Important investment information

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Important investment information

Performance

When used as supplemental sales literature, investment information must be accompanied by this disclosure statement

The performance data quoted represents past performance; past performance does not guarantee future results. Investment returns and principal value will fluctuate so your account balance, when redeemed, may be worth more or less than your original cost.

Current performance may be lower or higher than the performance data quoted. Instances of high double-digit returns are highly unusual and cannot be sustained. Investors should be aware that returns vary due to market conditions.

Participation in a collective trust (designated as “Trust” in the name of the investment option) is governed by terms of the trust and participation mate-rials. An investor should carefully consider the investment objectives, risks, and charges and expenses of the collective trusts before investing. The par-ticipation materials contain this and other important information and should be read carefully before investing or sending money. Participation materials for any of the collective trusts in the program are available at 877-533-9710. You may obtain a prospectus or similar document for each investment option in the plan by requesting one from your employer, visiting your plan’s web-site, or calling a Lincoln Financial representative at 800 234-3500. When the fund's inception date is less than 10 years, historical performance may not be available. When this is the case, extended performance has been calculated based on the oldest share class of the fund, adjusted for fees. Please obtain mutual fund performance data for the most recent month end by visiting www.morningstar.com and requesting a quote using the appro-priate ticker symbol.

Fund data is provided here by Morningstar, Inc.

Morningstar Information

Expressed in percentage terms, Morningstar’s calculation of total return is determined by taking the change in price, reinvesting, if applicable, all income and capital gains distributions during that month, and dividing by the starting price. Reinvestments are made using the actual reinvestment price, and daily payoffs are reinvested monthly.

© 2013 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, com-plete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past per-formance is no guarantee of future results.

Issuing Company

The Lincoln Stable Value Account is a fixed annuity contract issued by The Lincoln National Life Insurance Company, Fort Wayne, IN 46802 on Form 28866-SV20 05/04, Form 28866-SV90 05/04, or Form AR 700 10/09 and

state variations thereof.Guarantees for the Lincoln Stable Value

Account are based upon the claims-paying ability of the issuer.

Fees and Expenses

Fees and expenses reduce the assets allocated to your investments under the Plan, ultimately lowering the net rate of return. In addition, the fees and expenses of the investment options in your Plan will negatively impact the net rate of return of those investments. Higher fees, of course, will impact the performance of your investments.

If the performance for an investment option reports a difference between the gross expense ratio and net expense ratio, please refer to the fund’s prospectus (mutual funds) or disclosure statement (collective investment trust), which may provide an explanation of applicable fee waivers. Fee and expense information is based on information available as of 06/30/2013.

Benchmarks

A benchmark index gives the investor a point of reference for evaluating a fund's performance. Each investment option in the Plan's lineup is compared with a secondary index, based on its Morningstar Category. For example, all funds in the large-growth category are compared with the Russell Top 200 Growth index.

Investment Risk

Foreign securities portfolios/emerging markets portfolios:Portfolios that invest in foreign securities involve special additional risks. These risks include, but are not limited to: currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets can accentuate these risks.

Sector portfolios:Portfolios that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.

Nondiversified portfolios:Portfolios that invest assets in a single issuer or a few issuers involve additional risks, including share price fluctuations, because of the increased concentration of investment.

Small-cap portfolios:Portfolios that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure and are not as well established as larger blue-chip companies. Histor-ically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average and may be less liquid than larger companies.

Mid-cap portfolios:Portfolios that invest in companies with market capital-ization below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies.

High-yield bond portfolios:Portfolios that invest in less-than-investment-grade-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility and increased risk of default.

REITs:The value of the shares of a REIT fund will fluctuate with the value of the underlying assets (real estate properties). There are special risk factors associated with REITs, such as interest rate risk and the illiquidity of the real estate market.

Fund Restrictions

Alliance Stable Value:There is a 20% restriction on the amount that can be transferred from this investment option in a 12-month period.

