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Checkup for Checkup for Checkup for Checkup for North St. Paul ISD # 622North St. Paul ISD # 622North St. Paul ISD # 622North St. Paul ISD # 622
403(b) Plan403(b) Plan403(b) Plan403(b) Plan
Page #
Checkup Final Report 1-6
List of Acronyms 7
List of Attachments 8
Tab 1Tab 1Tab 1Tab 1:::: Company Summary Information 9-11
Tab 2: Tab 2: Tab 2: Tab 2: Choice of 403(b) Products 12-17
Tab 3Tab 3Tab 3Tab 3: : : : Contact Information 18-30 Tab 4: Tab 4: Tab 4: Tab 4: Investment Company Highlights 31-47
Tab 5: Tab 5: Tab 5: Tab 5: Expense Comparison 48-53
Expense Attachments 54-87
Tab 6:Tab 6:Tab 6:Tab 6: Performance Comparison 88-97
Performance Attachments 98-114
Tab 7: Tab 7: Tab 7: Tab 7: Service Comparison 115-118
Vendors are listed in Alphabetical Order on each Report
403(b) Aspire Financial
Ameriprise Financial
AXA Equitable
ESI/EFS Advisors
Fidelity Investments
Horace Mann
ING Life & Annuity
Met Life
Primerica
Putnam Investments
Thrivent Financial
VALIC
Vanguard
Table of Contents
403(b) CHECKUP Final Report: North St. Paul ISD #622 Report data as of September 30, 2013
Report presented: November 18, 2013
Educators Benefit Consultants: Educators Benefit Consultants (EBC) provides Third Party Administration (TPA) for 403(b) and 457 plans
for over 265 school districts in Minnesota and Wisconsin. EBC currently submits contribution data and
funds to over 40 vendors. EBC has completed information sharing agreements with all vendors doing
business in those school districts.
The North St. Paul School District (the District) contracted with EBC to execute the EBC 403(b) Checkup
service in an effort to provide the District and their employees with 403(b) service, cost and
performance comparisons with a focus on transparency and disclosure. Unlike the new disclosure
requirements of the Department of Labor (DOL) for Employee Retirement Income Security Act (ERISA)
plans, the disclosure under the Checkup service for non-ERISA school districts is voluntary and not
currently required in regulations or law.
Context and Methods:
The 403(b) Checkup used a Request for Information (RFI) process. The main information gathering tool
in the Checkup RFI was a derivation of the Model Disclosure Form devised by a joint task force of the
National Tax Sheltered Accounts Association (NTSAA) and the American Society of Pension Professionals
and Actuaries (ASPPA). The Checkup Disclosure Form was sent to the thirteen North St. Paul School
District approved vendors. Twelve of thirteen vendors responded. EBC sought clarification of select
missing information from six vendors and three responded with some or all of requested clarifications.
The 403(b) Checkup Final Report provided to the District is an aggregation and compilation of the
answers provided by the approved 403(b) vendors. The Checkup tool is set up to closely define the
precise information requested from vendors in the RFI in a way that allows comparison. It is not EBC’s
role in this process to improve, diminish, or substitute the information provided by the vendors.
The information is presented in a series of dashboard summaries, highlights and a final report. All
vendors are presented with an equal opportunity to present accurate information in the dashboard
charts and to put their best forward in the company highlights section.
The final report does not rank vendors and products. The final report does provide transparency and
disclosure of 403(b) benefits and costs in an apples-to-apples comparative format. Backup information is
included in electronic format and a flash drive.
North St. Paul ISD #622 is a non-ERISA governmental entity and is not a fiduciary of the 403(b) plan
offered in the District. North St. Paul ISD #622 provides this Checkup information to assist employees in
1
making best choices in their retirement planning and investing across a career spectrum. The focus of
the District Checkup Report is education, transparency, and disclosure, presented in a manner that
facilitates comparison.
With transparency and disclosure, employees of the District have comparative information to make
good retirement plan choices for themselves across a career spectrum. In agreeing to provide this
service through EBC, the District recognizes that school district employees want and need good
information to make the best choices for themselves in their retirement planning.
North St. Paul ISD #622 and EBC Goals:
• Increase participation in 403(b) plans by eligible participants
• Create apples to apples comparison of District’s approved 403(b) products
• Review type of 403(b) product, expenses, service, and performance for purposes of diversity of
offerings and better understanding of what is offered in approved 403(b) products
• Create a platform of information to help employees gain greater understanding of retirement
products and choices in the North St. Paul School District
• Collaborate with Union leadership in providing information to membership
• Determine best way to distribute 403(b) Checkup information
• Consider an educational video on Checkup findings with on demand access to help employees
gain understanding and to increase participation
• Provide electronic version of Checkup report and RFI backup information from approved
vendors to District for electronic sharing
• Discuss merits of hosting live session for new employees
Challenges:
• Naming conventions by different companies for their 403(b) product expenses make it difficult
to make apples to apples comparisons
• Certain product expense structures work against easy comparisons with other products
structured in different manner. For example there are expenses charged at the asset level, from
the participants account, charged as a percentage and charged as a flat dollar amount, etc.
• Checkup process required going back to vendors for clarification, correction, to ask for
additional information or to complete the form in a particular manner that allowed comparison
• One vendor, Vangard, did not respond although in initial RFI outreach, they said they would
respond
• Very few eligible participants will likely study long 403(b) reports from all the vendors
• Information overload may not be any more helpful than not enough information
• Dashboard summaries/comparative charts are necessary to deal with information overload but
may not highlight all that a company believes is valuable about their company, product or
advisors. We do include opportunity for more open ended responses in company highlights
questions.
2
Findings:
North St. Paul ISD # 622 School District:
• North St. Paul ISD #622 currently has 799 employees contributing to 403(b), both regular and
Roth. The District has another 42 employees contributing to a Deferred Compensation Plan (2%
of total). Combined, this is 42% of eligible employees (2000). As of 2012, in the latest
information available, the national average for 403(b) participation is 30%, for 401(k) it is 70%.
The District is above the national average for 403(b) participation. Additional education and
encouragement may motivate some of the remaining 58% who are not participating. Of the 58%
who are not participating, many probably should.
• North St. Paul ISD #622 offers 403(b) products from 13 approved vendors. Participation by
vendor is as follow: (Please note for this data, that ROTH contributions are split out from Pre-
tax.)
Aetna Financial Service/ING 77
Ameriprise Financial 51
Aspire - American Funds 85
Equitable 35
Equitable - Roth 3
ESI 457 3
ESI Financial 337
Fidelity ROTH 1
Fidelity Services Company 37
Horace Mann Life 24
Met Life 54
MN Deferred Compensation Plan 38
MN Deferred Compensation Plan ROTH 1
Primerica Shareholder 9
Putnam Investors 7
Thrivent Financial 39
3
VALIC 13
Vanguard Fiduciary Trust 77
Total: 841
Note: Items in green show Deferred Compensation 457 plans
• North St. Paul offers a diverse set of 403(b) product types including Insurance Company
Products and Mutual Fund Products:
� Variable Annuities offered by 8 companies: Ameriprise, AXA Equitable, ESI, Horace Mann,
ING, Met Life, Thrivent, VALIC
� Stand-alone Fixed Annuity offered by 1 company: Horace Mann. VALIC no longer accepts
active contributions to its stand-alone Fixed Annuity
� A fixed account option is offered by 9 companies: Aspire, Ameriprise, AXA Equitable,
ESI, Horace Mann, ING, Met Life, Thrivent, VALIC
� Custodial Mutual Funds offered by 7 companies: Aspire, Ameriprise, ESI, Fidelity, Primerica,
Putnam, Thrivent. (Vanguard did not report)
o As part of Custodial Mutual Fund, Open Architecture offered by 3 companies: Aspire,
Ameriprise, ESI
o As part of Custodial Mutual Fund, Direct Investment offered by 4 companies: Aspire, ESI,
Fidelity, Putnam (Vanguard did not report)
• North St. Paul ISD #622 has only two vendors with less than 10 participants (Primerica and
Putnam) and one additional vendor with under 20 participants (VALIC) and one additional
vendor with under 30 participants (Horace Mann). All other vendors have 30+ participants. The
highest number of participants with one vendor is 340 with ESI
• There are seven approved vendors who offer a product/s allowing loans in the District plan:
Aspire, AXA Equitable, ESI, Horace Mann, ING, Primerica, VALIC
• There are seven approved vendors who offer product/s allowing Roth 403(b) investments in the
District plan: Aspire, AXA Equitable, ESI, Horace Mann, ING, Primerica, VALIC
• North St. Paul ISD #622 offers 403(b) products in which participant can use:
o full services of a financial advisor
o limited services of an advisor
o investment directly with company with no advisor.
• North St. Paul ISD #622 offers 403(b) products in which participant can work with
o an independent financial advisor who offers products from more than one company
o company specific financial advisor
o Investment directly with a company with no advisor
4
• North St. Paul ISD #622 offers products from companies who offer access to service from the
entire range of channels including:
o in person
o in groups
o online
o by phone
o by mail
Note: Not every company offers every channel for every service
• North St. Paul ISD #622 offers 403(b) products that include choices for conservative, moderate,
and aggressive investors including fixed interest accounts and a wide range of domestic and
foreign stock, bond, specialty, index and lifecycle funds
North St. Paul ISD #622 403(b) Participants
• Participants have access to a variety of products suitable for use across a career spectrum
• Participants have a choice between different expense structures and service options in the
District 403(b) offerings
• Participants have a continuum of choice from do-it- yourself investing to full services of a
financial representative
• The information provided in the Checkup report can be used by employees to ask questions of
financial advisors or do independent research and better understand their retirement plan
choices, costs, service and performance. Participants can better judge if the cost, service, and
performance provide a good value proposition.
Further Action
• North St. Paul may wish to establish a formal process for an approved vendor to bring in a
new 403(b) product offering or end a product offering due to continually changing financial
environment
• The District Plan document allows for contributions to a Roth 403(b). A Roth can be a helpful
addition to investment portfolio of younger employees and/or people who have
substantial/adequate amounts in tax deferred accounts. The utilization of Roth is small in
the District. This may be an opportunity for more education.
• The District plan offers considerable choice of vendors and products. Employees can select a
similar mutual fund or insurance product from a number of companies. Recognizing that
under MN law, 403(b) vendors are bargainable, the District currently requires five or more
403(b) participants for a vendor to be added to the approved vendor list in the District. The
District may wish to establish a formal process to take a vendor off the approved list and
communicate any changes in approved vendor list to EBC as TPA to update District Plan
5
Document. Is the current number of vendor/product choices extended to participants an
enhancement or is the number of choices a deterrent to action? Currently, there is a
specified number of participants (5) in an approved product that triggers the District to close
that product to new participants. Going forward, is that the right number of participants to
be added as an approved vendor?
• Discuss challenges of current District severance calculation pertaining to match offset and
develop recommendations going forward
• Craft a Video Checkup Report power point to provide on demand access to employees
• Consider offering a short presentation of Checkup to new employees (possibly at an already
scheduled new employee orientation)
• Consider short presentation of Checkup report for select District staff and/or bargaining
group leadership
• Make the Checkup report available online to employees
• Develop communication about Checkup report
• Change District match communication about 403(b) to reflect “tax sheltered account” rather
than “tax sheltered annuity.”
• Update District website on 403(b), using parts of the Checkup report/charts.
Audit News: IRS is currently focusing on five major areas of compliance, including written plan document
requirements, universal availability of plan participation, excessive deferral and early distributions.
Universal availability of plan participation is a traditional concept for 403(b), but the IRS has added a key
component, known as “effective opportunity” to participate, from the final 403(b) regulations, in
1.403(b)-5(b)(2). (September 17, 2013 by Wolters Kluwer Law & Business)
IRS Field Examiners are looking at low participation rates, reportedly in the 18-20% range in reported
audits; then asking the employer to provide information on the employer’ education plan for eligible
employees. (New Interest in IRS Audits: Is Meaningful Opportunity Being Provided by Ellie Lowder,
TGPC, Consultant, May/June 2013 issue of NTSAA Market Beat)
According to Lowder the elements of an Education Program for Employees include:
1. Online tools
2. Periodic employee workshops including information about the primary pension plan, social
security benefits and the need to fill the gap with voluntary saving in 403(b) and 457 plans.
3. Face-to-face meetings with financial advisors
4. Involvement of key administrators
Private Sector Trends to Watch Automatic enrollment of new employees in defined contribution retirement plan with an opt out
feature.
6
Acronyms appearing in Checkup report RFI responses:
ASBO Association of School Business Officials
B/D Broker/Dealer
CDSA Contingent Deferred Sales Charge
CWA Contingent Withdrawal Charge
ETF Exchange Traded Funds
FSA Financial Service Representative
IRA Individual Retirement Account
MAPE MN Association of Professional Employees
Note: Financial terms used in charts throughout the Checkup report and prepared by EBC are defined
following each chart.
7
List of Attachments: North St. Paul ISD # 622
Expense Tab
Attachment 1: AXA-Equitable Facts About the Guaranteed Interest Option
Attachment 2: VALIC Retirement Plan Proposal Addendum
Attachment 3: ASPIRE Fund Companies that Can Trade
Attachment 4: AXA Expense Explanation
Attachment 5: Met Life Fee Disclosure
Attachment 6: Thrivent Expense Information
Performance Tab
Attachment 7: Fidelity Performance Update
Attachment 8: Met Life Performance
Attachment 9: VALIC Fund Performance Matrix
Note: Enclosed Jump Drive includes all attachments as well as longer attachments that couldn’t be
included in the hard-copy due to size limitations.
8
Company Information Summary: North St. Paul ISD # 622
Page 1 of 3
403(b) ASP
(Aspire) Ameriprise AXA-Equitable ESI/EFSAdvisors Fidelity
Year in 403(b)
Market (company,
not agent)
5 49 53 23 31
School District
Plans 166 273 416 312 118
403(b) Clients in
Minnesota 7033 18,784 10,873 25,000 359
403(b) Clients
outside Minnesota 92,935 206,841 676,394 5000 12,238
403(b) Clients in
North St. Paul 85 51 38 340 38
Branch office in
Minnesota No Yes Yes Yes No
Agent(s) assigned
to North St. Paul No Yes Yes Yes No
Average Number
of Years that a
Client is retained
N/A 9 10 15 N/A
9
Company Information Summary: North St. Paul ISD # 622
Page 2 of 3
Continued from
Page 1 Horace Mann ING Met Life Primerica Putnam
Year in 403(b)
Market (company,
not agent)
52 46 51 30 35
School District
Plans 268 225 156 92 350
403(b) Clients in
Minnesota 9,958 341 250 949 1765
403(b) Clients
outside Minnesota 129,204 15,617 21,916 31,003 38,600
403(b) Clients in
North St. Paul 24 27 54 9 7
Branch office in
Minnesota Yes Yes Yes Yes No
Agent(s) assigned
to North St. Paul Yes Yes Yes Yes No
Average Number
of Years that a
Client is retained
15 20 10 8 N/A
10
Company Information Summary: North St. Paul ISD # 622
Page 3 of 3
Continued from
Page 2 Thrivent VALIC Vanguard*
Year in 403(b)
Market (company,
not agent)
55 49 38
School District
Plans 264 340 161
403(b) Clients in
Minnesota 8,000 528 424
403(b) Clients
outside Minnesota 60,000 18,916 15,000+
403(b) Clients in
North St. Paul 39 13 77
Branch office in
Minnesota Yes Yes No
Agent(s) assigned
to North St. Paul No Yes No
Average Number
of Years that a
Client is retained
N/A 15 20.5 years
*Data provided by Vanguard prior to this specific RFI request in which they did not respond to.
11
Choice of 403(b) Products: North St. Paul ISD # 622
Company Variable
Annuity
Custodial
Mutual Fund
Custodial Mutual
Fund
Open Architecture
Custodial
Mutual
Fund
Direct
Fixed Interest
Account Included
Stand-Alone Fixed Interest
Annuity
403(b) Aspire No Yes Yes Yes Yes No
Ameriprise
Financial
RAVA 5
Advantage No No No Yes No
Ameriprise
Financial
RAVA 5
Select No No No Yes No
Ameriprise
Financial
RAVA 5
Access No No No No No
Ameriprise
Financial No
Columbia
Mutual Funds No No No No
Ameriprise
Financial No
Strategic
Portfolio
Services
Advantage
(SPS
Advantage)
Yes No No No
Ameriprise
Financial No
Active
Portfolios No No No No
AXA Equitable EQUI-VEST No No No Yes* No
*See attachment 1: Facts About the Guaranteed Interest Option
12
Company Variable
Annuity
Custodial
Mutual Fund
Custodial Mutual
Fund
Open Architecture
Custodial
Mutual
Fund
Direct
Fixed Interest
Account Included
Stand-Alone Fixed Interest
Annuity
ESI –
TD Ameritrade No
22,000 +
Mutual Funds
available
Yes Yes No No
ESI –
EFS Advisors
Choice
No Yes No Yes Yes No
ESI –
Security Benefit
Mutual Fund
No Yes No No Yes No
ESI –
Security Benefit
Variable
Annuity
Yes No No No Yes No
ESI - Fidelity No Yes Yes Yes No No
ESI - Great
American
(GAFRI)
Yes No No No Yes Yes
ESI -
Commonwealth
Annuity
Yes No No No Yes No
13
Company Variable
Annuity
Custodial
Mutual Fund
Custodial Mutual
Fund
Open Architecture
Custodial
Mutual
Fund
Direct
Fixed Interest
Account Included
Stand-Alone Fixed Interest
Annuity
Fidelity N/A
Yes, 194
Fidelity Funds
are Available
No Yes No No
Horace Mann
Life Insurance
Co/Goal
Planning
Annuity
Yes No No No Yes No
Horace Mann
Life Insurance
Co/Expanding
Horizons
No No No No Yes Yes
ING Life
Insurance and
Annuity
Company
ING
Voluntary
TDA
No No No Yes No
Met Life Did Not Report
14
Company Variable
Annuity
Custodial
Mutual Fund
Custodial Mutual
Fund
Open Architecture
Custodial
Mutual
Fund
Direct
Fixed Interest
Account Included
Stand-Alone Fixed Interest
Annuity
Primerica No
Legg Mason,
Invesco,
Pioneer and
American
Century
No No No No
Putnam No
Putnam
403(b)(7)
Custodial
Account
No Yes No No
Thrivent
Financial Yes No No No Yes Yes
Thrivent
Investment
Management
Inc.
No Thrivent
Mutual Funds No No No No
VALIC
VALIC
Group Unit
Purchase
(GUP)
No No No Yes No
VALIC VALIC
Impact No No No Yes No
15
Company Variable
Annuity
Custodial
Mutual Fund
Custodial Mutual
Fund
Open Architecture
Custodial
Mutual
Fund
Direct
Fixed Interest
Account Included
Stand-Alone Fixed Interest
Annuity
VALIC
VALIC
Portfolio
Director
Yes* No No Yes No
VALIC
VALIC V-
Plan (fixed
annuity
only)
No No No Yes Yes
*See Attachment 2: Retirement Plan Proposal Addendum
Vanguard
Fiduciary Trust
Company
(VFTC)
Did not Report
403(b) retirement plan
A 403(b) is a retirement plan offered by non-profit organizations, such as schools, universities and some charitable organizations. It is similar to
but not the same as a 401(k) plan offered by corporations. There are several advantages to 403(b) plans: contributions are made on a pre-tax
basis and thus lower taxable income, larger contributions can be made to the account as compared to certain other retirement accounts such as
IRA’s, earnings can grow tax-deferred, and some plans allow loans and hardship provisions. Contributions in a 403(b) retirement plan grow tax-
deferred until withdrawal at which time the money is taxed as ordinary income.
16
Fixed interest account
A fixed income account generally includes a number of contracts issued by an insurance company or bank paying a stated interest rate. Investor
does not bear investment risk in this account and is paid a guaranteed interest rate. Period of guarantee varies.
A fixed annuity is a specific type of life insurance contract which provides future payments to the annuitant typically at retirement. A fixed
annuity guarantees a stream of fixed payments over the life of the annuity. The insurer, not the insured takes the investment risk and pays the
annuitant a fixed rate of return. That rate of return will vary over the life of the contract but the contract will generally include minimum rate
guarantee.
Variable annuity
A variable annuity is a specific type of life insurance contract. Variable annuities include one or more insurance features which are not present in
other investment alternatives. These include a death benefit, interest and expense guarantees and annuity options. Variable annuities offer the
policyholder a choice of investment subaccounts which include stocks and bonds. Investment risk in a variable annuity is borne by the policy
holder. Annuities can provide future payments to the annuitant typically at retirement. Annuity payouts from a variable annuity are based on
the value of the portfolio, the annuity option chosen and the age of the annuitant.
Custodial Mutual Fund
An account provided through a retirement account custodian wherein investments are limited to regulated investment companies such as
mutual funds. Investment risk is borne by the account holder. Mutual funds pool and invest the money of many people and are managed by
professional investment advisors.
o Open Architecture Custodial Mutual Fund
Investors have access to wide universe of funds, not to a specific limited list of funds.
o Custodial Mutual Fund Direct
Investors work directly with the mutual fund company, using online and phone resources of the mutual fund company .
17
Investment Advisory Contact Summary:
403(b) Aspire Financial
COMPANY CONTACT INFORMATION
Company Name: Aspire Financial Services
Address: 4010 Boy Scout Blvd. #450, Tampa FL 33607
Phone: 813-874-0671
Website: www.aspireonline.com
Call Center Number: 866-634-5873
Manager Assigned to District: Laura Blackwell
E-mail: [email protected]
Phone: 813-874-0671
Agent Assigned to District: Aspire Financial does not assign agents to Districts.
E-mail: N/A
Phone: N/A
Office Address: N/A
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
18
Investment Advisory Contact Summary:
Ameriprise Financial
COMPANY CONTACT INFORMATION
Company Name: Ameriprise Financial
Address: 10475 Ameriprise Financial Center, Minneapolis, MN 55474
Phone: 612-678-9018
Website: www.ameriprise.com
Call Center Number: 800-862-7919
Manager Assigned to District: Renee Srock
E-mail: [email protected]
Phone: 612-678-5787
Agent Assigned to District: Chris Hampl
E-mail: [email protected]
Phone: 651-635-1774
Office Address: 3900 Northwoods Dr., Suite 150, Arden Hills, MN 55112
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
19
Investment Advisory Contact Summary:
AXA Equitable
COMPANY CONTACT INFORMATION
Company Name: AXA Equitable
Address: 100 Madison St., Syracuse, NY 13202
Phone: 800-628-6673
Website: www.axa-equitable.com
Call Center Number: 800-628-6673
Manager Assigned to District: Paul Remus
E-mail: [email protected]
Phone: 612-243-3230
Agent Assigned to District: John Kuhrmeyer
E-mail: [email protected]
Phone: 612-243-3224
Office Address: Two Meridian Crossings, Minneapolis, MN 55423
Agent Assigned to District: Mark Landis
Phone: 612-243-3234
Office Address: Two Meridian Crossings, Minneapolis, MN 55423
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
Investment Advisory Contact Summary:
ESI – Educators Financial Services, Inc. (EFS Advisors)
COMPANY CONTACT INFORMATION
Company Name: ESI/EFS Advisors
Address: 440 Emerson St. N, Suite 2, Cambridge, MN 55008
Phone: 763-689-9023 / 877-403-2374
Website: www.efsadvisors.com
Call Center Number: 877-403-2374
Manager Assigned to District: James Johnson
E-mail: [email protected]
Phone: 651-439-3131
Agent Assigned to District: Brian Limborg
E-mail: [email protected]
Phone: 651-439-3131
Agent Assigned to District: Jay Higgins
E-mail: [email protected]
Phone: 651-439-3131
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
21
Investment Advisory Contact Summary:
Fidelity Investments
COMPANY CONTACT INFORMATION
Company Name: Fidelity Investments
Address: PO Box 770002, Cincinnati, OH 45277-0090
Phone: 800-835-5095
Website: www.403b.com
Call Center Number: 800-835-5095
Manager Assigned to District: N/A
E-mail: N/A
Phone: N/A
Agent Assigned to District: N/A
E-mail: N/A
Phone: N/A
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
22
Investment Advisory Contact Summary:
Horace Mann
COMPANY CONTACT INFORMATION
Company Name: Horace Mann Life Insurance Company
Address: # 1 Horace Mann Plaza, Springfield, IL 62715
Phone: 800-999-1945, option 1
Website: www.horacemann.com
Call Center Number: 800-999-1030
Manager Assigned to District: David Bray
E-mail: [email protected]
Phone: 866-780-3182
Agent Assigned to District: Chris Klein
E-mail: [email protected]
Phone: 651-481-1999
Office Address: 255 Hwy 97 Suite 6a, Forest Lake, MN 55025
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
23
Investment Advisory Contact Summary:
ING
COMPANY CONTACT INFORMATION
Company Name: ING Life Insurance & Annuity Company
Address: One Orange Way, Windsor, CT 06095
Phone: 800-262-3862
Website: www.ing.us
Call Center Number: 800-262-3862
Manager Assigned to District: Wendy Pokorsky
E-mail: [email protected]
Phone: 414-256-2196
Agent Assigned to District: Brian Jakubiak
E-mail: [email protected]
Phone: 612-492-0233
Office Address: ING Financial Partners
100 Washington Ave S, Suite 1700
Minneapolis, MN 55401
Agent Assigned to District: Andre Lanka
E-mail: [email protected]
Phone: 612-492-0234
Office Address: ING Financial Partners
100 Washington Ave S, Suite 1700
Minneapolis, MN 55401
24
Investment Advisory Contact Summary:
Met Life
COMPANY CONTACT INFORMATION
Company Name: Met Life Resources
Address: 300 Davidson Ave., Somerset NJ, 08873
Phone: 732-652-1200
Website: https://www.metlife.com/business/retirement-and-benefits/retirement-
programs-for-non-profits/
Call Center Number: 1-800-842-3330
Manager Assigned to District: Jim Branks
E-mail: [email protected]
Phone: 516-683-5511
Agent Assigned to District: Dan Stout
E-mail: [email protected]
Phone: 612-308-7773
Office Address: Met Life Resources, 9000 West Chester St. Suite 100,
Milwaukee, WI 53214
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
25
Investment Advisory Contact Summary:
PFS Investments Inc.
COMPANY CONTACT INFORMATION
Company Name: PFS Investments Inc.
