Security Benefit Advisor Program

You should consider the investment objectives, risks, charges, and expenses of the mutual funds carefully before investing. You may

obtain prospectuses or summary prospectuses (if available) that contain this and other information about the mutual funds by calling

our Service Center at 800.888.2461. You should read the prospectuses or summary prospectuses (if available) carefully before

investing. Investing in mutual funds involves risk and there is no guarantee of investment results.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Investing in mutual

Quarterly Performance Report as of March 31, 2015

Money Market-Taxable

Dreyfus General Money Market1,5, 6 _{3-95 0.00% 0.01% 0.01% 0.02% 1.28% 2.32%} – – – – – – 1.03% 1.03% – –

BofAML USD LIBOR 3 Mon CM – 0.06% 0.23% 0.31% 0.33% 1.96% – – – – – – – – – – –

Rydex US Gov Money Market2,5, 6 _{6-12 0.00% 0.00% 0.00% 0.00% 1.18% 2.27%} – – – – – – 0.93% 0.93% – –

BofAML USD LIBOR 3 Mon CM – 0.06% 0.23% 0.31% 0.33% 1.96% – – – – – – – – – – –

1 _{7-day current yield as of 3-31-15: 0.01%} 2 _{7-day current yield as of 3-31-15: 0.00%}

Aggressive Allocation

American Century Str Alloc Agg 10-96 3.05% 8.33% 10.65% 10.33% 7.17% 7.49% – ★★★ ★★ ★★★ ★★★ – 1.40% 1.40% – –

Morningstar Aggressive Target Risk – 2.19% 5.39% 11.67% 10.83% 7.63% – – 349 349 310 198 – – – – –

Bank Loan

Guggenheim Floating Rate Strat 11-11 1.90% 2.97% 5.90% – – 6.68% – ★★★ ★★★ – – – 1.18% 1.04% C 2/1/2016

S&P/LSTA Leveraged Loan TR – 2.13% 2.53% 4.90% 5.06% 4.98% – – 193 193 – – – – – – –

Commodities Broad Basket

PIMCO CommodityRealReturn 11-02 -5.23% -28.12% -12.65% -4.19% -2.38% 2.85% – ★★★ ★★ ★★★★ – – 1.35% 1.19% V –

Morningstar Long-Only Commodity TR – -6.03% -33.16% -12.09% -2.79% -0.63% – – 95 95 44 – – – – – –

Conservative Allocation

American Century Str Alloc Con 10-96 1.22% 5.46% 6.65% 7.22% 5.44% 5.98% – ★★★ ★★ ★★★ ★★★ – 1.25% 1.25% – –

Morningstar Moderately Cons Target Risk – 1.03% 3.46% 5.90% 6.69% 5.89% – – 632 632 521 262 – – – – –

TRP Retirement Balanced 10-03 1.35% 3.51% 5.53% 5.99% 5.20% 5.39% – ★★★ ★★★ ★★★ ★★★ – 1.07% 1.07% – –

Morningstar Moderately Cons Target Risk – 1.03% 3.46% 5.90% 6.69% 5.89% – – 632 632 521 262 – – – – –

Corporate Bond

Federated Bond 6-95 2.16% 4.95% 5.15% 6.40% 6.25% 6.40% – ★★★ ★★ ★★★ ★★★ – 1.19% 0.99% V –

Barclays US Corp IG TR USD – 2.32% 6.81% 5.21% 6.50% 5.90% – – 153 153 127 86 – – – – –

Diversified Emerging Mkts

Goldman Sachs Emrg Mkts Eq 12-97 4.44% 5.15% 1.96% 1.44% 6.86% 6.26% – ★★★ ★★★★ ★★★ ★★ – 2.04% 1.75% C 2/28/2015

MSCI EM NR USD – 2.24% 0.44% 0.31% 1.75% 8.48% – – 528 528 341 162 – – – – –

Invesco Developing Markets 1-94 -3.39% -7.25% -1.45% 2.13% 9.63% 5.28% – ★★★ ★★ ★★★ ★★★★ – 1.43% 1.41% C 6/30/2016

MSCI EM NR USD – 2.24% 0.44% 0.31% 1.75% 8.48% – – 528 528 341 162 – – – – –

Oppenheimer Developing Markets 11-96 -1.35% -4.38% 2.31% 4.45% 10.93% 12.98% – ★★★★ ★★★ ★★★★ ★★★★★ – 1.33% 1.32% C 10/28/2015

MSCI EM NR USD – 2.24% 0.44% 0.31% 1.75% 8.48% – – 528 528 341 162 – – – – –

Emerging Markets Bond

PIMCO Emerging Markets Bond 7-97 2.08% 0.30% 2.02% 4.99% 6.77% 9.45% – ★★★ ★★★ ★★★ ★★★ – 1.20% 1.20% – –

JPM EMBI Global TR USD – 2.06% 4.08% 4.38% 6.83% 8.04% – – 220 220 108 47 – – – – –

Equity Energy

Invesco Energy 3-02 -4.67% -24.16% -2.94% 0.46% 5.51% 8.58% – ★★★ ★★ ★★ ★★★ – 1.15% 1.15% – –

S&P 1500 Energy TR – -2.77% -12.55% 3.62% 7.64% 7.37% – – 81 81 75 48 – – – – –

Equity Precious Metals

Invesco Gold & Precious Metals 3-02 -5.01% -21.40% -23.54% -12.23% 1.93% 5.32% – ★★★★ ★★★★ ★★★★ ★★★★ – 1.50% 1.49% C 6/30/2016

Foreign Large Blend

BlackRock® Intl Opportunities 9-97 5.21% -5.63% 6.74% 4.92% 7.08% 11.84% – ★★★ ★★ ★★ ★★★★ – 1.53% 1.43% C 2/1/2016

