balance in your account, the requirements outlined above are met (e.g. you payment will be made automatically and you will provided at least one-half of the support for the not need to submit any additional request for the person), the expenses can be covered regardless insurance premium reimbursement, of age. • 016: What if a claim is denied? After your death, an individual that qualified as a dependent during your life will continue to be con- If your claim for medical benefits is denied, you sidered a dependent, and will remain eligible for will receive a written notice of the denial from medical benefits until he/she reaches age 19 (or Zenith Administrators, Inc. The notice will include age 24, if a full-time student), The age requirement is waived if a dependent is incapable of self-sus- • The specific reason(s) for the denial taining employment for reasons of mental or • Reference to plan rules upon which the denial physical handicap and the incapacitation occurred was based prior to your death. Coverage will continue as • Description of any additional information that long as the individual remains incapacitated. might be required and an explanation of why :1 it is needed 4 • An explanation of the plan's claim review pro- • bility, regardless of your accountbalance, if your cedure. employer has chosen to include a severance fea- ture in your plan and you meet the severance fea- You may appeal a denied claim. Generally, the Lure criteria_ See the RHS employer announce- appeals process will consist of the following steps: ment letter to see whether your employer's plan has a severance feature. 1. You submit a written request for a review of the denied claim to Zenith Administrators, Inc. See Q22 for a discussion of the tax treatment of Your request must be filed within 60 days of de minimis and severance benefits, your receipt of the denial notice. You may also review documents regarding administration of Qyg: When I leave my job, can I roll my your employer's plan, and you may submit RHS account balance into an IRA, issues and comments in writing_ You are enti- ' another employer's retirement tied to representation, if you desire, through plan, or another RHS account? out the appeals process. Your RHS account must remain in your employer's 2. Zenith Administrators, Inc, will review your RHS Plan. Due to IRS requirements, the program request within 60 days of receipt Special cir- does not allow your account to be rolled into any curnstances can extend this to 120 days; you other type of plan, including an IRA, an employer- will receive a notice of extension. sponsored retirement account (such as a 457 or 401 plan) or another RHS account with a different a You will receive a written summary of Zenith employer when you separate from service_ Administrator. Inc,'s decision regarding your appeal, which will include'specific reasons for 019: Can I take the balance under an the decision, emergency withdrawal or other circumstance? 4. If you are dissatisfied with the written deci- sion, you may appeal your claim to your Unlike Section 457 plans, there are no provisions • employer. for withdrawals in the event of a financial hard- ship. However, an RHS participant that is eligible 5. If the matter is still not decided to your satis- for medical expense reimbursement will be able to faction, you are entitled to pursue your right to use RHS assets in the event of a medical emer- legal or equitable relief_ gency or hardship, The only payments that may be made to you other than for medical benefits are de minimis or severance benefits (see Q17(. OTHER PLAN DISTRIBUTIONS Q20: What happens to the account bal- Q17: What happens to my account bal- ance when a participant dies? ance if I leave my job before I am eligible for benefits? ICIVIA-RC must be notified of the death by the fil- ing of the VantageCare Retirement Health Savings If you leave employment prior to becoming eligi- Plan Deceoierir lnformalian Form, available from ble for medical benefits, your account balance will your employer, ICMA-RC, or Zenith continue to accrue tax-deferred earnings until you Administrators, Inc. Upon the death of a partici- reach eligibility as established by your employer. pant, the RHS account balance will automatically (See 011). At that point, you can begin using the become 100% vested, Then, depending on the account for medical expense reimbursements. option chosen by your employer and outlined in the RHS announcement letter; There are two exceptions to this general rule. You will receive an immediate, taxable lump sum of 1. Your account will remain available for your your vested account balance in two circum- surviving spouse/dependents to use for riled- , stances; 1) A de minimis benefit is paid if you sep- ical expenses (Account Transfer), or arate from service prior to attaining benefit eligi- bility and your vested account balance is $5,000 or 2. A death benefit payment will be made to your less: and 2) A severance benefit is paid if you sep- designated beneficiary{iesl (Account a rate from service prior to attaining benefit eligi- Distribution). 5 T If an Account Distribution is required, your TAXES employer's plan will also determine whether the death benefit will be paid in the year of your death Q22;F How are payments from RHS or in the following year. The timing of the pay- accounts treated for tax meat has FICA tax consequences, as discussed in purposes? a22. RI-IS benefits paid in the form of medical expense If an employer elects Account Transfer and a par- reimbursements will never be taxed to you, your ticipant dies with no surviving spouse or depend- spouse, or dependents. No income tax withhold- ants, the account assets will be paid out to a bane- log or reporting is required, and you do not need ficiary designated by the participant. For this rea son, it is important that you name a beneficiary to report any medical benefits at all on your income tax return.m m for your account even when your employer's plan specifies Account Transfer. (See Q1.) Q21: Whom can I name as beneficiary of my account Death, de iniis, and severance benefits, on the other hand, are taxable benefits. In these instances, the recipient of the funds (either you or a beneficiary) will receive a tax reporting form, and income tax will be payable, In some cases, There is generally no restriction on whom you FICA taxes will also be payable, if you are covered may name as beneficiary for your RHS account by the Social Security system. (see the one exception noted below). Your benefi- ciary may or may not be your spouse or depend- In the case of death benefit payments made in the ents. You are free to name whomever you wish as year of death, de minim's payments, and sever- your beneficiary(ies(_ once payments, Zenith Administrators, Inc. will remit the funds to the employer who will withhold Keep in mind that if your employer has selected all FICA and income taxes (as shown on the table Account Transfer (see Q20}, your surviving spouse on page 7) for transmittal to the Social Security and dependents will automatically have the use of Administration and IRS. The payment will be the account for medical expenses after your death. included on your Form -2 from your employer You may wish to name someone as your benefici- (for FICA purposes only in the case of a death ary who would not already have the account pass benefit payment made in the year of your death). to him or her in this situation. In the case of death benefit payments (whether made in the year of death or in the year following NOTE; If you are a resident of a community prop- the year of death), ICMA-RC will file Form 1098-R - arty state (AZ, CA, ID, LA, NV, NM, TX, WA, or WI) directly with the beneficiary and the IRS. and are married, you must obtain your spouse's consent to designate a valid primary beneficiary The chart on the next page outlines the tax rules other than your spouse. for RHS payments. Beneficiaries are designated and may be changed on the VanrageCare Retirement Health Savings Plan Employee EnrollmenteChange Form. The form is available from your employer or from ICI IA-RC. Your employer will retain your beneficiary desig- nation. You should provide all subsequent changes to your employer_ ICMA-RC will contact your employer to obtain your beneficiary informa- tion in the event an Account Distribution is required after your death, 6 rill Income Taxes � FICA Type of FIH Benefit is the Benefit Is Federal Income � Is State/Local Income Is OASDI/HI* Income Taxable? Tax Withheld? Tax Withheld? Withheld if Appricable? Medical benefits No No No No paid to you I Medical benefits No No No No paid to your spouse/dependents Death Benefit - Paid Yes - to beneficiary No No Yes - if you in year of death or estate receiving er€* covered by the payment OASDI and/or HI Death Benefit - Paid Yes - to beneficiary No No No - OASDI/1-11 taxes in year following or estate receiving are not required year of death the payment to be paid De Minirnis Yes - to you Yes —27.5% Yes, if required Yes - if you Account Payout by state/local law were covered by OASDI and/or HI Severance Payout Yes - to you Yes — 27.5% Yes, if required Yes - if you by state/local law were covered by OASDI and/or HI * OASDI = Social Security and HI = Medicare II 7 ii ADMINISTRATIVE ICMA-RC reserves the right to introduce an advis- er class of its funds at a higher expense ratio. If (123: What types of reports will I ICMA-RC's breakeven levels have been achieved, receive? ICMA-RC agrees to make corresponding reduc- tions of the account fee outlined above. You will receive quarterly and annual Summary Plan Statements provided by ICIVMA-RC, listing information on contributions, investment earn- RESOURCES irigs, and distributions. The statements will use the same format as the ICMA-RC 401/457 025: Whom should I contact with ques- tions Plan Statements you currently receive. regarding the RHS Program? You will also receive a consolidated statement, showing both your 401/457 account activity and The following table outlines whom you should call your RHS account activity. with questions about your RHS account. You will also receive confirmations of benefit a p Y- Your employer: meets, address changes. investment allocation • For information on program specifics {benefit changes, and fund-to-hind transfers. • eligibility, eligible medical expenses, sever- ance and death benefits, etc,} Q24: What fees does ICMA-RC charge • To enroll and make contribution elections) {if for the RHS Program? applicable) • To change your designated beneficiary0es) On a quarterly basis, an account fee will be • To establish benefit eligibility • assessed to your account. This fee will be reflected on your quarterly statement. There is Zenith Administrators, Inc_ a minimum annual fee of$35 and a maximum 11-800-788-5885: please ask to speak with the annual fee of $150. ICMA-RC VantageCare RHS claims representative) • For all claim-related issues once you are eligi- The annual account fee is calculated as follows: ble to receive benefits • To change personal data if you are eligible for Account_Ass_ets benefits (also inform ICMA-RC) $1 - $7,000 Annual fee of 0.90% of plan ICMA_RC assets, assessed quarterly. 11-800-669-74001 There is a minimum annual • For all account issues not claim-related charge of $35 {S8.75 per • With questions regarding your account state- ) quarter) ment • • With questions on the posting of your contri- PLUS butions • To change personal data also inform Zenith $7,001423,000 Annual fee of 0.55% of plan Administrators if you are eligible for benefits) assets, assessed quarterly, • _ Account balances exceeding $23,000 will be • charged a maximum annual fee of$150 ($37.50 per quarter)_ For de minimis and severance benefits (if applica- ble), ICMA-RC will assess a fiat $25 fee in lieu of the quarterly account fee, which will be collected through the extinguishing of shares in your account just prior to the payout. The quarterly account fee will not be charged to the participant's account for the quarter of the de minimis or sever- ance payout. 6 • The following information replaces the first sentence found under the Section entitled "Model Portfolio All- Equity Growth Fund-Principal Investment Strategy" on page 20. Principal Ir To invest,under normal circumstances, 100% of its assets in stock funds whose assets are invested,under normal circumstances,at least 80%in equity securities.Currently investments will be made in the: Equity Income Fund i 5% Growth & income Fund 20% Growth Fund 13% Aggressive Opportunities Fund 20% international Fund 20% The following sentence should be read as the last sentence of the first paragraph in the Section entitled "INVESTMENT OBJECTIVES, INVESTMENT POLICIES, PRINCIPAL INVESTMENT STRATEGIES,AND RELATED RISKS - Equity Income Fund - Investment Strategy" found on page 28. The Equity Income Fund will invest,under normal circumstances,at least 80%of its assets in equity securities. The following information supplements that found under the Section entitled "INVESTMENT OBJECTIVES, INVESTMENT POLICIES, PRINCIPAL INVESTMENT STRATEGIES,AND RELATED RISKS - Growth Fund - Investment Subadvisers" found on page 30. All references to Atlanta Capital Management Company,L.L.C.and TCW Investment Management Company arc deleted and the following information has been added: Peregrine Capital Management,inc.("Peregrine"),Minneapolis,Minnesota,seeks to invest in high quality,long-term growth companies that have quality fundamental characteristics and below-average debt that can produce long-term earnings growth and that otter the potential for superior returns on capital. _John S.Dale,CFA,and Gary E. Nussbaum,CFA,serve as portfolio managers.Mr.Dale has been with Peregrine since 1987 and Mr.Nussbaum has been with Peregrine since 1990. The following information replaces that found under the Section entitled "INVESTMENT OBJECTIVES, INVESTMENT POLICIES, PRINCIPAL INVESTMENT STRATEGIES,AND RELATED RISKS -Aggressive Opportunities Fund" found on page 30. CreatoLDescription and Goals-The Aggressive Opportunities Fund seeks high long-term capital appreciation with- out emphasis on current income- The Fund invests,under normal circumstances,primarily in common stocks of sinal1= to•mcdiutn�Capitalization U.S.and'foreign'companies. • v - ' .• investment Strategy-The Aggressive Opportunities Fund invests in common stocks of companies that the subadvis- ers believe have unique prospects for capital appreciation. The Fund's investments may include debt instruments,pre- ferred stock,foreign stocks and bonds,convertible securities and derivatives.The subadvisers also may seek to hedge against foreign currency risks. The Fund incorporates several complementary portfolio management approaches. Each subadviser's specific strategy is described below. Investment Risks-The Fund is subject to all of the general risks of investing in the stock market. The Fund also is exposed to the added market volatility for small- and medium-capitalization stocks as compared to that of larger- capitalization stocks,and to the additional risks of investing in toreign securities, These risks include loss due to polit- ical,legal,regulatory,trading practices,availability of information,limited markets and operational uncertainty,as well currency conversion factors. These risks can be greater in emerging markets. The following information replaces the first sentence found under the Section entitled "Model Portfolio All- Equity Growth Fund-Principal investment Strategy" on page 20. Principal Inver tttent Strategy-To invest,under normal circumstances. 100% of its assets in stock funds whose assets are invested,under normal circumstances,at least 80%in equity securities.Currently investments will be made in the: Equity Income Fund 15% Growth & Income Fund 20% Growth Fund 25% Aggressive Opportunities Fund 2.1Y/o International Fund 20% The following sentence should be read as the last sentence of the first paragraph in the Section entitled "INVESTMENT O.l3JECTIVES, INVESTMENT POLICIES, PRINCIPAL INVESTMENT STRATEGIES,AND RELATED RISKS - Equity Income Fund - Investment Strategy" found on page 28. The Equity Income Fund will invest,under normal circumstances,at least 80%of its assets in equity securities. - - _--- e.--r.JS.'..bac.py,q.4.r i✓..a�ry a-nc....,. :.tom<>o.9 a......u.:..ro•..:..gm.�. ..:L.a cr-.I�i i i_..-7.J:1.^1ti[YtL<aSCG�...�.:::._..5.11_lt u4._ - pur.•S•n aallctus ui asanut syaas`snasntIOessel,\t`uolsog`(<:uol2utltaly1„) d7'I'Atttdulo7 luau 3.$3.uey\i uoaSur fOrA 8661 oa f7661 11.104) uu:9.to6\t cif TI stw uotuaaaaW-i/V`u.ualseaganoS 2ulu[oI of rood •8661 tic u.ia1seaginos paaiof notu.taUOlJ J J •ogoJlJod sup saScueur i tp uteaa aquo.tagtuatu a s!notuaa(_p Aj ma.puy •uaaascagmos pautof ay uaglt 9861 to aaaJCO xtaunsa.Mut srq (1 q salep•4w .sL6l ut aapanoi-op se uiaaseagmoS pup!'put U61 to aaaJCO auattusanut srg ueSaq supimtH •J01-odlojaaod atp saScuetu letp uctat tuattosanut ut: peag Vq0`saut0 Aalets.0 put'\/A D`supimtl.1 uoseyN•O •sanleA ivaun).ttagp molaq Apucaytu5ts saaiad ie pascgDJnd aq ur) ley.knunoa io ioDas jo ssalpacSat sa!utdutoJ paScueat ���� AitEtDUttin uu tsaAtn 01 31:10S ssautta :F. duta 1 ttilaszatptios„) 3u 'itiatuaSuevi Gass •u.talsta ano • Investment Subativisez—The Fund is managed by multiple subadvisers: Roxbury Capital Management, LLC ("Roxbury"),Santa Monica,California,seeks to invest in high quality growth companies that trade at reasonable prices relative to their growth prospects. The portfolio is diversified and consists largely of mid-capitalization stocks. Roxbury's investment team is lead by Alfred J.Lockwood. Mr.Lockwood began his investment career in 1992 when he joined Roxbury. Southeastern Asset Mangement, Inc.("Southeastern"),Memphis,Tennessee,seeks to invest in financially strong,well- managed companies regardless of sector or country,that can be purchased at prices significantly below their current values. O. Mason Hawkins,CFA,and G.Staley Cates,CFA,head an investment team that manages the portfolio.Mr. Hawkins began his investment career in 1972 and joined Southeastern as co-founder in 1975. Mr.Cates began his investment career in 1986 when he joined Southeastern. Andrew McDermott is a member of the team that manages this portfolio. Mr.McDermott joined Southeastern in 1998. Prior to joining Southeastern,Mr.McDermott was with JP Morgan from 1994 to 1998. Wellington Management Company LLP ("Wellington"),Boston,Massachusetts,seeks to invest in smaller U.S.and non-U.S.companies which may provide superior return opportunities.This means that such companies may be under-researched and undiscovered.Edward L.Makin and Jamie A.Rome,CFA,serve as portfolio managers. Mr. Makin has been with Wellington since 1994 and has more than 15 years of investment experience.Mr.Rome has been with Wellington since 1994 and also has more than 15 years of investment experience. All references to TCW Investment Management Company and NIFS institutional Advisors,Inc.are deleted. The following sentence replaces the second sentence in the Section entitled "INVESTMENT OBJECTIVES, INVESTMENT POLICIES, PRINCIPAL INVESTMENT STRATEGIES,AND RELATED RISKS — Model Portfolio All-Equity Growth Fund - Investment Strategy"found on page 35. The Model Portfolio All-Equity Growth Fund has a 100%allocation,under normal circumstances,to underlying Funds that invest,under normal circumstances,at least 80%of their assets in equity securities. The following should be read in conjunction with the discussion on foreign securities investing found on page 36 in the Section entitled "Risks of Investing in the Funds —Stock Market Risk" The International Fund,Growth Fund,Aggressive Opportunities Fund and Overseas Equity Index Fund may use cur- rency forward contracts for currency management. These Funds may attempt to"hedge"their exposure to potentially unfavorable currency changes. One means of doing this is through the use of"forward"contracts to exchange one -- - - currentcyfir another on some future date at a specified rate.-The-Funds will-engage-in'these rrrnsacrions to-protect.' -- their foreign securities from adverse currency movements relative to the U.S.dollar. Such transactions involve the risk that anticipated currency movements will not occur,which could reduce a fund's total return. There are certain mar- kets,including many emerging markets,where it is not possible to engage in effective foreign currency hedging. RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE 3 Managing Your Account -Has Never Been Easier ICMA-RC OFFERS TWO MO CONWN1ENT I WAYS TO ACCESS YOUR ACCOUNT Vantage/ink our Internet By using VantageLink,you can harness the power of the Internet to manage your retirement Sit. � and V � �if�1+E' our account. Simply log on to 1�'Sntaged.ir�k at r r www.icmarc.org. In addition to having access to account information and transaction I automated telephone capabilities, you can also find valuable invest- 1 merit articles. check stock quotes and even write your congressional representatives. V n L/'; . � service, give you access to il Or if you prefer, use Vanta€9eLine to obtain ww1 .icmarc.or fer funds, obtain your account information account information, transfer VantageLine balances, change allocations and even order a 1 l] statement. Access Vantagel Il ti calling AilIGEIlrItHll illr dl bnredthO /IC SeroICEP,u. 24 hours a day, 1-800-669.7400 to manage your retirement throw-4.w atiikoi,a rlur imiA f4rt,•..4 (} * �y0 C-or woOn ad a rw7mbN of n o Wino'Auscrasbmi 'l.� "." 1 zi trii11sfetlerr Inc Ik4$fllnmeliLa iIrarey investments. See the easy-to-use instructions Ct1On i11 lfrailtill PI I«lrflGmunn+tm'IWI E seven days a week. this brochure. dl ICMA RETIREMENT CORPORATION T77 N Capitol Strait-NE Waihiuet i. 7.0904.+4744 1,9,0- 9-74 Whether you go online, or use the www.iernamor9 telephone /ine, m n in your o nt is convenient and easy. BR C000-045-21:H)11:19-206 September 2001 ICMA RETIREMENT CORPORATION rra 14gge 7104.,;.Yr ri.j.c.,r+away'OW III VantageLink V i e , , ,,,, ,wwicmarcorg arm Getting Started On our site you'll find: Getting Started Vantagel.inp main Menu To enter Account Access,you will need a Web , Account Access: Tins oasbworli-prGtrrcted Itecurir arot1 To take advantage of Vasnta}gae iraer,all you rased is browser wvhich supports Secure Sackrat Layer tSSLM ,haws von ttr ncacass infmni tiun alma your pamonal touch-tone telephone, Simply call 1-8U13-669-7400 For 0 Account Information a method or maintaining security ran the Internet, acctallntirsi confidentiality,the first time you calf,you will need to If you tare rtrrl using one of the following browsers, Our Funds!Find In.d apth'Worm ritipn en each ul our create Your PIN using the foilewing method: tt Account Balance Details you may nut be able to ecteSc this urea. proprietor',tun cla,inch,dinp monthly and quarterly updates en hind thorrntte'sistlos Additionally, • geLine instructs you to enter your Social Recent Transactions 11'�Yea cash view Iufratma- • Yesrrtre Butt on our Model Portf ell e Funds end iii nut Mutucl Fund Security Number and your currant PIN mite last 0 Statements • Nemoaapo Navigator 4.5 or higher Si3taaar" four digits of your Social Security Number, • Microsoft Internet Explorer 5.8 or higher MaarkariliIwar;h+larliel iew it aluies timety financial and 0 c'eyrnens Stetias ucent:link Irrf[arn atiun learn the investment yrul115ainnle5 at • VantegoLine will then ask you to enter a tc/VIA-fiC You can 4:11a4u CUB nta'your awn prrr50110llrert new four-digit PIN and verify the selection 0 Current AIlocationa Next, Request A Password Msrkekifl aw ono aim gruch Stocks,matri'ra ts,;Ind rei:iatk43 11, of that number. This is the PfN you will ` 0 Total Cantrituutionn. Intest fnforrslatlorl trim leodinu news organizeoans be required to enter each time you call • Go to our Wel) sitti lariat choose AACGotint Ei Accisunt Changes Learning C enter,Take 3 cuiiPz Ir1 heir interactive 4lrtual VintageLirre. *4r Access'from the menu bar at the to ,:Iiisr. ooM iI Ang widen anti miler tools(;to i'LPIp you losrn , * Under"Account Access",choose Hint about'mill iniie5tinant diiii543c.intact barn more Alen Lisa the new PIN you selected each ^1 TPSrI`ixfwi Lift financial tannin CrlIrl,lMUr5�ofSil arc h,hare for leer . +>~ I -Password Request'and `Flog iaslt A New 11larrtorfar noutrsla:ttaTgs at knit. xubsequent time you call „ s Ie future Contributtlr ns Password-. VantagetFne, You early change Share Price Performance Legislaaulre Action Canter.)lied out the latest IiI IoUISIntive - ei • Fill out the form with your Social Security l troris eit drip rirtitetila It plans end aerate n trrtort❑ 'nnr Your PIN as often as you wish. Number Iwhich will become your Account caerLgr carini rritariMlirialltiye. Remember to keep your PIN in 0 1 t( information on a Specific fund Number},your last name and lraptinnallyy Yaisitng.nrnllt_VAnter�eTaiIli Mints i4rIAm3 where yilu cur+past safe place, 9 Information on Your Funds your email address. gratiraluns and receive ommw its an rirriPornent flint-1mnq and , I`Past performance IS tro c1:.?' r;re= • To ensure proper security,we will send your relat i topics tram cliherc 24 horns rI Clay,sewn days a Once you're in Va�Trtae ,l`tnia,you immediately receive pf;ri+r.re rEc s;;rr, 1 email,Vnrnagaial,ill-fors live forums t[I discuss'retirement your account balance and a summary of any pending General information password via U.S.mail to the address we 0 Issues welt yrltlr peer:; transactions.You can cancel any pending transactions if have on life for you You should receive your password within 7 to 10 business days.Then • Te)Protein&Saw! you wish.Then Press 1 to obtain even more account 0 Cnntect Information • The Palencia!Prufei lnarisia Hawn information.You can make account changes by pressing you can ruin access to your account • Plan Adrmmnistration 2 and access share price and performance irsfiot,rrnatirrn 0 Request Litioruture • Itrrrrirrfn NI le Women The i;rassroots o-n., by pressing 3.To speak to an Investor Services 1lepresen- 0 PIN, Address Menu tastive at any time during business hours Press 0, Other PIN Chun Rabe nt Pradustt& for testa how 4P and si11 i Change I — rtatueuigni Watts work and lilrw theyciart tiara Li ii sing EnI options are listed in the VentageLlne Main Menu ,_ frit Bears Maki)Nroriey retirement. Igiscnarei the 9pi4ctierttax ndlraningeii iEatua`ns at Cher) on the right. eh Address Change IRAs VentegeLink a Internet Password II l--7111,,, WEN-,rziwrutxprit. PerdnliioBuildnr aid S&P Advice:Use Por1tola4fiir Idol it, tIMIIIIMOININII recnlwe aunt eiaass nlJnr.own ancriinnio tdations hariQrt iii,, 0 Tips I.E.,na was■ lane. �'uLII freemen)taro1hin)iii'rusk urn tea tafilhriln 0a, rrjceuWe Minailmmil n,w rig)rr.."7.a...re ,ii.ivic0 from Standard& Peor`s on ilia treat fuiadn tar you' 9 Investor Services Repreasratativo •n:o.n irrAnrmWir+fn 'r"`Irmm11nt fi tTrttn l+0 IIIII IChRA,FE r ri mrumi illil Qki amco„ar, liisurairae Services,aLir Florio Punt, service compares Oa rli PI ICt=a ill iIIriLI ram;i pitini,tram lap rated Inxureace IMIli r:nrnpar 1Ies.Within minutes you"lr rnceav'c instant gaantet L uStormiuLI Ea'L yailr spa IIfir, treads Irani some at the irtitsi irListed mamas 111 inssal arms 1 Vantage Care Retirement Health Savings Plan It's a benefit Vantagilpillat mteurilies are thatlibiaad ay 101 -FIC for you that can Sarkkes LL C , a caotrulloci Luakol,daale$ affiliate at irmA-ric, member NASOISIPC ---- ,r-`' ' 1 last a lifetime ,,, , •ft. y • - , 0 i , _ /,,- A new benefit _ . -----AAL------. from your employer that can last a lifetime 'cm.,RETIREMENT CORPORATION 777 :4c.L.LI (..ap.tol S:feei. NE Waii lingtoli. DC 200024240 1 4300 669,MCC Pam aststencia an Espanol Hama III 14M-669-B216 Yew*ICMAFC elfj ,---'1101111111111t-"%•-- OFIC000.04U-200206-C329 TCMA RETIREMENT CORPORATION IIIIIIIIIIIIII.Milili "ILMIII.M11_ Public employees today are looking for VantageCare flexible healthcare savings programs. RHS gives you a - N.,..,_. Ilik dill ma-- Look at what VantageCare RHS offers: head start on 1 _, _ meeting increas- - Tax-free contributions and tax-free . _ . ing medical -*mar-- investment growth AS-wash i'llIP-11.r costs, planning .