Address: 1 Primerica Pkwy, Duluth, GA 30099
Phone: 470-564-6313
Website: www.primerica.com
Call Center Number: 800-544-5445
Manager Assigned to District: Michael Olson
E-mail: [email protected]
Phone: 866-641-1077
Agent Assigned to District: Michael Olson
E-mail: [email protected]
Phone: 866-641-1077
Office Address: 2785 N. White Bear Ave., Suite 404, Maplewood, MN 55109
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
26
Investment Advisory Contact Summary:
Putnam Investments
COMPANY CONTACT INFORMATION
Company Name: Putnam Investments
Address: 30 Dan Rd. Canton, MA 02021
Phone: 800-225-1581
Website: www.putnam.com
Call Center Number: 800-662-0019
Manager Assigned to District: N/A
E-mail: N/A
Phone: N/A
Agent Assigned to District: N/A
E-mail: N/A
Phone: N/A
Office Address: N/A
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
27
Investment Advisory Contact Summary:
Thrivent Financial
COMPANY CONTACT INFORMATION
Company Name: Thrivent Financial
Address: 4321 N. Ballard Road, Appleton, WI 54919-0001
Phone: 800-847-4836
Website: www.thrivent.com
Call Center Number: 1-800-847-4836
Manager Assigned to District: N/A
E-mail: N/A
Phone: N/A
Agent Assigned to District: Capital City Group
E-mail: See Attachment for email addresses and direct contact info
Phone: 651-287-3030
Office Address: 3495 Willow Lake Blvd, Suite 200, Vadnais Heights, MN 55110
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
28
Investment Advisory Contact Summary:
VALIC
COMPANY CONTACT INFORMATION
Company Name: VALIC
Address: 2929 Allen Parkway, Houston, TX 77067
Phone: 713-831-4070
Website: www.valic.com
Call Center Number: 800-428-2542
Manager Assigned to District: Melvin Jenkins, District Manager
E-mail: [email protected]
Phone: 312-214-8879
Agent Assigned to District: Jeffrey Lehman
E-mail: [email protected]
Phone: 763-439-7180
Office Address: 7650 Edinborough Way, Suite 320, Edina, MN 55435
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
29
Investment Advisory Contact Summary:
Vanguard
COMPANY CONTACT INFORMATION
Company Name: Vanguard
Address: PO Box 1110, Valley Forge, PA 19482
Phone: 1-800-962-5068
Website: http://investor.vanguard.com
Call Center Number: 800-962-5068
Manager Assigned to District: N/A
E-mail: N/A
Phone: N/A
Agent Assigned to District: N/A
E-mail: N/A
Phone: N/A
Office Address: N/A
*If more than one agent/advisor is assigned to district, please print out another copy of this page
and enter the additional agents/advisors accordingly.
30
Investment Company Highlights:
403(b) Aspire
Completed By: Mark Luckinbill
Date of Completion: 10/18/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
No
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
N/A
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
Aspire offers a low cost, fee transparent, open architecture program that allows plan participants to work
with the advisor of their choosing, the investments of their choosing, and money managers or investment
strategists of their choosing. Our platform offers access to over 10,000 investment options including ETFs
and institutional share classes.
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
Aspire’s open architecture program allows plan participants or plan sponsors to choose the financial
advisors whom they trust and want to do business with. This, in combination with an incredibly broad
investment menu (which can be paired down by consultant, advisor and/or plan sponsor) allows participants
the ultimate choice in retirement plan investing.
5. Loans are available in the following products offered by the company:
403(b)/457
6. ROTH 403(b)’s are available in the following products offered by the company:
403(b)
31
Investment Company Highlights:
Ameriprise Financial
Completed By: Jeremy Bly
Date of Completion: 10/18/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
No
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
N/A
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
Ameriprise Financial, Inc. is a leading financial planning and services company with more then
12,000 financial advisors. Our financial advisors deliver tailored solutions to clients through a
comprehensive and personalized financial planning approach built on a long-term relationship.
We specialize in meeting the retirement-related financial needs of the mass affluent.
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
Financial Education and Planning Services are a specialty of Ameriprise Advisors. This would be
in addition to the 403(b) plan and would be an extensive financial plan worked out between the
advisor and the client.
5. Loans are available in the following products offered by the company:
RAVA 5 Advantage, Select, and Access
6. ROTH 403(b)’s are available in the following products offered by the company:
N/A
32
Investment Company Highlights:
AXA Equitable
Completed By: Leslie Barrett
Date of Completion: 09/25/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
Yes, AXA Equitable is currently involved in an unresolved litigation. The litigation is based on a
client’s derivative action alleging that we have breached our fiduciary duty under the
Investment Company Act of 1940, Section 36(b). It is the client’s belief that our charges for
investment management of the underlying investment funds were not reasonable. We believe
there is ample precedent in court case to support our position to the contrary.
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
AXA Equitable is one of five providers for Independent Benefits Council (IBC)’s Model Plan
Program for 67 school districts across Florida.
We are an endorsed provider of the 403(b) plan by Arizona Education Association (AEA), which
is the largest professional organization in Arizona with more then $31,000 members.
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
AXA Equitable stands out by offering unique, one-on-one participant education and a
competitively priced product that provides access to an extensive selection of investment
options as well as the Personal Income Benefit SM (PIB), Structured Investment Options (SIO),
comprehensive recordkeeping, and administrative services.
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
Our services and financial professionals offer comprehensive, one-on-one interaction to clients
on a daily basis. Employees and plans receive services online, in person, and via printed
communications. The EQUI-VEST® Processing Office will provide assistance to our financial
professionals and plan sponsors by providing recordkeeping and administrative services.
33
5. Loans are available in the following products offered by the company:
Loans are available for both the Series 100/200 & Series 201 products currently offered to North
St. Paul ISD# 622. Further details can be found in the enclosed prospectus.
6. ROTH 403(b)’s are available in the following products offered by the company:
ROTH 403(b)’s are available for the Series 100/200 & Series 201 products currently offered to
North St. Paul ISD# 622. Further details can be found in the enclosed prospectus.
34
Investment Company Highlights:
ESI – Educators Financial Services, Inc. (EFS Advisors)
Completed By: Kent Schutte
Date of Completion: 10/08/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
No
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
We are endorsed by Education Minnesota as the financial services company for the union
members.
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
EFS is an independent Registered Investment Advisory firm and B/D specializing in working with
educational employees & professionals. The firm can provide comprehensive financial planning
and investment services. In North St. Paul, we offer a Mutual Fund program through TD
Ameritrade and have access to 22,000+ mutual funds and ETFs.
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
EFS Advisors are all familiar with TRA, PERA, and coordination of other state pension plans.
Advisors are also familiar with the provisions in more employment contracts relating to 403(b)
matching funds, retirement and severance provisions as well 457 investment plans.
5. Loans are available in the following products offered by the company:
EFS Advisors Choice , Security Benefit Mutual Fund, Security Benefit Variable Annuity, Fidelity,
GAFRI, Commonwealth Annuity.
6. ROTH 403(b)’s are available in the following products offered by the company:
EFS Advisors Choice , Security Benefit Mutual Fund, Security Benefit Variable Annuity, Fidelity,
GAFRI, Commonwealth Annuity.
Investment Company Highlights:
Fidelity Investments
Completed By: Jennifer Wolf
Date of Completion: 09/19/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
N/A
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
N/A
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
N/A
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
N/A
5. Loans are available in the following products offered by the company:
N/A
6. ROTH 403(b)’s are available in the following products offered by the company:
ROTH accounts are available with Fidelity 403(b)
36
Investment Company Highlights:
Horace Mann Life Insurance Company
Completed By: Nathan Knoles
Date of Completion: 10/17/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
No
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
Horace Mann has a strategic partnership with ASBO International. We are a national sponsor of
DonorsChoose.org and have contributed more then $1.7 Million to classroom projects since
20122. We also have partnered with the National Education Association Foundation to offer the
NEA Member Benefits Award for Teaching Excellence.
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
Founded by Educators for Educators® over 65 years ago, Horace Mann provides school districts
and their employees with solutions designed to maximize savings, enhance benefits and support
the mission of public education. Our dedication is to provide lifelong financial well-being for
educators through personalized service and products.
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
The most important strength representatives bring is the ability to listen and ask questions to find
out what you want and need. Many of our agents are former teachers, administrators and counselors.
Some continue to serve their local school districts as members of school boards and parent-teacher
organizations.
5. Loans are available in the following products offered by the company:
Loans are available in both products offered by Horace Mann as long as the district’s plan
document allows for such transactions.
6. ROTH 403(b)’s are available in the following products offered by the company:
ROTH 403(b)’s are available in both products offered by Horace Mann as long as the district’s
plan document allows this option.
37
Investment Company Highlights:
ING
Completed By: Laurie Lombardo
Date of Completion: 11/08/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
Yes, Like other companies in the industry, ILIAC currently is a party to a number of lawsuits and
arbitrations arising from the normal conduct of business, some of which relate to deferred
compensation, defined contribution or public/private pension plans, and others involving
individuals who are not participants in such plans, as well as arbitrations and lawsuits involving
brokers and/or registered representatives, and employment matters. Moreover, certain claims
are asserted as class actions, purporting to represent a group of similarly situated individuals. In
one ongoing matter, a certified class of current and former customers challenges ILIAC’s receipt
of certain compensation from mutual funds. ILIAC denies the allegations and is vigorously
defending the litigation.
While it is not possible to forecast the outcome of any such lawsuits, we do not believe they will
have an adverse impact on ILIAC’s ability to provide services in connection with this contract.
Additional information is available upon request.
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
ING annually sponsors the Minnesota Association of School Business Officials and the Minnesota
Association of School Administrators. We also sponsor the ING Unsung Heroes Award program
which recognizes excellence in K-12 educators. This year (2013) the awards’ 2nd
place winnder
was presented to a local Minnesota teacher in Chaska, MN.
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
ING is committed to the Education community providing products and services to education
plans since 1967. Based on annual sales, ING U.S. is #1 in K-12 education plans with over 17,000
plans and partners with over 721,000 participants. Our commitment extends through our
products, administration solutions and comprehensive employee services.
38
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
Your plan and employees will be serviced by local ING representatives, Brian Jakubiak, CFS and
Andre Lanka. Both are FINRA licensed and registered representatives and combined provide
over 30 years of investment experience. Brian and Andre focus on working with school districts
and providing financial planning for individuals and families.
5. Loans are available in the following products offered by the company:
ING Voluntary TDA
6. ROTH 403(b)’s are available in the following products offered by the company:
ING Voluntary TDA – ROTH 403(b) is available if elected by the plan sponsor.
39
Investment Company Highlights:
Met Life
Completed By: Da-Mon Fields
Date of Completion: 10/03/2013
1. Does the company have any pending legal action relating to its’ 403(b) business?
Yes/No, If Yes, please explain.
Various litigation, claims and assessments against Metropolitan Life Insurance Company and its
affiliates have arisen in the course of their business, including, but not limited to, in connection
with, as appropriate, activities as an insurer, employer, investor, investment advisor and
taxpayer. Further, state insurance regulatory authorities and other Federal and state authorities
regularly make inquiries and conduct investigations concerning the Company's compliance with
applicable insurance and other laws and regulations. Metropolitan Life Insurance Company is
able and willing to provide retirement solutions to meet our clients' needs and there is, to our
knowledge, no pending matter involving Metropolitan Life Insurance Company’s compliance
with state or federal law or regulations that would interfere in any way with us providing the
level of service required by North St. Paul ISD #622.
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to
403(b) and/or retirement planning. (50 word limit)
As a defined contribution plan industry leader, MetLife Resources (MLR) actively participates
in a number of national and regional organizations that serve healthcare, education and
other not-for-profit employers with 403(b) plans and other retirement plan services.
A few of the organizations that have endorsed MLR are named below:
• Association of School Business Officials (ASBO International)
• American Society for Healthcare Human Resource Administration (ASHHRA)
• State Hospital Associations
o Connecticut Hospital Association
o Massachusetts Hospital Association
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
MetLife Resources is solely dedicated to providing retirement plan services and other employee
benefit programs to the nonprofit sector – serving the public good. We differ from our
competitors in our willingness and ability to develop strategic engagements with other leading
service providers to bring our clients a bundled retirement program with “best of the best”
services.
40
In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
MetLife Resources is committed to educating employees about their defined contribution plans
and retirement needs. What makes us unique is the support employees receive from our onsite
Financial Service Representatives. Our FSRs will meet with your participants to answer retirement
plan questions, review their financial needs and assist them with long term goals.
4. Loans are available in the following products offered by the company:
Did Not Report
5. ROTH 403(b)’s are available in the following products offered by the company:
Did Not Report
41
Investment Company Highlights:
PFS Investments Inc. (Primerica)
Completed By: Kurt Simmons
Date of Completion: 10/25/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
No
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
Did not report
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
Primerica is the largest independent financial services marketing organization in North America.
Primerica is traded on the New York Stock Exchange (PRI). Primerica markets first-rate financial
products from some of the world’s more recognizable companies. Our 403(b)(7) platform
includes mutual funds partners Invesco, Legg Mason, Pioneer, and American Century.
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
Primerica registered representatives offer first-rate investment products from some of the leading mutual
fund families, including Legg Mason, Invesco, Pioneer and American Century. Our representatives are willing
to meet with employees on a one-on-one basis to complete a complimentary Financial Needs Analysis,
which helps individuals set personal financial goals.
5. Loans are available in the following products offered by the company:
403(b) Accounts
6. ROTH 403(b)’s are available in the following products offered by the company:
Mutual Fund 403(b) Accounts
42
Investment Company Highlights:
Putnam Investments
Completed By: Corey Stein
Date of Completion: 10/17/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
No
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
None
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
Putnam offers 75 years of investment experience and manages $139 billion in assets for over 8
million shareholders as of July 2013. One-third of the assets under management are invested
through retirement plans; these range from defined contribution plans to defined benefit plans
and employee savings plans for corporations and institutions. Putnam was ranked #1 as the best
mutual fund family in the 2012 Barron’s/Lipper Fund Families Report, the second time in four
years.
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
Industry-leading service is an integral part of what sets Putnam Investments apart from other
mutual fund companies. Putnam is a 23-time winner of the DALBAR Mutual Fund Service Award
and a 9-time winner for the DALBAR triple crown receiving all three awards for excellence in the
service provided to investors, to financial representatives, and to variable annuity contract
owners.
5. Loans are available in the following products offered by the company:
None
6. ROTH 403(b)’s are available in the following products offered by the company:
None
43
Investment Company Highlights:
Thrivent Financial
Completed By: Jim Smallhoover
Date of Completion: 09/18/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
N/A
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
N/A
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
We offer members the opportunity to work with an agent that will help them meet their
retirement and financial goals. We on the whole picture of someone’s financial situation. We
help people to meet their goals so they can live generously and give back to their communities
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
We live and work in the community with our members. We do not have you working with
someone across the country that does not understand what it is like to live where our members
do. We strive to meet face to face at least annually; we are there to help when needed.
5. Loans are available in the following products offered by the company:
Thrivent Financial does not permit loans from the 403(b) products we offer.
6. ROTH 403(b)’s are available in the following products offered by the company:
Thrivent Financial does not offer ROTH 403(b) products at this time.
44
Investment Company Highlights:
VALIC
Completed By: Dariene Flagg
Date of Completion: 10/09/2013
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
Yes, The Variable Annuity Life Insurance Company (“VALIC”) and its subsidiary companies VALIC
Financial Advisors, Inc. and VALIC Retirement Services Company (collectively, “VALIC
companies”), currently and over the past year, are and were involved as parties in a litigation
matters related to their retirement plan services businesses some of which relate to VALIC’s
403(b) business. Closed litigation matters were resolved on terms satisfactory and non-material
to VALIC companies’ ability to provide its product and services. While VALIC companies
vigorously defend lawsuits, the inherent uncertainties of litigation do not allow them to predict
the ultimate outcome of any litigation matter.
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
VALIC was first in the 403(b) market to draft and write public sector 403(b) legislation. VALIC
was also the first to: enroll a K-12 school district, provide index funds as options, provide
financial advisors with asset allocation software, and provide publicly available and non-public
mutual funds outside of annuities.
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
VALIC provides investment, recordkeeping, administration, education, and communication
services for retirement programs for nearly 25,000 organizations representing more than two
million participants with more than 72$ billion in total assets under management throughout
the country. VALIC’s mission is to help Americans plan for and enjoy a secure retirement.
45
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
VALIC offers plan administration that reduces the employer’s workload and expense, and meets
the need to inform, educate and engage employees. VALIC provides high quality technical
services via telephone and web tools, along with personal retirement planning services provided
to participants via local financial advisors.
5. Loans are available in the following products offered by the company:
VALIC only currently offers loans in the active Portfolio Director product. The Group Unit
Purchase (GUP-74), Impact (UIT-981), and V-Plan products within the plan are not active and are
no longer accepting contributions, and do not allow loans.
6. ROTH 403(b)’s are available in the following products offered by the company:
VALIC only currently offers a ROTH 403(b) provision in the active Portfolio Director Product. The
Group Unit Purchase (GUP-74), Impact (UIT-981), and V-Plan products within the plan are not
active and are no longer accepting contributions, and do not allow for this feature.
46
Investment Company Highlights:
Vanguard Fiduciary Trust Company (VFTC)
Completed By: Brett Geiger
Date of Completion: *
1. Does the company have any pending legal action relating to its’ 403(b) business? Yes/No, If Yes,
please explain.
No
2. Name any noteworthy endorsements or sponsorships of the organization as it relates to 403(b)
and/or retirement planning. (50 word limit)
Vanguard regularly receives awards for fund excellence and loyalty, technological achievements,
and customer experience from industry-leading publications and financial authorities including:
Business Week, Consumer Reports, Fortune, Kiplinger’s, Lipper Inc, Money, Ignites, SmartMoney,
InformationWeek, Computerworld, CIO Magazine, Mutual Fund Monitor, Morningstar, Forrester
Research, Boston Research Group, and Cogent Research.
3. In 50 words or less, describe unique strengths and features of company and/or 403(b) product.
(50 word limit)
Vanguard has served 403(b) plan sponsors for more than 30 years, and is committed to
supporting them over the long term. 403(b) plan sponsors and participants benefit from the
same advantages as our 401(k) participants – including low-cost, high-value investments and
best-in-class service-to help them save for a comfortable retirement.
4. In 50 words or less, describe unique strengths of the service provided by the company and/or
financial representatives. (50 word limit)
Vanguard offers a large selection of low-cost, high-quality investments; cost-efficient, accurate
services; an impeccable record of ethical behavior; and a well-earned reputation for putting
clients first. Our mutual ownership structure distinguishes us from competitors and puts us in an
uncommon position of stability and strength.
5. Loans are available in the following products offered by the company:
Vanguard’s Custodial Account 403(b)(7) does not provide the option for loans.
6. ROTH 403(b)’s are available in the following products offered by the company:
Vanguard’s Custodial Account 403(b)(7) does not provide the option for ROTH Contributions.
*Data provided by Vanguard prior to this specific RFI request in which they did not respond to.
47
Expense Comparison: North St. Paul ISD # 622
N/A: The product does not include a specific charge.
Company Product Product
Class
Fixed
Account
Included*
M & E
Charge
Fund
Operating
Expense
Admin.
Charge
Front End
Charge
Backend or
Surrender
Charge
Contract
Charge
Custodial
Fee
Other
Charge/s
403(b)
Aspire
Mutual
Funds
Did not report in chart form*
Aspire’s investment platform offers over 30,000 mutual funds and ETF Options
403(b)
Aspire
Prudential
Guaranteed
Interest
Account
Fixed
Annuity Yes None None None None None None None None
*See Attachment 3: ASPIRE Fund Companies that Can Trade
Ameriprise
Financial
RAVA 5
Advantage
Variable
Annuity Yes 0.95% .45%-3.80% N/A N/A
1%-8%
declining
to 0 at 10
years
$30.00 N/A N/A
Ameriprise
Financial
RAVA 5
Select
Variable
Annuity Yes 1.35% .45%-3.80% N/A N/A
4%-7%
declining
to 0 at 5
years
$30.00 N/A N/A
Ameriprise
Financial
RAVA 5
Access
Variable
Annuity No 1.50% .45%-3.80% N/A N/A N/A $30.00 N/A N/A
Ameriprise
Financial
Columbia
Mutual
Funds
Mutual
Fund No N/A 0% - 2.10% N/A
0-1.00% (C
Shares)
0-5.75%(A
Shares) N/A $19 N/A
Ameriprise
Financial
Strategic
Portfolio
Services
Advantage (SPS
Advantage)
Mutual
Fund No N/A N/A N/A N/A N/A N/A N/A
0.25% - 2.00%
wrap fee
Ameriprise
Financial
Active
Portfolios
Mutual
Fund No N/A N/A N/A N/A N/A N/A N/A
0.70% - 2.00%
wrap fee
48
Company Product Product
Class
Fixed
Account
Included*
M & E
Charge
Fund
Operating
Expense
Admin.
Charge
Front End
Charge
Backend or
Surrender
Charge
Contract
Charge
Custodial
Fee
Other
Charge/s
AXA
Equitable EQUI-VEST
Variable
Annuity
Yes** 1.20%-
1.40% 0.63%-1.44%
The lesser of
$30.00 or 2%
of the
account value
plus any
withdrawals
made during
the current
contract year
N/A
Series
100/200: 12
Year Declining
Schedule
Series 201: 6
Year Rolling
CWC
Schedule**
N/A N/A
Personal
Income
Benefit
(PIB) –
Fee is
1.00%
**See attachment 4: AXA Expense Explanation
ESI - TD
Ameritrade
403(b)(7)
Mutual
Fund
Mutual
Fund No N/A 0.2% to 2.13%
Fee based
from 0.36%
to 1.28%
N/A N/A N/A
N/A
N/A
ESI - EFS
Advisors
403(b)
Choice
Mutual
Fund Yes N/A 0.08% to 2.13%
Fee based
from 0.60%
to 1.04%
N/A N/A
$14.00
annually
for
balances
under
$25,000
N/A
Loan
Orig. Fee
of $50 +
$40/Yr
Loan
Maint.
ESI -
Security
Benefit
Mutual Fund
NEA Value
Builder
Mutual
Fund
Yes N/A .67% to 2.2% N/A
Opt 1.
1%-5.25%
depending on
assets
Opt 2& 3
0%
Opt 1. 0%
Opt 2. 6yr.
5,5,4,3,2,1%
Per deposit
Opt 3. 1%
first year
only
$20/yr
for bal
under
$25,000.
N/A
Loan
Orig. Fee
$100
Loan
Maint.
$50/Yr
ESI -Security
Benefit
Variable
Annuity
NEA Value
Builder
Variable
Annuity Yes
0.90%
$0-
$25K
0.75%
$25K+
0.27% to 1.85% 0.15%
N/A
7 Yr.
7,7,6,5,4,3,
2,0% per
deposit
$30/yr
for bal
under
$25,000
N/A
Net Loan
Int. Rate
2.75%
49
Company Product Product
Class
Fixed
Account
Included*
M & E
Charge
Fund
Operating
Expense
Admin.
Charge
Front End
Charge
Backend or
Surrender
Charge
Contract
Charge
Custodial
Fee
Other
Charge/s
ESI - Fidelity
403(b)(7)
Mutual
Fund
Mutual
Fund No N/A 0.10% to 3.07%
Fee based
from 0.36%
to 1.28%
N/A N/A $20/ Yr
N/A
Loan
Orig. Fee
$50
ESI – Great
American
(GAFRI)
Great Flex
5
Fixed
Annuity Yes N/A N/A N/A N/A
5 Yr.
5,4,3,2,1,0
Based on
Contract
Open date
$0 N/A
Loan Int.
Rate
7.5%
ESI -
Common
wealth
Annuity
Adv 4 Variable
Annuity Yes 1.15% 0.35% to 1.71% .15% N/A
6 Yr.
6,5,4,3,2,1,0
% per
deposit
$30/Yr N/A
Loan Int.
Rate
5.50%
Fidelity
Fidelity
Mutual
Funds
Mutual
Fund No N/A .10% - 3.07% N/A N/A N/A N/A $20.00 N/A
Horace
Mann Life
Ins. Co.
Goal
Planning
Annuity
Variable
Annuity Yes 1.25% .35%-1.64% N/A N/A
5%-8%
declining
to 0 after 5
years†
$25.00
waived
at
$25,000
N/A
Loan fee
of $100
(currentl
y waived)
Horace
Mann Life
Ins. Co.
Expanding
Horizon
Fixed
Annuity Yes N/A N/A N/A N/A
5%-8%
declining
to 0 after 5
years††
N/A N/A
Loan fee
of $100
(currentl
y waived)
50
Company Product Product
Class
Fixed
Account
Included*
M & E
Charge
Fund
Operating
Expense
Admin.
Charge
Front End
Charge
Backend or
Surrender
Charge
Contract
Charge
Custodial
Fee
Other
Charge/s
ING
ING
Voluntary
Annuity
Variable
Annuity
Yes GMIR
4% 1.25% .34% - 1.51% N/A N/A
5% declining
deferred sales
charge for a 10
year period (5%, 5%, 5%,
5%, 5%, 4%, 4%,
3%, 2%, 0%)
N/A N/A N/A
Met Life Did not report in chart format*
*See Attachment 5: Met Life Fee Disclosure
Primerica
Legg Mason,
Invesco,
Pioneer,
American
Century
Mutual
Fund No N/A Did not Report N/A Did not Report N/A N/A $20.00
Loan fee
of $25.
Term fee
of $30
Putnam
Putnam
Mutual
Funds
Mutual
Fund No N/A 0.65%-3.81% N/A
0-5.75% of
deposits
1%-5%
declining to 0
at 7 years
N/A $25 N/a
Thrivent
Financial
Thrivent
Mutual
Funds
Mutual
Funds No N/A 0.61%-1.79% N/A
0-5.5% of
deposits N/A N/A
$15.00
per SSN
$20.00
closeout
fee
Thrivent
Financial
Thrivent
Flexible
Premium
Deferred
Annuity
Variable
Annuity Yes
1.25% in
years 1-7;
1.15% in
years 8+
0.42% - 2.67% N/A N/A See
Attachment* $30.00 N/A
$25 fee for
subaccount
transfers
beyond the
12 free
Thrivent
Financial
Security Plus
Flexible
Premium
Fixed
Annuity
Fixed
Annuity Yes N/A N/A N/A N/A
See
Attachment* $30.00 N/A N/A
*See Attachment 6: Thrivent Expense Information
51
Company Product Product
Class
Fixed
Account
Included*
M & E
Charge
Fund
Operating
Expense
Admin.