Frequent trading policy:Transactions associated with market timing –– such as frequent, large, or short-term transfers among investment options –– can affect the underlying funds and their investments. Lincoln Financial therefore reviews the number of transfers that a participant makes within given peri-ods of time to determine if any transfer attempts to capitalize upon short-term movements in the equity markets (Market Timing Policy). If so, the participant’s transfer activity will be subject to further scrutiny. Potential market timing or frequent trading may result in future trading restrictions, up to and including temporary (or permanent) revocation of telephone exchange privileges.

Fund-specific restrictions:Fund companies may have their own policies and procedures with respect to frequent purchases and redemptions of their respective shares, which may be more or less restrictive than the frequent trading policies and procedures of other investment options and of Lincoln Financial’s Market Timing Policy. For example, when funds adopt a purchase blocking policy and you transfer an amount in excess of the fund’s imposed limit from that investment, you will be restricted from investing back into that investment for a specified period of time. For more information on fre-quent purchase and redemption policies, please refer to the fund’s prospec-tus or similar document.

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Performance and fee overview

Prince William County Schools Supplemental

Retirement Plan

Net Gross Since Incpt. Ten Years Five Years Three Years One Year YTD Incpt. Date Fund ID Fees Average Annual Total Returns as of 06/30/2013

Oppenheimer Global Y2 World Stock

MSCI World NR USD

OGLYX 11/98 8.63 8.43 25.66 18.58 14.85 13.72 6.03 2.70 9.72 7.25 8.96 0.93 0.93

American Funds EuroPacific Gr A2 Foreign Large Blend

MSCI ACWI Ex USA NR USD

AEPGX 04/84 1.99 -0.04 15.48 13.63 9.07 7.99 1.13 -0.80 9.56 8.62 11.27 0.86 0.86 U.S. Stock

Vanguard Institutional Index I5 Large Blend Russell 1000 TR USD VINIX 07/90 13.81 13.91 20.57 21.24 18.43 18.63 7.04 7.12 7.30 7.67 9.09 0.04 0.04

Prudential Jennison Small Company Z1 Small Growth

Russell 2000 Growth TR USD

PSCZX 03/96 14.04 17.44 21.52 23.67 17.57 19.97 7.92 8.89 11.04 9.62 9.09 0.87 0.87

Perkins Mid Cap Value T1 Mid-Cap Value

Russell Mid Cap Value TR USD

JMCVX 08/98 12.51 16.10 19.56 27.65 12.99 19.53 6.46 8.87 10.06 10.92 12.13 0.84 0.84

Morgan Stanley Inst Mid Cap Growth I1 Mid-Cap Growth

Russell Mid Cap Growth TR USD

MPEGX 03/90 14.91 14.70 17.94 22.88 15.38 19.53 7.70 7.61 11.91 9.94 12.84 0.71 0.71

MainStay Large Cap Growth R1 Large Growth

Russell 1000 Growth TR USD

MLRRX 04/05 11.14 11.80 16.07 17.07 17.25 18.68 5.75 7.47 8.55 7.40 7.95 0.89 0.89

American Funds Washington Mutual A Large Value

Russell 1000 Value TR USD

AWSHX 07/52 14.74 15.90 20.50 25.32 18.89 18.51 7.26 6.67 7.11 7.79 11.86 0.62 0.62

AllianzGI NFJ Small-Cap Value Admin1 Small Value

PVADX 11/95 12.47 14.39 22.30 24.76 16.14 17.33 8.28 8.59 11.37 9.30 11.85 1.12 1.04

AllianzGI NFJ Dividend Value Admin Large Value

ANDAX 05/00 13.24 15.90 21.96 25.32 17.81 18.51 3.91 6.67 7.78 7.79 7.83 0.96 0.96 Balanced/Allocation Invesco Equity and Income Y3 Moderate Allocation

Morningstar Moderately Aggr Target Risk

ACETX 12/04 12.90 6.78 19.59 15.11 14.28 13.04 7.97 5.54 7.66 8.28 6.33 0.56 0.56 Bond

