* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Morningstar Guide
Financialization wikipedia , lookup
Rate of return wikipedia , lookup
Securitization wikipedia , lookup
Internal rate of return wikipedia , lookup
Financial economics wikipedia , lookup
Business valuation wikipedia , lookup
Private equity wikipedia , lookup
Modified Dietz method wikipedia , lookup
Corporate venture capital wikipedia , lookup
Stock trader wikipedia , lookup
Beta (finance) wikipedia , lookup
Pensions crisis wikipedia , lookup
Private equity secondary market wikipedia , lookup
Investor-state dispute settlement wikipedia , lookup
Stock valuation wikipedia , lookup
Fund governance wikipedia , lookup
International investment agreement wikipedia , lookup
Early history of private equity wikipedia , lookup
Land banking wikipedia , lookup
History of investment banking in the United States wikipedia , lookup
Investment banking wikipedia , lookup
March 2017 | TIAA-CREF Life Insurance Company Quarterly Investment Guide for The Intelligent Variable Annuity® Investment products, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products. Intelligent Variable Annuity, contract form series TCL-VA2 is issued by TIAA-CREF Life Insurance Company (TIAA Life), a wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA). Both TIAA and TIAA Life are headquartered at 730 Third Avenue, New York, NY 10017. Each of the foregoing is solely responsible for its own financial condition and contractual obligations. This product may not be available in all states. Please call us for details. ©2017 TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017 C31999 141015899 This material must be preceded or accompanied by a current product and underlying fund prospectus. Additional copies of the prospectuses can be obtained by calling 877-694-0305 or by visiting TIAA.org/prospectuses. A13828-IVA (03/17) Data and Analyst Reports provided by Morningstar, Inc. Morningstar Tools 4 Morningstar Investment Profile Page User’s Guide 7 How to Use the Morningstar Rating TM 8 How to Use Morningstar’s Composition Graphics 9 How to Use the Morningstar ® Style Box TM Investment Profiles 11 Investment Profiles 80Disclosure Supplemental Information 82Glossary 86 Alphabetical Index Chicago-based Morningstar, Inc. is a leading provider of investment information, research, and analysis. Its extensive line of Internet, software, and print products provides unbiased data and commentary on mutual funds, U.S. and international equities, closed-end funds, and variable annuities. Established in 1984, Morningstar continues to be the industry’s most trusted source on key investment issues of the day. Morningstar Tools User’s Guide The Investment Profile Page User’s Guide This guide will help you use the Morningstar Investment Profile to your advantage. For more information, we recommend you read all disclosure information before investing. Release Date: 12-31-2011 ABC Equity Subaccounts Advanced Profile Perf Disclosure 1 Benchmark Category Russell Top 200 Growth Large-cap Growth Overall Morningstar Rating™ Morningstar Return Morningstar Risk QQQQQ Above Average Average Out of 220 Fund Category Investments. A fund’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. Header Investment Information Morningstar Proprietary Statistics Investment Strategy from investment’s prospectus 2 Morningstar RatingTM Operations 4 Operations Subacct Incep Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Managers 01-01-01 01-01-01 01-01-01 0.00% 0.00% XYZ Trust Investments, Inc. None John Doe Jane Doe Investment Manager 5 Investment Manager Catelli praemuniet umbraculi, iam plane fragilis matrimonii. Rures neglegenter praemuniet oratori, utcunque utilitas catelli miscere aegre lascivius fiducias. Quadrupei fermentet fragilis saburre. Chirographi adquireret tremulus umbraculi, ut suis conubium santet umbraculi. Vix adlaudabilis saburre senesceret apparatus bellis. Pessimus perspicax catelli optimus fortiter insectat matrimonii, etiam zothecas fermentet Octavius. Chirographi circumgrediet concubine. Volatility Analysis Investment 6 Volatility Analysis 5 Low Moderate High 1 YTD 1-Year 3-Year 5-Year 10-Year — 000 000 — 000 000 QQQ QQQQQ 000 000 000 000 — — — 8 Portfolio Analysis Composition as of 12-31-11 % Assets U.S. Stocks 66.9 Non-U.S. Stocks 0.0 Bonds 169.8 Cash -137.7 Other 1.0 -100 -50 0 50 100 Top 20 Holdings as of 12-31-11 Total 100.0 % Assets Value Blend Growth 0.00 0.00 0.00 0.00 0.00 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap($mil) Reliant Energy Schlumberger International Paper Sara Lee Federated Dept. Stores 0.00 0.00 0.00 0.00 0.00 Risk Measures as of 12-31-11 Reliant Energy Schlumberger International Paper Sara Lee Federated Dept. Stores 0.00 0.00 0.00 0.00 0.00 Reliant Energy Schlumberger International Paper Sara Lee Federated Dept. Stores 0.00 0.00 0.00 0.00 0.00 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 0 0 0 0,000.00 Category 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. % Mkt Cap Giant 0.0 Large Medium Small 0.0 0.0 0.0 Micro 0.0 Statistics as of 12-31-11 Haliburton Sprint Conocco CI A BP PLC ADR Motorola ©2012 Morningstar, Inc., Morningstar Investment® ProfilesTM 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com. 4 Morningstar Equity Style BoxTM as of 12-31-11 Small Investment Strategy Morningstar Rating Fund Rank Percentile Out of # of Investments Large Mid 3 Medusa conubium santet rures. Ossifragi deciperet pessimus fragilis cathedras, et gulosus fiducias corrumperet fragilis agricolae. Aegre verecundus syrtes vix fortiter amputat cathedras. Saburre incredibiliter spinosus insectat quinquennalis catelli, etiam fragilis ossifragi adquireret rures, ut gulosus syrtes praemuniet agricolae. Chirographi vocificat concubine. Quadrupei miscere quinquennalis catelli. Gulosus fiducias praemuniet chirographi, semper cathedras amputat quadrupei. Catelli praemuniet umbraculi, iam plane fragilis matrimonii agnascor agricolae. Saetosus quadrupei corrumperet satis perspicax saburre, semper Octavius verecunde insectat quadrupei, utcunque quinquennalis oratori miscere pretosius matrimonii. 7 Morningstar Proprietary Statistics 3-Yr Std Dev 3-Yr Beta 3-Yr Sharpe Ratio 3-Yr Alpha 3-Yr R-Squared Port Avg Rel S&P 500 0.00 0.00 0.00 0.00 Rel Cat 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Port Avg Rel S&P 500 Rel Cat 0.00 0.00 0.00 0.00 0.00 Morningstar Equity Sectors as of 12-31-11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Composition 9 Morningstar Style BoxTM 10 Statistics 11 Risk Measures % Fund h r t y u Cyclical Basic Materials Consumer Cyclical Financial Services Real Estate 0.0 0.0 0.0 0.0 0.0 j i o p a Sensitive Communication Services Energy Industrials Technology 0.0 0.0 0.0 0.0 0.0 k s d f Defensive Consumer Defensive Healthcare Utilities 0.0 0.0 0.0 0.0 12 Morningstar Sectors 13 Portfolio Holdings Page 1 of 2 1 Header Benchmark: The name of the index against which the fund is being compared. Morningstar Category: In an effort to distinguish funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed the Morningstar Categories. While the prospectus objective identifies a fund’s investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, we estimate where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information. 2 Morningstar RatingTM See “How to Use the Morningstar Rating.” Investment Strategy For variable annuity/ life products, this is a summary of the Investment Objectives and Policy section found in every prospectus. It states the objective of the fund and how the manager(s) intend to invest to achieve this objective. It includes any limitations to the fund’s investment policies, as well as any share class structure differences, previous names, mergers, liquidation, and opening and closing information. 3 4 Operations Subaccount Inception Date: The date on which the subaccount began its operations. Underlying Fund Inception Date: The date on which the fund that underlies the subaccount began its operations. Funds with long track records offer more history by which investors can assess overall fund performance. Subaccount Adoption Date: The Variable Annuity Subaccount Adoption Date is the date which the underlying fund first appeared in the separate account. This date may be on or before the subaccount inception into the variable annuity policy. The subaccount adoption indicates the start date for SEC Standardized Returns. For VUL funds, the Subaccount Adoption Date is not shown because it does not correspond to any performance on the page. 7 Morningstar Proprietary Statistics See “How to Use the Morningstar Rating.” The Fund Rank Percentile shown provides a standardized way of ranking returns of funds with the same Morningstar Category. 8 Composition See “How to Use Morningstar’s Composition Graphics.” Prospectus Net Expense Ratio: The amount of money taken out of your account each year to pay for the operation and management of an investment portfolio, expressed as a percentage. Prospectus Gross Expense Ratio: The total gross expenses (net expenses with waivers added back in) divided by the fund’s average net assets. Advisor: The company that takes primary responsibility for managing the fund. Subadvisor: In some cases, the advisor employs another company, called the subadvisor, to handle the fund’s day-to-day management. In these instances, the portfolio manager generally works for the fund’s subadvisor, and not the advisor. Portfolio Manager(s): The name of the person who determines which stocks or bonds belong in the investment portfolio. Investment Manager A description of the company that takes primary responsibility for managing the fund. 6 Volatility Analysis We classify investment portfolios as having one of three volatility levels relative to all types of mutual funds: Low, Moderate, and High. Investments with wider ranges of returns are labeled “high,” as they are considered riskier than “low” volatility investments, which have had smaller ranges of returns. We also show where the portfolio’s category lands. For portfolios that haven’t been in existence for three years, we simply show the category average. 5 ® Morningstar Style BoxTM See “How to 9 Use the Morningstar Style Box.” 10 Statistics Price/Earnings Ratio: The price to prospective earnings yield for a fund is the asset-weighted average of the prospective earnings yields of all the domestic stocks in the fund’s portfolio as of the date of the portfolio. A stock’s prospective earnings yield is calculated by dividing the company’s estimated earnings per share for the current fiscal year by the company’s month-end share price as of the portfolio date. In computing the fund’s average, Morningstar weights each portfolio holding by the percentage of domestic equity assets it represents; therefore, larger positions have proportionately greater influence on the fund’s aggregate earnings yield. The reciprocal can also be expressed as a price/prospective earnings ratio. Price/Book Ratio: The price to prospective book value yield for a fund is the asset-weighted average of the prospective book value yields of all the domestic stocks in the fund’s portfolio as of the date of the portfolio. A stock’s prospective book value yield is calculated by dividing the company’s estimated shareholders’ equity per share for the current fiscal year by the company’s month-end stock price as of the portfolio date. In computing the fund’s average, Morningstar weights each portfolio holding by the percentage of domestic equity assets it represents; therefore, larger positions have proportionately greater influence on the fund’s aggregate book value yield. The reciprocal can also be expressed as a price/ book ratio. Price/Cash Ratio: The price to prospective cash flow represents the weighted average of the price/cash-flow ratios of the stocks in a 5 fund’s portfolio. Price/cash-flow represents the amount an investor is willing to pay for a dollar generated from a particular company’s operations. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency. Because accounting conventions differ among nations, reported earnings (and P/E ratios) may not be comparable across national boundaries. Price/cash-flow attempts to provide an internationally-standard measure of a firm’s stock price relative to its financial performance. Geometric Average Cap $mil: Morningstar defines the overall “size” of a stock fund’s portfolio as the geometric mean of the market capitalization for all of the stocks it owns. It’s calculated by raising the market capitalization of each stock to a power equal to that stock’s stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as average market capitalization. For example, if a fund currently held equal stakes in three stocks, with market capitalizations of $2 billion, $10 billion, and $25 billion, the geometric mean would equal: ($2 billion 1/3) x ($10 billion 1/3) x ($25 billion 1/3) = $7.94 billion This number is different from the fund’s median market cap—the capitalization of the median stock in its portfolio. The geometric mean better identifies the portfolio’s “center of gravity.” That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio. Sharpe ratio: uses standard deviation and excess return to determine reward per unit of risk. Alpha: measures the difference between a fund’s actual returns and its expected performance, given its level of risk (as measured by beta). R-squared: reflects the percentage of a fund’s movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. 12 Morningstar Sectors Morningstar determines how much of each stock portfolio is held in each of Morningstar’s 11 major industrial sectors, which roll up into three broader categories. Fixed Income Sectors: Morningstar determines how much of each bond portfolio is held in each of Morningstar’s 5 major fixed-income sectors. Credit Analysis (Fixed Income only): The credit analysis depicts the quality of US and nonU.S. bonds in the fund’s portfolio. The analysis reveals the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard & Poor’s or Moody’s. Morningstar World Regions (International only): A breakdown of the geographical exposure of a fund’s stock assets. Regional exposure summarizes a portfolio’s exposure to geopolitical risk, and it also provides a reference point for understanding fund returns. 13 Portfolio Holdings The top holdings are the 11 Risk Measures Standard deviation: is a statistical measure of the volatility of the fund’s returns. Beta: is a measure of a fund’s sensitivity to market movements. A portfolio 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. 6 stocks or bonds with the most influence on a portfolio’s returns. Conservative portfolios typically devote no more than 3% to 4% of their assets to any one stock or bond. More daring portfolios may devote 7% or more to one stock. Add up the weighting of the top five holdings for another measure of risk. A conservative option generally bets 15% or less on the top 5 holdings, while a portfolio with more than 25% in the top five may be considered aggressive. Holdings Summary: Provides the total number of holdings in the portfolio or, when available, further breakouts of the number stock and bond securities the portfolio holds. Annual Turnover Ratio %: A proxy for how frequently a manager has traded his or her portfolio in the past year. Total Fund Assets ($mil): The net assets of all share classes of the underlying fund, recorded in millions of dollars. Net-asset figures are useful in gauging an underlying fund’s size, agility, and popularity. They help determine whether a small-company fund, for example, can remain in its investment-objective category if its asset base reaches an ungainly size. User’s Guide How to Use the Morningstar Rating TM The Morningstar Rating is a useful tool for identifying investments worthy of further research, but it’s not the only thing to consider. The Morningstar Rating, commonly called the “star rating,” tells you how well an investment has performed relative to similar offerings after adjusting for all costs and risk. It rates investments from one to five stars, with the best performers receiving five stars and the worst performers receiving a single star. The star rating is best used as an initial screen to identify investments worthy of further research, those that have performed well relative to their peers. It’s a strictly quantitative measure—a high rating doesn’t imply the approval or endorsement of a Morningstar analyst. Keep in mind that the rating is based solely on historical performance, and a highly rated offering may no longer have the portfolio manager responsible for that performance. Or—conversely— a lower-rated or non-rated offering might now employ a manager who produced excellent results with other managed investment products. Also, because ratings are based on performance within specific categories, it’s important to note that not all five-star offerings are equal or even interchangeable. A five-star sector fund, for example, might have the best risk-adjusted return within its specific category, but it’s probably far riskier than a highly rated diversified offering. Rather than choosing investments according to their ratings, investors should first decide on an overall portfolio strategy and then seek the best investments for each portion of their portfolio. The Morningstar Rating can then be used to identify possible candidates, but you should never make a buy or sell decision based solely on the rating. K Morningstar Rating Percent of all rated investments 40% 30% 20% 10% Q QQ QQQ QQQQ QQQQQ 10% 22.5% 35% 22.5% 10% The Morningstar Rating is based on risk-adjusted return, which is calculated by subtracting a risk penalty from total return, after accounting for all sales charges, loads, and redemption fees. The penalty is determined by the amount of variation in monthly returns, with an emphasis on downward variation. The greater the variation, the larger the penalty. Investments are ranked within their Morningstar Categories by their risk-adjusted return and assigned stars using the following distribution: the top 10% receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Ratings are calculated for up to three time periods—three-, five-, and 10 years—and combined to produce an overall rating. Investments with less than three years of performance history are not rated. 7 User’s Guide How to Use Morningstar’s Composition Graphics Morningstar’s Composition graphics are tools that visually break down how a fund’s assets are invested. Morningstar allocates stocks into one of five asset classes: U.S. Stocks, Non-U.S. Stocks, Bonds, Cash and Other. For each of these asset classes, Morningstar calculates portfolio statistics on the long and short positions and displays long, short, and net (long minus short) statistics as appropriate. Calculations are run on the most-recent portfolio available. 3 The Cash data point identifies the percentage of the fund’s assets held in cash. Cash encompasses both actual cash and cash equivalents (fixed-income securities with a maturity of one year or less) held by the portfolio plus receivables minus payables. 3 Lastly, the Other data point includes positions in preferred stocks (equity securities that pay dividends at a specific rate) as well as convertible bonds and convertible preferreds. Derivatives and unidentified holdings are also grouped in this asset class. Asset Allocation 3 The U.S. Stock data point indicates the percentage of the fund’s assets devoted to U.S.-domiciled equity investments. 3 The Non-U.S. Stock data point reflects only the percentage of a portfolio’s equity investments that are domiciled outside the United States. 3 The Bond data point identifies the percentage of the fund’s assets held in bonds and bond exposure gained from derivatives. Bonds include everything from government notes to high-yield corporate bonds. For example, a bar representing Cash Allocations that extends left of the y-axis indicates negative percentages of cash in which the portfolio is leveraged, meaning it has borrowed against its own assets to buy more securities or that it has used other techniques to gain more than 100% exposure to the market. Over 100% Long or short positions in any asset class that are greater than 100% are indicated by a line break. Using the Bar Chart Where are the Shorts? The x-axis of this chart represents the percentage each investment group holds, with the y-axis representing a zero value. Values to the right of the y-axis represent positive, or “long”, security positions, while values to the left of the y-axis represent negative, or “short”, security positions. The table to the right of the bar chart sums these two values to present the “net” emphasis of each investment group. Sometimes the amount of shorts in a portfolio is so small the bar chart cannot visually represent the miniscule amount. For example, if a portfolio has a –0.01% position in Cash, the bar chart appears, though the green to the left of the y-axis may not be visible. K When Do We Use the Bar Chart or the Pie Graph? Net % –100 –50 0 50 100 U.S. Stocks 66.9 U.S. Stocks 55.1 Non-U.S. Stocks 00.0 Non-U.S. Stocks 12.5 Bonds169.8 Bonds19.3 Cash–137.7 Cash10.4 Other1.0 Other2.7 Total100.0 Total100.0 Morningstar Investment Profiles and Guides display a horizontal bar chart when a fund’s portfolio contains short and derivative positions of which the net sum, including any offsetting long positions in that asset class, is greater or less than 100%. 8 % Assets When a fund’s portfolio takes only long positions in securities, we represent the portfolio’s asset allocation in a pie graph that sums to 100%. User’s Guide How to Use the Morningstar Style Box TM The Morningstar Style Box is a visual tool that helps investors see past confusing fund names and descriptions to better understand the “investment style” of stocks and mutual funds. We assign each investment into one of our nine Style Box squares by analyzing its portfolio and determining the best fit. Things to Remember About the Morningstar Style Box Risk increases as you move down and to the right of the Morningstar Style Box. Don’t put all your eggs in one basket. The returns of investments from different parts of the Morningstar Style Box probably won’t move in the same direction at the same time. By combining investments from different parts of the Morningstar Style Box, your portfolio’s overall returns will likely be more stable. The Morningstar Style Box also provides a basis for our domestic stock fund categories. Similar investments are categorized together, then rated on their ability to balance risk and reward relative to other investments in that same, fairly narrow category. K What the Morningstar Style Box Does It paints a picture of what’s in an investment’s portfolio. Are the companies large or small? Are the stocks cheap or expensive? Do the bonds have limited or extensive sensitivity to interest rate changes? Are they of high or low quality? Morningstar Equity Style Box Morningstar Fixed-Income Style Box Style Risk Interest Rate Sensitivity Value BlendGrowth Risk Limited Moderate Extensive Limited Sensitivity High Quality Moderate Sensitivity High Quality Extensive Sensitivity High Quality Limited Sensitivity Med Quality Moderate Sensitivity Med Quality Extensive Sensitivity Med Quality Limited Sensitivity Low Quality Moderate Sensitivity Low Quality Extensive Sensitivity Low Quality Large-cap Blend Large-cap Growth Mid-cap Value Mid-cap Blend Mid-cap Growth Small-cap Value Small-cap Blend Small-cap Growth Low Quality High Within the stock grid, nine possible combinations exist, ranging from large-cap value for the safest investments to small-cap growth for the riskiest. Low Small Mid Size Large Large-cap Value MediumHigh Low High Within the bond grid, nine possible combinations exist, ranging from limited sensitivity to interest rate changes/high quality for the safest investments, to extensive sensitivity to interest rate changes/low quality for the riskiest. 9 Investment Profiles Release Date: 03-31-2017 Intelligent Variable Annuity-Calamos Growth & Income .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Morningstar Aggressive Target Risk Allocation--70% to 85% Equity QQQQ Above Average Average Out of 1852 Allocation--70% to 85% Equity VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Investment Manager Calamos provides investment advisory services to institutions and individuals, offering closed-end and open-end mutual funds and separately managed accounts. The firm focuses on risk management across investment strategies within the equity, global/international, balanced, convertible, fixed-income and alternative asset classes. Utilizing proprietary research, Calamos's investment analyst group has been headed by the same portfolio management team for more than 25 years. Volatility Analysis Investment Low Moderate High QQQQQ 4 1,852 72 1,526 7 426 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other Morningstar Style Box™ as of 02-28-17(EQ) ; 12-31-16(F-I) 65.7 0.4 9.2 4.3 20.4 Low 1.47% Calamos Advisors LLC . John P. Calamos Jon Vacko John Hillenbrand Eli Pars Joe Wysocki David P. Kalis 10 Year QQ Med Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 5 Year QQQQQ Portfolio Analysis Composition as of 02-28-17 Value Blend Growth Top 20 Holdings as of 02-28-17 02-05-08 05-19-99 02-05-08 1.47% 3 Year . 52 2,324 High Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Small Operations Morningstar Rating™ Fund Rank Percentile Out of # of Investments Large Mid The investment seeks high long-term total return through growth and current income. The fund invests primarily in a diversified portfolio of convertible instruments (including synthetic convertible instruments), equity and fixed-income securities of U.S. companies without regard to market capitalization. The adviser attempts to utilize these different types of securities to strike, in the investment adviser's opinion, the appropriate balance between risk and return in terms of growth and income. The average term to maturity of the convertible and fixed-income securities purchased by the portfolio will typically range from five to ten years. % Assets Statistics Apple Inc JPMorgan Chase & Co Microsoft Corp Alphabet Inc A Fidelity® Inv MM Fds Prime Money Mkt Ins 3.68 2.56 2.33 2.31 2.15 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Morgan Stanley Instl Lqudty Govt Instl Johnson & Johnson Amazon.com Inc Exxon Mobil Corp Nextera Engy 08-31-18 2.14 1.84 1.64 1.49 1.46 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Wells Fargo & Co Liberty Interactive 1.75% 09-30-46 Citigroup Inc Costco Wholesale Corp Intel Cv 3.25% 08-01-39 1.46 1.43 1.38 1.35 1.35 UnitedHealth Group Inc PepsiCo Inc Pfizer Inc Procter & Gamble Co Honeywell International Inc 1.31 1.24 1.23 1.23 1.22 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 80 26 28.50 25.51 Category Ltd Ext Port Avg Rel S&P 500 18.84 2.68 11.56 142859.16 Risk Measures as of 03-31-17 0.96 0.98 1.03 1.67 Rel Cat 1.06 1.27 1.43 4.01 Port Avg Rel S&P 500 Rel Cat 8.68 1.24 0.63 -0.05 85.59 0.83 . 