--.-- - ,- • Choice in contribution levels for tong-term -..,,. NV Of available in your employer's care, if necas- ... plan) sary, and filling the gaps in health insurance and ising healthcare costs are a Ability to save even more with Ft able in your employers plan major concern, especially in retirement. Now you can • (' Medicare. Your employer has chosen after-lax contributions if avail- H fV1 the RS program from ICA-RC to help you build assets to fulfill your take part in a savings plan that can • Tax-free medical expense reim- savings goals. bursements help you build healthcare assets • Vantagepoint Mutual Funds that before you leave service. A program this innovative could only provide you WO a full range of be offered by the public sector expert! investments The VantageCare Retirement • Combined account statements on a 14011M=MIP Health Savings Plan (RHS) is a quarterly basis, showing activity in tax.advantaged investment plan all your ICIVA-AC accounts It'S-Gt,bene6t-for you,that ca lalit 0-, lifearnei dedicated to funding one of your • No forfeiture of assets upon your .& most significant financial exposures death - the funds may be passed 417 I along to your beneficiaries during retirement. • Experienced health benefit claims VantageCare processing Retirement Health Savings Plan I , I THE VANTAGEPOINT FUNDS PROSPECTUS May 1, 2002 Tlr� Vantagepoint Funds is a no-load diversified ppen-end managenwnt investment coin any, The Vantagepoint,Funds Operates a$ a :`series" inv€stnle]1C company o Thri]ig nineteen distiilei. in stmcnt portfolios (the "Funds''), with each Fund having different investnrerit objectives. This'prosp ctias gives you inforruition shout the Vanta;rpoint Funds that you should know bd.-ore i]]vesting. You should rr,t[I this prospectus e.ret-ully and retain is for future reference, It contains inj rtuit. Hlirination, including how each Fund invests ;uid the services available to shareholders, • The Securities and Exchange Con -•sion has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal • offense_ The Va tag p L funds 7 TABLE OF CONTENTS SUMMARY 1 PURCHASES, EXCHANGES AND The Actively Managed Funds 1 REDEMPTIONS 40 The Index Funds 10 Purchases 40 The Model Portfolio Funds 15 Purchases—Vantsgepoint Elite 40 Purchases by Employee FEE TABLES Benefit Puns 41 Exchanges and Allocations Among Funds 41 'INVESTMENT OBJECTIVES, Exchanges—Varrtagepoint Elite 41 INVESTMENT POLICIES, PRINCIPAL Exchanges by Telephone 42 INVESTMENT STRATEGIES, AND More Information About RELATED RISKS 28 Exchanges and Transfers 42 Investmem Objectives and Policies 26 VantageLine 42 VantageLink 42 RISKS OF INVESTING aN THE FUNDS 36 Purchases by IRA Investors 43 Investment Limitations 37 Redemptions 43 Redemptions—Vantagepoint Elite 43 Distribution Arrangements 43 MANAGEMENT OF THE FUNDS 37 TAXATION ._ 44 SHAREHOLDER INFORMATION 39 Share Accounting for All Funds 39 FINANCIAL HIGHLIGHTS 45 Valuation of the Funds 39 Reinvestment of Earnings 39 Pricing and Timing of Transactions 39 Reporting to Investors 40 1 1 SUMMARY—Investments, Risks and Performance rltnitrt6r,- art TN: 1r14'_411abrr7t 1bi c[iiic3, prim-,rd rirl'idiiy' lu ti I clrlli, sib'siritiL:,4 (or i.il ulluietl).=-. ii'.u.itrftllt '.1arre}r}gi1'_, iinl:hu,lirlb I;Itt rvf€-. ,Sil.',q%.t11'0- Lug l'v[ld, 41iii lon't- iii li l`►..-hiL uil'L- !o2Luriutij rit 11611 114 :,!ilc(i Fond', dritl l?reel L'i11.;1 t'i Sa1Yi us .Lrld i f,? $,141,..111,11:t Ii) all LLIFnL r4LL-llld LI Lllt t'i:,l, t1, 1. rin'F:dung in riLi Finial, Ia Nell 164ri11 1,)01,11.V. N.:i1-':iii; d t_,. Common Risks— In w..-Jr,t11iW 4f:.-,*ta°z4, ail or ihc, IFle.,1-4. .?r-,i °'itlak. 'I lnvestiJ i in ihb FLinal," hit FLICICIS cnt3ll ill.- jr x el-Gat an lit,'}°{113le 01 Way,Icui .131r1re t13l'a0.331',3113-51i i]litiLLt tI1t rI ri....k. ilaa3Ai4V'. 1rrlclr's11 ilit Enna.,, Y :rtpt the Miini:y h01a1-lcer. US Ctivrrlirn nt wsFlIrirr >f, 1..,rin [3ttlnl PerforrnDT c --The V2lnra Itlian[ 1'1anlit have dl.. Intl cct .and r ri')nle l`rc=-Iawan,a-ril Fiona.... 1rnCI,t .a a itlt- 1n'--suir 'r1: 9113v7rr}c5. :711x1 are a1111-'ri i1 In pr:T rnti of wa -t-. III S..1ri11ib.aill,trarza 119 <all?17-1alai-.1114 tit-2. ''zrlIL 1-dcI1llut, 3. h.irLsin Emil,. that Cy?Fal71lCt11 `t0'-cs 11]r 'Or tonlirrlOt l'inni Illt,ir ilis;,C. n-t'rt- pratvr1iu„1,y rift raai.d-Ilia i41;h'r111: IU1'IA It_crirr- in cm-ninon `st^'Ir'1;,+ iiDli An' sirli rct to). All it tit• m u.ir Trao'it i;riclkiv iutirve t1 1 "'ant?. Trl.lct") (.he gencr:'1l Mark s ftl , it a2361y_ int 411%' ',LI')L_L .1nill h 111 7rnrGla('IOti:re k La,tial11a11i,gLE lilrlt1 6-11:i1. rIT,;1CkC`I Ya-wl:. LYI'91'1<S1-p¢'r'.ldaTOotirlt'=' [411 `: l tttia .11 liriLl:1 lili l lBatiL.,-.,to tlhc I] e:t+, atl ri111111 ic:ctEir cyt;l,, svvElt ltL-t`i6lLi cil rising Etrica and 11erlr)tl'l of i-r"rn i-nt I'l.lnt. 1th4tiiii(1IBy. ill a21 tilt 11t3ntu,;lki ncnlly IlIlirLg prie 4 4CC'cirlral'- /IC a`,lr'll III,.Ihr \',4nt..4,cltyor:rlt Fan ds 1ri2ri: rnn1`:tk-rr.'LI fi,1ti thl,r crtrir,,, 14trtlllrtl_ ('arid nl 0il1. ['hz Mlii] 1 n'k a. 1,rciulc 1'rrc1..ri iricm. Uti 1 rtt-11.. 1'1:J 4:6rn1 sn,=,-,t1�nrr~s',..,q Iiirth in 1114, 171Vr,f16. - G.).V1:rtfl114'I'1I SC4111iti:21. Ciiri 131,11, Inuk , A,S:Fee tkt)i tit ai1Lb" period lir[s'1r'ta5 1hi.. :' tnirl',tet, ea ltre-aiat A111:n 7.1iion ut1Lf.111L pt"thre,Palyidsl l'rartinli1:a Viinik, fterfal.rhi.111, alt t}1*` tmrtgattcrri:l :?clriinlinllLL..1 trail! c1rcrpr ihe All-Equity Grrnvrh hind. inve.it .Ii k.I1t lutri The Actively Managed Funds ,Mooney !Market Fund t a)l.t_ailii:y of M1 1n'1L'iinicrLc in Llle Fund Or a rlLle e; l;ir1, PLIJ1LN p.LL perfrrnianbr dot-. not llg,4,5im1V investment Obje t ve—Ti1 !tk1- pCLrxiInuttl Lur- intricuti lityr4. the Fund will ricriiirin in the fial;llrr,. li LJr 1t1L-s'Iiate, :zr-iitiluznt with indirat:IlrtiIIF_.1niiii4tnL'1 flii u li.it ,..h,,,,,h,,,,,,, chiinta;'t III ills rce i lrrii,Il1I:K .inrt :1 ;:w1,te s11m1< prier. L.1-S1_011. in'[136' P,Aouic lvlarkct finial Irrlrtt year rcu yL^�r- in Principal Investment Strategy To iriarem 11 lsi';,, Sid'm.ieri-Iii (lac Sh uYnt- lq'ri1L 1 rJa'xyl,il lrlra't CO, et-_y L;quit] AS' rs 11'n:1.r411io, avltir'Ib inVL-t. in laigli- quAlii'. ;lion-te1`rll 1LLUJlti" Ltlarl:rt insyirrinicrit, And --.n' is :Iilvis 1 L1y-AIN1 Arty ;tr-t, Inc, III I t4 2tJl?ti '.`i i Principal Risk—Alo irivz:, ic-rd in tllr Finial 1-- 11111 ilnaul.7.1 vii a,.'U:Irl'ii -'t.l by alai Pr...kr..il J711pLa,ii_ Beni Quarter Worst Quarter Eii.dirlflll'e. ( JSliclt.iCiaill kn. .lily oilla=l' ] t1'.tiit11ual 1.55% O.SIF,i. dl el;ILy, 'Meru 01, irat gtia hater t11,11 iii. FUIL0.1 141.11 l3td Car 200111 i+9lli Qtr 200'1” 1t4,, ahla. tai aulllot.Lili a:rll{halal 1141 a-.}.°t .'.'FIG Performance Table ("N V7") per Alain.. I;I'S1,I!II Shiva Strains I Year' trlsaapiIan Performance informaiionTltc k'JL c11■11,6 anal taionoy rvl;lrlt.r Frrnd 3.704., 4.s3'7-, ilia: pc-iiiiiiatla144' t,7,t?l ll;; ov:-. 111it31c,Ilc LLIc x15104 unit It-4111y T-Bill; 21-.82'3i, •1.12 ',, I 1 111c For Ltu I2 '3l /III wnj'a f-«l '.;; Performance Table 1 L i' JPl hull-krr,'1?;I:II'I 'Ih,r tht , FalJt{i 3 1;1a1•Er1Xr Yf7t 0 yicl(L Year Ir►tnptic37" InC?7tiF1'r�s.iEnrotibtt Furztl Income Preservation Fund Itl1rarn bninre lanrpi 'i:t .; 5,25;6 Investment Objective-To �rff�s a iul;',h•Ievrl t r Raton] oda�r'raxrts atk al:�rrll�ullann Fraturil r;Onr taxes an di6trlhuilnnn lrnrt [;lei r1;ai3 II.I�17111 016ii i i.tic with riele`rorli: }rr1114.ir.11 arii;T t hnsim ;t11LI 'L`ek-iull l'{? 1117111GY1n .1 nlatli ❑L't :i`sc'r. r.iLi1 'roc I ttry°1-®i91s (H,;19ee1.>rill del d11 ilrnn far i0C7 C 11iI,JE9,nl' t lF]I 17-4 io ,fi0',1 ;16:1tx Ifl�Far;i-nor Molloy Mark-or AverluOe Principal Investment Strategy=Tn 9114 sr. rra- [st:{r» clFlu I d� llu11c1 Flar ° J AdJfi'.?. t11,11•tly uu blab,:>lu,tlall.' TIx7rr-• and antc.rrricllkJgr- Itill.tllY 1 4111 '1 tc'rltt 1L s:1 laattwit' 4c1'ur'1LR- `Fie llrc'rr�,� r-9i111�1 grrr+- oY i morns ,.tv-r11 ETbTIil 1111111"ill: 9,r 7111 nil Ii rhr=1 dnLJ SI 11 ill'ft dta' FulTY', NAV, Lilt- FLInILI ti41DI t•611r'r in n;Elrtuf fti r.I nl.rtt in11111 fils11 ill 1.1X 11E1%.11.111 LIII 11111 911tl0 '0,.1-21111117 ..igru r111ttlt:5 l4Stlr<I:I by IBruh11,1_131 7r15tat11- lehie_? alit unpin- Lnll f!'.:2I rfe1h �v,u1 a.1u.11 r�li n'n11179 'a•JI uLT1,ratll S,r, vow';},:Hill-Ohit Jriu1 i_'JJ'r',111rrr l'Ir111` ..1:.I7r11� it lCl_11tt -urb t L i litil I,.t?rlh L':3ILItr 19 t;- kith! .Afler 1:Y1uu1.1 !ii,'.ii Jr arut.I,_I*_-,LU;t I.1y194- [t1;al'�t'I'. t:�r,sti' ,LI ,vflar by.111 rllpfr -P- r L IFaEt f c Intp[tttla ti•4i 1-11,--.!91-7r1-117.1 1-11,--.!91-7r1-117.1-11,--.!91-7r1-117.1-11,--.!91-7r1-111-11,--.!91-1-11,--.!91-1-11,--.!91-7r1-117.1 tirtutti'11s •ILtiLa'1F1r Had i (1rl 1.1L ' ir?tdc} LkpL,'fa [ GL' 111;711 '11111 19 Jf1101 21,-111111 P,n irlr11d:r.yt;a st.l- 11l2F,Th1l.t'L11cJ tula11 1 r 7bI[. 11risdi .-1' a Iti.Jter 1710 111'Pr:rnr9D iltan :1 111 tItLQ1' to�;L i*1•.7Ir"±1 t rxt The..l a:i F3a'r;In it "" ul 1L1'A r$rcim.il'uut ntarl;et Fund fI ile LLL uiI.t 1 EiI c.rr1�,-vtr t:9 19Ll l 11` ThL al o3ti L-tIET-I l s era srn s:@rIrinm Frrl(.r Principal Risks-111r: F11nll o 1ir1nuril` 51,ibjcLt t.r.l1F ruin: a.hc PrIul rrrfiln•49 Ir Jutret In a�nrllil: iuslr.,lurn i i1C_1L�.41�rta LL J 111111 1Ienc Id r`,4i,L did Ju'U' 0191 [_JD.nu t LI) tr1CL't >L fate risk. ;elliItd tinder "14,7+"s:'1 tjI iilr f11r11h turrrtL'd,IT r y,rlti:1 ,- r'"-T'erunL_�,77atp; 111PC6CL1Jg 111 all: 1111D1_i:: 'J .i 'V. 411 .1S Lilo ril l: 11.1.A1 1ltt' ;i ga,•::�na, LI'r Liiial l�', 1931' Jt11'I'-1.1 ler:i1 9}I,IELLa i11 L!u' hll�e tIJ isz µ1Y ar.It Ir.rfvni:°ilia_ l teen 'tS'�17rCI 3Lrreerwi1L it pLlr ir.r,e> 14'i11 i icI ill 11HI1al 11 71111^ 5'.L—a5[r110r1'a1. I^r 611lii'- :I:Ser-L11;Tgt:3rir:'.V1tll11t I,: IJu.-11.6 Ll trtl:r 119 I-hr.- 1°tur111 5 .rrsl'rr- Performance Information—TI,l 1,,Er 1 1x11 111111 US Government Securities Fund the Iterfrnttince calbIci Bleltl.t 111ov111',111"a iIltr rrskr. .191i� rnl:,r.11irL• 1+I :tl'1 u6,<'L':11:1111•r16. 11'1 the I'Llttci. ()t' Investment Objective—Tiff iilf r t-urreut C19LitIt. tiff Flit31-J 1?thd 11t:1'ilirrl➢I111{ ; 1:1C1C'1 11{)r lnrl irn.e, nsrc-vanly ailihcare hie ' FIR: Fund •,'.III I,rrl:lrm ila rhr tuttfrr. Principal Investment Strategy—SlrlregiL- 1*•lursord I.7 Ihr hind's sub,ldultrr anrhtd> : To • Intl-sLtrig; 111 1.5,5, Trrittillrv, (iSrv,tart1- Ii14.Ilr gun ens-}' JFtw U,S, �iuwn-111191`f l6 .]'��ri V— -,Ilr: h1NIrim:ov l st•c11rtilr§. Including nicTi•rf�16r 11:1x5-rlirotTOT 5£�Gtlflr3t_, • ll ,1 11LVt:r,i1r1 91111 1II,r3alol ii 2{11}1 \vkt19..111 1B➢ac I LiDi t1i.11c It1.1LL1riLV 1i1s. i Principal Risks—Tile Fund in, 11ra111.11-11v DLbIL L l Quarter Worst ✓ uArtcc lIr ialtonot raft risk- 1•{1ui11rd •'Iti',tti 1t-- 1-R0% 1:15% (2nt1 Otr 2001 1:alt1, Dir 20.01) lllt'�T:rI1i� n➢ LIJt 11117[15' 1. Thi U5 l.itt•c::'1L11111 LlIn 5eL urlta�. I'atlad will 1r..5riehl 111“: af➢e vkllatilinf 1i1 .Lae ir;atr11ttidi.,ao-crrl97 f -" vra30 b mc1 Fund Tltc I?larlitali or tit.: l'LJrtslr9 119 11111.1114..;,1.14V rl.t�'�-LI1!'!rir'II LL•t-111•1t11!S i-. elltaittd .ti p7'r'-l-41)r1f1t;ILt [HA, Li'llar;h I! rlhr rid; that, an J11 Cu,°'iraltktltl'11L• ELLIIiii ttltelcE.a 1.1x2'1 1111art ,,L!t' gill hr l�;titi t}Il' earl- T hit, acLluiiL. the ktlnd'tcr dl 1:11.1 lltLr,rrrlrteed- 1]i',LLeL 1rr111 3111-.ilL 111 ILWL'::r-u'te111111[ 11h'rrurrtrtla.1. 2 II Performance Information ,-TIrac-t).-Jr chart 4141...1 Performance Table the rerfnrnt:Illh',L allle- 1 •2C" Illusrrit-i- rinC rok ,11,2,E Shut Sfixrm ) nnr utrs Yr�n 1nt:aptkon• t-4ntilicy sci.stt 11100=amr,Lt[ Ir¢ ail hu Iii, t 1'[bUTU+°' , lJS Gnr'rlrnrnllnl SrIellriiLa, !Ili: 1'lBlaii'ti �l�l*L E+e'rtkln,¢aItS=a �It9Li rIS.)[ rhrEe�'✓�1T>Il Fural IR:Etirirl {<loiorn y aE,co:lh 76147":: SL4q". 6.SC 9bU':S' iiit9ir�rr ElR�,1 rite �ulu� +uhll.pi 1i-+rrii ni [Ttr;MuktErs— ROurrlsbnloreerl,t. 1 E{jehq, wlhr�n Lite 4.aft�,r3.�1,1 ) 7..4.7;".:-.. N/A ��,i. 1..14!% E']7� �1flrE1 pLLM1 �prlut to 11+S�r��h 9, r}1,2114 aiiva ir�xe®sr+ +,RIL�Prr1.11}�� 5.6.1.6...... HA N/A 4,37: IFuli4! began tlpert.4Hu r, Icpr:-„ryas sl;-44 } ' 1.11M1 ibut3r la p I1.slurn miler 14x0,a,+t1 ctt r ccltllnaillEmled I=unLi that I'I:ll9 silt: fznlc i>'tti'e4t° ILIi!.Il[ Ulljkcti>.rti' 31141 110.910c5 11111 tiLA.S ,sl."vr41 1Sti' ata �Il�; d O 1���a G9 al,a 't. MBA WA }.11'i;. +L'rdL.t'ri-1'l- 41l�hli.7CC Of till': l'E[n.1 :ti1L1r''Yt.9. l�ah• 1, j hrlarrifil Lvit:al i-1 Yuan tiket! II) liell•r4't .iilTi1LL emilJ1h:{d. Treasury ltideii IReflyda ;luc.�. ltLl_ h>!elh aS�• ales sa;�duriiu,l;l fur leas: L 11 tti,'.It licit :1 '7-0 Fri_ I0.. �u M.9'16, �,.{lo� +)r litc F11tlii, l-he t;111iI1irlg)cil rlantl- L+y,1iln11141r, or ,+tor l �;,-, 1; ;1,15 t1�.►s �iiIj+.4;L' L'L! tl3b Lallmart,ll1.1111 lEdl;il4 t't:giSLCtud Ilium:II t131 la 11:(1:41+.rllirll7'fit Bond ll,ders :rhl LC. Etl1'a,t,attL'or aura ray ri'tst ti{iE,� IS ill/: Fultdl. ll gftci11+L9 PO dedu4iitnlr :1: 1i id bcen..l.h4: cninnli iitIEli EL941i.E'5 pt rlortn.rnt'e k7r ft?u,-iJxlwn a2:ni . 0.,12'61 D trim 7 016°.i, 6.7[1,;rt may hive been.111,2,2,-r. d'rt11r Ell !)u:i:VIIIttr '+_ -}IIfii, "i;�•ij J l, ualti„lY 4�':r,:t¢ 11, 1'�'yo tllc !'It11ll 1nvvite 1 �4:t{'•i' sir iv,!4.4,}4',2? in U.S. Trv.asur1` • SS t-,l',.f1!lir dPnrl`lydCm�ylr�r J L`c,art CttIY t,, it-Lit 11,11[ ovvrC''1l 1, rIiltIItt�;Le.,1•t1se �;IJIKI." i+.reJr 'ii IIinmirlrlIn- S��ul'inl-s ;14,1[1 b�°•lu �r'lry�ti'Il .r�•Illr La,S. Trt�,,xtltti" 1 s ] I?: - Al[Yg- ei.:.uriti.c4i TlI1sLL phl'_J fdtltl'.+ltiLli ',TX. Ii icre3 L.c�lluLI1I}:1Lt", M4 151LIliLUtL1 1IJ■ hr ii .:i1.r=ti]I111 11 tar pen,011.;.1I r¢ L' ll9r¢I" 3r,r)rTrn.111 1...kre,2 I- 4¢:a1, '��li, lrar ,;':1011 :ha:,;r, r;1r:L1Itt?Ci in EEte pcei-nrmattrr _ of 11.1,2 Li (it5l T"' ttrLlCilT SLCt7riliV:5 rulltl'': 511;IVE uat"1T1 l-1 i19Pr�ainrir�,Elil Ulna 1' n1p.Ciii:ip.1.11i1Y Ilyeic41I S,IIIu .-i u''t.1 [Tt1rF1 yCill' ICI •I I' t_a+e-a rile Irnfiis-1 i4 irate .L I I i1+t.a4 ril t- 4.-1;1 7;1111-m.-,-,11 0 4,11,1 ou"i411.11 lilt.^L„u1,■111 :,> 111 l 1-1:00;.:1 se.u l ,ItrE--..,- IIf.al:illi1.f 11,m.n' Ft1hr:-1141 rcr.r. :. ..11'si.ut u t l'aaL tv:]c.°iul „rye ;r1 1rl.'2.0It, l:•lal..'huh.] scar ahiir-_.1 tLtin;'atic rn F=rrt.tl 14+15*. ..+L'. urtailil-rauni`. lrlel-lb:..-All ills? 1 tw-or! Lrllll 1,,2,2;•1 sole-1}s1•n1 L1.ra• °�� .,ti Iu11 :. in L,Aeilil3r sr-.w•241111 ill. I-iiii I 1 ItL.i Irlllil Llaui IC rn,j:i l nrl 611., toirlic Ltz l.elill rtL A t^nF l'r`J7 en ictir 'a+li'r 11ara IlIe tcltu..l;iI t 1111 I upprr-LLLr,1 ps?rRAalhur ira7o,i ftL 1`ll•e, ' Fi ir,J alL+91lbLtt4J IIII will.. I I1.1:1fria Willi lhrs Cir,1eitt1 ['rl!rt 4 l„rT.er-rI� It, L.ltirct II)Chu1 4 iri;'L E fl I ccr�� t/1 tL'1n lilac 11 u: inn' �� _.� ri�j.-u ]e LIWn '044 a 61cq Illrt_.r'I +-.71, Lll 1r.,�: LIIIt IL'llPl,t la 1fr:3 Ss ue tm?I 1I] tll lea 159`3 2t!Dfa Iall1 Ih'in nil L', 111,9111-J u: r ette:l r.,l+cth 1us Irin l brit: uE 1. l;lr.t11t1111r1i.ill '411.t h 1 ;_turll u[,,,,,i ll tL,,1jl,ll LlllLc)l'c.c �ln HO. a1a1,L,trc 11ui',4", Iln�xl s� } 1�e54 Qual'ter We r�l 1'6�41'd et ral;. •.'11. In+'4lnlctl, :lir Fund' ti./. tai 1_1111114 ....Dub! 'Ile il r r4. r°c,rtrl''+ IIIiL- 0. p,71..1•:r. w is Li1;111grii 1111 Pi :1.1- k3rd Qtr 199131 11 4 fir 96841 P 1.1..1=1. 1..4� '1 I'll-VI. r'e i�5, u•liar,ifilr IIIG1 lZ,a,�'�• 'CUED, ;07".=11,111:.1 171 th ILI,-Ii--1.iii LCIICIi 5-7 4iu1 'hex: 1y lr,tl t-9 (,;)JIr (JIr .trJ 4,1 rylt1t 011 '11t-i v:nw._tit IL Illi'r.Lnlcnl p li.i•°•, th-- LaainiiiII I ,21101.E91,14911' I;i11} :rnlo1rnr hLtrll,i•YIL.L--- 'LVill;1.r- l tl17T'.'.m;LE 1141 nom="''IlIii 1171: ,ruraruuulall,:.' rir Illy Asset Allocation Fund Investment Objective—Tr, oll]er ll,11ti-Ler31l cal lt.E! i ICIt1 ill ;4t a lawcr levr1 of rich t1iats All gill LL1u9L•. p:)rilklito. Principal lnvesirnent Strategy—To 1.1Cm3 _Lily I jJIItL.liC .1rnl?lLg CLlallnlCll w41J:1.5, l'Ic)L1Lll .lad short- I ,._rill IntrL'Irlltr-ei`.-- UirkC�r IiClrill;L! ,i11iLI1115G11ace ncc • 1 Itllid 111VL Lti -;11'{41'ri 1 74 r,',..., it' LCv ..1 tir^Ci 191 i:U11h]11{11l '.It1ck' jilt\Vl-.VI'. IIlC .111+„EVihlll•- 4•,261111,\ .Il]UI',CLIC'n 111.14' Carl[_r' 19'1411.1 t}-E1I11"`u iii I'L1G1LL '3Y.17C2I. _l°lie: rurtinil1Jrr 11l lfpg I'aOrlt l5 i i' t ilt bL' i1L\'L-.cCi.E in Performance Table U.S, TrL-3•1tr�' i'rliliga.iL1315 Slid sllilrt-term iii-i-u- to rain/ 4)h41(11":".., 11.11-ii6.1-iri EN11-111'iJ ITS. I:hC 5.i'02-1* :Illr)I::Ll11:lai 1 Vntrr 3'team.9 Ya ra-thcnpt[nn• 4 I'lel..6:2—r tr ltu1 on /rust AI1utell1li iNn!I dfierizarru • 1 ibn"uiu 1.1aono --r112S`: Ll_S,Jr. L1..£^_ 9 s,• :II1�1£1t1311!,illiorlg.cti)i'E::, t1{11Tfl;i Jtra t'i1511 •Irlllrrla baliatr;1:_)t, i:111F:> l7;1.e1.1 (m x'v:BILI3tl?Ii5 Of Grr)lk I11ilr:T;ci -risk. .11.54 f . -,itr: f'V.i3 r•frn ri,ov`.1. flr,It rr1 otlrn nuts on • ;1IIl1L'ii1ini; inlfing-T STUILLc, I)clrll-f;; ;HO I'.73C1 6111011;1,10r-1 -9.57r. r41+i\ NIA. -140: 1.11i uric oiur Iii oil jIi 1•:1':1'11 1,511 rei:It-me eh:p..:fed rrt1.111iS JhiLr;t1u1g9rIN 411111 TIr to f1Jnsi t1hor u -r: :, 14,,A 0.1,!.4 1,411`e Principal flisks=lity FLn:id IS 44Th,i=ct to ti1.0u k 5. ,G A Iftar1n1' tfi!) *1 -1., Matto t 1.28/1• 31 tuy Tr31141/©III,III,II IGo ii i■irkIn. illteraI ntt' itto lIbiiiLI.R�r rl:i}:-1.11+2 rail; ,nP Q,4_'IJGinn9 lur 1;=S thin. the ,11.1otst.11lrl A I'M tGL,E' 111.t11C -Lih:9dP1`cr will' ro0.9111,ru4;'r I'tnir nrsl .1.0-2' j t7.. 'a:t;i;. 1-3.; r' L.n15ni i 8rnilleac',Ivo I1LI h'-` rI IGrt 4114 I'ujLLI', ni�jjl'1'a14K-.• I'Ir.Clarry Lii fi iA inenritts Itu dixiiin1111E 114? In Gil.Performance Information,--T11 lyir d'iait a1iIj _ r .elTSls,frf 8:1.V.tAr 4.3000 J4I1.- H,-rot y.r,,r- die ucrlirin:tnitl t.tlilr,: belly... LII 5 itc 111 ri11ki Jaa+9 52W RF1 r1lrr,itrPRcilacTO MI rtillIl iIr,.-fya_ter.:b L Ij 1LiliLS' ■:II:Iii 11L4•ti trriL;111. 111 tlir Fluid_ Of ic,ur•e, nti ri�r d,ui ILliorI -11i.138nL -1.UJ"n Iu.74'n 170°.:13: LiIlium FiliiibItF f'urriul'u Furnj 1.1Ic FLlri4lr', i.Igt IS,!'['1e21r111-1111-1e 1]La0.1 ILfII t'iecesiai`Lik' Intlr141ki1Br.4r no ii. :1Er,nr•ii f kiln 11fitLi-'7L'K ll ,�l 1190' . Lhisj w.'.. lier6:irill In the future. ex nll-4;,na Igxr;l 721,7: 0.41'!:, _a„''ik. .&•.'h"..: I'he peril)EIS prior Irr Ni.orch 1,. ITV). S'.lufl rhtl ' •'24:11, s.1 IhL: Fill:0 r_rrz ..11,10 02.1 kephilar..17(...1,13i I? I. h1149 FLllhll IICtrlri f7per1i11ni-. retie rt tllc pcifornuILce f`1 per'?rrrirlr.Iittrrr'Filiinr,n olio-"l1II prior :cc 71111 T11rl p ?Cp.,olt i1r 1:1,r11u,iL� t?!t tT r.Ftul41 1!11�4IrLr;1U7��1i11L;in- alt u,I:l.'1u111L111''15ti ai11Lii Trill liiC1 CJ1F s:111I5' r11Vr'St^ -Ad tuliJ t1I1.l;l1 41,.III nlrmi h,•41•.n.lne IJL -1116'.. 1, I0".1 MC L}hJL:LriC14:. MO ptllitLCS dlniiit Wai Iii1L't.L`tl I+y in Jot i-Ia', iii Iliir11Fii14:I 1147 bed: a'.IILLI.N,'[.III RzT110,1 111 ei 1.1!l FC:rRl'k rI lr i9rl dui_--M1111.11 I, 11.109 aflar; 7;1 clyv Iultls atiyiser. This 11:4,:.r pff-urm- . L! -1-I-!s M I II! ar: ;111L titan]lib!alp:rho CtI4luncul ftl-1ul1 Gl ILL Ilay IILCI1 iI4IL15cL d G-1 rerieir c rrrnl r'titprri,:. III,!I•.,,,lLI.I;•l'alc .It rllAF ,Jta]11.1,,,c-...)Li. ill 1II1J+It' st:li 411.kilt' FFIJl4.'.- TIIC 1;40,1111iD1f42,1Cd fund W.1E 1144 Ii Tarsi;a1s., rlr1r0l TO ?TIE.-.1111J Ii,r':II .a 1!'i1111 u;'1u:11 I11=r- t.i:1 flr lobo, ...11 tle Darn at( .:a1E I,I'i t,11'1Ii4y: ut:2,nix:' ili.I LI rr.1719tcrifl ifilICLI E! Iill111 ".r.l II: ',',..:11 101' 5Li111t'I;r Ra 1.114' j.,iii .lion.... 4130:4Lt likic ;,s nIllr151;1•..If,yri- IMl irlc :ow pin.pin.e IlycLr n ;Ind tax 11451TiCLIcLI ;I'I i 11C 171111c II 7'1 ."6.;.+TUi^ YIIIP;!.!'or I7iir,-,1'17t, tirlrl ll '4∎L'l:'""I r' Ill°i-1I,+I 1111111-,. ❑011',I .I1111,1L1 191!1L; ,.,I 17ur''....i .,_1L ft'UIL.Jtra,L II Iii.d brim. rhL LI I111.117,trdd i1LniI'S- rriuu itnce , `1 �' �' -r-rainr4 [n J1111 Midi y'clr_1lli1, Iii moll :-J,,,,,,,-1-1 hluaianr sii,ly 11.6,.'1: 11IcCIl lower 0.i Sra-4isrn it 0 411 rlle -I-a51. Ficli,±iui A,4 e,1. 1`.i1'i' ha r¢tilttillirc tIJ,r 4,-llpi,al,_:Ilir, MI ,T° p 1111:l L 1l1 r1J.5I111iiii 14-.1.r1:1i(- f tir "t I1L. ha 1:'IIdli tillyii - ihi I iAt3 Ill'Lllc pi-r11AFl11lells Fr•.1111 4l'.Ir,kr11cfca Ise}.1mi(I!"G,CLa 1 ccli i rhtI h",111111 prior 061 LIII' ttI.hi t _il.1tla)tioiL F1t11i1 a :doer-, �TTJIi 'i`rlr t41 r,J t"9!' [41104 1112 huLh1 llrl etul ill tl Lllr i i I.,::-,..3111,2 la II(L 11. ills rlcrlr„n 's..a lint tarsi to i crrn:r, anri d-c1 nr,rerlir y`°51” liar. 11iilLI9 III Itr,t.l L'.'. ,'aril_I L*;T 1I 31=5c''Irc Ile '17}11 IL'. tuls'.'.ul ALLIUWiLIr;,. Ll+r 01-?1'2-7-1 ..7F11.1 IA .h.,,.PJI..r ILL in riihlr.n IIL 1:di. !In!:ncuJ1Jirtr Illcr:p,r;upirill l i i, I`rlht eupit21 ?11 :>�"-, ua111"1 _iclF_' a991,IFJ1[rII. Ilir FnoJ-I J1 .t:u, hlui.Fr_ 1:11112/ !tic L!. _ 1,1441'r - u+'" `t t15tic�&,.t' •ills) 7� [n L5„'_'i.a, Q,r1111au1 Fln,llnl' Lenc l'reaann 1 7db 11119c::.'RI III JAL.T.IAi.. IQ p 1 Equity income Fund ∎J a -i J1`. .07„. 1l® -10 -3,4-1--,- investment Obiectwe—'Ib lIErc1' L iIILt tcr111 clip I°O2 FM i'U.94 1y3; ,fir-li PE1117 12th? 114M 20un 'nni it:al VIM:th with rrr11 51raCIRT' di ti ±iit tiol II cliV1st11LhI Best Quarter W0051:01.fa,ter yiati 12.61% —9.44% QCr 2 PrInci EtI Investment Strata Pith f:;!lr 1�9F91 116t Qrr 20Q1 I P Strategy— ic, lclve,st pro- Mall ly I11 4iot10111.1-lrayijlg ,drum smcb al 9.r1iIl- e r:ili1;'ihcsl ,-,)cllp;anic3 wtrltuec t:lunahld 1w 111c I'IIIlti !I 911ti:i1ivi'iiir-ii i'ILde: • lf11ictirJl!L in COosi145.1rI ii11,1 k!, CI1 a.4?riil!,lnit. thJL Fly dimidc1111'1 IF ': 1elailyely high lL'V:'l • TL:14-rsinI. oil IJLI'1}a'1';;;Illot:111r,'1t1n1F L;f..nlplrnec. 4 r • ir1S.i 1ill tit ;Y.Inprlltr`- +,.1114071 4111.,'115 nrr Performance Table etli i,iLlt'ra'1LI is 1l11ii.7;irily glll; of rlit+'ria• ' - •31118 1 Vear 3"(Marl 5 Yem Is tratrpt-.,.• -Principal Risks-while ihr., tincI1t in Elbe Fund =rlwly Itv m t PIlnr In illiriL u-nt ltt,.t rl4 rhl- EIast4E' en-irl.il•i: ilii iglr•ljitic I>4Jurclnkrul 2-A 1,117^ '11.411%. 1a-181'1.• RL:LIJtns t=rh1L'L3d`!!: i116Irar •hinliLl rrsuTt oil less. \'lil-1t'11itt. Lw.1' r114/ 11.1rtg-Irl:n1 311191.?1 :,92.1;a15 19,A FYrn S15=a thAIt 15 .IN145L1.II.L!LI 4b'1d t'1ulILer lVi1'.:+ of 11.1;8011134i RIrt1JIr1111111.111)4-a tlI1 LIIOVI1Jullarls 1.0TiS .1LI.. 1: .^-p9?,5 I1LC0[ LLIE1L!'i- As J 1.11.,11111 1,r thL FLIIILr', iii,,,,,,!, [N...., 1hL[IUhI 11∎1'∎1 lii ct co ceruirt rector, and/O1 'iflLi3Ii( otorf 5t!loll; may lir Slip1tin411nnc[Ind sale aS land ILL'It1 149'::5 Ni I):!.. 3'2D; Ln1?1.!t13LLL A!; LILl , trim. '1111,1 IEI,11 ' t}hillit gr tr1' a6.r a,;AgFt.o.s;h1iL-2 tra,, 1i'_rr!,IIavICa' Ito r'ert.ILLI ci'i1 r1ia11LN: f■IL.r4.II,4 (,..e..$4...,, i Ii•Ir1L.- Ill!Jilc'I no IttoJvc i rim for Inn.miponnisn,cm tJJ=,1 -*1,ll9L 1.tr35, 9.11?::. ILf.6T„';, i rots llll.c rot!. IJte9) tl l^UII di L' eI121%11 4tiM:1ti I I I.il{it,'k, LIIIpmii•EilLlly I FtI'4 r1Jtt11 linden I1r+',ri401.:•nEt Performance InformotiDn-`1111, „I TILT 1;11.111 71111 dgaltraarrn(.:Ir ruce,- The perfnr111:1I>,,.e rnhles below 1IILIStrllri riot J'IBk• ,Illr,i f1YtJL.nri_!-fir LJkaal - ltih's 2A[r.., rd_57 I I,;9?', YIlIC16111-Ar or,Iii IIl\-'.LIrC'Iir on [1i!- F-LnEl7, kli.E ILIF,L, ' " n- .11 III.- Fond, 5-.(-r.. nifri it l L-17-notln-=.1.∎,11_:11 I, 1111''11. ,t' T N 11111-1.rrE9dJtrC 1 11111111 IIIEL•l i 511, 1.11 rEI LUr Eli 11011.111a (lit'-�IIIICI ,, I'4 I`s! F+t.1111IILLI1i.`i' L{r)�-j ILCI[ 111:.:�'titillrl'71'r rLk'1re9950 f'errlrrIL71.1.1 r .11-7-11. I eIILLI'•-111_1.111.7.111w4'I,II.:u:111;1:119 inditatr 11011tic i:hc Furor! mill prrrl lr n Iii the fuelrt-_ IiIr1'i 1':I1r1.-h tiv,- I'1li:FU II betidJlEIlrLF,Aprir t, 1'Y'11 .9..in:-'J': r- rtUUFt I L!L 11.: hum !111:u lircll.kul IL.T 1iS: ,ni7t tIlr Fu rulh' The fi ilklifk rTiLYr L 1\1.irI Jt 1, 111{YJ, V.F1C11 Cil;; t.t;r1T7-.i11Jt...LI.,lr-!r1br-1i 1, I+1'PJ l;;illi'Iii 4!Sgula rpoRtioi1r*. Id)ill'tertt th`z pL'SIdJr11L1lLI::s,< Aii.a.IA ill U.. Lcudre, _,Le _,11LU1.u1J1 L■■311.Gil,:}i_1;'rn„11 E1111-0 _ ILEJl'rnr,I-;I ±gtlrrrl 111,1rt-^r1s,lh iiicci1uL- t.lx rlEw [1111∎ I!tt mil' Of 9 conoI11I] 1leJ 1tonaf C11.10 hail tin: ...ono: in...i t -i1-.[ r:^'• 1111 t1 1 of c»LS did r,-1JI r1Jwc 1CLLIr J011,11 ELI 141C1.0 111a1Li.cjV•i' Iu:A ['Orb ire .111∎11 64,-:14 q1I\-1,,eiI hr FIE1 4.-':..-SLu.I.FL iL'111 I!J:ULLII 4II .kill! L' +11L1,17onL .iru1 m..} diITir 1011111+ ehr,-,^11()µ11, !Our.U1 c.Jlml, ,llils'.11 aP 1911 r.'1' v,...nr ailil a]e L31'i1L Fund),asks∎ st:r. Theo. p.m }'t7�L)ri-d 1 115411 el i i I[rriarL'a1 LLs•ae1L1oi �p f f,} lIL6�11.11. j..11.11 1m11 .IIff1. JJ'.i hL'zxl EtdiLle'?tiLi to I6'ilct;r- L_su•t4;1'o 11 pL'it+,L°r ,,ro ,....r .-n. 1.∎1'11 ,11 ilallllri 'rule' :II 1ndniLnIl TrIirerroruii of;Ow Fund. TI IL' tlL,1 Ll'J LlI hi 1141d ELI,IL{ C4y0, 'lot .I J'Cn1111r III , I Ill LIU yco. 2.1111, LI Le F u1dLL e t.:111J;°uu111_1L Ip n 7.2::-.0_1■An +li 5'C 0114 111., !J.:I!rIlLALL 1 L'L), 'Ia1. _LIED !JILL rolgistcreii 11L111LLi] lurid .4) it 46115 1101 4LLI11o.:1_ 0'] dl...! ..uen111 1-onr 4.1U or. otTr 'III ii 6a1I1111a':? '111111.01 T11•FLi1LL1 111111e 1111\-0'L 1.1.71C .1L8 i,_ I' ;ITJ4ALNL .LLL- tlii, I'4111L1, hE 4I.iIl'I:.11 tlo'4,11∎1,Jr-,14-9■11 LLI es 1411 1111:. rl-cclIL II 1.1:LII IIo- on, tml;',1fr1-Eiiiid of i'rrJ 1L tiL.1Y:. Ls Iil,:,JIc ,1a.;,1nr 17i, it Li. hee!l, 4lw cuFn1LiiiJllelLii riIELJ'a Gbeit140I10.1111.1e S, r P' Gr1;fi1E111 J.l a 4111= 111111' tali Cv1'111. ■6111 SZiTr WI fY.ie,1 dic Elbly iti01ir tv 4l LL'100.44.,r_t- FiLUtI' u5:rlil it'Lt 6 Mra'r7':Lt tai.rrq..of LL EL.L,_:9L1116 ru='l l Ill; Air,orocIpAlsr, ILI1'Iltrcr-upL; *nu m-• !15'}1∎1 11 r�; 111111; ,1111)5 Thin 1'l 01111L1 111J4AV:5 L=h.)l11=1 In t:I511 pi.L 1 rIl0JIEL:C .6}111151 EEl1__.F III 1 11111/1 dart_ fl L11e∎11111111 ;;ally SSnu Ili-11W F.1.11l]t� il1C1MIt' Lu1nL1 liLIIri�1 ililoll 1.111 19.1 �±II 110 11 ,1 iSt+lyr 111E?'