Charge
Front End
Charge
Backend or
Surrender
Charge
Contract
Charge
Custodial
Fee
Other
Charge/s
VALIC GUP 74 Variable
Annuity Yes
1.00%*(Se
parate
account
fee)
0.37% N/A
5% of first $5000
4% of second
$5000 3.5% of
third $5000 3%
of future
deposits
N/A N/A None None
VALIC V-Plan (IFA
582)
Fixed
Annuity Yes N/A 0.93% N/A N/A
7% of
withdrawal
amount or 7%
of the deposits
in the last 5
years,
whichever is
smaller.
N/A N/A None
VALIC Impact (UIT-
981)
Variable
Annuity Yes
1.00%*
(Separate
account
fee)
0.37% - 0.77% $30/yr. N/A
5% of all
deposits
received in the
last 3 years.
N/A N/A N/A
VALIC
Portfolio
Director
(Series 1)
Variable
Annuity Yes
.75% -
1.25%*(se
parate
account
fee)
0.15 – 1.28% $3.75/quart
er N/A
10% out free per
year. Above 10%,
charges are 5% of
the withdrawal
amount (above the
10%) or 5% of all
of the deposits
received in the last
5 years.
N/A N/A
A one-time
fee of $60
per loan is
assessed to
cover the
cost of
setting up a
new loan.
Vanguard
Fiduciary
Trust
Company
(VFTC)
Did not report
52
* Fixed Interest Account not subject to same fees as variable annuities and mutual funds as listed in this chart. Interest rate credited to fixed
account option is net of fees to investor.
Mortality and Expense (M & E)
A charge found in variable annuity products offered by insurance companies. The M & E pays the insurance company for insurance risks under
the annuity contract including a death benefit for the policyholders’ beneficiaries, an annuity payout option that insures a lifetime income from
the annuity that can’t be outlived and a guarantee that annual insurance charges will not increase. The charge is reflected and paid as a
percentage of your account value. The M & E charge may differ during the accumulation phase when person makes deposits or leaves account
to grow and during the annuitization phase when a person annuitizes the contract with a payout option.
Fund Operating Expense
A fund operating expense is an annual calculation which determines how much it costs to operate a mutual fund. A fund operating expense is
paid out of the fund assets to the fund’s investment advisor for managing the fund’s investment portfolio. The fund fee is greater or lesser
depending on the type of underlying assets in the mutual fund and the investment objective of the fund. The charge is assessed as a percentage
of assets invested. They are paid in the form of an indirect charge against the investor’s account. Net total return reported to the investor is the
return after these fees have been deducted.
Administrative Fee
The administrative fee in this context is the cost of advisor services. It is reflected and paid as a percentage of investors account value. The
percentage charged is based on the amount of a person’s assets held with the advisor with the percentage declining as assets reach certain
defined levels.
Front End Charge
The front end charge is reflected and paid as a percentage of deposits (purchase payments) in to the account. There may be breakpoints which
reduce the front end charge based on the total value of assets in the account.
Surrender Charge
A surrender charge is a charge the investor incurs when selling or cancelling certain types of investments or annuity polices. The length of time a
surrender charge is in place generally varies between one and fifteen years. A surrender charge may also be called a backend charge or a
contingent deferred sales charge
Custodial Charge, Contract Fee
This charge is named differently in different 403(b) products. It generally pays for record-keeping, account maintenance and/or administrative
costs. The cost is reflected and paid as a flat dollar amount and often ranges from $30 to $50 annually to the account holder. It may be
eliminated when account value reaches a certain limit.
53
The Guaranteed Interest Option (GIO) is available in addition to a wide variety of investment options offered
through the EQUI-VEST® variable deferred annuity. It provides a guaranteed fixed rate of interest and a
guarantee to preserve your principal.
!"#$"%&'("))*$+$',("#'(&-)./+'#0(1)")2$"&(3#-4*2+,(4',$.)'4(
5-#( #'+$#'0')+( 3*#3-,',6( 7)( ',,')2'8( ")( "))*$+9( $,( "(
2-)+#"2+*"&(".#''0')+($)(:;$2;(3"90')+,("#'(0"4'(+-(")(
$),*#")2'(2-03")98(:;$2;(".#'',(+-(3"9(")($)2-0'(,+#'"0(
-#("(&*03(,*0("0-*)+("+("(&"+'#(4"+'6
How does the GIO work?<=<( >?*$+"%&'( ",,$.),( ")( $)+'#',+( #"+'( +-( '"2;( "0-*)+(
9-*("&&-2"+'(+-(+;'(@7A6
AB'#(+$0'8(4$55'#')+($)+'#',+(#"+',(0"9("33&9(+-(+;'(4$55'#')+(
"0-*)+,(9-*CB'($)B',+'46
D;'#'("#'(,'B'#"&(#"+',(-5($)+'#',+($)('55'2+(,$0*&+")'-*,&9E(
( FG(+;'(&$5'+$0'(0$)$0*0(.*"#")+''4($)+'#',+(#"+'H
( IG((+;'("))*"&(0$)$0*0(.*"#")+''4($)+'#',+(#"+'(5-#(+;'(
2"&')4"#(9'"#H(")4
( JG(+;'(2*##')+(.*"#")+''4($)+'#',+(#"+'6(
The GIO is not:K*%L'2+(+-(,'3"#"+'("22-*)+(2;"#.',(-#(*)4'#&9$).(3-#+5-&$-(
-3'#"+$).('M3'),',8($)2&*4$).(FI%/F(5'',H
<( B"#$"%&'( $)B',+0')+( -3+$-)( %'2"*,'( +;'#'( $,( )-(
2-##',3-)4$).( $)B',+0')+( 3-#+5-&$-( +;"+( $)B',+,( $)(
,'2*#$+$',(,*2;(",(,+-2N,(")4(%-)4,H(-#
OP7Q($),*#'46
D#"),5'#(#',+#$2+$-),(5#-0(+;'(@7A(+-(-+;'#($)B',+0')+(-3+$-),(
0"9("33&9($)(2'#+"$)($),+")2',6(D;'#'(0"9("&,-(%'("&&-2"+$-)(
#',+#$2+$-),6( K''( 9-*#( >RS7/!>KD®( 3#-,3'2+*,( T-#( U#-.#"0(
K*00"#9(5-#(VWFT"G(3&"),G(5-#(4'+"$&,6
>RS7/!>KD®(B"#$"%&'(4'5'##'4("))*$+9(
.*"#")+''4($)+'#',+(-3+$-)
.*"#")+''4($)+'#',+(")4(3#$)2$3"&
How interest rates are set
and creditedX'#'($,(")(-B'#B$':(-5(;-:(<=<(>?*$+"%&'(,'+,($)+'#',+(#"+',6
Lifetime and annual minimum guaranteed interest rates
>B'#9( 9'"#8( <=<( >?*$+"%&'( ,'+,( +;'( &$5'+$0'( 0$)$0*0(
.*"#")+''4($)+'#',+(#"+'(")4(+;'("))*"&(0$)$0*0(.*"#")+''4(
$)+'#',+(#"+'6(D;','(#"+',("33&9(+-("&&(2-)+#"2+,(-#(2'#+$12"+',(
$,,*'4($)(+;"+(2"&')4"#(9'"#6(T7)(2'#+"$)(>RS7/!>KD®(3#-4*2+,8(
+;'(&$5'+$0'(0$)$0*0(.*"#")+''4($)+'#',+(#"+'(0"9(B"#96G(D;'(
"))*"&(0$)$0*0(.*"#")+''4($)+'#',+(#"+'(2")(%'('?*"&(+-8(
%*+(:$&&()'B'#(%'(&',,(+;")8(+;'(&$5'+$0'(0$)$0*0(.*"#")+''4(
$)+'#',+(#"+'6
Current interest rates
<=<( >?*$+"%&'( ,'+,( 2*##')+( $)+'#',+( #"+',( 5-#( +;'(@7A( -)( "(
0-)+;&9( %",$,6( Q*##')+( $)+'#',+( #"+',( 0"9( %'( '?*"&( +-( -#(
;$.;'#( +;")(+;'("))*"&(0$)$0*0(.*"#")+''4( $)+'#',+( #"+'8(
%*+(:$&&()'B'#(%'(&-:'#6
D;'( 2*##')+( $)+'#',+( #"+'( 5-#( +;'( @7A( 4'3')4,( -)( :;')( "(
2-)+#$%*+$-)($,($)B',+'4($)(+;'(@7A6(D;'#'("#'(+:-(2-03-)')+,(
-5(+;'(2*##')+(#"+'(Y("()':(0-)'9($)+'#',+(#"+'(")4("(3--&'4((
$)+'#',+(#"+'6(>,,')+$"&&98(+;'()':(0-)'9($)+'#',+(#"+'("33&$',(
+-(0-)'9(:;')($+($,($)B',+'4($)(+;'(@7A(5-#(+;'(1#,+(+$0'6(D;'(
3--&'4($)+'#',+(#"+'("33&$',(+-(0-)'9(+;"+(;",(%'')($)B',+'4(
$)(+;'(@7A(&-).'#(+;")(FJ(0-)+;,6
See the opposite page for important disclosures and additional details on how AXA Equitable sets interest rates for the GIO.
AXA Equitable Life Insurance Company (NY, NY)
Attachment 1: AXA-EQUITABLE Facts About the Guaranteed Interest Option
54
1 Contributions include rollover and transfer contributions from another provider. Amounts transferred into the GIO for the first time from other
investment options under the contract are also invested in new money interest rate buckets.
This document must be preceded or accompanied by the current applicable EQUI-VEST® variable deferred annuity prospectus and any
applicable prospectus supplements or the Program Summary (for 401(a) plans only). The prospectus contains detailed information
about the contract/certificate, including investment objectives, risks, charges and expenses. In addition, included in your kit is a copy
of the applicable EQUI-VEST® product brochure. Please read the prospectus and product brochure and consider this information
carefully before purchasing a contract/certificate.
The GIO value equals your contributions and any transfers into the option plus interest, less transfers or withdrawals out of the option,
withdrawal charges and annual administrative charge. See the EQUI-VEST® prospectus for any state variations that may apply. Withdrawals are
subject to normal income tax treatment and if taken prior to age 591⁄2, may be subject to an additional 10% federal income tax penalty.
Withdrawals may be subject to a withdrawal charge of up to 6%.
Contributions to the GIO become part of AXA Equitable’s general account. The general account supports all of AXA Equitable’s policy and
contract guarantees, including those that apply to the GIO. The general account is subject to regulation and supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations of all jurisdictions where AXA Equitable is authorized to do
business. The general account is also subject to the company’s creditors. Guarantees are based on the claims-paying ability of AXA Equitable
Life Insurance Company.
The GIO is not a variable investment option, however, note that any amounts held in variable investment options in the EQUI-VEST® variable
deferred annuity are subject to fluctuation in value and market risk, including loss of principal.
The EQUI-VEST® series of variable annuities are co-distributed by AXA Advisors, LLC and AXA Distributors, LLC, New York, NY 10104,
(212) 314-4600. AXA Equitable, AXA Advisors and AXA Distributors are affiliated companies and do not provide legal or tax advice. Consult
with your attorney and/or tax advisor regarding your individual circumstances.
The information presented in this fact card does not apply to the following contracts: EQUI-VEST® Corporate Trusteed or EQUI-VEST® at
Retirement.
Contract form #s: 11933I, 11937NQ, 92IRAA/B, 92EDCA/B, 2006BASE-I-A/B, 2007EVBASEA/B, 2001TSAGAC, 2004TSAGAC, 2008TSAGAC901
and any state variations.
© 2011 AXA Equitable Life Insurance Company. All rights reserved.
1290 Avenue of the Americas, New York, NY 10104, (212) 314-4600
GE-65120 (10/11) Cat.# 142266 (10/11)
Contributions1 invested in the GIO for the first time
receive a new money interest rate:(Q-)+#$%*+$-),(9-*($)B',+(
$)( +;'( @7A( 5-#( +;'( 1#,+( +$0'( "#'( $)B',+'4( $)( "( )':(0-)'9(
$)+'#',+(#"+'(%*2N'+(-5(+;'(@7A6(>"2;(%*2N'+($,(-3')'4(5-#("(
,3'2$1'4( 3'#$-4( -5( +$0'6( U#',')+&98( +;'( ,3'2$1'4( 3'#$-4( -5(
+$0'($,(-)'(0-)+;6(<0-*)+,("#'(2#'4$+'4(:$+;($)+'#',+("+("(
2*##')+(#"+'(4'2&"#'4(5-#(+;'(0-)+;(+;"+(+;'("0-*)+($,($)$+$"&&9(
$)B',+'4($)(+;'(@7A(3&*,(FI(0-)+;,(+;'#'"5+'#6(
Pooled interest rate:(<5+'#(")("0-*)+(;",(%'')($)B',+'4($)(
+;'(@7A(5-#(&-).'#(+;")(FJ(0-)+;,8(+;'("0-*)+(:$&&(+;')('"#)(
"( 3--&'4( $)+'#',+( #"+'( 5-#( ",( &-).( ",( +;'( "0-*)+( #'0"$),(
$)B',+'4($)(+;'(@7A6(D;'(3--&'4($)+'#',+(#"+'($,(4'2&"#'4(-)("(
0-)+;&9(%",$,6(
learn more
For current interest rates, call the EQUI-VEST®
Customer Service Center at (800) 628-6673.
For more information on the GIO or other features
of the EQUI-VEST® contract, see the prospectus
(or Program Summary for 401(a) plans) or contact
your financial professional.
Attachment 1: AXA-EQUITABLE Facts About the Guaranteed Interest Option
55
Attachment 2: VALIC Retirement Plan Proposal Addendum
56
Attachment 2: VALIC Retirement Plan Proposal Addendum
57
Attachment 2: VALIC Retirement Plan Proposal Addendum
58
Fund Companies That Can Trade
(Specific fund access may depend broker dealer and fund company approval)aspire
1st Investors Funds 1st Source Monogram Aberdeen Abn Amro Absolute Acadia Asset Management Acadian Funds Adams Harkness Advance Capital AdvisorOne Aegis AIG Valic Al Frank Funds Alger Allegiant Funds Alliance Allianz Allianz Inst Alpha Capital AlphaMark Alpine Management Funds Alta Collective Altegris Funds Amana Funds Trust American American Beacon Funds American Century American Growth Fund American Independence Funds American Trust Allegiance Funds Ameristock AmSouth Funds Analytic Funds API Funds Appleseed Fund Appleton Group Aquila Funds Arbitrage Funds Archer Ariel Funds Aristata Funds Arrow Funds
Artio Funds Artisan Funds Ascentia Funds Asset Management Aston Funds Astor Funds Austin Autopilot Auxier Avatar Collective Ave Maria Funds Azzad Funds Baird Funds Barclays Funds Baron Funds BBH Funds Bear Sterns Funds Beck, Mack & Oliver Becker Funds Benefit Meritage Funds Berkshire Funds Berwyn Funds BHR Funds Bishop Street Funds Black Knight Asset Management Blackrock ETF BlackRock Funds Blue Funds BNY Hamilton Bogle Funds Boston Common BPV Funds Brandes Investment Trust Brandywine Bridges Investment Fund Bridgeway Funds Brown Capital Management Brown Investment Advisor Buffalo Funds Bull Moose Burnham Funds Calamos
Caldwell & Orkin Calvert Cambiar Funds Camco Funds Capital One Castle Investment Management Catalyst Funds Catholic Funds Causeway Capital Funds Century Funds Champlain Funds Chase Funds Chesapeake Funds Clarity Fund Inc CM Advisers CMG Funds CNI Charter Funds Cohen & Steers Collar Fund Columbia Funds Comerica Funds Commerce Funds Commonwealth Funds Conestoga Funds Consulting Group Funds Convergence Funds CORE Fund Country Funds CRA Fund Crawford Credit Suisse CRM Funds Croft Funds Cullen Funds Currency Fund Cushing Funds Davenport Funds Davidson Davis Dean Funds Delaware DF Dent
DFA Funds DGHM Diamond Hill Funds Direxion Funds Dodge & Cox Domini Funds Double Line Dover Dreman Contrarian Funds Dreyfus Funds Driehaus Funds DSM Funds Duncan-Hurst Funds Dunham Funds Dupree Funds DWS Investments Eagle Family of Funds Eaton Vance Edgar Lomax Value Edgewood Management Emerald Funds Empiric Funds Enterprise Funds Epiphany European Investors Excelsior Funds Fairholme Funds FAM FBP Funds FBR Funds Federated Fidelity Fidelity Advisor Fifth Third Pinnacle First American First Eagle SoGen Firsthand Funds Flag Funds FMC FMI (Fiduciary Funds) Forester Funds Forside Fund Services
Attachment 3: ASPIRE Fund Companies that Can Trade
59
Fund Companies That Can Trade
(Specific fund access may depend broker dealer and fund company approval)aspire
Forward Funds Fountainhead Foxhall Capital Mangement FPA Frank Funds Franklin/Templeton Frontegra Funds Frost Funds Gabelli Funds Galliard Funds GE Funds Geneva Funds Giordano Fund GKM Funds Glenmede Golden Funds Goldman Sachs Government Street GPS Funds Grant Park Green Century Funds Greenspring Greenwich Advisors Trust Guardian Guiness Atkinson Hancock Horizon Funds Hand Benefit & Trust Harbor Funds Harding Loevner Funds Hartford Hatteras Alpha Hedge Strategies Funds Haverford Investment Heartland Funds Henderson Global Hennessy Funds Henssler Fund HGK Equity Value Highland Funds Highmark Hillman Hirtle Callaghan Funds
HNP Capital Hodges Funds Holland Funds Homestead Hotchkis & Wiley HSBC Funds Hundredfold Huntington Funds Hussman Funds IBJ Whitehall Funds ICM ICON Funds IIQ Fund IMS Funds ING Integrity Viking Funds Intrepid Capital Funds Invesco Aim Iron Funds IronBridge Funds ISI Funds IVA Funds Ivy Jacob Jamestown Funds Janus Japan Fund Jennison Dryden Jensen John Hancock Johnson Funds Jordan Opportunity Fund JP Morgan Kalmar Funds KCM Funds Keeley Funds Kinetic Funds Kir Marbach Funds Laudus Rosenberg Lazard Funds Leaders Capital Funds Leeb Focus Fund
Legg Mason Leuthold Fund Lifetime Achievement Funds Linder Funds Listed Private Equity Funds Litman Gregory LKCM Luther King Capital Mgt Longleaf Funds Loomis Sayles Family of Funds Lord Abbett Lou Holland LSV Fund Madison Mosaic Mainstay/Eclipse Mairs & Powers Managers Manning and Napier Marathon Value Fund Mariner Mutual Funds MarketField Marketocracy Funds Markman Funds Marshall Funds Marsico Funds Matrix Asset Advisors Matson Money Funds Matthews Funds McKee Fund Meeder Funds Mellon Funds Members Funds Merger Funds Merk Hard Currency Fund MetLife Metropolitan West Metzler Payden MFS Midas Funds Miller Investments Mirzam MMA Praxis Monetta Funds
MonteagleFunds Morgan Keegan Morgan Stanley l Morley Financial Services MTB Funds Muhlenkamp Funds Munder Funds Mutual Hedge Mutual.com Funds Nationwide Natixis Funds NCM Needham Funds Neuberger/Berman New Alternatives New Century Portfolios New Providence Nicholas Funds Nicolas Apple-Gate Funds Northeast Funds Northern Funds Northern Lights Nuance Funds Nuveen Oak Associates Oakmark Funds Oberweiss Funds Old Mutual Old Westbury Olstein Funds Oppenheimer Oracle Funds Orbitex Funds Orinda Funds Pacific Capital Pacific Financial Pacific Life Funds Paine Webber Palmer Square Funds Paradigm Funds Parnassus Funds PAX World
Attachment 3: ASPIRE Fund Companies that Can Trade
60
Fund Companies That Can Trade
(Specific fund access may depend broker dealer and fund company approval)aspire
Payden & Rygel Payson Funds Penn Street Funds Pennsylvania Avenue Fund Performance Perimeter Funds Permanent Portfolio Funds Perritt Funds PIA PIC Funds PIMCO Funds PineBridge Pioneer Plumb Funds Polaris Global Value Fund Popular Portfolio Strategies Power Income Funds Primary Trend Fund PrimeCap Odyssey Princeton Funds Principal Private Capital Management Professionally Manage Portfolios Profit Funds ProFunds Prospector Funds Prudential GIF Purisima Funds Putnam Pyxis Fund Quaker Funds Quant Funds Queens Road Funds Rainier Investment Management Funds RAM Funds RBC Funds Trust Reliance Trust CTF Reserve Funds Reynolds Rice Hall James Funds
RidgeWorth Funds Rigel Fund River Park Funds RiverNorth Funds Riversource Funds Roanoke Funds Robeco Investment Funds Rochdale Funds Rock Canyon Rogue Funds Roxbury Funds Royce Funds RS Investments Russell Investment Company Rydex Funds SA Funds Sanford C. Bernstein Santa Barbara Saratoga Funds Saturna Investment Trust Schneider Funds Schooner Funds Schroder Funds Schwab Schwab CIT Scout Funds Security Capital Security Funds SEI Funds Sentinel Shelton Funds Sierra Core Funds SIT Funds SmartGrowth Smith Barney Snow Capital Sound Mind Fund Sound Shore Funds Sparrow Funds Sparx Asia Funds SSGA Funds SSGA Global
Stadion Funds Standard Insurance State Street Master Funds Steelpath Stephens Funds Sterling Capital Funds Steward Capital Funds Steward Funds Stralem Funds Stratton Funds Summit Funds SunAmerica Symetra T Rowe Price Tamarack Funds Tanaka Funds TCM TCW Funds TD Asset Management Teberg Funds TFS Bancorp Bank Third Avenue Thomas White International Thompson Plumb Thornburg Funds TIAA Cref Tiedemann Tilson Investment Trust Timothy Plan Funds Tocqueville Toreador Torray Funds Tortoise Funds Touchstone Funds TransAmerica/Idex Transparent Value Funds Turner Funds Tweedy Browne UMB Smart Target Funds United Association Unusual Funds
US Global US Trust Company USAA Advisor Funds Valley Forge Funds Value Line Van Eck Funds Vanguard Victory Funds Villere Funds Virtus Funds W.P. Stewart & Co Waddell & Reed Funds Wall Street Fund Wasatch Funds Waterville WB Capital Mutual Funds WBI Funds Weiss Fund Weitz Funds Wellington Funds Wells Fargo Advantage Funds Wells Real Estate Funds Westcore Funds Westport Funds WHG Funds William Blair Wilmington Collective Funds Wilmington Funds Wilshire Funds Winslow Green Growth Fund Wintergreen Funds Wintrust World Funds Wright Funds Yacktman
Attachment 3: ASPIRE Fund Companies that Can Trade
61
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Attachment 4: AXA Equitable Expense Explanation
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Attachment 4: AXA Equitable Expense Explanation
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Metropolitan Life Insurance Company (“MetLife”) Fee Disclosure Pursuant to the
Final Rule under ERISA 408(b)(2) Regarding the
MetLife Preference Plus®Account Variable Annuity Contract (the “Contract”), an
investment option under the Plan As of April 29, 2013
Attachment 5: Met Life Fee Disclosure
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Introduction
Metropolitan Life Insurance Company (collectively “MetLife” or the “Company”) is a leading provider of insurance, annuities, and employee benefits programs with operations throughout the United States. The Company offers life insurance and annuities to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions. This report is designed to help You, a plan fiduciary, to better understand the fees and expenses incurred by You, Your plan and the participants in Your retirement plan. Please refer to Your contract and prospectus for information about the features of Your Contract. This fee disclosure Report is not intended to replace, substitute, or interpret the terms or information contained in those documents. The Contract and prospectus will control in the event of a conflict with this Report. MetLife acts as a non-discretionary service provider directed by the Plan in compliance with applicable laws and regulations. As a non-discretionary service provider under the group annuity Contract, MetLife does not provide or expect to provide services as a fiduciary to the plan for purposes of the Department of Labor’s 408(b)(2) fee disclosure regulation. The options described in this disclosure are available to the extent they are offered under the Plan.
Regulatory Requirements
In response to the need for improved clarity about the fees and expenses the United States Department of Labor (“DOL”) has introduced the requirement for certain service providers that receive more than $1,000 to make explicit disclosures to certain retirement plans that they service. The DOL requires that the disclosure contain five essential elements:
���� Who the covered service provider is
���� A description of the services provided
���� The fee or expense charged by the provider
���� Payor and manner of payment
���� A declaration of the fiduciary status of the provider
What This Report Contains
This report is designed to help You to better understand the costs to You and Your employees of Your retirement plan. In order to achieve this goal we have summarized the most relevant cost components in a straightforward presentation, provided an explanation of the services provided for those costs and the supporting details to explain how costs were derived.
Attachment 5: Met Life Fee Disclosure
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Table of Contents
Important Terms You Should Know Plan Expenses
Plan fees paid by the Participant as set forth in the group annuity Contract.
Investment Fees and Expenses……………..…………Section 1
Charges and Deductions……………..………………..Section 2 Compensation
Distribution & Principal Underwriting Agreement.......Section 3
Costs to Provide Services
Potential Compensation……………………………….Section 4
Attachment 5: Met Life Fee Disclosure
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Important Terms You Should Know
Account Balance — Your Account Balance is the total amount of money credited to You under your Contract including money in the Investment Divisions of the Separate Account and the Fixed Interest Account, less any account reduction loans.
Contract — The Contract is an annuity contract and is the legal agreement between You and MetLife or between MetLife and the employer, plan trustee or other entity, or the certificate issued to the participant under a group annuity Contract. This document contains relevant provisions of the Contract. MetLife issues the Contract..
Contract Year — Generally, the Contract Year is the period ending on the last day of the month in which the anniversary of when we issued the annuity occurs and each following 12 month period. However, depending on underwriting and plan requirements, the first Contract Year may range from the initial three to fifteen months after the Contract is issued.
Early Withdrawal Charge — The Early Withdrawal Charge is an amount we deduct from your Account Balance if You withdraw money prematurely from a Contract This charge is often referred to as a deferred sales load or back-end sales load.
Investment Divisions—Investment Divisions are subdivisions of the Separate Account. When You allocate a purchase payment, transfer money or make reallocations of Your income payment to an Investment Option, the Investment Option purchases shares of a Portfolio (with the same name) within the Metropolitan Series Fund® (Metropolitan Fund), Met Investors Series Trust® (Met Series Trust), Calvert Variable Series, Inc®,. Fidelity Variable Insurance Products Funds or the American Funds Insurance Series® (American Funds), to the extent available under the Contract.
