PDF DRAFT

Release date 02-28-2018 | New Proposal 3/20/2018

Proposal Summary

Proposed Strategy

Your advisor analyzed your current investment portfolio, considering the extent to which it fits your risk profile, the quality of the investment selections, and costs. Your advisor then selected a proposed portfolio. This report compares your current portfolio to the portfolio proposed by your advisor.

Number of Accounts

1

Current

Aggressive

Proposed

Moderate

Target

Moderate

Page 1 of 19

Total AUM

$624,333.73

Current vs. Proposed Strategy

Risk Level by Percent of Expected Portfolio Return Conservative

Aggressive

Current Proposed Target Efficient Frontier

DRAFT Current

Asset Allocation

%

Cash

3.51

US Stocks

82.03

Non-US Stocks

7.99

Bonds

3.86

Proposed

Asset Allocation

%

Cash

3.32

US Stocks

49.32

Non-US Stocks

14.21

Bonds

31.01

Target

Asset Allocation

%

Cash

0.00

US Stocks

52.00

Non-US Stocks

13.00

Bonds

35.00

Other

2.61

Other

2.13

Other

0.00

Portfolio Breakdown

Morningstar Rating Distribution, by Number of Investments 10

Current Proposed

Client's Fees Projected to Pay over the Next 10 Years $197.0K

157.0

Current Proposed

5

5

3

3

3

2

0

0

0 10 00 1

OE ,,? ?

98.5K 79.3

24.3 10.2 0

1 Year

39.3 5 Year

82.3 10 Year

?2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

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Release date 02-28-2018 | New Proposal 3/20/2018

Standardized and Tax Adjusted Returns Disclosure Statement

Page 2 of 19

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit

An investment in a money-market vehicle is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation reflects the current earnings of the money market more closely than the total return quotation. Although money markets seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them.

Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses.

If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract, and sales charges.

After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual aftertax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. Aftertax returns for exchange-traded funds are based on net asset value.

DRAFT Annualized returns 12-31-2017 Standardized Returns (%)

AB Discovery Value Advisor American Century Diversified Bond A American Century Equity Income A American Century Mid Cap Value Inv American Century Ultra? A American Funds Washington Mutual A BlackRock High Yield Bond Inv A

7-day Yield 7-day Yield

1Yr

5Yr 10Yr

Since Inception Max Front Max Back

Subsidized Unsubsidized

Inception

Date Load % Load %

as of date as of date

--

-- 12.98 14.80 9.89 11.42 03-29-2001

NA

NA

--

-- -1.47 0.71 3.38 3.74 12-03-2001 4.50

NA

--

-- 6.56 11.25 7.04 9.02 03-07-1997 5.75

NA

--

-- 11.58 15.32 10.74 11.01 03-31-2004

NA

NA

--

-- 24.01 15.41 7.94 7.15 10-02-1996 5.75

NA

--

-- 13.28 13.48 7.41 11.84 07-31-1952 5.75

NA

--

-- 3.68 4.78 6.96 6.90 11-19-1998 4.00

NA

Net Exp Gross Exp

Max

Ratio % Ratio % Redemption %

0.88

0.88

NA

0.85

0.85

NA

1.18

1.18

NA

0.961

1.01

NA

1.23

1.23

NA

0.58

0.58

NA

0.932

0.99

NA

Fidelity? Blue Chip Growth

--

-- 36.06 18.68 11.12 11.69 12-31-1987

NA

NA

0.70

0.70

NA

Fidelity? Capital & Income

--

-- 11.65 7.36 8.38 9.90 11-01-1977

NA

NA

0.73

0.73

NA

Fidelity? International Small Cap

--

-- 32.90 14.34 6.71 14.48 09-18-2002

NA

NA

1.25

1.25

NA

Harbor Capital Appreciation Instl Royce Special Equity Instl T. Rowe Price High Yield USAA World Growth Vanguard Alternative Strategies Investor