•, .11∎1,1,rlS Irkug n )11)11111 L'r f1Lts'li. }`1;11 Growth & rrrCDne Fund 40 ',E7 5:TM. nao-:. Investment Objective T.-To offer 14.1'1g-term 1:Jf1- E LJ1 r�v:ill 1 rl Lf I:U rFI!r l l 1 r1 r:1 1i 1I L, 111.E Principal Investment Strategy-T,) Ina r;1 p-• .3 ® ® ® Il1.lt'LIV 110 51'I]IIIiLIOL slrEL LS 1114E L,tT'i IILt• isitenrldl fur Lt11+Jt31 3ppr,:0SItiL)El ,dull. "-I11.4.11111.1..11 114.% l L3'111116 11 d t ,21-01 11111'1LIL1_. tiu'11114/iL'.1 1JL1r.1UL'Lf I,,,' Li111 FLJLILI'-1 . 15J9 ftlilO 151' 12.T9 1 Pan 2aCIA) 2atp1 S7t(tt t1{`S1.CI ilk ItiCIe° Best Qu3iter gSt 01nirler • Ii EE11.i1 ( 1 I Lrge=_a icilJiIt1JE LJJL ;LIL'1 12,86% -10.40%1 u'IILi1;r• 111411:L. I)lfer }i.11.Clutl 17.1J 1Jri12 L .iyilnIt- (2rld Oft 19.97) I3ra 01r 19.99, (utilnl 1'1e.'^I1L'1LL t.1t rinj-Ir-r4J1tL.Itil.ttl, udt'JJ11]L;: 4'7[111'1 I1 lit 191-ILh- • efiip19.il!.iziiuu ;Tucks LII-l4 111.16' F1;1V tli:'ILIL'0l& Principal Risks-'1`811 F'IanLI 4'. 'ILInirt-1 l.rl ,d1 id oho- s!rtovroI rf-il,6 of'1114';ting III the. NIl;11.! rn,lr'-,PI, 1J41L.11-14. Ow risk ,ii pril'a arIl:1 earnI1r11., i'1+lial;Lll1Y L 16'rr t l l i' 411 It erl 4•q 1111 E 5 Performance information—'I.'lir• hlr charr ;iid. Performance Table Lh6_ [11;rtrlrllr,lilCC riltilci l)edaw lllil!irrar.l: [hi.'. rtslt, and Siri0n vrr1i1Llllry 130:-;.1.1 111L'C±l'rrlClIE 111 9110 t'tll'id, f )1 C,,LIPSt:, 1 Ypnr 3 Yoar 4vcaptioil7 the E=uiIIJw ra.1i. 11v:rfsa'rrl lar)1;I. 41I1:y 01171' rlr:("L.:411',ilN, Grrr:.tl1 &irrt-grn9 FrtrttI rrttIturl tie fl?reinic>35) -x,77% 7_74':, 15.4 LJldILa[C lictk,dhe 1=trild .ovill i1Li4 it• n in L!h! figiilrc, R11ru gnt...bolo re taxer.dpRar The pericuLln prior to i'1'1arr['r I. 19')':1. t►'lieri the Zi lifer -4 71°'_ NIA. 7,11330 , ALtuxri dl ter 111x{S on Fualil 1:It-L:Lan IylJLrii.in !,' t.}vtiscut tlic perli)rlu nLC ..til41ribut11IJ15 :a:30Sb NIA 5.374., ciI :1 i,Ln11111il1 ,reii iuritl L[1,at liaLl the'nnie 13iv..:k1- Ff nK,rri,llfer.tDIL.'1 on t1ill1'ibytIuni llA19Ji)lJ or raiviit. I,rl31L'dtivc and r1:IIu Ies and >.4w:t ir[vim:d ktv an ,1aiii'I 11415rlii -7.33'?', yJ'!t• .13.35,,, at`iliacL of tile Fiiiii1•11 .idvi t r'. T1iit: put ii rt{lr'Ii1- Self'. Sel'.5G3 Uri0104,(F I Jlb:llo ttLil,i rr�dlr i tr.ie. 11x.1 been i4JLL CJ (I reticci eurrett,c:�pLnlc., �, t!ipti%iea,w vireo. 11. a'v -1.0.:1:. .9,11a, r)l tl,k: FtlilL1 TILL L'onerriiiipicil IIIIuL1 ►vas not a' 11•44.14)i G1q ;li'1 MI 11'I rria Fund • ru ;rered nuluul hind.....o it IN-4'... ['Int 9u[.Iliea't tit LID: knrhlit iRaili rr Ila 0 - !! 0Cdllci ion'ifr Ili -, 31ni' i1WL U liLfl[ .111d Ci\ 14!il riVl irll-I.. :iS the. k'LIrnd. 11 Erkput11LN•,kr ita 1 -7-43RD; , 1.3o'la li;4Q1:, IC Inlil 1301:1L, Elle CiiI]lu7r11uki1 9UrJtt.?.pCCIiirluLutcc ' ;iii , of t!ir F INE.- _'_lrcii trrLrulu,� it_.li 1, 1..4.1?)rlrl: hirer eLl 1re.vtr- Jl r^.Urtivt-i'=11[.i Ilif-frEn i.!n cliff-ell rmut, LF, :tLi 11srt 14hi tsar i il:rrt tilla�t:'= c[1;1nget. ii .-ilte I?ciltirlu:lii!`e. a'I�,e:-.:11x1 pi-idr11b7i ci,, ail tiSe 31I IIiJ 11 reiree91-u elm ri111in L1Crf Ikru:L,t10.-.11-Nan Asireivd be J1aw11 :E',luIr ii i, I'.+y,1( ),sirs,i�s ul L1z1 Grill tl1 & liVbiili I Lind•.. Slr.ars. i'n!htl vatIr r,•rirr111,1nri ill, Il_11 1-iJ'r111��a{{9 for r,crio,l-, lr r IELL d'u)n `c t. LAY, ;ca,cot_ii rl'iI'ri11i `...,0,1t 9. I!,Ilu), N.1 L t,,w,,I.ail.r.,. ..;r".rr,911°til uulLt rltr,l r,,,,.--9 IIIrI,c!f vP , ap1141t141k .-11:,a1 lnnrisii'w1 :114 E Ili to h'iii Ifnd rill ink IL9l'_=a :,:430'11111:11,1: .,9"1-1,u911d I9'u>.1,1.11._ .1 IOW al;E>Wf.Liirr- 30 -ii[ -, 71'FT -}►111 L d-it, r 7' l rm.ynrrr 1a> ^:7lntlnrt,1n3i vri.lr,1z1i1'n Kr,Io11-t;,!r4;iii,m11, lilii't 1',IlL +,-.J,'i-: D11111, 1,9,■ II1;i Gel',,In1' Ll+,rr4.enL l-` Iu1l.[1l:ItiI 19r111'riIr.Ls thivii.1.1 lua6-,LFA_�ilo-a 11� 'Irmillr;rin,,,cr.i IL�JI Ill M1rnftlill,I,nrunr iniJii.rII.ii it"C1s.1IiErr rail• d�-,:1on1rli 1,,g9ii111,ir gr,r,`111.1L_die r;rtlrl alts,'°.➢ f1u*r.Il.lns Ill U — ''''''',. ii!La tit t i:1'Iii-`tr-.. KLEr ri7I A.....:.n1 11Ih r Lti er.-.,rrr,tpc 41,c 1? c 11, 1 4,rt11 6to,ir,!rpm!'inr_-,�[too-11'01)i ur,.Ii if- ''TIDI•, Fill Id •1(} i�Cr4 .'!fJI�[l ifU[FI 'LYLIr1Idnid hr,„ JiiL,._,,1LC,l^�.0,wa'i_ IJrirl 4I.,L Itlt ,llriill'e-.r-iA• ri•.on, Ikir P111,11 nt,o,r,-ii Ill ..}I.Ire', Rh w*aF9rt inK;lrl)P `i'h.. 121cf0i su u-.! 1 ,r-:IL. ttiuLL' LI' ceuuL,1isd.l?,LL: Laos t a3eri ilk- B')st QuOrtpr .Wnrs( OLiatter rirl;,I-.Fu ri-111 i11 t7-7--per-ix-4.1 rz;; c i;ri u.4 i ln,;'Yiir-I II. 17.62D ='13:65T),6- . 1rlticlr;;Iv 911c iii I I rrjhmri Ir i.li am tier sll I Ii e rt10 i16r i1 .}i,11L 11)} 14;1011'1 I ruilni Ii 111 1;:}1LIIl Lin[115.ltri(ith Otr 7989) (31.1-.1} ry17 2001:1 asrllai i.4, rte F'rrJr11 uktr'11,4,1 'rrrarrrl '10,9".111..11:1•C .,tr,,•r. Growth Fund Investment Objective-1i) ciffr ILII, LL rtr: c.1p- itai Arvtis.:tit_ Principal Inves anent Strategy-5-1 1FI%4 jr Fri`- 1:1LCV in Ci1nrnl) sclroc.s rhar aft' ecIr1�1dcre idi. , h;ncs nlinyv-nve•vigr potunrinl 61rIr grriv,rth, Snrorrpf pur^lred by riff IrunLl'a si)l-Ini.lyifcr, iridILli c: • I IiV ,tiny, prilliir'lv iii 'llrl'l.•ILV,ii -?rick IiLIIll- ICI 1,11' -c,i}tlt:kIaiLL! rl ccnitll:ulii_ 8 ':d'I1 iii1p 11—C 11111pmirlti .yvitll u'II - Icrrri .i rc,ti.irtii C17iii;tctl•riitic~:. ' Principa Risks—Tile I-II3r1I'S 11'11'es:riiieli! 11.1 I 1 Lr17\..a.h ci,lltp:Irrics c:\I}:l5ce' iE tD:I ;I Lrc0rer Cit fii: qr price aril{ earnings vrllnrilir!r cvimr Shrlrrcr ri1„i: i erot:15 than the :It,:rr.k. marker :ti n 7:01c111.7. 6 I • l — Performance informationT--Ilhe I?:Ir chaui :Ind. 1?ClfpTl11d ce Table r,rr,, roirribrriquilip2 uihkL`5 hylow illIL19t'JLe the ri,..1:1�i ,1tL1 10 Years/ L4ipdalio; ciI(31 lili'LSL171inu-11-i-tlic Fii13L{, S5i'CI)UT!iC, Sinn am !iiittiS patii i?r•Jf{1rii1-111re Liuc:i rxx rIt i.5urllti: 1 Yew 3 Yl•--ua 5_Ytlars JgceiitPcn�• i ■ rdr6IJc:rC''Liiiw til f und will 1;�!irrill. rl tlt;,trice e, Growth Fund l,1{Liui71,. `, bDfLiru'>>7M7G1'.. 11#.71 rri' 3;919,: -11.439h1L' 11.419;4 The perms) Briar La iv4tt,_h1 11, l' *+1$, 'JiCli ille .RRtuirt llettyr'e teli� Fund h in « citiilk 1erl c� 1 IJI11.r1 (a[trr,11^• ;i _I -15,,,7114 . NrA ri?i1 5,271T.ti Ft-titlark du,' Lutiia 6111 ar cI 1:1}ariaatiil5d' ed fillotl rho! h it], tin: SIH V 1S1V tF hint,) ,iIinnri -15,37'1 ' NA NrA '�,,134,.$ ITi{rl1 ub cct1\'e 4iitd pt)liti . .i11L1 14';Ir: doivi.,icti 1,5'. ,nu ilnitun...21[0!!S1 n 044Rl'ihuiinrte'ain4 .Iiilliin eft<II11i! Fund's .ulvi4e5. •1-11 1-p5tu F.T.r ,irtn, n r r c^ an11..1.i r luntt ill-Fire..- -V.133:-. NIP,' 9U,rA 331F; mac.: ])d% hLLli larijusted Ito niftiNzt kiunrerli' esF.rnce4 WiI Ii!ti 5tits0 Tutor air rhC' 1'011141- 1-lir cool iiiiillslzni 111.141 V.',:I'i 7llill,, .l 1b1tirIruE_l(I&iu4 1,FloltuCi'~ rvvti;}t::rg; l IJ1i1LLLill'ttind ail IS-1.4`s eJIZ! 111_11t t tL%iJ4t no d° liC[ipnfi 1441 i13®s, 3?xpEnneol or ,;11111, 4140.11 Allis,) ,latdI L!?� 1►`tii1`fo:Lini i ! LF1L I•t1i1LL If ipxgl -10.94'+ •0-51'4 5.7O';5 12.20,, it kill ilir;!1. 11.1c Li)l'li:111)Iigils3 algid', Inlicitir13IIL Litarku:Grnwili Fund riJ.11' liAott' l!e161I Inver_ ilsdaat rfii:lli is'i i darilrriiunn!or FuL9 T]IU I+,Ir cl'Jar1 !:ih.)\t�a c:li.nly,c5 in die pizrro'rtulriLr aetrei!11i >alt IC4titool -i7.°B'S'n -221e,?b, £E.a2'; 111,70% 4 CSPIIIL'i I,r 4114 Fc11a1114V: I'lhr1c71 is n11111Jp:11;1.1°.a J, I'd'I"1 tor Lhe CeE{).541E11 Funt1'!i 5113113 ii,rAtii 'dale Lu t'0�nr- ,� 1,1 dri,rr!1111p;e IIII111lrl;'ii s>11 hni1'L1 1,7"I/�a'I,;) 115111 ,but I IYllhL7e_-rlU lii.tlii ri u.:tt .:,i!illg-Fsr.iul•: iii .?c�e,Lcr carri!Iii1vicil 41 y1G-1. _like, Iii WI tvicrr:h r.J+ .iJT-1771,1kt 156Liliirrll[; !)moll C, 14,8:1 �1Frc-- , 5541 C�3i•:. Inrt irrta,in_ II�!'k•crri r;nlcu1,111.1 071•r period.) 1.i irr tr+•, F' IILI'a �r1 .I I,'I". %id,I: r- �:.ullirti .L4 —111r:111 I 11) l.. , ;'{ rr` A1111- 1 I, is-Jura fir, 111 111111,1 al-attL Clot 111 14.4'14.11 high co 1Ci lulu.-idurii rr 131 I11,11,sI i1 111/2514•n r.ae 4110-* Mid tid Mil I) ril.c1. cur riripoi r,a3S ii it a i 1 Incn1 to v:-... y'rin• ih411;11 niicr- .10 t:'a�lu1111 V.trl 14.ipern1 wog 14',)111 cat olllnatikli 4141 cola., s[ilFcr -rr-. ]111111 71,IUJ ` ^I4J Ib.it Ars.:T-'' >•E11111111..•4 iULV'1) ,1/1.- II L,i.T„II%llllt rri/ill:,411r!; 1!'1.2..r! I)PJ0.1..t11 t yrl.irin Irto:rarglt lid!_•.I7iy1-n°11 ` 1q2.2 11ia3, tE!'L iniA i' ..1 1 iFsr t'9a it gIJir•;3U`_ R ,--La... - 2unuJL.1111111.3 ail/1,1::pricea or rudi4 LJiia1 LiinatLL ii ' JL.TL!nf, Ili :III.i)ldl'Vs!{II ':111tr clir F333iii -.-7Jn'h'II F111'.L, Lrt fn 56;1[11l1 -'I 1 1.1+0141. Ti` l; ILcli,iiii Al:I i i I'Jtl?-a{I r.%dltLI_' tilt• Mist O. ri it Vona O►IJ3rter,, ..nllI:.Ar,dJh,,,II rc •:aJt I,N.4. tllitti•Isr„y;-:Irtttr: i'- iiI .2.72ua - o uI 1;1 r :lt 011; iJr., :::.ittiA44,-.1 1Ct1..1G❑rIi,1u11.;1t1q.'�, lli 11,1Ic ti €0141.11 liLu LI iii 1[aa3L`i Cal LI t I1Lk.tres'.,:tniz T11r ;4111 Qtr 19981 03rd btr 281} ,.lured,. 0t;,., nt. 111111 Lea em,rni, ued I,snr. 11th,71111t-LE a h1; 141 JLr. I14111ILLI OI -41,°.1 I,1'1 r rc2il.JId,:'_,1?ill!: IIIrIiI Irli ,S.0.0itli11rr1t.'0ult ,i i-J.e. 1t'rurll, •i4.+1vii i11 I'ia' I-1711 3111,,, ,Klip luer inchiak• IILI1er CLiiic4E,,111n^ 11 ih. 11,31;11 purl V,7_1r. inI;iluL'II,tlir F'.11i1(1'4i I111tj'Cd4 rennin aa'c!1sl 1`rltWS•r I • ' Aggressive:Opportunities Fund 1 Investment Objective—Pi 4.14111 iii4lt itonj-lend ci.)irit:il dibprei,ltltit1F1. . ..°' Principal investment Strategy—'m illv'c31 iori- nrarilo.' In C113111104111 xccLi Il1.i Or..1a1,111= Ii) urel:11u1ti- t-,11Iiruli-Zittrin eiiuIl11I1htr dial {)ITer the otip tirLUtlits 161 LIIL 7.103'i' Capinil aloJn'ein„liIii11.. Si131 t•II_+i Journrlrll bv alrc Furrui-e sub.ICI' I!t 1;1. include iIiVC5tin<„ in: • ii!arlita d:cprr.LLIl no a•t•hil:it ]li;l'I dArn- aiiL gru.>•5't.h • 0.111112 l';1111; 147UKrtla ..:in-III 7arrikt. 7 III- Principal fli5ks—Tihr- Fht11,-1 inve!,(rrius r ill Performance Table clnollkr CC1mpanit_^1 111.8 rnirc1,Y ii bi gru_nvr Ilr'iL:L. &nce YObsAii.4" because L11 f:ll'.11Jre 11r h .L'+ 1ln;,-u rL1Jll { Veal 3_Ye3ra> SYOarS IItt9lotiwt• gr ;. li pim.pec:1 and 11.rv.x,1' olllark t Iryui.Jic. _ ALE3FL1I6ivo 'iJosnathlaliiies 1=11110 Performance Inforrnatiron_The h.Ir t;hiri.and IFIettirn laarorn ansei}t -13,7S ., 7.321% 1O-271'% 1c�gL• die p rIc!1Th ?]L:r Lille- 140141'N il]LI! ra 111% nsi M1Lf Fe1LIrn (T dsaL] f L tl,rr:er.3ilf' ) 13_75% Ar"1A. NIA !Ill F:L. L'!slbILIIt]. '.hd an irrveM1LI1Least 111 1h4 Fund. cl volit 3. ilullJrrl Our o�71P.on Rite Fv11l1 i Pnsr pertnrrrrlartt tincs riot nixes,3r-ily ':firm: linnt, ^3.77T6 Jii1L. MA 6.47% 111i1iS41c lsriw the ruled %%191 red:bras i11 she. Fie riv. Riti11tr1 11��rc2.lI—r1)n r1i;lrll]1J iorm oral `I'111.2 pL rirkiti }ar itr (t) Mott-di 1, 1994, avl1ct11 the LIEU 11L(owl/Eluirut. 4.37ft NA i+L1A ii-:SG';; ]=urlll L,c'• 1^lrlsothrra.t}5riGl'{atdolr Y]n u1l)rrlrilang. relileitnit rile prribiltiarwe Inollracts hd ri7iriirr :d Cum' O'rai had the k_Ir06K iibv -t- ifel iautwII Ina lima. I_!lent uhhrt 'Ive..itid.(5!.11!4;Lt',R .L7 r+� '%A' aYlt'I+L LI k) Lj11 Oxptirr'LJ,rpr.iAtrwl _9 04'o- 'D1$?:. ';',151;1 11,1,79,) 'Manor CnJl'Ia1 atfiliure siI iltt I°iuid v ,lrLv's5ir1 ItuTL perfalrni- .Apj iccl:,lion Kurd uueu ha!, rrflcct curlt..alr r,.+LJ.umccr litdeu 1RnflcAiu no L11 the 1�UI ILL The c:ornini01f;lt1l ir11d •,1..-a ILBlL' it lI i LIfl11'-1 fur fur.-G, c• 1'ii i.Itr TE:iFil —1 rcgkLUtt'J ta11➢LL131 rum! Sit 11 1,uhJt.cr. tlta: • ll.1e� rr-i°r 1a1.1.11J ern:nN_nr; beltartrtul�1 h'lar1-1, N, 1"1!i't f an111. Ir1V.21,taiisl1JL And 1:ei rL"tc1-1r 1t'ril's .r'. rdhr: 1_15/0. I Ti 4hrivori prim 0 LL_i!.L1•1.1_ llr I1,td Ibis. ii 1616: tt'11LLOItAL1 171.1 Eialiel,� lttri+trll b1e1r r i'e71.0-J LLL_•ocLe i i al+.. 1.:laud rr,r-..c.o. r ?I rlluallaLl;,lc.l rim I f'i1L,ll 1691 niinrlr hetaatrrinp CII.i'l?1;r G, 1'+x11; Rficr-h1. In,L}' !Live blue r1 It.Mvr!r' Fri ria'o6a115re 1.1w L.L:ba,'1 11r11411,1x1I for ptrUenlo arirr the f-uratt'r d- _46uV 111 1. 1,4.4-1.. This h;tr i 11,In thaw: L-h;aiil cii iii Llic pc'rt;arirt:Ir,ce- :ode IiI: relun12 a .11 c,Lt,9 11 LL tL I,t .urIiI.I I.ru4nat I t iiiir Ag1,'$ossix-i. C I}1P11'+¢I1I1'IICIC'1 FrlalyhlI I LLEtS PfrtJ11 IIl it tij1 FeLl=i1 I its droll arrrlrne' F;L Lv':: 711if , n1?r ]L11=1P liar YL'3r f� IC-41.-el:till :��I'rJr1 ,r1-111aa" 11111°.asl !J'ela,T,11.11 ,14JU.tl;LILLi . -rlt'rru,:'nl'I L.ttpriuil ar, I4ur=mac 01111.1.11 Gala,111.1-r3 7(I 'mm rlinw dick rr Aiitlr-71+1 reiurrr ',1stt•:sn Cu! nut rrL,�rlll GU S 'Po'.errD u'hls 110t'I IL^/^ !ha.:11 ILIL∎LL IL tat: �kCicticl 511 ,, _3 LrLLFI, 111 Ltis.,urlt r �'iG�L 1,4 r,y;r inIEictrlu,1 rr[aa,-nI ui, to :i-, Lul1u9 Eli calrndar }'n•u 2'}II 'LI1- I'LULLi t'E . 4 Il,ntll:i„i ru 311 "c= 5-r1l.0u ell fl.orS - _1.11! 1.01-1.1L: ltr1-c.7311 4,i 1,1 I 111r7 7,Lt, t ,,,17.J'6 .--!1F111111 1-!111% nrioirriurTr n1Ncr,a•r• 'i� LIrr Ft1anP ,I IlIBiirurrti Bic,,JLnt, a',t4,,i,1rriE 5.1.11111 IL it•d__iivra prim I❑ tttc 11,1 rALw Ltte'FroerLl r_�u':4IIan-. ';0 trine.%111r__Lrmr, Thr c0 v r5=r v irar,7rn W.• d a�+>It-CUT' 1 Zcul •era¢their 111 1 wric!l ¢112 FmiiTa ILUrn ut 1,t Uii rrl,tr.J Li I.L".1,L LC1k .7."4,11,1 IL IR1uLG. 1Q.S5 190G BC'G7 'IMF? !Ina 2000 "ca11 A.sz1171,n4t'. the Ifr-'c n':remmrrr, °}11111n Ill rllr ONT. uflr;lc ryry rT {p� 01 yrt'� 41L" flu 101-.1I1�1.iC LELn,r,.Ip'LI 4.1ILr. ]rtiui r:.111∎1 Il .,LiIII u'�rr Best �ll,rbrrl3r VVor r rUoner 111111141.1.1- w1_ tLLLLI., -111x1-r,Ia 1,,EV1S4 5tui11%1 tit rrrtar 39.J39 R -20.60W. International Fund (4111 Qtr 1999) (3rd Qtr 201 1) Investnterit Objective—To 1:II11.•r U.utg-LCrni c_r1=- Irnl I,Tri71•.'rlt 9L]LI tJi1'CrTiL7L•Lrri1s11 lik' :1Lrl71rr , Principal investment Strategy- lo pr-L- manhc i tht L.colu mn:ib iic]rltis; t,lt t 11!7,31%11 s he.iii- t}l erod UJLI(.311c 171 the ULi [e1;1 St1LIV. -n11: I:u1Id wii1 ir14•e5t ur IL aril: r!, c]l it; :I.SL N on_Iar g) equity L 111rlFTC.5. TJ)rs- Fund aol'y +1bST II. i`_5i :I jIrhIt]'111 cii ,rti ZS;ier. (211',I,r iir II:;:1J Lrr 61}]1879 .1011,1 L,14)gJIe3tI(7 a,cki SIrIn iI I punned by I Ii l%17%1'1 :u62cl1/4:6e'•'1 include IrlLtlpL11II:, in: tit&1Lk ,!1LIL 16%,11=: i,E.IcL, I'{r entiiJ JF-lr tIrr]x1;1.13 CLitCr S ill u,Ll)i[,aliLa(iFar1 4a1,1i, • .tU.ICI Lbag:1.°;!41 L1:1 I±r° tcLnpat.Lrily uritlrc.rI.alucd- I I Principal Risks—Tilt, l LnIJ La .ubjert Performance Table p iiiI rt51,.4 t,f itltcretEtt LirLUa1 1[11't';tllt' I I1t'nl: 11E- S1r tltti1 ,14,-,:n 11ILin ,:Ind i'LIi ic.ial 1L14111� SfatlClrlFrt 1 Year 3 Yo:ts_5 Yaars_Inee�tlone rlt,It ;My difre'r in dt:. U .; I1,-cs IJUarnntiolloi Furtct 'I [Rtnurli btrfnrr. llnii l -20.E5°� -7-FJ9;G n-30':. 3.55"1,' ,1ir13•r li:it)d1 iii L31C13 C,'Galbdrl k'S ah a lirti ;r'S; L'hi' RINIIr11 Afe 3JPwtl: ri,iL ul :cPr:111 L;um:tL v valUt,i ch,arigli i utter 711!'R91 NIA NA -1.11}41 Ruturll AIlu+tnlins Oft Chit U.S_ dtlllar. higher tlnta1'trion-gi41.1,-. JJL IL- triscriI Llt(1nl: • -241:17% NIA r 'A U S. rnarkcfs, Am.1 4.9.4:411ti r Huila 11 OILLir thltu0 cln IiI1L7r1LI1�1 milir iiti }vlll wt-.44.4 i.1rtiLEJtJC ti JLIL1_ rttiPlrbbllt(9ne orisl I ul[ino1 Gal'r=r -4`]3tit t vA Me i'31150.wc. Lfi < hind utly irl4esl MSC! TE Irttr6 1-2 -1? % 1,17'1=. alLvrlrrr:°,i,l LI 11:1M w\llilc ih,&�P rFwly3 ,:All I1t' 1111;01‘; ��f 114tII1u rI IFalltirtn 5LL11,.111 lliial,. ito dtIltllGtlrl-II:(r�lr (m ,:tlxpo naee:'lrr Performance information—The Is4ir. 11:Irt ;1111.1. esxc -1g 3i12.; z3&:;: u.as, the pertarlasulc4 [.1blr, Ln Lity i1luSitInx i Iic r1.,41:- intl ' 511_1r1f... U.rh° I'ttlta crrr I, 1.11'-r-),. vtrl.lriliry of all investment 01 I13t31.11s TIl_ relfnriiurt.,..• ir:6;,=_Ierrip,:1l wll I°rtor r,' Alai,l-jlr ctprincE, t^cr.n1111aric co tire limit', 114nIni .:ne,,arrurnArit,,I Ii the FLIDId rI past perfJI-r1FinC 4IL'LTh 1 vol. 11 a1'L :I r1l}^ 1is1LLl u.1JLt1 c.Le u rrJ hrjuwi4u.:O.r-IPrrr I, .11.04. �1.r1•Ll s. 9klCl-]l'.tSi hLSt;° r11L . Crlc:1 teFr Ue� pmina ntc i;r 1 G rnri l: !Fin-q.11..! I'L :drilu.br7,l,rtr-_til,1Jt;II 10.1 TILE. periods prr r [;i PL ,, when ri C Forrrrl 1n"E-t:9 Frill rr[, 1r a.tl t.,lr:-1j1 II Ill; lt6 Iii':1'li n,il i[ 4ns nLPi:itlual feJtr,1I e1 utJi' 1til;ti1111 r.+: c-1r;, •1 u1 L,11,al 1:r��'1I] €1�'it`Ijrilrl [115rJ,:541Fi ¢llr Ili'rl ?I'kllitlll'� 1 1 rci.cT:the rrtrl,arr nh rtan• Atoll I„I-71 lnk-'e 5'nnr, rl-s,a1L_c- tit. Ci1R1rrL11IL kd_ r rl L'llC ['km h...1.[.1'[ht.' lLurlr;)1'1111 ICiNF11tl tilt !nit 1J'w .oFa'r er)tles;ri4e 7 c❑I F 1�rl1L�ic and -a5 .lclvi5rtl r' nn cur =hr-e 4'4111,11, ..5,lirr-tit- IZiu�l±1,Lrru ii uo lr�,L a,Jut;;ull: JJ I0 i iivern'rn W1111 111011 '1117 1''.11'1r.".,11111'1i1111,17'41I FL1JC:1 i1y' F-n11c i n er. hit PLflnrm- .relJII enver7ts,su_iL J1 rul.u1 rcLL:.1JIC.ie :iLII:G, 11:11. LJeCll :u1ju51ed tC1 belie[ curt-ern i perl5r5 3r,,.,ui,:.•..tr.• Ir:1iii4 '' rrr uI141•.Zhu inn..11,11I1 ;3t i .4'riIre R.ttgrin it et cli'1'i' 'Tr? r.'Crr1l�wii;r'lltii of tire F-tirlll T[te Cl)1i1tainnglzid tisni.l Wi1S net 1 LllrrFlJ1 .u11n Liu it.pal[ 1J:�1 F rullcc °Lll IIrITIr [it Fond rCg15rLrerl 5f.' It '64 in fiitt -i111je4.1 141 [he Farr,a^ror laTiiJ15n-hFUUSric-nnilprrnr Fir'hr. ¢l1� f L1rct lA ti r,iq Ow ;Fund ilfl iIC1 nkflur, to la_a2r1i tree '`act, carne m ram resrritpriont ay 'u11V 14'1 G'U1'il^.,21u1 ILi3,1G1..1F111L.t 41. I10.Li (,lit eltprer,r4 L: irmRllg Iui'T Ir11, ii ray dale. [-r-u tl'liltiti tr, J' a Ll1rp y° Llic a> -1 eviurrL 59111;ril to 1he t:1111C .1t11p.:, I .. 1111 11311' iii,UIT.ln Thinr ,-iphir;l asr It rhi'c:lrrnl r irr Warr ►JIas1*ililu`i .Iltll_^L`s to the rcr1'k<1rm..;11t' lluat[LI..t,tlir'1=u1uf'n;flier-rrz're..iirri° would ha 401'1J 1 futifriut1i n d 1---uu:rl't lu irz from ',y.4 r rtf' 50 4 ,ln a V 6' 1 y96 i9tiU 1497 1999 1.999 2.00C1 c'r1Q1 Best Ouart it Worst Quarter 21.281 -15.7694 14th.Qtr 113991 Ord Qtr 20011 9 ac - The Index Funds TllL l'ove lald_x FLIILL1 LL..Dgcn 1Cd 11•^1QL'" iolloiv an 1T3rrt,r L1Cr11 411 4;, or oche" L'°+11 111.k'I L'r i�Ili1. 11!]�t?LCCI ii "E ag...7'etahi our1]l;,'ei.1" it r.o:LciL Llll,;' 141 4:ia11l,I111 t]` Irll.^Iit -I11.0 fg}Eii i; Iliul :+641.1ripoci ate FIInt1�.�:P.'4 6 rho .QN'I Stook LL1LI';: hind. chew \a•91l appro-xi ali' 11YLy4eillc+it elldraiierm1L arid be L-.SLk.in error., :VJ]Ed1 tu.iy Li"lTipi Fund pi r= (brunurh r i'd,19 �[TL'4`3rL�:� cieir1;I'Irl l,an:. :lc chi; Irwi 1 Luc>i ITt7gJrJ4'1'I,y or ncc.,.auvely 'Mini, lJ7ll>q' {multi til l' ;5'f7il Iri1•lL;g;•I i'r L;9511 Il•'SN.I Intl} and half C;i rand ',U161 dlira-'_t_c the .L"fliliL) tor rTeJ:l`...c1 f fits.-9 LdLI' underlying,liLC�crs , �IItIl1.c .ill ILit�t"'.IL' trl:l1Lb eil 1,43rdolio. an Jitlit: 1LI19o1 a11 ii 1101 telk Lral 110 .111 is I191.:I[11L 103 .1hi[JLv TIi .S1.L',Lte Portfolio:.; nlmi rathi 2i1L1L4} C1;191}SI1Jr FJL su 1;rcdtLa Lhf Ireffiranancr of individual ri euriueu, call baldrics by 1:.'urL11_L;inn, JihF i 11Jt°_ tiULL1 II tIIJ uniley fund .iL51L'I>; to "arLCldk tli I.]rr- t:oEIu-S05-. 1-1.50.1 K.9l Ii!?nt6.iLLi ar'' rlSRt raged I'.or lt:L'Cr- fornian..e IA it_. 1:ItI1L1useh lK.. 11GdtI11i1.1It1111';r• talt3±2' aor TIIL° MLSiti` onst..aen i ilCv 141ni1.s tend Oil have k wer C4p2'L1§01 111w! u1S'C:;tL,l all t1t!!'rs. without-yitirilTk.'.atl L°ii'tlt _LCClb'ClL' 111_Irraexiil Illl'JL[S. 133141tt'1'.•. IJI 1.1.1rdel ,ILL iiJtuy is of the coark3niiie.... Cif Lsakl FiiiJ•;: ruul dlL':'.'?.Ljlr ill a 1401a,L4Jr RJfLII1lru :11„111;` I,t�t�rEu [LIS^ . Isr t-e pLIUE II11I rt _@I4 to L.lo,rn ' Llre lvl.Lw!L?r floso.iiliu Iii I sll9al i sitl'ut'ttBl0li ,l: a "Fee ll•r" dwhaL A °'t tieicr" Whi i iR llivei L .':91%T1 die i'bc'1a11 r!I'17Fre,iiur- Curd ye l.^ 1.0 L11..(.LtivL Ift lu Ll l)i=.L 190teri!1.i C't tJle Einar.. ins.±rsnL ir, .355at lal ,J "i Ll:,tcr Lk'irtf+.rlicl.. /71,11111 rt i The ..sareciuodeui. of calk •} Jurtl.iir Global Build Ad.'1949r-. L till (41,IStr31' IsidifA! Fund os curb-luriLiritturitaA .lftd tILCIL•.klt can 1'crrttisli9, illt2 �. sulwLllnri;dlt' .J3 of 113 Eget!. ill l;c- ticdt1i Lld ckothutct niinLillolidel w}J�,1�tiaL yrC1_111 421, 119 .113Cotll1J0&e %Vial.111veit11)e.1IE. ilb.!eL:rn'r4, iii) i{-iCS . ii.1 191'1111.111011. 111JIt I]r[° 41'1hll::aliti Illy' 119J1hL' Corr-Bond Index Fund of the applii:ihle 1.I:IIIt; I'tuail III 1)ll1er\4'.11 iii e.1i;91 Ilnvestrttent {�bjE' Ive—hi 441 l'f 1 write's'.Ilr? 1Lidex Fund "112121." imiellt)1LIcr inl LiurnLII illtal �t?Btle hY -,! i"r 7119L1p= thu I,t',n©rr Llee c.f.dim:- ts,l u,wplJtldialLq I�9 LSeL'r 11tr11i 11 1- Lohman iiicrc Lr1 ;ir;g9 sett Blclnl'l IB:cl:x, 111rL.Lnsr Ls L-111l H k'Ltti rsper!si'J• trip hu} and nail :Ill Principal Investment Strategy—Th.Jncast on'.t i-a'the sti1'lltitoei 100 a L;auu,eL 6L:BL' 9L11L1.Jek, t1ir :;:I171'141 1 5elerid:and vsmai.dItcri to J=t91J1J5, L rit19 LIle LYill4L11910 o]I Sl9ti 5e'Il l L'L'_ [%1LLrx 1L. IL i rill it lti'ti LI11�[l[ i;IL3r.I�.141E1St1Ch LOnlpUI Jule to F!IIJLI k_9Y9111i14' i.11111l1111 Lt•ektIli1110IL:- tom ;;pplxl•si 13.tt1-7 L19rr;1_ 4yp"_t1�.;_ Lelleuan J3rat.h.rii A r 42,IC 134,n-I hL a1 9n1 u k. Old IBILOX ,111d perlani1 tin. t1tir , )Il 44,1-rcItltt: aw1LC1 rl1C 9I9L16e1Ty,° +1-4BL111 Ohio Ltult- lttrmiTr_-1➢li:K [Ara Ln9Lc mined In The hL!1u hu1ariz- Tlturukiir, cL4 �74'rt4ir3119- IlnL.• Of LII,: F'itlrtIc .yell=. {19L'!I' f°'SI,L•Ltive Principal Risks—ThL I1JJ11Li ls. .11bjLti� trt iut ti'�t Coe iLi_lniraI'CLL', au6.1' ulL:ti'L:1Le luL.JC Lh.lts 11r.LI '3! Jll L9{l'• rLILL ti! _lad L'cr[y11t risk ftkfi93CJ uLIder "foil:!• of isvo:Ftang Ill .di 4adtLii ',es.!critic- LLtRIL,JLiJi11 119 it 1JLva!12Li1 t1J the 1.ianil'L "i The fllahl dLLILll5l osp:Ii- h.'IJLI10117rJ.. ei i the vt1L11,1111',' Cll.fi t ierasrsL:i tII X111 011LL!l ioiedi- 3J2-anatulriLy fl.riJ iul:l)J7le fon,d. I11'rl«r„l ranee .11'Llt' Lotd. Funds tinier Finn; L.h_l ill'lie tlaliler1}'9It2 rrloi ntl}, Performance Information-11w_ L:u LdIAL L :lud 1hlr.L. IrL- Anz nested Ii i rid halal Irrli-krsohruLL•, ihs 1?=rbrI9@110tL 931111_ lJeCtriti' aliuurrlt4 the rido. .Lull '4ti'1111v the onLil %. 111t'!Laei%l I413C Ilri I:I1ItI I L°111rI1a VI!1,ltilit�• a9E-111 lIlLre+L'ILlt:UII ill rile FLItILL RP 7C{Ir. I-IiII JI�l�ls• I•-B�'l1'1 r.e. 1-Eill••} aiLlL '.�'ll:.hlIf ft,Li ul1t1_ ;l1 rruerIIl-r11' tji Wi11'Ilirr- A:M1I II'ii i P+1111;' LI I III' fnELL au: W"-_ !"]YJ y„ariljt.- .1'..�i LL1Sl1^_."I 4113 1.11,1 !}I,I11,13r ji' tllli]IIIII it ill-17III- hI,u]Ii ILtr:,t :1 u1L,rueLt.1L2111, 41r 1III 11111 lId L!v tti of IILL...L lil ltl:ll 1'111111,., nor ■II]• :111111.iivil III jr .: o r,, ,-•1111 IIu- 01111C+, 'MM.- I611;In.,it5 u11aa nrrdiSr 11111 I nii!wri nor char ,pcIrI,iIr rilLE-^ dill' 'Lied.7 i.r,uI'., ti s I 1°".SI4'E]';1101.3,- d11i 'SIU19d-1LJ C Pool's l III- ttheit II .1, 1+lJTlln',. r cE^I ;r impllc i r_;cc:.ir.0 t On ,Id 11110H" d;r Iaauicn Ed,L, n i f Ito; etc-I-t LL -SOLI-Xi- 3i iin -.1'111h1111,-,-1lr 11-17.arrt rn Ih FTdlill' Ind_ Ana "141lklrlr •1:il'11 LLL1,.IIs. 1nde,l'- JJIJ F•,ied III.;rl;2.• 10 r ' 1 I e11.2 Funtl'+s pan vethIrrnnncr ;loci suit nece'<iardly Performance Tables I illjir tie. .luro: flit! Funs] v.[I.pkrfuritl an'the insure- Sinc TIie pc.3.1 i i5 pritur lo c'1.1rch li, 1999.), ti5d>ifn titer I 'Nor 3.Yoara Incaptlou` rood bt :ail is porAdniL r prcir:r',1 Chi-1, ?ell-Dui-lance- Dm Elora I ludo:i"t1lld— Cfnio 1 5brci nr IF1.oturn laf-a carrtrmoLlcxl hmd dint lrtiat1 the stLUIC IIIVr=flid- b:7fa7e[SNUG' B 5I°.fi 5. U'1.6 1.1571i9- inn nblct rEvcs anti pulloe1, and .../..r as adltrtgl:c.i 1 ' an noturn t1uiflrc tenon folios 311?911.511L,',1., hPt u.s2 Affiliate of the fund JihrI r. Thu , at P e-form- A=tarn nfte*-aat.--.urt after hi fern a€lluNted to tcfi z t Gurrcnt ox-per► ti 'dJwrabrrtion i I3.O4i1, NA 1 1'!% Return id C1 t at he C131-:S i skies-of the Vund_ The colnni n e[I tiTsn gttiy.lims art1 sail)r;f Ylu{l wa i oc 3 rititdurrd mutual fund 50 It WM". 130(t fund Oionic E,l+lr+',.? NfA 3.9a`st ILi!klnrl Brel1105 gulject to the Sdnii 1111Ft rraunt :anti tam tc�dr ctionP, tIVllltumnr}tftIetlri Sand as die Fund. If ii:-hrd_fern the ti''n )inhht;1 fund'-1 Idtfox(rlt,ddactL no per1;:lrn1.r11I may navc1-12en Inv,el% alcldlusllorx.tot foul, e prinat rat tt?x-aft9 @51a, 5.2910 7,70,1ii [iii bar L'l>Iard rhost-s. 421_11.tige5 iii titic 1?.rt'twnunce Lot man Eirtllhars A.,4yr.agpnr nI'r.hr Ctire i%tirt11 1111.1 s Fund'..; CLIi2. I yh:trs 1111-Ik5 Rand tIo 1]r re rrrG x141 de4uCllar�I�r ket:�, 12.11' CD yciiir: iimptl n,s*,Ql•t rt 1" 6o1',20, 627n 7 al Ft, r ' ltl,;,, t ij- •Ifslr; Fa.r'tll ^xe^r. ,.!.1rr:�11i1-irliin,4,t.Sarlu t. a I+14ld,jhc pvreirrratarYG inli,ini,ltmn '..hrnetl prior tug rim:. 11.c7. Lta rclrlFruit,puwrrstultc til'ilu Pgsutl'o-}ai:Jcc :. III t;d1-). 1110% 111f1lI JPti Snir`ti who h .+.;0,rogi'fri1 1,11,,QEILIIIAT I+1r4i';. 4'I'IT,Ain=7.0a I 1isl'711,1I1i'i' ii.i:,11ru1•uk:AL:1E3i li's l,l:,irult %L' I!aysrl'' [i!lzss.rr,A,dot.1a1z-1i1.atrlt.?. 1171P 2+St'i.--1.1a tllrltur.Jr;,:tL11L.,etii Ir_bu Ill_]i.:.ui:.sl Iliphett g but".,rluiJ rcarrl Itcu-4,zsLJl o ii..ol se la:, r ilul itr..',1551', rddttz the incpaia wl •anie.;iititnctll 0._,.,-t.- Yihttr ::tu.,k rer,•f• I .ue• t.� rcti_1 will.,,JilFaJ uu ta?L u."....rttl.t7I52 .11,..J 11J'J laid 192e ling n^_tf `x+31 from rhnsr,nttrlvt•e.'cif'-Lau n'rLrrt,tl,owr• .t,-Mar,rrlr'sallr ry //qq �/� /� * DJ Lir. .,hun v tt) Milti th.eit 111.1.w: clviluuli :a:-t1t:lkcrrJ Pest Ou finer Vor:St Cli�rler .i1J!3t:flletui ,,,Cll to-I4 l Iky 111,IIit It in Iivf:tu4 letla-lrlrlul (3r-d Qtr. 20011 l2r,d QFr 19991 lirrr-rr' rrtal.rn nn'-hrmT1 ;tor t'I: I ,il,arc., only of Ilse fwld i.Fen7-t. :eutrn; riir 1lrhtr 11 1a •t r:iJJ J-as.: lilt Frl tuft 71.l.'1+11 n rHl rnhlsrrtn-,, ilw,lr-n„;tC it iim- ittrlilri c.v.c tol 17u1=•Ilr1 10. .2011 1'i'ktrr In !Lit.1.1.L 'lac, Ful l:.l'4,:r ttidtt: tc_i_ r^l16p.rt110 1J1.- Le1110.ur, tiidi Iilk�g d'rt'.iiIlratr'11r1c'tTl11,lillIti,luilrrd A., l rt9;orl-id-III°1:Igauts r',Litt' Trip=rl', I1+ti:ve:19ao01. 'xhjcrtt+'e, ....'loch tiv.,• cff-zrrc+: ,tun F.-1r,, " 2102•the Lehmst Ilrcrhrrs r'tpremrc Picini Iuil '-3,-,11 III ber-er t Iire' For 130,1Aurrtl4 alt.Jredilrnulrre of Il r Fucrtl I ' Since I Year Inciptfon• 1 • Caro Band I'ntiox Furizl---Class II Sutt3rt-9 ki_'f 1'fb Li_SF,1"'n Lof1'filan Brutrtero Govornrrldrai Craalt Bond Index a):_51',., .13.89'16 Lehman Brr ihiiro Atir raigtsl❑ Bond rrlrlt,Jc e1.&25•, 6.27'J' ° I tc.IIi Slater all clt. F•onll •n:ri aliP,:red 11tc'iiii ini Apfi] 5, 11.ISea I Nt!"e- hunsk peririnr ti.e y_alles1r.J ILl .111u'r Irm: thz kliietl'• I beiLl:h1L.lt .SIX 011 nalnplirch,Fr.:A tut]0Lt os1-'aE in ptunr?lia, .'drrII fin,rill Il, 14.e, r qprle,r;anti tid•.1 liu....'o 500 Stock Index Fund Investment Objective—MI iitT,_•r 1131.1-terl,r •..ip- itai Irowth b'1 appiroxitliutiiii t11t inerfiir111aalec of the Standard and 1'oor's, (S8.P1 5f1i) Fltkx. 