MSCI ACWI Ex USA NR USD – 3.49% -1.01% 6.40% 4.82% 5.46% – – 635 635 566 308 – – – – –

Janus Overseas (Class S)4 _{7-09 -1.49% -14.17% -3.92% -4.79% 5.75% 1.52%} – ★ ★ ★ ★★ – 0.93% 0.93% – –

MSCI ACWI Ex USA NR USD – 3.49% -1.01% 6.40% 4.82% 5.46% – – 635 635 566 308 – – – – –

Foreign Large Growth

American Century Intl Growth 10-96 4.32% -1.36% 9.19% 7.59% 5.97% 6.34% – ★★★ ★★ ★★ ★★★ – 1.43% 1.43% – –

MSCI ACWI Ex USA Growth NR USD – 4.79% 1.71% 7.14% 5.75% 5.95% – – 293 293 277 175 – – – – –

Fidelity Adv Intl Capital App3 _{11-97 3.87% 6.07% 11.21% 9.14% 5.37% 6.49%} – ★★★ ★★★★ ★★★★ ★ – 1.94% 1.94% – –

MSCI ACWI Ex USA Growth NR USD – 4.79% 1.71% 7.14% 5.75% 5.95% – – 293 293 277 175 – – – – –

Foreign Large Value

Templeton Foreign 10-82 4.59% -7.15% 7.78% 5.94% 5.31% 10.78% – ★★★ ★★ ★★★ ★★★ – 1.16% 1.16% – –

MSCI ACWI Ex USA Value NR USD – 2.14% -3.76% 5.62% 3.84% 4.93% – – 305 305 259 130 – – – – –

High Yield Bond

Calamos High Income 8-99 2.33% 0.30% 5.47% 6.37% 6.03% 6.56% – ★★ ★ ★ ★★ – 1.19% 1.19% – –

BofAML US HY Master II TR USD – 2.54% 2.05% 7.47% 8.40% 8.04% – – 595 595 501 350 – – – – –

Franklin High Income 12-69 2.04% -1.33% 6.27% 7.69% 7.13% 7.89% – ★★★ ★★ ★★ ★★★ – 0.76% 0.76% – –

BofAML US HY Master II TR USD – 2.54% 2.05% 7.47% 8.40% 8.04% – – 595 595 501 350 – – – – –

Guggenheim High Yield 8-96 2.42% 1.27% 8.31% 7.31% 7.48% 6.78% – ★★★ ★★★ ★★ ★★★ – 1.32% 1.18% C 2/1/2016

BofAML US HY Master II TR USD – 2.54% 2.05% 7.47% 8.40% 8.04% – – 595 595 501 350 – – – – –

Pax World High Yield 10-99 1.99% -1.99% 5.04% 5.75% 6.11% 5.72% – ★★ ★★ ★ ★★★ – 0.97% 0.97% – –

BofAML US HY Master II TR USD – 2.54% 2.05% 7.47% 8.40% 8.04% – – 595 595 501 350 – – – – –

Inflation-Protected Bond

PIMCO Real Return 12-02 1.40% 2.11% 0.23% 3.71% 4.16% 4.67% – ★★★ ★★★ ★★★ ★★★ – 1.12% 1.10% V –

Barclays US Treasury US TIPS TR USD – 1.42% 3.11% 0.63% 4.29% 4.55% – – 192 192 174 87 – – – – –

Intermediate Government

Goldman Sachs Gov Income 8-97 1.08% 3.64% 1.56% 2.84% 3.73% 4.61% – ★★ ★★★ ★★ ★★ – 1.18% 1.08% C 7/29/2015

Barclays US Government TR USD – 1.60% 5.22% 2.32% 3.80% 4.50% – – 300 300 273 217 – – – – –

Intermediate-Term Bond

American Century Div Bond 12-01 1.58% 5.30% 2.79% 4.13% 4.80% 4.60% – ★★ ★ ★ ★★ – 0.85% 0.85% – –

Barclays US Agg Bond TR USD – 1.61% 5.72% 3.10% 4.41% 4.93% – – 905 905 803 584 – – – – –

Guggenheim Total Return Bond 11-11 1.77% 6.26% 6.85% – – 7.38% – ★★★★★ ★★★★★ – – – 1.19% 0.87% C 2/1/2016

Barclays US Agg Bond TR USD – 1.61% 5.72% 3.10% 4.41% 4.93% – – 905 905 – – – – – – –

Guggenheim U.S. Invst Grade Bond 8-85 1.43% 6.04% 5.77% 5.90% 3.75% 5.94% – ★★ ★★★★ ★★★ ★ – 1.19% 1.02% C 2/1/2016

Barclays US Agg Bond TR USD – 1.61% 5.72% 3.10% 4.41% 4.93% – – 905 905 803 584 – – – – –

PIMCO Total Return 12-02 2.06% 4.97% 3.37% 4.30% 5.53% 5.22% – ★★★★ ★★★ ★★★ ★★★★ – 1.10% 1.10% – –

Large Blend

Dreyfus Appreciation 1-84 -0.15% 7.46% 9.63% 11.45% 6.60% 10.66% – ★★ ★ ★★ ★★★ – 0.94% 0.94% – –

Russell 1000 TR USD – 1.59% 12.73% 16.45% 14.73% 8.34% – – 1,333 1,333 1,184 808 – – – – –

Fidelity Adv Dividend Growth 12-98 1.03% 10.98% 14.34% 12.39% 7.23% 5.24% – ★★ ★★ ★★ ★★ – 1.18% 1.18% – –

Russell 1000 TR USD – 1.59% 12.73% 16.45% 14.73% 8.34% – – 1,333 1,333 1,184 808 – – – – –