MetLife, the Company — MetLife is Metropolitan Life Insurance Company, which is the company that issues the Contract. Throughout this document, MetLife is also referred to as “we”, “us” or “our.”
Portfolio—A Portfolio is an investment fund of an open-end management investment company that is registered with the Securities and Exchange Commission. Separate Account — A Separate Account is an investment account. All assets contributed to Investment Divisions under the Contract are pooled in the Separate Account and maintained for the benefit of investors in the Contract.. Variable Annuity — An annuity in which returns/income payments are based upon the performance of investments such as stocks and bonds held by one or more underlying Portfolios. You assume the investment risk for any amounts allocated to the Investment Divisions in the Variable Annuity.
You — In this document, depending on the context, “You” may mean either the purchaser of the Contract, or the participant or annuitant for whom money is invested under certain group arrangements.
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Section 1: Investment Fees and Expenses
The investments offered by the plan have related expenses. The amounts listed below are the annual percentages deducted from the Portfolios for the year ending December 31, 2012. Portfolio Fees and Expenses (as a percentage of average daily net assets) The table below shows each Portfolio’s management fee, distribution and/or service fees (12b-1) if applicable, and other expenses. More detail concerning each Portfolio’s fees and expenses is contained in the prospectus for each Portfolio. Portfolios: 12.31.12
Portfolios
Management Fee
Distribution and/or Service (12b-1)
Fees
Other Expenses
Acquired Fund Fees and
Expenses
Total Annual
Operating Expenses
Contractual Fee
Waiver and/or Expense Reimbursement
Net Total Annual
Operating Expenses
Per $1000
American Funds® - Class 2 American Funds
Bond Fund 0.37% 0.25% 0.02% — 0.64% — 0.64% $6.40
American Funds
Global Small
Capitalization Fund 0.71% 0.25% 0.04% — 1.00% — 1.00% $10.00
American Funds
Growth Fund 0.33% 0.25% 0.02% — 0.60% — 0.60% $6.00
American Funds
Growth-Income Fund 0.27% 0.25% 0.02% — 0.54% — 0.54% $5.40
Calvert Fund Calvert VP SRI
Balanced Portfolio 0.70% — 0.20% — 0.90% — 0.90% $9.00
Calvert VP SRI Mid
Cap Growth Portfolio 0.90% — 0.22% — 1.12% — 1.12% $11.20
Fidelity® VIP Funds - Initial Class Equity-Income
Portfolio 0.46% — 0.10% — 0.56% — 0.56% $5.60
Growth Portfolio 0.56% — 0.10% — 0.66% — 0.66% $6.60
Investment Grade
Bond Portfolio 0.31% — 0.11% — 0.42% — 0.42% $4.20
Met Investors Fund American Funds®
Balanced Allocation
Portfolio - Class C 0.06% 0.55% 0.01% 0.38% 1.00% — 1.00% $10.00
American Funds®
Growth Allocation
Portfolio - Class C 0.07% 0.55% 0.01% 0.38% 1.01% — 1.01% $10.10
American Funds®
Moderate Allocation
Portfolio - Class C 0.06% 0.55% 0.01% 0.37% 0.99% — 0.99% $9.90
BlackRock Large Cap
Core Portfolio - Class
A 0.59% — 0.05% — 0.64% 0.01% 0.63% $6.30
Clarion Global Real
Estate Portfolio -
Class E 0.60% 0.15% 0.06% — 0.81% — 0.81% $8.10
ClearBridge
Aggressive Growth
Portfolio - Class A 0.61% — 0.03% — 0.64% — 0.64% $6.40
Harris Oakmark
International
Portfolio - Class E 0.77% 0.15% 0.06% — 0.98% 0.02% 0.96% $9.60
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Portfolios
Management Fee
Distribution and/or Service (12b-1)
Fees
Other Expenses
Acquired Fund Fees and
Expenses
Total Annual
Operating Expenses
Contractual Fee
Waiver and/or Expense Reimbursement
Net Total Annual
Operating Expenses
Per $1000
Invesco Small Cap
Growth Portfolio -
Class E 0.85% 0.15% 0.02% — 1.02% 0.01% 1.01% $10.10
Janus Forty Portfolio
- Class E 0.63% 0.15% 0.03% — 0.81% 0.01% 0.80% $8.00
Loomis Sayles Global
Markets Portfolio -
Class B 0.70% 0.25% 0.09% — 1.04% — 1.04% $10.40
Lord Abbett Bond
Debenture Portfolio -
Class A 0.51% — 0.03% — 0.54% — 0.54% $5.40
Lord Abbett Mid Cap
Value Portfolio - Class
A 0.65% — 0.04% 0.06% 0.75% 0.00% 0.75% $7.50
Met/Franklin Low
Duration Total
Return Portfolio -
Class B 0.50% 0.25% 0.07% — 0.82% 0.02% 0.80% $8.00
MetLife Aggressive
Strategy Portfolio -
Class A 0.09% — 0.01% 0.72% 0.82% — 0.82% $8.20
MetLife Growth
Strategy Portfolio -
Class B 0.06% 0.25% — 0.69% 1.00% — 1.00% $10.00
MFS® Research
International
Portfolio - Class A 0.68% — 0.07% — 0.75% 0.05% 0.70% $7.00
Morgan Stanley Mid
Cap Growth Portfolio
- Class A 0.65% — 0.07% — 0.72% 0.01% 0.71% $7.10
Oppenheimer Global
Equity Portfolio -
Class A 0.67% — 0.09% — 0.76% 0.02% 0.74% $7.40
PIMCO Inflation
Protected Bond
Portfolio - Class E 0.47% 0.15% 0.11% — 0.73% — 0.73% $7.30
PIMCO Total Return
Portfolio - Class A 0.48% — 0.03% — 0.51% — 0.51% $5.10
SSgA Growth and
Income ETF Portfolio
- Class E 0.31% 0.15% 0.01% 0.24% 0.71% — 0.71% $7.10
SSgA Growth ETF
Portfolio - Class E 0.32% 0.15% 0.03% 0.25% 0.75% — 0.75% $7.50
T. Rowe Price Mid
Cap Growth Portfolio
- Class A 0.75% — 0.03% — 0.78% — 0.78% $7.80
Metropolitan Fund Baillie Gifford
International Stock
Portfolio - Class A 0.81% — 0.10% — 0.91% 0.10% 0.81% $8.10
Barclays Aggregate
Bond Index Portfolio
- Class A 0.25% — 0.04% — 0.29% 0.01% 0.28% $2.80
BlackRock Bond
Income Portfolio -
Class A 0.32% — 0.04% — 0.36% 0.00% 0.36% $3.60
BlackRock Capital
Appreciation
Portfolio - Class E 0.70% 0.15% 0.03% — 0.88% 0.01% 0.87% $8.70
BlackRock Diversified
Portfolio - Class A 0.46% — 0.07% — 0.53% — 0.53% $5.30
Attachment 5: Met Life Fee Disclosure
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Portfolios
Management Fee
Distribution and/or Service (12b-1)
Fees
Other Expenses
Acquired Fund Fees and
Expenses
Total Annual
Operating Expenses
Contractual Fee
Waiver and/or Expense Reimbursement
Net Total Annual
Operating Expenses
Per $1000
BlackRock Large Cap
Value Portfolio - Class
E 0.63% 0.15% 0.03% — 0.81% 0.03% 0.78% $7.80
Davis Venture Value
Portfolio - Class A 0.70% — 0.03% — 0.73% 0.05% 0.68% $6.80
Frontier Mid Cap
Growth Portfolio -
Class A 0.73% — 0.05% — 0.78% 0.02% 0.76% $7.60
Jennison Growth
Portfolio - Class A 0.61% — 0.03% — 0.64% 0.07% 0.57% $5.70
Loomis Sayles Small
Cap Core Portfolio -
Class A 0.90% — 0.07% 0.10% 1.07% 0.08% 0.99% $9.90
Loomis Sayles Small
Cap Growth Portfolio
- Class A 0.90% — 0.06% — 0.96% 0.09% 0.87% $8.70
Met/Artisan Mid Cap
Value Portfolio - Class
A 0.81% — 0.04% — 0.85% — 0.85% $8.50
MetLife Conservative
Allocation Portfolio -
Class A 0.09% — 0.02% 0.54% 0.65% 0.01% 0.64% $6.40
MetLife Conservative
to Moderate
Allocation Portfolio -
Class A 0.07% — 0.01% 0.58% 0.66% 0.00% 0.66% $6.60
MetLife Mid Cap
Stock Index Portfolio
- Class A 0.25% — 0.07% 0.02% 0.34% 0.00% 0.34% $3.40
MetLife Moderate
Allocation Portfolio -
Class A 0.06% — — 0.63% 0.69% 0.00% 0.69% $6.90
MetLife Moderate to
Aggressive Allocation
Portfolio - Class A 0.06% — 0.01% 0.67% 0.74% 0.00% 0.74% $7.40
MetLife Stock Index
Portfolio - Class A 0.25% — 0.03% — 0.28% 0.01% 0.27% $2.70
MFS® Total Return
Portfolio - Class A 0.55% — 0.05% — 0.60% — 0.60% $6.00
MFS® Value Portfolio
- Class A 0.70% — 0.03% — 0.73% 0.13% 0.60% $6.00
MSCI EAFE® Index
Portfolio - Class A 0.30% — 0.11% 0.01% 0.42% 0.00% 0.42% $4.20
Neuberger Berman
Genesis Portfolio -
Class A 0.82% — 0.04% — 0.86% 0.01% 0.85% $8.50
Russell 2000® Index
Portfolio - Class A 0.25% — 0.08% 0.09% 0.42% 0.00% 0.42% $4.20
T. Rowe Price Large
Cap Growth Portfolio
- Class A 0.60% — 0.04% — 0.64% 0.01% 0.63% $6.30
T. Rowe Price Small
Cap Growth Portfolio
- Class A 0.49% — 0.06% — 0.55% — 0.55% $5.50
Western Asset
Management
Strategic Bond
Opportunities
Portfolio - Class A 0.60% — 0.05% — 0.65% 0.04% 0.61% $6.10
Western Asset
Management U.S.
Government
Portfolio - Class A 0.47% — 0.03% — 0.50% 0.02% 0.48% $4.80
Attachment 5: Met Life Fee Disclosure
70
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The Net Total Annual Operating Expenses shown in the table reflect Contractual arrangements currently in effect under which the investment managers of certain Portfolios have agreed to waive fees and/or pay expenses of the Portfolios until at least April 30, 2013. In the table, “0.00%” in the Contractual Fee Waiver and/or Expense Reimbursement column indicates that there is a contractual arrangement in effect for that Portfolio, but the expenses of the Portfolio are below the level that would trigger the waiver or reimbursement. The Net Total Annual Operating Expenses shown do not reflect voluntary waiver or expense reimbursement arrangements or arrangements that terminate prior to April 30, 2013. The Portfolios provided the information on their expenses, and we have not independently verified the information. Certain Portfolios that have “Acquired Fund Fees and Expenses” are “fund of funds.” Each “fund of funds’ invests substantially all of its assets in other portfolios. Because the Portfolio invests in other underlying portfolios, the Portfolio will bear its pro rata portion of the operating expenses of the underlying portfolios in which it invests, including the management fee. See the Portfolio prospectus for more information. Underlying Funds Which are Fund of Funds MetLife Conservative Allocation Portfolio MetLife Conservative to Moderate Allocation Portfolio MetLife Moderate Allocation Portfolio MetLIfe Moderate to Aggressive Allocation Portolio American Funds (R) Balanced Allocation Portfolio American Funds(R) Growth Allocation Portfolio American Funds (R) Moderate Allocation POrtfolio MetLife Growth Strategy Portfolio MetLife Aggressive Strategy Portfolio SSgA Growth ETF Portfolio SSgA Growth and Income ETF Portfolio "Fund of funds" Underlying Funds in this Contract invest substantially all of their assets in other underlying funds. Therefore, each of these Underlying Funds in this Contract will bear its pro rata share of the fees and expenses incurred by the underlying funds in which it invests in addition to its own management fees and expenses. This will reduce the investment return of each of the fund of funds Underlying Funds in this Contract. The expense levels will vary over time, depending on the mix of underlying funds in which the fund of funds Underlying Fund in this Contract invests. You may be able to realize lower aggregate expenses by investing directly in the underlying funds instead of investing in the fund of funds Underlying Funds in this Contract, if such underlying funds are available under the Contract. However, only some of the underlying funds are available under the Contract. Payments We May Receive An investment manager (other than our affiliate MetLife Advisers, LLC) or sub-investment manager of a Portfolio, or its affiliates, may make payments to us and/or certain of our affiliates. These payments may be used for a variety of purposes, including payment of expenses for certain administrative, marketing, and support services with respect to the Contracts and, in the Company’s role as an intermediary, with respect to the Portfolios. The Company and its affiliates may profit from these payments. These payments may be derived, in whole or in part, from the advisory fee deducted from Portfolio assets. Contract owners, through their indirect investment in the Portfolios, bear the costs of these advisory fees (see the Portfolios’ prospectuses for more information). The amount of the payments we receive is based on a percentage of assets of the Portfolios attributable to the Contracts and certain other variable insurance products that we and our affiliates issue. These percentages differ and some investment managers or sub-
Attachment 5: Met Life Fee Disclosure
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investment managers (or their affiliates) may pay us more than others. These percentages currently range up to 0.50%. Additionally, an investment manager or sub-investment manager of a Portfolio or its affiliates may provide us with wholesaling services that assist in the distribution of the Contracts and may pay us and/or certain of our affiliates amounts to participate in sales meetings. These amounts may be significant and may provide the investment manager or sub-investment manager (or their affiliate) with increased access to persons involved in the distribution of the Contracts. We and/or certain of our affiliated insurance companies have a joint ownership interest in our affiliated investment manager MetLife Advisers, LLC, which is formed as a “limited liability company.” Our ownership interest in MetLife Advisers, LLC entitles us to profit distributions if the investment manager makes a profit with respect to the investment management fees it receives from the Portfolios. We will benefit accordingly from assets allocated to the Portfolios to the extent they result in profits to the investment manager. Certain Portfolios have adopted a Distribution Plan under Rule 12b-1 of the 1940 Act. A Portfolio’s 12b-1 Plan, if any, is described in more detail in each Portfolio’s prospectus. Any payments we receive pursuant to those 12b-1 Plans are paid to us or our distributor. Payments under a Portfolio’s 12b-1 Plan decrease the Portfolio’s investment return. We select the Underlying Funds offered through the Contract based on a number of criteria, including asset class coverage, the strength of the adviser’s or subadviser’s reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor We consider during the selection process is whether the Underlying Fund’s adviser or subadviser is one of Our affiliates or whether the Underlying Fund, its adviser, its subadviser(s), or an affiliate will make payments to Us or Our affiliates. In this regard, the profit distributions We receive from our affiliated investment advisers are a component of the total revenue that we consider in configuring the features and investment choices available in the variable insurance products that We and Our affiliated insurance companies issue. As disclosed above, since We and Our affiliated insurance companies may benefit more from the allocation of assets to portfolios advised by Our affiliates than those that are not, We may be more inclined to offer portfolios advised by Our affiliates in the variable insurance products We issue. We review the Underlying Funds periodically and may remove an Underlying Fund or limit its availability to new Purchase Payments and/or transfers of Contract Value if We determine that the Underlying Fund no longer meets one or more of the selection criteria, and/or if the Underlying Fund has not attracted significant allocations from Contract Owners. In some cases, we have included Underlying Funds based on recommendations made by broker-dealer firms. These broker-dealer firms may receive payments from the Underlying Funds they recommend and may benefit accordingly from the allocation of Contract Value to such Underlying Funds. When the Company develops a Variable Annuity product in cooperation with a fund family or distributor (e.g., “private label” product) the Company will generally include Underlying Funds based on recommendation made by the fund family or distributor, whose selection criteria may differ from the Company’s selection criteria. We do not provide investment advice and do not recommend or endorse any particular Underlying Fund. You bear the risk of any decline in the Contract Value resulting from the performance of the Underlying Funds You have chosen. Limitations on Allocations and Transfers: Limits on making allocations or transfers may be imposed by the plan or the Contract. Some of the Investment Divisions may not be approved in Your state. Product limits or restrictions are described in the Contract. In addition, we impose restrictions intended to prevent frequest transfers, as described below. The employer may have other restriction on making changes to Your allocations. If Your employer has additional limits, they will be described in a separate document that will be provided to You by Your employer. The following is a discussion of our market timing policies and procedures.
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Frequent requests from contract owners or participants/annuitants to make transfers/reallocations may dilute the value of a Portfolio’s shares if the frequent transfers/reallocations involve an attempt to take advantage of pricing inefficiencies created by a lag between a change in the value of the securities held by the Portfolio and the reflection of that change in the Portfolio’s share price (“arbitrage trading”). Regardless of the existence of pricing inefficiencies, frequent transfers/reallocations may also increase brokerage and administrative costs of the underlying Portfolios and may disrupt portfolio management strategy, requiring a Portfolio to maintain a high cash position and possibly resulting in lost investment opportunities and forced liquidations (“disruptive trading”). Accordingly, arbitrage trading and disruptive trading activities (referred to collectively as “market timing”) may adversely affect the long-term performance of the Portfolios, which may in turn adversely affect contract owners and other persons who may have an interest in the Contracts (e.g., participants/annuitants). We have policies and procedures that attempt to detect and deter frequent transfers/reallocations in situations where we determine there is a potential for arbitrage trading. Currently, we believe that such situations may be presented in the international, small-cap, and high-yield investment Portfolios (i.e., the American Funds Global Small Capitalization, Baillie Gifford International Stock, Clarion Global Real Estate, Harris Oakmark International, Invesco Small Cap Growth, Loomis Sayles Small Cap Core, Loomis Sayles Small Cap Growth, Lord Abbett Bond Debenture, Met/Templeton Growth, MFS» Research International, MSCI EAFE» Index, Neuberger Berman Genesis, Oppenheimer Global Equity, Russell 2000» Index, T. Rowe Price Small Cap Growth and Western Asset Management Strategic Bond Opportunities Portfolios —the “Monitored Portfolios and we monitor transfer/reallocation activity in those Monitored Portfolios. In addition, as described below, we intend to treat all American Funds Insurance Series» Portfolios (“American Funds portfolios”) as Monitored Portfolios. We employ various means to monitor transfer/reallocation activity, such as examining the frequency and size of transfers/reallocations into and out of the Monitored Portfolios within given periods of time. For example, we currently monitor transfer/reallocation activity to determine if, for each category of international, small-cap, and high-yield portfolios, in a 12 month period there were (1) six or more transfers/reallocations involving the given category; (2) cumulative gross transfers/reallocations involving the given category that exceed the current Account Balance; and (3) two or more “round-trips” involving any Monitored Portfolio in the given category. A round-trip generally is defined as a transfer/reallocation in followed by a transfer/reallocation out within the next seven calendar days or a transfer/reallocation out followed by a transfer/reallocation in within the next seven calendar days, in either case subject to certain other criteria. We do not believe that other Portfolios present a significant opportunity to engage in arbitrage trading and therefore do not monitor transfer/reallocation activity in those Portfolios. We may change the Monitored Portfolios at any time without notice in our sole discretion. In addition to monitoring transfer/reallocation activity in certain Portfolios, we rely on the underlying Portfolios to bring any potential disruptive transfer/reallocation activity they identify to our attention for investigation on a case-by-case basis. We will also investigate other harmful transfer/reallocation activity that we identify from time to time. We may revise these policies and procedures in our sole discretion at any time without prior notice. As a condition to making their portfolios available in our products, American Funds» requires us to treat all American Funds portfolios as Monitored Portfolios under our current market timing and excessive trading policies and procedures. Further, American Funds» requires us to impose additional specified monitoring criteria for all American Funds portfolios available under the Contract, regardless of the potential for arbitrage trading. We are required to monitor transfer/reallocation activity in American Funds portfolios to determine if there were two or more transfers/reallocations in followed by transfers/reallocations out, in each case of a certain dollar amount or greater, in any 30-day period. A first violation of the American Funds» monitoring policy will result in a written notice of violation; each additional violation will result in the imposition of a six-month restriction during which period we will require all transfer/reallocation requests to or from an American Funds portfolio to be submitted with an original signature. Further, as Monitored Portfolios, all American Funds portfolios also will be subject
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to our current market timing and excessive trading policies, procedures and restrictions (described below), and transfer/reallocation restrictions may be imposed upon a violation of either monitoring policy. Our policies and procedures may result in transfer/reallocation restrictions being applied to deter market timing. Currently, when we detect transfer/reallocation activity in the Monitored Portfolios that exceeds our current transfer/ reallocation limits, or other transfer/reallocation activity that we believe may be harmful to other persons who have an interest in the Contracts, we require all future requests to or from any Monitored Portfolios or other identified Portfolios under that Contract to be submitted with an original signature. Transfers made under a dollar cost averaging program, a rebalancing program or, if applicable, any asset allocation program described in this Prospectus are not treated as transfers when we evaluate trading patterns for market timing. Your third party administrator has its own standards with regard to monitoring activity in the Monitored Portfolios and how subsequent transfer/reallocation activity will be restricted once those standards are triggered. These standards and subsequent trading restrictions may be more or less restrictive than ours, and presently include restrictions on non-Monitored Portfolios. The differences in monitoring standards and restrictions are due to systems limitation and may change from time to time as those systems are upgraded. The detection and deterrence of harmful transfer/reallocation activity involves judgments that are inherently subjective, such as the decision to monitor only those Portfolios that we believe are susceptible to arbitrage trading or the determination of the transfer/reallocation limits. Our ability to detect and/or restrict such transfer/reallocation activity may be limited by operational and technological systems, as well as our ability to predict strategies employed by contract owners or participants/annuitants to avoid such detection. Our ability to restrict such transfer/ reallocation activity also may be limited by provisions of the Contract. Accordingly, there is no assurance that we will prevent all transfer/reallocation activity that may adversely affect contract owners or participants/annuitants and other persons with interests in the Contracts. We do not accommodate market timing in any Portfolios and there are no arrangements in place to permit any contract owner or participant/annuitant to engage in market timing; we apply our policies and procedures without exception, waiver, or special arrangement. The Portfolios may have adopted their own policies and procedures with respect to market timing procedures in their respective shares, and we reserve the right to enforce these policies and procedures. For example, Portfolios may assess a redemption fee (which we reserve the right to collect) on shares held for a relatively short period. The prospectuses for the Portfolios describe any such policies and procedures, which may be more or less restrictive than the policies and procedures we have adopted. Although we may not have the contractual authority or the operational capacity to apply the market timing policies and procedures of the Portfolios, we have entered into a written agreement, as required by SEC regulation, with each Portfolio or its principal underwriter that obligates us to provide to the Portfolio promptly upon request certain information about the trading activity of individual contract owners, and to execute instructions from the Portfolio to restrict or prohibit further purchases or transfers/ reallocations by specific contract owners who violate the frequent trading policies established by the Portfolio. In addition, contract owners or participants/annuitants and other persons with interests in the Contracts should be aware that the purchase and redemption orders received by the Portfolios generally are “omnibus” orders from intermediaries, such as retirement plans or separate accounts funding variable insurance contracts. The omnibus orders reflect the aggregation and netting of multiple orders from individual owners of variable insurance contracts and/or individual retirement plan participants. The omnibus nature of these orders may limit the Portfolios in their ability to apply their market timing policies and procedures. In addition, the other insurance companies and/or retirement plans may have different policies and procedures or may not have any such policies and procedures because of contractual
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limitations. For these reasons, we cannot guarantee that the Portfolios (and thus contract owners or participants/annuitants) will not be harmed by transfer/reallocation activity relating to the other insurance companies and/or retirement plans that may invest in the Portfolios. If a Portfolio believes that an omnibus order reflects one or more transfer/reallocation requests from contract owners engaged in disruptive trading activity, the Portfolio may reject the entire omnibus order. In accordance with applicable law, we reserve the right to modify or terminate the transfer/reallocation privilege at any time. We also reserve the right to defer or restrict the transfer/reallocation privilege at any time that we are unable to purchase or redeem shares of any of the Portfolios, including any refusal or restriction on purchases or redemptions of their shares as a result of their own policies and procedures on market timing and disruptive trading activities (even if an entire omnibus order is rejected due to the market timing or disruptive trading activity of a single contract owner or participant/annuitant). You should read the Portfolio prospectuses for more details.
Voting Rights Based on our current view of applicable law, You have voting interests under Your Deferred Annuity or Income Annuity concerning Metropolitan Fund, Met Investors Fund, Calvert Fund or American Funds» proposals that are subject to a shareholder vote. Therefore, You are entitled to give us instructions for the number of shares which are deemed attributable to Your Deferred Annuity or Income Annuity. We will vote the shares of each of the underlying Portfolios held by the Separate Account based on instructions we receive from those having a voting interest in the corresponding Investment Divisions. However, if the law or the interpretation of the law changes, we may decide to exercise the right to vote the Portfolio’s shares based on our own judgment. You are entitled to give instructions regarding the votes attributable to your Deferred Annuity or Income Annuity in your sole discretion. Under the Keogh Deferred Annuity, participants may instruct You to give us instructions regarding shares deemed attributable to their contributions to the Deferred Annuity. Under the Keogh Deferred Annuity, we will provide You with the number of copies of voting instruction soliciting materials that You request so that You may furnish such materials to participants who may give You voting instructions. Neither the Separate Account nor MetLife has any duty to inquire as to the instructions received or Your authority to give instructions; thus, as far as the Separate Account, and any others having voting interests in respect of the Separate Account are concerned, such instructions are valid and effective. There are certain circumstances under which we may disregard voting instructions. However, in this event, a summary of our action and the reasons for such action will appear in the next semiannual report. If we do not receive Your voting instructions, we will vote Your interest in the same proportion as represented by the votes we receive from other investors. The effect of this proportional voting is that a small number of contract owners or participants/annuitants may control the outcome of a vote. Shares of the Metropolitan Fund, Met Investors Fund, Calvert Fund or American Funds» that are owned by our general account or by any of our unregistered separate accounts will be voted in the same proportion as the aggregate of:
• The shares for which voting instructions are received, and • The shares that are voted in proportion to such voting instructions.