Vanguard Total Bond Market Index I4,5 Intermediate-Term Bond

Barclays US Govt/Credit 5-10 Yr TR USD

VBTIX 09/95 -2.48 -3.57 -0.83 -0.55 3.43 5.22 5.18 6.82 4.54 5.25 5.80 0.07 0.07

PIMCO Total Return Instl4 Intermediate-Term Bond

Barclays US Govt/Credit 5-10 Yr TR USD

PTTRX 05/87 -3.02 -3.57 1.20 -0.55 4.67 5.22 7.26 6.82 5.97 5.25 8.06 0.46 0.46 Cash/Stable Value Alliance Stable Value6 Current rate of return: 3.00% Term: Quarterly

Guaranteed Minimum Interest Rate: 3.00%

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Risk-Based Disclosures

1 Funds that invest in small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies.

2 Investing internationally involves risks not associated with investing solely in the United States, such as currency fluctuation, political risk, differences in accounting and the limited availability of information.

3 Asset allocation does not ensure a profit, nor protect against loss in a declining market.

4 The return of principal in bond portfolios is not guaranteed. Bond Portfolios have the same interest rate, inflation, credit, prepayment and market risks that are associated with the underlying bonds owned by the fund (or account). 5 An index is unmanaged, and one cannot invest directly in an index.

6 The Lincoln Stable Value Account is a fixed annuity contract issued by The Lincoln National Life Insurance Company, Fort Wayne, IN 46802 on Form 28866-SV20 05/04, Form 28866-SV90 05/04, or Form AR 700 10/09 and state variations thereof.Guarantees for the Lincoln Stable Value Account are based upon the claims-paying ability of the issuer.

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Small Cap Equity SA24

Release Date 03-31-2011 ... Morningstar Category Small Growth Investment Strategy

The investment seeks to provide maximum long-term total return.

The portfolio's investment objective is to exceed the total return of the Russell 2000 Growth Index and provide superior return relative to a universe of similar managers. The portfolio purchases stocks of small companies having the potential to grow rapidly and produce superior returns. Small cap companies generally are those between $200 million and $2 billion in market capitalization. The portfolio manager looks for stocks of companies that it expects to benefit from trends within the economy, the political arena and society at large.

Volatility Analysis

Risk: Above Average

In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies.

Portfolio Analysis Compositionas of 03-31-11 % Assets U.S. Stocks 86.4 Non-U.S. Stocks 6.4 Bonds 0.0 Cash 7.2 Other 0.0

Morningstar Style Box™ as of 03-31-11 % Mkt Cap

Large

Mid

Small

Value Blend Growth

Giant 0.00 ... Large 3.41 Medium 65.73 Small 22.69 ... Micro 8.17

Top 5 Holdingsas of 03-31-11 % Assets

Weight Watchers International, Inc. 6.60 Polycom, Inc. 5.18 VeriFone Systems, Inc. 4.31 SBA Communications Corporation 4.24 J2 Global Communications, Inc. 4.17 ... Total Number of Stock Holdings 29 Total Number of Bond Holdings 0 Annual Turnover Ratio % .

Total Fund Assets ($mil) 70.17

Morningstar Super Sectorsas of 03-31-11 % Fund

Cyclical 23.71

Sensitive 53.16

Defensive 23.13

Risk Measuresas of 03-31-11 Port Avg Rel S&P 500 Rel Cat

3 Yr Std Dev 27.90 1.27 1.05 3 Yr Beta 1.17 . 1.04 3 Yr Alpha 11.66 . 1.74

Operations

Fund Inception Date 12-01-86 Portfolio Manager Gerald S. Frey

Management Company Delaware Lincoln Investment Advisors

Web Site .

1 Morningstar Category

The Morningstar Category is a system of grouping funds based

on their actual investment styles as measured by their underlying

portfolio holdings (portfolio statistics and compositions over the

past three years).

2 Investment Strategy

The investment strategy describes the goal of the investment option, as

well as how it directs investments to achieve this goal.

3 Volatility Analysis

Gives investors a sense of “best” and “worst” case scenarios based

upon an investment’s actual performance history. An overall risk

assessment and its category average are clearly illustrated, while

explanatory text explains an investment’s price fluctuations relative

to the market and other investments.

4 Portfolio Composition

Breakdown of the fund’s portfolio holdings into general investment

classes: Stocks, Bonds, Cash, and Other. It also includes the percentage

of foreign stocks in the portfolio.