Guggenheim StylePlus Lrg Core 9-62 1.25% 13.31% 13.81% 11.65% 5.46% 10.51% – ★★ ★★ ★★ ★ – 1.48% 1.46% C 2/1/2016

Russell 1000 TR USD – 1.59% 12.73% 16.45% 14.73% 8.34% – – 1,333 1,333 1,184 808 – – – – –

Wells Fargo Advtg Lg Cap Core 12-07 3.47% 15.51% 18.55% 15.38% – 7.28% – ★★★ ★★★★ ★★★ – – 1.29% 1.14% C 11/30/2015

Russell 1000 TR USD – 1.59% 12.73% 16.45% 14.73% 8.34% – – 1,333 1,333 1,184 – – – – – –

Large Growth

American Century Select 8-97 5.39% 17.01% 13.80% 13.83% 7.33% 5.35% – ★★ ★ ★★ ★★ – 1.25% 1.25% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 915 – – – – –

American Century Ultra 10-96 3.81% 14.38% 15.31% 14.66% 7.44% 6.66% – ★★ ★★ ★★★ ★★ – 1.26% 1.26% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 915 – – – – –

Fidelity Adv New Insights 7-03 2.67% 9.16% 14.20% 13.53% 9.44% 11.17% – ★★★ ★★ ★★★ ★★★★ – 1.17% 1.17% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 915 – – – – –

Franklin Flex Cap Growth 10-91 5.65% 11.60% 13.19% 12.59% 8.16% 11.50% – ★★ ★ ★★ ★★ – 0.97% 0.97% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 915 – – – – –

INTECH U.S. Core4 _{7-09 2.86% 14.11% 17.08% 15.67% 8.13% 18.77%} – ★★★★★ ★★★★ ★★★★★ ★★★ – 1.14% 1.14% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 915 – – – – –

Invesco American Franchise 3-99 3.54% 13.02% 14.64% 13.53% – 8.75% – ★★ ★★ ★★ – – 1.08% 1.08% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 – – – – – –

Neuberger Berman Socially Resp 3-97 1.59% 11.46% 15.73% 13.70% 8.07% 7.86% – ★★★ ★★★ ★★★ ★★★ – 1.03% 1.03% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 915 – – – – –

Pru Jennison 20/20 Focus 7-98 3.11% 8.96% 11.76% 10.29% 9.06% 7.92% – ★★ ★ ★ ★★★ – 1.18% 1.18% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 915 – – – – –

TRP Growth Stock 9-02 5.90% 16.26% 16.46% 15.65% 9.39% 10.84% – ★★★★ ★★★★ ★★★★ ★★★★ – 1.19% 1.19% – –

Russell 1000 Growth TR USD – 3.84% 16.09% 16.34% 15.63% 9.36% – – 1,551 1,551 1,328 915 – – – – –

Wells Fargo Advtg Growth 2-00 4.77% 11.01% 12.20% 16.61% 12.29% 3.18% – ★★★★ ★ ★★★★ ★★★★★ – 1.18% 1.18% – –

Large Value

American Century Equity Income 3-97 -0.18% 8.27% 11.86% 10.87% 6.75% 8.98% – ★★★ ★ ★★ ★★★★ – 1.18% 1.18% – –

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 689 – – – – –

BlackRock® Equity Dividend 10-94 -1.08% 6.65% 11.61% 11.61% 8.09% 10.05% – ★★★ ★ ★★ ★★★★ – 0.95% 0.95% – –

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 689 – – – – –

Dreyfus Strategic Value 9-95 1.63% 9.64% 17.58% 13.12% 8.15% 11.44% – ★★★ ★★★ ★★ ★★★ – 1.12% 0.98% C 1/1/2016

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 689 – – – – –

Guggenheim Large Cap Value 8-44 0.21% 5.73% 13.72% 10.86% 7.09% 8.72% – ★★ ★★ ★ ★★★ – 1.48% 1.17% C 2/1/2016

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 689 – – – – –

Invesco Comstock 10-68 -0.12% 7.10% 15.81% 13.30% 7.07% 11.10% – ★★★ ★★★ ★★★ ★★★ – 0.83% 0.82% C 6/30/2016

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 689 – – – – –

Invesco Value Opportunities 10-95 -0.96% 3.73% 13.14% 11.15% 5.03% 5.45% – ★ ★ ★ ★ – 1.25% 1.24% C 6/30/2016

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 689 – – – – –

Neuberger Berman Lg Cp Val 8-96 -0.56% 6.72% 14.95% 9.53% 6.15% 7.17% – ★★ ★★★ ★ ★ – 1.23% 1.23% – –

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 689 – – – – –

Northern Large Cap Core7 _{12-05 0.38% 10.81% 16.81% 14.82% – 7.26%} – ★★★★★ ★★★★ ★★★★★ – – 1.24% 0.62% C 7/31/2015

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 – – – – – –

Northern Large Cap Value 8-00 0.50% 10.39% 15.06% 10.71% 5.68% 6.28% – ★★ ★★★ ★★ ★★ – 1.05% 0.86% C 7/31/2015

Russell 1000 Value TR USD – -0.72% 9.33% 16.44% 13.75% 7.21% – – 1,125 1,125 991 689 – – – – –

Long/Short Equity

Guggenheim Alpha Opportunity 7-03 -2.05% 6.22% 12.88% 14.27% 9.11% 10.33% – ★★★★ ★★★★ ★★★★ ★★★★ – 3.25% 2.12% C 2/1/2016

S&P 500 TR USD – 0.95% 12.73% 16.11% 14.47% 8.01% – – 160 160 82 34 – – – – –

Guggenheim Long Short Equity 3-02 3.38% 7.21% 6.87% 5.20% 4.84% 4.55% – ★★ ★★★ ★★ ★★ – 2.41% 1.88% V –