11 H Principal muesli ieut Strategy--'10 rnv'L:;;r. no Performance Tattles ,tll al([Eli giti -l.4 on rht: Si NA' 5r1l ioviirs. %.vt.o;11Ted Sinca 1 Y iii 3 Ye❑ra FJ piJun• ter re-lalttnl.�. IV; 1.1m. ly .1- ittu tir-;li. lrtt^i:�Frlurn a I-1_r_•i ter-vir. rsf rir'e i+rait'nr 5013 1. T c7r Index Frcri5-CSnsi o S9rtr7,liirUnrtl t !4u t r i=1 -18.29'-ri. -i.5p%<-, 1-.E.64,• Principal Ristis The FL211LI I,, otlPr t_9i ti, lire Pluartti.b1tilrL:1Ar.. iiifr?r 1(391 —17..?n y, heA 11w%. 3itL Nautr %.,A,Iriliry .I', tlis smi 5011 lloiit-L, pclurn cftzx-larlau 49.51 Performance Information-- f'1Lc lids chart „Ittil iiltiont�:uhJln3 1.'�U`., h1;A =a3y 13174t1-r1 Ow in:gt13 on dirt p.t.Tr:lrriu11.i2 Lili1L, Lit-kw; illUsLrate LI1L rind.-,till itlioglllullunt..11 Fl 5:le tit vl?1,ldlin, i-1.111 .1.1111.;.!..51•111111,1i Id tiltr.' Fund. Of I'bltl'•i', 6141.1 11h1110.1 -,7,495;1 11 A -1.43E4 y S&P-151:10 titamit.ft-vArir,FfJ 110 tltti FLLJt.l t`,t41. BYi,l C u r liidlik2' IJ IL( 'Jut. uii2,0"lrik IIL:rlirrllxrft fiw 1Ehti, tll'ILiiit.tt'_ 19tu0. Lhr FLJIHI i.9 in 1:Ieriisrnl Ill the I-au t:. _lape11n, ©r.P.i ii I -it:SF -1 433 lJ.25:. ' 4-IJ I' 1911it°to RIE F,J1eI '.t_rl u12'9r1 Ir(trelll LllL FWL : c.Thy. ri rn.ti'I llrtan' a'.} ! nrcls f, It 1;'i. 5,01Elt'111t' 111'1':1 '111,j—frrl11rr.-11ll11tiTl.aalsrt 11h-;-v1-3444rr1r11a-duTJ- FilnL1 I7/L'6J71 I Twill! ILL r'CL111::i'IT. file rlcffitritidtJC I' r11171C.111. erTli visidil•'t ur ilri' rtutiiri, 1viii,i; ,-.1{,r'v'i'1111tiiiLII^l_:I iilnl i01+.2:e_ ,,ut%ttil L .114^...in ;'a,^ It a 1:0111ri11 0vd 111111:1 Eh,1r 113121 ills illif. {nserr- tli, r 4 t r.Clf,EEI:uJCX FLt IiZ I ii '41..'1111'r4 +.":i.2 11_sl':m!: Id-Fri rI1F'11r 1191d:I_nti-L" and f lt!J7C°, Anti 1l:tti ii.l'Lu i 1"17,e, all 9 � r ttn k.. a-�st1L'-:1JI J,it—Jtl,Irxll t. L„ J 1i11I117e pr i-ht. Ft]IJd°, ;L(lvi,u1, i hi'1 [.J5T p2ric.7ii- idiot i1. r'tnrno 2r°t.11.ulJrc-I Iur, UK tetl'Orll',I]"11.0LIL r i, rc:11.,1,111.5E Pr-Irr:A Jr,tr t ii il,'IT,:r,,ii r.JriL anc4 sI1 nil 11161 1i:�1'1 :ir��ht'i4'4-sl I.Lt Pt'.{j6'CI L'L1rSi11F,ctl�ilrlTgri � t 7 1 _ rc lhrrl'tiK imp Il r 1,1 I I.(:,idly 19+611 o-c' Y-trur,4 41II :ill LT.: CIF the .I i'1 I '.1Gart°c u1 dr....' F'un L1. the Cul lim rl.I 111:7:Llill. won 'I Lt•'4i r^I- 41rLIE L1x..11 LIr Ih?II 01111 ,triT1'-' 1-111r!l W. 10411 ;11 re.l.v,,rural I1 %orL1.11, Ili Hit :r; if,, 4ti',19 IiLii Fri tri liii iI-Cy,ttl:.1' -\Fr r-r Its F--111[1111 ituv.i 1 ar-n'u r,.l,,ii IF IL>ui u CJIry t,,tIJY r;otli}t7,rir'.IL ie: il1;r.,r1,1 1 1.,_ LE 1.71...1 .11rrccT III■Thr :JJ1LLL' IlI LIlrttoti.Jlt: .IS1al 'LOX ril-T C[t(111'; 41,,i14t1Lts,r-.,t1;ir u- tI 11:Jh- bI,1 , ..rASnlit _1r:.1;r-r•rrmunr a1, ollr IF tmi if rr trill keen, du; t'c+Itlrnnl1lc;d riincf'c ik- lrllrlv 1+c111n�rA2l[to=Y 1!1 i0:ic �r�cac 1a1tisCd'. Atilt-Li tiFi rt.::h h:,l.•n EH-r Fi L 1hu_. JuAey',•'I 111, [llni€ -`l„ I..I: i l it- kii'taihhr,;,iii...?,s Ii ....In.. ThLi Liar uIui-r siti''w cli,:pagoi 111 the 0Crlc'irricnii IJtC[ITC 51.0 'LCILL lock*: TLlliLF!I ChiS f SIII1 L.1, IriltiI Silica V'e ar to ,ta: 1 *Air lugeptinri' 511[1 Su '*ini ;cJiinth—i sq II JU ..11_ Srt9rE9 -1?,17';., -3.;7+1`,''.5 fi&F 5U111riiiau. -1 1,1 ut -2115;3 :I;.,, 11 :wh,Ir': ill rllr 1-itrtll viii-r,-c,tfi-n'11 IrIrliiiiC ?Till .5, stJ 10'..-0 I+11,1.1.•: FUJI rl.°.tt11rnllil:a i..LI.pl.cs,u1 Iii Irijjra iini Iii2 Pill iirs, ri 19r'l1'Ii11111rii Jsrr I,I L-z-, s:r..ti- mil <-aufr rimy; "O 1.011. Broad Market lndOx Frond -,!'ci 1E48 u l i i 2.ui ?oo 1 Best Quarter I+LrOrp; Qla rer Investment Objective—lip 411'1:•1- Ia,op-Ft:ru11 c..it- 21.18'r. -14.83% 1[11 JUI itiiI IF by ;II9T?rg1\Jrl In rhI riertiorIII,ITi1[ ill 14th Dir 1g-381 (arc etr 20011 thL Wik,Ioilv ;MO 111tiL Principal investment Strategy -T o 3nv r in l . ;KJt illllllFI, 0 'itl cli.:� ch.ir of .lult,.irlul Anil v...-.i htcd [I:r ri..miIr iii iiR 1:9rrlltal[ n h.ir.1CSL`3'I,'irIlll! cr,rotoorthlc LO F1ta1:r r.PS LIie Wi19.hire 51'11'1ii rnclE ,11),i perliumilTLLI° Nnai W111 m'..[1rrekii4 'With Th,-rvrii riu iui r cif 11Lir ands. . Principal Risks--l'iv Fund Is i::poi-Je i Cca 16;111' rho IiIile vilLI hl:y' us the U.S. iiccI. ilo:ir-I i wi .1 valr_,I L. .idi.l of i n i of l v, tilt 'N'I l 11triL. 51;11111 I J1.Cy+[ irlt ILtdor. ..11:1a11,- and mod-r:tlllrallit':Ir.coli Cnanp.Nnti 5 %.019:1,...: sri cocci u-Lid 0l0 !LIVE' ul1i r.' Fur vaibliirv., than thug: or Iatge I'I.tlalll.i111- '12 Performance Information -']°3l> 1 .rr*'haI r ,1r,cE Performance Tables Tio,!..pz,rlicororronrc IJbErr hcilcoirs. IE11.15irilrr I.he ri-k' and Sillcc 1 Year 3*emu .Yearn Incslltinn' 1.7.1,1iiri l or' l:,.invr+'SOawrltl-1111 I'.ire 1)r.ts'c)ur+..-, - 1Pir pr;rt,,,9-n tllrtit d or-. Ilrit Seal 441vu3 I11rt=u Funrri Class I shares Sr1t']Jr:3t!r 1ii:iv IIIL` Runt! 1b'1Il r:12if 1t11i in 11tt' illllll>;, ilrurn ttn1ar=llw:e.'11 _ 1os1.11 I tF1 rL�-rnh The pc 1.1 1. I.91.vr, lti•11ern kirk! Cafror3flr25? -151E3PI5 ;iIA Pdrr 031 I:;,.111I3 br a.lr 1?17C .i.Ii lry„ reptr5c it I.11e pedisrmulcc at Rl[ulr] ai1nr,oxe.,.en 01- cr'111.1u1ir1�IL11.L Era iElsl°<r< Sat�trll{t1lla.t(i �1�.�'.A R4A P.Ii,; Wm; trod the ±Lit rt FInLL,bl Mir I?rkeiL(Ira 'LRCM 1Aikktii a dud- }>';,Li1_ir a.I.1v:ied be' uli dtclrli,utlnl,m aItl ,11ai%I idf},A1 fulrl Sil�r>s: -7.06. NOA I41 L Iii the °lean id islr,r. This pant. rr1i1rLU, 1ti'lchira 5t}rp 111M:: Jute hLI Lrer11 tJjuarr�l La+ 1ei'1cct. ullrrcaat el rerisIBC gfieflerta rut err llc_ {:1:13.1 I .i',:rn'1 ill 1 hiL TLltrtl. Thu i.LtitillilitOtA clorl1rti¢,na for ieeq. =id nsa5•'vi i ,rI —I4.9?gi: 14.1O% lulod tVah toil: .1 1` Llifir•'PI sI IIiLl{[I t] 111.111.1 iii IE %V I.; ,:111: a' 14:4 I �'17111 i 4,4('I(itt riiii i 5ti•r•Ie I!llrr't1 X11^',1 tint:A'I;Irr11 I i:iihiteA II1 tdiiir a;1111K 1111`"_*1-nieHL .Illil LOC ru51lICSIL111y I n fret, rulirrini11._ 4re11 rl PLL JrI„1 ,011.1•'11 l,r Li'rt 113.lur Iliac l� tit Fund. If IL hit] ]11011_ Cltc. itslluaoiloi;lt.il fla11L1.`1 fel11r`;L't10-crfgiiiiisUL.: I we SwiJ 1 Irrt ur ,1uw113e 1_Ii 11el`fLLrtlliiiee 1.11_rV ]hive to it IL1\VL'L: iS,r11{-s.t11(11.4:711 illicrrL1'be(m-yr!n ch.rrtrl r rl^E;r--]L }'L rinrlI1 r Irr• L su e1tJ:uLIlsII L s itccnuL. 1ri•_ 1 1 'WI }'11Ir cI}lrs 411{?k0.` e1.1rigt"; in rht' Ilerlorllr3nce The NE—El' P I' i'itl1'+ ∎±",--,:\1:∎ ;C. 1. 191.i 1. Of Shy Brood niviie.0 Index L;C Piind'c (,1_LSj 1 `shire; TOW L1.Irr tJ.0411l J 41 1111;1;:1 111,41 171,1 1G_(IL.4 I i 114..111111 11:11'.I 1.anul1Pilwl ;11,1111EL 1 :i 15111" 111111 IiIIr iron) 31r;lT Ci) }'IL li f■L'LC.i;ILL 1111331_l 1_.I .7f yi w JS:L.i_I dLlr,- t�I r_r'Ii1u:•,,11 LILp^CI1II+rlr ,01111 L'J1 iI II:LILiIII .,H1 r'LI', IIIIIT 40 to rit Ll Ll ht 1I11LILtV11, Fill C's.La' to ti Iru, atJ;tJI a,r III;+ 116:13•u1J +� 1:a.11aL�u+,'•t11tI ir1W rherl ,lls;-1ELrI 11;1:1� tlrt:l l.Il :L1 ;471 11.1'111 isl1111 f111!piids,31 lurid-111 01; .111.1 atr,t•.eiI PEA' L13 :lid•. l u I rh1: FJn.1 1. -ikhr-rv-ritinr-ti,-nr111r..1i r-.-,nI t- 4l SilYCa -Ii! 1 Venr Inoeption • - t� 'i 1Xiux Funs-tI� II 11j; ?°1r I� •?rte 1Cg11 9116`110 Udrl_1111rt,"oO0O Ilidett -11};97".i, b I t Quarter Wort;L DuirtEr S_11u.: 00 ;ban r, .s. i--*Ir hind K�1 r rrtd'I:I-iIILi tt1;Al rci 21423 -16,18% 11.11 Q.ir 19911} (3rrl'QIr 2001'] ' M.e.;_ Fulls] I Lii J 141.111:1e (1ts11 111._ E'u1'•1 ,1`111 rad31111'. liii; FIY s11111,1inlr r;'I'l^^311111Isi't s-iz■E III iiL'rth'Ii !.LILLLl111L'I.1,111,.{12... •14111:rd^6,,t1I Li L.4:a1 ti1.,•L'•'r Mid/Small Company index Fund Investment Objective—Tn 0..42r inrlg-L rrll c_11°I- rIl 1.'.Y .1p11rC:Clilll1l'5111' o hr pen:arm ince or' the lv'195}lrrc -151 ii) It11.i�s. Principal investment Strategy-1i ;.antp]ila4 c)1 11ic ttriii 1 c11_1l 11. I`OI t.LC l •t11tI svel}4llta:,1 1.0 [result in bt1V1'Sr111CILS CI1,lr:ILLI1!laici C1S1ll�r•ir.Ilt1C LLu LILC15C 011 tl1L 1 '115hkrL' 4500 lrll'ICR 31ta1 ecsi zriitiiicC LIk1I: Wi]I Ci7rrt1,1ri With elks: pt'I't1Tt11.111r_L 'Sr Hs! lllda�x_ Principal Risks—T s: 45t!ID is s iPllp.i,Llil ,21rSlrrl}' e+r t1a1•II1- ;e,1ll r19lLl-,.;.113111eIiv:;iI]I'll[ *..I?lllit;l1i . , L.°Itrlae btLr1 .t IOW ttr Ilaa'a' �'Tl'.Liei Fn"IlE' 1Tr]dCtllrY LII{1fI Lt IL,H?' trf ],Li: rr 'i'.mo f:IoI1r 13 Performance Information—TEL lo.sr clt.lri 3rrd Performance Tables s:151 }�tl#i rni tJicL r.,11,ksbvIcioo. aIILtErr Jta thv r9wl mod Shied vaLri:ilLty tit ata 11rst-`�atite.IC !l7 Lt It )'oniI (71 Cailtrie, I 3 Velcro IeeoERtiDti tllE l-Mud's post peril-An-once dos not .uecessarily tvilchiSmnM Cvmtxariy Ind Fund Cii I Shre-T Oeturn In fla:Ite illaw I hr Ptinal will periorrr!.aE1 tEEC before n,xesg 19etutiir Pr1['3 Foxes Pntor Tiir icriL,tfti prior In Alan-Ill. 1 JY.., vilPdii laic VOW -990^'s ['Lind I?rF,th +'p rntir1,'. rK1,rnnt thr rertcnii1irnc.- diriurrrallar IL�afe3$ran i. r lxinnin rl.l Pilrtil 011Iia 6.11.1 the<asrty in,,vit- disteiaLniend 10�?89' f�/A *_93' Ruithil dins itism acs InLnt ttbjeoive. .iriLl ptt1id i lnJ \Val jier] Iiy 31T tli^trit LiIIoaia arid nule.pt ;aflillntt c tic- Enna's p dorm,- Rind_hrarFra —551.45 PJ1A e.+Jt]'o- Wilfhire dbU0 1ttd9r irsLe kin keen nciJLL:,trrd !Kr rciir•rr unirrcTit rx}lr n iC1 IReffiPnm no rdotlgiritionna-Snr .71 illy (Li I Ilium-. aEC t11' 1 iui 1. TItE L'oniinTnngl:d IDES,uxpense>r.or tax I -43,30". 1:1K, d.5IJ dltn[I S4:L5 IIrtEi 0 ri 0 tr r'd 1111uLETa1 1!1111 yr:i h tv ., not " 4.JJ_a i cliLU,a 1;719.• Filal!11 c} tsiFct,i J a9tuu11s 1'.1::,11 I et11] cc tt th.. 1Eaale iniksrnit'nt iJlid t rYtriiriuivk I'.k':+'I Thr.p diiY1,WtFt auFRt'rd;IGiL?;n II,GT.11 rut"'Tt ii i tact: � � 1rllh�ga;etl_pztlut'lii?ttt' tih tiie Fu1ut•C �rul uuil r.r,iiiiiil7epj•�:Il .ii Ile Fisntl It it liVsra, t hd:' crunnunglitti 1t1Titl'5 Ihm3 L.tLL-J3-La'a„mlFrT .I Itctprlttlnli ftlriz , 19':7 AliiT•aat l,i.rdTr'YIitT11<k` a11'ky I"u74'F' rtra'n IC�:t`CT.: perlii.rnunre Ilal111:21,1 LArlilortl (c.r. llrci.}Ll1,AisoJ the F-Hutt.. fOLti'tt�rJo7a L,LL�bGLnid 1. 1°1!0, bnr 42]1ai ,,]lni5v!. ctrat11;,s< iii Olt! rIrrrTEarltiince Attcr-iat n•Larai'dI tJh:ll?,ii4,J uai_.L9ac IL i-,te' EL,d.IiI Iiett I11JI'VLd1a;11 :'LPrr.ii murj aul inrniu, FJU-_ unc: a)r Ella MtL /Stti?11 Liaiij--ui • IIt49LX FLIILL.I �:l.u1r rrflta thin irn31.1cE of-.1..ire auci fi 11'.19 la li,ut o�alail� .1lICt> rebirnz will dcpc-uJ I.u.yuur c,1:[iruiniu,J.liu1 uJ:r; ,iiiJ i th rru Fltrrir ir'rr,m :4Iier-rev r!QIrrra'halve! are nos ra vJllr 4li Iii1 lllill nr 5']la1 tll,Td II IF !fu,rn tfun.uefi tai.= elerrcd +a'- nsraal si�atr, `ui:h•i 10s;1.1 'J.1Et,ter arldroltad r iluu ,,a Aaaty-,IL ter!a[Le1L i t;r-�,,•;,•ra for ft i. nn:1 ti .∎,hs r.nr A rer-tnz rrtit:I.'1v,r,lth rr � wi th Oin Shwa [7 1 Year 11u iron" 11d14'SFI ilI Compl,nsr Index Fund 1d •cs 20 Ciatra II rf+lero -9:65r 11123 I'J0!i ant 2001 WiIsJ119Ee.daiiQ InilQA -320'a:, 122.'!L • Clare ti ,Irrn-'.»ii Op' rttlui w : 1fr7r719 I' L;in„Lett: •Mucci Bes* Ouerter Worst Quarter 1o!v+. 99.62% -21.31% tJtite: hind pCrrrJro':ulalcr r rast7coel LIT diilca irony it h-nrisi; A (Aili1 Cir 1999) {3rd Ott 2 01) P,1eItLIfaiilaf: Jac iJ -Inlrilii !, ani.L.1Iti .au=e9 111 psrtiolla, Otte aucminr Frro L"r11r>>_•.ALLII t.,n,II ILts , Overseas Equity index Fund Investment Objective—To 011-42,r i 't1 -Leroy L t i- ital .47t-t.tI1 .Ltktl Li]r r i1LI, iL;,11 l ! dppron.ilal.uiril: tier puri:urrn:arJre 'it-t[Ja Mor2.tati SLLiI]CV LipiuI ILJLek- rl tiL,l:u] Europe. Austs,ELa'iii .Iaui Ear Lilt IEAFEI Free hide Principal Investment Strategy=-Ti_a invest i14 d yiriii"lirt¢;ul !ICcL1rittc'� eh,at ic.�e1eLLtt] ,ei4L1 titiei�litcd ED ccTU11: iai iII V±rrridnl t°li.0 Ic1.'I`ISI:i !I t 4II r)i :Lhlir to dtcl?i i,1 Lily Tw4s114 .nl SL Inlry CupuLajl 11ticrn.LttLindi Europe, AttitraI±i-.E mill Far TRIM (EAFC) FUN: IIkr,1'x trill rerihrriiunlc that will 1.74.1.1'it T.lrr with tide pvrrorttridticc t_,1 that tl'Jdex. Principal Risks—The.Fun11 tc uubjea;t an the r,peciAl r14 anterlsatirotal inn inn([, Tdtcrc tll]I�tt .1i:1"Otk15LEl9�, ,➢ud ti,1annc19I rcl,Llrt ng, nundards I �f I tkit OLljti" 'liircl' litinl thkixc a cd in tits: U.S.,: it°_ Performance fables super[^>;i6?11 of ,ttn•I1 cNc:It.inl:t., mtiti broiler)! t111.- slums) PL1t of IOrstirm c.urra'rti s.' s,.11t1C: Llran 1Itp, rrime'[ ta, 1 Yaar 3 Ycar3 tnrs},tinn• rhr U.S. dsifl:ii: lli,l.tur tnirriIC'Fi%J!l bi:J L' iti Ilijiu- 0V,91ye EtluitylrtddrrzP,mc Cliff a I 5.11.uKin--!FIEsliirri LI-S- Iriark_'Ls:LniLJ the risk Lh it i!Viiii al LV.t ni Of 4iaf0r;;aEa ' -21.7:74: -X14?:- =0,,a$1.,>• finish::1i. ttr':11-..9ctt1i will ...510.11,4:11' *l r,,irt1I adze LI LU>.- FIVumP+ !4Fn.tng . I ,r 3;rMi 21:779c NM. S0B 9.5 Lr=4''s LCOLIL 1Ely. Alt;ta. the FuLic1 I['L;ny In,..,1, in lei-,-_, Rri911rfi11 Ie•f 0,-1,0.:i;rin Llevelt1pCLI L1l°lrii,it, 41'1!t'tY [ilk;« r4 2,t an be. iiif]ri tiisirlliui'€atir -?1 4.irls rA'II'61 -5,1:15?': SLJl1"EililinI Rum iii ,7t1UrAlIA, lira. , clibiribulinfin unri r1alii of Performance Information--1 lit 1+1;1I-'c'r13ir :Anti lithe'•Irpiq-J , .. -13.ie'n r N,\ -4,I4% MSC! iiAFt Fes=ini15N the performance table. itt;iti w ilGuititti lilt! liskii ,iii plioFrJrta Ills-dochrfiatrtp fur t'c 1jGLiir1' Of;an In'.'1:ytrI:.11. ill [IlL° I:I1nrl. (If rclLie--L -F5a5,elitPafswa,ortaiaI -212144 'l J5'!_ 4-41:. 1ht- f'unll°r. 13.1'1[ I,erFlnriLL3ritz r9lics noir rirce•€=.anh Lisr. l.'-iiai _4,! iii t'LLL3LI k.1.11.'11' .7LFSI"■f 9jC12.19PLGI1!'-flll,llrIl I; I'61I°', 7fil; p14.L'LrrrpL7a11:-r ira!f?rt11:luu21 rha,,','.ti I1cu hI 11131 i it' 11611It:l1Lt' how: FILL Fund will 4rir ri11.in the ilati~r . . tti,_„r 4.i,Rlijii,l4'J 1' r, -..1. I,7i;llte ,a.r�ll Ell.: 1=:h.1 t�9P if ��11��1 Il11rIJ^ 5\`1rCn tilt. 'ila trl`. ,11 h =+l tle'rc.-0 1, rilhlletir iatn , cer117 Ali-"-i,t lrc' F E'i iJ. r�1ur iv IA'n:il I, 7 1-,[or„11n _ Fr;1 III I:II 4 J1L-ELLucl1 pi.1 1,c.114LL'! ,111221”tilt YhII1Jl^ l'1JI1.ifi lta,',V,Jtt i11ir:V21tln B-L'ntiviii ilic 11t1'ti'.1rL1IS1lCt' 6 '_,v,,lfnh A.,—r1'1tr:I I '1.1i'.'1- ,'il, ,i 1,N3to61111t1F1,i4.-tll Illnri tliAt i6,:Li 1llti N:Lrnl• illti'L"1- . ILF erg.t?1tlallu r.,1122 11.."!,l6 irillr,.iJlc 1a.:la^J iV,LI S6111_r.s y ia,stn ,9,1,1J tr.It!r-i ITELT::1tli ieh 11114, t rr ..15t-, mil iil 11c lii Il 011elli 1111 Celiiih'F ,ilhi r19111i14 Mild Stilt ,Lltrli1Ll ll'` .711 ' ' ,G t 1 } trjl_ba rl;r"ilitpl,I z m .tilic alniYlfcl t-,ti ^' Yll1r. «Ural afro'[. •16TiI1!illr ,-..,''3 he 0 rti ti% tl iii,'-i...r. This =,t!Sr r1eetire-i t- cat ILLJr.tJ 1t'L1 Jcp.LL7,.6 „II 1 tilllo 1.L'._LL UU1Ji,ii u]al1 I1l.h o-la1ITLI I p rr.u, rliiri-nhr' a Aril-i r, n:ra_rI ahnwrn 1r'Tmr rtlrr uiiT iilLS `lJS /11,-1°51 il:l'U.5tc! is rCdlel t 6Jr1T__L1t t'k 1,761 ,1:- Y' Lk, II1+LaWISC 1_1111 lull LIJLJI ,1411= - 4:4 rlhii*I r a.1leeci;�1 ii till"'l l'- , 1 •IJair�4 ki 1)122' l'ItIai1_-nil: ltliLLlItl .cd UJ J! .I I ! ,iu:3r , -4101.714 rl14,,, rt11741a! ;J rsur-.n1'1e+1 rl:Illt! ss 11151' ,i riegi;l_2rini IS161iWta1 cotlei ali it. tV.i.; 71s,t , i?IUIr,. ,1I -b+ n'lr„-nv..IL: 1ct,Wrl 3,01i dt111' L i:i I sh ;,a'c11.; °116i;:1,..t (.'1.11 Elie i.lrila: I111LGi1317r13i :Intl lax rk°ti[t'ieroiaal` l'iprnl.. lirkti-h14 rpg:i 4 fit )Th.n.111 W c'p11 tlry. .ti !ht..- hind, It-ii II:Ld !wen, tilt' cotrilnilihi,`i! rultd'u 1,,rti,t'J1S.1111:a' In.Jt7 li3).1,21. Since 1 Your Inelaptlnn• 111.1rt liar eltirl' 9111141 121i.lati:c'. ill the pc'tCii'LTI319ci'. p Cfer13 Flloliy,lnaatt ctlnll k to 14 of i:he (?t;t;ntt',3i. 1 L'iniits 1nibt ntiti i°.o (1ic, I share, ±,oral _ -t.1.5L5�'s 3,55'4 Burn :`t!1r tti Vu.Lf, Pfia-rl E45c Fru tlit Ir, L 21 -�.7ti:n • i:1_e II .1e.'ln'2 hi'tile r-lLi,I ^,.,.i f tlkclei Itei2F IJtntL,Jitit'45 K. `1411 5.11 , IL ;I,,,1,. 6= J,iL 'tlIJi!tJ11,WLe c. 11:cL1J ILL LIiliC11rJ1]:L die F u'l,1'1, 't1 FulrbrriO3k,11,1,11•rn '9rri19rr,iF Ir'Iip L Il i In:01 or, rOsliK111r, Oil L,IIntri2Lri,-Ii:Vic_ 11,;veiL,c , :11116 t alb, flier['' u :1r, -211 -Id '. . -:=ti 1l'Iti, vn,iy 2271 2-R3I Vest ()barter Worst,! trartar 20.05% -14,12'o 4th Our 19986 (3rd Cl.tr 1988,4 The Model Portfolio Funds f� :I pt'up- the li 1vtlL°I PF?rrIFJlp ■ Sa1'11i0. 4.:7i1L2IIr1?.;rd, k-1iu11i c'rrier.krail_1pcpr3Lnt 1 irid9 rarni-r thlin nt- MtbUFel I Lirttclitt C=aifkt;l-vallwti C.;tt Lti'tii: M+'0kI .It`:tittp, clircrely ou 1 po11fL:141Ct 111: r•:'LTLir1Cri*: Each Pi!rt1+;iru T,'urlitil'itdl (+ItiWlir. FVIL?l.lel 11,ii-il itto NIL-4J c] I ,lrttb.lio Fund reilecLs, 3 7-iiLir1 nit LIE11,IUi lit i unf'-Tt'rm L.ai ig4-tli ,1111 i 1:14 k:l IFffrtiLI17 All • pclrenEl.tl ri k.inci ri w.lrl! ,irtil f'I elt4ir oI1I i..1 :l111€lHJL.: fiturry Giciii ch T LIILdi an:-.1dlowIl as Ilia' 1'lotiLl 4 rrrlL1_ Milt-,IeepL6onr 1-91iriti ut aiiiTh11111_l, al1.01'.iri,T6h_ i"oaiolit7 FL111L15. E-zi'_It or ahcs,2 I tan& II''iiNLS Ill I 15 E,24:1t L4'1i111.4 l.ltlrtlilut Fund ktlPro..La: tFir' ba,i:.• the hE 11ip.'ii1 , V.tAtrl} +.22,•i 11 Fins& d!; du- uot;o•. gl.niic,rltis tic_y rthl°d L Ju.a' prrl,c,tWi,g_ itch,meth Asset Allacation-1 ku �IIPo�t.iricln ,ht -,�ch MN..11icl Income F�rd?&erViiiiol9 Fund 65% US Governmand Securities Fund 1Uo-1.hrt,F€lih Fund among. ri:.t cF,,<zL arid Wttlit•ri:ort - Equity r Inc ie Fund 10%�r1U age.p 6106 Fund!. LLr, 11t'et -'--rallli",lir..l ILp !attellg4+ int f¢61'istinrrt1t Ail%1-tr-, 1 l C' "V6A in tciwth & Income Ffrnt� f4°,.a Internet's-mall Fund 5% In a I]".7;4'IC'r 41, 1111.....5L111101/2 ,taVSif ' in ails. Fund, unsit°r Lh4 'saailcr5'inILr't .-.1 W.11e Board,rrd s,t l,hr4iIssi". Principal Risks—TIi. T-irliil r, yalllici-W rii 1nrcre5t Modifications to the Underlying Funds- rit' rail:. Aid.,., ¢a, :I !ci,rr t,:xawnt, tlis: 'sr4:r41,1 risk or Any chalig11' attadL in the Luuijt.4yWI1g 1-111K1''. '2141a LJrt tirilp Iii are dui I/VIOL ;11.114./ rntr;tiotrutl61th1 ,LI)di an chnir1F?c-: hi invI +rrn nr Iibir nive-., mai, 'tied tilt- marls-7,t 1Wer1 rnl;ttla- n..s1i- iVtelald•I-'rirrIFllifb Ftai,ltc tlur 1r1VeNt to Oar ttnrJerlying.F=}sncl't. VIA .racy alter the Performance Information - I ie Far rlurr anti i..-ea 'II44.3tir,la or Fan-1,(-1-9 7111-rcAncin of :!wt,irtll'i Frr:rrc'rli.latl;i_ ¢:]l}!:'-' lIeh w WIIi`Cnr;e the risk!, anti TFI;,rrftllico I-I1[,rl iW it ah nft-rnt1n: tnal3nha¢Y Cr' ill'.01[JIlent Ill rhi I'Iarlal, C It cii67re. tiz 1 Jrnd'1 r.T::r pi ra1,rll±,inch iltlrs, nos 22.---st•ss;irriy Rebaiancing—l(fa„la• roniprAirnt cat z FartzWlar 1hltlir:,tta' Jll,w rlic hrtaocP .Lill ritrt_rnl in 91212 ji,tzsrL. Model I','Frnrolas, Friad norlleatarrau anohcr n 14 i- rlClli fM"lY .111 L' c;Wti•:n rrTll€ ricariioLio the Modd -@'hr pvnsad+ prior rrt Dertmiher a. LWriiI, tic126n rile I riri:tuli, Fund will tlLCilrm: 'Mils 1.rF' 117�,1Ytf r, 1"'I Il' -llrll-1 6`l•'TIW6 a1 +!"IJTI31 rd°;f:nt Ch �Clt1tY11J111-4 1'4;hne}11r, if Eli' 9icitFi till`a1V1O11,'r1f Of 1 rv1nslrl T � r , nr.a 1,0111turrwirsi tiaixi that had ncc sin11e 111L' ';';- 1' ri1t7JE{i Fund {r116lSICI¢01-IY19: rFli' Ih'iiti Jt47rtCi}CI. thy. Ialr;all 211ticittive anti flpita"in.:atid •l+.°a-1 au*,-1'tLd by ma ,all.z;ica 61 a'a ¢Ite SUTLI: [11)1'1I1,1h u't1I 2I11`n I,c ivprin.:2 ,tit, Y6r.;l+'rue ,aYn,9' triviNer., I it6s p _li. 11s;rtiarn4- rllt 1'ra.d crCrlllni4'Qd 111JIT9,1TICiIa- A l.1Lticrtil r'11JC1gc 611 L]Le IJ1a° I'Ir @tl :?i914Ul4eSr ■41 rorl4T1 1;14111111C C �L°1 riii predCr i-uiiil,;+,1 Itdiieirican ci1h,t[eht ,itteit I?r16h She y of site FLIIII, hits' cr,,nunn,tu,ff-''.l fund ve,.0 nor Irvrl rli- risk and The 11n¢inVrr,1k tint g-1nI or Mss r'+';4Llervii mutual fund ;o it was; Wlnr %II/t '. i toythl' VriS 1194:411.111:/n !Lift }1CIfQ1l'n1:9n1'C .11141 f lliAilIIVI411 "II Ile :rl'.'O1111i'llE ;1114i t11-i 112'511'kJ:11.11114 l', rite Fulani, 11 lucid ii.Locd(Lk III I.hi':Ja'll l'l{arl'F T'4!LrFliliu Ftiu 1. It ILO Cfecll, Wlhr. a Yii,YI,Ytoogie-ub JWlnal'p pct-t ariiuiice Farina now UN unae. It ti.,-ill ha nrxe-.'ary lof Irtl!rii r otirtat.t113yr heert IIIwrr ai911`Lr tIO111 1Ilnt-itTadols ill , i-acii l 1l1 J2rtiftlL'T if7 {7tcler to Iell,diiyle the y'ltNlid r!ilstt:jlin Fund. l'hi.1 it.Ir Omits-_llJtaily' chant, Vt In LhL pert.i 11.,11Cti' i.Ftuts° Nitottel FFrlrri±;Flin SiovilIr,L r`1ruenrr- Fund The h' odt.l l rr tlelcla ham k .,ntl Llirit tC'4ILLt'C ETO111 iiear ¢{1 }C':IC; I11V. 1.11111'lI[ i11.111'6nasr', cud pCrJ 'rni,aliCi hittua1.•' Jati' Model Portfolio Savings Oriented r eY, Investment Objective—Ti, airier II"WJ,ielll prert'r- 121.F. Vanlill. r+_3'idnib1L I.'LlaICr16 IIIL.14J116C, :Dili] :Kiln[:' C;4111r.l ,rnnaTh with minimal rIC_ - 1.1914 19:47 hre93 1hi 2Iltl :till Principal Investment Strategy 10 22-mtSt li'!L, Baal Ounrrrrr Worst Q,uertar car rh,' Furiars ii ICC .III rn5Cd onLol1U hands JIkt 25'.1, 4.77% -1.92% elr I hr F-t➢id% a-set: III src'_k (9iJatta hi: uJWes-tri ji III 14th Ott 18881 I3rd tltr 2001) I 1 16 f r i . Performance Table Principal Investment Strategy` Ter c;,r FrlL'-' sin 13i the Filll'I': LS51_'r"6 hi ti Ne Ll'I nicrillit2 hInds 311d If 1.1;:'' 1 Yacr 3 V00111, 5 Yna Ii, ption• of the rllltd%; 34c2.0 in 5koo:k lSlnl15 li intrk sortie in ;i!oct.c1 Pnitfbllit L11t tolicrwiti; Vaiitugtilo 1ilt FII!1d., in tJll tarv,-a $:1V oro Clr1vitial pe'r.cent:,ko IT4i red; FnnA(Fiehirll tififprt 1ILhtG) «,61b-'b 473'1 66;65°S 7,1U6%' InCCimi? Prezervatiof Fund 50,0. R11101715 I•. 1dre Ein% Cafe 9011e1 Iridalc Fund 10% rsi-tnr 12,1 1:101 '1.-TN. Mii N A 4,0'2u;, Equity Income Fund 10% R aley on tli,11 fcllli[11rin =0.39!.', t ?• 1i+s �.�n Grauvt.li & Iricarnq Fund 10% ; larn 0(4r:1-togas an Growth Fund 10% disuiblutanr and! Aggr-Eztivt. Opportunities Fund 5%. Ililo rums witart ?_.4615 NIA NIA 1.23:•5 International Fund 5cirt ( uff:1A La na Principal Risks—Tim: Fluid t, •tl;r_ct rn illl r,Ml deliacleon5 fpa 111.25, coifionsec,or'roxUUt" 13.15'0 3.15111 O-Z il. P 1, rJr.i• o-1.01i, :old. in 1 I se-r L:.l'l,ill, rill: k;t'rlr',rdl Cl4}:• ,It Mil T=®lil 3K$% 4,flnV: 909 .5.0,1% Inv:sung in Lilt iicninc,iLL,- _ir1Ll Ira rlrlthelaliil 4LLti:k Lthrranri Biatiiere Gave rnlnent/Cn t sia0rkra4. Bold 112dtx(F1a11ecta Performance In#bmmation—The 11.Le tit;srt L111d 1-.a daduuloPt5 1-o7 lt:J=i,oxpailseg or pnl r1cir1„altr t t2ii~in 1,17.~1' iilisstnte rill_ Iri,A:S .ni'd Ma h 8.514', 5,851u 7.313911 1l-1g5.; wilatiiisy rt :iri investrntlit in L'i`lt F11l . 01! }r1411`L'.'- WilGlllrLi r17g0 Inert -10.97,'.: 4i,Elr 9.40', '14,53"a , 1.61,SC1 Eii-Fi.Itultx rho Fatsntl''s 117',I: pl:rforrnA,l a 1:dii. ils.11 ilt'.:e...soeiiy Il9¢r,r ti.ria. ent1iratt I,livs the 1101141 t iI psi'vtt,r113 Irl'LILL futiti -- 1lSIStLIuiR'n Jn.r 12th, ujrpeiia FIT t>Sxt,al -31,:1'x: .4,79% 3.173, J.S5 n 1 h: licrrind 1-,i{,, hi F?c£4°11a1:1i•r 1, 201HI, when tilt •et,An:'.01 (hI. IF.I III Wu1l 1111470),'eptiolithnt 1-1e..NL1lLI.C7 a, ',nod i1l'g1i11 tipu i uLiii4. n...ii eg.ciit tiro_ rcirtiin-wire • .ypii , T t 1 1'11cei I)lirEJLt(.c 11111ul,r.IlLI Ln S I I np'll E'I'n of IIr au-t - - 9.4'=i etirnlllili 'i:d ri1Lic1 Lh.rt ll.ttl Litt c In1e itr r- LLL: !,7,-,L u>_, F_tiunn.uilr ul'JI_ Funi'D prrtt4,.--_a1- �� ynlr!iii i1[ii;0 hind.th-iii '-•T'".til4sr4 I1tt;iraaleL8 cLI.,.,:lp, 'i 1111211E 4ci?1e4`ti4a' autl l'llliil-K, :lnd ti4'.L, 1uL L.1;tl ln' .lit n';:Jj. (LLL'L-LLt l?L•L11!rLte.,n.."lur.hl;t'II CAIP1451-1 ('r retv;Ai1 tlrr,:,:- F.A.0.it's lor..ur-2tlint ii.11-1211.{. I. ?Ail 0). �i lil7it' LLil Q111' i ltritl A 77J1115,�7-! IU p.nit J, rllli'ti .Itl.,t' i1j1 1_l ell ,lJ LL J l9+ r lt'il t'turtei t t\?ett. ., .liiLU t n Il,t,,,n JF7 t,iltuhrU_il L•1III_1 TILL I1UJlscileT 11illl,rl,1 1 lnrttu,:,);ll rrla•',l n,l,t1;111.,1 11 iL.iro'.L,'Ai:a-1 -. i a gilt ill-t11w hind Mc, ,,it nin iiat;lre1 rood Wzu hut J t=iti21t Lie, IJJ1 X1 I ;If,,rJre•Jail Ii h,; t Y'is ukriu:ll ;11111' F ev061 1LJ t-iiuiQ1i.Ii dt1111i %A- it ..r. ttl_it 9utnrtc6 11.1 111c r�,hv1 1-.r 1..Jr��livas�u-1 ,unr l��nilu.t54ct.;ttJ t91,1y 1(1(1',`1 �. 7G iv r117;,-•.1irpo,n, Arty-57i rrr:i14 [i4il ii,IISSL 7SlF IJil ',Jr]le illIVI OlailLlul .LIB t117r res&rILILiijLL ,1s Ow r"4IILLl. II' !u t;vt•-vlr v,'Uq 911-,1{I !.111-11-:",ulr', Oltiiiigli as,_-■71i1ec:11 , a '-r .,rTn]Lt;'a.F.'1 Llx, ...ILA.] a" X111;411'7,1141-.,~ ',ill'-2LtLWl 1~1,11.ill,::n1: it. C1:JCi �i� 11, the e4 117111111i;,,Ca1 lil.l;lll a l,f'r1t,f 11011k"L IL 4,1[141. !It C;.1:'r1111a1 S'L':1r=1-:1111 t16t.•riiirt t`iC .:LE ntarnianr IISEi' h,it:e he::2ti llt•.'<'Ci'. liL;CLLLILLL ill id-!PEI: T. tieIQrllt,\til.Qt-19r,17 LO 1rd10-111• 1faL crorR,L.`lirs i, LLe. ppsluicii ;,nriLlil! %LinoJUt., the `1111: bill' Liarc sho- : L'IL16-1tub in, t114.7 1CI'I- L1roaLaI.ICc Furl"'uuri Lb'nnl el ii “ALF, .i_;wLi1[:ii• 11li 19u, eaeLHnn rrrn, ul µLL.' 1.4,31106 PcIrtlt,llcl C6.nik. -41ril56't Growth TL1nLI on Lh- Lnlle IJIS ruLid willed Its LEur,:,, la t.r-iErlU or.t,:Mrs 'f1_deciior, u-ss1 u ranee rii,l-1:,-..;e9.1-17.aril L1,rr. rim IUUEct I IT!2115 v1.2.1.r (Li 'C.if' the RI/0Y,, ILIItIIIJL ti? L'xpCla.':LI tai ?`-Lp Ciii:Jup i CJv'l5LLg nln'ti.Lrn1 rlLcnr.din,iv tllc .11;Trr-i.LW L.LIIII`-AiiILLF! in LIP: 2n 5,1,12 Idlirie do no 1 i11r.ELLJc Lh:50,.7 11111.11 L +nn I(rile'-,t1.'"111 I,.M.L! t:;'al' IiidIi LloiL We t IJL1Lt''..112i`1 LII_L multi!,'-%'t.ii11.1 'ir- -l.,i-. '• 4=; 41 i 1,11-L iii '1'-LIiIG Iii'.Fu:J Ill'.!...Lc]lv;ln.Ornlftcn Iii C(II C;trrri11µel IJ,'1."LLLIIL lit r!LI Ir,`v,,,2(1 ,1VJsh1 i1! ;'It,it Inrlc-s 7"f, r1Si I E•AFE 1111__•. 4.70,= 211:0 M�+odel Portfolio Conservative r ,"-. Growth Fund a G -19E17 '10n1/ ~7913 111oj Investment Objective--51 ,Airy 1-r ISLiril11111- 1;11r- J"�e I QLlar'Cur Worst 0.111arter tviit La1CIl171az .131911 rapit31 prOCIV;trir)ll, with Ini tJr!ii 8.61°! -8_03% i1t,FL11E7 D Fiir 1—,tpira1 1-n:. iIL 14th Qtr 15991 ;3r'd Qtr 20011 17 r Performance Table - Modal Porrfolio Traditional Growth 'Since Fund 1 Year 3 Yearn. 5 YeirCI IIIctp110+t' Mari n9 grJrllvilts Investment Objective=Tc ri(irt' trrittlea.!tt L_rpi- CurLr oeutilrn r0'talh 011 go ti-t! d11i.1 r.i4titnutilt' t tG iit. ineoillc- ttrr,+•1'(ROlurrl kinitare ldxtzal D. :; . R- 0(.;ii. 7,P5 ti, tP,,• Principal Investment Strategy—Tin lived ,3+r':';, Helirrn'b reltruca. ni r.l'w rmilli';, mid Is, in lialpld yllrtlint! lunch and ihtriti [niter• I/141200D) 4-09,(- taJn NIA '..1• 114.'" I1r flit`- Ftludi'4 ,,,et• lit il+_nAz fiinil^i lry invelliitlf; in RetsienrituTriax=acoo :.∎. �.�. -.. tlIitretiutlin, –2.993a NA ,NM .72,01 p six 1�-111,k V:inr..14,_�I„itlt I iIiid• alt iii!' I,Sipet iinLvll't u&•Fli ta.411'3 4II 1S ite,',JC.1JL4 1lldll',lCeil: LIIiltrilmtlarta 0n.d l,� sale u!toilil shn�s . 0:-3°� N'A NIA -a.G r Irst Orret' Preserdaticin Fund �4l:[. Guuun1 9anci1mork Core Bond Index Fund 101:1s. IRe ne's rir! Equitj0 IrlcOeTle:Furlcl 10,% (tldtlrrtan:;itr?frAi. Growth & Irtrome Fund 153o H'4p231.3u9;t,' itrfPlnrQfl 1=La11.1 lb"H 1,..121,1,...4' F]ftl�4 '9®IRa 9 L3 � 7.4F?'n c'S Amnassive Oi portununn,:s Furttl 10% 36-Ally 1�tll tRollm U; fig'Ll^duclicui,tor International died 1.0% t Ia1 xuciru:ol;or 3,,8311 • 413ri'iil gscr.:::. 