0.64 . . 1.00 0.97 1.62 0.02 0.94 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 27.03 r t y u 1.08 9.29 16.66 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 40.58 i o p a 4.22 6.41 13.51 16.44 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 32.37 s Consumer Defensive d Healthcare f Utilities 12.69 14.17 5.51 ............................................................................................... 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Mod ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-ClearBridge Variable Agg Growth I .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 3000 Growth TR USD Large Growth QQQQ Above Average High Out of 9654 Large Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 0.80% Legg Mason Partners Fund Advisor, LLC ClearBridge Investments, LLC Richard A. Freeman Evan Bauman Subadvisor Portfolio Manager(s) 10 Year QQQQQ QQQQ 86 9,654 2 8,219 8 4,990 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 85.6 8.2 0.0 6.2 0.0 Morningstar Equity Style Box™ as of 12-31-16 Top 20 Holdings as of 12-31-16 At Legg Mason, we've assembled experienced investment management firms and empowered them with the tools, resources and independence to pursue the strategies they know best. Each was chosen for their commitment to investment excellence. Each is focused on specific investment styles. Each exhibits thought leadership. Together, we've built a powerful portfolio of investment solutions. And it has made us a world leader in money management. Volatility Analysis Investment Moderate High Category 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. % Assets 9.79 7.78 7.43 6.79 6.77 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) State Str Instl Invt Tr Treas Mmkt Fd 12-31-30 Anadarko Petroleum Corp Broadcom Ltd Vertex Pharmaceuticals Inc Seagate Technology PLC 6.15 5.68 3.96 2.54 2.44 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared TE Connectivity Ltd L3 Technologies Inc AT&T Inc The Madison Square Garden Co A Core Laboratories NV 2.18 2.13 1.96 1.83 1.79 Western Digital Corp Facebook Inc A Medtronic PLC Johnson Controls International PLC Autodesk Inc 1.72 1.64 1.61 1.51 1.46 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 73 0 6.00 927.50 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 39.54 Large Medium Small 30.47 25.16 4.62 ........................................................ Micro Statistics UnitedHealth Group Inc Biogen Inc Comcast Corp Class A Allergan PLC Amgen Inc % Mkt Cap Giant ........................................................ Value Blend Growth Investment Manager Low 5 Year QQ Small 02-05-08 11-01-99 02-05-08 0.80% 3 Year . 45 10,644 Portfolio Analysis Composition as of 12-31-16 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks capital appreciation. The fund invests primarily in common stocks of companies the portfolio managers believe are experiencing, or will experience, growth in earnings that exceeds the average rate of earnings growth of the companies which comprise the S&P 500 Index. It may invest in the securities of large, well-known companies offering prospects of long-term earnings growth. The fund may invest up to 25% of its net assets (at the time of investment) in equity securities of foreign issuers. 0.20 Port Avg Rel S&P 500 19.92 2.25 10.21 38250.52 Risk Measures as of 03-31-17 1.02 0.82 0.91 0.45 Rel Cat 0.86 0.58 0.77 0.57 Port Avg Rel S&P 500 Rel Cat 13.47 1.14 0.47 -5.28 77.46 1.29 . 0.48 . . 1.12 1.09 0.69 2.08 0.92 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 12.56 ............................................................................................... r t y u Basic Materials Consumer Cyclical Financial Services Real Estate 1.42 9.65 1.49 0.00 j Sensitive 46.08 i o p a 12.12 10.54 3.02 20.40 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 41.36 s Consumer Defensive d Healthcare f Utilities 0.00 41.36 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-ClearBridge Variable Small Cap Growth I .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 Growth TR USD Small Growth QQQQ Above Average Above Average Out of 2670 Small Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its assets in equity securities of companies with small market capitalizations and related investments. The portfolio managers use a growth-oriented investment style that emphasizes small U.S. companies. Morningstar Rating™ Fund Rank Percentile Out of # of Investments 0.82% Legg Mason Partners Fund Advisor, LLC ClearBridge Investments, LLC Aram E. Green Jeffrey J. Russell Subadvisor Portfolio Manager(s) At Legg Mason, we've assembled experienced investment management firms and empowered them with the tools, resources and independence to pursue the strategies they know best. Each was chosen for their commitment to investment excellence. Each is focused on specific investment styles. Each exhibits thought leadership. Together, we've built a powerful portfolio of investment solutions. And it has made us a world leader in money management. Volatility Analysis Investment Moderate QQQQ 65 2,670 34 2,300 8 1,478 % Assets 91.6 3.2 0.0 4.5 0.7 Morningstar Equity Style Box™ as of 12-31-16 High Category 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. Top 20 Holdings as of 12-31-16 % Assets % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 1.98 28.37 43.35 Micro 26.30 ........................................................ Value Blend Growth Investment Manager Low 10 Year QQQ Small Prosp Gross Exp Ratio Advisor 5 Year QQQ Large Mid Operations 02-05-08 11-08-99 02-05-08 0.82% 3 Year . 47 2,904 Portfolio Analysis Composition as of 12-31-16 U.S. Stocks Non-U.S. Stocks Bonds Cash Other Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Statistics Port Avg Rel S&P 500 4.52 2.59 2.39 2.29 2.26 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 29.08 3.61 12.92 2331.57 Aspen Technology Inc Maximus Inc Fortinet Inc Casey's General Stores Inc Icon PLC 2.19 2.16 2.15 2.11 2.05 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 16.77 1.28 0.24 -9.06 63.47 1.61 . 0.24 . . 1.06 1.08 0.75 1.25 1.04 Cornerstone OnDemand Inc Financial Engines Inc Orbital ATK Inc Buffalo Wild Wings Inc Monolithic Power Systems Inc 2.02 2.02 1.99 1.96 1.96 IDEX Corp Tennant Co MercadoLibre Inc athenahealth Inc Copart Inc 1.92 1.89 1.88 1.87 1.80 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 74 1 13.00 260.05 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 1.49 1.32 1.15 0.03 Rel Cat State Str Instl Invt Tr Treas Mmkt Fd 12-31-30 Western Alliance Bancorp Medidata Solutions Inc Core-Mark Holding Co Inc Trex Co Inc 1.11 1.07 1.07 0.85 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 28.65 r t y u 5.17 13.17 8.96 1.35 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 51.22 i o p a 0.00 1.43 18.10 31.69 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 20.14 s Consumer Defensive d Healthcare f Utilities 4.64 15.50 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Credit Suisse Trust-Commodity Return Strategy Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Bloomberg Commodity TR USD Category Overall Morningstar Rating™ Commodities Broad Basket QQQQQ Morningstar Return Morningstar Risk Above Average Below Average Out of 440 Commodities Broad Basket VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks total return. The fund is designed to achieve positive total return relative to the performance of the Bloomberg Commodity Index Total Return (the "BCOM Index"). The advisor intends to invest its assets in a combination of commodity-linked derivative instruments and fixed income securities. It gains exposure to commodities markets by investing through the Subsidiary and in structured notes linked to the BCOM Index, other commodity indices, or the value of a particular commodity or commodity futures contract or subset of commodities or commodity futures contracts. The fund is non-diversified. Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 71 527 QQQQQ QQQQQ QQQQQ 3 440 6 313 72 123 Portfolio Analysis Composition as of 03-31-17 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.0 0.0 78.6 2.5 18.9 Morningstar Fixed Income Style Box™ as of 03-31-17 Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Not Available . . 0.80 100.22 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 02-28-06 02-05-08 1.05% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 1.09% Credit Suisse Asset Management . Christopher Burton Nelson Louie Top 20 Holdings as of 03-31-17 Investment Manager Credit Suisse is a leading financial services firm managing assets worldwide through its Asset Management, Investment Banking, and Private Banking services divisions. The Asset Management business of Credit Suisse offers products across the full spectrum of investment classes, ranging from equities, fixed income, and multiple-asset class products to alternative investments such as real estate, hedge funds, private equity, and volatility management. The Asset Management business manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients including governments, institutions, corporations, and private individuals. With offices focused on asset management in 19 countries, the business operates as a globally integrated network that seeks to deliver Credit Suisse's best investment ideas and capabilities to clients around the world. Volatility Analysis Investment Low Moderate % Assets Credit Suisse Trust Cayman Com FNMA FRN 03-08-19 US Treasury Note 0.645% 01-31-19 FNMA FRN 02-28-19 FFCB FRN 08-19-19 18.89 4.86 4.49 3.98 3.31 FHLMC FRN 07-24-18 FFCB FRN 06-12-18 US Treasury Note 0.52% 10-31-18 FFCB FRN 03-15-19 FFCB FRN 12-08-23 3.12 2.88 2.84 2.40 2.27 FNMA FRN 03-13-20 FFCB FRN 10-25-19 FHLMC 1% 05-11-18 FFCB FRN 02-25-19 FNMA FRN 01-11-18 2.27 2.25 2.11 2.05 1.91 FNMA FRN 03-25-20 FHLMC FRN 07-17-18 FHLBA FRN 07-01-20 FHLMC FRN 01-08-18 FFCB FRN 01-22-19 1.90 1.82 1.72 1.65 1.62 ....................................................................................................... ....................................................................................................... ....................................................................................................... Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Rel Cat -0.01 . 0.00 . . 0.89 0.89 1.03 1.20 1.01 % Fund ⁄ › € ‹ fi ± 94.60 0.00 2.35 0.00 3.05 0.00 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis % Bonds Not Available 0 44 113.00 352.15 High Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Rel BC Aggr 13.44 0.76 -1.08 -1.09 92.01 Morningstar Sectors as of 03-31-17 ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Port Avg ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Delaware VIP Diversified Inc .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BBgBarc US Agg Bond TR USD Intermediate-Term Bond QQQQQ High Above Average Out of 4392 Intermediate-Term Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 11 5,166 QQQQ QQQQ QQQQQ 20 4,392 13 3,723 1 2,059 Portfolio Analysis Composition as of 02-28-17 % Assets Morningstar Fixed Income Style Box™ as of 02-28-17 Ltd Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 05-16-03 02-05-08 0.67% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.67% Delaware Management Company . Paul Grillo Wen-Dar Chen Roger A. Early J. David Hillmeyer Brian C. McDonnell Adam H. Brown Top 20 Holdings as of 02-28-17 Investment Manager Delaware Investments is a diversified investment management firm that offers a comprehensive array of retail and institutional strategies across all major asset classes. Team-based, research-driven approach to investing is guided by the expertise of more than 174 Investment Professionals, analysts and traders. Delaware Investments is the marketing name for Delaware Management Holding, Inc. and its subsidiaries, which are part of Lincoln Financial Group. Lincoln Financial Group is the marketing name for Lincoln National Corporations and its affiliates. % Assets US 10 Year Note (CBT) June17 06-21-17 Euro OAT June17 06-08-17 FNMA 5.5% 05-01-44 US Treasury Note 04-15-19 US Treasury Note 2% 11-15-26 3.49 2.22 2.00 0.96 0.91 US Treasury Note 1.875% 01-31-22 FNMA 3% 01-01-47 Anheuser Busch Inbev Fin 3.65% 02-01-26 FNMA 4.5% 01-01-40 FNMA 4.5% 08-01-42 0.68 0.54 0.52 0.52 0.51 FNMA 4.5% 02-01-46 Bk Amer 4.45% 03-03-26 Microsoft 4.25% 02-06-47 Dow Chem 8.55% 05-15-19 FHLMC 4.5% 07-01-45 0.49 0.48 0.48 0.45 0.45 Mexico Utd Mex St 5.75% 03-05-26 Comm Mtg Tr 2014-Ccre19 CMO 3.796% 08-12-47 Crown Castle Towers 2010-4-5CM 4.883% 08-15-40 At&T 5.25% 03-01-37 U.S. Treasury Bond June17 06-21-17 0.45 0.44 0.44 ....................................................................................................... ....................................................................................................... Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Low 0.2 0.0 89.4 2.6 7.9 Med U.S. Stocks Non-U.S. Stocks Bonds Cash Other High The investment seeks maximum long-term total return consistent with reasonable risk. The fund allocates its investments principally among the following four sectors of the fixed income securities markets: the U.S. investment grade sector, the U.S. high yield sector, the international developed markets sector, and the emerging markets sector. It normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities (80% policy). The investments in emerging markets will, in the aggregate, be limited to no more than 25% of the fund's total assets. Mod Ext Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 3.05 0.95 0.48 -0.91 84.92 0.00 . 0.00 . . 1.04 1.03 1.60 0.65 0.97 Morningstar Sectors as of 02-28-17 % Fund ⁄ › € ‹ fi ± 12.74 56.78 27.18 0.52 2.77 0.01 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis as of 02-28-17 % Bonds ....................................................................................................... AAA AA A BBB BB B Below B Not Rated 0.43 0.42 ....................................................................................................... Volatility Analysis Investment Low Moderate High Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 3 1110 247.00 2,353.59 -100 -50 0 50 Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 5.28 8.63 4.39 102.19 ß ® 100 29 4 15 28 13 10 1 0 Release Date: 03-31-2017 Intelligent Variable Annuity-Delaware VIP Intl Equity .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI EAFE GR USD Foreign Large Value QQQQ Above Average Below Average Out of 1475 Foreign Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 47 1,651 QQQQQ QQQQQ QQQ 7 1,475 8 1,331 45 725 Portfolio Analysis Composition as of 02-28-17 % Assets 1.9 95.5 0.0 1.2 1.5 Operations 02-05-08 10-29-92 02-05-08 1.02% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 1.02% Delaware Management Company . Edward A. Gray Top 20 Holdings as of 02-28-17 Investment Manager Delaware Investments is a diversified investment management firm that offers a comprehensive array of retail and institutional strategies across all major asset classes. Team-based, research-driven approach to investing is guided by the expertise of more than 174 Investment Professionals, analysts and traders. Delaware Investments is the marketing name for Delaware Management Holding, Inc. and its subsidiaries, which are part of Lincoln Financial Group. Lincoln Financial Group is the marketing name for Lincoln National Corporations and its affiliates. Volatility Analysis Investment Moderate High Category 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. % Assets 3.98 3.43 3.41 3.36 3.32 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Toyota Motor Corp Nippon Telegraph & Telephone Corp Novartis AG Vinci SA East Japan Railway Co 3.17 3.16 3.00 2.97 2.80 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Yue Yuen Industrial (Holdings) Ltd Deutsche Post AG AXA SA Royal Philips NV Japan Tobacco Inc 2.72 2.69 2.52 2.31 2.28 Standard Chartered PLC ING Groep NV Minebea Mitsumi Inc Bayerische Motoren Werke AG Total SA 2.28 2.25 2.18 2.14 2.11 ....................................................................................................... ....................................................................................................... 59.88 Large Medium Small 26.62 13.50 0.00 ........................................................ Micro Statistics Mitsubishi UFJ Financial Group Inc Sanofi SA Samsung Electronics Co Ltd ITOCHU Corp Nordea Bank AB % Mkt Cap Giant ........................................................ Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term growth without undue risk to principal. The fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (80% policy). Under normal circumstances, it will invest at least 65% of its total assets in equity securities of issuers that are organized, have a majority of their assets, or generate the majority of their operating income outside the United States. The fund may invest more than 25% of its total assets in the securities of issuers located in the same country. 0.00 Port Avg Rel S&P 500 13.25 1.41 5.93 29904.62 Risk Measures as of 03-31-17 0.68 0.51 0.53 0.35 Rel Cat 1.01 1.13 1.32 1.06 Port Avg Rel S&P 500 Rel Cat 11.73 0.90 0.06 -0.31 89.56 1.13 . 0.06 . . 0.95 0.95 -0.50 0.12 0.99 Morningstar World Regions as of 02-28-17 % Fund Americas 6.59 North America Latin America 6.60 0.00 Greater Europe 55.67 United Kingdom Europe Developed Europe Emerging Africa/Middle East 10.30 41.95 1.28 2.14 ....................................................................................................... Greater Asia 37.74 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 25.15 1.47 5.14 5.98 ....................................................................................................... 49 0 19.00 70.17 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ............................................................................................... ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Delaware VIP Small Cap Value .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 Value TR USD Small Value QQQQQ High Average Out of 1586 Small Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.80% Delaware Management Company . Christopher S. Beck Kelley A. McKee Steven G. Catricks Kent P. Madden QQQQQ 3 1,586 7 1,385 1 752 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other Top 20 Holdings as of 02-28-17 Delaware Investments is a diversified investment management firm that offers a comprehensive array of retail and institutional strategies across all major asset classes. Team-based, research-driven approach to investing is guided by the expertise of more than 174 Investment Professionals, analysts and traders. Delaware Investments is the marketing name for Delaware Management Holding, Inc. and its subsidiaries, which are part of Lincoln Financial Group. Lincoln Financial Group is the marketing name for Lincoln National Corporations and its affiliates. Volatility Analysis Investment Moderate 10 Year QQQQQ 99.1 0.6 0.0 0.2 0.1 Morningstar Equity Style Box™ as of 02-28-17 High Category 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. % Assets % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 0.00 28.05 62.87 ........................................................ Micro Value Blend Growth Investment Manager Low 5 Year QQQQQ Small 02-05-08 12-27-93 02-05-08 0.80% 3 Year . 5 1,737 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks capital appreciation. Under normal circumstances, at least 80% of the Series' net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies (80% policy). The manager considers smallcapitalization companies to be companies with a market capitalization generally less than 3.5 times the dollar-weighted, median market capitalization of the Russell 2000 ® Index at the time of purchase. Statistics 9.09 Port Avg Rel S&P 500 3.28 2.17 2.06 1.89 1.86 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 20.30 1.92 8.33 3088.11 Synopsys Inc Selective Insurance Group Inc Olin Corp Great Western Bancorp Inc Patterson-UTI Energy Inc 1.86 1.79 1.61 1.47 1.45 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 14.68 1.14 0.61 -2.75 65.82 1.41 . 0.62 . . 0.98 1.05 1.49 0.55 1.13 Bank of Hawaii Corp H.B. Fuller Co CommScope Holding Co Inc ON Semiconductor Corp First Financial Bancorp 1.44 1.33 1.30 1.25 1.23 ITT Corp Community Bank System Inc Southwest Gas Holdings Inc Highwoods Properties Inc NBT Bancorp Inc 1.22 1.20 1.19 1.18 1.15 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 113 0 11.00 1,242.48 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 1.04 0.70 0.74 0.04 Rel Cat East West Bancorp Inc Webster Financial Corp Berry Plastics Group Inc MasTec Inc Hancock Holding Co 1.10 1.10 1.09 1.47 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 58.14 r t y u 6.96 13.69 29.85 7.64 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 32.27 i o p a 0.64 5.21 12.37 14.05 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 9.59 s Consumer Defensive d Healthcare f Utilities 2.19 3.71 3.69 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-DFA VA Global Bond .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Citi WGBI 1-5 Yr Hdg USD World Bond QQQQ Above Average Low Out of 1157 World Bond VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 63 1,445 QQQQQ QQQQ QQQ 5 1,157 23 926 40 405 Portfolio Analysis Composition as of 02-28-17 % Assets Morningstar Fixed Income Style Box™ as of 02-28-17 Ltd Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 05-01-12 01-12-95 05-01-12 0.24% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.24% Dimensional Fund Advisors LP Dimensional Fund Advisors Ltd David A. Plecha Joseph F. Kolerich Top 20 Holdings as of 02-28-17 Investment Manager In 1981, Dimensional launched its first strategy based on research documenting the stronger performance of US small cap stocks. Our second strategy, a short-term fixed income portfolio launched in 1983, applies Eugene Fama's term structure research. Later, a comprehensive analysis of prices and other research deepened our strategy repertoire and set a new standard for portfolio design. Volatility Analysis Investment Low Moderate High Category 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. % Assets Ge Cap Intl Fdg 2.342% 11-15-20 Agence Francaise Develop Sr Unsecured 01-21-20 Manitoba Prov Cda 2.05% 11-30-20 Quebec Prov Cda 3.5% 07-29-20 Automatic Data Processing 2.25% 09-15-20 2.81 2.76 2.50 2.50 2.49 Coca Cola 1.875% 10-27-20 Merck & Co 1.85% 02-10-20 Eurofima Sr Unsecured Regs 05/20 1.75 05-29-20 Berkshire Hathaway Inc Del 2.2% 03-15-21 Pfizer 1.95% 06-03-21 2.20 2.17 2.01 1.95 1.82 Chevron Corp New 1.961% 03-03-20 Intl Busn Machs 2.25% 02-19-21 Cisco Sys 2.45% 06-15-20 Microsoft 1.85% 02-12-20 Alberta Prov 1.75% 08-26-20 1.76 1.66 1.57 1.53 1.45 Apple 2.25% 02-23-21 Australia & New Zeala Bkg 2.25% 06-13-19 Statoil Asa 2.25% 11-08-19 Bk Of Nova Scotia 2.35% 10-21-20 3m 2% 08-07-20 1.43 1.42 1.35 1.34 1.29 ....................................................................................................... ....................................................................................................... Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Low 0.0 0.0 96.1 0.5 3.4 Med U.S. Stocks Non-U.S. Stocks Bonds Cash Other High The investment seeks to provide a market rate of return for a fixed income portfolio with low relative volatility of returns. The fund generally invests in a universe of U.S. and foreign debt securities maturing in five years or less. It primarily purchases obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic and foreign issuers denominated in U.S. dollars but not trading in the United States and obligations of supranational organizations. Mod Ext Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 2.10 0.68 0.62 -0.41 90.37 0.00 . 0.00 . . 0.38 1.19 -4.43 0.20 3.75 Morningstar Sectors as of 02-28-17 % Fund ⁄ › € ‹ fi ± 24.22 74.44 0.00 0.77 0.56 0.00 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis as of 02-28-17 % Bonds ....................................................................................................... AAA AA A BBB BB B Below B Not Rated ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 0 120 47.00 279.78 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 3.49 3.67 2.29 . -100 -50 0 ß 50 ® 100 19 80 0 0 0 0 0 0 Release Date: 03-31-2017 Intelligent Variable Annuity-DFA VA Global Moderate Allocation .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk 65% MSCI ACWI NR USD/35% Citi WGBI 1-3 Yr Hdg USD World Allocation QQQQQ High Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus . 9 1,964 . . . . % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other Value Blend Growth % Assets 30.46 13.60 12.46 12.46 10.94 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) DFA Two-Year Global Fixed-Income I DFA VA Short-Term Fixed Portfolio DFA Emerging Markets Core Equity I DFA VA US Large Value DFA Real Estate Securities I 4.95 4.95 4.75 2.19 1.61 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared DFA VA International Value Portfolio 1.49 ....................................................................................................... ....................................................................................................... In 1981, Dimensional launched its first strategy based on research documenting the stronger performance of US small cap stocks. Our second strategy, a short-term fixed income portfolio launched in 1983, applies Eugene Fama's term structure research. Later, a comprehensive analysis of prices and other research deepened our strategy repertoire and set a new standard for portfolio design. Total Number of Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 12 . 137.28 Volatility Analysis Investment Moderate Ltd Statistics DFA US Core Equity 2 I DFA International Core Equity I DFA Selectively Hedged Global F/I I DFA VA Global Bond DFA US Core Equity 1 I ....................................................................................................... Investment Manager Morningstar Style Box™ as of 02-28-17(EQ) ; 02-28-17(F-I) 43.9 19.9 28.9 6.2 1.2 Low 0.52% Dimensional Fund Advisors LP . Jed S. Fogdall Joseph H. Chi David A. Plecha Joseph F. Kolerich Allen Pu Mary T. Phillips 10 Year . Med Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 5 Year QQQQQ High 11-01-13 04-08-13 11-01-13 0.40% 3 Year . 