However, if the law or the interpretation of the law changes, we may decide to exercise the right to vote the Portfolio’s shares based on our judgment
Collateral Loans If Your plan makes collateral loans available, MetLife will charge an adjustable interest rate on any outstanding loan balance in connection with a collateral loan. MetLife will declare the adjustable loan interest rate that will apply to all collateral loans taken during a calendar quarter on the first day of each
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calendar quarter (January 1, April 1, July1, and October 1). The adjustable rate will be based on the Moody’s Corporate Bond Index Average as determined two months prior to the effective date of the declared loan interest rate. The interest rate applicable to the loan is subject to adjustment annually and will be set prior to the anniversary date of the loan. At any time, an outstanding loan balance will be the amount of the loan plus any interest not repaid minus any repayments of principal and interest that have been made. Interest paid on the loan is not tax deductible. Fixed Interest Account balance: The Fixed Interest Account balance will not be reduced by the amount of a collateral loan. Instead, an amount equal to the outstanding loan balance will earn 2% less than the rate charged on the collateral loan, with MetLife retaining this 2%. Limitations on Withdrawals and Transfers: While a collateral loan is outstanding, withdrawals and transfers from the certificate are restricted because an amount equal to 125% of the outstanding balance must remain in the Fixed Interest Account as collateral for the loan. Default: Loans are in arrears and delinquent when any payment is missed. The loan must continue to be repaid even in the event of default until the entire outstanding loan balance, plus all accrued interest thereon, is repaid in full or until, You experience a qualifying event subject to the terms of Your Plan, allowing the Plan to withdraw the outstanding loan amounts against my account balance, whichever comes first. If Code §403(b)(11) withdrawal restrictions prevent MetLife from withdrawing some or all of the outstanding defaulted loan balance, MetLife will continue to charge interest on such amount at the applicable loan rate in accordance with pre-default procedures until the outstanding balance can be withdrawn.
Fixed Interest Rate Option: The Contract has a fixed interest rate option called the “Fixed Interest Account.” The Fixed Interest Account offers an interest rate that is guaranteed by MetLife. Interest rates are set at least annually. The guaranteed minimum interest rate depends on the date Your Contract is issued but will not be less than 1%. Fixed Interest Account option guarantees are subject to the financial strength and claims paying ability of MetLife. Section 2: Charges and Deductions The following tables describe the fees and expenses You will pay when You buy, hold or withdraw amounts from Your Contract. The first table describes charges You will pay at the time You purchase the Contract, make withdrawals from Your Contract, or make transfers between the Investment Divisions of Your Contract, or reallocations between the Investment Divisions when You have annuitized Your Contract. The tables do not show premium taxes (ranging from 0.5% to 3.5% and which are applicable only in certain jurisdictions) and other taxes which may apply. Contract Owner Maximum Transaction Expenses Sales Load Imposed on Purchase Payments . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . …. . . . . . None
Early Withdrawal Charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ……………………. Up to 7%
(as a percentage of each purchase payment funding the withdrawal during the pay-in phase)(¹)
Exchange Fee ………………………... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
Surrender Fee ……………………….... . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . None
Account Reduction Loan Initiation Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . $75(2)
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Annual Account Reduction Loan Maintenance Fee (per loan outstanding). . . . . . .. . . . . . . $50(2)
Transfer Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None
¹ An early withdrawal charge of up to 7% may apply if You withdraw purchase payments within 7 years of when they were credited to Your Contract. The charge on purchase payments is calculated according to the following schedule:
During Purchase Payment Year Percentage 1 7% 2 6% 3 5% 4 4% 5 3% 6 2% 7 1%
Thereafter 0% There are times when the Early Withdrawal Charge does not apply to amounts that are withdrawn from a Contract. For example, each Contract Year You may take the greater of 10% (20% under certain Contracts) of Your Account Balance or Your purchase payments made over 7 years ago free of Early Withdrawal Charges. ² Either or both fees may be waived for certain groups. The loan maintenance fee is paid on a quarterly basis at the end of each quarter on a pro-rata basis from the Investment Divisions and the Fixed Interest Account in which You then have a balance. The second table describes the fees and expenses that You will bear periodically during the time You hold the Contract, but does not include fees and expenses for the Portfolios. Annual Contract Fee(3)………………………………………………………………… None Separate Account Charge(4)
(as a percentage of Your average account value) General Administrative Expenses Charge……………………………………………… .50% Mortality and Expense Risk Charge……………………………………………………. .75% Total Separate Account Annual Charge (4)
Current and Maximum Guaranteed Charge:……………………………………………. 1.25% 3 A $20 annual contract fee is imposed on money in the Fixed Interest Account. This fee may be waived under certain circumstances. 4 Pursuant to the terms of the Contract, our total Separate Account charge will not exceed 1.25% of Your average balance in the investment divisions. For purposes of presentation here, we estimated the allocation between general administrative expenses and the mortality and expense risk charge for the Contracts or the amount of underlying Portfolio shares we have designated in the Investment Divisions to generate Your income payments for the contracts. We are waiving 0.08% of the Separate Account Charge for the investment division investing in the BlackRock Large Cap Core Portfolio of the Met Investors Fund. We are waiving the amount, if any, of the Separate Account charge equal to the underlying portfolio expenses that are in excess of 0.88% for the Investment Division investing in the MFS ® Research International Portfolio—Class A of the Met Investors Fund. When No Early Withdrawal Charge Applies In some cases, we will not charge You the Early Withdrawal Charge when You make a withdrawal. We may, however, ask You to prove that You meet one of the conditions listed below. You do not pay an Early Withdrawal Charge:
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• On transfers You make within your Contract among Investment Divisions and transfers to or from the Fixed Interest Account.
• On withdrawals of purchase payments You made over seven years ago.
• If You choose payments over one or more lifetimes or for a period of at least five years (without
the right to accelerate the payments). • If You die during the pay-in phase. Your beneficiary will receive the full death benefit without
deduction. • If You withdraw up to 10% (20% for the unallocated Keogh and certain TSA Contracts) of Your
Account Balance each Contract Year. This 10% (or 20%) total withdrawal may be taken in an unlimited number of partial withdrawals during that Contract Year. Each time You make a withdrawal, we calculate what percentage Your withdrawal represents at that time. Only when the total of these percentages exceeds 10% (or 20%) will You have to pay Early Withdrawal Charges. If You have a Keogh Contract, generally You are allowed to take the “free withdrawal” on top of any other withdrawals which are otherwise exempt from the Early Withdrawal Charge. This is not true if Your other withdrawals are in connection with a systematic termination or purchase payments made over 7 years ago.
We are obligated to pay all money we owe under the Contracts – such as death benefits and income payments – even if that amount exceeds the assets in the Separate Account. Any such amount that exceeds the assets in the Separate Account is paid from our general account. Benefit amounts paid from the general account are subject to the financial strength and claims paying ability of the company and our long term ability to make such payments and are not guaranteed by any other party. We issue other annuity contracts and life insurance policies where we pay all money we owe under those contracts and policies from our general account. MetLife is regulated as an insurance company under state law, which includes, generally, limits on the amount and type of investments in its general account. However, there is no guarantee that we will be able to meet our claims paying obligations; there are risks to purchasing any insurance products. Changes to Your Contract or Income Annuity We have the right to make certain changes to Your Contract or Income Annuity, but only as permitted by law. If the law requires, we will also get Your approval and the approval of any appropriate regulatory authorities. Examples of the changes we may make include:
• To operate the Separate Account in any form permitted by law. • To take any action necessary to comply with or obtain and continue any exemptions under the
law (including favorable treatment under the Federal income tax laws) including limiting the number, frequency or types of transfers/reallocations transactions permitted.
• To transfer any assets in an Investment Division to another Investment Division, or to one or
more separate accounts, or to our general account, or to add, combine or remove Investment Divisions in the Separate Account.
• To substitute for the Portfolio shares in any Investment Division, the shares of another class of
the Metropolitan Fund, Met Investors Fund or the shares of another investment company or any other investment permitted by law.
• To change the way we assess charges, but without increasing the aggregate amount charged to the
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Separate Account and any currently available Portfolio in connection with the Deferred Annuities or Income Annuities.
• To make any necessary technical changes in the Contracts or Income Annuities in order to conform with any of the above-described actions.
If any changes result in a material change in the underlying investments of an Investment Division in which You have a balance or an allocation, we will notify You of the change. You may then make a new choice of Investment Divisions. For Contracts issued in Pennsylvania (and Income Annuities where required by law), we will ask Your approval before making any technical changes.
Section 3: Distribution and Principal Underwriting Agreement MetLife Investors Distribution Company (“MLIDC”) is the principal underwriter and distributor of the Contracts.. MLIDC, which is our affiliate, also acts as the principal underwriter and distributor of some of the other Variable Annuity contracts and variable life insurance policies we and our affiliated companies issue. We reimburse MLIDC for expenses MLIDC incurs in distributing the Contracts (e.g., commissions payable to the retail broker-dealers who sell the Contracts, including our affiliated broker-dealers). MLIDC does not retain any fees under the Contracts. MLIDC’s principal executive offices are located at 5 Park Plaza, Suite 1900, Irvine, CA 92614. MLIDC is registered as a broker-dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as well as the securities commissions in the states in which it operates, and is a member of the Financial Regulatory Industry Authority (“FINRA”). FINRA provides background information about broker-dealers and their registered representatives through FINRA BrokerCheck. You may contact FINRA BrokerCheck Hotline at 1-800-289-9999, or log on to www.finra.org. An investor brochure that includes information describing FINRA BrokerCheck is available through the Hotline or on-line. Contracts are sold through MetLife licensed sales representatives who are associated with MetLife Securities, Inc. (“MSI”), our affiliate and a broker-dealer, which is paid compensation for the promotion and sale of the Contracts. The Contracts are also sold through the registered representatives of our other affiliated broker-dealers. MSI and our affiliated broker-dealers are registered with the SEC as broker-dealers under the Securities Exchange Act of 1934 and are also members of FINRA. The Contracts may also be sold through other registered broker-dealers. Contracts also may be sold through the mail or over the Internet. There is no front-end sales load deducted from purchase payments to pay sales commissions. Distribution costs are recovered through the Separate Account charge. MetLife sales representatives who are not in our MetLife Resources division (“non-MetLife Resources MetLife sales representatives”) must meet a minimum level of sales of proprietary products in order to maintain employment with us. Sales representatives in our MetLife Resources division must meet a minimum level of sales production in order to maintain employment with us. Non-MetLife Resources MetLife sales representatives and MetLife Resources sales representatives receive cash payment for the products they sell and service based upon a “gross dealer concession” model. With respect to Contracts, the gross dealer concession ranges from 1.5% to 6% of each purchase payment and, starting in the second Contract Year, 0.18% of the Account Balance each year the Contract is in force for servicing the Contract. Gross dealer concession may also be paid when the Contract is annuitized. The amount of this gross dealer concession payable upon annuitization depends on several factors, including the number of years the Contract has been in force. Compensation to the sales representative is all or part of the gross dealer concession. Compensation to sales representatives in the MetLife Resources division is based upon premiums and purchase payments applied to all products sold
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and serviced by the representative. Compensation to non-MetLife Resources MetLife sales representatives is determined based upon a formula that recognizes premiums and purchase payments applied to proprietary products sold and serviced by the representative as well as certain premiums and purchase payments applied to non-proprietary products sold by the representative. Proprietary products are those issued by us or our affiliates. Because one of the factors determining the percentage of gross dealer concession that applies to a non- MetLife Resources MetLife sales representative’s compensation is sales of proprietary products, these sales representatives have an incentive to favor the sale of proprietary products. Because non-MetLife Resources MetLife sales managers’ compensation is based on the sales made by the representatives they supervise, these sales managers also have an incentive to favor the sales of proprietary products. Non-MetLife Resources MetLife sales representatives and MetLife Resources sales representatives and their managers may be eligible for additional cash compensation, such as bonuses, equity awards (such as stock options), training allowances, supplemental salary, financial arrangements, marketing support, medical and other insurance benefits, and retirement benefits and other benefits based primarily on the amount of proprietary products sold. Because non- MetLife Resources MetLife sales representatives’ and MetLife Resources sales representatives’ and their managers’ additional cash compensation is based primarily on the sale of proprietary products, non-MetLife Resources MetLife sales representatives and MetLife Resources sales representatives and their managers have an incentive to favor the sale of proprietary products. Sales representatives who meet certain productivity, persistency, and length of service standards and/or their managers may be eligible for additional cash compensation. Moreover, managers may be eligible for additional cash compensation based on the sales production of the sales representatives that the manager supervises. Our sales representatives and their managers may be eligible for non-cash compensation incentives, such as conferences, trips, prizes and awards. Other non-cash compensation payments may be made for other services that are not directly related to the sale of products. These payments may include support services in the form of recruitment and training of personnel, production of promotional services and other support services. Other incentives and additional cash compensation provide sales representatives and their managers with an incentive to favor the sale of proprietary products. The business unit responsible for the operation of our distribution system is also paid. MLIDC also pays compensation for the sale of the Contracts by affiliated broker-dealers. The compensation paid to affiliated broker-dealers for sales of the Contracts is generally not expected to exceed, on a present value basis, the aggregate amount of total compensation that is paid with respect to sales made through MetLife representatives. (The total compensation includes payments that we make to our business unit that is responsible for the operation of the distribution systems through which the Contracts are sold.) These firms pay their sales representatives all or a portion of the commissions received for their sales of Contracts; some firms may retain a portion of commissions. The amount that selling firms pass on to their sales representatives is determined in accordance with their internal compensation programs. Those programs may also include other types of cash and non-cash compensation and other benefits. Sales representatives of affiliated broker-dealers and their managers may be eligible for various cash benefits and non-cash compensation (as described above) that we may provide jointly with affiliated broker-dealers. Because of the receipt of this cash and non-cash compensation, sales representatives and their managers of our affiliated broker-dealers have an incentive to favor the sale of proprietary products. MLIDC may also enter into preferred distribution arrangements with certain affiliated broker-dealers such as New England Securities Corporation, Walnut Street Securities, Inc. and Tower Square Securities, Inc. These arrangements are sometimes called “shelf space” arrangements. Under these arrangements, MLIDC may pay separate, additional compensation to the broker-dealer firm for services the selling firms
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provides in connection with the distribution of the Contracts. These services may include providing us with access to the distribution network of the broker-dealer firm, the hiring and training of the broker-dealer firm’s sales personnel, the sponsoring of conferences and seminars by the broker-dealer firm, or general marketing services performed by the broker-dealer firm. The broker-dealer firm may also provide other services or incur other costs in connection with distributing the Contracts. These services may include providing us with access to the distribution network of the selling firm, the hiring and training of the selling firm’s sales personnel, the sponsoring of conferences and seminars by the selling firm, or general marketing services performed by the selling firm. The selling firm may also provide other services or incur other costs in connection with distributing the Contracts. MLIDC also pays compensation for the sale of Contracts by unaffiliated broker-dealers. The compensation paid to unaffiliated broker-dealers for sales of the Contracts is generally not expected to exceed, on a present value basis, the aggregate amount of total compensation that is paid with respect to sales made through MetLife representatives. (The total compensation includes payments that we make to our business unit that is responsible for the operation of the distribution systems through which the Contracts are sold.) Broker-dealers pay their sales representatives all or a portion of the commissions received for their sales of the Contracts. Some firms may retain a portion of commissions. The amount that the broker-dealer passes on to its sales representatives is determined in accordance with its internal compensation programs. Those programs may also include other types of cash and non-cash compensation and other benefits. We and our affiliates may also provide sales support in the form of training, sponsoring conferences, defraying expenses at vendor meetings, providing promotional literature and similar services. An unaffiliated broker-dealer or sales representative of an unaffiliated broker-dealer may receive different compensation for selling one product over another and/or may be inclined to favor one product provider over another product provider due to different compensation rates. Ask Your sales representative further information about what Your sales representative and the broker-dealer for which he or she works may receive in connection with Your purchase of a Contract. We or our affiliates pay American Funds Distributors, Inc., principal underwriter for the American Funds Insurance Series, a percentage of purchase payments allocated to the following Portfolios for the services it provides in marketing the Portfolios’ shares in connection with the Contract and Income Annuity: the American Funds® Bond Portfolio, the American Funds® Growth Portfolio, the American Funds® Global Small Capitalization Portfolio, the American Funds® Growth-Income Portfolio, the American Fund® Moderate Allocation Portfolio, the American Funds® Balanced Allocation Portfolio, and the American Funds® Growth Allocation Portfolio. From time to time, MetLife pays organizations, associations and non-profit organizations fees to sponsor MetLife’s Variable Annuity Contracts. We may also obtain access to an organization’s members to market our Variable Annuity Contracts. These organizations are compensated for their sponsorship of our Variable Annuity Contracts in various ways. Primarily, they receive a flat fee from MetLife. We also compensate these organizations by our funding of their programs, scholarships, events or awards, such as a principal of the year award. We may also lease their office space or pay fees for display space at their events, purchase advertisements in their publications or reimburse or defray their expenses. In some cases, we hire organizations to perform administrative services for us, for which they are paid a fee based upon a percentage of the Account Balances their members hold in the Contract. We also may retain finders and consultants to introduce MetLife to potential clients and for establishing and maintaining relationships between MetLife and various organizations. The finders and consultants are primarily paid flat fees and may be reimbursed for their expenses. We or our affiliates may also pay duly licensed individuals associated with these organizations cash compensation for the sales of the Contracts.
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Section 4: Potential Compensation Slippage/Breakage Slippage or breakage may occur with respect to ERISA employee pension plans. For example, administrative errors may occur in calculating the value of a plan asset (slippage) or a plan transaction may be incorrectly processed (breakage). The correction of slippage or breakage may result in a gain/loss. The gain/loss is generally the difference between the asset value or transaction that was erroneously processed and the value that would have resulted had the error not occurred. Depending on the nature of the error and the corrective action taken, additional compensation may accrue to MetLife as a result of these occurrences. Please note that many investment instructions may be processed on an "omnibus" or aggregate basis and because of this, whether a shortfall or overage is attributable to a particular plan may not be able to be determined. Float Float income is indirect compensation and part of the total compensation that MetLife receives and will be used to offset its administrative costs. Float compensation can be received on both contributions and distributions from employee benefit plans. For example, with respect to payroll contributions, float income can occur for the time period when contributions are received from the Plan Sponsor or other persons authorized to make contributions to the plan, but not yet invested. In the case of payroll contributions, the float period begins on the date of deposit and ends on the date monies are invested. Assuming the receipt of accurate payroll information, the deposit is typically invested on the same day. However, the amount of float may increase in circumstances where contributions are received without appropriate investment instructions. Float compensation from distributions occurs between the time a distribution is processed and ends when the distribution check is cashed. Whether float income is derived from cash pending investment or earnings on uncashed checks, the funds are held in an omnibus account to facilitate the transactions within employee benefit plans. Float income is generally based on short term rates which are similar to money market rates.
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Performance: North St. Paul ISD # 622
Performance Chart follows. Explanation of information included in
performance chart
• Number of funds that outperformed the benchmark (>) compared to
total number of funds offered in product as of September 30, 2013
• Number of funds that underperformed benchmark (<) compared to
total number of funds offered in product as of September 30, 2013
• N/A means company reported information not available
• Number of funds offered in product in each of Morningstar numeric
star ranking as of September 30, 2013
• If product is an open architecture mutual fund platform with
thousands of fund options, company was asked to include a
performance website. If company/agent uses a recommended
portfolio of funds within the open architecture platform, company
asked to include the benchmark and Morningstar information on the
recommended portfolio.
• Company asked to submit approved document/s that include
performance and these are included in attachments
Performance Benchmark Example:
For Example
o In the 10 year column: >10/57 would mean that 10 funds within
that product’s 57 funds outperformed the benchmark
o In the 10 year column: <39/57 would mean that 39 funds within
that product’s 57 funds underperformed the benchmark
o In the 10 year column: N/A 8/57 would mean that information is
not available for 8 funds of the 57
o The same symbols apply in the 1 year and 5 year columns
88
Morningstar Ratings Example:
Number of funds offered in product in each of the Morningstar numeric star
rankings as of September 30, 2013
For Example
o 1* 2/47
means that 2 funds out of 47 had a Morningstar 1* rating
o 2* 7/47
means that 7 funds out of 47 had a Morningstar 2* rating
o 3* 12/47
means that 12 funds out of 47 had a Morningstar 3* rating
o 4* 18/47
means that 18 funds out of 47 had a Morningstar 4* rating
o 5* 11/47
means that 11 funds out of 47 had a Morningstar 5* rating
Definitions:
Benchmark
A benchmark is a standard against which a mutual fund can be measured
and compared. Benchmarks include broad market and segment stock and
bond indexes. A benchmark is one indicator of whether the mutual fund is
performing up to expectation. When evaluating the performance of any
investment, it is important to compare against an appropriate benchmark.
In the financial field there are dozens of indexes that analysts use to
assess performance of given investments including the Dow Jones
Industrial Average, S&P 500, Wilshire 500 Russell 2000 and MSCI-EAFE.
For example, The Standard and Poor 500 (S&P 500) Stock Index may be
used as a benchmark against which the performance of a stock mutual
fund is compared.
89
Morningstar Ratings:
A system created by Morningstar Inc., as an independent rating
organization, which ranks mutual funds based on their risk adjusted
performance over various periods. 5 star is best, 1 star is worst.
Morningstar ratings are one standard against which a fund can be
measured and compared
90
Performance: North St. Paul ISD # 622
Performance reported as of September 30, 2013, end of the 3rd
Quarter
N/A: No information available for the product
Company Product 1 year 5 year 10 year Performance website link
Morningstar
Rating of
Funds
403(b) Aspire
Did not Report in chart form
Aspire’s investment platform offers over 30,000 mutual fund and ETF’s
For Performance Information, Please visit: http://www.aspireonline.com/plan-types/403(b)-plan
Ameriprise Financial
RAVA 5
Advantage
(68 total funds)
>16/68
<36/68
N/A 16/68
>9/68
<43/68
N/A 16/68
>8/68
<44/68
N/A 16/68
www.riversource.com/individuals-annuities-and-
insurance/annuities/performance/default.asp
1* 2/68
2* 5/68
3* 13/68
4* 17/68
5* 3/68
NA 28/68
Ameriprise Financial
RAVA 5 Select
(68 total funds)
>14/68
<38/68
N/A 16/68
>7/68
<45/68
N/A 16/68
>6/68
<46/68
N/A 16/68
www.riversource.com/individuals-annuities-and-
insurance/annuities/performance/default.asp
1* 2/68
2* 8/68
3* 13/68
4* 16/68
5* 1/68
NA 28/68
Ameriprise Financial
RAVA 5 Access
(68 total funds)
>16/68
<36/68
N/A 16/68
>9/68
<43/68
N/A 16/68
>8/68
<44/68
N/A 16/68
www.riversource.com/individuals-annuities-and-
insurance/annuities/performance/default.asp
1* 2/68
2* 9/68
3* 16/68
4* 12/68
5* 1/68
NA 28/68
91
Company Product 1 year 5 year 10 year Performance website link
Morningstar
Rating of
Funds
Ameriprise Financial
Columbia Mutual
Funds
(44 total funds)
>14/44
<29/44
N/A 1/44
>10/44
<20/44
N/A 14/44
>10/44
<15/44
N/A 19/44
www.columbiamanagement.com/web/columbia/
products-performance/mutual-funds
1* 0/44
2* 6/44
3* 28/44
4* 8/44
5* 0/44
N/A 2/44
Ameriprise Financial
Strategic
Portfolio Services
Advantage (SPS
Advantage)
Thousands
of funds
www.ameriprise.com/budgeting-
investing/research-market-insights/research-
tools.asp#mutual-fund-finder
Thousands of
funds
Ameriprise Financial Active Portfolios Many Funds Many Funds
AXA Equitable Series 100/200
>23/98
<70/98
N/A 5/98
>23/98
<38/98
N/A 14/98
>18/98
<38/98
N/A 42/98
www.axa-equitable.com
1* 12/98
2* 35/98
3* 25/98
4* 14/98
5* 5/98
NR 7/98
AXA Equitable Series 201
>25/90
<60/90
N/A 5/90
>24/90
<52/90
N/A 14/90
>20/90
<32/90
N/A 38/90
www.axa-equitable.com
1* 8/90
2* 30/90
3* 27/90
4* 12/90
5* 6/90
NR 7/90
92
Company Product 1 year 5 year 10 year Performance website link
Morningstar
Rating of
Funds
ESI - TD
Ameritrade This is an open
architecture plan.
This analysis is using
the EFS
recommended
funds & portfolios.
403(b)(7)
Mutual Fund
> 43/77
<34/77
>56/77
<14/77
NA 7/77
>48/77
<12/77
NA 17/77
Research.
tdameritrade.com
1* 1/77
2* 3/77
3* 19/77
4* 27/77
5* 26/77
Not Ranked
1/77
ESI - EFS
Advisors
403(b)
Choice
>30/43
<13/43
>35/43
<7/43
NA 1/43
>18/43
<12/43
NA 13/43
Yourplanaccess.net/ebc
1* 0/43
2* 2/43
3* 6/43
4* 14/43
5* 20/43
Not Ranked
1/43
ESI - Security
Benefit Mutual
Fund
NEA
Valuebuilder
Mutual Fund
Program
>48/94
<46/94
>49/94
<45/94
>41/94
< 42/94
NA 11/94
Securitybenefit.com
1* 7/94
2* 26/94
3* 33/94
4* 17/94
5* 11/94
ESI - Security
Benefit Variable
Annuity
NEA
Valuebuilder
Variable
Annuity
Program
>11/43
<32/43
> 4/43
<37/43
NA 2/43
> 4/43
<32/43
NA 7/43
Secuitybenefit.com
1* 2/43
2* 7/43
3* 15/43
4* 13/43
5* 1/43
Not Ranked
5/43
93
Company Product 1 year 5 year 10 year Performance website link
Morningstar
Rating of
Funds
ESI - Fidelity 403(b)(7)
Mutual Fund
>104/178
<74/178
>83/178
<79/178
NA 16/178
>63/178
<70/178
NA 45/178
Fidelity.com
1* 6/178
2* 29/178
3* 59/178
4* 54/178
5* 14/178
Not Rank
16/178
Great American
(GAFRI) Great Flex 5 N/A – Fixed N/A – Fixed N/A – Fixed
Greatamerican
insurancegroup.com N/A - Fixed
ESI -
Commonwealth
Annuity
Advantage 4
& Preferred
Plus
>18/56
<38/56
>5/56
<51/56
>5/56
<50/56
NA 1/56
Cwannuity.se2.com
1* 4/56
2* 6/56
3*23/56
4* 17/56
5* 4/56
Not Ranked
3/56
Fidelity Did not report in chart format*
https://401k.fidelity.com/static/dcl/shared/documents/MKTG_TransitionSites/TEMRIA/ZAFPOOLED.pdf
*See attachment 7: Fidelity Performance Information
Horace Mann
Life Ins. Co.