5 Top 5 Holdings

The fund’s top portfolio holdings, listed as a percentage of total

fund assets.

6 Morningstar Style Box

TM

The Morningstar Style Box reveals a fund’s investment strategy as of

the date noted on this report.

For equity funds the vertical axis shows the market capitalization of the

long stocks owned and the horizontal axis shows investment style (value,

blend, or growth).

For fixed-income funds, the vertical axis shows the credit quality of

the long bonds owned and the horizontal axis shows interest rate

sensitivity as measured by a bond’s effective duration.

For corporate and municipal bonds, Morningstar surveys credit rating

information from fund companies on a periodic basis (e.g., quarterly).

In compiling credit rating information, Morningstar instructs fund

companies to only use ratings that have been assigned by a Nationally

Recognized Statistical Rating Organization (NRSRO). If two NRSROs

have rated a security, fund companies are to report the lowest rating to

Morningstar. If a rating is unavailable or unpublished, then the security

or issuer is categorized as Not Rated/Not Available. US Government

Securities issued by the US Treasury or US Government Agencies are

included in the US Government category. PLEASE NOTE: Morningstar,

Inc. is not itself an NRSRO nor does it issue a credit rating on the fund.

An NRSRO rating on a fixed-income security can change from

time-to-time.

7 Morningstar Sectors

The Morningstar Sectors divide the economy into three primary sectors:

the Information Economy, the Service Economy, and the Manufacturing

Economy, in addition to 12 industry groupings.

8 Risk Measures

Beta is a measure of a fund’s sensitivity to market movements. A

port-folio with a beta greater than 1 is more volatile than the market, and a

portfolio with a beta less than 1 is less volatile than the market.

Alpha measures the difference between a fund’s actual returns and its

expected performance, given its level of risk (as measured by beta).

Standard deviation is a statistical measure of the volatility of the

fund’s returns.

Investment option profile disclosures

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3

4

5

6

7

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06-30-2013 as of 06-30-13 as of 06-30-13 as of 06-30-13 as of 06-30-13 as of 06-30-13

Sample Equity Fund Profile

Sample Equity LLC www.sampleequityllc.com Jane Sample

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©2013 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herin: (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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com

Alliance Stable Value F08

Release Date

06-30-13

... Morningstar Category

Stable Value Overall Morningstar Rating

.

™ Morningstar Return

.

Morningstar Risk

.

Investment Objective & Strategy

The primary investment objective is to maximize after- tax GAAP investment income net of cost of capital consistent with the long-term preservation of capital. Strong consideration is given to credit quality, required surplus, liquidity, interest rate risk, taxes, and competitive crediting rates. The overall investment strategy is executed within the context of prudent asset/liability management (ALM) and the constraints of the applicable law and regulation.

Overall, the portfolio is managed to achieve an average quality of A to A-. We see to it that the portfolio has adequate diversification by limiting the amount of investments in any asset class, sector, industry or issuer in the market. We also ensure that the portfolio has adequate liquidity in order to fulfill any unanticipated cash needs. Risk is further limited by restrictions on below investment grade securities and equity investments.

Notes

For any investment option in the plan, including an option that is part of a model, you may obtain a prospectus or similar document by requesting one from your employer, visiting your plan’s web site, or calling a Lincoln Financial representative at 800 234-3500. Portfolio Analysis Compositionas of 06-30-13 % Assets Synthetic GICs 0.0 Traditional GICs 0.0 Cash 0.0 Other 100.0

What do Stable Value Funds invest in?

Stable value funds tend to invest in high-quality bonds with short- to intermediate-term maturities. They also purchase insurance contracts which aim to provide price stability on a day-to-day basis. This guaranteed account is a group annuity contract with a guarantee of principal and interest provided by Lincoln.

Morningstar Style Box™ as of 06-30-13

High

Med

Low

Ltd Mod Ext

Operations

Fund Inception Date 05-01-83

Total Fund Assets ($mil) 78,300.00

Portfolio Manager Management Team

Management Company Macquarie Group

Web Site .