3 2,826 Portfolio Analysis Composition as of 02-28-17 Top 20 Holdings as of 02-28-17 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Small Operations Morningstar Rating™ Fund Rank Percentile Out of # of Investments Large Mid The investment seeks total return consisting of capital appreciation and current income. The fund under normal market circumstances, purchases shares of the underlying funds to achieve a moderate allocation to both global equity and global fixed income securities. Generally, the fund invests its assets in domestic and international equity underlying funds and fixed income underlying funds to achieve an allocation that provides a moderate allocation to global equity securities, with an allocation of approximately 50% to 70% of the fund's assets to domestic and international equity underlying funds and 30% to 50% of its assets to fixed income underlying funds. Low Above Average Out of 1964 World Allocation VA subaccounts. 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 page for details. Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Ext Port Avg Rel S&P 500 16.90 1.90 6.91 17162.54 Risk Measures as of 03-31-17 0.86 0.69 0.62 0.20 Rel Cat 0.99 0.91 0.90 0.41 Port Avg Rel S&P 500 Rel Cat 7.25 1.10 0.48 -1.41 95.98 0.70 . 0.49 . . 1.06 1.13 2.09 0.47 1.12 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 43.04 r t y u 6.95 13.58 18.98 3.53 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 38.91 i o p a 4.02 6.53 13.84 14.52 ............................................................................................... Communication Services Energy Industrials Technology k Defensive High Mod 18.05 ............................................................................................... s Consumer Defensive d Healthcare f Utilities ß ® 7.00 8.81 2.24 Release Date: 03-31-2017 Intelligent Variable Annuity-DFA VA International Small .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI World Ex USA Small Cap NR USD Foreign Small/Mid Blend QQQQQ High Average Out of 151 Foreign Small/Mid Blend VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.60% Dimensional Fund Advisors LP Dimensional Fund Advisors Ltd Jed S. Fogdall Joseph H. Chi Bhanu P. Singh Arun C. Keswani Mary T. Phillips 10 Year QQQQ QQQQQ 26 151 12 128 1 22 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.6 93.0 0.0 2.0 4.5 Morningstar Equity Style Box™ as of 02-28-17 In 1981, Dimensional launched its first strategy based on research documenting the stronger performance of US small cap stocks. Our second strategy, a short-term fixed income portfolio launched in 1983, applies Eugene Fama's term structure research. Later, a comprehensive analysis of prices and other research deepened our strategy repertoire and set a new standard for portfolio design. Volatility Analysis Investment Moderate High Category 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. % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 1.72 61.98 34.12 ........................................................ Micro Value Blend Growth Investment Manager Low 5 Year QQQQ Small 05-01-12 10-03-95 05-01-12 0.60% 3 Year . 3 157 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases securities of (1) Japanese small companies; (2) United Kingdom small companies; (3) small companies organized under the laws of certain European countries; (4) small companies associated with Australia, New Zealand and Pacific Rim Asian countries; and (5) Canadian small companies. It may have some exposure to small cap equity securities associated with other countries or regions. Statistics 2.18 Port Avg Rel S&P 500 Rel Cat Top 20 Holdings as of 02-28-17 % Assets RPC Group PLC Bellway PLC Spectris PLC Howden Joinery Group PLC Tate & Lyle PLC 0.38 0.33 0.30 0.28 0.27 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 15.11 1.43 5.38 1562.87 Tullow Oil PLC Electrocomponents PLC Halma PLC Lanxess AG Rexel SA 0.25 0.23 0.23 0.23 0.23 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 11.85 0.88 0.25 2.01 83.47 1.14 . 0.26 . . 1.01 1.04 1.79 2.72 1.04 Smith (DS) PLC Teleperformance SE Close Brothers Group PLC Hays PLC MTU Aero Engines AG 0.23 0.23 0.22 0.22 0.21 Edenred SA Umicore SA Amec Foster Wheeler PLC Daily Mail and General Trust PLC Class A Gamesa Corporacion Tecnologica SA 0.20 0.20 0.19 0.19 0.19 ....................................................................................................... ....................................................................................................... Morningstar World Regions as of 02-28-17 0.77 0.52 0.48 0.02 1.04 1.01 0.89 0.92 % Fund Americas 9.46 North America Latin America 9.26 0.20 Greater Europe 53.73 United Kingdom Europe Developed Europe Emerging Africa/Middle East 17.91 34.85 0.02 0.95 ....................................................................................................... Greater Asia 36.81 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 24.36 7.41 4.08 0.97 ....................................................................................................... 2749 0 12.00 183.96 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ............................................................................................... ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-DFA VA International Value .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI World Ex US NR USD Foreign Large Value QQQ Above Average High Out of 1475 Foreign Large Value VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.46% Dimensional Fund Advisors LP Dimensional Fund Advisors Ltd Jed S. Fogdall Joseph H. Chi Bhanu P. Singh Mary T. Phillips 5 Year 10 Year QQQ QQQQ QQ 29 1,475 13 1,331 55 725 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.8 97.1 0.0 0.9 1.2 In 1981, Dimensional launched its first strategy based on research documenting the stronger performance of US small cap stocks. Our second strategy, a short-term fixed income portfolio launched in 1983, applies Eugene Fama's term structure research. Later, a comprehensive analysis of prices and other research deepened our strategy repertoire and set a new standard for portfolio design. Top 20 Holdings as of 02-28-17 % Assets 2.52 2.45 2.36 2.34 1.83 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Vodafone Group PLC Daimler AG Royal Dutch Shell PLC ADR Class B Australia and New Zealand Banking Group Ltd BHP Billiton Ltd 1.79 1.77 1.77 1.47 1.44 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Glencore PLC Suncor Energy Inc Bank of Montreal Mitsubishi UFJ Financial Group Inc Honda Motor Co Ltd 1.37 1.37 1.21 1.16 1.15 Allianz SE Sumitomo Mitsui Financial Group Inc BNP Paribas Zurich Insurance Group AG Toyota Motor Corp 1.09 0.98 0.96 0.86 0.85 ....................................................................................................... ....................................................................................................... Investment Moderate High Category 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. 36.25 11.73 0.01 Micro 0.00 Port Avg Rel S&P 500 12.87 1.04 3.29 27751.02 Risk Measures as of 03-31-17 0.66 0.38 0.29 0.32 Rel Cat 0.98 0.84 0.73 0.99 Port Avg Rel S&P 500 Rel Cat 13.85 1.06 -0.02 -1.52 89.09 1.33 . -0.02 . . 1.12 1.12 0.17 0.59 0.99 Morningstar World Regions as of 02-28-17 % Fund Americas 8.98 North America Latin America 8.97 0.00 Greater Europe 56.41 United Kingdom Europe Developed Europe Emerging Africa/Middle East 17.06 38.85 0.00 0.50 ....................................................................................................... Greater Asia 34.61 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 23.41 6.88 4.15 0.16 ....................................................................................................... Volatility Analysis 52.01 Large Medium Small ........................................................ Statistics BP PLC ADR HSBC Holdings PLC ADR Total SA Royal Dutch Shell PLC ADR Class A Banco Santander SA % Mkt Cap Giant ........................................................ Value Blend Growth Investment Manager Low Morningstar Equity Style Box™ as of 02-28-17 Small 05-01-12 10-03-95 05-01-12 0.46% 3 Year . 1 1,651 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases securities of large non-U.S. companies in countries with developed markets that the Advisor determines to be value stocks. It may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer's domicile country. 413 0 15.00 205.97 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ............................................................................................... ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-DFA VA Short-Term Fixed .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BofAML US Treasury Bill 6 Mon TR USD Ultrashort Bond QQQQ Above Average Above Average Out of 509 Ultrashort Bond VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 34 562 QQQQ QQQQ QQQQ 14 509 9 405 6 246 Portfolio Analysis Composition as of 02-28-17 % Assets Ltd Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 05-01-12 10-03-95 05-01-12 0.27% Top 20 Holdings as of 02-28-17 0.27% Dimensional Fund Advisors LP Dimensional Fund Advisors Ltd David A. Plecha Joseph F. Kolerich Pamela B. Noble Investment Manager In 1981, Dimensional launched its first strategy based on research documenting the stronger performance of US small cap stocks. Our second strategy, a short-term fixed income portfolio launched in 1983, applies Eugene Fama's term structure research. Later, a comprehensive analysis of prices and other research deepened our strategy repertoire and set a new standard for portfolio design. Volatility Analysis Investment Low Morningstar Fixed Income Style Box™ as of 02-28-17 Moderate High % Assets US Treasury Note 1.25% 11-15-18 Chevron Corp New 1.344% 11-09-17 Ontario Prov Cda 1.1% 10-25-17 Kreditanstalt Fur Wiederaufbau 1% 09-07-18 Cisco Sys 1.65% 06-15-18 2.03 1.94 1.92 1.74 1.67 Ab Svensk Exportkredit 1.125% 04-05-18 FHLBA 1.75% 12-14-18 Toronto Dominion Bk 1.625% 03-13-18 Commonwealth Bk Australia 1.9% 09-18-17 FHLBA 1.25% 01-16-19 1.55 1.55 1.46 1.42 1.42 Statoil Asa 1.15% 05-15-18 Westpac Bkg 2.25% 01-17-19 US Treasury Note 1.125% 01-15-19 Municipality Fin Plc Helsi 1.25% 09-10-18 US Treasury Note 1.375% 12-31-18 1.42 1.32 1.23 1.22 1.18 General Elec 5.25% 12-06-17 Exxon Mobil FRN 02-28-18 Berkshire Hathaway Fin 1.45% 03-07-18 Westpac Bkg FRN 07-30-18 General Elec Cap Corp Mtn Be 5.625% 05-01-18 1.17 1.14 1.12 1.10 1.09 ....................................................................................................... ....................................................................................................... Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Low 0.0 0.0 82.1 11.1 6.8 Med U.S. Stocks Non-U.S. Stocks Bonds Cash Other High The investment seeks to achieve a stable real return in excess of the rate of inflation with a minimum of risk. The fund seeks to achieve its investment objective by generally investing in a universe of high quality fixed income securities that typically mature in one year or less. It may, however, take a large position in securities maturing within two years from the date of settlement when higher yields are available. Under normal circumstances, the fund will invest at least 80% of its net assets in fixed income securities and maintain a dollar-weighted average portfolio maturity that will not exceed one year. Mod Ext Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 0.34 0.08 -0.93 -0.51 50.40 0.00 . 0.00 . . 0.85 . 0.19 0.45 2.52 Morningstar Sectors as of 02-28-17 % Fund ⁄ › € ‹ fi ± 30.59 54.48 0.00 2.56 12.37 0.00 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis as of 02-28-17 % Bonds ....................................................................................................... AAA AA A BBB BB B Below B Not Rated ....................................................................................................... Category 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. Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 0 137 50.00 224.29 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.97 0.98 1.59 100.26 -100 -50 0 ß 50 ® 100 32 65 3 0 0 0 0 0 Release Date: 03-31-2017 Intelligent Variable Annuity-DFA VA US Large Value .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value TR USD Large Value QQQQ High Above Average Out of 6763 Large Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 9 7,455 QQQQ QQQQQ QQQQ 11 6,763 1 5,770 4 3,508 Portfolio Analysis Composition as of 02-28-17 % Assets 97.1 1.0 0.0 1.9 0.0 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 05-01-12 01-12-95 05-01-12 0.27% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.27% Dimensional Fund Advisors LP . Jed S. Fogdall Joseph H. Chi Lukas J. Smart Top 20 Holdings as of 02-28-17 Investment Manager In 1981, Dimensional launched its first strategy based on research documenting the stronger performance of US small cap stocks. Our second strategy, a short-term fixed income portfolio launched in 1983, applies Eugene Fama's term structure research. Later, a comprehensive analysis of prices and other research deepened our strategy repertoire and set a new standard for portfolio design. Volatility Analysis Investment Moderate High Category 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. % Assets 4.05 3.83 3.41 3.26 3.22 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Comcast Corp Class A Citigroup Inc Pfizer Inc Bank of America Corporation Chevron Corp 3.08 2.22 2.17 1.98 1.61 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Time Warner Inc Wal-Mart Stores Inc Charter Communications Inc A CVS Health Corp Medtronic PLC 1.41 1.35 1.31 1.23 1.19 Goldman Sachs Group Inc Danaher Corp General Motors Co CSX Corp Capital One Financial Corp 1.04 0.92 0.90 0.87 0.85 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 309 0 15.00 324.77 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 35.29 Large Medium Small 36.98 27.37 0.34 ........................................................ Micro Statistics JPMorgan Chase & Co AT&T Inc Intel Corp Exxon Mobil Corp Cisco Systems Inc % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases a broad and diverse group of readily marketable securities of large U.S. companies that the Advisor determines to be value stocks. As a non-fundamental policy, under normal circumstances, it will invest at least 80% of its net assets in securities of large cap U.S. companies. The fund may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio. 0.01 Port Avg Rel S&P 500 16.39 1.66 8.06 50501.94 Risk Measures as of 03-31-17 0.84 0.61 0.72 0.59 Rel Cat 0.98 0.80 0.89 0.81 Port Avg Rel S&P 500 Rel Cat 12.09 1.09 0.67 -3.09 87.73 1.16 . 0.68 . . 1.08 1.09 1.20 0.74 1.00 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 37.00 r t y u 3.71 9.11 24.13 0.05 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 44.89 i o p a 9.39 11.41 9.52 14.57 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 18.11 s Consumer Defensive d Healthcare f Utilities 5.23 12.70 0.18 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-DFA VA US Targeted Value .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 Value TR USD Small Value QQQ Above Average Above Average Out of 1586 Small Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 37 1,737 QQQ QQQQQ QQ 36 1,586 1 1,385 43 752 Portfolio Analysis Composition as of 02-28-17 % Assets 95.9 2.9 0.0 1.2 0.0 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 05-01-12 10-03-95 05-01-12 0.38% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.38% Dimensional Fund Advisors LP . Jed S. Fogdall Joseph H. Chi Joel P. Schneider Top 20 Holdings as of 02-28-17 Investment Manager In 1981, Dimensional launched its first strategy based on research documenting the stronger performance of US small cap stocks. Our second strategy, a short-term fixed income portfolio launched in 1983, applies Eugene Fama's term structure research. Later, a comprehensive analysis of prices and other research deepened our strategy repertoire and set a new standard for portfolio design. Volatility Analysis Investment Moderate High Category 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. % Assets % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 0.94 28.08 44.84 Micro 26.15 ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases a broad and diverse group of the readily marketable securities of U.S. small and mid cap companies that the Advisor determines to be value stocks. As a non-fundamental policy, under normal circumstances, it will invest at least 80% of its net assets in securities of U.S. companies. The fund may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Statistics Port Avg Rel S&P 500 0.69 0.64 0.59 0.58 0.57 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 17.63 1.39 6.28 2169.40 Owens-Corning Inc JetBlue Airways Corp PacWest Bancorp AECOM Staples Inc 0.56 0.54 0.50 0.48 0.48 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 15.35 1.13 0.46 -4.53 58.93 1.47 . 0.47 . . 1.03 1.04 1.12 0.90 1.01 Transocean Ltd Marvell Technology Group Ltd Toll Brothers Inc HollyFrontier Corp Quanta Services Inc 0.48 0.47 0.47 0.46 0.46 RenaissanceRe Holdings Ltd People's United Financial Inc International Game Technology PLC AGCO Corp Axis Capital Holdings Ltd 0.46 0.45 0.44 0.43 0.43 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 1288 0 33.00 309.42 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.90 0.51 0.56 0.03 Rel Cat Arrow Electronics Inc Avnet Inc Jacobs Engineering Group Inc PulteGroup Inc Reliance Steel & Aluminum Co 0.96 0.80 0.82 1.03 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 48.98 r t y u 7.08 13.56 27.44 0.90 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 42.49 i o p a 0.87 8.19 19.85 13.58 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 8.52 s Consumer Defensive d Healthcare f Utilities 3.38 4.64 0.50 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Franklin Income VIP Fund .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Allocation--30% to 50% Equity QQQQQ High High Out of 3506 Allocation--30% to 50% Equity VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 1 4,195 QQQQ QQQQQ QQQQQ 15 3,506 1 2,426 1 770 Portfolio Analysis Composition as of 12-31-16 % Assets Morningstar Style Box™ as of 12-31-16(EQ) ; 12-31-16(F-I) High 43.5 12.5 32.8 5.7 5.6 Med Low Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks to maximize income while maintaining prospects for capital appreciation. The fund invests in a diversified portfolio of debt and equity securities. It may shift its investments from one asset class to another based on the investment manager's analysis of the best opportunities for the fund's portfolio in a given market. The fund may invest up to 100% of its total assets in debt securities that are rated below investment grade (also known as "junk bonds"), including a portion in defaulted securities. It may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts. Value Blend Growth Ltd Mod Ext Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 02-05-08 01-24-89 02-05-08 0.46% Top 20 Holdings as of 12-31-16 0.46% Franklin Advisers Inc . Edward D. Perks Matthew D. Quinlan Todd Brighton Richard S. Hsu % Assets 5.03 2.69 2.06 2.04 1.74 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Microsoft Corp Dow Chemical Co Wells Fargo & Co Pfizer Inc Dominion Resources Inc 1.72 1.60 1.54 1.41 1.26 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared United Technologies Corp General Motors Co Rio Tinto PLC ADR Target Corp Union Pacific Corp 1.26 1.14 1.14 1.11 1.11 BP PLC ADR MetLife Inc Intel Corp Deere & Co PepsiCo Inc 1.10 1.10 1.03 1.01 1.00 ....................................................................................................... ....................................................................................................... Investment Manager Franklin Templeton's distinct multi-manager structure combines the specialized expertise of three world-class investment management groups- Franklin, Templeton, and Mutual Series. Founded in 1947, Franklin is a recognized leader in fixed income investing and also brings expertise in growthand value-style U.S. equity investing. Founded in 1940, Templeton pioneered international investing and, in 1954, launched what has become the industry's oldest global fund. Today, with offices in over 29 countries, Templeton offers investors a truly global perspective. Founded in 1949, Mutual Series is dedicated to a unique style of value investing, searching aggressively for opportunity among what it believes are undervalued stocks, as well as arbitrage situations and distressed securities. ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 70 152 39.03 6,197.54 Volatility Analysis Investment Low Moderate Statistics Lake Forest Money Market Royal Dutch Shell PLC ADR Class A General Electric Co Chevron Corp Apple Inc Port Avg Rel S&P 500 15.87 2.09 7.98 100325.09 Risk Measures as of 03-31-17 Rel Cat 0.91 0.98 1.00 2.17 Port Avg Rel S&P 500 Rel Cat 7.96 1.16 0.35 -2.36 89.07 0.76 . 0.36 . . 1.46 1.47 1.03 1.37 1.00 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 24.04 r t y u 7.63 4.09 11.40 0.92 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 43.20 i o p a 2.99 17.16 11.75 11.30 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 32.76 s Consumer Defensive d Healthcare f Utilities 8.74 9.76 14.26 ............................................................................................... High Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.81 0.76 0.71 1.17 ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Franklin Mutual Shares VIP Fund .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Allocation--85%+ Equity QQQQQ High Average Out of 1146 Allocation--85%+ Equity VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 1 1,216 QQQQQ QQQQQ QQQQQ 1 1,146 1 985 3 540 Portfolio Analysis Composition as of 12-31-16 % Assets Morningstar Style Box™ as of 12-31-16(EQ) ; 03-31-17(F-I) 68.3 16.1 6.7 6.6 2.2 Not Available Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks capital appreciation; income is a secondary consideration. The fund invests primarily in equity securities. The equity securities in which the fund invests are primarily common stock. To a lesser extent, it also invests in merger arbitrage securities and the debt and equity of distressed companies. The fund may invest a significant portion of its assets (up to 35%) in foreign securities, which may include sovereign debt and participations in foreign government debt. It is not limited to pre-set maximums or minimums governing the size of the companies in which it may invest. Value Blend Growth Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 11-08-96 02-05-08 0.73% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.73% Franklin Mutual Advisers, LLC . F. David Segal Peter A. Langerman Deborah A. Turner Top 20 Holdings as of 12-31-16 Investment Manager Franklin Templeton's distinct multi-manager structure combines the specialized expertise of three world-class investment management groups- Franklin, Templeton, and Mutual Series. Founded in 1947, Franklin is a recognized leader in fixed income investing and also brings expertise in growthand value-style U.S. equity investing. Founded in 1940, Templeton pioneered international investing and, in 1954, launched what has become the industry's oldest global fund. Today, with offices in over 29 countries, Templeton offers investors a truly global perspective. Founded in 1949, Mutual Series is dedicated to a unique style of value investing, searching aggressively for opportunity among what it believes are undervalued stocks, as well as arbitrage situations and distressed securities. Volatility Analysis % Assets 2.88 2.77 2.75 2.58 2.16 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) American International Group Inc Time Warner Inc Symantec Corp Royal Dutch Shell PLC Class A Novartis AG ADR 2.12 2.04 1.88 1.87 1.64 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared The Kroger Co Charter Communications Inc A British American Tobacco PLC Citizens Financial Group Inc Baker Hughes Inc 1.63 1.62 1.60 1.59 1.57 Cisco Systems Inc JPMorgan Chase & Co Stryker Corp Alleghany Corp XL Group Ltd 1.57 1.57 1.53 1.52 1.50 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 84 29 24.45 4,379.89 Investment Low Moderate Statistics Merck & Co Inc Microsoft Corp Medtronic PLC PNC Financial Services Group Inc Eli Lilly and Co High Port Avg Rel S&P 500 16.66 1.64 7.76 45024.42 Risk Measures as of 03-31-17 Rel Cat 0.95 0.84 0.97 1.28 Port Avg Rel S&P 500 Rel Cat 9.82 1.41 0.61 -0.25 85.90 0.94 . 0.62 . . 0.99 0.97 1.30 0.14 0.97 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 36.99 r t y u 2.69 8.29 25.49 0.52 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 32.80 i o p a 4.37 9.42 4.12 14.89 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 30.21 s Consumer Defensive d Healthcare f Utilities 11.48 17.81 0.92 ............................................................................................... Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.85 0.60 0.69 0.53 ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Franklin Small-Mid Cap Growth VIP Fund .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Mid Cap Growth TR USD Mid-Cap Growth QQQ Average Above Average Out of 4151 Mid-Cap Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.81% Franklin Advisers Inc . Edward B. Jamieson Michael McCarthy James Cross John P. Scandalios QQQ 55 4,151 57 3,404 35 2,120 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 95.5 0.7 0.0 3.3 0.5 Morningstar Equity Style Box™ as of 12-31-16 Volatility Analysis Investment % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 12.10 73.09 11.23 ........................................................ Micro Statistics 3.58 Port Avg Rel S&P 500 Rel Cat Top 20 Holdings as of 12-31-16 % Assets Roper Technologies Inc Quintiles IMS Holdings Inc Equinix Inc Signature Bank The Cooper Companies Inc 1.95 1.75 1.67 1.66 1.57 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 22.07 3.52 13.76 8276.69 Edwards Lifesciences Corp Willis Towers Watson PLC Hologic Inc Genesee & Wyoming Inc Class A Mettler-Toledo International Inc 1.56 1.51 1.46 1.45 1.45 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 12.91 1.06 0.38 -5.95 73.18 1.24 . 0.39 . . 