S&P 500 TR USD – 0.95% 12.73% 16.11% 14.47% 8.01% – – 160 160 82 34 – – – – –

Managed Futures

Guggenheim Mgd Futures Strgy 3-07 8.22% 26.29% 4.79% 0.44% – 1.13% – ★★★ ★★★ – – – 1.79% 1.72% V –

Credit Suisse Mgd Futures Liquid TR USD – 11.35% 35.75% 8.73% 5.20% 8.56% – – 90 90 – – – – – – –

Mid-Cap Blend

Aston/Fairpointe Mid Cap 9-94 2.29% 7.03% 18.66% 14.93% 11.22% 13.16% – ★★★★ ★★★★ ★★★ ★★★★ – 1.11% 1.11% – –

Russell Mid Cap TR USD – 3.95% 13.68% 18.10% 16.16% 10.02% – – 319 319 268 168 – – – – –

Dreyfus Opp Midcap Value 9-95 1.04% 6.43% 17.61% 14.94% 10.60% 13.33% – ★★★ ★★★ ★★ ★★★ – 1.15% 1.15% – –

Russell Mid Cap TR USD – 3.95% 13.68% 18.10% 16.16% 10.02% – – 319 319 268 168 – – – – –

Invesco Mid Cap Core Equity 6-87 2.30% 4.22% 11.00% 8.92% 7.08% 10.83% – ★★ ★ ★ ★★★ – 1.22% 1.19% C 4/30/2015

Russell Mid Cap TR USD – 3.95% 13.68% 18.10% 16.16% 10.02% – – 319 319 268 168 – – – – –

RS Value 6-93 4.78% 14.08% 18.98% 12.92% 8.20% 8.05% – ★★ ★★★★ ★★ ★★ – 1.35% 1.30% C 4/30/2015

Mid-Cap Growth

American Century Heritage 7-97 7.96% 13.55% 14.36% 14.67% 12.36% 9.11% – ★★★ ★★ ★★ ★★★★ – 1.25% 1.25% – –

Russell Mid Cap Growth TR USD – 5.38% 15.56% 17.41% 16.43% 10.19% – – 655 655 586 436 – – – – –

Baron Asset 6-87 3.44% 12.57% 16.63% 14.98% 9.06% 11.60% – ★★★ ★★★★ ★★★ ★★★ – 1.31% 1.31% – –

Russell Mid Cap Growth TR USD – 5.38% 15.56% 17.41% 16.43% 10.19% – – 655 655 586 436 – – – – –

Fidelity Adv Stk Slctr Mid Cap 2-96 4.54% 11.23% 15.68% 13.71% 7.34% 10.72% – ★★ ★★★ ★★ ★ – 1.28% 1.28% – –

Russell Mid Cap Growth TR USD – 5.38% 15.56% 17.41% 16.43% 10.19% – – 655 655 586 436 – – – – –

Guggenheim StylePlus Mid Growth 9-69 5.38% 15.63% 15.21% 14.00% 6.71% 10.15% – ★★ ★★★ ★★ ★ – 1.74% 1.72% C 2/1/2016

Russell Mid Cap Growth TR USD – 5.38% 15.56% 17.41% 16.43% 10.19% – – 655 655 586 436 – – – – –

Invesco Mid Cap Growth 12-95 7.11% 13.72% 15.91% 14.20% 10.49% 12.53% – ★★★ ★★★ ★★ ★★★ – 1.21% 1.15% C 7/31/2015

Russell Mid Cap Growth TR USD – 5.38% 15.56% 17.41% 16.43% 10.19% – – 655 655 586 436 – – – – –

Pru Jennison Mid Cap Growth 12-96 6.11% 14.53% 14.46% 14.57% 11.29% 10.64% – ★★★ ★★ ★★★ ★★★★ – 1.05% 1.05% – –

Russell Mid Cap Growth TR USD – 5.38% 15.56% 17.41% 16.43% 10.19% – – 655 655 586 436 – – – – –

Wells Fargo Advtg Opportunity 2-00 3.34% 10.70% 14.16% 12.21% 8.09% 6.63% – ★★ ★★ ★★ ★★ – 1.27% 1.23% C 1/31/2015

Russell Mid Cap Growth TR USD – 5.38% 15.56% 17.41% 16.43% 10.19% – – 655 655 586 436 – – – – –

Mid-Cap Value

Fidelity Adv Levgd Co Stock 12-00 4.03% 7.82% 17.77% 14.55% 9.15% 13.80% – ★★ ★★★ ★★ ★★ – 1.32% 1.32% – –

Russell Mid Cap Value TR USD – 2.42% 11.70% 18.60% 15.84% 9.61% – – 415 415 349 232 – – – – –

Fidelity Adv Value Strategies 12-83 4.34% 9.66% 16.39% 13.19% 7.70% 11.51% – ★★ ★★★ ★★ ★ – 1.17% 1.17% – –

Russell Mid Cap Value TR USD – 2.42% 11.70% 18.60% 15.84% 9.61% – – 415 415 349 232 – – – – –

Perkins Mid Cap Value4 _{7-09 0.00% 6.51% 11.00% 9.66% 7.97% 13.50%} – ★★ ★ ★★ ★★★★ – 0.99% 0.99% – –

Russell Mid Cap Value TR USD – 2.42% 11.70% 18.60% 15.84% 9.61% – – 415 415 349 232 – – – – –

RidgeWorth Md Cap Value Equity 10-03 0.29% 7.45% 16.01% 13.07% 10.73% 11.99% – ★★★ ★★ ★★ ★★★★ – 1.40% 1.40% – –

Russell Mid Cap Value TR USD – 2.42% 11.70% 18.60% 15.84% 9.61% – – 415 415 349 232 – – – – –

Moderate Allocation

American Century Str Alloc Mod 10-96 2.01% 6.87% 8.94% 9.03% 6.56% 7.01% – ★★★ ★★ ★★ ★★★ – 1.32% 1.32% – –