Issuer Lincoln Financial Group

Risk: Below Average

AllianzGI NFJ Dividend Value Admin

ANDAX

Release Date

06-30-2013

...

Morningstar Category

Large Value Overall Morningstar Rating

QQQ

™ Morningstar ReturnAverage Morningstar RiskAverage

Out of 1047 Large Value funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

From investment's prospectus

The investment seeks long-term growth of capital and income.

The fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that pay or are expected to pay dividends. It normally invests primarily in common stocks of companies with market capitalizations greater than $3.5 billion. The fund may invest in real estate investment trusts (REITs) and in non-U.S. securities, including emerging market securities.

Risk: Average

In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

Large

Mid

Small

Value Blend Growth

Wells Fargo & Co 4.14

Intel Corp 4.06

ConocoPhillips 3.97

JPMorgan Chase & Co 3.93

Total SA ADR 3.50

...

Total Number of Stock Holdings 45

Total Number of Bond Holdings 0

Annual Turnover Ratio % 42.00

Cyclical 40.24

Sensitive 40.07

Defensive 19.68

3 Yr Std Dev 14.07 1.04 0.99

3 Yr Beta 1.01 . 0.99

3 Yr Alpha -0.72 . 0.47

Operations

Portfolio Manager Benno J. Fischer

Management Company Allianz Global Inv Fund Mgmt LLC

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AllianzGI NFJ Small-Cap Value Admin

PVADX

Release Date

06-30-2013

...

Small Value Overall Morningstar Rating

™ Morningstar Return Morningstar Risk

QQQQ

Above Average Low

Out of 295 Small Value funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks long-term growth of capital and income.

The fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with smaller market capitalizations. It currently considers smaller market capitalization companies to be companies with market capitalizations of between $100 million and $4 billion. The fund normally invests significantly in securities of companies that the portfolio managers expect will generate income (for example, by paying dividends).

Risk: Average

Large

Mid

Small

Value Blend Growth

Alliant Techsystems Inc 1.49

Triumph Group, Inc. 1.46

Cooper Companies 1.44

Bristow Group, Inc. 1.36

Valmont Industries, Inc. 1.32

...

Cyclical 45.64

Sensitive 38.17

Defensive 16.19

3 Yr Std Dev 14.49 1.07 0.81

3 Yr Beta 1.01 . 0.81

3 Yr Alpha -2.02 . 0.40

Operations

Portfolio Manager Paul A. Magnuson

Management Company Allianz Global Inv Fund Mgmt LLC

Web Site www.allianzinvestors.com

American Funds EuroPacific Gr A

AEPGX

Release Date

06-30-2013

...

Foreign Large Blend Overall Morningstar Rating

QQQQ

™ Morningstar ReturnAverage Morningstar RiskBelow Average

Out of 710 Foreign Large Blend funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Investment Objective & Strategy

The investment seeks long-term growth of capital. The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. It normally invests at least 80% of net assets in securities of issuers in Europe and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities of companies in countries with developing economies and/or markets.

Risk: Above Average

Large

Mid

Small

Value Blend Growth

Novo Nordisk A/S 3.57

SOFTBANK Corp 2.53

Samsung Electronics Co Ltd 2.37

Novartis AG 2.23

Bayer AG 2.03

...

Morningstar Super World Regionsas of 03-31-13 % Fund

Americas 3.97

Greater Europe 57.42

Greater Asia 38.62

3 Yr Std Dev 17.41 1.28 0.95

3 Yr Beta 0.93 . 0.96

3 Yr Alpha -0.24 . 0.62

Operations

Portfolio Manager Stephen E. Bepler

Management Company Capital Research and

Management Company

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American Funds Washington Mutual A

AWSHX

Release Date

06-30-2013

...

Large Value Overall Morningstar Rating

QQQ

Average Below Average

Out of 1047 Large Value funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing.

The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. Its advisor strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.

Risk: Average

Large

Mid

Small

Value Blend Growth

Chevron Corp 5.41

Home Depot, Inc. 5.08

Boeing Co 4.20

Merck & Co Inc 3.87

Royal Dutch Shell PLC ADR Class B 3.16

...