9gy Principal Riiits- ;l'Itr Fund is :rui al:l,t IF.,,i,:alrn.19 1431-t midi EIlt`Jtl,orI 1-h i; Ot enner.iL311CJ', in tits: dome-wit' anti,iiit,:ri1EriFindl Guvllrnre,eniiCredn LOE1 fir ltLt-1`rs and1,,Lin II 1k1Fre C1 Te1bt, llitrrx• mi ' ri:.l•', Loud !minx( L+-ile>vte . no duriurili 1Ls for Performance lnforma'tion—Ttlt h:~,,bl'I:.{n and rue=, exuerl5e9,Ui tuxes) ii. I i.., ��9?J 1v0•7 7-39 45 r rl ?r 1ir1$ni,a hIblv4. h lrt; ll4tlCr{ti. die. ]lit , All Willit;iri.SOGO IJttlax v4,.1 r.t it.! ig A1i ittva'ctnitlllt in tltii Futl:k. �WWt'111111:e. (REfilritonn tilt tirn-l`-s Funs ti iti^Ittl lee tIilt plot-utUL ivailx dothi Bono:I'M 100:2, ":114I15Zi, @r L9kn,.D1 —1r3.ST!.. -d},67°.i. 9.•.3% 11.01,.1, `link;:Ikr fi avie: till Fuatll VAh ri.rllTr111 h1 the ftIVISTI- MSC/E.AFt Ingot Thy rn irliofkn rili.Jr to I}erc`rl lkt�r , 'I:ll lit, when the IReient5 flu dod,Jatiirnoiorfar;o.. I.3.iat41 t,casli wlperalittl;, ra}rre,i1y9 the perli)rin-J lcc Irtrsan5ai, i taxan.l -2121x:; --1.711^,{. 1.17°,,, 155".a' .01'4 Ls41nflliitu Led lured Ch.tt Tin] die y3litre itivLLt- ' SIiioc- ill dm. Film .a,•711" naT.-,c.i llrLpm,errl; f'nb-grulr.�i 9. tlLi'Irt titliULLivL, and poliCiec'dud ` etry',Li1VLir�LI° ° itir +1011, 11,9 isi,I,,,,,, h hownuo :o 4,,i,t 11 ],roar t6,IL,. ;iatr rrprel.oro ptYnre nlni,L-Ell the rtmrt':virdkr..r_r,ie' 3aili:ILIZ lit Llle Pm ill'r Jtliri..x.r.TILI!i p:151 ISiribrL11- LLluulvILIikiI fund s'Ili,:i1 11I u11-MI' iteL Wa111LIL?4.l,ril I, an:=s ]tic laid Jd11'1'0 tl ill ;<fik4't eutIeflL CYprn kt• 19i1�,; Anti-Tr- r-L rd�.aasi.11r. err,,1+o'e,t Ltl.v!is 31•,t t.LLI..1� ;iiIr it Ili!! P=uluLi 1 r �111LtnTion ;x111 3C,Vri rtie7 1 ?■Ili•,i L1a the I"u11d. r1 tie s:r.ii iirtingii.d CLAW %,v;LLI lint .I Arscr-uor IL:wve!,arc ri,Iruliu..Li min.;111n hilturi,2ilingliv3 relrititciI d rn11.11.0,11 iutlll t!U iC v..11.1; ,ICI 3Ubbj'slit tin the in Su.ill lid l 1i'ticul IurliIr111 o .4{11.L rau.ruff and di.. Ili: ',J Gil: 1LLVL'51:111 Dl -iFILl flit re.51.rtenonT .Lftbr Fund. 11' n:13c.-1 rim urrl}a;l.`,l `aJI£er- 1. it1 1.140..^ "dour-urn IIJI ,tllcr- rd\tc1,III,i wvPI uit=lr,'il,l „n V41UT uxTiriuttnn n1d MI5 .liHrr 13 Ih'.4I LiCLrn, the itri1 Iii ngeLl hriiicL' pad r•l?1=Ill¢ ]III.rli•'C ,I IUV-:_. AillE1—I;1•. L:1„1II 15hFi,iI .LiV volt rde-°.11,I Li Iii I Y.nLe beeit l{It't !1L In'.i;.!ror 3s1„, I1:014i r!?.'rr,iIt]rr, Ilfr,1501 r.,-'eIEE_trfll urlrin�',`r,el.'trl', c,1o'il a_ •I171'41;J JLLLII>,,IT III I1,:.-LLF,u1 ittr3_'niel,I T1-r 'r liar clam !,Hint' cLi.411 ee in Li:ii pa-rlrrrlm,rt,.r ,!E,'I111i: Ili Lal0st51,11' 1',ar'1-1114, the Fluid -1T tae.! purr.LULV to Ni.r inert tit" .�,she T.r„ I ciL,rm 1rr of I r �•: rI= '1`-1Lrr- iii tiro r+'ltlliel Po-dorm l"r.ILii>;ianat (trtw Ill Iiuntl the I.Jr.h.il 41,1,:,'uIl It', ,y-}I 11 ri.•1,L1 Ilil[Eli1ii II I:r•„iitir--- rilr I i- rn i'?r co yi,!j , Fund uLKrd,ur_u1 LI cr j1,1,1E0 J.'r..,611=11 ,V1711 alir. ::IeL2riLtI [11r3.:0] •9 I r.^.e eL tI1r time 1hnNeerli , erL1 11r.-LI1ar�!;3., rao;li+Ir,T ,,L..rtr`n , 1-117.-0 r tit' !'Irrs...,, ,+'�,J ,:IJ.r i.1 a:- _L�enL At111 .1.:fer t'Iii•r�f+ert thu hind" elvru,al e,r 472i-,---;;V:1 r., ernj^.-rDI r - rultj4 IQ liur'a ir,l -10.+nitro!}. 31: ftai Lit rts-rm• .,IiUrLt,I iii rlu•. n-uI'I. al r 11, p.',1 It!F•.Iuae tur' ,.AI IL1 L.i3L It d.R. i.gtIL L -yJtt n....,. ur:ILk,1_ tint rtnll',' iier ,j±atLrr -. iTtill1-+TL 9 1,.X.--'it •• y,i,;, Q r, 1 i:al.1', t1h Ite,r:,'11:r,', p.ehlni.t lltt}rnerr 1;,,,,,,IUI,eIIL1{.:atii,Iii iLiiiJ Ilulr_..,34`!i. WiltIl aiI''Il Iu,Ie:, -fir -4?:, MSc] gAilE Ind . d 15 181; tLIL r=41 Best Ouirt.er Worst Quarter- 'l3.'11% -10.40% 14th Oir 19981 (3rd Qtr 20(]71 18 1milm Performance Table, • Principal Inve tmerrt.Strategy to imw1' 2l i 1 5311Ci} oi'Ow F6latll"!- i4's.ek art lati-'LI ino:chin: liii ids Arley 8II'^, 1 Yn�r 3 Yeo9'u '3 Ybors1ristivi it o t13� Fula!, .i4ietl; in siflilc l.nlirle. I:I - [17'E `Ltirik.. Illr' i rti 1i- . iJY ' V.tIJ115L.tk111Inc '4Ind., til rll.L In1F,41r Py:n:an4- ftlo��l fior7#tl�n Tril(1I11[yl,rul4 Grt th ,Ipit1 inn i�.}LL... i'LJrl1 SRIlSt1P19 t1t9fOPe _ Fu. a: 'I'. 9.?GXs 3,4F,FI Care 9nnd Index band 20% €L•_turnn befog Tram Equity Incorrw Fond OTror 1 2,14 Z.Nn1 -3:6T:� NIA. VA. -1.113:, 23'!"0 FL1Utn i1inr'111xestin Growth & Income Fund /� 2Q°a I tli;ttibaudn -$."o�J'r:, NrA f'd/A —.3'Y1;1 GriwIhFi:11181 ' Tstv9ro 43 nr siax+ tJei Angressi,r€ •Oppc itunitilss Fund 9 Situ' distrIbillIIIrM and :isle ti1 Fund sIL1/1e 1.1116- IVA Na -2.41=,.., Ovorseas Equity fridex Fund 5550 Gubtc in Eellefirnnal, intefnatarinl Fuit 1 lRathclu nu doducEennt3 in! lw .. Principal Risks-. °f;ilr l'su_l is ,ujr L:L r 1 I.he oxilmmea, or !sconl'` --:.S^1` 1.'d1719-2, 7 UU'�, L27„Ic 311-0ay1'-81I11R41iiuciILl i:abi°r,JI rit1:, of;Ent'i-tiHg tIl Lin LIL TII ,1.ic mad E> :U LltttlhlLtiens 1tor I I1ri r9lnl:iil ll„1 ',ILO. 9I1191'�.:s ,'519111 LO:J7 l4” •r e:\LLIIC €t-LIC,dfi15[111LU^. 1na(0.3h 3.63!1: 4.SO 7,„ 4,^o7',. 43§14, 911t011:',6 r:1re ri1:: LT ItrinC it'Ftr{7l hoer• (cv ,rnlrantlarcait Performance Information,-11 lrir 016ur and Etond intlo1 I Lell c II._riC,n.1,a76a If {al>1Cl kr.'Bina' II 1 arelt tl.1l rt%,112, anti 1417:1,:-2kNi)I1y.19,P1r t,Ut.►t151tV ul TILL UI1\'C;5111.111'.t1G 911 Lilt' Friuli �. L flLJZ�6, ti;lt:ol 13.61 ri1 � `ii1 72I3Ir: 7:35',„1, VVIIEdilra - 1 1ot.tax. Llle Hind's l`r r,s pri'rrlraninit e ,il117e flu riec iIiiitil4 IRi111e4tf.i111 1r1r5rr11 r7[ illy 1t111rv., 9tU.IL41.11C ItcJ4', t11'� I'LlI1tiI wild F'' , rhutlu0:t19n` far foes, I aWclrrlrreu, cir t;ltitl31 -14,97^,: - ,Iii';. 13J11",.. I1,41'1: CiY, F:u[t51L1 Ilgjlnp [Lb D:i.i+lylLier F, _'llllll, ,;!1[Cn the 1A5£1 FF•tnilnx iRetict:ln uc Fund 1142•191 cl I.0r:ulla11, rr{u �ti;IIi re }ticr1I13rrlidrC9- ud d11eiIL1t19 lci Itgps, e:Jtrroe , r 1nKeu1 �' Yvz. ,179I1 E 1 17 a 1i,i9"n, ''1 ,a ,:nio11411s1:L tLLG4T tl 1t 1.111 Lt : iLLY1ti IV45•- 1 1TrrlC yiri 1`w:riE� wd olieil4 MI6 �W' .iC11'I'.Vd hu' RP r ,�;1,1PI i „r Il11- F writ r:�r ulll::�t l u[ni„ti I IcL,s,t.lul I. I, � 11 tin= 1 1S.'J'3r,t 1111 I lilt LII 111_ •IiTr.l,J1LL L'l r it 17'11111111 In 1111',4:, pt,tl' [c, rh L ,l ill{1,4tP' UI tit'' 1 iAl.d.-: 3114'L4,'I. 1 in= r,11'1, ,_1T,'T_7'r`-r111� it_rr'"W1uLe Iii c1e� 1411A 1i0.1,1,;s_Iro ;I Bti.0 I4o 19� 'll ;ai}R L'.LCr_i to [o�'L'Ct ninon �:{pCl rtE± 1%/A u115. .1 rill1.1 •,t'�;11 II a ,11!-'. 111.:2r,IL,ILs r. ill 9, T'tll7Li. TILT° commingled 1LLGti t,.:11 rim' i 1�y96� i'r:7-1� Za-11,'l'ul_n Tbrr,.1,I �� ,:FGI tlt�'r:,r T�rrp;,."� e11�tutu irii,: die fztrul. c'l t•ItiliuI -tut—L L11il'r.I:r 1 '2411'71 rel;J;.ls'red 911Llill.ui (Ulla SO it w.owi uD4' s kbjeci to cliE ;scei-rati ltuull_,,I_iJl.-L1Irl1'!9 iI,llly 111,1hlinrl•:,li hrtkhc,-. maiulIhill 11.,.1ei IJ rui rriiil ll !:,I;'1rhit •..Litz_ ,IUt1I .1.0 41(4 '.IIt1R' I i'L;I14141aL 17110.1 t.1r. rLacJ'IL_ILil1L1t .t. Hit: Fi,i is h 111111== ihc i111141n 411 ',I,IIc Ji11 1 1,.11:11 l:ii ) Scut n ihr Alai- it h■1L1 i v.,..1,,e Lb... i It[iiiiitlftkt1 laund' I?e ilit,171an;r Ti V, rr111T115 '.Vail�ele:I d call ,,',bill !SC LILLLIUi In-IUL1 711111 ulrf111' mil 1711" 1,it':'LI i1-N.\i[. null dll ilrtivn li,1 rE: vcaurn ,Ink'sI lint F 1rC lI It [t1 Ill L IUP. n-liu 15111,1 dic9 than 111iIII.0 no-d_orTT r 5 , 111elGLd'a`5 0[7 L1 1C 1. -1Yll'1913171'1° 1:rL[4yi Into, ,',x.11 .'. 1111 tt,I. plan, 1-1r. I11kll6itluJI ::-L 1.1!atLlll T jjl3 bb:r Marl 11t �, .� Ji-.,9111[ILL lIl I,J7tL'1kjt1} 4':.�T.70111.ill F111111I '1c:1---,II 1'11",,,J 116 (II (11. 1'''1114{5] Porn'olio 1 1..,.144-TL'riil I.�11Y','t'Iii T=tiTa11 . Ter" _.....ru,•n 1111 ,,1 th, T.L. ti,.l'InIll rt,'t o 1'197.ro 1?,''�,t[L'_e: [ma 4'z1T rr1 Year; 1111':ul I I& 1:;.111/: run Lri 111111-:11h-11,1,L?tt'c1ic5 "=,1111 lug 1-Ii FUELI] ILIFTllluted Ih_• .J!L12..1':-.n.i,ltr,I .1111 -111- r19Cr1-IrU Hp, jr rsi rile m1/_ the Fr,LD,L,ll;!JJ eL Ilo:n,r1 I,_ III',Aii IIrnnr'u? -D flit '[ICCil,1n WI, .1 ,fete drill, rr: r'*:'nt 71119 ;.I:1 'tilt 1!11114111. r6[1-71 frail°' 1101 1,1111 611' c c1E1a1'tl 12'. -WI-II_11E17 1:'alr. Irru-. i.i LC> o1,Irr.crlh. Aco.iiLlnl{l•5, ilte .,lrr-•^1/5 -LLUrlt sl"5,!'u ill 1111- uLle..,1did.t.d1, wit inihiiL 11111'1,, ..a11.1T1 F■11rS 11 61- vi11;i rimy ,ti'?'. 1 il l'eiLl'A tl,t Fuii,r. .1 1}°r-LL+ I i Iiti r1, ..L....0 1 l': .. 1-1111'1 l',ti. l'lhjw' 'rill L9111, ,, lir. I ;'11111,.11 C:10.. L_IL'lra vl'' Ielllelt"rei?,Y.`Iil;liil,. ;1.1rli1 Yiid - OP ..1I-Ii 9 F.1b-P lrul"'. If, 1irrY 6111'13 1.9a2 11.111 brici. Model Portfolio Long-Terra Growth Fund Ecst Ou• rter Worst QuallIDI 20.10% —1,1,27% Inuastment Objective---1�,-1 _,�C'1' 6lirl, 101,1:-,-1 rrlls 4+9th Qtr 1999} Ord Qtr 701��1N I ,apLoLI f±.,l'r:1, 'Ili .tll.i 11111Cit'St 4 LLr1'4'ns 1LLI '.1111x- 19 1 Performance Table Model Portfolio All-Equity Growth situ, Fund 1 Yor 3 Yearn 5 Y,tyi, iniaptJan' Investment ObjectiveT !ALT 10.1,41/. Co11Jh Ltrl11 Mn i F Port!'l11i'®Lten[I c Lp1L.11 gnrx rig. 'farm tincivAli Fungi (Flalurn hnfnro fax at•l -7155; 5.7.7r, 9,7)% 10,50,,_1 Principal Investment Strategy-10 i ' cL Beklra idlt,I.Ulrlr fafter121.1 I}D —7.,169.0 NIA NIA. 3, ;;: li2IH I11 t1•,,1; fa11Stl51.y irL7k,Filt_.;,ir ',,1?= it.1Ilanswna 11ti.rarn,ufar L7iteo }1I 1.1alia.IR, 1 I11r I'11nak. in tilt' Lil-i?ct perl:T-titogy; QIinlri trq.thily 1,g °b NA rJrrti —1.24;; ill1iclpal1 Futurr,ulLer LLL1r-d- 6n gGcpirblrthmr.nit o:11d1 tit EularJ EEhi3rer —3-420•' nt A N,IA —4 E 1Ulty Inrorrpis Fund 15% Cutgr 7x11 ilcni,hlrilJ Growth & IJ1Carnu Fund 20% I.R lllacr. no Growth Fund 25%11F.EidLtltn,tor low�, ezpurn¢eo.of 1 ] • =J3-55::p 4 2s1°JN 8;?850. t?,is∎:„ Ag9ra&LSlva Qrip[iriunitieS Fund 2O°`a 'Airmen 1irnthuri Iritl;rnsilanal Fllrid 2t7`;4� f30.,:rirru-nDrateCroc111. 3Ln al Indcr ftiMIIrr tF Principal Risks—TILL I-Uli ll B� 5111,i1era to Ella- no tleduLtrl�nr fur utIllentl rlcE. Of inviLiLl,Jlg, B1l Lilt' dunk: Nil: lllii tent,rApenr-rK, rat irlt•fli.1t1I 1LjJ Afick I11.irl.ets- .+1i3,i1n11.in:Ii1V, 3111' 117x¢7 A,51", E-89,5 7.35215 7.3541. '.ie11.411tr 51-LIOlnllux Fund..., inve+dIi1L'r .r. in grr..11IL :lali'ls ihilth kid 131AV rra9fleMI6119 LtiMhOle It to c'.LtL'r Flit' kmAiLIllty rlvir ille 'ibltil't ttetiirclinny f i firl o, tern) Flp or3- 1 trr taxael —1U, 7% -9.91`.;, 9_?0'i�-' 11. 1,r, t 1sCJ FAFElrcli3O. Performance information—The C*.lr olpart iiiti t8°fl°via no ito Iti,IrlL;t ('ibk b+;IL . lliit.rtmte= Kilt° tin . iI1JLf daduetiouri 1pr fees, E ' f ' . LiKprn•:n III lri,' el -212T5J =1 79,,, 1,1711. 1.l L ti0 a!ifir.% Eli ur, Inv sin1enI In due Fund. .1 ILCtum.% ' S11.Irc4 .,J 71ir Hmrr.L tvrni'..-.17;7 7•I l.teaIILIFT: l kcir!idI.:_ 4, rile ''i nd°. p.m pen—on—nun e 1111,Yt nroi 1LE-L-eti!F_irll.}' 011•1, Tilt"Tell.la Ind 1U., ¢tell inruttio I L1L1-'.ra Jlflill In 13111L 1.1.>Ll r.pr...�LIll; �'l-I'JcJJIII;rlr.e �f die FLIILIl'.1,r_.1L'i'r',0,:ot Ini�li 1[ iiea't�' ell:l'- l.laltip i+1?L pertc1r.tn Ill 5.11 lu1uu. L.vn l snarl,.•ri tiijaii wlir.,11 %r:u: iiiit'5IL'1i htlullnT�4 April 1, B't!It,. Alier,:Ln J1,aI iii .,girl: 11J..11l'eu cal L,L11tiJ EM ITL..li, I0 err:•Lie- Ettni1.Tqpitrarl.171 11'Irr--I ll i rl ru liti -1 2,01110, :1J:r1-1:,uL ILJWLL' 1'2 :_,IL.Ajtc sii Li irn,J !lie I]II,,r.viL.Ll ILtk 1 LI 11.3Luidoiil Jr4 rai riurl uiul 6rnr II 11u-'J-,in If- 111111 ;In ,;,,°'r rrrnel I fill! 111[11.1C.JII 1cllc viii 1111 d1 1.14.:!. 1..I LIT 1101 LIS1 SLLLe- I,r;IL_.i?SLLS i.'t11 rl'ili_it,l un1 ,4111 t,i stry,;;Iunll allii .,_JS LLrlll-r tb iir>Ir'hill.; hiIL,T,'-II dirk.-1r rrEh rai, nI JO J1r 11/17 1i11,1,',L11i Iu Inrarunr ....111 IhuiILl rli.i" >1LLIQ aliiuu,.,lr_r,.. LILJ.'rn t i'F' i.rt.1e]g.=lucuUt • irli as .:a 1'.I.hl purr,ill JIiliv;du ui nt lrrl rl era•. ihr?ruiela. in■,11rzn11m-oolur,:iUJ1,71+i_ 1'wr-1 :;l rnLcrl ;Lila Li uu1 I i>p(yt Il>`-ice L_,,LI _1I I r,I 1lhv FJ.• !tcli,.ra,ALL „it l(ur I,. r.:e,ry_mer tkhr'.1h,hy 111)1 —'; on II:: .1r.cu!.-,,1T7ti h..crl,h4lhi c-.aaratiTi I he a1'. i' } rLI IJ4a Jill il:utrd Lii1' 1"i11i 111 _1:1u Lill id _'.'3111 Liu_ u11...11auai IIl tut test 0ilarter iiarst Civa riot (L, Ilrr ii In., a Ii' Farn1 I r1111rrc d Ifni hi 1- ri1 ts1111.r.r invr'.ti,rc • lltL nliuine. t.-.I...,,hu': 711lL' L'. .=•R11I. ailil .10C-2 En ii ;:iIi'E i l�• +yo + py .-11y$�.$5'i-`.a dl l-Wul,'il 1111111 L1: u1 -..11x..1 e11 LIB.C-ip.."IL'nh-L' .F.tor, 94ill Q11' 20011 i rrl kill' 20011 rimanl Al 1 o,1LI„'1y',Ii, iIic;llle• tax 7-nlrn•1 7ilk71c1 1 ill Iii. LJl lie .1111-1.,:• 161.ill,, ii lt'ricli: Ilal:-'_: Ji°ll.11 Fll I1:1. if i11e 1.,11,itil r a'si-.isr'I• :1L1'Ini11'11 dis 3 Irr-LI, a e.-i,. Sr❑-rv.r ,,:,511,1 H. Q15µ:T '' 111". I..rtrn..r1 Iim1IIIT 6:n5-=1-111Tl'Tir'(rrr.lr lnnii It31Fr..' i.''h I ii,jiin 5:Ililj JIUYc1: r'■n■ ri ;r_r F'1FT ]11,1r- 20 Performance Table f3irech i Yaw luca?pth n• 1,100.fllu?urtfa3llTa.AU q;liry Tir9w[h f3ilriii dllctiirn baler, Inae11 111.1356 —13:a};Erp 86?f�7re rat rlorLtra,c f t1 r 121412002J —11_,13".',, Repair,. onus taxer,-:., sin rfieirlbutlo,- 1131''S FTrliLern otter Lax(anal distribUlloila unrJ uaiL)oe Ilince5hactE 57(r;` —F-4456 Gilt:fOril 9.i,nr;11rt-Iori[ 11361-11%-tei nn do dlrulllan, for fopv, oil:panni:t,, co taxusb ,1".17°i:, -115...92% bYLilllrL 50D0,1{Idbx 1RsllttresFi) clrlttuctipno for fad,a:tftfl lc.7.t,;.uI' ra:INE Sy =70 5730 —1 f3,4$iir MLSCI£AF 1nU s (Hellocirl ri daLileetfurre faar teas expensas, r,i eske::) -21.21�� 1Q.1 • l 01:3-1.1111.47 Rr'ir-s,ak Ic9,lrnti ra : L1-1d:1T%I anis1f dull u and!5Irirtll „,R?II.JI IJI0?IILL' t.,,K r,4?i AIL! WI llot "C71CLI'_lik In liu 11 UL::L,IIL ttL1 Js4uf 1,1 ,:t_ �rllur ,1iT,II:'l1 Lhrl i,l= rd!, a,-11Ir,1' w:91 441:11r'lall 1111 'I•iSII L' e?rahJalI'll Ilnil [T3d)' sti.flel, rrirn IEI(,r L1JaJN'n, '>LI rl r—t. n-I LrrrIi_°�W'.'•'1l :F; 11,tl e1,-IY,v.I rrl t1n 111.,0 1,..n .iJIe*ed,111 r9.crr ,parr-. mmregh C;I?--Ih: ti-iI _rcJC,fp-n,rnrr, n leh rI lltl(k) i•Iaft, 1,I IIJ[iiyilha,Il t2nl-n,retl L i:!J,9AiI+ fu t-21eli.Lr c1;Ir ?IIl i Ow i Ltull 8'Pr?lcll hllr--I FTIG sr` 5'ctinn :+i I ill.Il,I' 13,_ Rrt4!rt:a +1e rli vri l+3tira III.:. —wind gitlIIi L,II IIL,.Ia l,l,ly'L l..r?tL lrrini;y'GU FL' F rllli'L. IEar i"1111?) ILLLLLI-I:ur,f';L. 1 att.ti ,,sr13LA I h r1'LIO rI4'rru ii 1,r;;Ir Lr, the Ildi-dili Fan!Jl 4v'i i n°.L flatus I . t TI1c LICI:t1LM-'0�^.1 uuV IA2311'tin '-drui. 2424 ,lu.:,ima ecllc_r dhr- i 4242 owl nl;la,,r ,c eiJ rill r-Lpii'rletii a 1arlli i[:ai.,nl. jrcur i-PKV, IlIP !lOr-r 3:Iw reIIIFLr, 11:05511 lit du:tiLJe .1,:11'? dIL cf1.t dELLurU.. ,1113::,eiline,l flne to ell. rah 1171 ,,,rre iir:Le■frll, Ole: FttHA urTcr-r-j dlii II ii ii ILI }1r IL'r,,e.- I 21 — — — — — - Fee Tables Fees and Expenses of the Funds 1 tie 1o11t11yw¢1ig rib1e. 'HCIWII ena° .171171.1 (�a¢ +77171 l tlt I,LIrpsnr_ or Ohl- CollT'w'ine, raj?tlti a,r ,2 1[11 �'atk.l "yl,rll'+�!: }1111 Ill lv 01.1} It \041 hug' nid 1101L1 lSl u(1! �'r1TtIrIChnLS Lllh t"aTlll7l•-I e:i1`ll', 1t>Lll wag. :as :r fund l �lr�`� - :cj;e'fl-C1. r;1tcatareiri ,l, J pCr rat- I�taR11�EI;ISr;f w 1I brir kl�re'I 1I\ �,r trll,llri12'Itb 117 •lf�.t• iTt ,,l% r !- net li ctS, 7r1: fkk=Itirti l 1i to Paaal11 +.�1kl1gLLCa,ll1 11`1[0} JLl IB7L'6°�t6lilt'IE6 !9l ow: or 171 t1 Cu' a+l- _�5t;`C:, 71.5'x. 1�1�'9t r;�re:T 1w I3k'tE}3ci:� 9117x1 .ari� 11.IIr7lMaI I ht V'anC.1 t g1s911u! �17k gs 1131: T.711%r fir 111Y'{',r.111L71C i I.1011. Shareholder Transaction Expenses dFae-s Paid Directly From Your lrtve;atrrierltl Maximum Salely Charge (Load) Imposed on Purchases None Maximum Deferred Sales Charge (Load) None Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other distributions) None Redemption Fee $50.00' Exchange Fee 8.00' Maximum Account Fee None Transaction Fee See Below" ` Fal7 'iJII L15�;:OUII city II!.viNcri { 17rtil'r!'LIIIIII11 fl'r I^r .,a¢Ll Ire_rl-luul,e rc ul -ICI u1a 111! .I.r ll 11'.11 111 rj.-r. OW •_I'llanlrr,11 .ILu!rl rlel^; ,1114 ,.I 1plr �-llllllt, uxcClll Il Er P.'t1.I IC} P..`Ilrl■rr I'1 Rl1II 114E111'4.'I:, . Ik.11l olrli. 1! LII.IiL!,. MAIL die J I.R•llllli }.i ir11t!r Fun.'l-I [!] .IIr. U[IILC �IIIIJ 117J) t�l; 111111;WITIi IIIT Inl-tTrnnkT,;Ix ri lii1syi 1-1 ft• Llue.: ,1^ dim,: pt'. s]_1'6111,:'} Muria!! 1-'lid liclla lw~. rllnl ova }-_s y:ll lr4',6111;1,1•. 11' , 111 ¢t1I itipurll frr I'sLt 1Ith 1111:w.ltr Ir,n7.;l.lndlt la. i,Tv', uuy Ili ,I//tt+pltl_I.1 II 111t 'virin" nr iln,iNtrrl-.ti 171111;111,4x1 [CUM Flit IIIc cII.ICr U'C:-rRil 11011 11111111 ]!tit I.HI], Lull6U� Ife L,u11 pro l!r�= 'lII P. = EIL: trl 111x+11'. •,x111 be,;1]lir;1 IS�h.alsnvL I1rTrerlk I rumu,l, %viten ca1Srrnl }'1+•141. IIC la�aanl� inariLrI ninth, as ¢ate.r,u7Fll tin iii >rlili nl 11 947ih.!grtn,l7,1 11.91.11It1,'l9urlit !uuJ. Lucecti r9,C oiin 1161—.1i 1.111 ill r71E III,-tNptl- 1'7,-^II-r..,1814111 FLI111i. 1112 [GL` lul "le IYa1175•.° .11 I1n'11 Rimy Ire It L'I III ItI[L odd or tilf Inr,gr,r 1'r-„=+.;:111111 Futul;_.c ll 1112' uC tIIr- 4.,alr,-lLcllr1a.[ 'v:I 11th 1,l.lr$rt, Fund 11 my,' ill Li fix); Flnl111- 22 Annual Fund Operating Expenses 'Deducted From Fund Assets' Advisory Subadviser Other Total Funds _ Fee Fees Expenses Expenses Money Market 0.10% 0.12% 0.43% 0.65% income Preservation 0.10% 0.20;+0 0.54% 0.84% US Government Securities 0.10% 0.11% 0.43;fo 0.64% Asset Allocation 0.10% 0.24% 0.41% 0.75% l Equity Income 0.10% 0.42% 0.40% 0.92% Growth & Income ,0.10° 0.33% 0.42% 0.05,rb. Growth 0.10% 1138% 0.40g'6 0.88% Aggressive Opportunities 0.10;6 0-59% 0.40% 1.19% International 0.10% 0,52% 0.55% 1.18% Core Bond Index* Class I 0.13% N/A 0.35% 0.48%. Class II ' 0.13% N/A 0.15% 0.28% 540 Stock Index* Class I 0.10% N/A 0.37% 0.47% Class II '• 0.10% N/A 0.17% 0.27% Broad Market Index* C , lass I 0.13% N/A 0:34% 0,47 Class II " 0.13% NiA 0.14% 0-27% Mid/Small Co. Index* Class I 0.15% N/A 0.40% 11559E Class II " 0.15% N/A 0.20% 0.35`;0 Overseas Equity Index# Class I 0.20% N/A 0,48% 0.150% Class 11 '° 0.20% N/A 0.28% 0,48`,`6 Model Portfolio Funds• Model Portfolio Savings Oriented 0.10% -- 0.73% 1.03% Model Portfolio Conservative Growth 0.10% -, 0.90% 1.00% 1 Model Portfolio Traditional Growth 0.10% --. 0.94% 1.04% Model Portfolio.Long-Term Growth 0.10% - 0.91% 1.01% Model Portfolio A11-Equity Growth 0.10% e 1.10% 1,206 t inl,]tI.L- f_e olio' cii111-1 r'ip.cnc_. Ilk l.cUL.I .11 Ik 19111st_T r'-,-rl r11Si lr:?l :.., 11 -c-,niT nl -hr Iel17-_9'11111'.i'P1 nr ' rter" 1LI104 cn.,--n-i1.n A virr 1'Urr'-11au7. ' 1+111 Ltrec_a kien I1::11 5_.L11e=11 c. tfil:'4'k G4-I IlL•W,-1 R-1111--A:c "?ull lc:':•I) 1.'1111-I1LL I, wl('I GieilPsicrle'as-[111 h_'.e' f.)l IIIL:LrJrn lips, um:1.wl F i I.-I_,� Gl +Ii,n=-'- •I• 41711 `u111.:t in LJIr fvlsli L'l Marl lrlhhti 11114,91i•Ir miLirrCc;r[l r'lr-1.,reI I^cl 1H Th; +11ccI'TE} (L1; 14.1 ii Law,. jitl F 11CLF in 11.11k i acr,%. 71 f't 'I.]i.' ::-,imiRe LVllte ILL ttLE L_illuurr1I °Ill.ErII ''&JLIJt;l.1_- 'i tL+VU ' iR(lttll•=s dll .'911111.1- i is IE7ta LL"-tliiE_° ._terITKl', Nu 1:11 !limn F.L.., .111<I-I79;1-Ltld-j(1 'rTr hr 1.^Errlru' rl L!e) 23 r ,_ _ Example l iti; L_JJi pl1_ is .;111r.:1 Idea Ck1 hail }zltt ltlilip_tri (no Cast or'irict,illiv 1iil altr V,1rlrd crolur Fund-, wirh ahr 021.A. 01 711tL'titat7L! 1G1 citIie r mutual dt1Lil:L`: Thh; '2..r unpIt. ;ttr,lll„L• di.ii you iti :7-.t 510.,11114.1 111 .1 RIIL0.l for 1YRT C1111C pc-]':MA 111irmi-.Iti ii Irdl Chill .744i 0111 :111 131 C'■illr ti11:Lft4 it the t_ab{l usl,ii{11:t reciO ... Vht- en.inipte .Li5Il 1 LIILIL`.1 dlh]r !ow o111a`TrTh. 1' itch 'T'n t ru.r7U. 1i icfl weir dela ahor oiie FYllh.f s 9.,111 ii r mg rrFn rt-i1llln ritc `+:7[1ie. Although ii h j{Illl` :ILsb.L.II L,,v, ill.Y%' h.' 'h1f.4hl1r or luv.er, hi -I run a1>:. e n Y11fSl11T1;+tn ?ltlr 1`r.::r, vrtlnlLl lyr° Funds 1 yr 3=v 5 yrs 10 yrs Money Market $ 67 $200 $383 S 812 income,Presoruatipn S Be $269 5468 $1,040 US Govelrnm©nt Securities $ 56 5205 5358 $ 300 Asset Allocation 5 77 52.11 $418 $ 933 Equity Income $ 94 $295 $511 51,135 Growth & Income $ 87 5272 $473 51.052 Growth $ 90 $282 $490 51.068 Aggrrisslve Opportunities, S122 $3110 $858 $1.450 Interrlal.00nal $121 X377 5552 $1,438 Cate Bond Index Class I $ 49 $1541 $269 S 505 Class 11 " $ 29 $ 90 $156 S 356 500 Stack Index Class 1 $ 46 51551 $264 $ 593 CIass IL 6° $ 28 S 87 $152 $ 344 Broad Market Index Class 1 $ 48 $151 5254 $ 593 Class 11 " S 28 S 67 5152 $ 341 MidjSmall Co. Index Class $ 5G 5177 $308 $ '91 Class II to $ 36 5113 $197 S 4-4,1 Overseas Equity Index Class I — 5 70 $218 $380 $ 843 C lass IL °° $ .1.. $154 $269 $ 605 Model Portfolio Funds Winds' Portfolio Savings Oriented $106 $329 $571 51,26.4- Model Portfolio Consetvative Growth 5103 $320 5555 5,229 Modal Portfolio TrAciliiotml Growth $107 $333 $577 $1.276 Model Port1olln Long-Term Growth $1041 $323 $560 $1;241 Model Portfolio aril-Equity Growth $123 S383 $663 S1.461 The 1'11l0-o.ung,(2*-:3rn,Q1li nrlirt r Ill: ,.tic-,t hi R,Lnllg+t,On iri dhir:Ai Ll r71 `ldn lup;FT,1`Inr LJift %hat..11n 1.i.,r. i r sh.� h'r:I .457 ,.1 ri.. -"cor ,1r I,:- V..hi,,,iNc:`ninrr E ih 1.11rt1 ,,rlwt'l j. 11- 'JD I ?.°s:ui_)1,L thi. 1111,P_ Flunk. M111rL'C kl-1eLr1 S.II" .1111P 2.i-.4 Iral.i-11-.1— I S ;-, 4-1). 0111.0-m,..1 r,L 'rr_Ili 111.-, 'fl It, I1 na-a A9.ulu:L I uJe:..e ,!, t S :;o .1;^ei klith fli4h1 :t?7 mid....li 1RI 1'au 1ird,-,a_li I 01-, !L1LJF ll_;:m 3r-0-1 i_tca.0 .,: E4'jiik Ilwlr.,, i•.. I 451.1;1 i1iir■,,III : EIIrI ten S■,•i' Mri.1.-6 :47rlti.111.1.", rin_. (,10•=:aul "...0F11 Firrp_-r1,. SI'lru 6'11+,11'1 riiritirli' E iT-,rltir C:rn":rh Ul;i Aln.rr-T., I 1,Ipt1+.,li LLLLLYL-', 4172 M.....ie I I1t.i Ltt.11.., J Ld JLr.i.'roll (71tnat1 I :1 I57 Ihh-r11.1nvhub I pp 51!1 ti4�7rir1 IN ii LIL Ant LPOTirt-fIT,, a;rr,.6 III SEh-I i ,.J_' 14„CJ LE LL:, I_L_ r .: 'J!f Moll r1Lui'tI,61.1 ,ALI-a Jlui1'I' C nre'tI, '''.17.1 •' .'i n,.,LLUL• t,Illrrc-,r on 1,1iae•i.111 HI I,,; the 101.11 CNI lI_,; 111.11 ,•.ill he E'srtl 'n'r ( 1 , U liirnlr11l."--11 1011",:x '-I'119,'Jtd'r, 91'tr-I171nln- .14hII L.r.1,,,,r ill r,linbc i;P1,'t" Inr 111,•,'Irpundir, r,truni1 I'm I L. 10 111,re 2g -im.eum■i It yr111 are 311VV ung atroLio.li J1tQrilcl, ririntlLLJI inuio.rticrai tir 11L1[t mrllt .L. 14Llnl, VL U iil r{° L c viibj l Itf ,va-i7Cicli2a1 fi ur expert,AL,,, soda F'larl Icb'S_ Frig more id:brawl Loll, ti)!- prosmn1 n3at .riii1.1 ill lint I1LIir.illlrlfil] ❑r rersrcln llr _tci:ouir --fpr any vrb1'r,a9 prfFL'i'e7S1n5, ti��riiiti,m�1 5ef 1CC Si.1.ure5, or 62E5 111(1 t.:TerI i r11 11,111.1y 3tIi14' l(i)711,1Llt 1.1111;'rIRCilt 111, a'P1it d. 25 INVESTMENT OBJECTIVES, INVESTMENT POLICIES, PRINCIPAL INVESTMENT STRATEGIES, AND RELATED RISKS I Its l'401aL1.: 1t JlV',t0911'11L V!A„ 19lari r I,1 -Iiw chat ti-llllaty .ire Il !L;711>a1 4,7, IJLtll I171r°1 Qllcll4 110i'n= !rti' ;'t-;ihtar:dl7a, i5'_!>+!1.11115, ,PlOip1 j'�?YY c'ltnci thr ['11011{5 a16ar_ hoe llt �'{.Iilf ldiSG?S^-Y121p1 !1-Ji!nl ll:➢191„ tlli' tilJll,lLlt•ISt�I'.�l ill L';iL'!I 1'101111, VI;A. :1Grjec1JiL— and mier:JLacL: Cllr rt k. 1J5iY -,1e�r, E'!tr Nli itrr' P4.11-5i011t1ti 111 !,'IIr,'ll c,teh 111D3 Z!-.. Fund 1111.2eA.-. .rill t[1!' 0111,{ler]®,194; Actively Managed Funds }JUiIJt l iin.!': i[n -Min.lh Lhc AiLrLld l+Ulr'ttCL9111 1=1.11tt1� i1I t_ Money Market Fund .General Description and Goals—Th.: Mti,1ry fall' c;lf`tlE:JI]g 1tt11Li<>• VIA k•1911?lts''.' 3 ' 1 It9-Ihl.9L1,hI;;?.'- N1.1,111.1 l'iltd.1 ;vet L'urt:111: lJJL4JLl!t:� ...A.ilJtttil,F. tat[ll ::0,1:190 iiI13I.117 111 t'.^]niLBE ll. I11.111a`1C. eltl' itllld 1,2Jpiull hL int.2'.tYrig. °LiL i. 01.0...1 4illL: RL1I L .2ILr. :!� a00101!�-]Ot:111,L}til'uir1 S riulltg•. 1,1,r�1;1_'t inJuLr111:It4,, `l•11S' !'ullui t4ll1 rli'Fr;t Lr 1 ��' yli[.E C:1 JRl`!tT1L'i t:!!19kYkliilLl art rrrklrn tl1L[ 1[I'.tEE1l[iA[Lr_1LU .u[L9 1}91.11JrL' X71'+i'FSkLl1Li Ib4 l�,Ul1' IL19tL' �i'L' k'llalail[.runp I ;9ral'i° a?10 dn. 2_I-7 l9I1iIrL Mlle l.ubti'S]JJ:1_ii1 t_Ln1Ll ,lsy z?<.1 591 I1J•1t! ';align: yL11:1,7!{5 tI1!ti- TF.It'1 141rk• tvb,,r1 \T[,1 ;11lkw.,trs Fuda,J as-:k'a, :laeu !11 Qlltlllilall investment Strategy—T'!tn° M.itl.[A '4111,1.1.lt-i4t r5 .117.1 croci hiiikr,t.9r., FI.,htl! 1[tvuEl 91J1115raniaDii. all of ELI t1ssei In .1 i nt_r.rtn hi1. _ 1'4;01 nioncV TJ.a,: L:1 rout lal limit floc Shar1.- Tt'rt11 {iii.'i irrn1_nt. (:e. Liquid 1'1_}rdi:,lio -il? r,4.1 I il"UC"[ .7 00k911C1-rll,',1,.1 1;11 I- ti 1, VIA L1L aL, '0' he-ii;L' 101 (.'4,6.DI'ILl'1LIL'1±tr 1;= ,MINI At14+i.rr!;, C,ti+ 1{lc L7Ci1+:°En<i lltt'LS�t=gLCI Ii 5;1;1'j[a'i4il';' t1l.Lt JCL: 1_rinr- '!'110' 01n1 ieriV.I1L( oriii 11:1161,) ,1r tllr 11.[M Li{1ui911 ;IC'; r,i Lrle wiCil .1 Fu11.`5 lil'l0L tla'_. Next.. VIA 1JL:[Yti- 1"'ertr iiida Ct}rL C1I Lii lVr1Idai:Ia.i U 0i21.LUy64 r[I 211,1jur iiu•, illLiiviatii.iI A11i;1.1V0SCIs vt'IIi Y Live .1rma.LR ItilleLl US. I,anl:':,, 1?1"[a1t _L_ll]]1101 R'Lll iro ffr. high ag4lalliu' c,tpeFTtil LII thi. L1p1t7iThL I ex.i.iLlIirI oil.1 =,pLi L[ik ; `-lrs-a.=rLii L'L J1)rlrlhtr d7�19 ;ad1,J,;�:, ,1[11.1 ,,.Hirt-tcrin IaaUI,1IC1t�lil.. :'.l1 t'�+'4_ and 5vllal .:l.Ylu�l:eraltillr ttn:� U.S. 1;+?V'a'rnnILnrt and a9;tifL- gzi;Lidittrs. The FJr1sm] r-u-,Jr4,�,i1 of 10th r 4.+4JLLmt1J1 :.9,G?.1.1'.'i�;�r_ ScIraLa.2.1.1 1.1:14 ;inn .l4•"+'i ig i1 lLuriI1 int 1L:= e31u11 911 {j 1VS. :rulJ[t��\r9`rt'k_: ,111° R16tir1 initTr.lit:J within ,I b111L'11° FIJIiii ID �5i3t�1ti'? Chal; 714' 0.�111<tKll t1} L1i?tliLiI L L"L11T17 Investment 1 iSks—T7t> 1=Llr1d •,L'��.� r:i 1aaaiu1,u11 t,L[3uw tii 1-2.k. Ll•�i:1ui ;`,I['!I '1111 ldll4r4Gtte sLI1_rtl. ',rut-i,r�nr NAV p r �.l1:1[L CI{ i�l..ili�l, !,L'L-"uriuicl; t[1,3L Rik..i'L 1C') �;11+;Y'Ltlk SL9L'�yCl7lk'LLL stl'�Ll'1_a'_ 19 fti'+ ti'�_F raJ 1ile iiL11 It 11'JIG fit• .lh1P [�l Clth 41�, :0 11uLliri-I1rllll®gcu rums( uI;R' 112 ii ll>IrW; 1Jh'l f!,11 o4.'a rJtan an dllairoL'iLll,I `L'L tl L!L r', 111IrtfL)1i1,. Incam a Preservation Fund General Description and Goal —TFhr! iui r.l,u investnlen't Objectives and 111!-4:_r,';dril_RJ Rind L_I. :1 ii'i ii Il6hG .' LIURIILI Policies 1LLIluIL' SsISt11' 111 L'1 r1"l LT prrttl'ip;11 -',1IL1 s,r:L'kllLL t,� FELI,IILJlrI .1 hlAr!. NAV pL'i! tiI1,1Y�-. line hinds- IIJt'1,' ,ade111rLil 1't°fFLl r]) Id1Ll!9u7Li'nL II1 i{IL= Investment Strategy—The llaLdaLllt' llrrwsltitl .11111 I110;. Ic-•IETLL?..d u' "iblI2i1_11[1L.`1l1,in° t-f5-J1.1 Fund ll',u'i:'lr„ pros L.71:•ilt. in lai'_It-:..yuLlity "11011 IR 6111'; 1V{,cl,t:C111'; ia7 l[l. Ow S1401711C^nt i)t�,r�alla111ttlnthl EFtl4i IE14C1'r19L'iIIJ[Lt-Is'ratl tLxc`1.1 1I1L_JILC !L'tL01'Lt1cs l6ltrn n191JLY1a L:i u17L11' L)L' 1;!1511 :'J.{ '.ti'iL174!.4r1 1I16.1LiL1t[ MOWS,' IIJJtksl Ill!,LIU- 1111IL11_'J•.alrin,liv:LJ, (.yrh a'1'} d)i.V Iii Chan EPd! r7e 1911.'liL. 'Alt .:, rating .L i.liL'. 