Morningstar Moderately Aggr Target Risk – 1.81% 4.80% 10.06% 9.72% 7.33% – – 787 787 697 444 – – – – –

Calamos Growth and Income 9-88 0.62% 7.32% 7.94% 8.37% 6.61% 11.29% – ★★ ★ ★★ ★★ – 1.09% 1.09% – –

Morningstar Moderately Aggr Target Risk – 1.81% 4.80% 10.06% 9.72% 7.33% – – 787 787 697 444 – – – – –

Invesco Equity and Income 8-60 0.01% 6.53% 12.51% 10.06% 7.16% 10.38% – ★★★ ★★★★ ★★★ ★★★ – 0.81% 0.80% C 6/30/2016

Morningstar Moderately Aggr Target Risk – 1.81% 4.80% 10.06% 9.72% 7.33% – – 787 787 697 444 – – – – –

Northern Glbl Asset Alloc 7-93 1.69% 2.51% 6.97% 7.39% 5.15% 6.37% – ★★ ★★ ★★ ★★ – 0.87% 0.66% C 7/31/2015

Morningstar Moderately Aggr Target Risk – 1.81% 4.80% 10.06% 9.72% 7.33% – – 787 787 697 444 – – – – –

TRP Capital Appreciation 12-04 3.13% 12.28% 13.76% 12.26% 8.76% 8.50% – ★★★★★ ★★★★★ ★★★★★ ★★★★★ – 1.02% 1.02% – –

Morningstar Moderately Aggr Target Risk – 1.81% 4.80% 10.06% 9.72% 7.33% – – 787 787 697 444 – – – – –

Multialternative

Guggenheim Multi-Hedge Strat 9-05 2.76% 8.79% 3.41% 4.04% – 0.72% – ★★★★ ★★★ ★★★★ – – 2.88% 1.52% V –

Morningstar Moderate Target Risk – 1.37% 4.21% 8.05% 8.32% 6.78% – – 200 200 129 – – – – – –

Multisector Bond

Pioneer Strategic Income 4-99 1.27% 3.08% 4.75% 5.78% 6.38% 7.13% – ★★★ ★★ ★★ ★★★ – 1.03% 1.03% – –

Natural Resources

Pru Jennison Natural Resources 1-90 -2.35% -25.81% -7.47% -3.04% 5.65% 9.21% – ★★ ★★ ★★ ★★ – 1.16% 1.16% – –

S&P North American Natural Resources

TR – -1.51% -13.47% 0.50% 3.86% 6.24% – – 140 140 110 54 – – – – –

Nontraditional Bond

Guggenheim Macro Opportunities 11-11 1.79% 4.09% 6.48% – – 7.52% – ★★★★ ★★★★ – – – 1.54% 1.32% C 2/1/2016

BofAML USD LIBOR 3 Mon CM – 0.06% 0.23% 0.31% 0.33% 1.96% – – 224 224 – – – – – – –

Real Estate

Fidelity Adv Real Estate 9-02 5.44% 24.37% 13.57% 15.08% 9.59% 11.83% – ★★ ★★ ★★ ★★ – 1.37% 1.37% – –

S&P United States REIT TR USD – 4.74% 24.10% 14.18% 15.86% 9.60% – – 234 234 190 150 – – – – –

Short-Term Bond

PIMCO Low Duration 12-02 0.70% 0.63% 1.41% 1.89% 3.29% 2.96% – ★★★ ★★★ ★★★ ★★★ – 1.05% 1.05% – –

Barclays Govt/Credit 1-5 Yr TR USD – 0.96% 1.99% 1.45% 2.18% 3.53% – – 449 449 390 273 – – – – –

Small Blend

Guggenheim Small Cap Value 7-08 1.75% -1.57% 11.54% 11.85% – 16.20% – ★ ★ ★ – – 1.85% 1.32% C 2/1/2016

Russell 2000 TR USD – 4.32% 8.21% 16.27% 14.57% 8.82% – – 620 620 559 – – – – – –

PIMCO StocksPLUS® Small Fund 7-06 4.65% 9.50% 19.01% 18.09% – 13.22% – ★★★★ ★★★★ ★★★★ – – 1.09% 1.09% – –

Russell 2000 TR USD – 4.32% 8.21% 16.27% 14.57% 8.82% – – 620 620 559 – – – – – –

RidgeWorth Sm Cap Value Equity 10-03 2.28% 3.79% 13.60% 12.95% 9.60% 11.22% – ★★ ★★ ★★ ★★★ – 1.50% 1.50% – –

Russell 2000 TR USD – 4.32% 8.21% 16.27% 14.57% 8.82% – – 620 620 559 360 – – – – –

RS Partners 7-95 -1.38% -6.33% 13.55% 11.31% 7.36% 11.81% – ★★ ★★ ★★ ★★ – 1.51% 1.45% C 4/30/2015

Russell 2000 TR USD – 4.32% 8.21% 16.27% 14.57% 8.82% – – 620 620 559 360 – – – – –

Wells Fargo Advtg Sm Cap Value 11-00 -2.83% -7.29% 7.22% 6.60% 6.82% 10.60% – ★★ ★ ★ ★★ – 1.35% 1.30% C 7/31/2015

Russell 2000 TR USD – 4.32% 8.21% 16.27% 14.57% 8.82% – – 620 620 559 360 – – – – –

Small Growth

BlackRock® Sm Cap Growth Equity 9-93 5.21% 7.67% 14.14% 13.69% 9.75% 9.54% – ★★★ ★★ ★★ ★★★ – 1.14% 1.14% – –

Russell 2000 Growth TR USD – 6.63% 12.06% 17.74% 16.58% 10.02% – – 656 656 577 402 – – – – –