Cyclical 27.21

Sensitive 46.66

Defensive 26.13

3 Yr Std Dev 11.46 0.85 0.81

3 Yr Beta 0.82 . 0.80

3 Yr Alpha 3.26 . -2.14

Operations

Portfolio Manager Alan N. Berro

Management Company Capital Research and

Management Company

Web Site www.americanfunds.com

Invesco Equity and Income Y

ACETX

Release Date

06-30-2013

...

Moderate Allocation Overall Morningstar Rating

QQQQQ

™ Morningstar ReturnHigh Morningstar RiskAverage

Out of 789 Moderate Allocation funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Investment Objective & Strategy

The investment seeks the highest possible income consistent with safety of principal; long-term growth of capital is an important secondary investment objective.

Under normal circumstances, the fund invests at least 80% of its assets in equity and income securities at the time of investment. It invests primarily in income-producing equity securities (including common stocks, preferred stocks and convertible securities) and investment grade quality debt securities. The fund may invest up to 25% of its total assets in securities of foreign issuers. It may invest up to 15% of its total assets in real estate investment trusts (REITs).

Risk: Average

Morningstar Style Box™ as of 03-31-13 (EQ) ; 03-31-13 (F-I)

Large

Mid

Small

Value Blend Growth

High

Med

Low

Ltd Mod Ext

JPMorgan Chase & Co 2.92

Citigroup Inc 2.28

US Treasury Note 2.375% 10-31-14 2.17

General Electric Co 1.93

Invesco Short Term Inv Liq Assets Instl 1.92

...

Cyclical 36.28

Sensitive 34.44

Defensive 29.27

3 Yr Std Dev 10.66 0.79 1.09

3 Yr Beta 1.12 . 1.08

3 Yr Alpha 1.99 . -14.21

Operations

Portfolio Manager Thomas Bastian

Management Company Invesco Advisers, Inc.

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MainStay Large Cap Growth R1

MLRRX

Release Date

06-30-2013

...

Large Growth Overall Morningstar Rating

QQQ

Average Average

Out of 1488 Large Growth funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks long-term growth of capital. The fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization companies, which are companies having a market capitalization in excess of $4 billion at the time of purchase. The Subadvisor invests substantially all of the fund's investable assets in domestic securities. However, the fund is permitted to invest up to 20% of its net assets in foreign securities, which are generally securities issued by companies organized outside the U.S. and traded primarily in markets outside the U.S.

Risk: Above Average

Large

Mid

Small

Value Blend Growth

Union Pacific Corp 4.21

Google, Inc. Class A 3.98

Apple Inc 3.89

Visa, Inc. 3.69

Priceline.com, Inc. 3.00

...

Cyclical 40.18

Sensitive 36.31

Defensive 23.51

3 Yr Std Dev 16.44 1.21 1.06

3 Yr Beta 1.17 . 1.06

3 Yr Alpha -3.62 . 1.16

Operations

Portfolio Manager Clark J. Winslow

Management Company New York Life Investment

Management LLC

Web Site www.mainstayinvestments.com

Morgan Stanley Inst Mid Cap Growth I

MPEGX

Release Date

06-30-2013

...

Mid-Cap Growth Overall Morningstar Rating

QQQQ

™ Morningstar ReturnAbove Average Morningstar RiskAbove Average

Out of 637 Mid-Cap Growth funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks long-term capital growth. The fund normally invests at least 80% of assets in common stocks of mid cap companies. It seeks to invest in high quality companies it believes have sustainable competitive advantages and the ability to redeploy capital at high rates of return. The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries. It may invest in privately placed securities. In addition, the Portfolio may invest in convertible securities. It may utilize foreign currency forward exchange contracts.

Risk: Above Average

Large

Mid

Small

Value Blend Growth

Motorola Solutions, Inc. 3.85

Edenred SA 3.66

Solera Holdings, Inc. 3.66

Brookfield Infrastructure Partners LP 3.20

Illumina, Inc. 3.05

...