1.01 1.02 0.97 1.00 1.00 Vantiv Inc IHS Markit Ltd A Martin Marietta Materials Inc Affiliated Managers Group Inc Robert Half International Inc 1.44 1.42 1.42 1.40 1.40 Axalta Coating Systems Ltd CoStar Group Inc CSRA Inc Pinnacle Foods Inc Arthur J. Gallagher & Co 1.36 1.36 1.26 1.24 1.21 ....................................................................................................... Franklin Templeton's distinct multi-manager structure combines the specialized expertise of three world-class investment management groups- Franklin, Templeton, and Mutual Series. Founded in 1947, Franklin is a recognized leader in fixed income investing and also brings expertise in growthand value-style U.S. equity investing. Founded in 1940, Templeton pioneered international investing and, in 1954, launched what has become the industry's oldest global fund. Today, with offices in over 29 countries, Templeton offers investors a truly global perspective. Founded in 1949, Mutual Series is dedicated to a unique style of value investing, searching aggressively for opportunity among what it believes are undervalued stocks, as well as arbitrage situations and distressed securities. Moderate 10 Year QQQ Value Blend Growth Investment Manager Low 5 Year QQQ Small 02-05-08 11-01-95 02-05-08 0.81% 3 Year . 34 4,485 Portfolio Analysis Composition as of 12-31-16 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term capital growth. The fund invests at least 80% of its net assets in the equity securities of small-capitalization (small-cap) and midcapitalization (mid-cap) companies. It invests predominantly in equity securities, predominantly in common stock. The fund, from time to time, may have significant positions in particular sectors such as technology (including health care technology, technology services and electronic technology), industrials, and consumer discretionary and health care. ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 123 0 32.23 456.07 High Category 0.94 0.97 1.06 0.85 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 33.28 r t y u 4.13 15.06 10.03 4.06 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 38.89 i o p a 1.81 2.58 17.37 17.13 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 27.83 s Consumer Defensive d Healthcare f Utilities 8.48 19.35 0.00 ............................................................................................... 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 1.13 1.28 1.23 0.10 ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Janus Aspen Forty Inst. .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Growth TR USD Large Growth QQQQQ High Above Average Out of 9654 Large Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.74% Janus Capital Management LLC . A. Douglas Rao Nick Schommer 10 Year QQQQQ QQQQ 3 9,654 7 8,219 8 4,990 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 97.6 1.2 0.0 1.3 0.0 Morningstar Equity Style Box™ as of 12-31-16 Top 20 Holdings as of 12-31-16 % Assets 6.20 5.44 5.05 4.28 4.07 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) General Electric Co Celgene Corp Boston Scientific Corp Charles Schwab Corp Intercontinental Exchange Inc 3.91 3.78 3.52 3.52 3.49 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Salesforce.com Inc Adobe Systems Inc Allergan PLC Goldman Sachs Group Inc Nike Inc B 3.36 3.19 3.03 2.87 2.76 Facebook Inc A Activision Blizzard Inc CSX Corp Vulcan Materials Co Costco Wholesale Corp 2.70 2.53 2.50 2.50 2.49 ....................................................................................................... Janus Capital Management is one of the largest equity managers in the United States. For almost four decades the Denver-based firm has used a bottom up, company-bycompany investment approach based on the conviction that stock prices ultimately follow earnings growth. The company's asset-management disciplines include growth, core, international, value and risk-managed equity funds. Volatility Analysis Investment Moderate High Category In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 38 0 53.00 744.11 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 36.74 Large Medium Small 52.35 10.91 0.00 ........................................................ Micro Statistics Microsoft Corp Alphabet Inc C Zoetis Inc Mastercard Inc A Amazon.com Inc % Mkt Cap Giant ........................................................ Value Blend Growth Investment Manager Low 5 Year QQQQQ Small 02-05-08 05-01-97 02-05-08 0.74% 3 Year . 28 10,644 Portfolio Analysis Composition as of 12-31-16 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term growth of capital. The Portfolio pursues its investment objective by normally investing primarily in a core group of 20-40 common stocks selected for their growth potential. It may invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies. The Portfolio may also invest in foreign securities, which may include investments in emerging markets. It is non-diversified. 0.00 Port Avg Rel S&P 500 25.82 4.04 19.97 69879.84 Risk Measures as of 03-31-17 1.32 1.47 1.78 0.82 Rel Cat 1.11 1.05 1.50 1.04 Port Avg Rel S&P 500 Rel Cat 12.55 1.08 0.93 0.60 79.46 1.21 . 0.95 . . 1.05 1.03 1.37 -0.24 0.95 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 39.60 r t y u 2.54 17.48 17.53 2.05 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 35.84 i o p a 1.62 0.00 7.98 26.24 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 24.56 s Consumer Defensive d Healthcare f Utilities 2.52 22.04 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Janus Aspen Overseas Inst. .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI ACWI Ex USA NR USD Foreign Large Blend QQ Below Average High Out of 2392 Foreign Large Blend VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 4 2,717 Q Q QQ 92 2,392 92 2,013 53 1,095 Portfolio Analysis Composition as of 12-31-16 % Assets 5.0 91.7 0.0 1.6 1.7 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 05-02-94 02-05-08 0.56% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.56% Janus Capital Management LLC . George P. Maris Top 20 Holdings as of 12-31-16 Investment Manager Janus Capital Management is one of the largest equity managers in the United States. For almost four decades the Denver-based firm has used a bottom up, company-bycompany investment approach based on the conviction that stock prices ultimately follow earnings growth. The company's asset-management disciplines include growth, core, international, value and risk-managed equity funds. % Assets 5.24 4.86 4.23 4.14 3.88 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Mitsubishi UFJ Financial Group Inc ING Groep NV Alibaba Group Holding Ltd ADR Reynolds American Inc Sanofi SA 3.78 3.54 3.30 3.24 2.88 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Safran SA Canadian Natural Resources Ltd Eiffage SA Sony Corp Tokio Marine Holdings Inc 2.62 2.42 2.19 2.19 2.18 Tencent Holdings Ltd LIC Housing Finance Ltd ABB Ltd Hindustan Zinc Ltd AstraZeneca PLC 2.14 2.11 2.03 2.02 2.00 ....................................................................................................... ....................................................................................................... Investment Moderate High Category In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. 16.96 13.45 3.17 Micro 0.67 Port Avg Rel S&P 500 14.13 1.34 6.06 28861.48 Risk Measures as of 03-31-17 0.72 0.49 0.54 0.34 Rel Cat 0.92 0.80 1.01 0.97 Port Avg Rel S&P 500 Rel Cat 17.74 1.31 -0.30 -6.70 83.00 1.70 . -0.31 . . 1.48 1.44 5.00 3.64 0.94 Morningstar World Regions as of 12-31-16 % Fund Americas 9.27 North America Latin America 7.68 1.59 Greater Europe 40.36 United Kingdom Europe Developed Europe Emerging Africa/Middle East 12.00 26.27 0.00 2.09 ....................................................................................................... Greater Asia 50.37 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 18.70 5.41 10.45 15.81 ....................................................................................................... Volatility Analysis 65.76 Large Medium Small ........................................................ Statistics Rio Tinto Ltd BNP Paribas AIA Group Ltd Nippon Telegraph & Telephone Corp Diageo PLC % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 12-31-16 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term growth of capital. The Portfolio pursues its investment objective by investing at least 80% of its net assets in securities of issuers or companies from countries outside of the United States. It normally invests in securities of issuers from several different countries, excluding the United States. Although the Portfolio typically invests 80% or more of its assets in issuers that are economically tied to countries outside the United States, it also may normally invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers, and it may invest all or substantially all of its assets in a single country. 53 0 103.00 741.67 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ............................................................................................... ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Janus Aspen Perkins Mid Cap Value .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Mid Cap Value TR USD Mid-Cap Value QQQQ Average Low Out of 2170 Mid-Cap Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 40 2,348 QQQQ QQ QQQQQ 25 2,170 82 1,816 18 881 Portfolio Analysis Composition as of 12-31-16 % Assets 89.7 3.3 0.0 7.0 0.0 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 05-01-03 02-05-08 0.64% Prosp Gross Exp Ratio Advisor Subadvisor 0.64% Janus Capital Management LLC Perkins Investment Management LLC Thomas M. Perkins Kevin Preloger Justin Tugman Portfolio Manager(s) Top 20 Holdings as of 12-31-16 Investment Manager % Assets Volatility Analysis Investment Moderate High Category 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. 0.00 ........................................................ Large Medium Small 13.56 71.40 15.04 ........................................................ Micro Statistics 0.00 Port Avg Rel S&P 500 2.57 2.40 2.33 2.28 2.27 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 19.11 2.13 8.89 8174.99 XL Group Ltd Invesco Ltd Check Point Software Technologies Ltd Synopsys Inc Umpqua Holdings Corp 2.22 2.08 2.00 2.00 1.88 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 10.20 0.90 0.75 -1.61 85.22 0.98 . 0.77 . . 0.84 0.87 1.27 0.46 1.09 Simpson Manufacturing Co Inc CSX Corp Trinity Industries Inc Allied World Assurance Co Holdings AG Lamar Advertising Co Class A 1.77 1.76 1.76 1.73 1.73 Ametek, Inc. Alliant Energy Corp AmerisourceBergen Corp BWX Technologies Inc Laboratory Corp of America Holdings 1.71 1.70 1.70 1.68 1.63 ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 73 0 69.00 121.12 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.98 0.78 0.79 0.10 Rel Cat Crown Holdings Inc Conagra Brands Inc Compass Minerals International Inc Noble Energy Inc Torchmark Corp ....................................................................................................... Janus Capital Management is one of the largest equity managers in the United States. For almost four decades the Denver-based firm has used a bottom up, company-bycompany investment approach based on the conviction that stock prices ultimately follow earnings growth. The company's asset-management disciplines include growth, core, international, value and risk-managed equity funds. % Mkt Cap Giant Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 12-31-16 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks capital appreciation. The Portfolio pursues its investment objective by investing primarily in common stocks selected for their capital appreciation potential. It invests, under normal circumstances, 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. The Portfolio 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. 1.06 1.10 1.09 0.88 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 46.42 r t y u 6.38 9.20 21.02 9.82 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 33.53 i o p a 0.00 8.78 16.65 8.10 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 20.04 ............................................................................................... s Consumer Defensive d Healthcare f Utilities ß ® 7.35 7.22 5.47 Release Date: 03-31-2017 Intelligent Variable Annuity-John Hancock Emerging Markets Value Trust .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI EM GR USD Diversified Emerging Mkts QQQ Above Average Above Average Out of 1625 Diversified Emerging Mkts VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 1.04% John Hancock Investment Mgt Svcs, LLC Dimensional Fund Advisors LP Jed S. Fogdall Joseph H. Chi Henry F. Gray Daniel C. Ong Bhanu P. Singh Subadvisor Portfolio Manager(s) 10 Year QQQ . 7 1,625 40 1,265 . . % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.0 94.8 0.0 2.9 2.4 Top 20 Holdings as of 02-28-17 % Assets Volatility Analysis Investment High Category 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. % Mkt Cap Giant 37.69 Large Medium Small 32.07 17.01 10.47 ........................................................ ........................................................ Micro Statistics 2.77 Port Avg Rel S&P 500 3.51 1.92 1.64 1.60 1.40 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 9.84 0.92 2.42 7495.07 Bank Of China Ltd H Hon Hai Precision Industry Co Ltd Shinhan Financial Group Co Ltd ADR Standard Bank Group Ltd Vale SA 1.25 1.12 1.12 1.05 1.05 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 17.70 1.21 0.11 0.57 71.03 1.70 . 0.11 . . 1.17 1.15 . -0.52 0.96 Gazprom PJSC ADR Ptt PLC PJSC Lukoil ADR MTN Group Ltd Petroleo Brasileiro SA Petrobras 0.99 0.98 0.96 0.90 0.88 China Petroleum & Chemical Corp ADR Cemex SAB de CV ADR Sasol Ltd Grupo Mexico SAB de CV KB Financial Group Inc ADR 0.83 0.81 0.77 0.73 0.69 ....................................................................................................... ....................................................................................................... 0.50 0.34 0.22 0.09 Rel Cat China Construction Bank Corp H Industrial And Commercial Bank Of China Ltd H Vale SA A Reliance Industries Ltd ADR Hyundai Motor Co ....................................................................................................... The Fund is managed by a team of portfolio managers, analysts and traders at Dimensional Fund Advisors LP (DFA), under the supervision of John Hancock Investment Management Services, LLC. DFA is an independent firm with a sole focus on money management. The firm's unique investment philosophyrooted in academic research-leads to portfolios with an emphasis on value stocks. Moderate Morningstar Equity Style Box™ as of 02-28-17 Value Blend Growth Investment Manager Low 5 Year QQQ Small 12-12-14 05-01-07 12-12-14 1.04% 3 Year . 13 1,944 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies associated with emerging markets designated from time to time by the subadvisor. It seeks long-term capital growth through investment primarily in emerging market equity securities. The fund seeks to purchase emerging market equity securities that are deemed by the subadvisor to be value stocks at the time of purchase. 0.73 0.52 0.41 0.36 Morningstar World Regions as of 02-28-17 % Fund Americas 14.97 North America Latin America 0.00 14.97 Greater Europe 13.30 ............................................................................................... ............................................................................................... United Kingdom Europe Developed Europe Emerging Africa/Middle East 0.00 0.71 5.77 6.82 ....................................................................................................... Greater Asia 71.73 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 0.00 0.00 34.33 37.40 1699 0 22.00 633.23 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Matson Money Fixed Income VI Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Citi WGBI 1-5 Yr Hdg USD Short-Term Bond QQQQ Above Average Above Average Out of 1049 Short-Term Bond VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 84 1,298 QQQQ . . 23 1,049 . . . . Portfolio Analysis Composition as of 01-31-17 % Assets Morningstar Fixed Income Style Box™ as of 01-31-17 Ltd Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-18-14 02-18-14 02-18-14 1.05% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 1.05% Matson Money, Inc . Mark E. Matson Steven B. Miller Kenneth E. Gatliff Top 20 Holdings as of 01-31-17 % Assets iShares 1-3 Year Credit Bond DFA VA Global Bond DFA Two-Year Global Fixed-Income I DFA One-Year Fixed-Income I DFA Five-Year Global Fixed-Income I 23.94 14.86 14.83 11.35 9.90 iShares Intermediate Credit Bond DFA Intermediate Govt Fixed-Income I DFA Inflation-Protected Securities I DFA Short-Term Government I Invesco Shrt-Trm Inv Gov&Agcy Instl 5.98 5.97 4.97 3.98 2.23 DFA VA Short-Term Fixed Portfolio 1.99 ....................................................................................................... Investment Manager Over the last twenty years, Matson Money has brought investing education and coaching programs to thousands of financial professionals and investors nationwide. These programs focus on sharing the concepts of free markets, diversification, discipline, and rebalancing to create a long-term approach to life-long endeavor. ....................................................................................................... ....................................................................................................... Total Number of Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 11 40.27 24.60 Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Low 0.0 0.0 91.8 6.0 2.2 Med U.S. Stocks Non-U.S. Stocks Bonds Cash Other High The investment seeks total return (consisting of current income and capital appreciation). The Portfolio pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchangetraded funds ("ETFs") (collectively, "investment companies") that have either adopted policies to invest at least 80% of their assets in fixed income securities that the Adviser believes offer the prospect of providing total return, or invest substantially all of their assets in such fixed income securities. Mod Ext Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 1.42 0.45 -0.24 -1.48 87.53 0.00 . 0.00 . . 1.42 2.14 0.05 1.24 2.19 Morningstar Sectors as of 01-31-17 % Fund ⁄ › € ‹ fi ± 36.31 55.65 0.77 1.35 5.93 0.00 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis as of 01-31-17 % Bonds AAA AA A BBB BB B Below B Not Rated Volatility Analysis Investment Low Moderate High Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 2.85 3.07 2.37 102.62 -100 -50 0 ß 50 ® 100 38 39 12 11 0 0 0 0 Release Date: 03-31-2017 Intelligent Variable Annuity-Matson Money International Equity VI Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category MSCI World Ex US NR USD Foreign Small/Mid Value Investment Information Overall Morningstar Rating™ Morningstar Return . Morningstar Risk . . Morningstar Proprietary Statistics Investment Strategy from investment's prospectus 1 Year 3 Year 5 Year 10 Year . 1 71 . . . 1 5 . . . . Morningstar Rating™ Fund Rank Percentile Out of # of Investments Portfolio Analysis Composition as of 01-31-17 % Assets 0.5 94.2 0.0 2.9 2.4 Morningstar Equity Style Box™ as of 01-31-17 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-18-14 02-18-14 02-18-14 1.52% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 1.52% Matson Money, Inc . Mark E. Matson Steven B. Miller Kenneth E. Gatliff Top 20 Holdings as of 01-31-17 % Assets Over the last twenty years, Matson Money has brought investing education and coaching programs to thousands of financial professionals and investors nationwide. These programs focus on sharing the concepts of free markets, diversification, discipline, and rebalancing to create a long-term approach to life-long endeavor. 19.31 34.67 18.11 Micro Statistics 2.60 Port Avg Rel S&P 500 29.62 27.80 16.92 5.28 4.92 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 12.78 1.06 3.49 5633.83 DFA Emerging Markets Value I DFA VA International Value Portfolio DFA Large Cap International I Invesco Shrt-Trm Inv Gov&Agcy Instl 4.91 4.90 3.97 1.68 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 12.44 0.98 0.05 -0.49 94.41 1.20 . 0.05 . . 1.00 1.07 -0.25 0.14 1.14 ....................................................................................................... Total Number of Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 9 4.52 14.06 0.65 0.39 0.31 0.07 Rel Cat DFA International Value III DFA International Small Cap Value I DFA VA International Small Portfolio DFA Emerging Markets I DFA Emerging Markets Small Cap I ....................................................................................................... Investment Manager 25.31 Large Medium Small ........................................................ Value Blend Growth Operations % Mkt Cap Giant ........................................................ Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term capital appreciation. The fund pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchangetraded funds ("ETFs") (collectively, "investment companies") that have either adopted policies to invest at least 80% of their assets in equity securities, such as common stocks, preferred stocks or securities convertible into stocks, of foreign companies, or invest substantially all of their assets in such equity securities. 0.91 0.82 0.73 1.10 Morningstar World Regions as of 01-31-17 % Fund Americas 10.06 ............................................................................................... North America Latin America 7.47 2.59 Greater Europe 48.65 United Kingdom Europe Developed Europe Emerging Africa/Middle East 14.41 31.83 0.78 1.64 Greater Asia 41.28 Japan Australasia Asia Developed Asia Emerging 20.71 6.28 8.02 6.28 ............................................................................................... Volatility Analysis Investment Low Moderate High Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Matson Money U.S. Equity VI Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2500 TR USD Mid-Cap Value QQQ Average Average Out of 2170 Mid-Cap Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 12 2,348 QQQ . . 56 2,170 . . . . Portfolio Analysis Composition as of 01-31-17 % Assets 95.5 1.6 0.0 2.6 0.3 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-18-14 02-18-14 02-18-14 1.23% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 1.23% Matson Money, Inc . Mark E. Matson Steven B. Miller Kenneth E. Gatliff 18.34 Large Medium Small 17.44 15.37 28.46 Micro 20.39 ........................................................ Statistics Port Avg Rel S&P 500 Rel Cat Top 20 Holdings as of 01-31-17 % Assets DFA US Large Cap Value III DFA US Small Cap I DFA VA US Targeted Value DFA US Micro Cap I DFA US Large Company I 26.09 14.94 14.87 14.84 13.57 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 17.61 1.72 7.66 7901.76 9.90 4.02 1.77 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 12.71 1.06 0.53 -4.12 75.53 1.22 . 0.54 . . 1.04 1.03 0.90 1.17 0.97 ....................................................................................................... DFA US Small Cap Value I DFA VA US Large Value Invesco Shrt-Trm Inv Gov&Agcy Instl Investment Manager ....................................................................................................... Over the last twenty years, Matson Money has brought investing education and coaching programs to thousands of financial professionals and investors nationwide. These programs focus on sharing the concepts of free markets, diversification, discipline, and rebalancing to create a long-term approach to life-long endeavor. Total Number of Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 8 7.38 19.15 Volatility Analysis Investment Moderate % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 01-31-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term capital appreciation. The Portfolio pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchangetraded funds ("ETFs") (collectively, "investment companies") that have either adopted policies to invest at least 80% of their assets in equity securities, such as common stocks, preferred stocks or securities convertible into stocks, of U.S. companies, or invest substantially all of their assets in such equity securities. High Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.90 0.63 0.68 0.09 0.98 0.89 0.94 0.85 Morningstar Sectors as of 01-31-17 % Fund h Cyclical 41.65 r t y u 5.52 12.20 23.24 0.69 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 42.56 i o p a 4.36 8.20 15.20 14.80 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 15.77 ............................................................................................... s Consumer Defensive d Healthcare f Utilities ß ® 5.16 9.11 1.50 Release Date: 03-31-2017 Intelligent Variable Annuity-MFS Global Equity - Init. Class .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI World GR USD World Stock QQQQQ High Below Average Out of 3410 World Stock VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 1.16% Massachusetts Financial Services Co . David R. Mannheim Roger M. Morley Subadvisor Portfolio Manager(s) 5 Year 10 Year QQQQQ QQQQQ QQQQQ 15 3,410 6 3,030 2 1,934 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 55.1 43.4 0.0 1.5 0.0 Top 20 Holdings as of 02-28-17 Since 1924, MFS has been committed to providing investment professionals with a diverse range of investment options and services that enables them to choose what fits for investors' individual financial goals. An investment staff of over 160 professionals has the global reach and resources to identify industry trends, study daily market developments, and uncover new and growing companies. % Assets 2.89 2.54 2.47 2.47 2.43 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Time Warner Inc Walt Disney Co Accenture PLC A Visa Inc Class A Reckitt Benckiser Group PLC 2.28 2.26 2.25 2.15 2.14 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Stryker Corp Zimmer Biomet Holdings Inc Diageo PLC Svenska Cellulosa AB B State Street Corp 2.03 2.03 2.02 2.00 1.91 WPP PLC Pernod Ricard SA Oracle Corp Roche Holding AG Dividend Right Cert. LVMH Moet Hennessy Louis Vuitton SE 1.81 1.75 1.71 1.71 1.69 ....................................................................................................... ....................................................................................................... ....................................................................................................... Volatility Analysis Investment Moderate High Category 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. 