11;1; riiu_' I in Low 1Jr iLt 1�a�,Crrlu,rl Lit'Ih5' I'tP;lrul lal l)iltl'IIYr•, lop i..,'ra 51 ion-ILf ,Ill'iruril!L. 14145. molt dllddl-enc ;t-ettritIL• : nar)rtgH- ,r-(i cketi crurf- corL1der,ldun .art" r,Ltir144,, ,s: 4* "4'Fai,u1S rm nf.. r-id.ry; „kg,_c-hi' kild 4:,..kgrrities,: ,tn4d cc9r170117tre ae[tr_n- 71?iiitif avaiLitilr 1J11s1ugh the nrtjour.lrlifercikilrrur 6c4_ 'I he Ftarlil rTL3v srn:4r its a iet. in 4leritailve. r.oing het v ice Mt k,ly''. un1J Sian€curd & Pranr'nll i1]"_trurrlefnts on Iixu-.1 ineli e 7c4--loll' type; con- . riirord'ill ilte b¢nwfisnir�r in�{t•s1rY .rus;h i't frlturec:con- Investment Sub®dyl�efs•T}hr Fili1L1 et, malt• 4Fpttulix, ,aril aiitlt,it.. tail fittliTE . Avenge di/ration a>lttl by Inull;iplr sull.irl;+rfcn,_ sir thr !hart."1 'will ritel'lriaJl}' ravg - trnnt 13 ye,rrr, to I'7yclrn M- It..y.;rl Int'r;nnenr C Ij atoll r'°i''.audr'tl 6. .;_li vrJ.n., I yw:r1"4 I_r3w 1 ngele-i. Calsharr.Ila ti1ri,:,,,-_a., Li ,,,,,,di 1194 FunJ will Sara: tt�Ta�llnrain a tnhlr till't5' toy Anil .10,Tc-term licaltl rrkall,i4, r. �itu1sUIIIU a t,,iltrr � mitt 61 aalt tuartvIente t o nt.tach_ Eirelu .Stt1Cl'�L,,,utdafJlag tirt�pU' .I Tck14C tRIl-1 ir19:111{.I.ti will" t4rrions :rgiclt .LS illiur,lrlLi' cm tip arnc d1111 hanli`T i"Ffi 'anti Managing 1'rincel9,li, 3iftr�; :u. ir. i l;°'.t rap prrs>ist tti"y trial :l ruin a}` nl 3' Ijal, rated ill Etrirtri.11rrt nta�magcr, Mr Yl.lrrlleo." Lievaii ltii in%zit- niunt curyer ua 19$53 anti iairied 14Jti Jett is. k_ii.ze! ill tone! il_, ton mkt, rstinTir 4:=irfflfS0i, `(hem .lgreeirtcrlc, :1� ti�,igiiett to, I'i' t1Ir r1rnd'S NAV at I°►Iih, SI10,(if1 [Ike. d LLD-Mt-I,' nt,tri,•l 6r9[.L TIW nr;rt#L— RA Iii I 11 S cKrirt/LlEf Mato^ rmrrul: f.'o., LLC murlt% t5flJrt Llwilt' rlk.irJret tAluc fini;tl::ltiilruu hy- :'`E'1-'41C+4Y r1.0%-port.-.Liurat'h. (-alit-or-Ma `elves ;1 .r perrll3Tiilig 1.10i11' idly:- .lcernalttl_rig f;1r•hc rifdt•U b,rld rh,tn Ter forming inn intermediate ..lr^lf COW ouCnlhiL +4'c:4=Pa1es 1 it cyrltrcrzLl rhrlr the f=und ^till I'is.:.1 Ho-orate. .e4.urttie NML ) seeks ,slur•-,jIJaca I'lri..idLlci2 _I EdRiit, mt., iLir',mu, doll it n inlet' Iiia1TU Ji rrncfitis:.,, lt' l.11 St`CtLlr ii31LL➢ Ill;i't1r1Cti;' tiv°lel:tlo[1 ruJrlcet Find. However, tlil.re ry Itc •gtaarnntee a,t n a ' ":•. ,, 4.vn.le l-3ntc (1t','SL'iurlI, L}lpu,, Willi.or, hegrlLl rare of r> thin, Asir is tlserc guarantee di.i Grow:, CFA, rand)eland i Kate; Ic.FA,. limb 1'rutiipal$ the iu rtrprr atircernelol will in fact stabilize rice with tltr. Ftrrn, cr'tr° a pCrt Frolic) IiI IiL zCr.;_ NAV. t/Lr, Crea!rc,riegarollio rrlvc,srnint[ career in 19E0 dud Investment F isE{s—`!Irw Enna{ ii .uE+jtcr ❑, take wzis I'F,Itoitirr of i'IMC`il le ll1 1. Mr, 1-1.r1±9rc L'e'I1Ll ii 1'Itio .L �9' l'I 0C Ito itl Il9S7,rr,r r:lri it in 11�i�(,i and joined slat�J tt'irF1 l^t'Jl;: t3uLrrrnrirrils of , tr.rt1 Iatcullti 1,c�alritk4iF „a wr°I1 4, t:•1 the rsrk that l IA'!C f.t era Iu4?, L1i- wr4gipet ',ar,-ettrcrlts ti poiR-lt �t .rill fail' to �'illin,'rrrls .R1,klla}u inrnr (.:e,nt}salt} I_E Il (' 1 rilinlx- iL'hlt_Nlt the 89:11. of ilrnfrini iiurru13rir,rt� in the LL11S h!l;lrtilf�t'IILI'rlt'l 1104-Irll,, ''lu cytLlnSPttf =ci'vcII .L' Ftilitl�d NAV. Wrap, pit9'idves tIli 11nt ,ityllnic the .L 621 Ili 11r;Lri:1 {'r' lit^-tulh'rut i[rtCrrnud[.1l'e and L°t1TC F- ilolFIlIc -°rrlritii , 1�4llllyerar Man, ;r�uetl credit tsc ,L t) atL d anai fir,.-t-.41 ) -tints 5ecnriE7LN TileteE'orte, tithe EKrLlL'r raj a ',rCILI'ii�r L{L'I;i111ri Intl, L 1,alkl� 3LfLJcr:f tillSlil h 'rrLdltFi1rua1 t4Ert9r 31141 },ny,n2r7L u(}lriuipal ; r lhw4°r4^+r err Iiu; III ¢rr.s�fr aeo.ri,it� sr:iecii:,l: .aen^s c-nretti'jiL � -e>rlrrej. 'e;Merle taunt all Ftits'rigr.IC:ted„ Elie Irklns1 ntzlv iun•r ELI, tell sirlr i riser lltJ.., ( I'A !L'1•tFr: .L. FrcFrtfplisl I l kn-,-. • aecru7•lt%'. quickly and .IC.a rt'u.a• that iicii not rctiel;r 'lt', 1�.1iaICt+-incl began her ln'•-iSCrllt uii career in ]{li}.2 eP lruttk vrluc_ anal the wrapper .lgruerree r[s %gill rime joilitsi itIV lrngt rt !tl„anu iInen: In 1131t2. not i,hielLI ill IC sit tt! Anti it'-Llitaall 1t-55. US Government Securities Fund Aldirri,riadly. rhi! r ppLu :11.0- -uituuir. are lint IigLUd iolat_myenr,_ General Description and Goals—the US t,O'rtrnment Sscllritiv: ]anal wutl:s to, rrtnvlsle The l Punt] i.. disc, t-�rpoilL�1 tit the rase'. lit,6 ,1 wF,tli tLlrrc111 rrMi_Il:r "'lid 'll�l;ln 'i tiir111 �^rternlr with 'wrap sniff' hjui its. b:faiur rltil^ft Il•stv1r1d ;-'r Mal- .1 1F prL:il=l.etil e' 'l prins'l1141 iiy in is E,rimtrhily Y,'ruD lSrt?vrrifi-1rg1,_lt' :lel�iLlll ;sn CL^• t1I>'liktJnrin'T in 1JUVrr'lunent debt and IntirC r liag_c[her. Tislt uoit.1]tl re.tuirr lilt, Punta Ill ..cult }-•IKc hz,:krr•E it:Jil I tics. inv4wuucltty wall i} rsn111iiltGJ tAF 11rr1��tlr ,,rl r?ahs3 sLllrible wrapper arr.Ingeneithi, ltrl11f11 m[l;' interrikethate-[t'rttk ottani-It 3' te...zpo)ur1, HD( 1st Itailli;• st;:iikiltl.2 Investment Strategy—Tate UN {;ssysrruitel,r t.rir ri'l Iur ;12]CLllllg tvr1p-pritiklir,ii•r-. k17k1Il16Ir 1iutrair!, Securititli Fund Itivura< at lean }i{u' ot'iL rrrt a ict'. =ar: h mu :...E't civaliry, hitllk pn;,ust'rhoti pri[rnlrui: in 1.).S. Ft•.;1sury ,111_I U.S. (;s+rrsarnlrnt agerL1' art l',Iltorl1 adequacy;.lrutlL L1i1'ru. profi rlhiltty; anti 1)) 4. Gravertinrt.'nt „iii, 4i F i n,r�m a�I14t:+ tirt=ktl'trfts The Leer} ei Tice. nl 9uniur Fl 1i .;1;Irlelbt, i'J-it1 r.akcTt II No run ill T.I aamt^ IaTVeLt up i ILO Gl_e•J ill ii!: uti...;rls In Jir U.S. 27 i ��+;rl�GtEaht!L1r .1i4o3r3.4 L17GYCe•.igt ;tti C}lsc91_IL] g1UUi'1- LL1.R°.' I:'C 1'_1,C311100d Y]r"tIL?sll�l'�t] jlq" iLtil[]� i-i111�NYn nos: 1hn IiirTll II1Ai 1l4it 1JL4L L.lit -1_Tr.39Ltr ' • t'o15LruL:l•:. 0?'L11C1_,.;Jti1. note. filrtdnn.kl Il1ILIC32., 4...nnr,r33;U to 1L lLIJ :" 119ro1_rkin iliS ,f: F9:ei.9o1 clutine-L,I_�P'I Lr Tir ,,tribiL:n , 111 ilacr� atll'trrntc SCCCIIiOc. i11tl Ii ILLId� r1731Ln9 lin} �Vt 7:1i 1 �;rII.ILJii16s' ii'•:r"1nt Littlier iinrl11111 1-11T(Tn1Sftanr.e"I. X 17 a i t , nc� FluClll'ham: 41.i!`..i tit -1171'', ,`"9'it's l)i:i r� Tli-L"jtesi Its n.31Linty e_m Lo- ..',Iltli tdrdbif L_ ali_lt a.r i Isally r1T4'd'?LL'�I 917LL`7-IrY.yijl.lh-1ttL-E61 GIIt1IIiI1u1 'ir{t l•,=, ]1.544 t-cr EIlL 'i4`;"I 1119cc1n3t Ir1 IFI;Y\ 1;Ir1^^r. finny 1'1 11111 !ii %rl �'7f1Yil ;IM1ti�;S•i investment Ris 15—ThE Jlanll i, Sulk.r t (,+ Jtdlv!Fi°.;'I d LL' C9-�,. !1'L! :'ib!l7ir)l6 I� a o Investment Risk° Th1. l'Ji1)ll LI_5111.171LCC to 4he } }' '-7, �1L{ tig r ;ILI sill,' ,(See „l l r ia] 111V ili[1�? 19i tilt I'38L3L1?' )- 'I hL hand L'IIr_°3:Y1 rll?E.t X51+1k91QCL� 45'irll StDtili.litu-I .,1 1Clk'L�C%11 ', i ;as Vol-'11 Ito I3 II]CL:ii4L' rate r+ilz. oh,uth.l l'j!L636'_I1L:.rs' 611 ,;.L1.1671i[l,' c1Fl:dl3lett•I:r s, alt ;ir... r iata'_rtncdLac-.Lrl-Tit ,1111 stiwl I`L-iii Iia61i1 Investment Subadviser-1t,h.111■11 i:LII,i�d :%1j n- investment Subadvlser—Sean IaIlL'sarast rlt .rte 31N111.L'a51. G"iflrp. ( -N4Llltarl",'- Si-11 Friii i,ctJ- 5'r°(1r-. Dli:d='. ``.S,i' 11.ti�1'zrlk:kti. h.'Ltiti'.�asrcL'V, �L,61:5 I78�_ dl:3:ir;rlr' :kp�kll'i9Lr•; .iJlt'�'174 I!tuL.l:.y. 14777�-liill'd U_S. I r,1cf .1 I,iDlTT iii '7 Tr usiin.. 'I L'uLl 011..11, !!htrrC-Lt'1.tui in.truriierb. l4ti',ISi`" :Yt3rLl ,LrL 1[ r,s• flll,ILit1'17 v`I•IruII.ey JIM Lir9L'rli5[11t:L1 l9- ...11-J 011 feldL'l�'i V 1 rn-IL!i1i:1E!'. LrIrI 15t1VL'i'ii11H fE - t_'tirl4CriL'1 ri`tUiLIL, Lei till 3:TSC4 L1:C,Sf.'b. Maus,' t'ItJ- Ilia{L� 31111t1 194" treiv!fring•lr1 1 1•, K,'ok't'rrlliicfir dchr lr = ,a IK, 11 .iF91}3111 r11Y1:t trg IJL F14.1Etluls- :ari:6 ant irt 7gz-bnil::'i1 tI ,1L ;ITL 1'r1ti:J T-11 DV_ t.,'I +1Th:r {iTn-41] 1r1r':,Ili12 lLii rrlltlIt'Ii-;, Equity Income Fund Irllan d:hrriran r.. 911: ':eat•cr{ .i porII+14iae nTariai - ,-i Pitt I It�lrf `in c i[� Jrice rlsla!, General Description and Goals-The Equity l'l➢ l;1•ziiii I1.. mv..FITl_ult r Ii- ,'T in I'39,1 .11111 G,iiiji it Illl'011i Fund v''a�k Illrl�—farm i_tys]t81 r,I title 1t'arf] \l Sr.i-, wl11:1t *lir IiTLI1ldc31 rhr. ti Fro oii I I+iPI t:r±i 1i nr alrriit..il JI,,.Jit t trrTr t1T IBtCS'i t{. try ItLt'L1L- 111 6rriloo:+rll}'' mtitrrmr'n •ttcic:L+I Asset Allocation Fund t41n t ill- •u.tF 19sllr<1 k1:roI11�,ni��. General Description and Goals—'['lea' ;st Investment Strategy' =Tht: Erluaty illL'I�JIL' A IIILJLiuu Fond liwtla :,r. .,,lr ti9 r I ale i lalti's•tias pill-Really Zak [tar, ennimrafi iiodl.‘. 11p I'r.Ll r.'L r1.1: Ill-lu saa iii-rs14aL11C' Ilent Ali t 11s' l:111111JI1L"i dot tiy. di -i!ir_Iidd; .iB t.I rivt-ly high L1irte1]10.' dll'ii.iilni 1r1JL1u? L..Ylukaion =as'7i1i, �:', - li'ti'cls, 1'1).v-1; 'rl4.1J1'i Iii;ky h4 1111;;1a'jl L' all IICCr.ic&ivi `rktrit ';hurt-tl4'['I'19 IIL4rIrlitlL:.t11', 111 v.iDiS!'hmmm+ rAIIT6V V. •i SE'',d'I,'ti 1k1r''ld.TrV ._and to CIiC iJL:'Ila.Ar.JLAT? Ji r1.711iltLKd] L9 IFuii•ititrl^ Ll1*r•r:j LI S. ;30;:k I1 ,lrkiC- l eta` I.4l at(1 rnTiV be utal,.ltl�➢5 r 111'II_t{ ryli r,313.3U k ei:I7:!ke.n1 �L'C!.Ir114 ;Jltl III LC'lIlc ot'l,r'Iti d•a)ril11;kt11C;, cl Ill 'jLx4y 11111 iencr= Tk. flit C:ACIL 3164- rt-3 Llel;S x117 i;J2.,;L— jlEftr1i1:3L1P1t r;(1l'Ilil:lltit:, Investment Strategy—TII� sIc'r : 16O.:Aa'-rn which 1t�1Yil I' hal•!Lc die ll%r)Y;1 ,1.Ik'1� kl1lL-lcrlil L'. rrlall . .I r;1 CI9L;idClli.�-F]glti9i1 Pic ]i"1±. FuriLI nnt7TkI1l s;,rLI •lllrrt-,!uatn itr.Tli L,'' ll,'ILj '�1: a�•=,1�'[11:411L: s•'1r-chlrll[ r,T r[nrintnrialtIt Folid itic':7rllt'riCI-■ LYL'eral iCL11YI�n,_1ntTrlrirt' •u1L:11 .i ]r,4n[;=•B4'r,CT7 irrNpe-uriI :13'iL`r d;.]3 � r('titl'll`. 176eiI0110 ]tiiiHALc)1kciit dLxpri'3CIlt'L ,,all?tlt.ln 6111i3lJia'., c+;a1ii.-,n]L� 1u41 flit 11! Lal'}' al-I LIk_�L- 5T12roaihr1 Y''I 'F1l_L11IC h1r11I cL y Ld al er.cI'll)tal 111tH IWV. IL'7s, B d tila=+a.t;.;rl rnIi-' r r i'i t,lidrriv. . Investment Risks—White ark nimi L in Ur- i-ht FLllli9'a tin.11 k .Lll'-0c.ntun 9:r F7.LtiSr.w11; ILLdt'1lgird in l nod invoker. List • the Fund's. diil['lJiir Ufa Illrr folic:I 1,1e,sii4net1 IC' i illli}tiilli,iL>e the t?erfiiuill- Ian ionic tIit iid Bcstll@ 911 It- s.'t111L1iiit" the mice 'If Che :":3.4,11' 5(1t 1:1UIIL'`:' -The Treiuiry 1l]tti:.7- 14.l11L�-tsrrit Chill ,r-nl:iites1 S[-ir6L LTS]i,°r tV11;L ire non 19 14,1.4!ilrrl'.j nU1111,;e l EN :1 1:'L1n O.:irndrf r]Y•-' 02.1111E1-ILL `'t.,t_]; 1ii17d1s- A' ;i Otis,,lilt tri thr l'111111'•- !n4"r-1:nic- r. t Bari icteu[Luc. auLl I1L•rlt'L ullanL'r Lsf tuke of II;Li1li1. 14't'1ii Lur't.uu ee_Ctal-<llttl.. t}r iltdrD!I1.5'i!--. I'l'1.14' 1-:_hiilnn Hrrir.iit i-s, Leong Tr:Ouur Lute-n The cLi]i [Ie L1rflr]i,uaze_.J. TIlL Fund 1,).z' evitilzst '711c'C:JCJii i 15 u11Li,44ei; in Ilion, L121I11 ior.u1711ICr1444 .11tal ',L'1LiItir11,a' Ili LuirraUI iL'L'll'+iRL1L'_ 1..13.13_413 6L':Y L151aLt;, [5 .1.:11VC.ly 1111113,4o1.1 ioCl; ,13td Trtl.-.■•.ury Lea:'& uit IIlL1:11v sl' 11-ii.e h 41iiit the pL•SILL°Il l t.-'Plc 1Yi.Ltkeu_ 28 Dar:, lit ih:t 1'4kllol'i L!L1I11LI',i'I 41/1.. Illr x-.:4piL.1iilTir.11l. investment Risks—The I LInti i-,, .-!ti? - rf1 ill diti•it14..111d-Ii;IVatl o21L11ljaliiL , rhr l=lleril% °.1r1:1Tilit7 rii' L-rnre-ttl risk, of irlvhtielt; :n rho taa:a: o111r1:vr C-41D:iIrtl rrr IN: C•rluaI s,;., Or I41It r- than tint vit'ritL ATtd! 1" t 3,'1i'uTic:c1 ti-o,c,Klliiiii Lilt rift rharatrAt2•tupl t lj+ SAP iLJ1t I1111-=>- t ri.kllmtrn srru-{; pnn1.61in, Investment Subadvise-s- .I 1111; 1�i.rnd tie rrllln_ Investment Suhadviseis—TlLS Fu1IC1 tl m.10r dge*1 Ii} IILIrltip1 ti1111Y41Ya=«° :ILIJ 1T!,.' nil/lLt1,1' I011F.11lt'I`.crS liorTvtw„ I- ii I.y. ."vtL-t iliori -a- <+- Snrel6t55,. hric, CdiiL11 (+Lanham Trust. L•tkttirti p t" ..IFlaill Ci.i-tt-,1- 'IAA 11>'11.S' 1„ Dalian. Tv��a.s, 11iiLl?1t4,- .I volltie-lair La1L"'). 1,11',- :°lilt{lags, G,Jlitu*rls1.i. hLrt u ,;trooF 91t11.1 Uri 1 * h LIWI n1 lit sLiwF.. r?L't;U1111°;1nte-n Of.:1TL' c CC that 'ivy a'IGL.tI iatvchn]7tnT .g r ro', r' F}11F TIjr 1, 6ildlil�t➢L'I ICI' ; iifl'h47I5 ilk 11<i ri,,ti Li' ::Ii rildi1r1rdr1l1 ti tLk Seh:LIC one_ LidL4'c II.14Y ri:IICIiu;..1.'Lllr I;Iit riI-I Iil,ui. i'...Tint 1.11.1, '1R.0 r.,111pliiy- ti tt'L11i1 ,trprnu d1i r6, mtin•Tgirig '' ,d 111 ilia m'sriull. Chill-1-11 (114..leeli:lii rill- L)Lt° ir�,rcli,lir, piLly'l.` o.luluViilrll Irairlfarlit• n°Idn3lcr }�trrat in IIL311:41.11!.119c I1tr'rtthilitr T L.I.L o; J1t'ii;r' A,,iaitlitci, Inc_ ("T i tim.► l'rrcz"), 1:5 hlrin:4�r�. i�'ltt-tVial1L[o lnvk n1'in ihckir1rL6_,l rh:ll J I T�i.',u t !'r112 AI,iaMI:l,Liii Ina: ('"T il1.r 4,:: L'riLL_°`„ i.liiiiT11I'• .ultri-a--I1Lirrs�! i,`trid and hi.iI'u\ 11.uske[ udltri- Li-ah tuba'{„ '1{I1\'larg11 15ii: Fln Ir,I.at1'tr,'rll-:tl IL'-cau.-li to air,n e-atll at)ti6 itr..7ircvs !ur capita] .lpprKClraiollol 61: pttll•t. hl'k9ri thLt Lir, ..,,d-est.l!#li.illrtl an divit ;IFrod .Jkit1INri11 117,141ll1 llrlarl C It.agch-;,, CE A, C;IL 41141u 'r]6i &IILI 11:h. a 11rk1enL,i:11 tc'r st;C.JVC-iiLrrnkt gifT "v--2 ,,a t irli;111r" ntlrt gu r. •1r .ILr gL'Cfi hutc.111 file 1=-3rntn_�, I Itrt' kitlJ, halo 4'r,Ilu}T:I1rir- Ir':IillnLL 11narko. oi14e...wfor" t;Iivi' let 1'i7°1 ln,;! pnlnid T, it:1,-i1tL PL""sulyll'4. yCrtFiirl;l rlrlarl•1!2 rinnit, •111:;1 STTU Ln f11k111- �' r P:•11.41 u171 tialid I1.1i1!111,h1�, i..-irr}° , 1'I Igi i.i K-I'j, CFA i M[1Ti, !°. lei Il. I ;u, I.,3ri14'lOrt I Ii,IpIiI u r. Nil. I'atl;ri o ttrgaia 1111+ iI1%T.N- S0L1I81r:14tcrriT ..2,; 1 I1:?]r1n:tp,ifnClctr Inc, I, Si4;utlic,1-76 lr1^r1L L'.11-.d to It) 'P ' 111..1 j411n4ral C. ]i115,4,r ! 1T? s.rrr"j, Mirllphti, lenoiri{,tar, in e";:•no liIolpllcialll' Jayr111_ n1rrin„ IN-ell titan well tw,nip,'fl-L r win-Pie man t.1:, i,roa4;`, I41,- -iL.rniiic"c17i•Fv I1a;rtiv their husin1;{5 v;Irip.tS VcIliiiiglt;1I1 WIihi't1Il'Irtrinr Itj1Oii lTi1', 111' ("Wed- -, (), L-nt!n 1-Il}' I: n-7,iI4i G. SL-i!L} (,,:L;; llt.1.1 an 1411t i ktdiut.Hrliit , Ilir4ittr1. 'LL-:11_lloinc t ill•- i1R'r��uiL1ttt TI--7,n/ thy IIrifinagC i !,11te litirtriillil„ ',. 1.i III 1.io c <21bn;■1LLstra'1r1 r'I1rJ1f,:kni i L11Llt ark call- I'61 odiI, LTt r Iir5 in1•'t'Srnlcllr Iarvri. in 1t97'i ia:liilii. .It 41111 l+ti;-i' 114,-0 i rleLlltb ' at- I lic 161,3TL'I and {321{,1 1rlollr,I alkali-az.t.rri ,ii a co-trInllrle.r 111 1547 th,IE '.i l lr L-,'t1Liw-:l44!;n-,1g4' I.21T11t-I8t-r;1r1191-1 TT11alli- 11•'1i'.: ('ii'r- ilea 19'1111 101:'citrn t lit C1Trtr iii I°Jfirt, 1Ik ILLIo 1 P. k -thrl I'I'+4, 5•:r4e. ,in 'Llr*rtttillui {flit P1 hti jt,inval SLltltil-ti,l!iItrn. til_;il1 ,:r., t'1T. R.Ryait l'L'1„an Ili. I ltar tLBk T11. * aTwt!r' 111 14.0Rl- V411t11 114; laTOricrl VIIL-L1111gaiin !'rhil..grrliriti_ Growth & Income Fund General Description and Goals—Lb Growth Fund t.,41,-Rv¢l3 it. Ilci,4lLl1'^ Fluid ttra};1 ioni:-Teritnl iapi9al General Description and Goats—Thu fir;?4vth igt-tvv,-1-11, by p1.i r,till' ,ri115iitidL lnl ,-ii -I .E,;Clii 1°:t11trI nrc-t5 Iart1 '-tettlti tvrh ,l n lLii Ir } 1y_ 1{m' lam, V I lovu;!+4- diii a!IJ•t'r th" iiiiiihi miJ lair Clpit.d! ;lppre'r'InIlnrl Intl, 10kp, rrilrt,rdY-in ,;iu11hntrii1 mouth wall ,1131,111• - 5s-,:niuliril°l, +;iorra<IIS uti milt- it, 1i11e'irin... Hi klib•a- ,1021zigt- pni iii1.11 (cis arTtb•,vii, t,ttrrenr inrcinir in d Li1Li pi,iying chick,. t1l:2,110 t,ll ICI I hr *74`triI] Idly,Ilt , investment Strategy-1H 1t F';'i11 8_ I11i-E11tir Investment Strategy-1'h1; frartitrell I:nlul in- 1-ur1L1 l{1LI.lsit:' tlol Lityc-c hpi[.1ILLmitmi. clnipal]ii.. ;'t`cii OI1 -L1001911iin Srr1L- ' Of 1,-,)1t11';1r10L'S dvlrh Dien- ',6'11a.Ist tiroe'L,; trit r lh_,turloJJl Fur 1'o-k ippri iiL itn 11:161,* I'm ,11,4LUr-,wer,7g+L tt77iiI.1), with CIDipi-Iasi% 1i1; Lieedi., c of tlnItlersalo.uLic ii, t',Lriiiii i'li3L tli, Or '41pt'4,- t'0 ic..rwsi9=a;I inc-di orr1-Bnd larcC=c3}'I LIt.litt-iii brith. 'Lich] (hat Ituy provide cilr!1JL Ltit`ldituo l knit* .T•h,- Fund .Usti inclbk-Lcr, ,jnlllJrer,DI,ii!nr rar:iliI 1' • Ili(imilt•. t-I I rt'Iu*, T11L 1'litu.1 1J1Li',L 1i:,r.ldi_=,- I■uvirrat EL1n1111L ott,nt.tr 7111 1'a11?l1 111cnrpriY1.t2 1424'--.11 rrrrnrdcrnentur.v 1)UIT1fllfro-nidna L ol1cIlt ,ip}ptat;L;ll'_c_ E.lu.ii 114UT9tr°lIrt rrrliiL4 'iifieni uppr413cliL:. Each -Julr,:ilivil1<'.r ,Fie ifiit- 'rrl,Ir i '' ii dt tf_ribk'6l Irobltlt,,r, 6lrls.ir1 'i. r'", 5-pr'l,IEe -iTrlti:l.-v. t'. rlinmlicc1 htdoi.i^ 29 r Investment Risk Thi Ft1nt3 i 71ihicrt to all ui- crrtilWsri ii ae ptir t.Jliu JiUIi.i14n1. Jvk. I9icker4i4t I:be p,'eneral risk. L7 t9[ivestari , in the gr,u,ii rtlarl.et. QL n i i Bear snlct7L c.112tr 111 I'.Ji;l .JUL{ joillt•L Aeicliiionally, the Lurji1'4 p{rslww"tih ctaack. Lnut_•,i.11ient TCW 1 ii1 191'..18. Lirreten ruPay 6-..,1CI rirt;arl:r rlegre e nF prie Tnb:nran C'apntal tvlanagiontent., Etl1L f"` a[kn13n"), and e1L'i111t ty. scJatilirt- over iII'rtrr ri,n: pe`rciu± l,arl liar{. r-lBirmnsi !, 9olln.tia a�tosrrjrier ri l the market n: a iO1c ILker1 nr o4 J>rLsS- ni�rrt sryle that for-rises on stocks Lh.%1 it hekrevirs periods of time rower wL-hi-h lathe' ttylts of sntrectiri _yhohir uuan fieud;lnlr.s1r19R and are e4rrc ntlib ototptr[irtrt rite Ecroxt-rh s r[1: cnlplrryetl by the 1cnden:lPtled t9ut TLID 111t' star net=lt4t nr .gar ncrv. Fund. fvSch-ire Grci;iii lie erL �7 Investment Subadvlsers—Thy, 1=h L1 t1 i9 ratan- portinirc ellalc'lra[�. Mi 1 ikniali het m his snvea[- dl.,erl lr *nrItiF!le insnr cmree'i HI l'.17 i1 ;anti toundc eliy trail II] 1,,I8r i. Atlln:fi Caplu Man.tr,ernel1L Larnlp.lIii. Q-i_."C�, h'S r 4 ip-cr11r4 l,> f ii 111!1 11IyK`rtnerLL a'a1r r t°'Ailutti Cophl:ti'°1. f1tl:Llrl_I. Ge'arria" purri1es and premed '.1ellimarl 111 l YlCti. gm_tyrh mt capital limit .I divcrsieietl pclrtici]w €4r Aggressive Opportunities Fund 1111th qv LIit}' conap1411ei. Growth potential 'Tyr liIrllti- General Description and Goals=l°1L;' AVie,Pr'.- fied hint both I top-down (et;:GnoI is and secior) a?wl'oacll h§ twill 3s .1 I otton1-n i Si1� I� '-'i'[¢ylJlkisi� l'1lrytl.=ct°l�q 111g[1 ISJIlL t t1-llI J J p (t i�allg;9[L�-;fit r iltic;l e3pJ el t r�tl itinu 'a-rtkilHILI. q°11114111[51, inJt I-urrtaet ai1rproach. Atlanta L.-0pltal employ., A rL,ltyr- ipprtaiL11 1.tGti71lic. T.Vlc 1'1ra1.L1 91JL't-1w ,Crag^irLl�" in I.h .f'611- to m_autJuiIU. the pi irttblio" _ } Jnu[L ALLetz• ii mall- 1n_,Iiiitit-aipindi?itfl:irs Ilia, Ill:irt Lid•, Global Fond :Advisor,. (°`linrc'i;Iy-s"). San ,:r.iorp'anlics_ Francisco, California, It stn 3n inde-r ,Ii,prc1ac11 tr1 InLLrlB:C ili portion of the Fund"; zl!.crti. [ AIL ltl} Investment Strategy TIIL Uppor- tt'a Vss CD rtipll hie tllC Flf"1rfnCRl,gL'L' 1111 1751 tulrltlL9 Fualyd IIL,iit L•i lLl Lilrllrr.1Llltl lira,�li} 141 LLI[11115- ,TV Olrti 'lr�rlt'yen iicS If the ti i1I1I FIiLILl . L;L9'i-lar•s 111.0 with unique frirhF.el-t1; fur --arrt.71 cJ111PJ€14'6 it ttii6Illt apps;al°ll to rlr lJn3 g114 1114= I"lae° Fund'n ]rrt'e*itincllt. 1715v also irlclutlr Llebr rnbrrYlnenLc. pr2fined Ruck. foreign tii l t portfolio. :Lail handrl, aoutry-tible seeitruieti .11111 i]c!tiv.tti^.t - Driaw.,n I}i itit"11"j, titAlllre, i 'I.iV hiiil, i llu4w�, s err,t6'tr'I-°It=_1-rf^a �rs.J- The Fond cerr-cyl psAMCtl ��LrLI.i1 Lurnplemel1Glr}� of prr;rrlio Il3l.131y1n1e,ut ;Ipllrnncllc;. Each ble-iricc u •ss} e that iteitkb vas�r'' �1'rciti< [rate?y uL'sc Ib it Mow,Barge.-sifcal ianrparies that it btliei e hive sul"149 the pt.itcnti.11 for tiuperh-nr earning. -vi1-i" Bii w4'11 investment Risks --I'he Rand e', 9uh1i;i-t :CI nll of ernpl,yyu, a trans ippr i. h to LJJnnaii..rirro Cllr Plat- ga°lraerll ri-.k, y'II'I/me-ring in ell: !L1r>'i'ls mirker: porIfolio The fitoud is 220 in,pr:e.d to olio eat` Fi ie1ot` 1ana e1➢1eni. dud 1 n.eSreh Coin1i.iiyt I-tame, fur SalUll- iytsal 1131'lbtrlli-ciprr!Il7 m1icin bt ekn 13osu;111, M wk�tllusct� foti.ncL4, rtut st+_4LI cLiiIlp;'reJ U- tltr rs'r111156 i,f 1t,r0r-c;;Fit izatir}.1. L:r5171 1➢'kJCS ]''all J Arc ti01�;;l Tllr i''tlrini i lli he c" �.+tCiru ta, 11.1111° :��Frilr9= l'' cae *L'a3Jl' ¢'.l4'llnht*ti txp2Ltecl i i benefit tt+3a11 �114r-IE.*uLL rrciidt. Frill '«31711L' �1r-itc!t' :i�I.ItiilLy l:ha19 rim- broad Co,. Inc_ i�r'4'ti, J9 a uub. uhadvnt-r and 1s primal Lu,u l,rL r 1- Ir::°ISnnd 1i KIN- 4tith1 al liI I1L��sy riV r rC!i13(}n5il;7lti for Chootonp, itLtici,r1WI1L . Neal Miller •.L11�' fie,`Ilbl^_'d fl11�L' period. 5ert'e11 :Iii psltark.410 rrtrmlger. Mr. Miller betati lie Investment Sulnadvisers==-'ilte Fungi is ,tialr- Inve .went catei±i in 1'i 3 and oai11L`] f°Mf as -i .iinrd by multiply; ..trt idtli_Lyt portfolio ill.1111 7z'rin NIPS [i1St1t(Itr:lIlaI_Aithriors, k•`NiLS 11 Bi5nston, l'i•_��' ILIVV5UhlefiT. Manage—lament Cemirl Lrty 1 i;1)±'9t'hiii etit, irlvelu, III %nerd- J11L'1 11111:1=1,.111arL➢I?!- d, Lio; Angele-s, C JiILfJJI1. ri,llaltws a can- t1i;I htl)Lk- ittp, CtarlipaiiLeu Ih,it 1iiee r e11tratei.1 invc.itrnent st)rlf dui 4I.L'l"i;115 the LITE potential Li, hocoine li:1cttr! 1n einer4in ur11l4` rr1 [:rrgr3. i mlliirict-s that. TCW belerw•rt.. hivee rndustrtefs S.1±10,11-M-1 Born ailie,' 1,rr en.pected to titrptir111r and are jurined Icy lit experience e.rtnnr;. r ro h over r11S[bwell n>! hi-In L fia,4ric-s of ieetiliir marker, char is GI1201 bii,t- es:t'L i of ohs trurali cite of the i ivei',cIl L'essrlom+.- 30 anti the 'late ill iLlilatitllt, M:Ir}: €Eder ...Terries d,. L:ICtors. The..,', risk can 1.IL p:ii in arnergnig portfolio niLii:Igti'_iI TI',' 1 egiii 1}41!11 lit!. inVIE'5lii3enC ourk72;R; - • ' eel €I° ill 1987 and jwlinied NIPS on 198'-. Investment Subacluisers °i'ila liar+, 0, mail- . ii........xtuir; CIIpiral R'1in❑Zernerir, LW. '"l ,xlllIry'+i, a;_ied.by iiiuliiiilr ^;u1:Knit9meill: SAI Ir1 IVt 1I'4 3_ CAW'PI IIII invelrs in 171011 rtkl:Lln E,-tiliv1li s .' ,.c..3 iiIii C1uEai-d- apitnl �'°irariiraTr ;t Eli t l:nnhr:llly i 1 i.l)r 1! dries iii,f trade 31 If Aiwirlably priit'S ri`l]ri1'r In „� -anl •l, Lai Angeles, CalifornE..1° 11!,ei a fkire style to pl./will t3L7_ly f tr. The 17r1rcF lLc1 Lc ct1v f3ii1rd.L1(1 inra-cq in sioci;.s.�:7r'i_u nplrnei .11 Iiii.,; size.that.they• co1151`jM Lir"ely etinid-c:llttplwi,i�lrin STV� titl},lLblir:-'N. I1c1E.'1r6 11s7.'"<" pnrL:n13;1I' ,r itrt-114711 rl;aP. 1. ril,+l" -. inVLstnlr,1tlr rcprif is I:ii1 ]rk° AM-ed j, LticknTw t recopizedily the ri;r t c;1pital �-;uiir liar! ENT- 'Mir. Lxi€kw;i'el,L* t it iui uns'f-ffnenr creer:in1`i't? plel;ii,a Imikip,e ptIrrtniin rrranatrr,t.Itc111 ill , whelp he jiIiIieit ItisK11tu ', lnaran0ig trip p•}rrrt;rllic7. TC • Inv+smunt Mrinagcrmn nt [.:r;1 ir<:1riy' LIE—mkt Act lwla,li+ rly7erlt •Lsfirif' p. Nets' York. (''TC's ',}, Las; ritimles, t alifitrnrn, it tie - sn all- to merlittrn-canin1Lration ,ttlrki Pte ron- a- f r1v 4'rlrG�, invest., €±riinarilti in Ltrl c ��l1it3€ir�1li.�ii Hies tt� Ilrrcil m hi9?ir high cart 1 A .° p �.e11r:4. aril, rrnplt i,rfe- ,1 1alyi' lipP>:roa,~L lhylt �cr.kl. rb ,nr� T' '`� .'. • iio idt-init.y .oirtrinii.+ that it !idle cs are reinitrim- clrlplc!ys tI I. ntquel, ft1Y'11 al,rLUit1otaitr;a et: ning I-cs,el1rr:It eval> dr1n, and elir et k--oend?iLllly t.enr:it'ri, • rely ,11it +f'1 nnt, Laanl einpli:ei, a u.liit ,ippia a411' IV n1;11t:1ph.: the foruliliil, 1)&14%6 Farernrui it r.Tei in pilrrtc.,lio n1iw1I r, fvll'. 'ilr,liltuit began his in-esurcnt „freer in 1191'1 T. 1'L.u.+' Price lauermiii ,naL ink. R T. Ii1t1 Lind 3ciumrrl Ins. print 1,11}1t.i ir1 ',vit11 1i, tin ' Prit,r I14.terli:frliitl;il7). London_ 1`1nitl:31 14in;l'Li 1, l y'.?4 r1.1 .[ktltiltic'1rL. Nlar-yl:iatl, .in.',_r` pnn!rily.rn large. And iiittdtrnnt-°,tpitsli!a1ir]i °1,7d! will ,iL�+.aL'e-_LVer- lniernaif+onal Fund , alte arriLiii.,K.geoss._I►.p 1tentifl.'}S11iti do ds-..iaL n:IV11f. General Description and Goals— iii; Ealt'.n'iiii- Ift*it` . T. Riiii.,2. WriL,. Iii»vrnatudt?I,Il ein:liii:4 .. Liana! !°!fell! •Emil... IUtik-UCIiII krLIi1Vth1 e,I•(1JI1ital iiy tell11 1ptlri-1.i Ii_to matiagink !He 111.)11/1-0-10. invtlriIi t primarily in the L'11niuiici1, titt'L',L% 'kir• Index Funds ernripanikT Itc.aililuLlrt'c;Lcl'•iii de«lup:J etiuTtilrir!. Uiiuid: siI'tite Leniied lSl:tes. Camera irNitn ie 1a Core Index Fund it1L'311rrlt,it to th tiverilil,ullli.°ttIvv, General Description and Goats—Tlit Cope Investment Stratepit—TIbi frltrtiii,Lduilal l;uticl .Uun1T lifllc:t Fniiil yeL'l:a carrells- 1rIeomL brinireit- !tas'-tot in i'u111111L'fl tu4ks tit cl'11rip itliv.4 lielldqu l- jug. in a tiritrIi,Ji lt..IF. .31specooLniI iI the investment teret.E in iTcv•JE1pe+1 4+.rufllriLL, ;L1Llulii,s tl.io!;e. in cll;irzici rilitic. i:11;the!' Lelnli.ill Br-611kes 1r.tiee.aie Eurtlpv. :li iii, :Intl die Fier Ea,t. The FLLinii May .iltio nom] Midi:\ 11i hLL1_3ti c?ITIL:Ltiur4 agency. arid iiLLlLSi, Li) 3•lu5ur rt.Yteiit, in loci dtc IiiIped market.). itlti'eliiiir.11t-gF' Lk t'cIrptiratL :aid Ltl 1 Ise' In I Li, Esirs,1j e, Latii Ain' ti.k, iitd Aiti... In e,tliy tlenls_ xr!c±titr I:1,1 1Pnai71 '4+0.12), tl,c FU n7.L\' i1i1V.71t iii investment Strategy—Tlie {,Flier E3k?11,11 IELIEsz tliLl ':L!I:L11'Jtit't, iru•luduit_, duluu'es ti,litrtcis, L:,I.in- laird uive.ilt iii d M liteP 1j.orifialio. 1.€1;11 Irlk∎LSeg ill VwlrniLAC cRlrttl es, currency nut t,+3FiiJy„1riil [..;iiili+line;ttY vCf`.ursier. captained in the LAntait ilaule.tie s•tItlt.. � Brother!. ! t�e���io E3iifd'Index: I The Fund incorporates 'verd compleintnt:lry . Investment,R'sSiS_ '1lc Fund lr 511111L'.c6 I:Sf ' pr rtulii rrlanaysuient Jpprsii1Ches. rrL ' 1 inieri1 rate Pi k, E41ae1cc°t Prices; c.i tinKii iI1C4IVIC 'ul13,11/4:'i C specita,: Sr;.41e'' IS t escrrbt,d laelk,ty - yeGurrt t25 1111i:rti_lre as I IiLere*5r riife'5 113;1111 , Peait r1. Investment Hicks—'l'hc. Wand ircublrct to. ail t$r ally'. nc�r u:tlrl oi'a'hnnrl move in :i dirLcLil3n the ener11 ri41.o,.rdiro.t.stintt.in the 5E13Cli n11:i1k'r.: rise!:-Ln ILl tiro r of iI tcrelir rate's and die WV:5Ter i t' -Che FL/11d L5-iLio x3,0-ed to die'3ddivan,il riik ell- magirrLIy ill the ci d_'tlke Eve-. of Lfr- re3nIti3ig- 1tiveloTng• iii C 1-mgn .. ,urine . Tie g+! r.1-.1....1 irc lur.li? I change on value, .Additionally, Elie Frnrrl'is iIililh;I!ti tti•-” due ril.plilfru".11 1.12,i-,11, ret„*tLi:irl.ir}, Anil i,tier— tli 1r'tiro risk crletirtci under- "I isk5 eii'IrlveSriritl; III 604131 t1ri,'LrialCIti., ,Ls Y%ClI Ill (I lrretlr: eniiisa'i,-.14175 dlt' Futttl_i"). I 31 1 500 Stock Index Fund Investment Rislie-7Th tr* the General Description and Goats—Tier Son a;ctteral risf;i of[tttrestill lit ilte tit LF nlarlitit. Adtittttrdliv. ilsilh 4 rub lmck. 1 ntspriled Sw lucLt ani cpi�4I xvrF and cum.-us income kry trivr,ting in pordbltr,r rhir, 1 Hair. 1p" {1T+alCl,l[I- and mid-L;r[719d[1z3ttti1l i'httlf} i�Lvi, r p1.IC3tc5, Flt LlaS.l} '.` ]-1iti4Jir1L', die investment ;t'l1Lj'iL' [tort,' tend. to have gtLatvr Fria. vo'is tiiliry r'iuractieriq icy er 11w S&P 5011 index, 1!1:111 thow� i P 3rprr �c�nt)3latic,. Investment Strategy Tlh 501i stack JthLlr Overseas Equity Index Fund Fund invetsui in it 1V1..ttwa'.d'?rrrt fct. tIiar SL•efc< tit General Description and Goals --nit Clvrr•- r ilt-ate tilt h1Jldin , oldie S&P 51111 Intit,7.., re s E cqutty l naic.x Fund i.tpllal Investment Risks—T111 Ftil5tl ii 56[11e:t ru the gir1,11A.tlt and dirk'ersiriL3ttr,ac ucrt+s! kiLitlrri bV general r-rcks of latveliont,, Ill t[lt ytci 1 itlark,:t, tJ%l alctrrt! in a gluatd"olio that ,ipprt s�iilx�tt; sJi fincibly die rts1, of nriee vol.ltilily ov r till Aim', mill meat h2r9aerntic ur the 5'l.'1or a.ii Sta11ev aernJ, t°appal htIl rn:tlonal {MSCfj ]Yu rape. 11t15tral'�i:t, Broad Market Index Fund 1'ar ;, [ 'k1.