Cyclical 23.78

Sensitive 58.09

Defensive 18.13

3 Yr Std Dev 16.99 1.25 1.01

3 Yr Beta 1.11 . 0.96

3 Yr Alpha -4.06 . 1.11

Operations

Portfolio Manager Dennis P. Lynch

Management Company Morgan Stanley Investment

Management Inc

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Oppenheimer Global Y

OGLYX

Release Date

06-30-2013

...

World Stock Overall Morningstar Rating

QQQQ

Above Average Above Average

Out of 759 World Stock funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks capital appreciation.

The fund invests mainly in common stock of U.S. and foreign companies. It can invest without limit in foreign securities and can invest in any country, including countries with developing or emerging markets. However, the fund currently emphasizes its investments in developed markets such as the United States, Western European countries and Japan. It does not limit its investments to companies in a particular capitalization range, but primarily invests in mid-and large-cap companies. The fund normally will invest in at least three countries (one of which may be the United States).

Risk: Above Average

Large

Mid

Small

Value Blend Growth

LM Ericsson Telephone Company 3.31

European Aeronautic Defence and Space NV 2.69

Google, Inc. Class A 2.36

eBay Inc 2.18

Sap AG 2.16

...

Morningstar Super World Regionsas of 05-31-13 % Fund

Americas 44.59

Greater Europe 42.27

Greater Asia 13.14

3 Yr Std Dev 17.58 1.30 1.09

3 Yr Beta 0.93 . 1.15

3 Yr Alpha 4.98 . 1.21

Operations

Portfolio Manager Rajeev Bhaman

Management Company OFI Global Asset Management,

Inc.

Web Site www.oppenheimerfunds.com

Perkins Mid Cap Value T

JMCVX

Release Date

06-30-2013

...

Mid-Cap Value Overall Morningstar Rating

QQQ

™ Morningstar ReturnBelow Average Morningstar RiskLow

Out of 369 Mid-Cap Value funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks capital appreciation.

The fund primarily invests in the common stocks of mid-sized companies whose stock prices the portfolio managers believe to be undervalued. It invests at least 80% of its net assets in equity securities of companies whose market capitalization falls, at the time of purchase, within the 12-month average of the capitalization range of the Russell Midcap® Value Index. This average is updated monthly. The fund may invest, under normal circumstances, up to 20% of its net assets in securities of companies having market capitalizations outside of the aforementioned market capitalization ranges.

Risk: Average

Large

Mid

Small

Value Blend Growth

Jacobs Engineering Group 1.61

PPL Corp 1.50

Laboratory Corporation of America Holdings 1.44

Noble Energy Inc 1.29

Vodafone Group PLC ADR 1.29

...

Cyclical 41.42

Sensitive 38.09

Defensive 20.48

3 Yr Std Dev 13.72 1.01 0.84

3 Yr Beta 0.98 . 0.85

3 Yr Alpha -4.41 . 1.50

Operations

Portfolio Manager Thomas M. Perkins

Management Company Janus Capital Management LLC

(10)

PIMCO Total Return Instl

PTTRX

Release Date

06-30-2013

...

Intermediate-Term Bond Overall Morningstar Rating

QQQQQ

High Average

Out of 1005 Intermediate-Term Bond funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks maximum total return, consistent with preservation of capital and prudent investment management.

The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It invests primarily in investment-grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality.

Risk: Below Average

In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

Portfolio Analysis Compositionas of 03-31-13 %Net U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 147.6 Cash -50.3 Other 2.7 ... -100 -50 0 50 100 Total 100.0

Morningstar Fixed Income Style Box™ as of 03-31-13

Not Available

Avg Eff Duration 4.73

Avg Eff Maturity 6.73

Avg Wtd Coupon 3.40

Avg Wtd Price .

Fin Fut Euro$ Cme 06/15/15 06-16-15 12.56

Irs Usd 3mls/1.50000s 03/18/15-16 Cme 03-18-16 12.47

Fin Fut Euro$ Cme 12/14/15 12-15-15 8.55

Pimco Fds 11-12-13 3.88

Fin Fut Us 10yr Cbt 06/19/13 06-20-13 3.16

...