Goal
Planning
Annuity
(50 total
funds)
>21/50
<29/50
N/A 0/50
>20/50
<29/50
N/A 1/50
>3/50
<34/50
N/A 13/50
http://www.horacemann.com/financial-
services/annuities.aspx
1* 4/50
2* 14/50
3* 16/50
4* 11/50
5* 4/50
N/A 1/50
94
Company Product 1 year 5 year 10 year Performance website link
Morningstar
Rating of
Funds
ING
ING
Voluntary
TDA (111
total funds)
>44/111
<65/111
N/A 2/111
>52/111
<51/111
=1/111
N/A 7/111
>42/111
<36/111
=1/111
N/A 32/111
www.ingretirementplans.com
1* 1/111
2* 19/111
3* 47/111
4* 33/111
5* 8/111
N/A 3/111 Morningstar
Rating as of June
30, 2013
Met Life Did not report in chart format*
*See Attachment 8: Met Life Performance
Primerica
Legg
Mason
Funds (31
total funds)
Did not report Did not report Did not report www.leggmason.com
1* 0/31
2* 3/31
3* 9/31
4* 5/31
5* 1/31
Primerica
Invesco
Funds (57
total funds)
Did not report Did not report Did not report www.invesco.com
1* 4/57
2* 19/57
3* 23/57
4* 9/57
5* 0/57
Primerica
Pioneer
Funds (31
total funds)
Did not report Did not report Did not report www.pioneerinvestments.com
1* 0/31
2* 1/50
3* 6/30
4* 3/31
5* 0/31
Primerica
American
Century
Funds (50
total funds)
Did not report Did not report Did not report www.americancentury.com
1* 3/50
2* 25/50
3*17/50
4* 2/50
5* 0/50
95
Company Product 1 year 5 year 10 year Performance website link
Morningstar
Rating of
Funds
Putnam
Investments
Putnam
403(b)(7)
Custodial
Account
(276 total
funds)
>83/276
<176/276
N/A 17/276
>61/276
<117/276
N/A 98/276
>35/276
<95/276
N/A 146/276
https://www.putnam.com/retirement/fee-
disclosure/pdf/fee-disclosure-404a-fund-
chart.pdf
N/A
Thrivent
Financial
Thrivent
Mutual
Funds
>2/25
<23/25
>4/22
<18/22
(only 22 of our funds had
data for 5 year returns)
>3/15
<12/15
(only 15 of our
funds had data for
10 year returns)
www.thrivent.com
1* 2/25
2* 11/25
3* 10/25
4* 1/25
5* 0/25
Thrivent
Financial
Thrivent
Flexible
Premium
Deferred
Variable
Annuity
>13/36
<23/36
>12/29
<17/29
(Only 22 sub-accounts
had data for 10 year
returns)
>7/22
<15/22
(Only 22 sub-
accounts had data
for 10 year returns)
www.thrivent.com
1* 0/33
2* 7/33
3* 9/33
4* 12/33
5* 4/33
VALIC GUP 74 Did not report in chart format* www.valic.com N/A
VALIC
V-Plan (IFA-
582)
Fixed only product www.valic.com Fixed only
product
VALIC Impact (UIT
-981) Did not report in chart format* www.valic.com N/A
VALIC
Portfolio
Director
Series
Did not report in chart format* www.valic.com N/A
Attachment 9: VALIC Fund Performance Matrix
96
Company Product 1 year 5 year 10 year Performance website link
Morningstar
Rating of
Funds
Vanguard Did not report
97
LIFE-CYCLE FUNDSà
FFFBX Fidelity Freedom® 2000 -1.26 0.49 3.55 3.78 4.14 5.51 10/17/96 .n/a 0.45
FFFVX Fidelity Freedom® 2005 -0.99 1.84 6.09 3.77 .n/a 4.72 11/06/03 .n/a 0.53
FFFCX Fidelity Freedom® 2010 -1.06 2.79 7.92 4.37 5.46 6.55 10/17/96 .n/a 0.61
FFVFX Fidelity Freedom® 2015 -1.02 2.92 8.15 4.24 .n/a 5.41 11/06/03 .n/a 0.62
FFFDX Fidelity Freedom® 2020 -0.96 3.40 9.16 3.91 6.13 6.63 10/17/96 .n/a 0.65
FFTWX Fidelity Freedom® 2025 -0.63 4.61 11.28 4.12 .n/a 5.69 11/06/03 .n/a 0.72
FFFEX Fidelity Freedom® 2030 -0.43 5.10 11.97 3.54 6.33 6.39 10/17/96 .n/a 0.74
FFTHX Fidelity Freedom® 2035 -0.10 6.15 13.73 3.57 .n/a 5.62 11/06/03 .n/a 0.79
FFFFX Fidelity Freedom® 2040 0.00 6.30 13.95 3.41 6.52 2.05 9/06/00 .n/a 0.79
FFFGX Fidelity Freedom® 2045 0.08 6.63 14.53 3.48 .n/a 3.53 6/01/06 .n/a 0.80
FFFHX Fidelity Freedom® 2050 0.05 6.69 14.64 3.12 .n/a 3.24 6/01/06 .n/a 0.81
FDEEX Fidelity Freedom® 2055 0.07 6.96 15.18 .n/a .n/a 5.06 6/01/11 .n/a 0.82
FFFAX Fidelity Freedom® Income -1.28 0.54 3.53 3.98 4.05 4.98 10/17/96 .n/a 0.45
ASSET ALLOCATION FUNDSFASIX Fidelity Asset Manager® 20% -0.99 0.82 3.81 4.86 5.18 6.36 10/01/92 .n/a 0.54
FTANX Fidelity Asset Manager® 30% -0.85 1.75 5.69 5.22 .n/a 3.54 10/09/07 .n/a 0.59
FFANX Fidelity Asset Manager® 40% -0.48 2.90 7.60 5.47 .n/a 3.38 10/09/07 .n/a 0.59
FASMX Fidelity Asset Manager® 50% -0.27 3.85 9.36 5.76 5.30 8.25 12/28/88 .n/a 0.70
FSANX Fidelity Asset Manager® 60% 0.09 4.96 11.14 5.96 .n/a 3.01 10/09/07 .n/a 0.78
FASGX Fidelity Asset Manager® 70% 0.38 6.00 13.12 5.53 5.38 7.66 12/30/91 .n/a 0.77
FAMRX Fidelity Asset Manager® 85% 0.99 7.84 16.12 5.41 7.48 4.78 9/24/99 .n/a 0.82
For explanations of symbols and important disclosures, please see last page(s) of this report. continued
s The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period.
A S O F J U N E 3 0 , 2 0 1 3
UNDERSTANDING INVESTMENT PERFORMANCE
As you review this update, please remember that the performance data stated represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gainor loss when you sell your shares. Current performance may be higher or lower than the performance stated. To learn more or toobtain the most recent month-end performance, call Fidelity at 1-800-343-0860 or visit www.mysavingsatwork.com(log in, choose plan, select “Investment Choices & Research,” and then pick investment option).
F I D E L I T Y I N V E S T M E N T S ® M U T U A L F U N D SI N V E S T M E N T O P T I O N S
P E R F O R M A N C E U P D A T E
Cumulative Average Annual Total Returns % Total Returns %_|_ ___|___| | | |
Short-TermFund 7-Day 3 1 5 10 Life of Fund Trading Fee Expense Expense
ID Name Yields Month YTD Year Year Year Fund Inception (%/Days) RatioG Cap
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
98
A S O F J U N E 3 0 , 2 0 1 3
Cumulative Average Annual Total Returns % Total Returns %_|_ ___|___| | | |
Short-TermFund 7-Day 3 1 5 10 Life of Fund Trading Fee Expense Expense
ID Name Yields Month YTD Year Year Year Fund Inception (%/Days) RatioG Cap
MONEY MARKET FUNDS*
FDRXX Fidelity Cash Reserves 0.01 0.00 0.00 0.01 0.39 1.76 5.42 5/10/79 .n/a 0.38
SPAXX Fidelity Government Money Market 0.01 0.00 0.00 0.01 0.25 1.64 3.36 2/05/90 .n/a 0.42
SPRXX Fidelity Money Market 0.01 0.00 0.01 0.01 0.39 1.77 3.72 1/23/89 .n/a 0.42
FGMXX Fidelity Money Market Trust Retirement
Government Money Market 0.01 0.00 0.01 0.01 0.25 1.65 3.60 12/16/88 .n/a 0.42
FRTXX Fidelity Money Market Trust Retirement
Money Market 0.01 0.00 0.01 0.01 0.39 1.78 3.71 12/02/88 .n/a 0.42
FSLXX Fidelity Select Money Market 0.01 0.00 0.01 0.04 0.45 1.82 3.97 8/30/85 .n/a 0.30
FDLXX Fidelity Treasury Only Money MarketH 0.01 0.00 0.01 0.01 0.11 1.41 3.49 1/05/88 .n/a 0.42
FGRXX Fidelity U.S. Government Reserves 0.01 0.00 0.01 0.01 0.28 1.69 4.58 11/03/81 .n/a 0.32
BOND FUNDSâ
FCONX Fidelity Conservative Income Bond 0.03 0.28 0.77 .n/a .n/a 0.73 3/03/11 .n/a 0.40
FCBFX Fidelity Corporate Bond -3.64 -3.68 0.93 .n/a .n/a 7.13 5/04/10 .n/a 0.45
FGMNX Fidelity GNMA -2.93 -2.77 -1.74 5.36 4.73 6.77 11/08/85 .n/a 0.45
FGOVX Fidelity Government Income -2.16 -2.24 -1.30 4.61 4.17 7.69 4/04/79 .n/a 0.45
FINPX Fidelity Inflation-Protected Bond -7.21 -7.62 -5.27 3.87 4.47 5.33 6/26/02 .n/a 0.45
FFXSX Fidelity Institutional Short-Intermediate Government -0.79 -0.58 -0.10 2.79 2.95 5.46 11/10/86 .n/a 0.45
FTHRX Fidelity Intermediate Bond -1.92 -1.57 0.66 5.47 4.03 7.75 5/23/75 .n/a 0.45
FSTGX Fidelity Intermediate Government Income -1.58 -1.42 -0.66 3.84 3.61 5.79 5/02/88 .n/a 0.45
FBNDX Fidelity Investment Grade Bond -2.62 -2.64 0.04 5.66 4.21 7.29 8/06/71 .n/a 0.45
FMSFX Fidelity Mortgage Securities -2.42 -2.36 -0.62 5.37 3.89 6.93 12/31/84 .n/a 0.45
FSHBX Fidelity Short-Term Bond -0.39 -0.20 0.99 2.42 2.20 4.84 9/15/86 .n/a 0.45
FSICX Fidelity Strategic Income -2.48 -2.16 3.76 7.68 7.13 7.20 5/01/98 .n/a 0.70
FTBFX Fidelity Total Bond -2.49 -2.22 0.65 6.46 5.01 5.53 10/15/02 .n/a 0.45
FUSFX Fidelity Ultra-Short Bond -0.17 0.01 0.73 0.52 0.02 0.20 8/29/02 0.25/60 0.45
FSIYX Spartan® Inflation-Protected Bond Index -
Fidelity Advantage Class -7.21 -7.48 -5.06 .n/a .n/a -3.92 5/16/12 .n/a 0.10
FIBAX Spartan® Intermediate Treasury Bond Index -
Fidelity Advantage Class -3.67 -3.39 -2.72 5.73 .n/a 5.95 12/20/05 .n/a 0.10
FLBAX Spartan® Long-Term Treasury Bond Index -
Fidelity Advantage Class -5.65 -7.41 -8.42 7.52 .n/a 6.86 12/20/05 .n/a 0.10
FSBAX Spartan® Short-Term Treasury Bond Index -
Fidelity Advantage Class -0.66 -0.53 -0.16 2.69 .n/a 3.64 12/20/05 .n/a 0.10
FSITX Spartan® U.S. Bond Index - Fidelity Advantage Classvm -2.52 -2.57 -0.93 4.93 4.23 6.64 3/08/90 .n/a 0.17
BOND FUNDS - HIGH YIELDâ
FAGIX Fidelity Capital & Income -1.47 2.10 10.48 10.06 9.26 10.18 11/01/77 1.00/90 0.73
FFRHX Fidelity Floating Rate High Incomew -0.27 1.21 4.78 4.84 4.50 4.47 8/16/00 1.00/60 0.71
FHIFX Fidelity Focused High Income -1.93 -0.19 5.35 7.55 .n/a 6.18 9/08/04 1.00/90 0.81
FGHNX Fidelity Global High Income -1.65 -0.19 9.29 .n/a .n/a 5.12 5/11/11 1.00/90 0.96
SPHIX Fidelity High Income -2.05 0.77 8.19 9.35 8.23 9.35 8/29/90 1.00/90 0.72
BOND FUNDS - INTERNATIONAL/GLOBAL††â
FNMIX Fidelity New Markets Income -6.20 -7.87 2.32 9.35 9.66 11.63 5/04/93 1.00/90 0.87
For explanations of symbols and important disclosures, please see last page(s) of this report. continued
s The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period.
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
99
A S O F J U N E 3 0 , 2 0 1 3
Cumulative Average Annual Total Returns % Total Returns %_|_ ___|___| | | |
Short-TermFund 3 1 5 10 Life of Fund Trading Fee Expense Expense
ID Name Month YTD Year Year Year Fund Inception (%/Days) RatioG Cap
BALANCED/HYBRID FUNDSFBALX Fidelity Balanced 0.93 6.88 12.57 5.61 7.63 9.18 11/06/86 .n/a 0.60
FFNOX Fidelity Four-in-One Indexm 1.08 8.80 17.13 5.41 7.18 4.00 6/29/99 .n/a 0.24
FDYSX Fidelity Global Strategies -2.40 0.75 5.14 2.87 .n/a 1.79 10/31/07 .n/a 1.21
FPURX Fidelity Puritan® 0.58 6.38 12.03 6.23 6.92 11.00 4/16/47 .n/a 0.59
FSRRX Fidelity Strategic Real Return -4.55 -2.77 1.12 2.33 .n/a 3.64 9/07/05 0.75/60 0.75
BALANCED/HYBRID FUNDS - CONVERTIBLE SECURITIESFCVSX Fidelity Convertible Securities 2.33 10.31 22.59 3.61 7.96 11.04 1/05/87 .n/a 0.76
BALANCED/HYBRID FUNDS - INTERNATIONAL/GLOBAL††
FGBLX Fidelity Global Balanced -0.99 2.56 9.52 4.02 8.54 7.94 2/01/93 1.00/30 1.04
DOMESTIC EQUITY FUNDS - LARGE-CAP VALUEFBCVX Fidelity Blue Chip Value 3.44 16.51 26.06 2.22 5.21 4.82 6/17/03 .n/a 0.77
FEQTX Fidelity Equity Dividend Income 2.72 14.32 20.45 4.93 5.58 10.10 8/21/90 .n/a 0.67
FEQIX Fidelity Equity-Income 3.15 14.30 23.61 5.39 6.46 11.53 5/16/66 .n/a 0.68
FLVEX Fidelity Large Cap Value Enhanced Index 2.94 15.73 26.38 6.09 .n/a 1.80 4/19/07 .n/a 0.47
FSLVX Fidelity Stock Selector Large Cap Value 3.34 16.23 25.60 3.58 6.57 4.94 11/15/01 .n/a 0.57
FSDIX Fidelity Strategic Dividend & Income® 0.75 9.58 15.62 6.34 .n/a 6.72 12/23/03 .n/a 0.81
DOMESTIC EQUITY FUNDS - LARGE-CAP BLENDFDEQX Fidelity Disciplined Equity 2.28 14.24 22.28 2.73 6.13 9.83 12/28/88 .n/a 0.54
FDGFX Fidelity Dividend Growth 1.77 11.30 21.46 7.67 5.87 10.35 4/27/93 .n/a 0.93
FGRIX Fidelity Growth & Income 4.49 15.55 25.47 3.70 2.97 9.75 12/30/85 .n/a 0.71
FLCEX Fidelity Large Cap Core Enhanced Index 3.43 14.36 21.55 6.63 .n/a 3.65 4/19/07 .n/a 0.45
FLCSX Fidelity Large Cap Stock 4.93 16.24 27.87 9.36 7.98 7.69 6/22/95 .n/a 0.85
FGRTX Fidelity Mega Cap Stock 4.53 14.38 24.17 7.98 6.90 3.84 12/28/98 .n/a 0.76
FVDFX Fidelity Value Discovery 4.55 15.79 23.96 5.72 8.56 8.99 12/10/02 .n/a 0.87
FUSVX Spartan® 500 Index - Fidelity Advantage Class§m 2.90 13.80 20.55 6.99 7.25 9.70 2/17/88 .n/a 0.07
FSTVX Spartan® Total Market Index - Fidelity Advantage Class§m 2.78 14.15 21.42 7.38 8.00 5.78 11/05/97 0.50/90 0.07
DOMESTIC EQUITY FUNDS - LARGE-CAP GROWTHFBGRX Fidelity Blue Chip Growth 4.09 13.52 20.89 9.02 7.33 10.68 12/31/87 .n/a 0.90
FDCAX Fidelity Capital Appreciation 2.19 12.76 19.87 7.37 8.59 10.55 11/26/86 .n/a 0.96
FCNTX Fidelity Contrafund® 2.05 11.42 16.79 5.98 9.88 12.28 5/17/67 .n/a 0.74
FEXPX Fidelity Export and Multinational 0.84 10.19 16.69 3.52 7.43 11.57 10/04/94 0.75/30 0.82
FFTYX Fidelity Fifty® 1.70 12.53 19.41 3.10 5.55 9.11 9/17/93 .n/a 0.94
FTQGX Fidelity Focused Stock 1.79 12.34 19.50 6.90 10.16 6.16 11/12/96 .n/a 0.93
FFIDX Fidelity Fund 1.25 11.06 16.85 4.04 6.88 9.92 4/30/30 .n/a 0.58
FDGRX Fidelity Growth Company 3.89 12.70 18.01 7.43 10.39 12.81 1/17/83 .n/a 0.90
FDSVX Fidelity Growth Discovery 3.20 11.75 15.83 4.11 7.09 5.85 3/31/98 .n/a 0.81
FDFFX Fidelity Independence 2.13 12.73 22.96 0.11 7.95 11.39 3/25/83 .n/a 0.78
FLGEX Fidelity Large Cap Growth Enhanced Index 2.44 13.06 17.37 7.49 .n/a 4.86 4/19/07 .n/a 0.45
FMAGX Fidelity Magellan® 2.84 12.23 20.03 1.30 4.42 16.10 5/02/63 .n/a 0.51
FNCMX Fidelity® NASDAQ Composite Index® Fundm 4.46 13.27 17.35 9.21 .n/a 7.34 9/25/03 0.75/90 0.58
FMILX Fidelity New Millennium Fund® 3.05 14.88 21.72 9.55 9.49 13.63 12/28/92 .n/a 0.96
For explanations of symbols and important disclosures, please see last page(s) of this report. continued
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A S O F J U N E 3 0 , 2 0 1 3
Cumulative Average Annual Total Returns % Total Returns %_|_ ___|___| | | |
Short-TermFund 3 1 5 10 Life of Fund Trading Fee Expense Expense
ID Name Month YTD Year Year Year Fund Inception (%/Days) RatioG Cap
DOMESTIC EQUITY FUNDS - LARGE-CAP GROWTH (CONTINUED)
FOCPX Fidelity OTC 8.64 16.39 21.36 9.22 10.32 12.76 12/31/84 .n/a 0.91
FDSSX Fidelity Stock Selector All Cap 2.89 13.03 21.49 5.13 6.90 10.03 9/28/90 .n/a 0.73
FTRNX Fidelity Trend 2.15 9.82 17.19 7.23 8.48 11.48 6/16/58 .n/a 0.89
DOMESTIC EQUITY FUNDS - MID-CAP VALUE'
FSMVX Fidelity Mid Cap Value 1.98 18.76 29.76 8.71 10.28 9.01 11/15/01 0.75/30 0.85
FDVLX Fidelity Value 3.18 16.98 31.44 7.15 9.37 12.38 12/01/78 .n/a 0.68
DOMESTIC EQUITY FUNDS - MID-CAP BLEND'
FLVCX Fidelity Leveraged Company Stock 3.20 15.95 32.67 2.39 12.30 13.51 12/19/00 1.50/90 0.86
FLPSX Fidelity Low-Priced Stock 4.45 15.29 27.05 9.80 11.30 14.34 12/27/89 1.50/90 0.88
FMEIX Fidelity Mid Cap Enhanced Index 2.17 16.53 26.99 8.11 .n/a 6.05 12/20/07 0.75/30 0.62
FSLSX Fidelity Value Strategies 2.01 12.32 27.13 8.30 9.18 11.81 12/31/83 .n/a 0.89
FSEVX Spartan® Extended Market Index -
Fidelity Advantage Class§ 2.36 15.80 25.39 9.06 10.62 7.18 11/05/97 0.75/90 0.07
FSCKX Spartan® Mid Cap Index - Fidelity Advantage Classm 2.16 15.40 25.30 .n/a .n/a 20.97 9/08/11 0.75/30 0.22
DOMESTIC EQUITY FUNDS - MID-CAP GROWTH'
FDEGX Fidelity Growth Strategies 3.71 15.93 23.55 4.23 6.57 8.14 12/28/90 1.50/90 0.73
FMCSX Fidelity Mid-Cap Stock 2.83 16.34 23.07 6.23 9.32 11.42 3/29/94 0.75/30 0.66
FSSMX Fidelity Stock Selector Mid Cap6 1.94 12.72 22.80 4.30 7.98 10.59 2/20/96 .n/a 0.59
DOMESTIC EQUITY FUNDS - SMALL-CAP VALUE©
FCPVX Fidelity Small Cap Value -0.21 16.25 28.36 13.82 .n/a 10.96 11/03/04 1.50/90 1.13
DOMESTIC EQUITY FUNDS - SMALL-CAP BLEND©
FSCRX Fidelity Small Cap Discovery 0.77 16.68 33.41 17.83 12.91 11.43 9/26/00 1.50/90 1.06
FCPEX Fidelity Small Cap Enhanced Index 2.06 14.33 26.00 9.10 .n/a 6.16 12/20/07 1.50/90 0.76
FSLCX Fidelity Small Cap Stock 0.36 9.79 17.21 6.07 8.77 8.15 3/12/98 2.00/90 0.72
FDSCX Fidelity Stock Selector Small Cap 2.44 14.73 22.03 6.38 8.28 7.81 6/28/93 1.50/90 1.07
FSSVX Spartan® Small Cap Index - Fidelity Advantage Classm 3.12 15.86 24.25 .n/a .n/a 22.42 9/08/11 1.50/90 0.33
DOMESTIC EQUITY FUNDS - SMALL-CAP GROWTH©
FCPGX Fidelity Small Cap Growth 3.37 18.49 23.89 7.82 .n/a 9.73 11/03/04 1.50/90 1.03
INTERNATIONAL/GLOBAL FUNDS††
FICDX Fidelity Canada -4.86 -2.71 5.05 -2.80 10.70 9.88 11/17/87 1.50/90 0.77
FHKCX Fidelity China Region 0.91 1.27 19.31 4.81 13.26 9.09 11/01/95 1.50/90 1.04
FDIVX Fidelity Diversified International 0.48 4.91 18.28 -1.09 7.97 8.51 12/27/91 1.00/30 1.01
FSEAX Fidelity Emerging Asia -6.04 -6.32 8.10 0.50 13.15 7.12 4/19/93 1.50/90 0.94
FEMEX Fidelity Emerging Europe, Middle East, Africa (EMEA) -5.10 -9.02 3.34 -0.52 .n/a -1.89 5/08/08 1.50/90 1.37
FIEUX Fidelity Europe 0.68 4.77 23.23 -0.77 9.53 8.87 10/01/86 1.00/30 0.83
FECAX Fidelity Europe Capital Appreciation 0.61 4.26 24.28 -1.02 8.09 8.46 12/21/93 1.00/30 0.95
FGBFX Fidelity Global Bondm -2.97 -5.16 -2.89 .n/a .n/a -2.00 5/22/12 .n/a 1.28
FGILX Fidelity Global Equity Income 1.33 8.32 17.10 .n/a .n/a 11.09 5/02/12 1.00/30 2.18
FINUX Fidelity International Bondm -3.05 -6.30 -3.03 .n/a .n/a -2.04 5/22/12 .n/a 1.26
FIVFX Fidelity International Capital Appreciation -2.65 3.39 18.34 2.32 6.61 5.81 11/01/94 1.00/30 1.22
For explanations of symbols and important disclosures, please see last page(s) of this report. continued
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A S O F J U N E 3 0 , 2 0 1 3
Cumulative Average Annual Total Returns % Total Returns %_|_ ___|___| | | |
Short-TermFund 3 1 5 10 Life of Fund Trading Fee Expense Expense
ID Name Month YTD Year Year Year Fund Inception (%/Days) RatioG Cap
INTERNATIONAL/GLOBAL FUNDS†† (CONTINUED)
FIGRX Fidelity International Discovery -0.32 4.90 20.36 -0.24 8.95 7.79 12/31/86 1.00/30 1.01
FIENX Fidelity International Enhanced Index -0.38 4.33 19.64 -1.16 .n/a -2.70 12/20/07 1.00/30 0.63
FIGFX Fidelity International Growth -1.93 4.32 15.49 3.17 .n/a 0.34 11/01/07 1.00/30 1.28
FISMX Fidelity International Small Cap 1.03 11.20 25.95 3.09 12.96 14.95 9/18/02 2.00/90 1.36
FSCOX Fidelity International Small Cap Opportunities 0.50 6.89 22.90 0.32 .n/a 4.86 8/02/05 2.00/90 1.47
FIVLX Fidelity International Value -0.51 3.96 19.90 -2.23 .n/a -0.38 5/18/06 1.00/30 1.13
FJPNX Fidelity Japan 3.37 15.56 19.95 -0.93 5.43 3.62 9/15/92 1.50/90 1.09
FJSCX Fidelity Japan Smaller Companies 7.27 35.06 44.34 6.35 7.83 4.75 11/01/95 1.50/90 1.05
FLATX Fidelity Latin America -14.48 -15.98 -11.93 -7.09 16.59 9.22 4/19/93 1.50/90 1.02
FNORX Fidelity Nordic 0.60 10.13 26.80 -0.30 11.47 10.26 11/01/95 1.50/90 1.08
FOSFX Fidelity Overseas 0.23 5.88 22.11 -1.80 7.31 10.04 12/04/84 1.00/30 0.69
FPBFX Fidelity Pacific Basin 0.00 10.90 25.13 5.41 11.36 6.67 10/01/86 1.50/90 1.28
FTIEX Fidelity Total International Equity -2.76 0.82 15.67 -0.20 .n/a -3.07 11/01/07 1.00/30 1.16
FWWFX Fidelity Worldwide 0.91 8.85 19.93 3.22 8.90 7.52 5/30/90 1.00/30 1.11
FSGDX Spartan® Global ex U.S. Index - Fidelity Advantage Classm -3.01 -0.82 13.16 .n/a .n/a 6.20 9/08/11 1.00/90 0.28
FSIVX Spartan® International Index - Fidelity Advantage Class§m -0.81 3.44 18.68 -0.38 7.70 4.56 11/05/97 1.00/90 0.17
INTERNATIONAL/GLOBAL FUNDS - EMERGING MARKETS††
FEMKX Fidelity Emerging Markets -6.25 -4.35 7.60 -4.27 12.42 4.87 11/01/90 1.50/90 1.09
FEDDX Fidelity Emerging Markets Discovery -6.52 -5.84 12.35 .n/a .n/a 11.79 11/01/11 2.00/90 3.07
FTEMX Fidelity Total Emerging Marketsm -7.12 -9.08 3.18 .n/a .n/a 3.02 11/01/11 1.50/90 1.60
FPMAX Spartan® Emerging Markets Index -
Fidelity Advantage Classm -7.64 -10.25 2.00 .n/a .n/a -3.31 9/08/11 1.50/90 0.35
SPECIALTY / SELECT FUNDSä
FFGCX Fidelity Global Commodity Stock -13.79 -16.81 -7.90 .n/a .n/a 5.94 3/25/09 1.00/30 1.10
FIREX Fidelity International Real Estate -1.68 4.20 28.57 2.10 .n/a 5.53 9/08/04 1.50/90 1.19
FRIFX Fidelity Real Estate Income -1.88 3.70 12.14 10.48 7.45 8.08 2/04/03 0.75/90 0.90
FRESX Fidelity Real Estate Investment -1.61 5.80 8.44 7.94 10.78 10.43 11/17/86 0.75/90 0.84
FSAIX Fidelity Select Air Transportation 1.20 19.00 27.78 16.61 10.45 10.36 12/16/85 0.75/30 0.94
FSAVX Fidelity Select Automotive 14.40 23.14 47.01 13.84 8.27 8.95 6/30/86 0.75/30 0.91
FSRBX Fidelity Select Banking 7.33 18.44 23.98 7.14 1.60 9.68 6/30/86 0.75/30 0.85
FBIOX Fidelity Select Biotechnology 7.11 28.93 37.25 18.42 12.47 13.26 12/16/85 0.75/30 0.81
FSLBX Fidelity Select Brokerage and Investment Management 7.73 20.62 40.15 5.54 7.67 11.08 7/29/85 0.75/30 1.79
FSCHX Fidelity Select Chemicals 1.15 6.28 19.81 9.70 16.05 14.11 7/29/85 0.75/30 0.83
FSDCX Fidelity Select Communications Equipment¥ 3.40 8.80 23.32 5.07 7.39 9.76 6/29/90 0.75/30 0.93
FDCPX Fidelity Select Computers 0.66 11.52 12.59 11.01 9.34 11.73 7/29/85 0.75/30 0.85
FSHOX Fidelity Select Construction and Housing 2.03 12.12 31.62 13.79 11.06 11.65 9/29/86 0.75/30 0.86
FSCPX Fidelity Select Consumer Discretionary¥ 6.99 19.35 26.90 14.67 8.25 9.80 6/29/90 0.75/30 0.86
FSVLX Fidelity Select Consumer Finance 4.69 15.89 29.90 0.51 -4.65 8.76 12/16/85 0.75/30 0.89
FDFAX Fidelity Select Consumer Staples¥ -0.73 11.21 17.03 10.88 11.61 13.35 7/29/85 0.75/30 0.81