� I Free !riders.. General Description and Goai l'h, r,�ui investment Stratc�y--The f?vLI'�i.h�, F:1riiry Mar tier irides Fund treks Vixrk-tb rnl caporal g;t+)wtfl Jrx hind tit4s 9ti ttr ,1 Mister T'trtoTiLh That in a sarropling or secnritic-3 [inflamed ir1 the :VISE.] 3fhsi i l.irrettt income by tn1 e do, in ;a pertriilitr that RAFT- I r e Tnde.._ apprirAitlantc--; die insivsro lent- chanittcrimi es r the VG'a[slii'rti 3LJ1)1[ Inden. ,ln 'rode cr'311 fltli'it1cl investment Risks— h Fund r,ti3lblecc tit' the srakleal U.S stock, ref ttrYc u]; au tilt' ".tail. market. as Investment Strategy—The 6v;f1 a- she tprr:al rise r�i internam :1ml I]TL' x9ihl�, gy—'J @tc i n i 1 Market lat- Thew aneindr: lrrc'atlu]uril' and rhr-i.lr*,cr-s1 rt* trttiL1 ilex' Fu9Ld IrL Sl NI.Witer I'nrtteJitl that serfs, to til'3I1�3pa91 tll«t SYlay Flt r fnhiri the t-iiIfi1 S13 the .ipproKillt tc chtsntt-te rhi 1-1. lek+it'iperiwS7an f/i''tork .exchan eii and +ils[vrL 5i:tilI) lrt.lek by imesting in rrvo ether ht.elktr.1 tilts tiilit cof ffr;eittR1 iturrency 4;thieQ a`itLal 119a.rter l'c,rtictlitst--»nt' that seek, to i pii_ille the S&P 51H•I F119ji;y, ;arid intirher r tat trvcs,Eill a trig 5�I�ti . tri r1To• [ ,ti, rPull r; ;uati tilSfik 111._11 lalittvA ea>,ttt L or hrtanriaC r*rrih9etnt; yo-1.1.1 sn.iiikett a tar11F11illi; tll 'eii idea a otltitin al in die 1 '9[ehtre 1'71911'titirdr CT1111r1try''i ccontrtnU ,151)1} Ind6a—in w'ci lt¢ that relAtive market t pictlit.annn, r+'tltus tillle,,ri: Model Portfolio Funds Investment Risks—The Fund i; ,,irlvjc ct to the Tits flvc 11.11CLigertiiirir ;41uzlrl l'rarrt�,1'jr, Fai di are l;enrnriM rjnk, tad anve Wig iu thy' moll !iurt:et iacsitirtecf ru rsi-Jyts r Invt4r,ar )? t- 1.e.-ish a rtimfllear Additional y. Ihe Wilshire 5•ll:lrt FIte1 n 1I1_Ir:416 h lri1 C:�C1'Il�ila t4'�1-51JI--�I!.}L't ii ii'd!icin, rirnd gebee- F11311-ind miJ-_a pir.rlizatieul tf'mpaiioyti, whiSti tia,ii. and aE'baC.IP7 ing—ni singlie tiinti, F17c i+tdtiir.l .took: rend to h.K'e Ez.reaU J iirire r'ta1.Ea111n' d],t9 hrl 1!1her Viiltiigrpoint FLltld9 r110 c of l;irt;et't:liiiip:lrtin. rattler thin iaivt=-ititlf; 1ri ;+1 p lrtf ihfl fir 1r3tf�_. adi bkrtroltfi Ftatsd rrf{ccr; a Mid/Small Company Index Fund dEITLxrnr dt rce of potential r1fit: anL1 Irtatrn l}v General Description and Goals—The Midi diversife�iilg ,!rltirn1; vitkiLls Varsr,Lt;er:vint 12111141 1; Stll;dll C:L.,rrip:ipy Index Fund leek.,.- nes trtna c apt- afliiFt riuq 113tt4 st��r± All refert:hir:., to a Fund in L I ftrt,wtll Pay' iruvesaing Lie a pnrtfolets slut apple-v:6- !Join di,Lusyiou ;ire ttt the V.lrltaauprnl1t rnvtu:LJ relate the itty itni rot characteristics or the W�'ikhire •und;_ 431[11'!ride . an tnrini I,r '4Cf1311- .m(1 Mcdltrl9h- Investment Risk —T[pt prone '11 ii3te atnitumt npltttlI7Inhin rc'n3p.ilire. 9trv;;teiC u i Model Paral■alio Fund on einli Investment Strategy—Tina M tli'SonLn[[ Caul- unitrlyinEt Fund umpLoofdl to dor s,mor putt,' Intl Fund invov., in mi. Mi,trr Hear 'q[ao'rh:it uhit under[ying Fund limit example, th ,l tLarritalt aLi in est.'.ill a -..tmpJing,.ofsr5-iieitte, rent:anted[ pi] The :r Mcdtd Ikirtfil,lfcn J k-tnti tht■tt lit tltc WiJThlre 471111 riitl45. Nolinoi;ept,int Gnnvi 6. 1ricinLle Fund t ar, t tk^ 32 rllikf ni an inYeitn ent. LTI 111.17 1'1111[1. Ii1C;Ik.1-Cior En t(tr I+riti.e Iluettl;tI7i11y, Ittul?'Lit iI }1!11 S1ncc11 in II It"U§i the docriptionb sir lilt unllrra•lill;I, tiutib 1-4,1r .1 Iiir lie Slillri wren airleii+lciLiii 1:i0 Lhe riitei l.,L.nC41 tw inL•e.irrllent in dlni'•4' Model P OJ+1Q oa 5erva!ive 1-00:11:1 Growth fund Model Portfolio Savings Oriented General Description and Goal!s--To nrtcr Fund re> rtriahlr fllrrr,nt incrlmr end cnmersnrrnn of Prrcl,nl. .rth .1 mrts r cnlphn arn'thr pltrnrinl General Description and Goals= 'Ik, ,titirr rc,r capital .l;rs,xcth 7iie:kei vilinn if principIL rreii.tiri..1i*Ir c-tricot in- come, atti•! conic L-apinaI gn s It with niiliini:ll rel., Investment Strategy—Time- M :s'uJ ('.trtaiell- t-`�elayer.aivL �;rcw.rh Finial i� 4�,nipri.::;;1 i:I ittk-t-4- tnvestnient Strate.9y—ill, I ir,lk1 I'u1tJ!illto �y lnrntt in OW ihi111rivotl�. 1=u1o1E4;. z.lvirt (inc�rltrvd Fund is tie ! Ilh:µ Cl t purgac rrtn5erv-atinn rat'princip:il; rep.canal le rnir-re1ni in- conic.. Target :tiLll modest _growth vnt!` iii unque risk. Ir 1nrrirne Pr7sornTirion Fund Sire■ attenapT tt-, nchicve rflrn5° nlljecii t�s by etxmpha5ianir Care Bald Index Fund 104.' ia;IL'lc V1lila .,nrl hand (r ixrd-in.molar) invc'itlni;.nr5 E silty lttiaumt? Fund 1D% l?z°?Ij. \vitt" the rcmairltier invested in hind GrntNlll & Income fiend 10% rentu inng holdia in largt'r ca!mp}2ny ....Nick.; l'2SII;`IIf Growth F11[1(1 10% and imi rnarLtillntll t-11r1iri.ei f5c.',i,. The S:iyni Oft- International r 56ii+a Op;�urtuliitles Fund 5".•j ellrrai 1"1 nl i.: cI?1YLpri•jeJ Ili 1 r-1-TIncntt in tihc Ioter.netTarred FLInCi "ku fillllnvirtt l=lnods: 'i i- •; hind h�,i n riir derirrly- I;nvi vnrmv- asst. ltaromi .itir+i'.innn favorins, cur n.nt incnnie enh ry:._.nt tvirh Income Praservc�tiF�n Flirrd 65nb rile In-tcnnil orrr 2,1 -rh. It lnz-melt tl, �rcrinnliliihi US Government Securities Fund t0�', rills L-r Iji'rrrnll1rinr-.isset�t hl�tw'ren divrli-,mra-,-,rllr Equity income Fund lo',., 1rmVC-ItTnrtlh, Ilfi{1''•I.}, thr 1nct,mi- l'ri '.�rvii rim I'littd .10% cotrirni1 cot w31 •h prole-Ries n n:1nEl to rind 131 ine me Fund Jntornetional Fund 5% arms ter-likr vidd, zatd ...Tunes 'il r;;:y, whirh prrl- v-Frdr tlir puir'noll fc r,l:rr•'•1GV I- pinrnvlll t lit;11.,.....I-inL-ourr pisrIittli ^+Il iilor Fun. it ,i ii I,lrltr,,l Tlit .a +.•1.' It: fiirillilu Ji4el.,i6%211 ki•itllui 111t•aL' tnlu I*} 11 a1/1011;t11Siidl I1-0;4uu4,n in Ott- Iul'tllltt• 1•i rr'ttlriratlllrl . Flr,ltl t'."?rl�h *,1�t L ti .i I1r�il Ir 4't'J fbm 4'rl rii7li 1, tnc only 301�1in •.Ihii rein L)(rL 1R'I Ctrl Lets: i'dV__i-1121.LmLIIL' ^filer kvillitr I1tI"r1 h'Ir1I; krill Lpil 'marl s-itel,ialv, In LTI.tinl.url 71i1' '-i.rl}lY 4911i1,' I1I1r117rt• Iji4,4ly.I1:11E+ Fund ±1L•:1 .In: Ci.,tl' 11emgr11 1I1ifirk I71t11ti 0.511n.Ileenet'u vadIi otl. t. by it 4Lillll' N AV rill ,kit..,.. JStuiill1til lY} 1i ivlilc tL°ibls• I.LLLtTLi-. t'.1. e.i..L.ild \VIlr1r, mils princirral L,blrrriue of the Fund mi 11ulhl'rl,,,. .,:lol,1 I'twl:lyd it',«.-. 1te thi' l`lolsd Lnut..i. Tllz InC[in11: Opal ptuvrvatal In n?- l,rirlL 'iIJ, s...mor',tlre aril +,1111hin,ittnI1 4+11a 1., att. in,lm°11L1J1 iLii..0 Iti tlrer ..4111., 17 S• Trrci iry and nm L:1t-T' TI_curitic5 4.I1l L;A1YC net Elul ...meth Lhlitli• iitl.rLihL5,I titan :in in'.i!,3arrls'11L :I•.',tt 'valLIl: le,. Ilii iiitc •Lcinie\vhji in reipnn5r SCI ...._.s.,,ILi.,tvely in Lire Iticktatve ltto...tyw-i-JrL LL 1 tmLJLI i;lt:lu et. let trrtCrrJ l 1 ilb�. Tilt, c;1.11LI.LIr t(' n$i+?'l.z•� The Etluity. lrr00111L' Fund I'_a Lite L.Un l:artrei I.11dt- sIttlillii prtivLLir ;ilitJilly ileii.=r prlmt,;L Ill in nLtnn'II aloud-paving U'S. ci.mtut !1l :+t i1. y I1ritlttO h icommil111ti1.1 1i imih 111,141t,i i Apitil 711f,cCi jrITrri.n 11Eri!119Y- r_17+i'IwI.lI Mil `t u,"rc-t11+c Cl portnnlll!.:4 Ilion a„ull.l .1 frlli1i cnn +ung. only ,.if4T.1*Ie'ti.Lhie Fudisi'I -lead Ilse Iii?Telltitli dim' grjwtio in die '.1(II-k: ..111d I!hrdl-rlicnnie 441 cririril'S; 1umv-e4i'r, ik ii.'Ith all 1'Hlrrrl!II Ill( ilie 1-1:11111 Inty rIIJinti)II.hl rli]iL LL iaii!.iLrt' Ilrnril:l., tnn& the Ni'V kat'thi Fund will dlutl-tii:ltt, I:l1E311 0 1FIOntir11;111 in thr mien iItlull,h1 1'010 „lilrl Suitability for Investors—Tile Modal Pc!rird1ic. diver111!i•.ttkmn (IJ time Fund LIDl4d !ri w prs_vnide Iie purenti.11 lil ,i�llitirnL9n.�+ vlh,5x1,111 c)ry4nleai Fund i :y be aphir lrialr if},tm at arcking.. r.+} irie.ielte rituti'Ir,ll with cot ILL• 1...pparm- Suitability far Investors— 1 he 'NI iitiL'i I°i,rrr;nlii■ TLlnrl}' deaf mnftall11111�1lrtruNrIl11I dell kr,Ytu'tdt: I Iti linayu:rvalive. (i,imlvrh 1-ttl,il III..r lei° n •LIIor.IL PL' Rance reline' I?L' '11Ir311k it '(111 Il_LYL• Li lily,' inlixtru-E. Ilryl'Stttht'rJt if yon -iL'L'i. It fairly IhLedirial lt' I'[It will 33 I R � Ilrriul]ae dt•t:iseLJ lrrtul ,1 s.wliti.-,ittt ina4•:�..,noternt art tlls Fiend_ who-h tyrni-]l..; iliovat;R l sr•raeeJ:a{t:n,t yield I tricorn': Print Mai_/0 11 Fined bin Ai,* ate. with rrn Jitii tl ititicini tl7 pry,. l'hr .L1ifl:;annit in tllo agr},eircuian, i..,i' higher ri hiiot; wit nilt,liigll 4tniittll- t,:drrir. I1r,ntl B74.1c-1 Fultci nuay privetdr ,1 Ctilr.laer yteld Irv. .A.):br,uiili It tilt') kali 4Lr Fund 1,.im.tstl:d in ...Ind Ierr,ui,1 ,1er'r> rn rlu; be ittl rlt;lrk r°a, hear inelul.fc.-ts•. ',1•.311tH, vol.! <-.,Iu±Llld Lip_ tti'ltltr!l; SiL .tLLe-p glti'rrt-t'eir_"tt inr5r4 vi lSnlit . ih,lrn iln tnVCilt]leiti e i Liu Lvely lr1 Iluctu.nituri in Llae value ill .,nLLl11uL''.iill'ne. '1.11i:: sh.e itni1,m!. 11t;:.a4Ti;1?jr*73 Fnrid Fund ;,..'nl lldl be dprie-pri,tte al:you. ItiLLild I,1'itn%:VI fur th ilt;crrtier�ietr L<r1ll_ Suitability for Investors—`Orll mow,: Wan hall- ui the 1iel id nn-r.trBl in 6t€n:1_.,, i,ir Iituirore trrnvill Model Portfolio Traditional Growth ,!Ii,Je,, rl tt*atlL rJIA 14s.-J LW'vitlaiiItty• =9irJ111d hr Fund vg.tph:t,tl. L1:- Illoto iILi. lis; .1nrali9r it virer 'TN Mb ,Ia, General Description and Goals—TL ,,,Trr I'art7Glll;it ,r1 the rt IT]TQLti S rct,°rl �it1ti rrlt_�d' lull - JI,Sil 4t111: t I iiriin in,- pn-clitt.thllity ?bmCned latideatt e.ptl.L t riiwtlr ar1 tr.c,ultttile etlr:reu lrtiu d 4iamitk' it CISi-irtent rn tr1. IiCCri e uiLin7l Irrv..:e• v.irtrin Fund, E'ln... FllooiE could he alrpr-ipraare Investment Strategy—Tilt. ,Y LLl4] 1'urUliilit, i[V'wL1 intend no fiiiv i Fur ilie ilitfrineL>:Liie or Trpotinonai Gitowt o fund is Lli11lpri'ii d or i iii.etir- kinisei t 1I1 Lilcl,t an rhe ullurvelti FLlaidj7: Model Portfolio Long-Term Growth To tot Fund Iricanio Pressrutttiorr Fund 3• General Description and Goal:--Tip,-ter Core Band Index Fund 1t?J?a Equity Icicollie Fund to d 1,'�ru�retail Pliiut9l I Growlh & Innclrne Fund 15go Investment Strategy—Tl1L Mudd l'crLLrillin Gtr w fi Fund 15% hur!L--llriu Cnjwill huriI is: l;uitol?ri 1 tit IiLeVei- Agenressive Opportunities Fund 10% tU1e1Jt°. lit tJJL thillind.iy, d'atihr. PntarnaliQlial Fund 10% TIirgirt Tin, Trlrritlltnal ,,w 11 Ftt11I'1't, ,Leier alluc.lru,n e, Cpre Band ltlriix Fund 20'"•4 1,,o-ell iin the tr,11.411.7r70 iirbni_nuil gig a hGeliniTe:d Egulty Irlcume Fund 10--34, l+tirr o11,_„, with •ii.i .,, lL u t-dd in star=k arn,l 41105. nz Growth & IneLarroe Fund 20% JJx',.a1 ineuLile. l'iu., ini:t; Blili at 41:",i pled1 til Rrt,Airl, Grown Fund 20c. the Lteitelil iLiJoe higher tLi2Curlas tlir4.-1eJ lfoir Agaressivo ®nI]artunities Fund ;5% ,.tsrr •0. 1,1711111. the int.mne g;Iktrate.,l El, fixed-.1. Oviarseas Equity inidex Fund • 5 aew uritit ,11UL1.61 Ldarlspcu Fuli.d .5.01.191iJ4. In'tornataonnr Fund 1054 Thu ei]uii,q Jilociteeirt u tiro:idly ditira,.iEiir1 J[11loliA I Itr hind Ii;. on :I'd l';',.,, alini..Mjraj1 iii Llnciericittto;, TJtgt�-. inedlrrilii-, lttd •n7si1-ettrnl;an!w^ ,,tiirks iii JhIuih F=.ind1- Iltat rTLUt'hi prinrianly- ia1 crestl. 0'I1 .Llli.:+- lllle U.S. :11141 .ibrt.tit, The 2':'.': Lrive°ttedJ In I:Iir ,tillri L Aft re-ith in eoncidi:r,hIe (yl'rra'rbcle iiI t;.'ipirNd, LLIUJty !Debi lie .nndl c40%.1-Ill + llit'¢rme Fuur.l, tint,nCc.:.1 livoh-L= Ti!Sli,QI lt, , :11 the rvd'rrS Cid aiivel;54' I Ural,:itIet, Etiptykuo to lei. S'ill:lnle tll'i6:riralean5 in nliirlrrt 6"a911d1Ltlilrys. 1arii,9Li1 c.ipilLilizatiori U.S. coirr 6r,i iijll., l°i.>,tc rerrm_lin 7i r, Vti"otltal^ tiie a11jJ jrciltt r,i Neil., that., in1'rys in 1-911k.,. inr, _-�',, t_1.S: stud, Ero611t>sa 's 4Jlly. ii,,!d to nit}rrl .1244;n:-tia,'t' h7v[-SrJl7CELtS letdlliall,144 the' (31'01%1 I /411 nil • ;t—i `lei 1�Ji4ar.itd ,IliOiil9g iL3 llrille'rIvm l'lltiti,: LLIe/ Ltlitity Jntairrle FauiL1 wliab'h rii ii' rair I1nte Wlliila cIlltlii.J-:itl'”; FLrliwllag i. niii1itliio. or all rot.,.:-': d,,,,d,,Jtl-p.irii,p. ,,,,i„, th, e,r d, & inn clntK ua41 due A° I'C!.':atr (.1F Jt141tCL: FULILIn iy u ll Fund. wIii1t ,-1-6.,-1-6.10 l,tt4}qi And _irar: le ii i1uie; The onbei� in iiTfl—auLJ ruuLiuiri— illaFJiLatinu ,alrlpi- o d lt i-vviii ..Imo, wuli, , l ri.n[ltl12e _riwtt r-nn 'a-unC•. TIN; IItQrnatiurJal Futdl =.slLii, . fin.4 10.4771 I,° • ni•:. tl''i I,,,illo.24,ivr t<)itltt,rautntt : hn tli v.kiich Jiuet iI=II.,liiiiii and cippuritln ity L)r gr4.i44ill iii iiLov,!-• primiral,' in Hrwll- oli nurlieliia-elpi ilim;mslc, L*T_F19ciiu:u - cU aid:. PHI tle^ I11Le1 BIJISar11!il,l'3011t1 and.rim The kited-inellovte 1JOITiCIu of Lire Fluid it JWL1JUlitLl 0.0...t.i.2.1., Eklitity lirdox Fund... tt+hi,11 Cur—hi dive - 4y It Sub Izllt!]at IIG'.'-ititni in the Ilci:ume ]ire et,'il.i,:'ll zuy.. Ike Fund.= orly1-'9rlru n! t"11:1iFiL1Tr 3'4 11te ?i}"i tit;q,11-ii1i-+n.w. portion it File I-1,1tttT Iti prnti :iiy_in=E.tirr='k ' 'rids lug h alkit.atjc j a art pr,°!lilt :iitrLp kl t+,l CI1� r11 k rind 111 i!4°x:iiunr?. v.hiCh in_ c. iihi eta1.iJL2 TrO2Avrii in t mul 9rnr altii! rrlt'I,i+i Il ,16111:6 }74141 mJ rrili.107T. Cf1C ilnpaL.r.0 cLck cii 1G 5 in t191; L'1rni9L LIEVE:li:111114'lJt';. pi it v1'tl(lLlltt}' Fri the p.orrirint ,it tile hind A111yi;4ttI,i I'17ti 1'ainii can bi r. 7eCSCd ea hut rf7L ',Arne Lit 44i)Cl CLInd9_ IF .4150 otrera 1,hQ tpl poerit- aEt r[r.Ertl• -r±i:ltal.t ,' ua I.lte 5tr. :.k nut-ket, Ink}' RT 31T.iatl7lrc in clun�es in in[L're rate! I°h� FtureL' q�t. a> t allii�°ntr.1 aiming titn.! 121m1.14 climio2,41 inv'SCtitenr 1n high-tytraricy that iuve,°r; ir1 larpt-, nt6�riu,n1-. znri ,0,111-cclrarr,atrr} Suitability for Investors—TIC ,iaatel�' al]ue:ftn,n +�iti1:e, ir, l�4,tf1 e l� U% ,mrl :ihrrratt lltt 1•gta,r: rr, rcick.9 ;taro the 01101-ice;lxes growth, itUhtki artean Ittt0111 Fitiid. u'ltts it fiu'aiie c,n. 1nrgr c hgds n4 1114;-&tug, ;lhrltllrl tat r:i,n r�4E 7tt i1 T6"'::,;V,L: �:vithn Growth � Irrrnrnr hind, tthlrit# iriat;inic alt. It iL1ttiL11-.t if y.ni itlicnti rr, ,w•2}.. prn vrl91 aiiFI cllrre:nt Grk- th itwc u 1431' tier I„r11 ttnii t,114 tir 70th }. ,n Firpil ti liL-8s enupd_hiecK �rLeLtrttl am ir1Nr,: 1hK 44-et-jilt! Uppnrantitis. Rued, t.elsiLit iLLtt.r:, pri- wilEinE'tra Acct. pt tihi*rr-tcilrr lrfi!aL, which uli' bu rtlin!l}' on 4nu11- tripa- 1lIk i 1r1alL Idl Lilt r\'lisci L ni I:b:11 thew Eos3l i.. nliy nir,, ?rrd Llit I.ntrrrutikilt31 Fund.. C':Ili ll hi tr!f.c iirrd'r_An_r It,ngrr insc-rrnerlr fiariod% lrrirtrhs161 ' itlt rttrnni ii in k ,.li"1 rmlrilyie� rkin-FI- Model Portfolio All-Equity Growth flit U.S. Anil -.in '..:} ld, Fisrrh4r Fund ,,liw'rirsitty talc Fund . General Description and Goals=='1 tiller Suitability for Investors—The 11.1451..:` i1Li7s�ti11'uL 1111h 121 tcri3l Capital ruwlsgt. ti, LLfd.dud rite itliAtuli,'ri Lir:31 gtL riitjjB tf.1L:: Ikiii l 111uul11 Lae CUUti idctthi ;trl .ijgre4'itit Investment Strategy—Tlx Niotht:I Pot-110110 dat4'eslatlinL_ h uLW L+e ivarjh1P. if 4tatl_'nre .au lldl l s,ua' Grr}wt17 Fond I:, i nn ipriseiI arms:1:60cm, mwutz io ELL iallDwin1S ftandti latttud t.+ a,r2ZiL fur the Julie tL'r11L d 111 ii.i-i Tarrytrti i,xe,rkj, al n2 iidral !i-i•.rtl1 741ilILltiL LC' .L[LE ILO clArrrogi 1awujitin. .iIIIJ ..1.I Lvi111L1' �gtilty trtCFMe fund 15°4f,' r' GrrJwt 13r Income Fund to a iepr diorc-terril tlsat�e , ..-hide tniv Lr 4itkr Growth Fund Fund 26% tut, in the L 2.4112I Latiuu llial alii4 a 14�g•- rrl;ty it 204;,. ave.: i rILliuds_ggf ° 1.k e O�(ortunitie9 Fund lnttsrnaiktsrtal Fund 20% TIt6 Nlot it I Irldhllt, AJl FrIllirt C:ritwd9 hind ltiLy rtIliot-.1 don'tt ltn[Irrlt"it1 > ,outl,L rh.it irlvts 35 _ _ Risks of Investing in the Funds Tl1L' ra,IYir:t'ing 151 t !ii I'i1,tt t h °Pie• 01 more Of L°r,nt1111;!1L- .I1cer r'oi11p.illy ,in I IuduLor ' 17rLT`l,r•l ti. II'll' rltl;4 Alit 1721,• ,aro Ilrve,,1,01' 1r1 Ihr J lt}4UeLw! rilrrJ !T1 c-erL1rltle4, 11a4,;1s,s' L11L1 3.,IdoC1i1Uloll Fluo,9L.. ` ie aindorlyi-ug ,D4 thir'[ 11,.k..1 i'rirsiEu. th[t 'bi lsl..: due t_Lk hu 9'017111? Jr.:.-1111SL'r l Lu 73urstba 01 r l.{ din 'Inds. tegul.ulin., 'Li4 i.Jni ndl ttoIL,Q rr al i lrl4t'It:i�an ,arlet•r the then. s?idr. .:1114 tllCttiL31'L,. ilnr19tt, _1111 pridrlt [ItL'!'tor. OfTer--111F: 111VottoIrl1r its the t9Le iuuj41 1'Llrrioilte.i l-lindE A iI'w i.ti •TeLpeL.I: tot k.tutiLitu us t t`i ii t0llitltl_ti4&, Isr rrls,.a`111ha•nA;: t91L• 11.1trllel [}i.,nf-oho holds. th>.tordq.rurtitlronir. 1-11k--L +1.111,+l?4.♦:11_11.1.; tub, he ev Is,rrsiir rri--t3QCnt An :1111L1L1rt I11ti'L,LLr,1 Lt [.lcidi_1 i 'litalto Fuiiii in ,1110l'1i4!L72, tllarl_I t,:. 1u:iJ EJ } 1lrTuFt:, 3IFI 1iI'll;l ;oob-. iinderi I1n Fund IL 2�R�1(1!;SL[ tl1 tilt ',,d.rh: r136 LuCt dLb thE`r?y�,,;Iti-.i u<;t�With 11in ,,:iiLll_ fit [rlrt"iim rn lhat lonsli:rlvinr 1ivn11_ hL in nllp,ltmnr b) 1;2e[1 iii 4.Lifue u-to, 1 rActioiii iii dlc t41ur: ';.•f fo,rb.i6r. t1111io-9 lung r1f. the. O1:Int L ,1urni- of cos.::any- the .„-1.-h1,2114-S '1111- the 1,1 S. c1ap11:-,r rs•ilto,'CS thr s.1091.11- QuRI,er rhle 1111EPAILIni strw,;1TJ, the hi iirt the L°i-4k 411" VJlILliJ (IC-:err:111-!1;1:-„ L[elft$1111n Ireid.01 1l'II91 slorr_110. try",;;Mai/V• The: irir3ft° 9a:ilrrr ucrie1,11[v LLCM:- The Intern buttaLal.I'talitl, OJt:° t'.etw.1,;•Equity l de Ulu 1'111' pO I1Lt,1i-] 1.Irido r.F1t h1a15 e. thL' ri'il_. Ft1LId _tnd 111:' protium e}i'ir.o h. t�'Ir.�11eI' *�rdi,1ie 1. Stock Market Risk 1°troll iJn;c-nf,l to 111 ;s fi,nllti, rii' ..u11[ct.sti tl1.te rl4[L6” Cllr° � I rle�titt•r' �R}��rC91, �e1Y»11'11�r t.T1Sl,l1r�,J:It '1ar1:e'i,,.F"l a[• is I:F1C Qii•5ti;11111r}" 111.0, ',[01.4,, proms 91i1'r,[ul-' Ltid Etlilol4 liftLloulr Ftiiirl.- Till{' im'L-t enill 1•.111! Lt,,o diiC owee' oi I ye' lulu i•'L iIi Ir 17'��l!.,-titt4r d4yr'T? JI1 rriri.I r1 1`'l,l rkcr, rLnsi Is, ]1) V,- iu r I:IL,•'J 1.4'Jti' Ito,erllssl': 4I ti,-t'LIJ`]Lcc , :11161 S'::.iu9J[ rr e 4,11.9e..1 iL 11sC-r rr k. Cit Ii iiji. p31cc5 :1 i i pe'nIG1t15 Uf 1-.1.11i up pi Inn. the Lx It or wick iL1 L-tnlent Till Illthtinte tilt 4,3L40111y of...hoc L.4 .rT,;a: 111•ertrt, II. Bond Market Risk the i.illt,t,lin-' t,I114' []L1Stc olsl he41. Y.r,r5l 31141 - ' tout! , [;111111 11 e perience lur,ct ;ALL which Il;k4.,btel3 1 return.. rut g,r7 I iu-i:1 S-'ar14IL1S ti1114: �Dl'TiIUL�4 ,l4 11oi:d,111eiJ kl. thy Se.' ' I4[Y d4/ cli n4'�II 111 iii ne i raft. -1'lte ELL•l;tl I'171C t1i it 9ad1�, if italere:I r,7tix 1 uc° 901,llII pr �.. tisrill Riu[D l ltl Ant, I.rtlC' if i0tcr4;t r.te5 ♦211, bond 1Ir1�;e•. Average Annual'. U.S, Stock Market Returns geroer,ili•, ro*t- The.c talc_ 111926-2001) 111.11.1 wcurnte., .1: %vc.JJ 1, tli lr_I1-p r.Jt . yv�ttiiii4 „ 1 .1 tar 5 years 10 years 20 years Best 2 fir„ 20 1% 17 boy liuJLt9 i5'!C[a ILa11,1r 111JtttlLIb' (no -:i L3t>d Fund «ith a II,ng4•- -uerdge 1i1-ltaril}i tiw'ikl e}rrit-ahl. Worst —43.3% 12.5°'r 3,1% iluetuL(LC ro'r' an l,rl,: Ill n ri hhor'r:o terir 11'101 Tht US (T lu..°rlooilc,ti lit•_olrttirs Fund And thr {'curie Averagtll 12"70. 1'1.1rY 11.2% 11.3%i 13.40 [Lulea FLUtLJ lh'i t.ubj«l to till-rid 9 hr I' an;' Inge rrsL;k•, ro iii'il ° far or Llialul 9ar,[L11I_ lu I]Lr Inc - I'te-.1'rb'i1tinl, Fllnr9 nex ? Ei. t p IJi7a= :1511 ,11191,t tit olir iL-1 4.1LC re-L. 9L116' 19tr y^,-r +,1er I:r1-11 ,IL1r:l -. OthL:-r I;1TIL11L,]ks 4 1 IIC+a� S Ire YiQ:eh}' II, lI n rF" ill[Tr'Tt-lu L9 trice- L,f Y'L'11:ltl Qi t}° For _.lIi.11116, 3k�trci711Lt'llt, ouuts? ft6'J➢1L'96 dlle I iiiiJ L:rIt.er- :,ru' de Llt.,,ll alrit 1hr:srreln ''t.utit[ Lip nILJlnus hollow ill-'rlielo" st,c lL L �t,49, hotar1- r L_ LICiL 9h''iT-L rl.11 1a.Ltr15 , iii�ne v an_11k�f � rn 1 : leilrLl Sh,7^tel rh, 1 lit_LI ,sf11s4 G.9; tltir InllLe-- , if the 1-and Laali nient' aiiie- Lad,: nJ 1kQt u-h 111 I\-l4iPirV N1ark t Fiiiid. th1 1rieirottt: r'r4'tCrt ILinel Funk', r1 r- L'S (i(tVtrnnlcn6 St: 1111lhi;5 Fund viii the Ni1,rr ;Mite ±lprriciE,h.-:rti.unir1e- JTL' E:wF,tr^.1•(Q to t ore 919111x9 Frlr,Fe•! 1-11anr1 all dtl:it;L;r r,} 1,3111 L' le.b.1'11 no lir l,,Titrtltell1t "'I;x,, kvFiieI1 ii ti e- pr15SihtlrT}' t91'a1 'IC<IL1, 11Tlrliel- rl7k a11L,rt uge litiltlrre will rrrily' then Irian., edr[v Jtlrung [Sl oiraLJ. ail Id)IILr1 fiver. t- rite-° IoreL .11ErtLIIJ11h n 1rI- Fpr_II$n Sec 111111 c,'y ,1ri !lubject JLf IPie 5ar7l: tJlarJtet ,+L•�,illl�_rit Eli IIZS'aE1r-e- r[9[1r16 111?Trt1rr1441ii :411tiLl:,ti^,rl- 119}:!I .JN L S CLIrl414A. :Bich .lri I,r.neijJ coup,HAIL ,LlIV° FiIiJit -t i' ;eLLIYliIC_ Ilrc: cr:prsirrrl to Tread ILO. 36 t9fhi_lB 3'; tYlt'.11•41's i151lket' WA. thi: VielLI LII lL.1Jded h,;' rt'•l+e 1Pm LhL Iiull!s I�ttlL.�:°, Jtl,�9: CL a J'1.,s did invtsrkiri will ri}a intuit* 1.1.I IfYlouri I'9util PyriLkii t:LitiV +.0 ill OP; pt!1'tF9rTri- �7v'_r t l-i L1�aLL1im,tPF., tt'hi�ll is �ltlisela',L. 2r41,yrrtr Iinncl.F ialid 1147i IA .L17LL :LIL Ail t:X1104tPal L11,C7edir L'ri-ir ti_ nitlL 3111 arLutv.lf ;sarl, Lh1Ix 4.'31`. IA- 111+ ri=46, }9ich j.{ the ],nciliilir} drat the IS:[tier na a �,arirailatiz 1141'Q"i I'I.ISLiCELlai Hind will .LC,hinart' its I1C?itt1 Lt°Ill tielatllr on lt'0 nbliptian ti iI:tt ilLVr.I LIbje i • null principal. U.S.. 'rr-i miry 4:'I;aIS}ti c i. ,rltl,.'it ;Ira' !llai;e:vtl by thr tisll }:urfl valid'credit o rite US, Investment Limitations tai?v rrorn�llr, haw virtnally no credit u t. 5.4191711— r.,rt 1iont1<, ritr:J Ei.l311 or iF:' c by St~aii Ii 941 L 1,ti it.L I iih Fluid ��ri.Lan Pror's karma Croup, Tt liull0:IIUIL, �L;'l�;nsyl I I.1 IrI LILI: ets usipi _.L11L• L.I 11Ti_tj11� 5'LIIJ C01?Ili„ x!I LI;' 1stW t,y. IL1� {:,r,; fi„�d Inr1 'i Fnl?i are.t;rrtt'Irlla' p Cl1ISsidt rt'cl rr ri r ' S11t�tl,nitr` -i-cdi r'ii;}S 4,:;I;IrprtrAt' Lrot IilL'!c I>;,I➢9i11,]LL lit 1I L: dui J l•lJ11Ll Lvll!I•t111L. builds Lutl',.I kiv. r that 1.U1413 1r;i cansoil:rcrl ITo have Sa ]1 LI1c 1nG cr dir 1(0=11•;, I.0 v li1' tklt'Asou lr., 11.L1rket }'LAIJ1i,i yt ate 4:9111Y 411715 LLJI.11 I:tiUL4. 4 1 coottst:. lit to oJ;l I,) it credit r.1Li,iJJ3 dL fa'r 141 rC 113LL' llle tLteLU lticrl 9'1 ln'.' ltL r 1114 li:N .► ii :T1E r ll:t°c,1 tai Iluc,nic' to i1Jt'c;Ltir•• ;Ff]l➢t*Jell}ar: L11 the 1.<Jr11t4.41 51..ILLs E;ea4't'.tllulra1C Jill Ito Sltiitl L IJL 0ICdfiLii= :_toll ,euotriL r- 4.11 titllLr 1!!. Objective/Style Risk it➢,L'=td➢rLdIt �rJailp'.tttiii�I it.l .. 9 1111 the I=tInil ill imk•tht' Funds rc 4llbjt.4.;L 119 ti',1 .nt. 11e ret.. I 0.1 •-t`tlLllll 1.111Id It+1.31 tFi; i1 1 l'i '.y1'LILz a L1t,1.1514'19191 all�jl�LLti'y::'It','le J•i:�14,'4Cllich L3 t13G IIta'aLab Jib}• dlt' i its r. Sin rltllte t11d11 Rt.. rrtur1ll r.ypL 01-4L UiLL'y in tvlli h or. ;LLr i',L;L +ra]IL [-u;1,. 't 40 td �' 10.0ioIi1 hr• Fund t1Yvc tp or die arvir Finittalt tine or an;u-seUI in the 'i1•LUr,Lrr'. it,k rSJS:11 7.4tittcl'; mOrr of:1 Fiiit ds, isl the iaWerlrrtyn! R (lei Ni+. L tlluru Lol.iii �a',L Oil'IL. 1•_S' 40 1019}' :tali ,It.l9Fis�r (El the �is.L�t I'y>rrEr�ire'_ �.iili .c917�1;t 4� Lit' [lid'x FLIIL'h, will ii.iil (hr inurtn. #ti die tiverAl1 for dh ivll6)10 }° llrl;rl I=LSSII.I n➢.Lekra, ur ti- dn... cstelle LIL.1L Lllt: .!p111iirahlr: NL'RL_luleerl; for :<FS 11➢4I'; Futul A'],i; MIL S't1e,'C t112K 1n 11,4 9,151: cllri.Lrtur 4ti'l91 ,• 1,i sccur.itlel have GKFt r ntrIL;I•'LI e'dcs rut c urptirlimn-nl uCI• :Ind un- dtr199:ritYrrn;ini:C..iri atl 9111,9;ILl9l1 Cl [Cl LI1c nlark;2'L Ill (u, j-, im—,ii° I?.40LD inr trarLJlrr➢- F;riierL1, Therefore, ii v in Idti.i In 3 ruuLt tt'i tll d f;ari: t!± C1119'rwil4 y l'rlflt,�.'� �I rlrl Ut I'IL L'S':2lIL ill Spt:o 0LiL Yn01 would 1'12” eN°tiryed Lai I:ILrS rii a L Lii r cr' i r i l k I_ ,� tt'�lss• L11.�Q,eL +a]YIL' If1 t'. tt:ial ryyll Manager 1� Fit LlL;Jt. .100 llu r. Ftju,I ndrtie' 1119E !V, INlarleger Risk r'Lti money rrr r.LLL 'irioi_r w'.turities f3e;;'Iti L.ti➢nger. riyl+'. IJ !lit! i'i'J Lhroi tine! all-1111. Fr111-1"• I.iS Liir VW/it ]+t1tin'tirt1 outlet lb': 111.101 Act. Subidvi eii 5,4'911 Lit, ,1 poor J1Jll t}i 5rIc1'IiIa}? alhr ru[t , )4:1.1J3llctalc r11ial, 1tIY.c.lrtlL• Sr511 alit% r.11.1 [co lacy Lily: Fu4ILl•n ULSIrctiv ii; +kitli 1heLrLILLJLIcr. Management of the !ands The t0VL I11 ncnL Jr1vicer 115 taunt l.urpLlriltiraat (lt4_), WltiLI1 11.11 l'i`Yii tC`15rt'ar`LI x LA, v111 1512 G31Dti;`a 1119 II][!ItICLI M 777 N91H.11 4';II:I11ttII ii Jul Ilit'L:'i1iiLeaIt ,1J►°i iiit'r with rut,; Ll 51 Sri.itJ'ilic-•, Srrt^eI fti ; �uulrk' f,U!It. UViaoit9 n}9t. DC 24100 21.-I(.i. aito ik7. =ills- I'pti_3_ }t,� coat 4'114 }in,Ltrrtk I rti .PLlVPiIII'y .rrviO'L5 I!L1riLLL9il to an t4`UkilL,laeil 4J 3 IIUL'-Itii-pLttLr f'ii 0112.:JLIL-+1l to 1'172 inV'9L1i0en[ .9tl6`tvey 21-.-praeirtunt with Lhi' Vtnnooi'— 1Y-I Arai lo tai �yott't`rirllti1113 3L111 the-ir point F4ni+";Ij. V1 A, la_i''IllcL''Y£d tut"e.tr ens'3CIYLtiCY. 1 .Il"t']Lr;t4S _.�� l0ts.tromitorit.altor- Lii !IL' cm! iIn IILJli!111, WPIUllb owiteid iiill'D.Ld.hirj ei the IC.A'lA lt4'Lt e di I.1 11h.liiOk210aIJLr o 1 tl art LeLl etlllll}tirL,JLILIO 11,01 17 c]u:lllliei IL',iEV'tll%uL 131.Irl; 1.ia Llle 1,'Lllpftlyr, cif iii'h "Fhr aalvviiiy iinol !iilia4ii..i.11ry ice.,.::lIry,`LI call be 1lu]JII sector tilt Ett.;, 1.C;'. pl'iirl ir5 iitivi'r..r cEiitir Ii;ilmd in :Iii; Stutooleihr oil A3 I lltar!ruL 1r31(3rrrnt:oL1 is LILL \X11.w/Fire-± 1,111ct-161Qti1L' .I3Plaiv:il .I,, the 1t:MA tlnd-r Elio: hi::1(1iiig l iivi stmenL ,Brill, v anti I edieslienl -I'ru Ll- .(11r3:11 .ti.3i, iiit•nicili ri5 tilirior13r3gle 1;.tthaer S4rvoce,,." aril] i 1• Nr rile .L=.gels ,_!.4 air ii,31iievorrii ptin 3Llrlb1nis tcrt'.I Fl.. 1 Ci_- 1'lie. cubaLivorerr in r.U1llb>.I can hgEwli ar"114. Fins by \il:k, and (i;iv-ty1 day di';r_i•,..trjlnr'. rer,r3Kiil+Abi1ic: .'1i'., ]i}Yr`l-r7lk•`l'I[ 3cI>•l cr Lrv.the 1•IIIiL-1+I, 'VIA cu it 1161- Inr .teiniriri ..k'lwr.ti0ii alici pos111i1131 limmig,3111elii Jlfy rrinnlrfin tilt i' rii iirS of iI1c •.tLb idvist-rs orrwrs with the IcL,liatk.ri5r r. The 1'csl}1}n5il>•ilir} ft Ir ' VIA r13pbr.-i5es -mil ilinecu. t_i,:h I141031's 1ri\'c,;uriv111 . 7vrrI;_,r,�; !:U11'^IIyI:rrrveil.; with 1l4°7I'lLaVrrErlcnt. Vlrrl 7S,'cr Ft. Dill; liifrti FlErl(l , VIA•lL$ecr'1 the )I11,11am, Milli,: LIIytiion ht:e,1, S-LL er 4rrta' trca - Mi:E4rr F10rti!Ilc,h rro ivhich t•;31:11 filliCc Filial liwt.:(i denc 1roiri cilllet totvt;(oricilt 01 t ttrr;John ril'1?iw•. .i19L1 VIA i*ICL-tF till' V:t,ld:, el7lllnr 1~litid, il'I 4rI)12IL f}i-.'t_ r ,rrt4 dirrillti' t(1 (4.9r1.1 MiIlcr, f7,1-A, the lull:else] Prlrtfolio Fasr,d,, inu•rs - I?frCait1Vr ,btav li. I'Ir,-.^t9a-nr cot VIA, 2111111 (11114? Fllndc received :iim excipElriw,-] 3.irt•4t:r tns31L II1C 1Et'� r.]2.It'..illow VIA 30 Chailgrc 'Iti1.1.0viii-r4 with rli, a]t'],rgr..t1 oir.the F,11I1,. flaarti o Dire tors Frytm lima' rtir ri,lle IA 111 Sti rr i Ii11lincnd taI ilaL 1.S1:1an:I Ft I'lirecinis rim/ l '-.LII)3dvi.,tl' Or 1Cl'irllll lL 1 rind lip ii Iir3Iir to Il re!