ClearBridge Sm Cap Growth 7-98 1.21% 4.83% 15.11% 16.58% 10.16% 10.84% – ★★★ ★★ ★★★ ★★★ – 1.26% 1.26% – –

Russell 2000 Growth TR USD – 6.63% 12.06% 17.74% 16.58% 10.02% – – 656 656 577 402 – – – – –

Invesco Small Cap Growth 10-95 5.51% 10.64% 17.78% 17.11% 10.59% 11.15% – ★★★★ ★★★ ★★★★ ★★★★ – 1.21% 1.21% – –

Russell 2000 Growth TR USD – 6.63% 12.06% 17.74% 16.58% 10.02% – – 656 656 577 402 – – – – –

Oak Ridge Small Cap Growth 1-94 7.11% 13.09% 17.23% 15.61% 9.94% 10.80% – ★★★★ ★★★ ★★★ ★★★★ – 1.38% 1.38% – –

Russell 2000 Growth TR USD – 6.63% 12.06% 17.74% 16.58% 10.02% – – 656 656 577 402 – – – – –

Oppenheimer Discovery 9-86 7.42% 7.64% 16.17% 16.93% 9.93% 10.67% – ★★★ ★★★ ★★★ ★★★ – 1.11% 1.11% – –

Russell 2000 Growth TR USD – 6.63% 12.06% 17.74% 16.58% 10.02% – – 656 656 577 402 – – – – –

Pru Jennison Small Company 1-90 5.62% 11.42% 15.99% 14.59% 10.16% 10.85% – ★★★ ★★★ ★★★ ★★★ – 1.14% 1.14% – –

Small Value

Guggenheim Mid Cap Value 5-97 1.69% -0.88% 11.94% 10.38% 8.96% 13.65% – ★★★ ★★ ★★ ★★★★ – 1.39% 1.39% – –

Russell 2000 Value TR USD – 1.98% 4.43% 14.79% 12.54% 7.53% – – 362 362 297 201 – – – – –

Pru Small-Cap Value 11-99 2.20% 8.54% 15.25% 13.90% 7.34% 10.68% – ★★★ ★★ ★★★ ★★★ – 1.35% 1.24% C 11/30/2015

Russell 2000 Value TR USD – 1.98% 4.43% 14.79% 12.54% 7.53% – – 362 362 297 201 – – – – –

Royce Opportunity 5-00 1.02% -3.05% 14.30% 12.46% 8.48% 10.63% – ★★ ★★★ ★★ ★★ – 1.48% 1.48% – –

Russell 2000 Value TR USD – 1.98% 4.43% 14.79% 12.54% 7.53% – – 362 362 297 201 – – – – –

Royce Value 6-01 3.32% 2.23% 9.31% 9.80% 8.57% 10.90% – ★★ ★ ★★ ★★★ – 1.48% 1.48% – –

Russell 2000 Value TR USD – 1.98% 4.43% 14.79% 12.54% 7.53% – – 362 362 297 201 – – – – –

Tactical Allocation

PIMCO All Asset4 _{1-06 -0.06% -2.10% 2.63% 5.07% 4.80% 4.46%} – ★★★ ★★ ★★★ ★★★ – 1.75% 1.62% C 7/31/2015

Morningstar Moderately Aggr Target Risk – 1.81% 4.80% 10.06% 9.72% 7.33% – – 198 198 117 55 – – – – –

Target Date 2000-2010

TRP Retirement 2010 10-03 1.65% 4.54% 7.07% 7.41% 5.86% 6.36% – ★★★ ★★★★ ★★★ ★★★ – 1.09% 1.09% – –

Morningstar Lifetime Moderate 2010 – 1.25% 4.16% 6.34% 7.70% 6.59% – – 116 116 109 38 – – – – –

Target Date 2011-2015

TRP Retirement 20154 _{5-07 2.03% 5.35% 8.35% 8.42% 6.29% 4.37%} – ★★★★ ★★★★ ★★★★ ★★★ – 1.13% 1.13% – –

Morningstar Lifetime Moderate 2015 – 1.36% 4.55% 7.10% 8.27% 6.89% – – 125 125 116 23 – – – – –

Target Date 2016-2020

TRP Retirement 2020 10-03 2.35% 6.00% 9.48% 9.24% 6.58% 7.19% – ★★★★ ★★★★ ★★★★ ★★★★ – 1.17% 1.17% – –

Morningstar Lifetime Moderate 2020 – 1.50% 4.93% 8.05% 8.93% 7.17% – – 194 194 165 55 – – – – –

Target Date 2021-2025

TRP Retirement 20254 _{5-07 2.71% 6.69% 10.48% 9.94% 6.84% 4.58%} – ★★★★ ★★★★ ★★★★ ★★★ – 1.20% 1.20% – –

Morningstar Lifetime Moderate 2025 – 1.66% 5.29% 9.20% 9.65% 7.42% – – 144 144 112 23 – – – – –

Target Date 2026-2030

TRP Retirement 2030 10-03 3.00% 7.22% 11.34% 10.56% 7.11% 7.80% – ★★★★ ★★★★★ ★★★★ ★★★★ – 1.23% 1.23% – –

Morningstar Lifetime Moderate 2030 – 1.84% 5.52% 10.30% 10.28% 7.64% – – 194 194 165 55 – – – – –

Target Date 2031-2035

TRP Retirement 20354 _{5-07 3.22% 7.58% 11.94% 10.96% 7.20% 4.78%} – ★★★★ ★★★★ ★★★★ ★★★ – 1.25% 1.25% – –

Morningstar Lifetime Moderate 2035 – 1.99% 5.56% 11.04% 10.66% 7.80% – – 144 144 112 23 – – – – –