FSDAX Fidelity Select Defense and Aerospace 5.80 17.70 27.33 10.72 12.81 11.27 5/08/84 0.75/30 0.84
FSELX Fidelity Select Electronics 4.97 17.73 15.76 7.48 6.05 10.11 7/29/85 0.75/30 0.84
FSENX Fidelity Select Energy -0.99 9.77 20.81 -5.42 12.72 9.23 7/14/81 0.75/30 0.82
FSESX Fidelity Select Energy Service 0.96 12.98 27.21 -8.48 10.65 9.15 12/16/85 0.75/30 0.82
For explanations of symbols and important disclosures, please see last page(s) of this report. continued
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102
A S O F J U N E 3 0 , 2 0 1 3
Cumulative Average Annual Total Returns % Total Returns %_|_ ___|___| | | |
Short-TermFund 3 1 5 10 Life of Fund Trading Fee Expense Expense
ID Name Month YTD Year Year Year Fund Inception (%/Days) RatioG Cap
SPECIALTY / SELECT FUNDSä (CONTINUED)
FSLEX Fidelity Select Environment and Alternative Energy 2.75 12.09 25.19 2.56 6.03 3.48 6/29/89 0.75/30 0.99
FIDSX Fidelity Select Financial Services 6.23 14.04 26.76 1.84 0.97 11.28 12/10/81 0.75/30 0.96
FSAGX Fidelity Select Gold -37.37 -48.05 -46.52 -12.42 4.40 5.19 12/16/85 0.75/30 0.93
FSPHX Fidelity Select Health Care 5.54 20.93 29.40 13.92 9.94 15.50 7/14/81 0.75/30 0.79
FSCGX Fidelity Select Industrial Equipment 0.23 8.86 19.30 6.58 10.87 9.58 9/29/86 0.75/30 0.82
FCYIX Fidelity Select Industrials¥ 1.52 14.29 25.67 9.42 12.94 9.84 3/03/97 0.75/30 0.85
FSPCX Fidelity Select Insurance 6.86 22.56 35.83 9.05 5.48 10.98 12/16/85 0.75/30 0.87
FBSOX Fidelity Select IT Services¥ 3.95 19.26 27.90 13.63 12.84 11.09 2/04/98 0.75/30 0.86
FDLSX Fidelity Select Leisure 3.51 16.99 21.46 15.87 11.22 13.97 5/08/84 0.75/30 0.85
FSDPX Fidelity Select Materials¥ -2.69 2.92 15.19 5.29 14.46 10.27 9/29/86 0.75/30 0.85
FSHCX Fidelity Select Medical Delivery 7.85 15.97 14.97 12.78 14.04 11.52 6/30/86 0.75/30 0.84
FSMEX Fidelity Select Medical Equipment and Systems 3.40 17.71 20.10 8.56 10.05 12.48 4/28/98 0.75/30 0.83
FBMPX Fidelity Select Multimedia 5.95 20.75 37.64 17.38 10.08 12.78 6/30/86 0.75/30 0.88
FSNGX Fidelity Select Natural Gas -3.47 6.64 11.97 -9.62 9.52 8.65 4/21/93 0.75/30 0.87
FNARX Fidelity Select Natural Resources -3.85 4.53 15.53 -5.51 12.82 9.76 3/03/97 0.75/30 0.86
FPHAX Fidelity Select Pharmaceuticals 3.95 17.15 22.70 14.76 9.98 6.67 6/18/01 0.75/30 0.85
FSRPX Fidelity Select Retailing 8.99 17.67 26.44 19.71 12.53 13.14 12/16/85 0.75/30 0.86
FSCSX Fidelity Select Software and Computer Services 6.69 17.51 22.75 12.61 11.90 15.21 7/29/85 0.75/30 0.82
FSPTX Fidelity Select Technology 2.83 7.81 12.03 9.85 8.65 11.87 7/14/81 0.75/30 0.81
FSTCX Fidelity Select Telecommunications 5.02 10.58 20.03 8.52 8.22 10.47 7/29/85 0.75/30 0.87
FSRFX Fidelity Select Transportation 1.81 20.76 22.92 11.61 11.25 12.32 9/29/86 0.75/30 0.89
FSUTX Fidelity Select Utilities¥ -3.20 10.64 10.86 2.36 9.33 11.15 12/10/81 0.75/30 0.83
FWRLX Fidelity Select Wireless 0.11 6.63 21.34 7.01 13.16 0.57 9/21/00 0.75/30 0.90
FIUIX Fidelity Telecom and Utilities -1.23 8.63 11.53 4.76 8.74 8.93 11/27/87 .n/a 0.83
FSRVX Spartan® Real Estate Index - Fidelity Advantage Classm -1.29 5.68 7.57 .n/a .n/a 14.52 9/08/11 0.75/90 0.20
MARKET INDICATORS^̂
For comparison purposes only. It is not possible to invest directly in these indicators.
Barclays U.S. Intermediate Government/
Credit Bond Index -1.70 -1.45 0.28 4.57 4.03
Dow Jones Industrial Average 2.92 15.20 18.87 8.64 7.92
MSCI EAFE® Index (Net MA) -0.89 4.22 18.75 -0.49 7.84
Standard & Poor’s 500SM Index 2.91 13.82 20.60 7.01 7.30
Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fundfigures are reported as of the inception date to the period indicated. These figures do not include the effects of sales charges, if any, as these charges are waived for contributions made throughyour company’s employee benefit plan. If sales charges were included, returns would have been lower.
With the exception of domestic equity mutual funds, investment options have been assigned to investment categories based on Fidelity’s analysis. Fidelity has verified the accuracy of theplacement of certain third-party non-mutual funds with either the plan sponsor or the plan sponsor’s consultant. Within Domestic Equities, mutual funds are listed according to their actualMorningstar categories as of the date indicated. Morningstar categories are based on a fund’s style as measured by its underlying portfolio holdings over the past 3 years and may change at anytime. These style calculations do not represent the funds’ objectives and do not predict the funds’ future styles.
For explanations of symbols and important disclosures, please see last page(s) of this report. continued
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A S O F J U N E 3 0 , 2 0 1 3
SPECIFIC FUNDS
G For a mutual fund, the expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percent of the fund’s totalnet assets. Where the investment option is not a mutual fund, the figure displayed in the expense ratio field is intended to reflect similar information. However, it may have beencalculated using methodologies that differ from those used for mutual funds. Mutual fund data has been drawn from the most recent prospectus. For non-mutual fund investment options,the information has been provided by the trustee or plan sponsor. When no ratio is shown for these options it is due to the fact that none was available. Nevertheless, there may be feesand expenses associated with the investment option.
H Formerly known as Fidelity U.S. Treasury Money Market (5/01/13).
v On May 4, 2011, an initial offering of the Fidelity Advantage Share Class took place. Returns prior to that date are those of the Investor Class and reflect the Investors Class’ expense ratio.Had the Fidelity Advantage Class’ expense ratio been reflected, total returns would have been higher.
m Fidelity is temporarily reimbursing a portion of the fund’s expenses. Absent such reimbursement, returns would have been lower.
w Total returns shown prior to September 19, 2002, are those of Fidelity Advisor Floating Rate High Income Fund Institutional Class, which commenced operations on August 16, 2000. Totalreturns shown since September 19, 2002 are Fidelity Floating Rate High Income Fund.
§ Initial offering of the Fidelity Advantage Share Class took place on October 17, 2005. Returns prior to that date are those of the Investor Class and reflect the Investors Class’ expenseratio. Had the Fidelity Advantage Class’ expense ratio been reflected, total returns would have been higher.
6 Total returns shown prior to June 6, 2012, are those of Fidelity Advisor Stock Selector Mid Cap-Class I, which commenced operations on February 20, 1996. Total returns shown since June6, 2012 are Fidelity Stock Selector Mid Cap Fund.
¥ Prior to 10/1/2006 these Fidelity® Select Portfolios® operated under certain different investment policies, and compared their performance to different benchmarks. The fund’s historicalperformance might not represent its current investment policies.
MARKET INDICATORS
^̂ Indices are unmanaged and you cannot invest directly in an index.Barclays U.S. Intermediate Government/Credit Bond Index is a market value-weighted index of investment-grade fixed-rate debt securities with maturities from one up to (but notincluding) ten years from the U.S. Treasury, U.S. Government-Related, and U.S. Corporate Indices. Barclays Capital market indicators changed to Barclays (3/16/12).Dow Jones Industrial Average, published by Dow Jones & Company, is a price-weighted index that serves as a measure of the entire U.S. market. The index comprises 30 activelytraded stocks, covering such diverse industries as financial services, retail, entertainment, and consumer goods.Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE®) Index (Net MA) is a market capitalization-weighted index that is designed to measure theinvestable equity market performance for global investors in developed markets, excluding the US & Canada. Index returns are adjusted for tax withholding rates applicable to U.S. basedmutual funds organized as Massachusetts business trusts.The S&P 500® Index is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates. It is anunmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends.
INVESTMENT RISK
à These target date funds are designed for investors expecting to retire around the year indicated in each target date fund. The target date funds are managed to gradually become moreconservative over time. The investment risks of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, includingequity and fixed income investments in the U.S. and abroad and may be subject to risks associated with investing in high yield, small cap and foreign securities. Principal invested is notguaranteed at any time, including at or after their target dates.
* An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve thevalue of your investment at $1 per share, it is possible to lose money by investing in these funds.
â Although bonds generally present less short-term risk and volatility than stocks, the bond market is volatile and bond funds do entail interest rate risk (as interest rates rise, bond pricesusually fall, and vice versa). This effect is usually more pronounced for longer-term securities. Bond funds also entail issuer credit risk, and the risk of default, or the risk that an issuer willbe unable to make income or principal payments. Additionally, bond funds and short-term investments entail greater inflation risk, or the risk that the return of an investment will not keepup with increases in the prices of goods and services, than stocks. The fund may invest in lower-quality debt securities that generally offer higher yields, but also involve greater risk ofdefault or price changes due to potential changes in the credit quality of the issuer.
†† Foreign investments, especially those in emerging markets, involve greater risk and may offer greater potential returns than U.S. investments. This risk includes political and economicuncertainties of foreign countries, as well as the risk of currency fluctuation.
' Investments in mid-sized companies may involve greater risks than those of larger, more well-known companies, but may be less volatile than investments in smaller companies.
© Investments in smaller companies may involve greater risks than those of larger, more well-known companies.
ä Because of their narrow focus, sector funds may be more volatile than funds that diversify across many sectors.
Before investing in any mutual fund, consider the investment objectives, risks, chargesand expenses. Contact Fidelity for a prospectus or, if available, a summary prospectuscontaining this information. Read it carefully.
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104
Preference Plus�
Account - TSA
Variable Investment Option Performance Update
Metropolitan Life Insurance Company
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? @ 6 7 A 5 @ 8 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 D F G U U I O G U L I K G H K I H G P J I U G F K I N G O N I J U Q J F Q P J J UV 3 A W 5 C 3 R 4 @ S A T Z A 4 7 A 3 X [ B @ 4 A C @ ? 5 @ D E ? 7 < < > \ F U ] D P G F N I F J G U P I F K G P J I F F G U F I U G P P I O G N J I J N Q P L Q P J J LV 3 A W 5 C 3 V @ ; 3 4 7 A 3 1 ? ? @ 6 7 A 5 @ 8 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 D F G L P I H G O N I F F G O K I M G U M I U G J L I N G N U I J U Q J F Q P J J UV 3 A W 5 C 3 V @ ; 3 4 7 A 3 A @ 1 X X 4 3 < < 5 Y 3 1 ? ? @ 6 7 A 5 @ 8 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 D P G J J I F J G O L I F U G U P I F F G M U I N G L M I N G N O I J U Q J F Q P J J UZ Z X 1 R 4 @ S A T 7 8 ; _ 8 6 @ 2 3 ` a 9 B @ 4 A C @ ? 5 @ D E ? 7 < < ` D P G P N I O G P U I K G L P I L G K M I U G F F I O G M L I J M Q O J Q P J J UZ Z X 1 R 4 @ S A T ` a 9 B @ 4 A C @ ? 5 @ D E ? 7 < < ` D P G U O I U G U H I F J G U K I F J G N H I N G L F I O G K N I J M Q O J Q P J J Ub , c ) ( * / - d e f / * gh i . j k ) l . m n 1 2 3 4 5 6 7 8 9 : 8 ; < = R 4 @ S A T 9 : 8 ; D E ? 7 < < P R 4 @ S A T D F G L F I F P G K H I F L G N J I F U G J H I U G J F I K G O J I J P Q J L Q F M L N1 2 3 4 5 6 7 8 9 : 8 ; < = R 4 @ S A T D _ 8 6 @ 2 3 9 : 8 ; D E ? 7 < < P > ? 3 8 ; D F G L F I F U G F O I F M G F U I F U G K L I U G P O I U G O O I J P Q J L Q F M L N> ? 7 6 o p @ 6 o E 7 q 5 A 7 ? 1 q q 4 3 6 5 7 A 5 @ 8 B @ 4 A C @ ? 5 @ D E ? 7 < < ` ^ \ F J ] R 4 @ S A T D F G K N I F J G L H I F P G J N I F P G L N I O G L H I U G P M I F J Q O F Q F M M N> ? 7 6 o p @ 6 o W 7 4 X 3 E 7 q E @ 4 3 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ \ P ] > ? 3 8 ; D O G O O I F N G L L I F H G L O I F K G N N I O G M H I N G N J I J K Q P N Q F M L O> ? 7 6 o p @ 6 o W 7 4 X 3 E 7 q r 7 ? : 3 B @ 4 A C @ ? 5 @ D E ? 7 < < ` ^ r 7 ? : 3 D N G F K I F K G J K I P F G N O I F K G L K I P G K M I N G H F I J N Q O J Q P J J PE ? 3 7 4 > 4 5 ; X 3 1 X X 4 3 < < 5 Y 3 R 4 @ S A T B @ 4 A C @ ? 5 @ D E ? 7 < < 1 \ F F ] R 4 @ S A T D P G J N I P N G M P I P H G H F I P O G H N I M G M N I K G U H I J U Q J F Q P J J Fs 7 Y 5 < r 3 8 A : 4 3 r 7 ? : 3 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ r 7 ? : 3 D O G P U I F K G U K I F M G L O I F O G U M I N G F N I U G U F I F J Q O F Q F M M Nt 7 8 : < 9 @ 4 A [ B @ 4 A C @ ? 5 @ D E ? 7 < < ` ^ R 4 @ S A T D F G J L I F F G K H I F P G K U I F N G P M I P G M J I H G L K I J U Q F K Q F M L Ot 3 8 8 5 < @ 8 R 4 @ S A T B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ \ F u H ] R 4 @ S A T D J G K P I F N G U J I F U G K J I F K G L O I K G M N I U G U L I J U Q J F Q P J J JV 3 A W 5 C 3 Z A @ 6 o _ 8 ; 3 v B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ > ? 3 8 ; D O G J F I F N G M L I F K G M K I F K G K U I U G H H I U G U N I J U Q J F Q F M M JV 9 Z = r 7 ? : 3 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ \ O u F P u F N ] r 7 ? : 3 D O G L O I F H G U K I P F G N L I F K G K U I U G H K I N G F L I F F Q J M Q F M M La G p @ S 3 B 4 5 6 3 W 7 4 X 3 E 7 q R 4 @ S A T B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ \ F L ] R 4 @ S A T D F G J K I F U G K F I F K G H M I F L G N J I H G O P I K G K J I F F Q J M Q F M M Lb , c ) ( * / - d e f / * gh w / x l . m n 9 4 @ 8 A 5 3 4 V 5 ; E 7 q R 4 @ S A T B @ 4 A C @ ? 5 @ D E ? 7 < < 1 \ L ] R 4 @ S A T D P G U F I F U G H J I F H G L O I F U G O O I O G M O I K G J H I J N Q P M Q F M L LW @ 4 ; 1 y y 3 A A V 5 ; E 7 q r 7 ? : 3 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ \ K ] r 7 ? : 3 D O G L J I F U G N L I P P G U N I F U G J F I U G O O I H G J L I F F Q J M Q F M M LV 3 A Q 1 4 A 5 < 7 8 V 5 ; E 7 q r 7 ? : 3 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 r 7 ? : 3 D P G H P I P J G M K I P K G M P I F L G L J I K G U P I N G H M I J N Q O J Q F M M OV 3 A W 5 C 3 V 5 ; E 7 q Z A @ 6 o _ 8 ; 3 v B @ 4 A C @ ? 5 @ D E ? 7 < < 1 > ? 3 8 ; D O G M J I F U G M K I P F G L L I F H G M O I H G L L I L G U P I J H Q J U Q P J J JV @ 4 X 7 8 Z A 7 8 ? 3 [ V 5 ; E 7 q R 4 @ S A T B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ \ N ] R 4 @ S A T D J G N U I P J G O L I P U G K P I F N G P U I F G J L I O G O O I J O Q J O Q F M M Ha G p @ S 3 B 4 5 6 3 V 5 ; E 7 q R 4 @ S A T B @ 4 A C @ ? 5 @ D E ? 7 < < 1 R 4 @ S A T D F G K U I F M G U M I P O G O H I F L G N O I M G O L I M G K F I J P Q F P Q P J J Fb , c ) ( * / - d e f / * gh z c . + + l . m n _ 8 Y 3 < 6 @ Z 2 7 ? 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E 7 q R 4 @ S A T B @ 4 A C @ ? 5 @ D E ? 7 < < 1 R 4 @ S A T D F G N K I P P G L H I P K G N J I P O G H N I F F G J H I L G M P I J O Q J O Q F M M H| . + . 0 - ) x > ? 7 6 o p @ 6 o s 5 Y 3 4 < 5 C 5 3 ; B @ 4 A C @ ? 5 @ D E ? 7 < < 1 D P G O F I H G L H I F J G F O I F F G U F I N G M F I N G O M I J H Q P U Q F M L KE 7 ? Y 3 4 A r B Z p _ > 7 ? 7 8 6 3 ; B @ 4 A C @ ? 5 @ D F G O L I L G J H I L G K L I F J G H M I N G O P I O G M U I J M Q O J Q F M L KV 9 Z = a @ A 7 ? p 3 A : 4 8 B @ 4 A C @ ? 5 @ D E ? 7 < < ` D P G U J I L G P U I F J G L O I M G H H I N G H N I N G H M I J H Q J F Q P J J P} 0 * ) j 0 . * / , 0 . + d e f / * g 1 2 3 4 5 6 7 8 9 : 8 ; < = R ? @ y 7 ? Z 2 7 ? ? E 7 q 5 A 7 ? 5 ~ 7 A 5 @ 8 9 : 8 ; D E ? 7 < < P D F G U U I F O G J P I P P G F P I L G H N I O G K U I L G K L I J N Q O J Q F M M L> 7 5 ? ? 5 3 R 5 C C @ 4 ; _ 8 A 3 4 8 7 A 5 @ 8 7 ? Z A @ 6 o B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ D F G N L I F G P P I F P G J N I O G J U I D O G P L I P G H L I J H Q J F Q F M M F� 7 4 4 5 < � 7 o 2 7 4 o _ 8 A 3 4 8 7 A 5 @ 8 7 ? B @ 4 A C @ ? 5 @ D E ? 7 < < ` ^ D P G F N I F N G L L I O N G H P I F O G N L I M G P U I M G H F I J F Q J P Q P J J PW @ @ 2 5 < Z 7 [ ? 3 < R ? @ y 7 ? V 7 4 o 3 A < B @ 4 A C @ ? 5 @ D E ? 7 < < > \ F O ] D P G J P I N G N H I L G N L I F F G N F I K G M K I K G J L I J N Q P L Q P J J KV 9 Z = p 3 < 3 7 4 6 T _ 8 A 3 4 8 7 A 5 @ 8 7 ? B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ D P G J P I U G L K I F U G P O I L G L M I F G N N I H G O J I J P Q F P Q P J J FV Z E _ ` 1 9 ` = _ 8 ; 3 v B @ 4 A C @ ? 5 @ D E ? 7 < < 1 D F G U K I K G F J I F K G K F I H G H O I J G P M I K G J J I F F Q J M Q F M M L� q q 3 8 T 3 5 2 3 4 R ? @ y 7 ? ` � : 5 A [ B @ 4 A C @ ? 5 @ D E ? 7 < < 1 \ F H ] D O G P P I M G U F I P J G L O I F P G K K I U G U H I H G N P I J O Q J O Q F M M H� / � ) x } 0 - , c ) 1 2 3 4 5 6 7 8 9 : 8 ; < = > @ 8 ; 9 : 8 ; D E ? 7 < < P _ 8 A 3 4 2 G D J G L U I D O G L M I D O G K F I F G F O I P G N J I P G K N I J N Q O J Q F M M H> 7 4 6 ? 7 [ < 1 X X 4 3 X 7 A 3 > @ 8 ; _ 8 ; 3 v B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ \ M ] _ 8 A 3 4 2 G D J G K U I D O G L O I D O G M L I J G M L I O G O O I O G P O I F F Q J M Q F M M L> ? 7 6 o p @ 6 o > @ 8 ; _ 8 6 @ 2 3 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ _ 8 A 3 4 2 G D J G U U I D P G L H I D F G U O I P G O N I N G J N I O G O L I J K Q P N Q F M L OW @ 4 ; 1 y y 3 A A > @ 8 ; s 3 y 3 8 A : 4 3 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 � 5 X T � 5 3 ? ; D F G J P I P G O J I U G M L I H G H N I L G P F I K G K J I J O Q J O Q F M M HV 3 A Q 9 4 7 8 o ? 5 8 W @ S s : 4 7 A 5 @ 8 a @ A 7 ? p 3 A : 4 8 B @ 4 A C @ ? 5 @ D E ? 7 < < > ^ Z T @ 4 A D J G O J I D J G H H I D J G J M I { 1 { 1 J G J P I J N Q P M Q P J F FB _ V E � _ 8 C ? 7 A 5 @ 8 B 4 @ A 3 6 A 3 ; > @ 8 ; B @ 4 A C @ ? 5 @ D E ? 7 < < ` _ 8 C ? A 8 B 4 @ A 6 A ; D F G U M I D M G N K I D L G O U I P G F M I O G O O I N G F K I J U Q J F Q P J J OB _ V E � a @ A 7 ? p 3 A : 4 8 B @ 4 A C @ ? 5 @ D E ? 7 < < 1 _ 8 A 3 4 2 G D F G J O I D N G J J I D P G K K I F G K H I U G K M I N G K U I J P Q F P Q P J J F� 3 < A 3 4 8 1 < < 3 A V 7 8 7 X 3 2 3 8 A Z A 4 7 A 3 X 5 6 > @ 8 ; � q q @ 4 A : 8 5 A 5 3 < B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ V : ? A 5 < 3 6 A @ 4 D F G J L I D P G N P I D J G J O I N G N L I H G K P I U G J L I F J Q O F Q F M M N� 3 < A 3 4 8 1 < < 3 A V 7 8 7 X 3 2 3 8 A � G Z G R @ Y 3 4 8 2 3 8 A B @ 4 A C @ ? 5 @ D E ? 7 < < 1 ^ _ 8 A 3 4 2 G R @ Y G D J G N N I D P G P J I D P G F O I J G H L I P G P M I F G M H I F J Q O F Q F M M Nz m ) - / . + * g E ? 7 4 5 @ 8 R ? @ y 7 ? p 3 7 ? ` < A 7 A 3 B @ 4 A C @ ? 5 @ D E ? 7 < < ` D N G H K I D O G U M I O G N M I L G U J I P G O F I U G O K I J N Q O J Q P J J N
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� ú � � � � � û � � � � � � � � � � � " � � � � � � # � � � � � � � � � ü �� ý û � � � û ý � � � þ � � û ÿ � û � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $ � � � � � �F G P H I P G N F I O G P O I O G L F I O G K O I J H Q J P Q F M M JF G P U I P G O L I O G J N I O G K O I O G U K I J H Q J P Q F M M J` � : 7 ? 5 ~ 3 4 � � V 3 A W 5 C 3 Z A @ 6 o _ 8 ; 3 v H G L U I M G O O I M G H L I N G M L I N G H J I J H Q J P Q F M M JK G M U I L G N L I L G M U I N G P K I U G F O I J H Q J P Q F M M J*Annualized for Investment Options/Portfolios in existence for more than one year.