--

-- 36.59 17.81 10.15 11.76 12-29-1987

NA

NA

0.663

0.71

NA

--

-- 7.96 10.43 8.93 9.40 07-25-2003

NA

NA

1.07

1.07

NA

--

-- 7.37 5.76 7.33 8.28 12-31-1984

NA

NA

0.74

0.74

2.00

--

-- 23.92 11.58 7.10 8.35 10-01-1992

NA

NA

1.13

1.13

NA

--

-- 0.35 -- -- 2.51 08-11-2015

NA

NA

0.35

0.79

NA

VY? T. Rowe Price Capital Apprec A Wasatch Small Cap Growth Institutional Wasatch Small Cap Value

--

-- 14.72 12.00 8.43 9.21 12-16-2003

NA

NA

1.24

1.24

NA

--

-- 21.96 -- -- 19.55 02-01-2016

NA

NA

1.054

1.11

2.00

--

-- 19.55 16.22 9.13 12.49 12-17-1997

NA

NA

1.41

1.41

2.00

BBgBarc US Agg Bond TR USD Citi Treasury Bill 3 Mon USD MSCI EAFE NR USD MSCI EAFE PR USD Russell 3000 TR USD

3.54 2.10 4.01 0.84 0.24 0.34 25.03 7.90 1.94 21.78 5.04 -0.94 21.13 15.58 8.60

-- 01-01-1976

-- 12-30-1977

--

--

-- 12-31-1969

-- 12-31-1978

S&P 500 TR USD USTREAS T-Bill Auction Ave 3 Mon

21.83 15.79 8.50

--

--

0.97 0.29 0.34

--

--

1. Contractual waiver; Expires 07-31-2018 2. Contractual waiver; Expires 01-31-2019; Interest expense 0.01% 3. Contractual waiver; Expires 02-28-2019

?2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

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Release date 02-28-2018 | New Proposal 3/20/2018

Annualized returns 12-31-2017 Standardized Returns (%)

7-day Yield 7-day Yield Subsidized Unsubsidized

as of date as of date

4. Contractual waiver; Expires 01-31-2019

Return after Tax (%)

On Distribution

AB Discovery Value Advisor American Century Diversified Bond A American Century Equity Income A American Century Mid Cap Value Inv American Century Ultra? A

American Funds Washington Mutual A BlackRock High Yield Bond Inv A Fidelity? Blue Chip Growth Fidelity? Capital & Income Fidelity? International Small Cap

Harbor Capital Appreciation Instl Royce Special Equity Instl T. Rowe Price High Yield USAA World Growth Vanguard Alternative Strategies Investor

VY? T. Rowe Price Capital Apprec A Wasatch Small Cap Growth Institutional Wasatch Small Cap Value