-lnlLler:. •-ind repE c d wuh .]Timber SL1Et:11i4'17rr_. VIA I11aVV ll � rlCr11i13snt rlD6i11' ]-.lL'k CIl]t 3 }IIIILIIT ,. ,.Cciiiap,e JLlciri fill' the II I.,rii!1iiIll:dil.gcrnei,i 3.i Lhr FLlllt)'l I.. ..met I:1LasrL[, l_�-_ It eL�1T�k L 1,1•.I I➢ I'linil'' :tc.t La alit( hied been LI I.,ii jt i d hw .1 ter nai- uIII,Ii.11 perc.2lluI L rt;a^ aala;ul.,Led l,:tMM:d ;yu .I1.L;r71 L• 3latCml ;,ahali rrr lit TrI,lL1:5 ,I;Li ❑.1tr .11} lodexini:. .1CtieLe limier Inatl.iticipicrir_ Ttle 11r11Iorivis l'ees 31-b 'dTJLr T} i-r3•Cl t>rl131_,Grll'y '11.1i l4,'hl1[ 4rl f CrJnL1Llr`69 rid �JUL Q1 ] llt111 ;l!;c4 ,l -,;:k-I lair :1 repInceillt'Irlr �ub.idvL..,vr �r'hi�, y%tiiiilkl 3„3a1ti' iIr ri-in.,;(3h.refl if ihti aii,prupr(Air Indus 15 Funds. Advisory Fan Paid :tti i]s@[r r}i1G n1Cr Li i ,ratL. lnv,'Grri11'rtl 1143,1::[17V1: Niamey 1 larkel°'i 0.1Sgf, :rrre ;tr ,lrrr, cot Fond. fit one Preaervaiiori•I 0-3094; US Govarnmerlt Securktie50.fi 0.21% Mr. Milltl ki. FW r 'I.ti yt.;lr'., of e perrEitce. iii Asset Allocation*1. Q.34913 lnv rind lil-iEtil6;C,nhl;,7r, l ytarI ,I.i (_ILIL_'7 1=ea±lirii,'r Equity Inrpme't 0,5s2% 1,111il;cr Jmr1 1'reaicie,rt sir•I.C' He 114:link, 3 Pi313lfeA Growth & Ini c me't 0.43',N, Ec(iiiiioivi- 1lc r iron' the Uni.-t^rvityI I41-131r1,,,hu11;- Growiiv,i o..4e% wo, ,, Mr-r.cr in F,cLino.nlic5 1tnr11 �X.1Yn;i sr2LLLe Agl 1lressive. Opportunities•t O.75% Oilw.-;'r.ip.,' in Ileprnkt• ;vllchi ui, dill .1 IVli itrn i=i' International`t 0.5.'N, PlohltL Atalnilriir,tT3f1iil1 lit iiI Syracuse l„iIii 1 Jty, Core Bone! Irideel 0.13% ail," 31 i L.,birrcrcri F01-0l0t'Ii11 Aol.la}':sr 500 Stock !ndex•.1 0.10r. ®rptid Market index•I' 0.13% Mir Tc,he. lici�I,it hi Il'Ive,rri i ria career iii Iuirro, 1K K. IVlid?Sn-ISIF Company lncieg.-1 0.15% iti,i 11711fieil h15 trrr•clit I?r)si¢1ciri With 11,C in T3Iau.Iry Overseas Equity Index'f 0.20% n1 114irli, F-r.iii3 I'-k'1 to li!'ktf Mt. (obey scnrcd a,: Savings Oriented 0-10;5 !'riNirleil¢ ,and C:haed-Faccillive IS it f11'a:r 111.[ri v25r- Conservative Growth 0.10% IIL4.11t Hill;.'-lions, 111.57,. ;Intl iron' T' 114 et, at)L,I.I he TIallifforial Gra.vth 0.10n; Long-Tenet Crewth 0:10$-1 yCrbrk] .1< I'rr aria nr of'the. l.r�:°rL}` A'igLL 1 larrlu i All Equity Growth 0. awry (.,,N lI'-rn-. He hrlLth:, ;I '13S dir.rer kii Fin;tr:CC glib Sari Ili glare Li,>liversiry I,nd 411 MBA • l.I)rr,.1, rdd Adr;ISnr4 acs-prIIiI tire.s11IIt.1pri:Ilc vi.1 5Lk'5t'd Ir-r. Iroprpl:r.3ial_- T11u F.-limit .;all,y.L rlutrv111,1,i�I a1:1.:,v..,,1 tl aril clL�*rt•c i1v m the t 111danl Ljrsdulrc tiI;11L?r l ;}I halr}L iii u1i.i ri;Irll-l-nrruyrIIII-i1t miii1r. III au tIl{ .l,"'rz I3L353t1I7'i land i6 :1 ChLincrvd fn itirt;11 Aila1y;L Ihr;,lrtErll it s,=- Iizfi,inl,,y l�csd,';l ltIt L' ie Furlr Ilir- TLC irlvrrtPnr'rar progo-din iiiiii iC ihirroirrolicr iir, 1 11.(„- Cr-,litr 111.”' i WILL tcper.Inr o rr:,Ir:e-r..inriri r,r VFA unii'ENr a,iatalvirr„t,ii 4-iTiirzhli7, lin the ti.I yl A-ar lLteJ ilEtle I'c tat rhr ,7011.7.311 ;,t11,4T191 1J 111 110,1001E IreLtir1,,r 3-i. 2JI11i- vevie(w 114- I'hH 1,'rinds" . biers{ rot 1jirLi;ralri, 38 Shareholder Information For purp1-set of the Cottinvoinp, aitar LJ55iaii i. 1r.Jtlrss mat-milk ;Irret'IL'al ltiy e•Eatt, nrcLirl-Inu. filer Cllr C191,'," oirircd rlrhrrwrlse, clay" i in! the pc:rlrld(5j of.1 rruieign ntatkL•t, FeittOoko,1 ;;S Irro$7R`I BHA' b t';ruts I of Toile on anti' ��°n l.,y�111rTTl Whrch-the ` evr by anrIrlivr imethod tkir Rhr linard of I tltteir^,;. York tick 1 ws}t rlr;r rt open fur bitiincsc UrtBt F #clix-eta otdJ4rr- tair Yalu_, 111-,rail nrh i—v.-iy1-, -'rIe•,.,t or l'ICr 1Tl 3" means pin Frrsr.ern Tonle on rii i 41ayy or the. final The ultitkJI, 1IJI, 4Si tu' 4",rttol:ri t'-or e.itIt 1Jlde:. Ir11> of 17u ln�i:. ira nrny ,u;Rai • ila}' rltFnng which FLUld ti. %talucd 'Wier, Lit. the .vli=ter 1'crllilJer ii cI . trading on lie 'nris Stork Vt;change i.t ,Jud iJL]Y Iiu] t. Fu11d°f,.nweita rt°nt in the modesty 11.11-1711111:11 ili9t M.l-.LLr Portfolio k rill. u tll 1-'�5-10I�t711'I>! CIF .1L11 [11dt?: Fur6d'4 hi.AV_ 01i102 the nut 11ut value oil Accounting for All Funds LTtdt 1JJ6JL= hind is Jcrt117iirieJ, it is ilittl L11t'id�d lit the IiL4tjil]L? Li(J3ut3 uartl,taa(3uiL tO. .i rlt'2 it A. ali_Iat rr,prr= elaL. -1 t1L8T1.cr-tiveiidttu113 pi il'iatYlr;ll lit=.rt La,,--"t.: fur t i_1 FutiJ_ 114t'rit'f'•�li LBT iritc.t'rr. lit 01-the I'illLil4 iii seltirki von are iri ,t_rr11- T F uiti; tf+1 Iltit fu.,ri° tih,mt For uric it.loni_y Ni.arkt-a 1= ind, NAV 1.11 m-'alcttl.m cl h4• �iJLririj Ilirlri�1117 ^ �ri�il ie.,lY�•; �x`eui iriL:: 17y r�ier�tn`i; A il: lat°,it!'(■ :&f,(Tttt;utflGl remll•:1. "aljir'.ta;ci for :uii irii :i: n 1'116' prat't' r°1' h}a;IrC ri kilr,fy5'i,';i% it- NAkv9, 'I"Gic- prtiliuuuti or J 4'rL'rirbJl iii ill^i1;.IOuuar', lathier !31.111 r'1 X194 N.AV riff 'haul 1 rlettx1r3mmt.td .tr 110L' 11, W 4,u1' hr ri,ii r?cc re,-their t".Ifttc b Jar¢ cull LuiF rL-JIt 111106:U[ ,carp Etusinels day h4 tc[diig du- value erJCl c.II`:1 tutors.. I lire; valuation rncihlid encaal]v ignore- Fund', irti^raiment.., plus (1^Ir`tl1atunnl in rile marker price oot'the Fluid',; yiehr tla:ductung li=r9rsliults. :!rial iJitni Aitliding tltr :16.11Cr lsy a1 atrrp ; anli nirlarnr-: a FiC,1111 119cr iSC 1dr' the nnrrlhirr r tliacr,5�.6f6 1:I1I1 Fnui11 'dt, tit" I :lyrj in '.Ale u i-till Tr1nrl.Trlry. the rod of the lry cr day 71111'nraulliiag uJE:: i.ciilt7 To tit,: OOu;.En.cu x.°nt Sr:11itL` cull your ion-Linaal•I.tt Reinvestment of Earnings pemitost 9;lltlalt Lite iu nliiher of.,1101 e.-1 t'„II,I .1'0.111 - tsii tilalirci l'y die it-orient theys l'4AV All e rninr^, of the Funds';iattur,sr, tfividcinki iI1120611E. JI1.11 «.■1 111Lii L;ilri•.J = YIN” SWIr tilwrti V:;Jet`- rocil6} Fund tor, Eitt];1a ;I L3L11tJf*14118 `h iric-+ rL11Ya1, anti irJi'e5t1l16311 ,tiLIrt6S ALU:uteuie, an e,.cliange or redernl,rrliri :rr :illy given/ drink' will Pricing and ronrnully reururlc in }'.7rir l-ecit rat} uiiI)ric air'BL°4' ill hl liming of Transactions the .;.roorinl cost cii-iroar 17711eSmie'Lts. Eichi rlil�ai'S shire value can be found ri;llilk 'lit die iuiu 1teIB:fiiniI 1 Itrc la:t i. r.'\i li viii t5 and retl,,rlapuoii ;n'I.' e. 6'llr='il 11:'[�tiu i i I101ktE Iawifir aievn•11 apers urirldr the B6^;:1LtJfL ,r the NAV li,'ht calculated trier thy Fund or OE, "ore ULcyr p,it1pLS FUJ;{1I." trt1t 0-or i11;eIGt reren'n'.-3 The timiL H''ton rrc heir_ r`ilr Valuation of the Funds esza ltple, node!,Jtilrnitll efu'r tla iu uritefl, :O Jriivi;1S:iltirl rX119125r receiveif :ii '1:.311 t7.1at, 1101 ;o hu m ed1s d;iv 1'• ].I1tc a telit ia!l'Llrit7LG Hi&-iJ 1:11 the ]'llntl.', ire valued -'T^'1?'11[a:Ci It_ �F1e•f:fEnL flril� ;6!, thi.i i-'i i rein u1 lie#ri Yl.u.il}' StniFe 1IC vrlu�Ll M 6IEL Erik, in cI]eL'L t 111E nequecr p:na,—:ut drat u�,x° CIFb11CiI.1C:5 Lirdie L.vrltaJt4t uu ;4111 1 t]w i 111.=:18 lirird. It the' Piirick receive .i Tr=??OSifT101' rrl11L"11 lJ JriLJ ut ,,=11L1Ld us iii.!; 1ui k iJtj ItaatetL°,_, regnenr in rule morning. you do nor inc.olate Uljtijiti'j d1[13LI�Fi Lllrlirilertl;lE 1ur'll'il�! vurnt,`I( horn nutter 01115 t?f !rr5it u dLii't!1}! illy rt'c 1.'if the bti iiie95 Lily A ti:11.mIlitoai :i qute-•a: 'eelveLl Seti6fitic't for %%1_1k i nurLL-r rlliosinork,are tint readily aver chic t alculat ri DT rho N:W•lull fuluL" rho,. will iisall:IE11C trr> rtllly`C1 �uu.c urd1ln3 turi,Tneiltuitf. rtt11hlts1i6-fl he executed or the price in ettrct at the rlo.-.e 417 by rltr that iir' ITeheorei 143 Tedet-r tali 1;t c-t biomes,. chiv. Traramcrort riiriti4 Jr: by 0,E6t ':.#Brlc° it wikun'tiF t'r ieigil : rini ii; hen a 15;;c'rl 1.viii 11k niltcti be rt.-curved 17.' 12 noon Euttir'n Tillie 39 4i re_',itc' th111t ilas'4 b `'anall�l.']1i Iii Ent Reporting to Investors iltveltr44 %4'lil rY°o-4ii.r NAV 0.11L1crltllrrr'i1 lil,lL11/4% 11tt: thr l'rtlr,r Jilr rtllot'1,r.¢. With r';per:r to awl 0!7Y4'i171L'i]'}C L!:ioIii;II'1.ioli repure, rci ellojiUI1ii. or c'4e hail,_'. ih;id•16 T,nrT14,I7o 1,;•111 pill!}' Viiit,9gepulnS its NAVV lithe_c a'll;;e „1'c7ilt;lt k L1 i Ii i:, driy rhe3t' felld Il i Carimunly, ':IOICB ;',111 r.Btti cut[-fro! I lot'k'S1.iJt s rviee elYt2 ;Ir 1 N11pi,ri4i,1a-7.14111 or 4,'tlrir:ra:1 the i'llrltT 3,111-911111.1' ilt.i 't94i1,1>;Kr`r'IL:Ci1aICni ii .t121,2 nil- Gtlt.`a1J:B4+�14' If}'tt❑ 6,_(,IL ,anti rlkscreli.rncie!,. To lil'4T..fr rl:e coircct :I tit' ,Tr,'a[Ly, rite. F41111T. !U'J4.3 �FL' OltatI itil Within B't!dl i iii- or the cp.ULL' or I.hi Cilend_Lr ter in 4ViLtrll tNl,, Ear ETC ,IU�y d'uaarS. Purchases, Exchanges, and Redemptions Purchases dhat an>,'w?fr IILiQJra:a:r,l�' Ian tdlt° Fund., ri11'uugl1 tfic 'Villll',lgaritiq and' aI,11,'C 1➢U1111'S+'Ifl ,Ic tt� in eye,2,,!..,i The J=iMJ1L1•, AFL' illhll I6.t trr4'j',uIcn( �i1,+ II1 the i3! 6t111BIT11i tits 1°I�i:B, ti}I LLr E,l.11-1'. with weriit,c LR3J11LapeLFlptir I-41i1d2; Oa) the L:nirploy'e(' I?J1L,CE91 1?lisp aixotlnr rt'gL17R7k]en13 iir ut'iler fe.iuu i'; I.li,Im. tlG'S4ite and lot-;i1 gUVL i`limltt'1lt' and Rlltlr di?,'111.:i , :I3-44,C;:rl'aLz'1.tr.1 anroii the I®t t-c roods with eel[Jill anti iirerriiitielouilitir=, 41ut:iodine; le,I,Iriniarnt rod (L Ills+ I'l1lc:I iii.5'1Et° 111 'iIT1 meii1 , t'mE]Tti4`et- liLiJe�JL t1:-frrrecl p113r15-knuIiI0141 find r SO:- lildla l,,lrcIEF,IE1S.,7>dd?I.IRIrti, Tiiiv" al!io citEdi62` !Ur flow. 4411 3fi,I 4i7, ri:.spi:crnl.ely. ,ii di(: Tnriull;ll { la ; J6 ;B1abti:- Etcvrnur.. i_;t7c6e i1P 1P4 R11, rF :klltt',Ililtilf' 11110.-* try Trr ,ciL1nr Ytt'- (iii) Individual IZeiuil IiI I.I J5.7.47,tu9H5 ("III Av",l •j i-ept !I-il' Vaait:Ip-apintor Elite irri,:Litc,r',—in- Iifiil?ory. crirkpilroye^1 fri 141i_aI 4(weri117]Ltlr'; and Ow }iSprlIlr- 3t13 LL, n'1i r;4"`., Ji li.d'S- ..l .7dd;S cFt1irE,1~s 9�r. I'I 4 nit G)rllL'L' our+�ri1r. I'19L'Ift'„ 1 t;Ir dill en 'other- sli4d:h rl115, u"dE.,oct rJ:]I,r,i,lhtt_{i with ilV'e.T.in ii1 ve151- i:k1ie r l�r�IJrlsdt]p r. rihE;;ii J±I.lNn wriur in rhL l,dnt.1 >rIi ,rir I°rircdi (tither rl-i n rhi,9c Tirol yo.-. 7 pre) (with Lt LL le:ccroon tit die I ir i}LIie St'.IBI�.II;ttrni !!;4M Ear'1i'ie,1.14 Ldrrt-nib'_iI m a thri prr- k'rn,ervtnnTl , iiB ,14.inclel 12.t111601In hunk), ber:;;ni + }, tiFe "Fri -f;1Llles"�, parue`ir.lL nt; in rhc Vat raj:K,;.lre renin1u]L'Ltr lai',111.h 'N- rPf1t: e 5."1 iilllt:- vSY'19f,rI plan-,: I:oY 11'il I'I'I t; Tflw .oE{nrin1Uf T'LJJ1Lt L Ter— Lai rats 11 IIL tl in ' } '}r l', - )g ' ,I.PI!4• c9Jr.d.t:LltlJO 11,1 fill '.ii i,tid PAIL! +.ilicretly, iE LT11'01'. k�etia�'rli�it Curporatioil °utd it., Cril wicr The _ ;11;1r�1:i, ill fill NI rnitraa 11tara_lUI L Ulilei N Hein in 4111 dt;f1Rik elf}491:11 eht;tdirliry +-rire:1-o I iry ,et ltilLz in rliI, • „LITMUS' :tg+h,!li4�tii,r], II.ILt J1ii nm aE I iJJr-I�.,1,a1'J1L . I�1L l ie?d�-Ia a iii Liu: Eaeit ina J4 tit ii9 die Fund. UI' I'uliLds, Tie. LIICDILII 1'rtilCrV3rioo11 fu11d I! ,eti.LiILl[,I iue E1I.Irrliiiic Only Ti}' .If, tlt'!,4-ribi-if Purchases—V ntagepoint Elite above, :tltmd by Lhr MnLlil t'I,rtridiLo Fun,:LC I,.11T0> cat'the \1i1itli ep+:,]rlr are available Iv, l_1llS3 1 71131'L`- t+l the laid .x Fiala, ,Ire Inpcii rii III>i pLlriil,ISc- dui-lLlt$1i the V?11114 Kpriiiii E.lirc prcoler.imil :mil oilier indie,'iilu,Jl IL. ILL`CL'S'i.1.17 II! LirikL+r ria iik9LJ a tFJ L11,14i +t!int EIItr that tin; ILijtJitaci I'itr..t Lt,: stcco I1]La ti d k7} 1niL∎61Jli ALL-1LI1t. A IiIIIiIt1LJ11i initial Illt`?L,1n1CJIC o!1 ,11111) derail to tin1lde the urttaiLi. atai t Funds to. allocate foe -the'V,iLlrJttipe.int Liu.; U]Vi o.r in Y Vantap,e- 3fCL'L Ilruipt1'i'V_ If rl ltlidelise requivi-is nut reeeIL'i`.1 urairlr. Fund .t.? reiltnaa.'iI Thl rniLatlrinin .,t11;•n,Eucllt it1 gt?ri.:J ntnh.r, the klopta„it is 11rkd 111 a ILL31a^inrl •;t: zm'e,rnieut for V;erlr.-e.Ett i iint Eltti inti'i2%,L,"'r5 i% lte triu>; .tccuupLt Iii i.L1 Al li LC-,a-try information on IY 5l,l;ltltI. �'A{_c it tlilt 1 iLr.111a,JW.Fciilrt I titan iai+.'e"LLtr r0.weivt -I. If the pnir lto...4c reLlu i i.-. >;tili ,sits in .gooal may rt1.i]ir tinb,Ciiniriit @la'.'L'Lt2 tenis tiliningh alt t1riletl .4LLt'r three IU I11L-LL L6ic-, IIILt N!JCL4 ire Ai1tOrnatt, iro:e■+nliiviit k'ri1`g*r..nt in the #1llr'Ul1L of rtl7t1trt1t'tk tia tllt- hitt-nor. l'ur4.11aie!, ,r:rii'rd for S2Pli, '17wCrr -?Ir Ida Irtt11i Calt1 °„a1l t-'11111'VL . ullltf•llt'ljieil aceeluut for C'.11ieli no aSLOU It If01n1 1._Srra:.LI S:i]e'.J1.rt - or hail-end ,ilt-- ..hartr,+:. A ]1:L, been rleeive.I 1v1I1 be mull-lied Ls' Liu: Iin'rLitt?r. reJetupotrn fee Lit c,tl ($111 for the. Moilt_y L'i'Lal'kci I iiiitk;p ta-ilk be ,Ia.tr esa on tltc t..-1[i i1 ecii.,lt Cat•,11.1rea Exchanges and Allocations held Fur le.] than one ...car 111 Vanu.trpuiILt Elite Among Funds lnvi,.l.2,r,_ For more information abiliLt openiltl, a V,1LLLt ,l,lli,,L Eli,, JiL'L,UI,t lika,, LAI litve:'Inari /Ilya} %iibuiit, ..xehi111L`C rCililtrntii 4L L1y l-;11ici-@i;q-7,Etna or 1.0111.tt.t tilt FLIild L11 title' ar titrou0 cony .0zl; ttt (tt,erlry°;4111{1. by Er @>l;ltialJr- E:IvetaL rServiLsnfi111L'1;Il:li1-Lirl;. e:..lowk...1.1 thentigh the Vantage 1,elle pl lode .4y,rCaet .tt - ,r)lp-PjPlr4-741- i, tlr rn w'nti11 i.ctil4'ii11ber rh_it Purchases by Employee an c:{611.1nge .1s a rwo-part rransui.tLZ1u-a reilenLpnan Benefit Plans ut`nitun:, Ill tick: FL11141 ,]T1i1 iI ptirdi.ii.c LIIsitare'I 111 if lctthet Fungi [J ph:i 1,eltavtit 1.1.Luis. hunt till Qin .1 let'irLLu 11t pIS[a :le'.L.11nE L4 iill] LlL:it ;� L41 !',N J'41JL'Ll k}}" Lite pluti . l xtli.foge tetlUt;tiLL reigned in pu+] tta:4cr prior It* duke nn-busEnt on the NIL'.. SUI, SLUtL ENckiaLJtie tbvlur 1.4 I'iklLr autltLn tae L 1.41-eLl- ..tionitally `1:11ii p.m. E.a;teul -Dile), air 12 noon..for IIr1h,'Stti'CS rI'I_ly 'xll:tliliI k?1leellteir 111LE:tii to II1C FLJIILlii .I:- he IIt3L'ucItcina., Lill & IL.LIS'illLISS 131V ate I:ItTmL,LI to. Ofu211 J9 (11.111' - L',LVIilLnts ItiaV be Crd3L4ir1ISLJ by check, Ill eitrcir act,ounn. at that d '`ti ell-untie, 3 I.AV, vitie. .Ln4 Aut>LwI1 itcLl C1cariti Hl1'ti-Se allilotil_;13 iL is h;;ilthtll,!r: rrlluetnt t't,ceivkid in waci I ieI: re' „(tr'r prtilterrcfi Lilat the Fui dls t.t;rive ,11,1,CM by ta.-iri-. :t are {-sr Ltu4int:lc WILE! be ponitd at IILe cliuntit AV 1il1e5u1ient tech enus6 lie .itlllttlttot] sir: i111;eui, fifths lif';S Liao LiL'S_■i1v. r Agri nio.lone','.-0.4.4.711D11ECLIIII. or on papa,. Iowan._ The allocation tar new'purthn a 1II1alrtt arming'urilinte rtr., l'4 rvt ivYtl iii �• '1J order t1rii+ir 1 i ail the Funds aro,- C't: , liaifilcil bry invesuars without 111::s? L111LI11.Lt]LIIL Of t]iI N \' (ill' 12 In'AID W1111 t.hac (,kr li n tinon. r'LSi e;_t tit. fax laisitiietit.BLti) .ins' ]-,i'!,trtl CO in,ir'+14.tr 1'..L011las .11 tlI tki i NAV tit' thin BL.iv, or ii the \'ri1Ieah 6 111i1rIS13tir51ti irV 11d:rri1lally :ent tt. 11R'6r ',k.iy the L6ltrfih11t1(1uti de',° 5.�'eL;Il.L] wig eitIll 0 Lm itfcs.s ton* OF the ii ilie:s d,} following trlL LLc ht .1.11, .11 IIll ilk i wing NAV t,'1-Th.. Ile' t III]II1L",`1 al_iy, TrinlaCTilk,11 r:ILluL,, EtiV"LltLlt'i ',11r3u1,1,1rLI1r). Lhc PULL[1■1.4L t11'1't., rei'elvt.t] 1ti: 14:otiit a?LLIL r ,ifECi 1 IL, ;= a'`'co Fury tit irllilraal.ri1lei in tTrin117t11'ituins 111in1a'tli- L-oi`bt 1ihL', anti rich-15;d .11 1:11: u1iJiiIi NAV ,,I ti., ;,Id nprin rc,czipl: IJCtia kt isinL..c flag, Exchanges- Vantagepoint Elite 'LILT tr.LIt L'I to l,tirc1ra, i ir,Ee rlirnln1?h Van1tage l-iL1'it, III by cerr.ilil etilllkaayer benefit l?L9mr ,11:111 V.51,ugL Li,Ltt L=ime investo ii IJ L t:xth;trILL their other typo, of oitirubiLa ;irCF,nllLti, other arranux- Ip owllc!I rutty bs r egori]reri :is rote diiiiri ,tv 1 ]T i}I' L.ttl4' tiF1I1t3wLjl'-+1En k"il[Ilk twBr �1J3S 5 17L {LCIEL'6'ry cif pllrl�klJl a lnirrll�CSrthl' .110111er \r,llir.it-mp-iliilt i�Tl1rILI- Vrintatl;llt,+Lnt F..11te Je1Vt7.E.?r5 11I.Ly txuil.irJge i.h.rtc. ]1111 art:,; i+LLtittei• ...LY I."+i^',tiiii of erlrJtr115LltialLL to JIIvestt'r aec,_'tuiL, is be Vanta;eLiuk, nbil] Lir telt:iallulie- If-e.h:irCC; hive a:alrlrlil�Cnr tlpa itt U LLI4Lti. I.171 lit SB'Lticl'JaAe L1rduL3 iii broil 'parell113CL1 I_w check, .Irt 1114,14101 i4111 Y11:0. be. 0)6I tinter ii) the Vantagepoint Faildt.. 1-his 1-his ULCJtLS Atli: to exchange those shales until the cited Elio 41 c11:111:1I1WIich 1110Y 1_Ikt' lip LY) I davi ii-n Lhr Tito IFh.Eii d5 lla-ir 1Lfa;1p1r..11 i.Itit �N4IISL�' Lit {gait€�rl ki:ltf cir parch;1°e)° `l''Jll: rerioillNuL1r1 lth 01• ]tI rl'cl.11lrltt ti idJiai .„all 10 protect di._ iutea'i,L„ tic refene]Ieil';slove will nll lii i li.ti—g dl o:1n sbnees king-tern! .tr1V'i_-itt17`' !i..h 1 rrLak illlrelti r1L �,lq'6'iJKn. exclintsifi, hovtt!L'tr, ;411 ghC Lll1l i fee 0i. $.13,11.10 will -The: Ti11FLLl? ri'':CL'4'i tilt. rii hi 10 illt ild thl„ be Leh,rgcd of 3}IV tnllrt•. i';{'ll.altgz ij ,q redcmlizirin q'at .thata; in I}FPL' FlanNI VantageLine Anil i irL.Ii.i' ' of....hare; of aptJiliGr hind. Tlie :,ale frriir .1r.rl pllrt'1i iac price 45111 b h:l,Yll am she I-mid, 111x+-t:airl b°ants,geLu1e. In! ,Ialtutiti ted next Lalcatl:tte l ;liter the t_4w11iujt raailn4 l.lrtrs l�ea-11 1it•rLr11:G IIiiL 1IN Pitt: berleln�r?1 Inv-v." r!; who hive riceiv d ;Ind 1`E in ;icct'iy ti! Giuic b-tc iii 1ileph ine-,;. Yon i!!:l ii:e °,JZntlpLinc" eSY:ltan es lilpr-tI i T'INrids and Exchanges by Telephone cl1'allgt l.'}hur In c,irNL;ent alhxrJo.00i., Tart' ritoile nninhca- I': ':�u•itll'aGaFNt)-J°1C1j1 fiticesotlrt n1:ly make da[l4` tiS14.111 ey tllrY4 Strur1 1,,nuig4Littn: !? t L'} lll.IlIV yettil<IP+le 2-1 how, VdliGigR:1 Nile, the [ulnas' °1LIi.1111•Nttl tier4ice brie Ihv _L'V:c11 w1-tw"; :l lb'?°-sk 1:JI• LL!4or 1Nr14'L°Il 0111; , • y:all_ill�; 1-X111`'61",i-.744,111. tins--uL1r4n!I IT tIVtt s:'',Jit titt% I Pal�l�lcr 4op'krf: Lhr 1it�li' Ii1 1 t LIIId glrus1 lit .teceliipaorictl 1+11 ,a l'11rllL, Lhi l`l1LH ° rI&n the Ilr:rl;iinii BrA_nttheitL1'}r1 Nivrnlitr. Tn addirtl:irl• 4'orba.l 1=11-111 tronsiu ,lt;ynt will lie 7.._11.0I1.4'1r dsrrLlgi} ulstriLL'tIrorli p VIII to a LEIL.p°lLtint retNr=sellt°It14'r will f r-L ti"'11 raP:i' e•Lpi t-1 lice ;v. :1 be ;1cce•pt.J upon'verltic tton ii ytnir ma] i !iu.lt r'il thy SiL°ti'Iic lttirl}; ,B1e°Iti';aiP ihI1 'Jr will s r.Upr_ recorded co permhc tie!iIiL-aticurl- inuperatiVe. � r9'ftiVll 1.;or irtn.ii{}TL: dna i it-itio lv sent. to oLIVCS- Ior,; on the 119:4:11est: tl,iy tulitlw lrr l the 5111 Llrc SIa,:Itllal the 1.41Imq.eL1iie o,,L-'fti'i:1:rC.Ili the "' l Ill• el-:al'coctioni oc_Calr. 1DVetiicrr'ri';jlciLllis vertl}' the nLlrllllCk IJCI'41FI1K L1n01L'aalakie, Gr1 -i ij crjunS nr.ly lie ;st LIr:iCV Cil°lacorrintion In Co ltiralIiTt1N.1LLt ILl1ni Ll!- inocrt by.Vsurral_.Liiik• ilecribed bcitltl•, atel}' u1t11a1 YF L°BpL Sex? '°4+ariLageF_ine." bi to 4 11r i l'TL'! anal) tIL tine' 11irc°I1u[LIkl:!i' expraTie ,f! c' 11:1L4 rn{trc IIIrLtirmiJtion ci11,L:r For the I'L11Lei!I' ;>;111kr:,51 More Information About VantageLlnlc Exchanges and Transfers The I°1mLL nArintilin lintq rLilrlL. n 1ii,Ir1e plie nip ' tltn- ITTI:Inlet Tlli a.Ciijrr_-s: ii Jltrj `;'aLI.L-Sj�.YN;aif'�n-,t>'IrL�L The tollcw nIl troarder pr}fiL .Ipillieti to the itnter- Inti,rlNi:ariii,n ,LVai ably_ rn3aal the Enter-,a it�altiiIo boil]1111 Fuld ;Iltd L'iviase.16 EI1I IILV fnlle: Fund: °Lee tll lr l+.11dlr£,N_% 116rhich rtop lrIN Il 3ppCci i 11;t 4r:- Stull, i[1 -;'LlItrnt ,3110,1 1rlc11T% 1fi1 J riyz'arnvl-Ir per= Iii -:soIii 'iiiil lr71tpler 7i5'L'Ls DUI iII 1.Tie a iter l9 tr,rtTl,,pre, 5'fNCt af11;- ,l1SL, r,°.011NIJ- II-A1 r1G Nr1I1'It 4ti5i1r. 1r lLIT_•t ri I ii1.Lwr!I 1 iti-n •ErAn ferrlltye tJStIc LL 111af.k eh IT'r v"y in y"trtr s1 t,trrn:nr oill,rartr,li Vi=i bark into the Fund 1i,,isi %inch t11L-. wear rr.1I1 - Van tii c'l rnl. 'l`h, trarrlI1 r •-gent for thb° Fam , +sill i Lrc{j_ Thr!1 pi1hc5' allots rriiilil m r r*. It doil': riot 1_J1[1ET1,' 1:h.al nL+rrLIs.L11,I11 ae CCI'.eLI I,vLW the hider I en :l!•ICi;r tegiii:ir t:Cy .r.rib 1CIr,l1 01- p:lkbursei netiti 1:11! ;fi20emf+.itaic EI he f er.,allrrol lcic nnt11:3rIc Ia I'�LnLI- - - 1,61'. \•rritll- K.L1 11 rm tirint TII,rmhlly l7r tCIIr TlIi;: p' iIicy i designed Et■ I1rotece 'IL-mg-pan! on the f,Ltk•enr.`-.* LL,ty utirr tltt r1-,,n1:1r r?nn IIYVL--J1J':r;'1r1 ,t,llc5i' runts- When a11nney tt-aaicgea'rt:i_I dilit 41t1,1lt 14' ' e I Girl LI]5_l«latit.z cNJ tindJrrna0,a) 111 into 9lr !?1,11"or tilt'171111 ', the Fr116641;r Ilt:IOlelTta'1':: �v}BLflrpni irk,ii 1int-n•di;ILCly n�N41i* r4'wi[l?r, ritiISt llloy or fell L'N-IOrot1C;,, Li""-au tie GCi3alrrnz ciyyir c 111 lie Irlrl}-.N.1L?.11 Ill ■Irl dire rrl'inoiS1l itctrili IL1r). l equity . � .lnlL Jta11-Lllr 21 11LLUrq LIt�, choir-tl'r-L1 1Y1 )iP-{gram- 51`4L-91 Ll.'i �l a �ti'g.el;. E-:Tec3k'r=Vi't'. `ierkrEt' 6r hiI.thilltl' iA ustu] a iti 1J1'1t are h2Jed 11y all ant°resrctnt, r2Knall=9, not guaoinYee<l f_rke eth_r fnterittP-bssetl str •i 2y, IIYE..lutrik;Y !,t trading 'tunr'ra{Tjn]: I0:0.' he ttubjCC[ t{} e,dei-mtl t£aa?'JJIi'- I 42 gun probe-ms LIta!7'' rcri tc1 of thr 1-etilli1-ei 9-i4,1r. 111:isuditu; thL'L rat-ia:is s, 'X irll Minds' ii iogCmerlt_ Accordingly, neither ThL rht t•:.sEKptaan oy`rrtlenaprioni Thar Mt Hid de to FM-1t,, The lurid-' rI vc,.tniInt. atIv s r. 1 i11,T1 w,r igcijnG_; among lhe Tli,nifer agent ' ]I any S��tat,1 L p&Ii nr hinds. riir ri'dinurnun i netts mist, bc. Lid wnril7 iii s �tor It.ircg„nr g rfi yon Imry'incur .15. ut :rrvicc berm unavailible or oilelnj6de Redeeming shares in writing Purchases by IRA Investors ,a Icucr ul inatsucinan with° * NaIlti tit t IJT riviit plan.if apltili-,tblr Payroll Deductfon IRAs lil/li .;"11t, 311t] ■4ttttrCK1 Tile Fund's [lame I'iirr}aes nadi- rhri i h payroll IL' i irttrihlirinri will lie I-antileri rho s:itrie s; I11 litsys * Vital sci4ial Stleh Iry numlrar made by entrloyce b.enelit plans, bar will requite ,I " '1'hc clollar..3n:tJLJPLt n1ln11'cr if shares tc he SepatJte ao;ralant tcirm, riming of iiivctltrnent, redeemed extiESn e an,l niiltihlc srPr'1I I S win he Lhe ilon> } I f+.:lw �Sict■ are to bc allitrilittrtil (by lat.lii tir Ln' J; rdba'r.c tnr anarlti}ee 1,enert l+ltn5, `,sae ';I'urc1'utes Mire) h1' Enlplt5 er [ieilerit * ft ttatldi ale IV be by ac'it>', wirc Nor'-Payr•ol! Deduction /R44s 111slrucrion, A YiEnTarrre. gu riIJce only rcquarcd. il/e==riL Emi I1t1 0L1C an J14,!1 [uPliki E r1JrJ'J FI}CJrI t art:+;naiIr application Toil ii ul ,I: co cSbc fund:. Acing with ry rhtJ lk_ I16,lyt ,all 1 kltlry_r,{0..1r]ti fop Redemptions— Vantagepoint a15iaratc6- wlicii yl+u arc csLibli.hine, r 1/0x1-p,iy'tcr11 I I#asfrirn IIZA atcirttnt, Tailing a,t Jnce51-n cnr.. Elite exchangc4, and i v uiatile,ii rvwi,i, }c•itl lac the -.mac a; tFicic for e1npl<I e;,: t'cpv'tir Set "l'E11'c115ce5 A V'ant.Il;rpc}irlt lzlitr irivvstor ml} t+t�r,.ali tilt.lre'� by-Lcn}Iloyve I tiLEit Hons." un Jri4° l+u:,lrle;+ uiay lac mail or rcJi phuria TI1 n Llcngirio!; pr Li tri will.Un the IIt c Redemptions NAV ctc•tr ru neci .,tie? Lire avilerrirarlon reqursr has Liven lecr-1cid and is iii good iidler Stu:tc, rro;,} tic rc Li n/edi sr an}' aide, tllrrc;cc rn . crrlain r�rra�ti,;ir11 irnLu,c,ed 1'y nce Distribution Arrangements lL"S' ni.ir ('i7{IC itii dim' rrirrirt7, of dE.Lrilion iari Inrtlrr titAi;iv, rbi1 cinplcrye 1-Ienr;rit pl,,ir ,Inil It:14A--RC° tier°ricsw, i,.LC. (ItC` Service,!,) serv'eg a; LItAL I(iiS1-c'i'n-d-it in the 171.10 Ch. h bcein iii;1rl6' Clitaribl:iicr l't' ill[ I'u1y.k, 1&C, SirviCes r)-•CLIvL. ncm ilarntlgii chat_ rx niciry. cat'rhesr plans. plena Lill contreaKivirs1J fr r il1_;tr-iiurtc'r. 43 Taxation 1 111; V ill31,%,'.ltriullt rice _cll ro kre cT i e-d licilxibucctw will lie anut'_•tr�P oualu•,� tlr� and k1 a1;ILarsF 1-_ICP, Ye`,lr J: ;i re.;Lllarcd Lllye LI114'111 ,V,1111f1r(e'hi t- 4 l' o:LS, 111 11.5%:o• atop lh I 3anC�lE� 1114"tiL!'' 11_ �61BBl i.Illti Illal IL`r S}111L:11.1J11ti R11 SiP tJYk: Darol3:rrltll dr'rd>:T11I all. di_.][1'17111}1G!I }''J9tl [IL is ii. I, IJJL It 1':i:voltre r=11.10. c l I t)bif,, ao- allicnLI 'L1 A r1.' I,11�Ilelll rliF2ic111 n 1� N 1 an and �..-fl,arl�y of:,h.Ir��. 1,1,Y1 alb .1 1J1%.1uIll;nt 1-:L'ILL11,1r15' MIT illll eyr au f:1�;�19 9` et.-uI 47 i.. 7 ,.- J' � f >;'1;4 � IIrRt7i'I.' _ 4;41'1;}�11➢s� UJ Ii'LLI:;lf 011.:0.?11' l,tw ull h111( 11[1- ;1114Ailisr. ll IJoita.1 Pond 111,10w:, : tclthi.r\1rao,l�pulu' ALl ;1 1111lely n11UL11er n ire91;' eler, The Fdl,rrIN Timid o;Y rre,lved r.he si;iF,Ie rCilclllpliyyll_ d(ytrlh.Jtl' ,,111511AI at}llie lly, of :Ir1v Thu J\'ltliLev t"l.11'et'l° Core 1111111.1 ILriJr�,IL1m1P L_tti (;,,�-t'Tllfl-It:1Bl 111 I flreITlht6 0141, rhK 111114. }'It'-p.11 ItgriTFYn aril,' eciiD:Jni. J-uinl. IISSh Iht1[l' dl,,:'i1-Ieli49_ nlnno'hly, .tiid n11 u! th! '4'11131 nLnQ' J 7111,1: �fiPl rlL9S hill' l IfraHe ,cWe LI'r9 .L1L'ttLie rI LII rin1e,, tliL Tr15ol¢a, ikivi,fsnd 1=rraidC, 1]Fierel rlieir'il7.lrg-i � eILL:1i+eCt° fir reu1-iulrllr, lmLr1 a91�°. I'1:11➢5 i10Etii '[011rr IrJX=4-Ri:IIIl11 1dYLl'pl�,r;. 7 Fir 1''iln!l�• til'1RrC1L!t1LfV1 I11L25[ in die i'Inr1 LI-1P67114"11 'alii'r^CJ� Tr_h11 ill tilt. p!'I'd11r111d1Yi4 1.1k ,L,111E1.ir9.1 J :Cti❑1J!1 •11)[ pIll,S. st' 411111 4 pd,I115, (,�::�ti "1' die IT'1 r:h ''SL..I'TAlVI.AR —flue '.t➢11ti•I1C:., RI and iS lkl Ipr'rlo}r51i;yrice •=, y'TIt711 ii 1115 pro.!}arr, r hece lnia�cC,LIU l�l0-l1 1ne114111.1 t}FG FLIDIA r0411110 dr11'1L1i1; I1tr111ilri Y:1}i'l1 1111' 1'1'11]1:1:; MIL LIL:]§ diyti1Illlt'll:!lii tlriid sLi)PL Idtr14 1 !,174 r.LI rlrrir tilltre 4?kr'ItC!F1'v4'k�' L i LJe -r,'\-111pl: ;ai rhea IcL.cltie; LILIrrihuJr}.IV. %AliI111C.LU.lk lr:�1rl1! icli 1r14'„1t1?I—. and z ,I resiilr ii' lift; h kel131 91 r11 plow, 1}9L1t rang 111 do:o n:N. All ti'ir-n ii,i .1nYI porn. LJ�;ai'11- 1r1Lt,P.,irr. Jn run '1I3i)rl tit i' ie r lrl' :1r4' tsye:4._J In 1]],: F11111.1 i id lrt.rd LL} J91ordlak:' 1 Crri't• riin mk-it11 I-!71,11-7TaaLieC lllti,Slai.1®fln rIlar. Ji dlI!ilrril cln.ir._ he 'rliri ` 1r. rhL rn, fhL- Flunk ll.RIV P 1'CL'1�14141i171;1 paid Irl r311C3 �L14)ldhi EIILe LI1Vt'-91.it1'.t Iilr.ir .11f�ir-F'J_ti 1•'rLilrrl5 1.411 peric!671 11;{I'�lal :J9r.LL Ihi will Elrlrn731fj' fir r;L:ad 1 'won lt u1. C3pJrii tir.ldl]5 �Stltit94'1)r7};an a:rie rani* their 41t'IrtiS 147 rtX;a1.11L ,11.146 iltikhilry In rlf hinge, the Fula"... ill:lu,J.1hti Eh - in r2Cz1CF! Slid! IELllltaa4 11i:`Itnhl IC;i 11111 I]E11'.be 'lull tJh}'?s' re urn in r�ll<, `,4`cII nIro ,11 11'1,1. lr(}s 2cltuti 5=1'1 taw ICLicc,11, 4LL.IIr ,,ud I 1 SnI1"1'M rheIr zi.hreir nerner1T1111 1Il!111L ''1154;;19 S:I?,ipl and ; rC C1\;Dli t'fu, her i L t9t y J172 IVII IC Ceti 1!IM rtr' iII tirn}]LLCIGII •u-C-R1_I11'L'.tll', u ,t1�94' 'It c,rdi1l:i1'1` ln4r}a1}L' SJk1I11''r:Irt�..;, Capita! ar,lilLE 9t1etir a'nllahal{ w'11LY1 Ll . 1414'15 ?f 6c'y 11,:ILlij.'. Uii11r [fii'11l'1Ifu11C1r1iv, are 11,eiiera!I LI_4':Litfi• di nL:eiu Jptp]u„ILrle- spcuJIt LILIS9lliall'4 ,191!11I Iw,l;'rdP `�tLt4- LIEi 1111'31' C17 Irl1Yg-1eraii c_;{J71i.1� t iiiL`' ,f .lt L:l1V.iaeltd'. :llld ltrt_t11➢Ye tJ:iu., 44