42.62 Large Medium Small 47.80 8.57 1.02 ........................................................ Micro Statistics Thermo Fisher Scientific Inc Bayer AG Honeywell International Inc Nestle SA Medtronic PLC % Mkt Cap Giant ........................................................ Value Blend Growth Investment Manager Low Morningstar Equity Style Box™ as of 02-28-17 Small 02-05-08 05-03-99 02-05-08 1.00% 3 Year . 61 4,067 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks capital appreciation. The fund normally invests at least 80% of the fund's net assets in equity securities. Equity securities include common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. While it may invest the fund's assets in companies of any size, the fund primarily invests in companies with large capitalizations. It may invest the fund's assets in U.S. and foreign securities, including emerging market securities. 0.00 Port Avg Rel S&P 500 19.52 3.04 12.46 46155.14 Risk Measures as of 03-31-17 1.00 1.11 1.11 0.54 Rel Cat 1.06 1.30 1.56 1.11 Port Avg Rel S&P 500 Rel Cat 10.71 0.79 0.49 4.38 82.80 1.03 . 0.50 . . 0.90 0.94 1.69 1.80 1.08 Morningstar World Regions as of 02-28-17 % Fund Americas 58.53 North America Latin America 57.66 0.88 Greater Europe 39.01 United Kingdom Europe Developed Europe Emerging Africa/Middle East 9.26 28.60 0.15 1.01 ............................................................................................... ............................................................................................... ....................................................................................................... Greater Asia 2.46 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 1.21 0.00 1.02 0.23 95 0 13.00 55.12 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-MFS Growth - Initial Class .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Growth TR USD Large Growth QQQQQ High Below Average Out of 9654 Large Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 0.76% Massachusetts Financial Services Co . Eric B. Fischman Matthew D. Sabel Subadvisor Portfolio Manager(s) 5 Year 10 Year QQQQ QQQQQ QQQQQ 28 9,654 14 8,219 7 4,990 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 95.4 3.3 0.0 1.4 0.0 Top 20 Holdings as of 02-28-17 Since 1924, MFS has been committed to providing investment professionals with a diverse range of investment options and services that enables them to choose what fits for investors' individual financial goals. An investment staff of over 160 professionals has the global reach and resources to identify industry trends, study daily market developments, and uncover new and growing companies. % Assets 4.82 4.39 3.94 3.91 3.62 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Adobe Systems Inc Alphabet Inc C Mastercard Inc A American Tower Corp Thermo Fisher Scientific Inc 2.76 2.71 2.69 2.32 2.30 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Danaher Corp Apple Inc Broadcom Ltd The Priceline Group Inc Salesforce.com Inc 2.02 1.92 1.84 1.79 1.66 Ross Stores Inc Comcast Corp Class A Celgene Corp Fiserv Inc Sherwin-Williams Co 1.64 1.63 1.62 1.60 1.47 ....................................................................................................... ....................................................................................................... ....................................................................................................... Volatility Analysis Investment Moderate High Category 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. ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 92 0 24.00 1,487.78 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 39.25 Large Medium Small 48.28 12.47 0.00 ........................................................ Micro Statistics Facebook Inc A Amazon.com Inc Visa Inc Class A Alphabet Inc A Microsoft Corp % Mkt Cap Giant ........................................................ Value Blend Growth Investment Manager Low Morningstar Equity Style Box™ as of 02-28-17 Small 02-05-08 07-24-95 02-05-08 0.76% 3 Year . 67 10,644 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks capital appreciation. The fund normally invests its assets primarily in equity securities. Equity securities include common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. While it may invest the fund's assets in companies of any size, the fund primarily invests in companies with large capitalizations. It may invest the fund's assets in foreign securities. 0.00 Port Avg Rel S&P 500 27.01 4.45 16.53 75442.55 Risk Measures as of 03-31-17 1.38 1.62 1.48 0.88 Rel Cat 1.16 1.15 1.24 1.12 Port Avg Rel S&P 500 Rel Cat 11.10 0.97 0.82 -0.86 83.34 1.07 . 0.84 . . 0.93 0.92 1.21 0.34 0.99 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 31.69 r t y u 4.15 16.24 11.30 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 46.51 i o p a 3.99 1.11 10.49 30.92 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 21.80 s Consumer Defensive d Healthcare f Utilities 7.38 14.42 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-MFS Massachusetts Investors Growth Stock Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Russell 1000 Growth TR USD Overall Morningstar Rating™ Large Growth QQQQ Morningstar Return Morningstar Risk Above Average Below Average Out of 9654 Large Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 0.79% Massachusetts Financial Services Co . Jeffrey C. Constantino Subadvisor Portfolio Manager(s) 10 Year QQQ QQQQQ 49 9,654 50 8,219 18 4,990 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 90.2 8.3 0.0 1.5 0.0 Morningstar Equity Style Box™ as of 02-28-17 Top 20 Holdings as of 02-28-17 Since 1924, MFS has been committed to providing investment professionals with a diverse range of investment options and services that enables them to choose what fits for investors' individual financial goals. An investment staff of over 160 professionals has the global reach and resources to identify industry trends, study daily market developments, and uncover new and growing companies. Volatility Analysis % Assets 5.98 3.92 3.57 3.21 2.83 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Colgate-Palmolive Co Nike Inc B Apple Inc Ecolab Inc The Estee Lauder Companies Inc Class A 2.75 2.57 2.50 2.45 2.35 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Monsanto Co Sherwin-Williams Co Fidelity National Information Services Inc Cognizant Technology Solutions Corp A Zoetis Inc 2.15 2.10 2.01 2.00 1.98 Texas Instruments Inc Mead Johnson Nutrition Co TJX Companies Inc Blackstone Group LP Equifax Inc 1.92 1.82 1.81 1.79 1.68 ....................................................................................................... ....................................................................................................... ....................................................................................................... Investment Moderate High Category 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. ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 65 0 24.00 875.99 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 26.56 Large Medium Small 59.68 13.76 0.00 ........................................................ Micro Statistics Alphabet Inc A Accenture PLC A Thermo Fisher Scientific Inc Visa Inc Class A Abbott Laboratories % Mkt Cap Giant ........................................................ Value Blend Growth Investment Manager Low 5 Year QQQ Small 03-27-15 05-06-98 03-27-15 0.79% 3 Year . 88 10,644 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks capital appreciation. The fund normally invests at least 80% of the fund's net assets in stocks. Stocks include common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. MFS focuses on investing the fund's assets in the stocks of companies The advisor believes to have above average earnings growth potential compared to other companies (growth companies). 0.00 Port Avg Rel S&P 500 21.92 4.60 16.19 54710.27 Risk Measures as of 03-31-17 1.12 1.68 1.45 0.64 Rel Cat 0.94 1.19 1.21 0.81 Port Avg Rel S&P 500 Rel Cat 11.15 1.02 0.72 -2.42 90.63 1.07 . 0.73 . . 0.93 0.97 1.06 0.95 1.08 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 34.47 r t y u 9.02 14.48 10.97 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 30.97 i o p a 0.00 0.54 9.52 20.91 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 34.55 s Consumer Defensive d Healthcare f Utilities 13.13 21.42 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-MFS Utilities - Initial Class .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Utilities QQQQQ High High Out of 562 Utilities VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 4 674 QQQQ QQQQ QQQQQ 21 562 23 465 3 332 Portfolio Analysis Composition as of 02-28-17 % Assets 65.3 28.6 0.0 4.1 2.1 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 01-03-95 02-05-08 0.79% Prosp Gross Exp Ratio Advisor 0.79% Massachusetts Financial Services Co . Maura A. Shaughnessy Claud P. Davis Subadvisor Portfolio Manager(s) Top 20 Holdings as of 02-28-17 Investment Manager Since 1924, MFS has been committed to providing investment professionals with a diverse range of investment options and services that enables them to choose what fits for investors' individual financial goals. An investment staff of over 160 professionals has the global reach and resources to identify industry trends, study daily market developments, and uncover new and growing companies. Volatility Analysis Investment Moderate High Category 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. % Assets 4.75 4.08 4.01 3.86 3.14 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) EDP Renovaveis SA Enel SpA Exelon Corp 06-01-17 Enterprise Products Partners LP American Electric Power Co Inc 3.08 2.62 2.54 2.38 2.27 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Calpine Corp Com Hem Holding AB American Tower Corp EDP - Energias de Portugal SA Comcast Corp Class A 2.19 2.04 2.02 1.94 1.92 Energy Transfer Partners LP Charter Communications Inc A NRG Energy Inc Enbridge Inc The AES Corp 1.78 1.72 1.68 1.63 1.59 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 89 0 33.00 1,620.43 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 13.66 Large Medium Small 51.56 29.51 3.99 ........................................................ Micro Statistics NextEra Energy Inc Exelon Corp Sempra Energy PPL Corp PG&E Corp % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks total return. MFS normally invests at least 80% of the fund's net assets in securities of issuers in the utilities industry. Issuers in the utilities industry include issuers engaged in the manufacture, production, generation, transmission, sale or distribution of electric, gas or other types of energy, and issuers engaged in telecommunications, including wireless, telephone, and cable (but not engaged in public broadcasting). MFS primarily invests the fund's assets in equity securities, but may also invest in debt instruments, including below investment grade quality debt instruments. 1.29 Port Avg Rel S&P 500 18.60 1.71 5.02 17272.00 Risk Measures as of 03-31-17 0.95 0.62 0.45 0.20 Rel Cat 1.02 1.00 0.96 1.00 Port Avg Rel S&P 500 Rel Cat 11.89 0.85 0.22 -1.93 60.09 1.14 . 0.22 . . 0.98 1.18 0.96 2.05 1.27 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 2.17 r t y u 0.00 2.17 0.00 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 35.69 i o p a 15.43 19.61 0.65 0.00 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 62.14 s Consumer Defensive d Healthcare f Utilities 0.00 0.00 62.14 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Neuberger Berman AMT Large Cap Value .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value TR USD Large Value QQQ Average High Out of 6763 Large Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 1.14% Neuberger Berman Investment Advisers LLC . Eli M. Salzmann Subadvisor Portfolio Manager(s) 10 Year QQQ QQ 47 6,763 31 5,770 56 3,508 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 87.3 3.2 0.0 9.6 0.0 Top 20 Holdings as of 02-28-17 % Assets 4.80 4.30 4.23 4.03 4.01 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Bank of New York Mellon Corp Procter & Gamble Co Eaton Corp PLC Pfizer Inc PNC Financial Services Group Inc 3.37 3.20 3.07 2.68 2.58 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Volatility Analysis Wal-Mart Stores Inc Goldman Sachs Group Inc Merck & Co Inc Joy Global Inc BHP Billiton Ltd ADR 2.56 2.35 2.27 2.20 2.09 Investment High Category 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. Exelon Corp M&T Bank Corp Bank of America Corporation Lincoln National Corp Wells Fargo & Co 2.07 1.98 1.96 1.95 1.94 ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 62 0 93.00 72.03 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. % Mkt Cap Giant 50.37 Large Medium Small 35.37 11.63 2.63 ........................................................ ........................................................ Micro Statistics JPMorgan Chase & Co Newmont Mining Corp Exxon Mobil Corp Citigroup Inc Carnival Corp ....................................................................................................... Neuberger Berman has successfully managed investments for individuals, families and institutions since 1939. Neuberger Berman engages in wealth management services including private asset management, mutual funds, institutional asset management and alternative investments. Moderate Morningstar Equity Style Box™ as of 02-28-17 Value Blend Growth Investment Manager Low 5 Year QQQ Small 02-05-08 03-22-94 02-05-08 1.14% 3 Year . 1 7,455 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term growth of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies, which it defines as those with a market capitalization within the market capitalization range of the Russell 1000 Value Index at the time of purchase. Although the fund invests primarily in domestic stocks, it may also invest in stocks of foreign companies. 0.00 Port Avg Rel S&P 500 17.21 1.71 10.49 71847.20 Risk Measures as of 03-31-17 0.88 0.62 0.94 0.84 Rel Cat 1.03 0.83 1.16 1.15 Port Avg Rel S&P 500 Rel Cat 13.61 1.11 0.49 -4.70 71.66 1.31 . 0.50 . . 1.22 1.11 0.88 1.13 0.82 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 50.61 r t y u 7.06 7.79 35.76 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 27.01 i o p a 2.69 9.67 11.51 3.14 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 22.38 s Consumer Defensive d Healthcare f Utilities 8.41 10.87 3.10 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Neuberger Berman AMT M/C Intrinsic Val .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Mid Cap Value TR USD Mid-Cap Value QQQ Average Above Average Out of 2170 Mid-Cap Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 59 2,348 QQQ QQQQ QQQ 36 2,170 31 1,816 47 881 Portfolio Analysis Composition as of 02-28-17 % Assets 89.7 8.9 0.0 1.5 0.0 Operations 02-05-08 08-22-01 02-05-08 1.03% Prosp Gross Exp Ratio Advisor 1.03% Neuberger Berman Investment Advisers LLC . Michael C. Greene Subadvisor Portfolio Manager(s) Top 20 Holdings as of 02-28-17 Investment Manager Neuberger Berman has successfully managed investments for individuals, families and institutions since 1939. Neuberger Berman engages in wealth management services including private asset management, mutual funds, institutional asset management and alternative investments. Volatility Analysis Investment Moderate High Category 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. % Assets 3.84 3.27 3.10 3.10 3.09 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) AerCap Holdings NV Skyworks Solutions Inc Amdocs Ltd Valmont Industries Inc Check Point Software Technologies Ltd 3.02 2.94 2.89 2.74 2.51 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Ashland Global Holdings Inc ON Semiconductor Corp B/E Aerospace Inc Johnson Controls International PLC Orbital ATK Inc 2.46 2.44 2.42 2.38 2.38 Covanta Holding Corp Nuance Communications Inc CenterPoint Energy Inc American Airlines Group Inc Colony Starwood Homes 2.34 2.25 2.18 2.15 2.11 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 48 0 36.00 170.28 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 1.90 ........................................................ Large Medium Small 31.83 49.30 16.97 ........................................................ Micro Statistics Whole Foods Market Inc Zimmer Biomet Holdings Inc BankUnited Inc General Dynamics Corp Western Digital Corp % Mkt Cap Giant Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks growth of capital. The fund normally invests at least 80% of its net assets in equity securities of mid-capitalization companies, which it defines as those with a total market capitalization within the market capitalization range of the Russell Midcap Value Index at the time of purchase. The fund's strategy consists of using a bottom-up, fundamental research driven approach to identify stocks of companies that are trading below the Portfolio Manager's estimate of their intrinsic value and that he believes have the potential for appreciation over time. 0.00 Port Avg Rel S&P 500 18.01 2.48 6.77 10392.07 Risk Measures as of 03-31-17 0.92 0.91 0.61 0.12 Rel Cat 1.00 1.28 0.83 1.12 Port Avg Rel S&P 500 Rel Cat 12.22 1.03 0.59 -3.35 77.32 1.17 . 0.60 . . 1.00 1.00 1.00 0.95 0.99 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 26.62 ............................................................................................... r t y u Basic Materials Consumer Cyclical Financial Services Real Estate 4.92 8.58 8.95 4.17 j Sensitive 54.32 i o p a 0.00 9.13 23.88 21.31 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 19.06 ............................................................................................... s Consumer Defensive d Healthcare f Utilities ß ® 3.90 9.24 5.92 Release Date: 03-31-2017 Intelligent Variable Annuity-PIMCO VIT All Asset Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BBgBarc US Trsy Infl Note 1-10Y TR USD Tactical Allocation QQQQ Above Average Average Out of 1434 Tactical Allocation VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks maximum real return, consistent with preservation of real capital and prudent investment management. The portfolio seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except other funds of funds, or shares of any actively-managed funds of the PIMCO ETF Trust, an affiliated investment company. Morningstar Rating™ Fund Rank Percentile Out of # of Investments Operations .......................................................................................... 1.26% Pacific Investment Management Co LLC (“PIMCO”) Research Affiliates LLC Robert D. Arnott Subadvisor Portfolio Manager(s) PIMCO is an institutional money manager specializing in active fixed income investment management. Deep bench of investment talent/ sector specialist portfolio managers. Proprietary analytics /risk systems. Investment team led by Bill Gross, CIO, co-founder. PIMCO has grown into one of the most respected names in fixed-income management, due in large part to its total return approach to bond investing and strong long-term performance record. QQQQ 62 1,434 54 771 21 169 -50 0 50 % Net 100 U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.7 33.5 73.5 -14.2 6.6 Total 100.0 Top 20 Holdings as of 12-31-16 Investment Manager 10 Year QQQ % Assets Investment Low Moderate High Category 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. Statistics 13.03 10.73 7.61 6.97 5.67 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) PIMCO RAE Low Volatility PLUS Intl Ins 05-01-23 PIMCO High Yield Spectrum Instl 01-01-22 PIMCO RAE Fundamental EMkts Instl 02-01-32 PIMCO CommoditiesPLUS® Strategy Instl 09-01-18 PIMCO RAE Fundamental PLUS EMG Inst 08-01-23 5.42 4.65 4.65 3.60 3.41 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared PIMCO Real Return Instl 04-01-27 PIMCO StocksPLUS® Intl (USD-Hedged) In 07-01-21 PIMCO Investment Grade Corp Bd Instl 11-01-28 PIMCO Long-Term US Government Instl 10-01-41 PIMCO RAE Fundamental PLUS Intl Inst 09-01-22 3.30 2.89 2.87 2.72 2.54 PIMCO Low Duration Instl 04-01-21 PIMCO High Yield Instl 07-01-22 PIMCO Senior Floating Rate Instl 09-01-22 PIMCO Total Return Instl 11-01-28 PIMCO Extended Duration Instl 11-01-18 2.48 2.47 2.38 2.37 1.52 ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 37 67.00 871.04 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Not Available Value Blend Growth PIMCO Emerging Markets Currency Instl 12-01-17 PIMCO RAE Low Volatility PLUS EMG Inst 01-01-22 PIMCO Income Instl 12-01-24 PIMCO Emerging Local Bond Instl 07-01-24 PIMCO RAE Worldwide Long/Short PLUS In 06-01-22 ....................................................................................................... Volatility Analysis Morningstar Style Box™ as of 12-31-16(EQ) ; 03-31-17(F-I) Small Prosp Gross Exp Ratio Advisor 5 Year QQQ Large Mid 02-05-08 01-31-06 02-05-08 1.07% 3 Year . 6 1,822 Portfolio Analysis Composition as of 12-31-16 -100 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Port Avg Rel S&P 500 8.67 0.76 2.05 . Risk Measures as of 03-31-17 0.44 0.28 0.18 . Rel Cat 0.55 0.39 0.29 . Port Avg Rel S&P 500 Rel Cat 8.10 1.04 0.20 -3.00 69.06 0.78 . 0.20 . . 1.17 1.11 0.67 1.35 0.90 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 0.00 r t y u 0.00 0.00 0.00 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 0.00 i o p a 0.00 0.00 0.00 0.00 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 0.00 s Consumer Defensive d Healthcare f Utilities 0.00 0.00 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PIMCO VIT Commodity Real Return Strategy Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Bloomberg Commodity TR USD Category Overall Morningstar Rating™ Commodities Broad Basket QQQQQ Morningstar Return Morningstar Risk High Above Average Out of 440 Commodities Broad Basket VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks maximum real return, consistent with prudent investment management. The portfolio seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed Income Instruments. It invests in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities. Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 4 527 QQQQ QQQQQ QQQQQ 6 440 2 313 1 123 Portfolio Analysis Composition as of 12-31-16 % Net U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.0 -0.9 76.4 1.9 22.6 Morningstar Fixed Income Style Box™ as of 12-31-16 Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Not Available 2.73 3.01 1.54 . .......................................................................................... -100 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 11-01-13 04-30-12 11-01-13 0.74% Prosp Gross Exp Ratio Advisor 1.02% Pacific Investment Management Co LLC (“PIMCO”) . Mihir P. Worah Jeremie Banet Nicholas J. Johnson Subadvisor Portfolio Manager(s) PIMCO is an institutional money manager specializing in active fixed income investment management. Deep bench of investment talent/ sector specialist portfolio managers. Proprietary analytics /risk systems. Investment team led by Bill Gross, CIO, co-founder. PIMCO has grown into one of the most respected names in fixed-income management, due in large part to its total return approach to bond investing and strong long-term performance record. Volatility Analysis Investment Moderate 0 50 100 Total Top 20 Holdings as of 12-31-16 Investment Manager Low -50 High Category 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. US Treasury Note 04-15-18 Pimco Cayman Cmdty Port I Ltd 07-01-18 US Treasury Note 07-15-21 US 10 Year Note (CBT) Mar17 03-22-17 IRS USD 2.25000 12/16/15-7Y CME_Receiv 12-16-22 100.0 % Assets 23.35 22.24 11.32 11.20 6.63 ....................................................................................................... US Treasury TIP 1.25% 07-15-20 US Treasury Note 04-15-20 Iro Usd 1y P 1.20000 M 02/13/17 Cbk 02-13-17 Iro Usd 1y P 1.25000 M 02/06/17 Myc 02-06-17 IRS USD 2.50000 02/22/21-5Y CME_Pay 02-22-26 4.86 4.77 4.75 4.46 4.45 US Treasury Note 07-15-23 US Treasury Note 07-15-22 INF SWAP US IT R 2.56 05/08/13-10Y DUB 05-08-23 US Treasury Note 04-15-21 INF SWAP US IT R 1.715 04/15/16-1Y BOA 04-15-17 3.90 3.66 3.63 3.56 2.89 FNMA 02-13-47 Iro Usd 1y P 1.25000 M 02/21/17 Myc 02-21-17 IRS USD 2.50000 12/19/18-5Y CME_Receiv 12-19-23 US Treasury Note 04-15-19 IRS GBP 0.75000 03/15/17-10Y CME_Pay 03-15-27 2.88 2.84 2.81 ....................................................................................................... Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Rel Cat -0.02 . 0.00 . . 1.01 1.00 0.91 -0.48 0.99 % Fund ⁄ › € ‹ fi ± 58.85 4.52 4.79 0.01 24.42 7.39 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis % Bonds Not Available 2.56 2.53 ....................................................................................................... 0 227 206.00 382.79 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Rel BC Aggr 15.14 0.85 -0.96 0.44 90.44 Morningstar Sectors as of 12-31-16 ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Port Avg ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PIMCO VIT Emerging Markets Bond Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk JPM EMBI Global TR USD Emerging Markets Bond QQQQQ High High Out of 378 Emerging Markets Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments that are economically tied to emerging market countries, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Morningstar Rating™ Fund Rank Percentile Out of # of Investments Operations .......................................................................................... 11-01-13 04-30-12 11-01-13 0.85% Prosp Gross Exp Ratio Advisor 0.85% Pacific Investment Management Co LLC (“PIMCO”) . Michael A. Gomez Subadvisor Portfolio Manager(s) 3 Year 5 Year 10 Year . 11 479 QQQQQ QQQQQ QQQQQ 3 378 2 218 1 152 Portfolio Analysis Composition as of 12-31-16 % Net U.S. Stocks Non-U.S. Stocks Bonds Cash Other -100 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year -50 0 50 100 Total Top 20 Holdings as of 12-31-16 Fin Fut Euro$ Cme (Wht) 12/18/17 12-19-17 US 5 Year Note (CBT) Mar17 03-31-17 Petrobras Intl Fin 5.75% 01-20-20 ZCS BRL 8.2 12/10/12-01/02/17 CME_Rece 01-02-17 Petroleos Mexicanos 6.5% 06-02-41 0.0 0.0 97.5 2.5 0.0 PIMCO is an institutional money manager specializing in active fixed income investment management. Deep bench of investment talent/ sector specialist portfolio managers. Proprietary analytics /risk systems. Investment team led by Bill Gross, CIO, co-founder. PIMCO has grown into one of the most respected names in fixed-income management, due in large part to its total return approach to bond investing and strong long-term performance record. Volatility Analysis Investment Low Moderate High Category 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. Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Not Available 5.91 10.78 5.10 . 100.0 % Assets 18.75 3.55 3.15 2.91 2.82 ....................................................................................................... Investment Manager Morningstar Fixed Income Style Box™ as of 12-31-16 Pimco Fds 01-10-21 ZCS BRL 10.91 06/18/13-01/02/17 CME_Pa 01-02-17 ZCS BRL 13.82 06/11/15-01/02/17 CME_Pa 01-02-17 US 10 Year Note (CBT) Mar17 03-22-17 United Mexican Sts Mtn Be 3.5% 01-21-21 2.74 2.41 Brazil Federative Rep 01-01-18 Poland Rep 3.25% 04-06-26 Perusahaan Listrik Negara Pt 5.5% 11-22-21 Sb Cap Sa 6.125% 02-07-22 Peru La Sp Bps 06-20-18 2.06 1.38 1.36 1.34 1.31 Russia Em Sp Brc 12-20-20 Cdx Em26 Ice 12-20-21 Jsc Natl Company Kazmunay 7% 05-05-20 Brazil Minas Spe 5.333% 02-15-28 Russia Em Sp Cbk 12-20-20 1.31 1.28 1.26 1.25 1.24 2.37 2.22 2.14 Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 7.85 1.09 0.52 1.35 16.82 -0.01 . 0.00 . . 1.04 0.99 1.63 -4.09 0.89 Morningstar Sectors as of 12-31-16 % Fund ⁄ › € ‹ fi ± 37.93 31.74 0.96 1.09 9.32 18.97 Government Corporate Securitized Municipal Cash/Cash Equivalents Other ....................................................................................................... Credit Analysis % Bonds Not Available ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 2 371 33.00 299.32 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PIMCO VIT Global Bond Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk JPM GBI Global FX NY TR USD World Bond QQQ Average Average Out of 1157 World Bond VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 57 1,445 QQQQ QQQ QQQ 20 1,157 42 926 30 405 Portfolio Analysis Composition as of 12-31-16 % Net U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.0 2.1 204.8 -108.0 1.1 Total 100.0 Morningstar Fixed Income Style Box™ as of 12-31-16 Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Not Available 6.36 10.09 . . .......................................................................................... -100 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 01-31-06 02-05-08 0.75% Prosp Gross Exp Ratio Advisor 0.75% Pacific Investment Management Co LLC (“PIMCO”) . Andrew Thomas Balls Lorenzo Pagani Sachin Gupta Subadvisor Portfolio Manager(s) PIMCO is an institutional money manager specializing in active fixed income investment management. Deep bench of investment talent/ sector specialist portfolio managers. Proprietary analytics /risk systems. Investment team led by Bill Gross, CIO, co-founder. PIMCO has grown into one of the most respected names in fixed-income management, due in large part to its total return approach to bond investing and strong long-term performance record. Volatility Analysis Investment Moderate 0 50 100 Top 20 Holdings as of 12-31-16 Investment Manager Low -50 High Category 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. % Assets Iro Jpy 2y P 0.00000 M 03/03/17 Jpm 03-03-17 108.51 US 10 Year Note (CBT) Mar17 03-22-17 18.43 US 5 Year Note (CBT) Mar17 03-31-17 17.20 IRS USD 1.00000 05/15/17-1Y (WHT) 15.35 CME_ 05-15-18 IRS USD 1.25000 05/15/18-1Y (RED) CME_ 05-15-19 15.31 ....................................................................................................... IRS USD 1.75000 12/21/16-7Y LCH_Pay 12-21-23 2 Year US Treasury Note Future Mar17 03-31-17 FNMA 02-13-47 Iro Usd 1y P 1.64000 M 06/19/17 Myc 06-19-17 IRS USD 2.00000 06/15/16-7Y LCH_Pay 06-15-23 13.49 12.34 9.17 9.01 7.32 ....................................................................................................... IRS EUR 2.50000 03/21/18-5Y CME_Receiv 03-21-23 Euro Schatz Mar17 03-08-17 IRS USD 1.75000 12/21/16-10Y LCH_Pay 12-21-26 Iro Usd 1y P 2.03000 M 12/18/17 Myc 12-18-17 FNMA 02-13-47 6.86 6.75 6.03 5.81 5.77 IRS EUR 0.50000 03/15/17-10Y CME_Recei 03-15-27 IRS JPY 1.50000 06/19/13-20Y CME_Recei 06-19-33 Japan(Govt Of) 0.2% 06-20-17 IRS JPY 0.50000 09/17/14-7Y CME_Pay 09-17-21 SGX 10-Year Mini Japanese Government B 03-10-17 5.59 Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Rel Cat -0.01 . 0.00 . . 0.95 2.26 0.00 1.54 2.19 % Fund ⁄ › € ‹ fi ± 48.80 4.05 8.60 1.08 21.40 16.07 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis % Bonds Not Available 5.57 4.93 4.73 4.32 ....................................................................................................... 1 359 676.00 240.26 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Rel BC Aggr 5.22 1.29 0.00 -3.21 52.70 Morningstar Sectors as of 12-31-16 ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Port Avg ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PIMCO VIT Real Return Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BBgBarc US Treasury US TIPS TR USD Inflation-Protected Bond QQQQQ High Above Average Out of 956 Inflation-Protected Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks maximum real return, consistent with preservation of real capital and prudent investment management. The portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities and corporations, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in inflation-indexed bonds may be invested in other types of Fixed Income Instruments. Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 14 1,033 QQQQ QQQQQ QQQQQ 14 956 10 802 3 378 Portfolio Analysis Composition as of 12-31-16 % Net U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.0 -0.7 91.6 8.8 0.2 Morningstar Fixed Income Style Box™ as of 12-31-16 Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Not Available 7.54 8.53 1.99 . .......................................................................................... -100 -50 0 50 100 Total 100.0 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 04-10-00 02-05-08 0.50% Prosp Gross Exp Ratio Advisor 0.63% Pacific Investment Management Co LLC (“PIMCO”) . Mihir P. Worah Jeremie Banet Subadvisor Portfolio Manager(s) Top 20 Holdings as of 12-31-16 Investment Manager PIMCO is an institutional money manager specializing in active fixed income investment management. Deep bench of investment talent/ sector specialist portfolio managers. Proprietary analytics /risk systems. Investment team led by Bill Gross, CIO, co-founder. PIMCO has grown into one of the most respected names in fixed-income management, due in large part to its total return approach to bond investing and strong long-term performance record. Volatility Analysis Investment Low Moderate High Category 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. Pimco Fds 01-10-21 US Treasury Note 07-15-22 US Treasury Bond 01-15-25 US 10 Year Note (CBT) Mar17 03-22-17 US Treasury Note 01-15-22 % Assets 17.10 10.14 8.25 8.19 7.37 ....................................................................................................... US Treasury Bond 04-15-29 US Treasury TIP 01-15-23 US Treasury Bond 02-15-44 Iro Usd 1y P 1.20000 M 02/13/17 Cbk 02-13-17 US Treasury Bond 01-15-29 6.98 6.14 6.02 5.19 4.83 Iro Usd 1y P 1.25000 M 02/06/17 Rbc 02-06-17 IRS USD 2.40000 03/16/21-5Y CME_Pay 03-16-26 US Treasury Note 01-15-20 US Treasury Note 07-15-23 INF SWAP US IT 2.25 07/15/12-5Y LCH_Pa 07-15-17 4.76 4.70 4.44 3.82 3.73 US 5 Year Note (CBT) Mar17 03-31-17 US Treasury Note 04-15-20 US Treasury Bond 04-15-28 US Treasury Note 07-15-21 Iro Usd 1y P 1.25000 M 02/21/17 Myc 02-21-17 3.72 3.64 3.59 3.30 3.15 ....................................................................................................... ....................................................................................................... Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Rel Cat 0.00 . 0.00 . . 1.09 1.06 12.00 0.70 0.95 % Fund ⁄ › € ‹ fi ± 57.68 5.11 3.86 0.03 27.20 6.12 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis % Bonds Not Available 0 339 132.00 2,220.33 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Rel BC Aggr 4.62 1.16 0.24 -1.78 54.71 Morningstar Sectors as of 12-31-16 ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Port Avg ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PSF Jennison 20/20 Focus II .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Growth QQ Below Average Above Average Out of 9654 Large Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 48 10,644 QQ Q QQ 84 9,654 94 8,219 74 4,990 Portfolio Analysis Composition as of 02-28-17 % Assets 81.1 17.7 0.0 1.2 0.0 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 02-15-00 02-05-08 1.23% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 1.23% PGIM Investments LLC Jennison Associates LLC Spiros “Sig” Segalas Warren N. Koontz Top 20 Holdings as of 02-28-17 Investment Manager Commitment to Performance: Superior long-term investment returns for over 39 years. Investment Culture: Values individual impact and rewards team performance. Consistent Philosophy: Internal Fundamental Research, bottom-up stock selection, and a highly interactive investment process Top-Caliber Investment Talent: Small highly experienced investment teams exclusively focused on investing. Volatility Analysis Investment Moderate High Category 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. % Assets 4.79 4.39 4.01 3.95 3.69 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Tencent Holdings Ltd ADR Charter Communications Inc A Adobe Systems Inc Celgene Corp Broadcom Ltd 3.68 3.59 3.58 3.55 3.39 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Mastercard Inc A Goldman Sachs Group Inc Salesforce.com Inc adidas AG JPMorgan Chase & Co 3.37 3.33 3.28 3.08 3.07 NVIDIA Corp PNC Financial Services Group Inc EOG Resources Inc Industria De Diseno Textil SA Alphabet Inc A 2.94 2.88 2.80 2.45 2.33 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 40 0 69.00 206.80 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 51.52 Large Medium Small 45.39 3.09 0.00 ........................................................ Micro Statistics Microsoft Corp Allergan PLC Alibaba Group Holding Ltd ADR Amazon.com Inc Facebook Inc A % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term growth of capital. The fund invests primarily in equity and equity-related securities of approximately 40 (which may range up to 50) U.S. companies that are selected by the Portfolio's two portfolio managers as having strong capital appreciation potential. The manager seeks investments in companies which are being valued at a discount to their intrinsic value, as defined by their business model, returns on assets and/or equity, free cash flow yields, quality of management, and that possess a favorable return/risk profile. Up to 20% of its total assets may be invested in foreign securities. 0.00 Port Avg Rel S&P 500 24.85 2.52 14.66 104025.36 Risk Measures as of 03-31-17 1.27 0.92 1.31 1.21 Rel Cat 1.07 0.65 1.10 1.55 Port Avg Rel S&P 500 Rel Cat 12.21 1.06 0.54 -4.24 81.52 1.17 . 0.55 . . 1.02 1.01 0.79 1.67 0.97 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 34.51 r t y u 1.48 16.50 16.53 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 48.54 i o p a 5.53 7.19 3.66 32.16 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 16.94 s Consumer Defensive d Healthcare f Utilities 2.32 12.72 1.90 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PSF Natural Resources II .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Natural Resources QQ Below Average Above Average Out of 658 Natural Resources VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 77 752 Q Q QQ 95 658 93 460 76 257 Portfolio Analysis Composition as of 02-28-17 % Assets 63.9 34.9 0.0 1.2 0.0 Operations 02-05-08 04-28-05 02-05-08 0.90% Prosp Gross Exp Ratio Advisor Subadvisor 0.91% PGIM Investments LLC Allianz Global Investors U.S. LLC – New York Paul D. Strand Portfolio Manager(s) Top 20 Holdings as of 02-28-17 Investment Manager Commitment to Performance: Superior long-term investment returns for over 39 years. Investment Culture: Values individual impact and rewards team performance. Consistent Philosophy: Internal Fundamental Research, bottom-up stock selection, and a highly interactive investment process Top-Caliber Investment Talent: Small highly experienced investment teams exclusively focused on investing. % Assets Investment Moderate High Category 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. 27.57 Large Medium Small 19.30 36.78 16.35 ........................................................ Micro Statistics 0.00 Port Avg Rel S&P 500 5.21 3.88 3.86 3.83 3.49 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Halliburton Co Concho Resources Inc SM Energy Co Range Resources Corp Continental Resources Inc 3.43 3.38 3.28 3.19 3.15 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 23.77 1.28 -0.52 -19.15 34.03 2.28 . -0.53 . . 1.11 1.02 1.79 1.45 0.81 Whiting Petroleum Corp Vale SA ADR Rio Tinto PLC Glencore PLC Schlumberger Ltd 3.05 2.88 2.84 2.82 2.59 PDC Energy Inc Lundin Mining Corp Total SA Parsley Energy Inc A Vulcan Materials Co 2.52 2.47 2.47 2.29 2.12 ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 44 0 140.00 473.07 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 21.44 1.88 10.94 17511.78 1.10 0.69 0.98 0.20 Rel Cat US Silica Holdings Inc Pioneer Natural Resources Co BHP Billiton Ltd EOG Resources Inc Weatherford International PLC ....................................................................................................... Volatility Analysis % Mkt Cap Giant ........................................................ Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term growth of capital. In pursuing its investment objective, the fund normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in equity securities of companies that are associated with natural resources, including those companies that are principally engaged in the research, development, manufacturing, extraction, distribution or sale of materials, energy or goods related to the Agriculture, Energy, Materials or Commodity-Related Industrials sectors. The fund is non-diversified. 0.89 0.90 1.12 1.02 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 37.82 r t y u 36.74 1.08 0.00 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 62.18 i o p a 0.00 58.93 3.25 0.00 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 0.00 s Consumer Defensive d Healthcare f Utilities 0.00 0.00 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PSF Value II .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Value QQ Below Average Above Average Out of 6763 Large Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 24 7,455 QQ Q QQQ 89 6,763 90 5,770 62 3,508 Portfolio Analysis Composition as of 02-28-17 % Assets 89.8 8.7 0.0 1.6 0.0 Operations 02-05-08 05-14-01 02-05-08 0.83% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.83% PGIM Investments LLC Jennison Associates LLC Warren N. Koontz Top 20 Holdings as of 02-28-17 Investment Manager Commitment to Performance: Superior long-term investment returns for over 39 years. Investment Culture: Values individual impact and rewards team performance. Consistent Philosophy: Internal Fundamental Research, bottom-up stock selection, and a highly interactive investment process Top-Caliber Investment Talent: Small highly experienced investment teams exclusively focused on investing. Volatility Analysis % Assets 4.49 3.05 2.46 2.37 2.33 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) PG&E Corp Citigroup Inc Chevron Corp Pfizer Inc Alphabet Inc A 2.30 2.19 2.15 2.13 2.10 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Comcast Corp Class A PNC Financial Services Group Inc Halliburton Co United Technologies Corp Royal Dutch Shell PLC ADR Class A 2.10 2.06 2.00 2.00 1.99 Capital One Financial Corp Microsoft Corp Chubb Ltd Wells Fargo & Co BB&T Corp 1.98 1.98 1.94 1.74 1.72 ....................................................................................................... ....................................................................................................... ....................................................................................................... Investment Moderate High Category 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. ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 62 0 24.00 1,412.81 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 47.02 Large Medium Small 36.05 16.04 0.88 ........................................................ Micro Statistics JPMorgan Chase & Co Bank of America Corporation Goldman Sachs Group Inc Procter & Gamble Co Merck & Co Inc % Mkt Cap Giant ........................................................ Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks capital appreciation. The fund normally invests at least 65% of its total assets in equity and equity-related securities, with an emphasis on securities of large capitalization companies. The fund's manager defines large capitalization companies as those companies with market capitalizations, measured at the time of purchase, to be within the market capitalization of the Russell 1000® Value Index. The fund may invest up to 25% of its total assets in real estate investment trusts (REITs) and up to 30% of its total assets in foreign securities. 0.00 Port Avg Rel S&P 500 18.42 1.83 10.33 67860.07 Risk Measures as of 03-31-17 0.94 0.67 0.92 0.79 Rel Cat 1.10 0.88 1.14 1.09 Port Avg Rel S&P 500 Rel Cat 11.79 1.07 0.35 -6.84 88.48 1.13 . 0.36 . . 1.06 1.07 0.63 1.64 1.01 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 37.45 r t y u 2.84 8.64 25.97 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 39.48 i o p a 5.08 12.14 9.04 13.22 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 23.06 s Consumer Defensive d Healthcare f Utilities 6.59 12.66 3.81 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PVC Equity Income Account .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value TR USD Large Value QQQQQ High Below Average Out of 6763 Large Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 35 7,455 QQQQ QQQQ QQQQQ 12 6,763 26 5,770 4 3,508 Portfolio Analysis Composition as of 02-28-17 % Assets 82.1 15.7 0.0 2.1 0.0 Morningstar Equity Style Box™ as of 02-28-17 % Mkt Cap Giant 38.00 Large Medium Small 43.37 18.63 0.00 ........................................................ Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks to provide current income and long-term growth of income and capital. Under normal circumstances, the Account invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities at the time of each purchase. The Account usually invests in equity securities of companies with large market capitalizations. For this Account, companies with large market capitalizations are those with market capitalizations within the range of companies comprising the Russell 1000® Value Index (as of December 31, 2015, this range was between approximately $383.0 million and $448.8 billion). ........................................................ Micro Value Blend Growth 0.00 Operations Top 20 Holdings as of 02-28-17 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 04-28-98 02-05-08 0.49% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.49% Principal Management Corp Edge Asset Management, Inc David W. Simpson Daniel R. Coleman Investment Manager Edge Asset Management has been a pioneer in the field of actively managed asset allocation funds and is a leading manager of value equities and taxable fixed-income securities. For over 65 years, Edge has built a reputation for performance and integrity. Its investment approach is defined by rigorous fundamental research and a value-oriented investment philosophy, to seek the highest risk-adjusted returns for investors through a broad range of investment vehicles and strategies. Edge Asset Management is an affiliated investment advisor of Principal Global Investors and a member of the Principal Financial Group, with approximately $11.2 billion in assets under management, including approximately $3.6 billion in institutional assets (as of December 31, 2008). Volatility Analysis Investment Low Moderate % Assets Statistics Apple Inc Fidelity National Financial Inc Discover Financial Services Chubb Ltd Enterprise Products Partners LP 2.86 2.62 2.47 2.45 2.20 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Marathon Petroleum Corp BlackRock Inc BlackRock Liquidity FedFund Instl Microchip Technology Inc JPMorgan Chase & Co 2.16 2.14 2.14 2.13 2.12 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Hasbro Inc The Kroger Co Deere & Co Digital Realty Trust Inc Royal Dutch Shell PLC ADR Class B 2.00 1.96 1.92 1.84 1.84 KKR & Co LP Roche Holding AG ADR PNC Financial Services Group Inc US Bancorp Wells Fargo & Co 1.82 1.77 1.75 1.72 1.72 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 80 0 17.10 558.38 High Category Port Avg Rel S&P 500 17.63 2.42 11.31 54026.79 Risk Measures as of 03-31-17 Rel Cat 1.05 1.17 1.25 0.87 Port Avg Rel S&P 500 Rel Cat 9.91 0.92 0.79 -1.69 94.45 0.95 . 0.81 . . 0.89 0.92 1.41 0.41 1.08 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 38.79 r t y u 2.34 7.03 24.05 5.37 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 37.48 i o p a 2.69 12.00 12.90 9.89 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 23.73 s Consumer Defensive d Healthcare f Utilities 5.59 11.54 6.60 ............................................................................................... 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.90 0.88 1.01 0.63 ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-PVC MidCap Account .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Mid Cap TR USD Mid-Cap Growth QQQQQ High Below Average Out of 4151 Mid-Cap Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 15 4,485 QQQQQ QQQQQ QQQQQ 2 4,151 1 3,404 1 2,120 Portfolio Analysis Composition as of 02-28-17 % Assets 87.5 12.5 0.0 0.0 0.0 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 10-23-09 12-18-87 10-23-09 0.53% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.53% Principal Management Corp Principal Global Investors, LLC K. William Nolin Thomas Rozycki Top 20 Holdings as of 02-28-17 Investment Manager Edge Asset Management has been a pioneer in the field of actively managed asset allocation funds and is a leading manager of value equities and taxable fixed-income securities. For over 65 years, Edge has built a reputation for performance and integrity. Its investment approach is defined by rigorous fundamental research and a value-oriented investment philosophy, to seek the highest risk-adjusted returns for investors through a broad range of investment vehicles and strategies. Edge Asset Management is an affiliated investment advisor of Principal Global Investors and a member of the Principal Financial Group, with approximately $11.2 billion in assets under management, including approximately $3.6 billion in institutional assets (as of December 31, 2008). Volatility Analysis Investment Moderate High % Assets 4.85 3.58 3.44 3.37 3.20 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) CarMax Inc Moody's Corporation Restaurant Brands International Inc O'Reilly Automotive Inc Ross Stores Inc 2.83 2.82 2.55 2.21 2.17 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Autodesk Inc S&P Global Inc Roper Technologies Inc Air Products & Chemicals Inc Fidelity National Financial Inc 2.15 2.14 2.11 2.05 2.04 Dollar Tree Inc Brookfield Infrastructure Partners LP Colfax Corp AutoZone Inc Liberty Broadband Corp C 1.96 1.85 1.84 1.71 1.71 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 82 0 13.60 572.04 Category Large Medium Small 34.96 58.71 1.34 ........................................................ Micro 0.14 Port Avg Rel S&P 500 24.90 2.40 9.50 15149.32 Risk Measures as of 03-31-17 1.27 0.88 0.85 0.18 Rel Cat 1.06 0.66 0.73 1.56 Port Avg Rel S&P 500 Rel Cat 12.13 1.10 0.81 -1.38 88.39 1.17 . 0.83 . . 0.95 1.06 2.08 0.23 1.21 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 56.18 r t y u 5.64 18.75 22.01 9.78 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 33.29 i o p a 7.76 0.00 15.19 10.34 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 10.53 ............................................................................................... s Consumer Defensive d Healthcare f Utilities 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 4.85 ........................................................ Statistics Brookfield Asset Management Inc Class A SBA Communications Corp Aon PLC Markel Corp TransDigm Group Inc % Mkt Cap Giant Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term growth of capital. Under normal circumstances, the Account invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with medium market capitalizations at the time of each purchase. For this Account, companies with medium market capitalizations are those with market capitalizations within the range of companies comprising the Russell Midcap® Index (as of December 31, 2015, this range was between approximately $383.0 million and $30.4 billion). The Account invests in foreign securities. ß ® 3.69 4.58 2.26 Release Date: 03-31-2017 Intelligent Variable Annuity-Royce Cap Fd Micro-Cap Inv. Cl. .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 TR USD Small Blend Q Low Average Out of 2593 Small Blend VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 1.33% Royce & Associates, LP . James P. Stoeffel Brendan J. Hartman Q Q 95 2,593 96 2,232 96 1,236 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 76.6 8.8 0.0 9.7 4.9 Volatility Analysis Investment Moderate High Category 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. % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 0.00 0.88 11.60 Micro 87.52 ........................................................ Statistics Port Avg Rel S&P 500 PC Connection Inc ePlus Inc Cryolife Inc Zealand Pharma A/S Ardmore Shipping Corp 1.04 0.99 0.89 0.89 0.88 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 19.65 1.71 7.44 445.62 Lindsay Corp A V Homes Inc LSI Industries Inc Kornit Digital Ltd Orbotech Ltd 0.82 0.80 0.80 0.78 0.78 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Clarkson PLC Nautilus Inc Heidrick & Struggles International Inc Photronics Inc Silicon Motion Technology Corp ADR 0.77 0.77 0.76 0.76 0.75 Ultra Clean Holdings Inc Haynes International Inc Lydall Inc Newpark Resources Inc QAD Inc 0.74 0.73 0.73 0.73 0.73 Top 20 Holdings as of 03-31-17 % Assets ....................................................................................................... Royce & Associates is committed to the same smallcompany value investing principles that have served them well for more than 30 years. Charles M. Royce, chief investment officer, enjoys one of the longest tenures of any active mutual fund manager. Royce's investment staff includes twelve other portfolio managers, as well as nine assistant portfolio managers and analysts, and seven traders. 