Current performance may be lower or higher than the performance quoted.
17. Prior to the opening of business on April 29, 2013, the Oppenheimer Global Equity Portfolio of the Metropolitan Series Fund (MSF) merged with and into the Met/Templeton Growth Portfolio of Met Investors Series Trust
(MIST) and the Met/Templeton Growth Portfolio was renamed the MIST Oppenheimer Global Equity Portfolio. Values before April 29, 2013 reflect the performance of the Oppenheimer Global Equity Portfolio of the Metropolitan
Series Fund.
18. Effective April 29, 2013, RCM Technology Portfolio merged into T. Rowe Price Large Cap Growth Portfolio.
11. Prior to April 29, 2013, the ClearBridge Aggressive Growth Portfolio was known as Legg Mason ClearBridge Aggressive Growth Portfolio.
12. Effective April 29, 2013, the FI Value Leaders Portfolio merged into MFS® Value Portfolio.
13. Effective April 29, 2013, the Met/Franklin Income Portfolio merged into Loomis Sayles Global Markets Portfolio.
7. Effective April 30, 2012, the Oppenheimer Capital Appreciation Portfolio merged into the Jennison Growth Portfolio.
Asset allocation portfolios are "fund of funds" portfolios. Because of this two-tier structure, each asset allocation portfolio bears its own investment management fee and expenses as well as
its pro rata share of the management fee and expenses of the underlying portfolios. The Contract Owner may be able to realize lower aggregate expenses by investing directly in the underlying portfolios instead of investing in an asset allocation portfolio. In that case, you would not receive the asset allocation services provided by an investment adviser.� � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ! ! ! � � � � � � � � � � � � " � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � # � � � � � $ � % $ � � � & � � � � � ' � � � � � " � � � � � � � � � � � ( � � � � � $ � % � � � � � � � � � � � � � � � � � � � � � � � � � � $ � ! � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � $ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ( � � � � � $ � % $ � � � & � � � � � ' � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � & � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � & � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � & � � � � & � � � � � � � & � � � � � � � � � � � � � �
4. Effective May 3, 2010, the following investment portfolio merged: FI Mid Cap Opportunities Portfolio into Morgan Stanley Mid Cap Growth Portfolio. Performance for the Morgan Stanley Mid Cap Growth Portfolio consists of
the performance for the FI Mid Cap Opportunities Portfolio before and on April 30, 2010 and the Morgan Stanley Mid Cap Growth Portfolio after April 30, 2010.
5. As of May 2, 2011, the following portfolio merger took effect: MetLife Aggressive Allocation Portfolio into MetLife Aggressive Strategy Portfolio. Performance for the MetLife Aggressive Strategy Portfolio consists of the
performance of the MetLife Aggressive Allocation Portfolio before and on April 29, 2011 and the MetLife Aggressive Strategy Portfolio after April 29, 2011.
6. Effective April 30, 2012, the Lord Abbett Mid Cap Value Portfolio of the Metropolitan Series Fund merged into the Lord Abbett Mid Cap Value Portfolio of the Met Investors Series Trust. Values before April 30, 2012 reflect the
performance of the Lord Abbett Mid Cap Value Portfolio of the Metropolitan Series Fund.
While diversification through an asset allocation strategy is a useful technique that can help to manage overall portfolio risk and volatility, there is no certainty or assurance that a diversified portfolio will enhance overall return or outperform one that is not diversified. An investment made according to one of these asset allocation models neither guarantees a profit nor prevents
the possibility of loss.
8. Effective January 7, 2013, Frontier Capital Management Company, LLC ("Frontier") replaced BlackRock Advisors, LLC ("BlackRock"), as the subadvisor to the Frontier Mid Cap Growth Portfolio, which was previously known as
BlackRock Aggressive Growth Portfolio.
14. Effective April 29, 2013, Met/Franklin Mutual Shares Portfolio merged into MFS® Value Portfolio.
15. Effective April 29, 2013, Met/Franklin Templeton Founding Strategy Portfolio merged into MetLife Growth Strategy Portfolio. Values before April 29, 2013 reflect the performance of Met/Franklin Templeton Founding Strategy.
16. Effective April 29, 2013, MLA Mid Cap Portfolio (formerly Lazard Mid Cap Portfolio) merged into Neuberger Berman Genesis Portfolio.
10. Prior to April 29, 2013, the BlackRock Capital Appreciation Portfolio was known as BlackRock Legacy Large Cap Growth Portfolio.
9. Prior to April 29, 2013, the Barclays Aggregate Bond Index Portfolio was known as Barclays Capital Aggregate Bond Index Portfolio.
Fees and/or expense reimbursement arrangements or may have been in effect for certain funds. These fee waivers and expense reimbursements have the effect of increasing performance results. Please see the prospectus for
more information.
Each of the Metropolitan Series Fund, Met Investors Series Trust and American Funds has adopted a distribution plan under Rule 12b-1 of the Investment Act of 1940. We are paid the Rule 12b-1 Fee.
The performance shown may reflect, for some periods described, the management of previous subadvisers.
3. Effective April 28, 2008, the MFS Value Portfolio of the Met Investors Series Trust (MIST) merged with and into the MFS Value Portfolio of the Metropolitan Series Fund, Inc. (MSF). Values before April 28, 2008 reflect the
performance of the MSF MFS Value Portfolio (formerly Harris Oakmark Large Cap Value Portfolio) since its inception on November 9, 1998. (Note that because the MIST MFS Value Portfolio is deemed to be the “accounting”
survivor of the merger, the performance history set forth in the Portfolio’s April 28, 2008 prospectus is that of the MIST MFS Value Portfolio.)
A Portfolio may have a name and/or objective that is similar to that of a publicly available mutual fund that is managed by the same money manager. These Portfolios are not publicly available and will not have the same
performance as those publicly available mutual funds. Different performance will result from differences in implementation of investment policies, cash flows, fees and size of the Portfolio.
2. On or about April 30, 2007, the BlackRock Large Cap Portfolio of the Metropolitan Series Fund, Inc. merged into the BlackRock Large Cap Core Portfolio of the Met Investors Series Trust. Values prior to April 30, 2007 reflect
the performance of the BlackRock Large Cap Portfolio (formerly the BlackRock Investment Trust Portfolio).
1. Prior to the close of business on April 29, 2005, the Met/Putnam Voyager Portfolio was merged into the Jennison Growth Portfolio. The Met/Putnam Voyager Division is no longer available under this product. Performance for
Jennison Growth consists of performance for the Met/Putnam Voyager Division before April 29, 2005 and performance of the Jennison Growth Division on and after April 29, 2005.
^Waivers and/or expense agreements are currently in place for this portfolio. These waivers and/or reimbursements of investment management fees and certain fund expenses may be substantial. Please see the prospectus for
more information. Such waivers and/or reimbursements have the effect of increasing performance results.
This is past performance and is no guarantee of future results.
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106
Control Number L0113302958[exp0214][All States][DC]
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107
Preference Plusu Account - TSA
PPA - TSAv w w x y z { | w w } | ~ � | � { x � � � x w y � x � y� � y � � � w � � x | ~ � � x | ~ � � � � x | ~ � ~� � � � x � � ~ y � � { � �� � � x � y � � � � � � x | ~ � � x | ~ � � � � x | ~ � ~� � � � x� � � x w y � x � y� � � � w � � �� � � x � y � � � � � � ~ y � � { � �� � � x � y � � �� | y x � � � x w y � x � y� � � � w � � �� � � x � y � � �� | y x� � � � � � � � � � � � � � � � � � � ¡ ¢ £ ¤ ¥ £ ¦ § ¨ © ¢ ª ¢ £ ¡ � ¦� ª ª « ¡ ¢ ¬ « £ ® ¯ ° ± ² ® ³ ´ ± ´ ® ² µ ± ° ® µ ¶ ± ² ® · ± ´ ® ¸ ± · ¹ ´ µ ¹ ´ · · µ · ¹ ´ µ ¹ ´ · · µ� � � � ¡ ¢ £ ¤ ¥ £ ¦ § ¨ º � « » ¬ ¼ � ª ª « ¡ ¢ ¬ « £ ³ ® ´ ° ± ² ® µ ² ± ¸ ® ³ ± ¸ · ® ¸ ° ± ´ ® ¯ ² ± ¸ ® ° ± · ¹ ´ µ ¹ ´ · · µ · ¹ ´ µ ¹ ´ · · µ� � � � ¡ ¢ £ ¤ ¥ £ ¦ § ¨ ½ « ¦ � � ¢ ¬ � � ª ª « ¡ ¢ ¬ « £ ¸ ® · ° ± ² ® ° ± ´ ® ² ³ ± ´ ® ¶ ± ´ ® ³ ¶ ± ´ ® ´ ¯ ± · ¹ ´ µ ¹ ´ · · µ · ¹ ´ µ ¹ ´ · · µ½ � ¬ ¾ ¿ � � À À � � § § Á �  ¬ � ¢ ¬ � À à ¸ ´ ® ¯ ° ± ² ® ³ ± ® ¸ ´ ± ¸ ´ ® ¯ ¯ ± ´ ® µ ¶ ± ² ® µ ¸ ± · ° ¹ · ¸ ¹ ´ · · ° · ° ¹ · ¸ ¹ ´ · · °½ � ¬ ¾ ¿ � Ä « 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¸ ¹ ´ · · ¸© ¢ ª ª � º ¿ ¿ « � ¦ Æ £ ¬ � � £ ¢ ¬ « £ ¢ ª  ¬ « ¡ Ö ° ® µ ´ ± Å ² ® ³ ´ ± ´ ® ¶ µ ± ° ® ³ ± Å ¯ ® ° ¯ ± ´ ® µ ¸ ± · ¶ ¹ · ¸ ¹ ¸ ³ ³ ¸ · ¶ ¹ · ¸ ¹ ¸ ³ ³ ¸æ ¢ � � § ç ¢ Ö � ¢ � Ö Æ £ ¬ � � £ ¢ ¬ « £ ¢ ª ´ µ ® ¯ ¶ ± µ ® µ ³ ± ³ ® ¶ ¸ ± ´ ¯ ® µ ¯ ± µ ® ¸ ´ ± ³ ® ° ¯ ± · ¸ ¹ · ´ ¹ ´ · · ´ · ° ¹ · ¸ ¹ ´ · · ´¾ « « � §  ¢ à ª � § º ª « à ¢ ª ½ ¢ � Ö � ¬ § ´ ® ´ ± ¯ ® ° ¯ ± ¯ ® · µ ± ² ® ³ ° ± â � ¸ ° ® ¸ ² ± · ¹ ´ µ ¹ ´ · · ¯ ¸ ¸ ¹ ¸ · ¹ ´ · · µ½ ¤  ¨ × � § � ¢ � ¡ ¼ Æ £ ¬ � � £ ¢ ¬ « £ ¢ ª ³ ® · ± · ® ³ ² ± ¶ ® ² · ± ³ ® ¯ ± Å ¸ ® ³ ± ¶ ® ² ´ ± · ´ ¹ ¸ ´ ¹ ´ · · ¸ · ° ¹ · ¸ ¹ ´ · · ¸½ Â Ä Æ Ç � ¤ Ç ¨ Æ £ ¦ � Ü ¸ · ® ´ ± Å · ® ´ ° ± ¯ ® · · ± ³ ® ³ ¸ ± Å ´ ® ° ¯ ± ¯ ® ¸ · ± ¸ ¸ ¹ · ³ ¹ ¸ ³ ³ µ ¸ ¸ ¹ · ³ ¹ ¸ ³ ³ µç Ø Ø � £ ¼ � � � � º ª « à ¢ ª Ç è ¥ ¬ à ¸ ® ¯ µ ± ° ® ¸ ° ± ¶ ® ´ ± ¸ ¶ ® ² µ ± ® ° ¸ ± ¶ ® µ ¸ ± · ² ¹ · ² ¹ ¸ ³ ³ ¶ · ² ¹ · ² ¹ ¸ ³ ³ ¶é � ê � ß ä � � � Ê � � � � � ¡ ¢ £ ¤ ¥ £ ¦ § ¨ © « £ ¦ Å ³ ® ³ ± ¸ ® ³ ¸ ± ´ ® ¯ ± Å µ ® · · ± ¸ ® ¶ ± ´ ® · ± · ¹ ² · ¹ ¸ ³ ³ ¶ · 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ë ì í î í ï ð ñ ï ò ó ô õ í ö ó ÷ ó ø ù ñ ÷ í ö ï í î ï í ú í ô ÷ ú î ó ú ÷ î í ï ð ñ ï ò ó ô õ í ó ô ö ö ñ í ú ô ñ ÷ û ù ó ï ó ô ÷ í í ð ù ÷ ù ï í ï í ú ù ü ÷ ú ý þ ù ï ï í ô ÷ î í ï ð ñ ï ò ó ô õ í ò ó ÿ � í ü ñ � í ï ñ ï ì � û ì í ï ÷ ì ó ô ÷ ì íî í ï ð ñ ï ò ó ô õ í ö ó ÷ ó ø ù ñ ÷ í ö ý � í ï ð ñ ï ò ó ô õ í õ ù ï ï í ô ÷ ÷ ñ ÷ ì í ò ñ ú ÷ ï í õ í ô ÷ ò ñ ô ÷ ì � í ô ö ò ó ÿ � í � � í � í ö ó ÷ ò í ÷ ü � ð í ý õ ñ ò ý � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ! " � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � " � � � � � � � � " " � � � � � � � � � � � � # $ � � � � � � � % � � � � � � $ & � � � � � � � � � � � � � � � � � � � � � � � � � " � � � � � � � � # $ ' � � � � � � � � $ & � ( ) * + , * - , . / 0 ,1 0 - 2 3 - 4 * + 5 0 � � � � � � � � � � ! " � � � � � � � � � � � � � � � � 6 � 7 � � � � � � 8 � � � � � 8 � � � � � � 9 � � � � � � � " � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � % � � � � � � � � " � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � : � � � � � � 8 � � � � � 8 � � � � � � 9 � � � � � � � � � � � � � � � � � " � � � � � � " � � � � � � � � � � � � � � � �% � � � � � � � � " � � � � � � � � ; 3 + < ( ) * + , * - , . / 0 , 1 0 - 2 3 - 4 * + 5 0 = 7 � � � � � � � � 6 � � � � � > � � ' � � � � � � � � � � � � � � ' � � � � � � � � ? � � � � � � @ " � � � � � � � � 6 � " � � � 8 � � �7 � � � � � � A � B C D � � � � � @ � � � � " " � � � � � � � � � � � � � � � � � � � E D � � ó ú ÷ î í ï ð ñ ï ò ó ô õ í ö ñ í ú ô ñ ÷ û ù ó ï ó ô ÷ í í ð ù ÷ ù ï í ï í ú ù ü ÷ ú ýAverage Annual Total Return
as of 08/31/2013Assuming Contract Surrender
Standardized as of 06/30/2013Assuming Contract Surrender
Ý ¢ À � « ¿ ¯ â « ¬ Á ¢ ª ¦ » ¬ ¼ « ¥ ¬ ¢ ª ª Ø ¢ À � §
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Standardized as of 06/30/2013Assuming Contract Surrender
H I I J K J L M N O P Q L R P S T K U R S R V L Q K W S X Q S V S Q S M T S X O U R H T T L U M K Y N Q J N Z O S N M M U J K [ J R R U S I Z [ \ S K Q L P L O J K N M ] J V S ^ M R U Q N M T S _ L ` P N M [ N M I V L QK W S J M Y S R K ` S M K P L Q K V L O J L R N Q S N Y N J O N Z O S V Q L ` [ L U Q V J M N M T J N O P Q L V S R R J L M N O L Q N K a a a b ` S K O J V S b T L ` b c W S T L M K Q N T K P Q L R P S T K U R T L M K N J M RJ M V L Q ` N K J L M N Z L U K K W S T L M K Q N T K d R V S N K U Q S R e Q J R f R e T W N Q g S R N M I S h P S M R S R b c W S J M Y S R K ` S M K L Z i S T K J Y S R e Q J R f R N M I P L O J T J S R L V K W SJ M Y S R K ` S M K L P K J L M R e N R a S O O N R L K W S Q J M V L Q ` N K J L M N Z L U K K W S J M Y S R K ` S M K L P K J L M R e N Q S I S R T Q J Z S I J M K W S J Q Q S R P S T K J Y S P Q L R P S T K U R S R b^ M Y S R K L Q R R W L U O I T L M R J I S Q K W S J M Y S R K ` S M K L Z i S T K J Y S R e Q J R f R e T W N Q g S R N 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Q S g S M S Q N O O [ M L K P S Q ` J K K S I P Q J L Q K L N K K N J M J M g M L Q ` N O Q S K J Q S ` S M K N g S U M I S Q [ L U Q Q S K J Q S ` S M K P O N M S h T S P K U M I S QT S Q K N J M R J K U N K J L M R e R U T W N R [ L U Q R S Y S Q N M T S V Q L ` S ` P O L [ ` S M K a J K W K W S S ` P O L [ S Q R P L M R L Q J M g K W S P O N M L Q [ L U Q I S N K W e I J R N Z J O J K [ L QW N Q I R W J P N R P Q L Y J I S I U M I S Q K W S P O N M b l J R K Q J Z U K J L M R L V T L M K Q J Z U K J L M R N M I S N Q M J M g R ` N [ N O R L Z S Q S R K Q J T K S I N R I S V J M S I J M K W S P O N MI L T U ` S M K R b _ L M K N T K [ L U Q P O N M N I ` J M J R K Q N K L Q K L I S K S Q ` J M S a W S M N M I U M I S Q a W N K T J Q T U ` R K N M T S R [ L U ` N [ Q S u U S R K N I J R K Q J Z U K J L MV Q L ` [ L U Q P O N M b v W S Q S P S Q ` J K K S I e I J R K Q J Z U K J L M R L V K N h N Z O S N ` L U M K R N Q S g S M S Q N O O [ R U Z i S T K K L L Q I J M N Q [ J M T L ` S K N h N M I e J V ` N I SZ S V L Q S N g S s w x e ` N [ Z S R U Z i S T K K L N o n y V S I S Q N O J M T L ` S K N h P S M N O K [ b ^ M K W S T N R S L V m s t p Z q g L Y S Q M ` S M K N O P O N M R e K W S o n y V S I S Q N OJ M T L ` S K N h P S M N O K [ ` N [ N P P O [ K L N ` L U M K R Q L O O S I L Y S Q V Q L ` N M L K W S Q K [ P S L V u U N O J V J S I Q S K J Q S ` S M K P O N M L Q ^ z H b { S T N U R S K W S P U Q T W N R SL V N Y N Q J N Z O S N M M U J K [ K W Q L U g W N M S ` P O L [ S Q Q S K J Q S ` S M K P O N M I L S R M L K P Q L Y J I S N I I J K J L M N O K N h k I S V S Q Q N O Z S M S V J K R Z S [ L M I K W L R S N O Q S N I [P Q L Y J I S I K W Q L U g W K W S Q S K J Q S ` S M K P O N M e [ L U R W L U O I T L M R J I S Q K W S Y N Q J N Z O S N M M U J K [ V L Q J K R I S N K W Z S M S V J K e N M M U J K [ L P K J L M R N M I L K W S Q M L M kK N h Q S O N K S I Z S M S V J K R b l J R K Q J Z U K J L M R a J O O Q S I U T S K W S O J Y J M g N M I I S N K W Z S M S V J K R N M I N T T L U M K Y N O U S N M I ` N [ Z S R U Z i S T K K L a J K W I Q N a N OT W N Q g S R b
While diversification through an asset allocation strategy is a useful technique that can help to manage overall portfolio risk and volatility, there is no certainty or assurance that a diversified portfolio will enhance overall return or outperform one that is not diversified. An investment made according to one of these asset allocation models neither guarantees a profit nor prevents the possibility of loss.
Asset allocation portfolios are "fund of funds" portfolios. Because of this two-tier structure, each asset allocation portfolio bears its own investment management fee and expenses as well as its pro rata share of the management fee and expenses of the underlying portfolios. The Contract Owner may be able to realize lower aggregate expenses by investing directly in the underlying portfolios instead of investing in an asset allocation portfolio. In that case, you would not receive the asset allocation services provided by an investment adviser.^ M Y S R K ` S M K X S Q V L Q ` N M T S ^ R | L K } U N Q N M K S S I b
Average Annual Total Returnas of 08/31/2013
Assuming Contract Surrender
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1
Portfolio Director (All Subaccounts)Assets by Quartile (as of September 30, 2013)
As ranked by Morningstar, within the Variable Annuity Database.
41%
22%
26%
11% 1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
1 Year$29.9 billion total assets
59%28%
9% 4% 1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
3 Years$29.7 billion total assets
39%
35%
13%
13% 1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
5 Years$29.7 billion total assets
Attachment 9: VALIC Fund Performance Matrix
110
2
Portfolio Director (All Subaccounts)Number of Funds by Quartile (as of September 30, 2013)
As ranked by Morningstar, within the Variable Annuity Database.
22 Funds
14 Funds
13 Funds
11 Funds 1st Quartile - 37%
2nd Quartile - 23%
3rd Quartile - 22%
4th Quartile - 18%
1 Year60 Funds
29 Funds
17 Funds
9 Funds
4 Funds1st Quartile - 49%
2nd Quartile - 29%
3rd Quartile - 15%
4th Quartile - 7%
3 Years59 Funds
10 Funds
14 Funds
11 Funds
24 Funds
1st Quartile - 41%
2nd Quartile - 19%
3rd Quartile - 23%
4th Quartile - 17%
5 Years59 Funds
Attachment 9: VALIC Fund Performance Matrix
111
3
VALIC Company I and II Funds Assets by Quartile (as of September 30, 2013)
As ranked by Morningstar, within the Variable Annuity Database.
38%
27%
23%
12% 1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
1 Year$24.5 billion total assets
54%33%
8% 5% 1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
3 Years$24.5 billion total assets
35%
36%
14%
15% 1st Quartile
2nd Quartile
3rd Quartile
4th Quartile
5 Years$24.5 billion total assets
Attachment 9: VALIC Fund Performance Matrix
112
4
VALIC Company I and II FundsNumber of Funds by Quartile (as of September 30, 2013)
As ranked by Morningstar, within the Variable Annuity Database.
9 Funds
8 Funds
13 Funds
18 Funds1st Quartile - 37%
2nd Quartile - 27%
3rd Quartile - 17%
4th Quartile - 19%
1 Year48 Funds
24 Funds15 Funds
5 Funds4 Funds
1st Quartile - 50%
2nd Quartile - 31%
3rd Quartile - 11%
4th Quartile - 8%
3 Years48 Funds
9 Funds
11 Funds
9 Funds
19 Funds
1st Quartile - 39%
2nd Quartile - 19%
3rd Quartile - 23%
4th Quartile - 19%
5 Years48 Funds
Attachment 9: VALIC Fund Performance Matrix
113
5
VALIC goal is to have 2/3 of Company I & II funds in first two quartiles,and none in 4th quartile
VALIC Company I & II Funds by QuartileAs of September 30, 2013
1824
19
13
15
9
8
5
11
94
9
0%
20%
40%
60%
80%
100%
5 Years 3 Years 1 Year
1st Quartile 2nd Quartile 3rd Quartile 4th Quartile
Perc
enta
ge o
f Fun
ds
66% 2/3 of Funds
19%
23%
19%
39%
8%
11%
31%
50%
19%
17%
27%
37%
48 Funds 48 Funds 48 Funds
Attachment 9: VALIC Fund Performance Matrix
114
Services: North St. Paul ISD # 622
Comparative Chart Services Summary
Part 1 of 2
403(b) Aspire Ameriprise Equitable ESI/EFS Fidelity Horace Mann ING
Educational
Materials about
financial
decisions
In Person By Mail Online
In Person By Mail Online
In Person By Mail Online
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Online
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materials about
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Online
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Investment
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In Person By Mail
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Professionally
managed asset
allocation
Portfolios
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Online N/A Online
115
Retirement
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In Person Online Online Online
Online Online In Person Online
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By Mail Online
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By Mail Online
By Mail Online
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116
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Comparative Chart Services Summary
Part 2 of 2
Met Life Primerica Putnam Thrivent VALIC Vanguard
Educational
Materials about
financial
decisions
Did not Report In Person
By Phone By Mail Online
In Person By Mail Online
In Person Online
Did not Report
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materials about
retirement plan Did not Report
In Person By Phone By Mail Online
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Did not Report
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Seminars Did not Report
In Person N/A In Person
In Person Online
Did not Report
Enrollment Did not Report In Person
By Mail In Person By Phone
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Did not Report
Investment
Guidance Did not Report
In Person N/A
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Online Did not Report
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In Person By Phone
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Did not Report Online
N/A In Person By Phone
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Calculator Did not Report
N/A Online
In Person By Phone
Online Online Did not Report
117
Retirement
Planning Did not Report
In Person N/A
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Did not Report
SEC regulated
investment
advice Did not Report
In Person N/A
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Review Did not Report
In Person N/A
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Did not Report
Account
Access Did not Report
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By Mail Online
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By Mail Online
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Did not Report
118
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