1Yr

11.19 -2.28 3.06 8.68 22.33

10.87 1.24 34.65 9.42 31.28

33.22 5.65 4.85 22.43 0.08

12.90 18.93 17.72

5Yr

12.49 -0.26 8.28 12.44 13.93

11.56 2.07 17.12 5.06 12.66

16.03 7.86 2.98 10.71

--

8.85 --

15.83

Page 3 of 19

1Yr

5Yr 10Yr

Since Inception Max Front Max Back Net Exp Gross Exp

Max

Inception

Date Load % Load % Ratio % Ratio % Redemption %

10Yr

8.46 2.17 5.15 8.85 7.21

6.02 4.12 10.21 5.89 5.55

9.29 7.18 4.47 6.46

--

6.32 --

8.94

Since Inception

9.99 2.41 6.47 8.89 5.96

8.72 3.68 10.57 5.62 12.88

10.54 7.76 4.67 7.45 1.77

7.28 16.81 11.40

Inception Date

03-29-2001 12-03-2001 03-07-1997 03-31-2004 10-02-1996

07-31-1952 11-19-1998 12-31-1987 11-01-1977 09-18-2002

12-29-1987 07-25-2003 12-31-1984 10-01-1992 08-11-2015

12-16-2003 02-01-2016 12-17-1997

On Distribution and Sales of Shares

1Yr

8.59 -0.83 5.10 7.91 15.00

8.60 2.05 21.47 6.76 18.94

23.47 6.04 4.14 14.33 0.36

5Yr

11.30 0.10 7.98 11.29 12.14

10.25 2.40 14.80 4.69 10.98

14.19 7.72 3.12 9.04

--

9.31 14.93 12.46

8.52 --

13.12

10Yr Since Inception

7.71

9.36

2.16

2.39

4.97

6.27

8.10

8.26

6.31

5.62

5.46

8.51

4.13

3.83

8.97

9.95

5.51

5.53

4.94

12.08

8.25

10.00

6.88

7.46

4.43

4.78

5.53

6.87

--

1.69

6.09

7.00

--

15.01

7.50

10.58

DRAFT

?2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

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Release date 02-28-2018 | New Proposal 3/20/2018 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information.

Portfolio Comparison Report

Current Portfolio

Benchmark:Custom

Proposed Portfolio

Benchmark:Custom

Page 4 of 19

The following pages take a detailed look at the differences in the stock and bond exposures between investments in the selected portfolios. This report uses the benchmark shown as a point of comparison between the portfolios in the Stock Sector Analysis, Regional Exposure, Historical Returns and Portfolio Statistics sections.

Asset Mix Comparison

Asset Allocation

Cash US Stocks Non-US Stocks Bonds Other

Portfolio Net %

3.52 82.03 7.99 3.86 2.61

Bmark Net %

3.78 83.85 8.77 3.60 0.01

Asset Mix Comparison

Asset Allocation

Cash US Stocks Non-US Stocks Bonds Other

Portfolio Net %

3.32 49.32 14.21 31.01 2.13

Bmark Net %

5.45 51.09 14.56 28.88 0.02

The Asset Mix graph and table show how assets in each portfolio are allocated among asset classes.

Morningstar? Style BoxTM Analysis Equity Style

Fixed-Income Style

Morningstar? Style BoxTM Analysis Equity Style

Fixed-Income Style

High Med Low Large Mid Small High Med Low Large Mid Small

14 16 36

000

8 14 12

000

248

0 37 0

9 10 9

000

677

36 0 0

16 13 9

54 0 0

DRAFT Value BlendGrowth

Ltd Mod Ext

Value Blend Growth

Ltd Mod Ext

0-10 10-25 25-50 >50

0-10 10-25 25-50 >50

0-10 10-25 25-50 >50

0-10 10-25 25-50 >50

The Equity Style box shows how the investments are classified in terms of the size of the companies (large, medium, and small) and their style characteristics (value, core, and growth). The Fixed-Income Style box shows how bond holdings are classified in terms of their credit quality (high, medium, and low) and interest rate sensitivity (limited, moderate, and extended). Note the percentages may not add up to 100% as some securities may not be classified.

Sector Weightings

Stock %

Sector Weightings Bmark %

Stock % Bmark %

h Cyclical r Basic Materials

35.23 2.98

36.57 h Cyclical 3.72 r Basic Materials

43.97

37.89

3.69

4.43

t Consumer Cyclical

19.56

12.13 t Consumer Cyclical

16.51

12.10

y Financial Services

11.71

17.42 y Financial Services

17.65

18.03

u Real Estate

0.98

3.30 u Real Estate

6.12

3.33

j Sensitive

i Communication Services o Energy p Industrials a Technology

43.05 1.50 4.42 10.76 26.37

40.18 3.04 5.21 11.46 20.47

j Sensitive

i Communication Services o Energy p Industrials a Technology

36.34 1.29 6.20 18.15 10.70

38.78 3.19 5.21 11.74 18.64

k Defensive s Consumer Defensive d Healthcare f Utilities

Not Classified

21.72 7.54 12.52 1.66

0.00

23.25 7.35 13.18 2.72

k Defensive

s Consumer Defensive d Healthcare f Utilities

0.00

Not Classified

19.69

23.33

7.95

7.85

9.79

12.71

1.95

2.77

0.00

0.00

Drilling down past the fund level, the Sector Analysis summarizes the stock allocation of the investments across 11 sectors.