10 Year Morningstar Equity Style Box™ as of 03-31-17 Value Blend Growth Investment Manager Low 5 Year Q Small 02-05-08 12-27-96 02-05-08 1.33% 3 Year . 74 2,820 Portfolio Analysis Composition as of 03-31-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term growth of capital. Normally, the fund invests at least 80% of its net assets in equity securities of companies with market caps up to $1 billion. Although the fund normally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries. It may invest in other investment companies that invest in equity securities. ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 148 0 57.00 201.43 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Risk Measures as of 03-31-17 1.01 0.62 0.66 0.01 Rel Cat 0.98 0.84 0.92 0.22 Port Avg Rel S&P 500 Rel Cat 14.44 0.99 0.04 -9.58 51.00 1.39 . 0.04 . . 0.94 0.85 0.11 1.60 0.82 Morningstar Sectors as of 03-31-17 % Fund h Cyclical 36.99 r t y u 5.03 18.05 12.33 1.58 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 50.97 i o p a 0.85 4.91 20.10 25.11 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 12.04 ............................................................................................... s Consumer Defensive d Healthcare f Utilities ß ® 2.84 9.20 0.00 Release Date: 03-31-2017 Intelligent Variable Annuity-Royce Cap Fd Small-Cap Inv. Cl. .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 TR USD Small Value QQQ Below Average Below Average Out of 1586 Small Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 1.06% Royce & Associates, LP . Jay S. Kaplan Royce & Associates is committed to the same smallcompany value investing principles that have served them well for more than 30 years. Charles M. Royce, chief investment officer, enjoys one of the longest tenures of any active mutual fund manager. Royce's investment staff includes twelve other portfolio managers, as well as nine assistant portfolio managers and analysts, and seven traders. Volatility Analysis Investment Moderate 10 Year Q QQQQ 93 1,586 94 1,385 47 752 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 81.2 4.6 0.0 13.8 0.4 Morningstar Equity Style Box™ as of 03-31-17 High Category 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. % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 0.00 14.03 36.20 Micro 49.76 ........................................................ Value Blend Growth Investment Manager Low 5 Year Q Small 02-05-08 12-27-96 02-05-08 1.06% 3 Year . 95 1,737 Portfolio Analysis Composition as of 03-31-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term growth of capital. The fund invests the fund's assets primarily in equity securities of small-cap companies with market capitalizations up to $3 billion that Royce believes are trading below its estimate of their current worth. It generally invests in such companies that the advisor believes also possess financial strength, a strong business model, and the ability to generate and effectively allocate excess free cash flow. Statistics Port Avg Rel S&P 500 Rel Cat Top 20 Holdings as of 03-31-17 % Assets PC Connection Inc Miller Industries Inc. Korn/Ferry International Vishay Intertechnology Inc Genworth MI Canada Inc 2.71 2.68 2.61 2.60 2.59 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 15.30 1.77 7.73 1194.61 Gentex Corp Federated Investors Inc Class B Spirit Airlines Inc American Eagle Outfitters Inc Moelis & Co Class A 2.58 2.52 2.49 2.48 2.38 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 14.53 0.90 0.19 -6.48 41.40 1.40 . 0.19 . . 0.97 0.83 0.46 1.29 0.71 DSW Inc Shoe Carnival Inc Celestica Inc Saga Communications Inc Apogee Enterprises Inc 2.32 2.27 2.02 2.01 2.00 Trustco Bank Corp N Y American Woodmark Corp Wabash National Corp Reinsurance Group of America Inc Fabrinet 2.00 1.98 1.94 1.93 1.84 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 71 0 78.00 492.25 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.78 0.65 0.69 0.01 0.83 1.01 1.01 0.57 Morningstar Sectors as of 03-31-17 % Fund h Cyclical 56.84 r t y u 2.33 29.56 23.30 1.65 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 40.03 i o p a 0.00 3.52 19.26 17.25 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 3.14 s Consumer Defensive d Healthcare f Utilities 2.09 1.05 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-T. Rowe Price Health Sciences Portfolio I .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Health QQQQQ High Above Average Out of 786 Health VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 19 872 QQQQQ QQQQQ QQQQQ 2 786 1 724 1 534 Portfolio Analysis Composition as of 12-31-16 % Assets 93.2 5.1 0.0 0.9 0.7 Operations 12-12-14 12-29-00 12-12-14 0.95% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.95% T. Rowe Price Associates, Inc. . Ziad Bakri Top 20 Holdings as of 12-31-16 Investment Manager T. Rowe Price is an independent investment management firm with an unyielding focus on helping investors around the world achieve their long-term goals. Headquartered in Baltimore, Maryland, we provide a broad array of mutual funds, subadvisory services, and related services for financial intermediaries. Our approach to managing investments is rooted in proprietary, fundamental research, distinguished by discipline, and carried out by experienced professionals. % Assets 5.28 3.85 3.22 2.98 2.94 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Aetna Inc Alexion Pharmaceuticals Inc Humana Inc Intuitive Surgical Inc Thermo Fisher Scientific Inc 2.89 2.85 2.82 2.64 2.60 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Biogen Inc Regeneron Pharmaceuticals Inc Incyte Corp Agilent Technologies Inc Walgreens Boots Alliance Inc 2.26 2.19 1.98 1.96 1.94 Anthem Inc Stryker Corp Vertex Pharmaceuticals Inc Gilead Sciences Inc Bristol-Myers Squibb Company 1.91 1.90 1.89 1.86 1.80 ....................................................................................................... ....................................................................................................... ....................................................................................................... Volatility Analysis Investment Moderate High Category 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. ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 143 0 28.50 608.68 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 21.05 Large Medium Small 40.26 23.70 10.05 ........................................................ Micro Statistics UnitedHealth Group Inc Becton, Dickinson and Co Allergan PLC Tesaro Inc Cigna Corp % Mkt Cap Giant ........................................................ Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 12-31-16 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term capital appreciation. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of companies engaged in the research, development, production, or distribution of products or services related to health care, medicine, or the life sciences (collectively termed "health sciences"). While the fund can invest in companies of any size, the majority of fund assets are expected to be invested in large- and mid-capitalization companies. 4.94 Port Avg Rel S&P 500 19.49 2.81 12.80 21582.93 Risk Measures as of 03-31-17 1.00 1.03 1.14 0.25 Rel Cat 1.04 0.93 1.08 0.53 Port Avg Rel S&P 500 Rel Cat 16.52 0.92 0.71 6.75 36.23 1.59 . 0.72 . . 1.05 0.93 1.51 3.26 0.78 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 0.00 r t y u 0.00 0.00 0.00 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 1.50 i o p a 0.00 0.00 0.81 0.69 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 98.50 s Consumer Defensive d Healthcare f Utilities 1.98 96.52 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-T. Rowe Price Limited Term Bond .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BBgBarc US Govt/Credit 1-3 Yr TR USD Short-Term Bond QQQQ Above Average Below Average Out of 1049 Short-Term Bond VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks a high level of income consistent with moderate fluctuations in principal value. Normally, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in bonds and 65% of total assets in short- and intermediate-term bonds. There is no maturity limitations on individual securities purchased, but the fund's average effective maturity will not exceed five years. Morningstar Rating™ Fund Rank Percentile Out of # of Investments 03-06-12 05-13-94 03-05-12 0.70% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.70% T. Rowe Price Associates, Inc. . Michael F Reinartz Investment Manager T. Rowe Price is an independent investment management firm with an unyielding focus on helping investors around the world achieve their long-term goals. Headquartered in Baltimore, Maryland, we provide a broad array of mutual funds, subadvisory services, and related services for financial intermediaries. Our approach to managing investments is rooted in proprietary, fundamental research, distinguished by discipline, and carried out by experienced professionals. Volatility Analysis Investment Low 3 Year 5 Year 10 Year . 31 1,298 QQQQ QQQQ QQQQ 12 1,049 14 869 11 372 Portfolio Analysis Composition as of 12-31-16 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Top 20 Holdings as of 12-31-16 0.0 0.0 90.9 8.7 0.4 % Assets US Treasury Note 1% 11-15-19 T. Rowe Price Reserve Investment 09-19-34 US Treasury Note 1.25% 12-31-18 US Treasury Note 1.375% 05-31-21 US Treasury Note 1.25% 01-31-20 3.37 2.43 1.43 1.24 1.17 US Treasury Note 0.875% 10-15-18 Goldman Sachs Grp 6.15% 04-01-18 FNMA 5% 10-01-41 Bk Amer Chrlt Nc Mtn 1.75% 06-05-18 Ally Mstr Ownr Tr 2012-5 1.54% 09-15-19 1.13 0.70 0.65 0.61 0.57 Cabelas Cc Mstr Tr 2012-I 1.63% 02-18-20 Ford Credit Flrpln Tr A 2014-1 1.2% 02-15-19 Ge Cap Ccmt 2012-6 1.36% 08-15-20 Medtronic 1.375% 04-01-18 Discover Card Exe Tr 2016-1 1.64% 07-15-21 0.57 0.57 0.57 0.57 0.54 Murphy Oil 2.5% 12-01-17 Jd Com 3.125% 04-29-21 Morgan Stanley 2.125% 04-25-18 Hewlett Packard Entpr 2.45% 10-05-17 Morgan Stanley FRN 01-24-19 0.52 0.51 0.50 0.49 0.49 ....................................................................................................... ....................................................................................................... ....................................................................................................... Moderate High Category 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 12-31-16 Not Available Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Rel BC Aggr Rel Cat 0.74 0.21 -0.01 -0.52 67.59 0.00 . 0.00 . . 0.74 1.00 0.00 0.44 1.69 % Fund ⁄ › € ‹ fi ± 8.88 44.09 38.06 0.21 8.76 0.00 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis % Bonds Not Available 0 694 58.00 402.75 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Port Avg Morningstar Sectors as of 12-31-16 ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) . . 2.35 100.78 Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Templeton Developing Markets VIP Fund .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI EM NR USD Diversified Emerging Mkts QQQ Average Average Out of 1625 Diversified Emerging Mkts VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 1.34% Templeton Asset Management Ltd. (SG) . Chetan Sehgal Subadvisor Portfolio Manager(s) QQQ 23 1,625 50 1,265 45 637 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other Top 20 Holdings as of 12-31-16 Franklin Templeton's distinct multi-manager structure combines the specialized expertise of three world-class investment management groups- Franklin, Templeton, and Mutual Series. Founded in 1947, Franklin is a recognized leader in fixed income investing and also brings expertise in growthand value-style U.S. equity investing. Founded in 1940, Templeton pioneered international investing and, in 1954, launched what has become the industry's oldest global fund. Today, with offices in over 29 countries, Templeton offers investors a truly global perspective. Founded in 1949, Mutual Series is dedicated to a unique style of value investing, searching aggressively for opportunity among what it believes are undervalued stocks, as well as arbitrage situations and distressed securities. Volatility Analysis Investment Moderate 10 Year QQQ 0.9 95.6 1.4 1.4 0.7 Morningstar Equity Style Box™ as of 12-31-16 High Category % Assets 6.48 5.90 4.86 4.34 4.17 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Unilever PLC Itau Unibanco Holding SA ADR Hon Hai Precision Industry Co Ltd PT Astra International Tbk ICICI Bank Ltd 4.13 3.33 2.38 2.11 2.10 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared China Petroleum & Chemical Corp H Shares Alibaba Group Holding Ltd ADR China Mobile Ltd Bank Bradesco SA ADR Hyundai Development Co Ltd 1.94 1.87 1.77 1.69 1.68 Biocon Ltd MGM China Holdings Ltd PJSC Lukoil ADR Remgro Ltd SK Hynix Inc 1.53 1.52 1.52 1.50 1.43 ....................................................................................................... ....................................................................................................... ....................................................................................................... 60.79 Large Medium Small 24.86 9.86 4.49 ........................................................ Micro Statistics Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Ltd Naspers Ltd Class N Tencent Holdings Ltd Brilliance China Automotive Holdings Ltd % Mkt Cap Giant ........................................................ Value Blend Growth Investment Manager Low 5 Year QQQQ Small 02-05-08 03-04-96 02-05-08 1.33% 3 Year . 1 1,944 Portfolio Analysis Composition as of 12-31-16 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets in emerging markets investments. Its investments in equity securities may include investments in the securities of companies of any capitalization, including smaller and mid-size companies. The fund, from time to time, may have significant investments in one or more countries or in particular industries or sectors. It may invest up to 20% of its net assets in the securities of issuers in developed market countries. 0.00 Port Avg Rel S&P 500 12.73 1.78 8.28 22532.66 Risk Measures as of 03-31-17 0.65 0.65 0.74 0.26 Rel Cat 0.95 1.01 1.41 1.08 Port Avg Rel S&P 500 Rel Cat 15.24 1.06 0.07 -0.18 73.87 1.46 . 0.07 . . 1.01 1.01 . 0.16 1.00 Morningstar World Regions as of 12-31-16 % Fund Americas 9.87 North America Latin America 0.93 8.94 Greater Europe 20.27 ............................................................................................... ............................................................................................... United Kingdom Europe Developed Europe Emerging Africa/Middle East 4.28 1.19 6.28 8.52 ....................................................................................................... Greater Asia 69.86 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 0.00 0.00 29.66 40.20 90 1 26.78 332.13 ............................................................................................... 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Balanced .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk 40% Russell 3000 TR USD/10% MSCI EAFE NR USD/50% Barclays US Agg Bond TR USD Allocation--30% to 50% Equity QQQQQ High Above Average Out of 3506 Allocation--30% to 50% Equity VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 18 4,195 QQQQQ . . 1 3,506 . . . . Portfolio Analysis Composition as of 02-28-17 % Assets Morningstar Style Box™ as of 02-28-17(EQ) ; 12-31-16(F-I) Med Low Operations High 37.8 11.3 46.5 3.6 0.9 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks long-term total return, consisting of capital appreciation and current income. The fund is a "fund of funds" that invests in shares of other TIAA-CREF Life Funds, in Institutional Class shares of funds of the TIAA-CREF Funds and potentially in other affiliated or unaffiliated investment pools or investment products (collectively, the "underlying funds"). It generally seeks to meet its investment objective by investing: (1) approximately 50% of its assets in equity underlying funds and (2) approximately 50% of its assets in fixed-income underlying funds. Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-14-14 01-31-14 02-14-14 0.51% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.64% Teachers Advisors LLC . Hans L. Erickson John Cunniff Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. % Assets Statistics TIAA-CREF Life Funds Bond TIAA-CREF Life Funds Growth & Income TIAA-CREF Life Funds International Eq TIAA-CREF Life Funds Large-Cap Value TIAA-CREF Life Funds Growth Equity 49.72 10.05 9.95 9.09 9.01 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) TIAA-CREF Life Funds Stock Index TIAA-CREF Life Funds Real Estate Secs TIAA-CREF Life Funds Small-Cap Equity 8.06 2.03 1.99 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared ....................................................................................................... ....................................................................................................... Total Number of Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 9 17.00 51.95 Ltd Mod Ext Port Avg Rel S&P 500 20.66 2.35 7.70 36246.70 Risk Measures as of 03-31-17 1.06 0.86 0.69 0.42 Rel Cat 1.18 1.10 0.97 0.78 Port Avg Rel S&P 500 Rel Cat 5.88 0.88 0.78 0.69 92.88 0.56 . 0.80 . . 1.08 1.11 2.29 -0.40 1.04 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 40.52 r t y u 6.25 12.82 16.86 4.59 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 39.59 i o p a 3.11 5.89 11.08 19.51 ............................................................................................... Volatility Analysis Investment Low Moderate High Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Communication Services Energy Industrials Technology k Defensive 19.90 s Consumer Defensive d Healthcare f Utilities 7.90 10.39 1.61 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Bond .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BBgBarc US Agg Bond TR USD Intermediate-Term Bond QQQQQ High Average Out of 4392 Intermediate-Term Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 12 5,166 QQQQQ QQQQQ QQQQ 5 4,392 8 3,723 17 2,059 Portfolio Analysis Composition as of 02-28-17 % Assets Ltd Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 07-08-03 07-21-03 0.35% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.39% Teachers Advisors LLC . John Michael Cerra Joseph Higgins Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Low Morningstar Fixed Income Style Box™ as of 12-31-16 Moderate High Category 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. % Assets US Treasury Note 0.875% 05-31-18 FNMA 4% 07-01-45 US Treasury Bond 3% 11-15-45 US Treasury Bond 2.875% 11-15-46 US Treasury Note 2.25% 12-31-23 1.93 1.66 1.63 1.35 1.34 FNMA 3% 12-01-46 US Treasury Note 1.375% 05-31-21 GNMA 3% 01-20-47 US Treasury Note 1.875% 01-31-22 US Treasury Note 0.75% 08-31-18 1.28 1.17 1.12 1.10 1.02 US Treasury Note 0.625% 06-30-18 FHLMC 3.5% 10-01-45 FNMA 3% 11-01-46 Cobalt Cmbs Mtg Tr 2007-C3 CMO 05-17-46 FNMA 3.5% 02-01-47 0.96 0.92 0.92 0.83 0.71 Wachovia Cmbs 2007-C32 CMO 06-15-49 Greenwich Cap Cmbs 2007-Gg11 CMO 12-10-49 Fidelity Natl Info Svcs 5% 03-15-22 Wachovia Cmbs 2007-C34 CMO 05-17-46 BEAR STEARNS CMBS 2007-TOP28 09-12-42 0.68 0.67 0.66 0.66 0.65 ....................................................................................................... ....................................................................................................... Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Low 0.0 0.0 93.0 5.7 1.3 Med U.S. Stocks Non-U.S. Stocks Bonds Cash Other High The investment seeks a favorable long-term total return through income primarily from investment-grade fixed-income securities. Under normal circumstances, the fund invests at least 80% of its assets in bonds. For these purposes, bonds include fixedincome securities of all types. It primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. government securities, corporate bonds and mortgage-backed and other asset-backed securities. The fund's investments in fixed-income securities of foreign issuers constitute less than 20% of the fund's assets. Mod Ext Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 2.88 0.94 0.82 -0.01 93.03 0.00 . 0.00 . . 0.98 1.02 2.73 0.01 1.07 Morningstar Sectors as of 02-28-17 % Fund ⁄ › € ‹ fi ± 17.93 46.37 29.94 0.00 5.76 0.00 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis as of 12-31-16 % Bonds ....................................................................................................... AAA AA A BBB BB B Below B Not Rated ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 0 756 217.00 182.16 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 5.61 7.84 3.58 101.10 -100 -50 0 ß 50 ® 100 42 3 15 29 4 3 3 1 Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Growth & Income .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Growth QQQQQ High Below Average Out of 9654 Large Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 22 10,644 QQQQ QQQQ QQQQQ 31 9,654 17 8,219 11 4,990 Portfolio Analysis Composition as of 02-28-17 % Assets 93.4 6.5 0.0 0.0 0.1 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 04-03-00 04-03-00 0.52% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.55% Teachers Advisors LLC . Susan Kempler Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Moderate High Category 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. % Assets 4.04 2.61 2.46 2.14 2.09 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Bank of America Corporation The Home Depot Inc AT&T Inc Comcast Corp Class A Facebook Inc A 2.00 1.54 1.50 1.34 1.33 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Procter & Gamble Co Merck & Co Inc Eli Lilly and Co Dow Chemical Co EOG Resources Inc 1.27 1.26 1.24 1.18 1.08 Honeywell International Inc Walt Disney Co General Electric Co Wells Fargo & Co Chevron Corp 1.04 1.03 1.02 0.97 0.94 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 183 0 88.00 132.70 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 44.53 Large Medium Small 29.52 21.41 4.18 ........................................................ Micro Statistics Apple Inc Microsoft Corp Alphabet Inc C Amazon.com Inc JPMorgan Chase & Co % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks a favorable long-term total return, through both capital appreciation and investment income, primarily from income-producing equity securities. Under normal circumstances, the fund invests at least 80% of its assets in equity securities. In seeking a favorable longterm total return, it will invest in securities which the fund's investment adviser, Teachers Advisors, Inc. ("Advisors"), believes have the potential for capital appreciation, dividend income, or both. It may invest up to 20% of its assets in foreign issuers when Advisors believes these issuers offer more attractive investment opportunities. 0.36 Port Avg Rel S&P 500 21.24 2.79 11.90 57504.02 Risk Measures as of 03-31-17 1.09 1.02 1.06 0.67 Rel Cat 0.92 0.72 0.89 0.85 Port Avg Rel S&P 500 Rel Cat 11.21 1.05 0.80 -1.81 95.27 1.08 . 0.82 . . 0.93 1.00 1.18 0.71 1.14 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 31.98 r t y u 4.07 12.56 15.35 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 43.06 i o p a 3.78 7.00 9.25 23.03 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 24.97 s Consumer Defensive d Healthcare f Utilities 9.56 13.87 1.54 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Growth Equity .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Growth TR USD Large Growth QQQQQ High Average Out of 9654 Large Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 79 10,644 QQQQ QQQQQ QQQQQ 13 9,654 8 8,219 8 4,990 Portfolio Analysis Composition as of 02-28-17 % Assets 94.9 3.2 0.0 1.8 0.1 Operations 02-05-08 04-03-00 04-03-00 0.52% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.57% Teachers Advisors LLC . Susan Hirsch Terrence Kontos Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Moderate High Category 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. % Assets 4.42 4.00 3.94 3.67 3.66 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Intuit Inc Adobe Systems Inc Visa Inc Class A Broadcom Ltd UnitedHealth Group Inc 3.23 3.04 2.85 2.64 2.31 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Alphabet Inc A Comcast Corp Class A Salesforce.com Inc Walt Disney Co The Home Depot Inc 2.28 2.01 1.98 1.96 1.89 Starbucks Corp Zoetis Inc Celgene Corp Monsanto Co Allergan PLC 1.83 1.76 1.52 1.50 1.46 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 83 0 106.00 82.60 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 45.81 Large Medium Small 42.81 10.85 0.52 ........................................................ Micro Statistics Microsoft Corp Apple Inc Facebook Inc A Amazon.com Inc Alphabet Inc C % Mkt Cap Giant ........................................................ Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the fund invests at least 80% of its assets in equity securities. It invests primarily in equity securities that Teachers Advisors, Inc. ("Advisors") believes present the opportunity for growth. Generally, these equity securities will be those of large capitalization companies in new and emerging areas of the economy and companies with distinctive products or promising markets. The fund may invest up to 20% of its assets in foreign investments. 0.00 Port Avg Rel S&P 500 26.31 4.00 15.14 87015.31 Risk Measures as of 03-31-17 1.35 1.46 1.35 1.02 Rel Cat 1.13 1.04 1.13 1.29 Port Avg Rel S&P 500 Rel Cat 12.16 1.06 0.83 -0.83 82.70 1.17 . 0.85 . . 1.01 1.01 1.22 0.33 0.99 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 31.99 r t y u 2.70 17.35 11.94 0.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 51.18 i o p a 3.04 2.28 8.83 37.03 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 16.84 s Consumer Defensive d Healthcare f Utilities 4.65 12.19 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Intl Equity .