Target Date 2036-2040

TRP Retirement 2040 10-03 3.34% 7.83% 12.31% 11.20% 7.33% 8.00% – ★★★★ ★★★★ ★★★★ ★★★★ – 1.26% 1.26% – –

Morningstar Lifetime Moderate 2040 – 2.09% 5.44% 11.31% 10.77% 7.88% – – 193 193 164 50 – – – – –

Target Date 2041-2045

TRP Retirement 2045 5-07 3.36% 7.85% 12.31% 11.19% – 4.95% – ★★★★ ★★★★ ★★★★ – – 1.26% 1.26% – –

Morningstar Lifetime Moderate 2045 – 2.14% 5.26% 11.26% 10.69% 7.90% – – 143 143 111 – – – – – –

Target Date 2046-2050

TRP Retirement 2050 12-06 3.40% 7.83% 12.34% 11.20% – 5.82% – ★★★★ ★★★★ ★★★★ – – 1.26% 1.26% – –

Target Date 2051+

TRP Retirement 2055 5-07 3.41% 7.85% 12.31% 11.20% – 4.94% – ★★★★ ★★★★ ★★★★ – – 1.26% 1.26% – –

Morningstar Lifetime Moderate 2055 – 2.19% 4.84% 10.96% 10.40% 7.84% – – 108 108 43 – – – – – –

Technology

Invesco Technology 3-02 4.13% 13.48% 9.30% 12.47% 7.85% 3.93% – ★★ ★ ★★ ★★ – 1.45% 1.45% – –

Morningstar SEC/Technology TR USD – 1.49% 17.27% 13.03% 14.20% 10.42% – – 194 194 186 147 – – – – –

RS Technology 11-95 2.15% 9.13% 11.85% 13.31% 10.44% 9.37% – ★★ ★★ ★★ ★★ – 1.49% 1.49% – –

Morningstar SEC/Technology TR USD – 1.49% 17.27% 13.03% 14.20% 10.42% – – 194 194 186 147 – – – – –

World Allocation

BlackRock® Global Allocation 10-94 2.68% 4.02% 6.80% 6.51% 7.16% 9.43% – ★★★ ★★ ★★ ★★★★ – 1.13% 1.13% – –

Morningstar Global Allocation TR – 1.73% 3.50% 7.68% 7.37% 6.61% – – 459 459 327 166 – – – – –

Ivy Asset Strategy 7-00 1.57% -2.28% 7.79% 7.58% 10.41% 8.51% – ★★★ ★★ ★★ ★★★★★ – 0.96% 0.96% – –

Morningstar Global Allocation TR – 1.73% 3.50% 7.68% 7.37% 6.61% – – 459 459 327 166 – – – – –

World Bond

American Century Intl Bond 10-98 -4.89% -9.82% -3.54% -0.37% 1.46% 3.09% – ★ ★ ★ ★ – 1.05% 1.05% – –

Citi WGBI NonUSD USD – -4.36% -9.82% -3.32% 0.38% 2.51% – – 298 298 232 138 – – – – –

PIMCO Foreign Bond-Hedged 12-02 2.41% 10.48% 7.05% 6.80% 6.08% 5.78% – ★★★★★ ★★★★★ ★★★★★ ★★★★ – 1.17% 1.15% V –

Citi WGBI NonUSD USD – -4.36% -9.82% -3.32% 0.38% 2.51% – – 298 298 232 138 – – – – –

Templeton Global Bond 9-86 0.08% 1.03% 3.99% 4.47% 7.60% 7.93% – ★★★★ ★★★ ★★★ ★★★★★ – 0.91% 0.90% C 1/1/2016

Citi WGBI NonUSD USD – -4.36% -9.82% -3.32% 0.38% 2.51% – – 298 298 232 138 – – – – –

World Stock

Deutsche Global Growth3 _{6-01 4.21% 0.64% 9.90% 7.20% 6.30% 5.61%} – ★★ ★★ ★ ★★ – 1.50% 1.50% – –

MSCI ACWI NR USD – 2.31% 5.42% 10.75% 8.99% 6.44% – – 903 903 702 350 – – – – –

Franklin Mutual Global Disc 11-96 3.14% 6.07% 12.72% 9.63% 8.62% 10.08% – ★★★★ ★★★ ★★★ ★★★★★ – 1.28% 1.28% – –

MSCI ACWI NR USD – 2.31% 5.42% 10.75% 8.99% 6.44% – – 903 903 702 350 – – – – –

Guggenheim World Equity Income 10-93 1.78% 3.21% 9.44% 6.41% 4.80% 7.42% – ★★ ★★ ★ ★★ – 1.66% 1.49% C 2/1/2016

MSCI ACWI NR USD – 2.31% 5.42% 10.75% 8.99% 6.44% – – 903 903 702 350 – – – – –

Oppenheimer Global 12-69 7.33% 8.82% 13.78% 10.84% 7.86% 11.63% – ★★★ ★★★ ★★★ ★★★ – 1.13% 1.13% – –

MSCI ACWI NR USD – 2.31% 5.42% 10.75% 8.99% 6.44% – – 903 903 702 350 – – – – –

*The average annual total return figures assume a one-time investment of $1,000 at the beginning of each period. All dividends are assumed to be

reinvested. NAV performance returns do not reflect deduction of any front-end sales loads or contingent deferred sales loads that may be imposed

by the funds. Such loads are waived by the funds for purchases made through this Program. If you purchase these funds outside of this Program,

you may be subject to these charges. If the sales loads were reflected in the accompanying performance data, it would reduce the quoted

performance. In addition, the NAV performance numbers do not reflect deduction of any Trust/Custodial Account charges, which would reduce the

quoted performance. Because this performance information does not reflect deduction of Trust/Custodial Account charges, the quoted