Credit Analysis: % Bonds

Not Available

Risk Measuresas of 06-30-13 Port Avg Rel LB Aggr Rel Cat

3 Yr Std Dev 3.94 1.38 1.23

3 Yr Beta 0.98 . 1.05

3 Yr Alpha 1.21 . 1.21

Operations

Portfolio Manager William H. Gross

Management Company Pacific Investment Management

Co LLC

Web Site www.pimco.com/investments

Prudential Jennison Small Company Z

PSCZX

Release Date

06-30-2013

...

Small Growth Overall Morningstar Rating

QQQ

™ Morningstar ReturnAverage Morningstar RiskAverage

Out of 632 Small Growth funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks capital growth.

The fund normally invests at least 80% of investable assets in equity and equity-related securities of small, less well-known companies that the investment subadviser believes are relatively undervalued. In deciding which stocks to buy, it uses a blend of both value and growth styles. The investment subadviser currently considers small companies to be those with a market capitalization less than the largest market capitalization of the Russell 2500 Index at the time of investment.

Risk: Above Average

Large

Mid

Small

Value Blend Growth

Rosetta Resources, Inc. 2.06

Prudential Core Invt 12-31-49 1.93

Air Methods Corp. 1.84

Universal Health Services, Inc. Class B 1.82

White Mountains Insurance Group Ltd. 1.73

...

Cyclical 38.94

Sensitive 44.59

Defensive 16.47

3 Yr Std Dev 17.06 1.26 0.91

3 Yr Beta 1.16 . 0.91

3 Yr Alpha -3.18 . 0.78

Operations

Portfolio Manager John P. Mullman

Management Company Prudential Investments LLC

(11)

Vanguard Institutional Index I

VINIX

Release Date

06-30-2013

...

Large Blend Overall Morningstar Rating

QQQQ

Above Average Average

Out of 1381 Large Blend funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.

The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Risk: Average

Large

Mid

Small

Value Blend Growth

Apple Inc 2.97

Exxon Mobil Corporation 2.88

General Electric Co 1.72

Chevron Corp 1.65

Johnson & Johnson 1.63

...

Cyclical 31.24

Sensitive 42.19

Defensive 26.56

3 Yr Std Dev 13.57 1.00 0.94

3 Yr Beta 1.00 . 0.95

3 Yr Alpha -0.02 . 0.01

Operations

Portfolio Manager Donald M. Butler

Management Company Vanguard Group, Inc.

Web Site www.vanguard.com

Vanguard Total Bond Market Index I

VBTIX

Release Date

06-30-2013

...

Intermediate-Term Bond Overall Morningstar Rating

QQQ

™ Morningstar ReturnAverage Morningstar RiskBelow Average

Out of 1005 Intermediate-Term Bond funds.An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

The investment seeks to track the performance of a broad, market-weighted bond index.

The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. It invests by sampling the index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. The fund invests at least 80% of assets in bonds held in the index. It maintains a dollar-weighted average maturity consistent with that of the index, ranging between 5 and 10 years.

Risk: Below Average

In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

Morningstar Fixed Income Style Box™ as of 03-31-13

High

Med

Low

Ltd Mod Ext

Avg Eff Duration 5.31

Avg Eff Maturity 7.30

Avg Wtd Coupon 3.77

Avg Wtd Price 110.24

CMT Market Liquidity Rate 5.90

US Treasury Bond 6.25% 08-15-23 0.69

Fannie Mae Single Family TBA 3.5% 2043 04-01-43 0.63

US Treasury Note 0.375% 0.63

US Treasury Note 1% 05-15-14 0.60

...

Credit Analysis: % Bondsas of 03-31-13

AAA 72 BB 0

AA 5 B 0

A 12 Below B 0

BBB 11 Not Rated 0

Risk Measuresas of 06-30-13 Port Avg Rel LB Aggr Rel Cat

3 Yr Std Dev 2.93 1.03 0.92

3 Yr Beta 1.02 . 1.10

3 Yr Alpha -0.15 . -0.15

Operations

Portfolio Manager Kenneth Volpert

Management Company Vanguard Group, Inc.