?2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

?

Release date 02-28-2018 | New Proposal 3/20/2018 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information.

Portfolio Comparison Report

Current Portfolio

Benchmark:Custom

Proposed Portfolio

Benchmark:Custom

Regional Exposure % of Assets

Greater Europe United Kingdom Europe-Developed Europe-Emerging Africa/Middle East

Americas North America Latin America

Greater Asia Japan Australasia Asia-Developed Asia-Emerging Not Classified

Stock %

4.64 1.11 3.17 0.02 0.34

91.48 91.36 0.12

3.88 0.69 0.06 0.07 3.06 0.00

Regional Exposure Bmark % % of Assets

5.65 Greater Europe

1.49 United Kingdom 4.10 Europe-Developed 0.00 Europe-Emerging 0.06 Africa/Middle East

90.58 90.56 0.02

Americas North America Latin America

3.77 Greater Asia

2.14 Japan 0.60 Australasia 0.41 Asia-Developed 0.62 Asia-Emerging

0.00 Not Classified

Page 5 of 19

Stock %

13.08 3.63 8.27 0.08 1.10

80.02 78.99 1.03

6.90 2.74 0.73 1.43 2.00 0.00

Bmark %

13.68 3.69 9.88 0.00 0.11

77.82 77.80 0.02

8.50 5.36 1.50 1.02 0.62 0.00

Investing overseas can provide valuable diversification. The Regional Exposure table helps you review the general location of the geographical distribution of stocks in each portfolio.

Trailing Returns* 02-28-2018

Trailing Returns* 02-28-2018

DRAFT Pre-Tax Port Ret Benchmark Return +/- Bmark Ret

3 Mo %

2.75 2.12 0.63

1 Yr %

18.38 15.10 3.28

3 Yr %

9.43 9.27 0.16

5 Yr %

12.65 12.56 0.09

10 Yr %

9.01 8.49 0.52

Pre-Tax Port Ret Benchmark Return +/- Bmark Ret

3 Mo %

0.33 1.00 -0.67

1 Yr %

11.04 10.80 0.24

3 Yr %

7.99 6.30 1.69

5 Yr %

10.38 8.54 1.84

10 Yr %

9.29 6.43 2.86

The Trailing Returns table shows the trailing returns of the portfolios over the periods shown. For comparison purposes, the return relative to the benchmark is shown as well.

Risk and Return Statistics*

Standard Deviation

Portfolio

9.30

3 Yr Bmark

9.52

Portfolio

9.30

5 Yr Bmark

9.21

Portfolio

13.78

10 Yr Bmark 14.48

Risk and Return Statistics*

Standard Deviation

Portfolio 7.65

3 Yr Bmark

6.81

Portfolio 7.69

5 Yr Bmark

6.60

Portfolio 13.83

10 Yr Bmark 10.51

Mean

9.43

9.27 12.65 12.56 9.01

8.49 Mean

7.99

6.30 10.38

8.54 9.29

6.43

Sharpe Ratio

1.00

0.96 1.37

1.37 0.70

0.64 Sharpe Ratio

1.01

0.88 1.34

1.27 0.72

0.63

The Risk and Return Statistics table shows the pre-tax return, standard deviation, and Sharpe ratio of each portfolio.

Modern Portfolio Theory Statistics* 3 Yr

Alpha Beta R-Squared

Portfolio

0.53 0.95 95.66

5 Yr

Portfolio

0.33 0.98 94.24

The MPT Statistics table shows investment statistics for each portfolio.

10 Yr

Portfolio

0.93 0.94 97.04

Modern Portfolio Theory Statistics* 3 Yr

Alpha Beta R-Squared

Portfolio 1.40 1.04

86.12

Portfolio-Level Performance Disclosure

The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown.

5 Yr

Portfolio 0.99 1.10

88.52

10 Yr

Portfolio 1.41 1.26

91.86

*Full return history is not available for all securities. Please see Return Participation disclosure.

?2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

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