Purchase Load 0.00% 5.50% 0.00% 0.00% 0.00% Account Distribution Fee

(Custodial Fee) 1.00% 0.35% 1.25% 1.20% 1.25%

Contingent Deferred Sales Charge Year CDSC One 1.00% Two 0.00% Year CDSC One 1.00% Two 0.00% Year CDSC One 5.00% Two 4.00% Three 3.00% Four 2.00% Five 1.00% Six 0.00% Rights of Accumulations

Loan Fees – All options (not available in all plans or IRAs)

Loan Origination Fee $100

Loan Annual Maintenance Fee $50 Loan Interest Rate Prime + 1%

3 _{Investments in this fund that are withdrawn or transferred may be assessed a redemption fee, which is retained by the fund. Please consult with your financial representative.}

4 _{This fund uses extended performance, which generally means that the fund manager calculates performance for the share class of the fund listed based upon on performance of a previous share}

class. Thus, older performance may have been higher or lower if the share class listed was in existence during such time periods. For specific periods using extended performance please consult the fund's prospectus.

5 _{The current yield more closely reflects the current earnings of the fund than the total return.}

6 _{This Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your}

investment at $1.00 per share, it is possible to lose money by investing in this Fund.

7 _{Effective December 5, 2014, Northern Large Cap Growth merged into Northern Large Cap Core. Effective January 9, 2015 Northern Large Cap Core is closed to new and additional investments.}

C - The difference between the gross expense ratio and the net expense ratio represents a contractual waiver of fees. A contractual waiver is generally

provided for a specified period of time.

V - The difference between the gross expense ratio and the net expense ratio represents a voluntary waiver of fees. Unlike a contractual waiver, a voluntary

waiver is not provided for a specified period of time and may end without notice. Refer to the fund's prospectus for details about this voluntary waiver.

Triple-digit or high double-digit performance is attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

Recent market volatility may affect performance so that current performance may be lower. Performance, especially for short time periods, should not be the sole factor in

making your investment decisions.

The Fidelity Advisor Stock Selector Mid Cap and Prudential Jennison Small Company funds may not be available in all plans. Contact your financial representative or employer

for details.

Effective July 8, 2011, Invesco Developing Markets and Invesco Small Cap Growth are closed to new purchases or transfers.

Effective April 23, 2012, Wells Fargo Advantage Growth will no longer be available for purchase or transfers.

Effective June 30, 2014, the Clearbridge Small Cap Growth fund is closed to new purchases or transfers.

The Security Benefit Advisor 403(b)(7) is a Custodial Account under §403(b)(7) of the Internal Revenue Code. The Security Benefit Advisor 457 is a Trust Account under §457

of the Internal Revenue Code. Security Benefit Advisor IRA is an IRA Custodial Account under §408(a) of the Internal Revenue Code.

Account Charges - Fee Options 1 and 2 are no longer available for new accounts. For those accounts that have been established under these options the fees and expenses

are as follows:

Option 1 - Purchase Load of 5.25% with an account distribution fee of 0.35%; No CDSC.

Option 2 – No Purchase Load; account distribution fee of 0.85%. Option 2 also has a Contingent Deferred Sales Charge (CDSC): 5.00% for years 1 & 2, 4.00% for year 3,

3.00% for year 4, 2.00% for year 5, and 1.00% for year 6, and 0.00% for year 7.

Broker Compensation

Security Distributors, Inc. (“SDI”) pays commissions to the selling broker/dealer in connection with contributions to your custodial account. SDI may use any of its corporate

assets to pay such commissions and other distribution costs. A portion of any payments made to the selling broker/dealer may be passed on to the registered representative in

accordance with the broker/dealer’s internal compensation programs. SDI pays commissions that range in amount from 1.00% to 5.00% as a percentage of initial and

subsequent contributions at the time it receives them. SDI also pays asset-based commissions that range from an annual percentage of 0.25% to 1.00% of average account

value. The commission amount generally varies according to the custodial account fee option selected. Please ask your registered representative for further information about

what he or she and the selling broker/dealer for whom he or she works may receive in connection with your contributions to the custodial account.

access to the SDI and its affiliates. SDI and its affiliates anticipate they will receive payments from the underlying funds, their advisers, sub-advisers, and distributors, or affiliates

thereof in the form of 12b-1 fees, investor services fees and administrative payments that range in total from 0.25% to a maximum of 0.65% of the average net assets of the

account invested in the underlying fund on an annual basis. This does not include the arrangements with certain of the investment advisers, sub-advisers, or distributors (or

affiliates thereof) of certain of the Underlying Funds in which the payment is not based on the average net assets of the accounts invested in the underlying fund.

Morningstar Rating™

Often simply called the Star Rating, the Morningstar Rating brings load-adjustments, performance (returns) and risk together into one evaluation. To determine a fund's star

rating for a given time period (three, five, or ten years), the fund's risk-adjusted return is plotted on a bell curve: If the fund scores in the top 10% of its category, it receives 5

stars (Highest); if it falls in the next 22.5% it receives 4 stars (Above Average); a place in the middle 35% earns 3 stars (Average); those lower still, in the next 22.5%, receive 2

stars (Below Average); and the bottom 10% get only 1 star (Lowest). The Overall Morningstar Rating is a weighted average of the available three-, five-, and ten-year ratings.

© 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: 1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed;

and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this

information. Past performance is no guarantee of future results.

Securities are distributed by Security Distributors, Inc., a subsidiary of Security Benefit Corporation (“Security Benefit”).

All Dow Jones (DJ) indexes, ©2015 Dow Jones & Company Inc.

All MSCI indexes, ©2015 Morgan Stanley Capital International, Inc.

Each of the Morningstar Analyst Benchmark indexes is unmanaged and cannot be invested in directly. Although index returns were gathered from reliable sources, Morningstar

Associates cannot guarantee their accuracy or completeness.

Security Distributors, Inc.