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI EAFE NR USD Foreign Large Growth QQQ Average High Out of 2222 Foreign Large Growth VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 23 2,673 QQ QQQQQ QQ 84 2,222 2 1,846 58 1,056 Portfolio Analysis Composition as of 02-28-17 % Assets 2.0 96.0 0.0 2.0 0.0 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 04-03-00 04-03-00 0.60% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.66% Teachers Advisors LLC . Christopher F. Semenuk Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Moderate High Category 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. % Assets 5.27 4.94 4.50 3.64 3.37 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) adidas AG Compagnie de Saint-Gobain SA Sony Corp Henkel AG & Co KGaA Pfd Shs - Non-voting Societe Generale SA 3.31 3.29 3.23 3.15 2.82 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared HDFC Bank Ltd Vinci SA IndusInd Bank Ltd Olympus Corp CNH Industrial NV 2.68 2.48 2.23 2.11 2.04 Essilor International SA Weir Group PLC Komatsu Ltd Murata Manufacturing Co Ltd Zurich Insurance Group AG 2.03 2.03 2.02 2.00 1.98 ....................................................................................................... ....................................................................................................... 43.13 Large Medium Small 41.47 14.80 0.60 ........................................................ Micro Statistics Accor SA Schneider Electric SE Tesco PLC Lanxess AG Linde AG % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the fund invests at least 80% of its assets in equity securities of foreign issuers. It has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. Teachers Advisors, Inc. ("Advisors") selects individual stocks, and lets the fund's country and regional asset allocations evolve from their stock selection. The fund may invest in emerging markets to varying degrees, depending on the prevalence of stock specific opportunities. 0.00 Port Avg Rel S&P 500 19.16 1.86 3.40 18512.07 Risk Measures as of 03-31-17 0.98 0.68 0.30 0.22 Rel Cat 1.09 0.79 0.41 0.66 Port Avg Rel S&P 500 Rel Cat 13.41 0.98 -0.05 -1.78 81.50 1.29 . -0.05 . . 1.16 1.13 -5.00 2.20 0.94 Morningstar World Regions as of 02-28-17 % Fund Americas 2.63 North America Latin America 2.08 0.54 Greater Europe 63.73 United Kingdom Europe Developed Europe Emerging Africa/Middle East 7.91 55.82 0.00 0.00 ....................................................................................................... Greater Asia 33.64 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 18.33 1.37 1.69 12.25 ....................................................................................................... 58 0 94.00 96.00 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ............................................................................................... ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Large-Cap Value .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value TR USD Large Value QQQQ Above Average Above Average Out of 6763 Large Value VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 10 7,455 QQQQ QQQQ QQQ 22 6,763 11 5,770 19 3,508 Portfolio Analysis Composition as of 02-28-17 % Assets 93.0 6.4 0.0 0.0 0.6 Operations 02-05-08 10-28-02 10-28-02 0.52% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.58% Teachers Advisors LLC . Richard Cutler Athanasios (Tom) Kolefas Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Moderate High Category 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. % Assets 2.91 2.74 2.69 2.28 1.82 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Abbott Laboratories EOG Resources Inc Chevron Corp Mondelez International Inc Class A JPMorgan Chase & Co 1.81 1.79 1.78 1.66 1.58 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Johnson & Johnson Louisiana-Pacific Corp Philip Morris International Inc Pfizer Inc Allergan PLC 1.42 1.41 1.41 1.34 1.29 Cisco Systems Inc Procter & Gamble Co Pinnacle Foods Inc State Street Corp Union Pacific Corp 1.28 1.28 1.22 1.19 1.19 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 174 0 68.00 75.53 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 35.99 Large Medium Small 29.04 22.53 11.80 ........................................................ Micro Statistics Bank of America Corporation Wells Fargo & Co AT&T Inc Goldman Sachs Group Inc Citigroup Inc % Mkt Cap Giant ........................................................ Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the fund invests at least 80% of its assets in large-cap equity securities. It invests primarily in equity securities of large domestic companies, as defined by the fund's benchmark index (the Russell 1000® Value Index), that Teachers Advisors, Inc. ("Advisors") believes appear undervalued by the market based on an evaluation of their potential worth. The fund may invest up to 20% of its assets in foreign investments. 0.63 Port Avg Rel S&P 500 18.01 1.78 9.22 36212.70 Risk Measures as of 03-31-17 0.92 0.65 0.82 0.42 Rel Cat 1.07 0.86 1.02 0.58 Port Avg Rel S&P 500 Rel Cat 11.86 1.07 0.63 -3.48 88.73 1.14 . 0.64 . . 1.06 1.07 1.13 0.84 1.01 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 38.45 r t y u 6.24 7.28 23.90 1.03 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 37.78 i o p a 3.94 12.93 8.48 12.43 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 23.77 s Consumer Defensive d Healthcare f Utilities 9.81 10.56 3.40 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Money Market .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category USTREAS T-Bill Auction Ave 3 Mon Prime Money Market Investment Information Investment Strategy from investment's prospectus % Assets 02-05-08 07-08-03 07-21-03 0.15% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.23% Teachers Advisors LLC . Michael F. Ferraro Joseph P. Rolston Low Ltd Volatility Analysis Low Mod Ext Investment Manager Investment Moderate High Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Morningstar Fixed Income Style Box™ as of 03-31-17 0.0 0.0 0.0 100.0 0.0 Med U.S. Stocks Non-U.S. Stocks Bonds Cash Other High The investment seeks high current income consistent with maintaining liquidity and preserving capital. Prior to October 14, 2016, the fund invests in high-quality, short-term money market instruments. Effective October 14, 2016, the Advisor intends to convert to a "government money market fund" as defined in the applicable rules governing money market funds. Therefore, effective October 14, 2016, the fund will invest at least 99.5% of its total assets in cash, U.S. government securities and/or repurchase agreements that are collateralized fully by cash or U.S. government securities. Portfolio Analysis Composition as of 03-31-17 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. TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. An investment in 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 the Fund. Money Market Fund Disclosure Government Money Market Funds that have chosen not to rely on the ability to impose liquidity fees and suspend redemptions: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. .......................................................................................................................................................................................................... Liquidity Fee: No Redemption Gate: No ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Real Estate Sec .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk FTSE NAREIT All Equity REITs TR Real Estate QQQQQ High Above Average Out of 888 Real Estate VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 22 973 QQQQQ QQQQQ QQQQ 3 888 6 775 9 497 Portfolio Analysis Composition as of 02-28-17 % Assets 95.4 0.9 0.0 3.7 0.0 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 10-28-02 10-28-02 0.57% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.59% Teachers Advisors LLC . David Copp Brendan W. Lee Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Moderate High Category 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. % Assets 4.87 4.85 4.78 4.40 4.20 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Equinix Inc SL Green Realty Corp Equity Residential Prologis Inc Federal Realty Investment Trust 3.98 3.72 3.33 3.24 2.79 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Kilroy Realty Corp Public Storage CyrusOne Inc Equity Lifestyle Properties Inc Essex Property Trust Inc 2.45 2.40 2.35 2.31 2.17 Apartment Investment & Management Co GGP Inc Sun Communities Inc Healthcare Trust of America Inc Hudson Pacific Properties Inc 2.15 2.14 2.08 1.70 1.60 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 54 0 59.00 73.62 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.00 ........................................................ Large Medium Small 41.40 41.03 13.36 ........................................................ Micro Statistics Simon Property Group Inc American Tower Corp Boston Properties Inc Rexford Industrial Realty Inc Crown Castle International Corp % Mkt Cap Giant Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks to obtain a favorable long-term total return through both capital appreciation and current income. The fund invests at least 80% of its assets in the securities of companies that are principally engaged in or related to the real estate industry ("real estate securities"), including those that own significant real estate assets, such as real estate investment trusts ("REITs"). It will invest primarily in equity securities of such companies. The fund is actively managed using a research-oriented process with a focus on cash flows, asset values and Teachers Advisors, Inc.'s belief in management's ability to increase shareholder value. 4.22 Port Avg Rel S&P 500 47.53 2.61 16.60 10856.55 Risk Measures as of 03-31-17 2.43 0.95 1.48 0.13 Rel Cat 1.22 1.05 1.08 0.93 Port Avg Rel S&P 500 Rel Cat 14.22 0.65 0.68 6.17 24.13 1.37 . 0.69 . . 0.98 1.05 1.24 1.33 1.11 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 89.58 r t y u 1.64 0.77 0.00 87.17 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 10.42 ............................................................................................... i o p a Communication Services Energy Industrials Technology 9.46 0.00 0.00 0.96 k Defensive 0.00 s Consumer Defensive d Healthcare f Utilities 0.00 0.00 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Small-Cap Equity .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 TR USD Small Growth QQQQQ High Average Out of 2670 Small Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.63% Teachers Advisors LLC . Adam Cao Pei Chen QQQQ 3 2,670 2 2,300 31 1,478 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other Top 20 Holdings as of 02-28-17 TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Moderate 10 Year QQQQQ 95.9 1.6 0.0 0.8 1.7 Morningstar Equity Style Box™ as of 02-28-17 High Category 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. % Assets % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 0.26 14.54 67.97 Micro 17.23 ........................................................ Value Blend Growth Investment Manager Low 5 Year QQQQQ Small 02-05-08 10-28-02 10-28-02 0.53% 3 Year . 10 2,904 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks a favorable long-term total return, mainly through capital appreciation. The fund normally invests at least 80% of its assets in smallcap equity securities. A small-cap equity security is a security within the capitalization range of the companies included in the fund's benchmark index, the Russell 2000® Index, at the time of purchase. It invests primarily in equity securities of smaller domestic companies across a wide range of sectors, growth rates and valuations. Statistics Port Avg Rel S&P 500 0.99 0.91 0.87 0.87 0.74 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 20.58 2.18 7.83 2343.90 Radian Group Inc EMCOR Group Inc American Equity Investment Life Holding Co Hancock Holding Co Stifel Financial Corp 0.73 0.70 0.68 0.68 0.67 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 15.31 1.18 0.59 -3.03 64.23 1.47 . 0.60 . . 0.96 0.99 1.84 0.42 1.05 CoreSite Realty Corp Essent Group Ltd Evercore Partners Inc A Cathay General Bancorp Southwest Gas Holdings Inc 0.64 0.64 0.64 0.63 0.63 Grand Canyon Education Inc Russell 2000 Mini Mar17 Ifus 20170317 03-17-17 New Residential Investment Corp Array BioPharma Inc McDermott International Inc 0.62 0.62 0.61 0.60 0.60 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 294 0 91.00 54.99 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 1.05 0.80 0.70 0.03 Rel Cat Advanced Micro Devices Inc iShares Russell 2000 Mx12972 Trs Usd P V 01mlibor Us0001m 0 04-05-17 Mx12972 Trs Usd R E Gscbtiny Fulton Financial Corp 0.78 0.65 0.65 0.86 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 43.98 r t y u 6.19 12.14 17.16 8.49 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 37.54 i o p a 1.07 4.31 13.24 18.92 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 18.47 s Consumer Defensive d Healthcare f Utilities 3.20 11.89 3.38 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Soc.Choice Equity .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 3000 TR USD Large Blend QQQQ Above Average Above Average Out of 7478 Large Blend VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 29 8,442 QQQ QQQQ QQQQQ 49 7,478 26 6,425 5 3,999 Portfolio Analysis Composition as of 02-28-17 % Assets 99.2 0.8 0.0 0.0 0.0 Operations 02-05-08 04-03-00 04-03-00 0.22% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.28% Teachers Advisors LLC . Philip James(Jim) Campagna Lei Liao Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Moderate High Category 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. % Assets 2.03 1.87 1.39 1.32 1.25 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Alphabet Inc A Walt Disney Co Merck & Co Inc Cisco Systems Inc PepsiCo Inc 1.24 1.21 1.20 1.17 1.17 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared International Business Machines Corp Intel Corp Coca-Cola Co Amgen Inc Oracle Corp 1.13 1.11 1.02 0.97 0.96 3M Co Mastercard Inc A Bristol-Myers Squibb Company McDonald's Corp US Bancorp 0.92 0.92 0.88 0.86 0.86 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 611 0 21.00 55.06 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 28.23 Large Medium Small 48.40 16.51 4.36 ........................................................ Micro Statistics Microsoft Corp Johnson & Johnson Procter & Gamble Co Verizon Communications Inc Alphabet Inc C % Mkt Cap Giant ........................................................ Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks a favorable long-term total return that reflects the investment performance of the overall U.S. stock market while giving special consideration to certain social criteria. Under normal circumstances, the fund invests at least 80% of its assets in equity securities. The Advisor attempts to achieve the return of the U.S. stock market as represented by its benchmark, the Russell 3000® Index, while investing only in companies whose activities are consistent with fund's environmental, social and governance ("ESG") criteria. 2.50 Port Avg Rel S&P 500 19.84 2.80 10.42 40345.90 Risk Measures as of 03-31-17 1.01 1.02 0.93 0.47 Rel Cat 1.05 1.03 0.94 0.58 Port Avg Rel S&P 500 Rel Cat 10.69 1.01 0.71 -2.82 97.50 1.03 . 0.72 . . 1.00 1.01 1.04 0.95 1.03 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 36.39 r t y u 4.22 11.70 16.63 3.84 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 38.29 i o p a 3.88 5.82 10.01 18.58 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 25.33 s Consumer Defensive d Healthcare f Utilities 8.68 13.75 2.90 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-TIAA-CREF Life Stock Index .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 3000 TR USD Large Blend QQQQQ High Above Average Out of 7478 Large Blend VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 14 8,442 QQQQQ QQQQQ QQQQQ 7 7,478 7 6,425 2 3,999 Portfolio Analysis Composition as of 02-28-17 % Assets 96.3 2.3 0.0 1.4 0.1 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 02-05-08 01-04-99 01-04-99 0.09% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.11% Teachers Advisors LLC . Philip James(Jim) Campagna Lei Liao Top 20 Holdings as of 02-28-17 Investment Manager TIAA-CREF is a national financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields. TIAA-CREF manages accounts in-house to control costs and maintain a consistent investment approach over long time periods. Each of TIAACREF's investment portfolios is managed by a team of professionals that integrates the focused expertise of analysts and researchers with the broad outlook of experienced portfolio managers. TIAA-CREF offers disciplined investment strategies across all asset classes and investment styles. Volatility Analysis Investment Moderate % Assets 2.95 1.90 1.40 1.33 1.32 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) JPMorgan Chase & Co Amazon.com Inc Berkshire Hathaway Inc B Facebook Inc A General Electric Co 1.30 1.29 1.27 1.20 1.08 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Wells Fargo & Co AT&T Inc Bank of America Corporation Alphabet Inc A Alphabet Inc C 1.04 1.01 1.00 0.98 0.96 Procter & Gamble Co Chevron Corp Pfizer Inc Verizon Communications Inc Merck & Co Inc 0.92 0.83 0.81 0.80 0.72 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... High Category 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. Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 2894 0 12.00 389.17 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 41.74 Large Medium Small 30.49 18.93 6.49 ........................................................ Micro Statistics Apple Inc Microsoft Corp S+p500 Emini Fut Mar17 Xcme 20170317 03-17-17 Exxon Mobil Corp Johnson & Johnson % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 02-28-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks a favorable long-term total return, mainly through capital appreciation. The fund normally invests at least 80% of its assets in equity securities of its benchmark index (the Russell 3000® Index). It buys most, but not necessarily all, of the stocks in its benchmark index, and the advisor will attempt to closely match the overall investment characteristics of its benchmark index. The fund is designed to track various U.S. equity markets as a whole or a segment of these markets. It primarily invests its assets in equity securities the Advisors have selected to track a designated stock market index. 2.35 Port Avg Rel S&P 500 19.67 2.63 10.70 49775.57 Risk Measures as of 03-31-17 1.01 0.96 0.96 0.58 Rel Cat 1.04 0.96 0.97 0.71 Port Avg Rel S&P 500 Rel Cat 10.69 1.02 0.85 -1.41 98.64 1.03 . 0.87 . . 1.00 1.02 1.25 0.48 1.04 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 35.31 r t y u 3.40 11.54 16.61 3.76 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 39.48 i o p a 3.70 6.10 11.16 18.52 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 25.21 s Consumer Defensive d Healthcare f Utilities 8.51 13.57 3.13 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Vanguard VIF Capital Growth Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Growth QQQQQ High Below Average Out of 9654 Large Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus The investment seeks to provide long-term capital appreciation. The Portfolio invests in stocks considered to have aboveaverage earnings growth potential that is not reflected in their current market prices. It consists predominantly of large- and mid-capitalization stocks. Morningstar Rating™ Fund Rank Percentile Out of # of Investments 0.36% PRIMECAP Management Company . Alfred W. Mordecai Theo A. Kolokotrones Joel P. Fried M. Mohsin Ansari James M. Marchetti Subadvisor Portfolio Manager(s) 10 Year QQQQQ QQQQQ 6 9,654 1 8,219 2 4,990 % Assets 82.8 10.5 0.0 6.7 0.0 Vanguard is one of the world's largest investment management companies. Whether you are an individual investor, institution, or financial professional, you can benefit from the size, stability, and experience that we offer. Founded May 1, 1975 with the first fund the Wellington Fund (inception date: July 1, 1929). We offer exceptional value, a dedication to outstanding performance, superior service, and low costs. % Assets 6.71 4.62 4.56 4.35 4.25 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Amgen Inc Adobe Systems Inc FedEx Corp Southwest Airlines Co NVIDIA Corp 4.04 3.66 3.58 3.40 2.62 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Roche Holding AG Dividend Right Cert. Alphabet Inc A Alphabet Inc C Charles Schwab Corp JPMorgan Chase & Co 2.58 2.25 2.19 1.99 1.94 Novartis AG ADR Airbus SE American Airlines Group Inc Alibaba Group Holding Ltd ADR Micron Technology Inc 1.85 1.55 1.51 1.44 1.39 ....................................................................................................... ....................................................................................................... ....................................................................................................... Volatility Analysis Investment Moderate High Category 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. ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 99 0 5.00 1,056.80 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 40.19 Large Medium Small 52.89 6.39 0.53 ........................................................ Micro Statistics Top 20 Holdings as of 12-31-16 CMT Market Liquidity Rate Microsoft Corp Biogen Inc Texas Instruments Inc Eli Lilly and Co % Mkt Cap Giant ........................................................ Value Blend Growth Investment Manager Low Morningstar Equity Style Box™ as of 12-31-16 Small Prosp Gross Exp Ratio Advisor 5 Year QQQQQ Large Mid Operations 12-12-14 12-03-02 12-12-14 0.36% 3 Year . 2 10,644 Portfolio Analysis Composition as of 12-31-16 U.S. Stocks Non-U.S. Stocks Bonds Cash Other Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year 0.01 Port Avg Rel S&P 500 18.33 3.50 11.05 72007.40 Risk Measures as of 03-31-17 0.94 1.28 0.99 0.84 Rel Cat 0.79 0.91 0.83 1.07 Port Avg Rel S&P 500 Rel Cat 11.03 1.00 0.97 0.53 88.54 1.06 . 0.99 . . 0.92 0.95 1.43 -0.21 1.06 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 18.44 ............................................................................................... r t y u Basic Materials Consumer Cyclical Financial Services Real Estate 1.78 8.10 8.56 0.00 j Sensitive 57.39 i o p a 1.13 1.57 18.50 36.19 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 24.17 s Consumer Defensive d Healthcare f Utilities 0.11 24.06 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Vanguard VIF Equity Index Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P 500 TR Large Blend QQQQQ High Average Out of 7478 Large Blend VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 28 8,442 QQQQQ QQQQQ QQQQQ 4 7,478 7 6,425 3 3,999 Portfolio Analysis Composition as of 03-31-17 % Assets 98.3 0.9 0.0 0.9 0.0 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 12-12-14 04-29-91 12-12-14 0.15% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.15% Vanguard Group Inc . Scott E. Geiger Donald M. Butler Top 20 Holdings as of 03-31-17 Vanguard is one of the world's largest investment management companies. Whether you are an individual investor, institution, or financial professional, you can benefit from the size, stability, and experience that we offer. Founded May 1, 1975 with the first fund the Wellington Fund (inception date: July 1, 1929). We offer exceptional value, a dedication to outstanding performance, superior service, and low costs. Volatility Analysis Investment High Category 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. 49.99 Large Medium Small 36.52 13.41 0.08 ........................................................ Micro Statistics 0.00 Port Avg Rel S&P 500 3.69 2.49 1.72 1.66 1.65 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Facebook Inc A JPMorgan Chase & Co Berkshire Hathaway Inc B General Electric Co AT&T Inc 1.64 1.53 1.43 1.27 1.25 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 10.41 1.00 0.91 -0.77 100.00 1.00 . 0.93 . . 0.98 1.00 1.34 0.26 1.05 Alphabet Inc A Wells Fargo & Co Alphabet Inc C Bank of America Corporation Procter & Gamble Co 1.23 1.23 1.20 1.16 1.12 Pfizer Inc Chevron Corp Verizon Communications Inc Comcast Corp Class A The Home Depot Inc 1.00 0.99 0.97 0.87 0.87 ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 508 0 7.00 4,618.67 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 19.55 2.74 11.19 85615.80 1.00 1.00 1.00 1.00 Rel Cat Apple Inc Microsoft Corp Amazon.com Inc Exxon Mobil Corp Johnson & Johnson ....................................................................................................... Investment Manager Moderate % Assets % Mkt Cap Giant ........................................................ Value Blend Growth Operations Low Morningstar Equity Style Box™ as of 03-31-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks to track the performance of a benchmark index that measures the investment return of largecapitalization stocks. The Portfolio 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. The advisor 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. 1.03 1.00 1.01 1.23 Morningstar Sectors as of 03-31-17 % Fund h Cyclical 32.36 r t y u 2.90 11.05 16.06 2.35 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 40.84 i o p a 4.10 6.58 10.36 19.80 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 26.80 s Consumer Defensive d Healthcare f Utilities 9.39 14.22 3.19 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Vanguard VIF High Yield Bond Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BBgBarc US Corporate High Yield TR USD High Yield Bond QQQQ Above Average Below Average Out of 2304 High Yield Bond VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 81 2,691 QQQQQ QQQQ QQQQ 5 2,304 15 1,845 20 1,223 Portfolio Analysis Composition as of 12-31-16 % Assets Morningstar Fixed Income Style Box™ as of 12-31-16 Ltd Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 12-12-14 06-03-96 12-12-14 0.28% Prosp Gross Exp Ratio Advisor 0.28% Wellington Management Company LLP . Michael L. Hong Subadvisor Portfolio Manager(s) Top 20 Holdings as of 12-31-16 Investment Manager Vanguard is one of the world's largest investment management companies. Whether you are an individual investor, institution, or financial professional, you can benefit from the size, stability, and experience that we offer. Founded May 1, 1975 with the first fund the Wellington Fund (inception date: July 1, 1929). We offer exceptional value, a dedication to outstanding performance, superior service, and low costs. % Assets First Data 144A 7% 12-01-23 Softbank Grp 144A 4.5% 04-15-20 Sprint 7.875% 09-15-23 Bldg Matls Corp Amer 144A 6% 10-15-25 Calpine 5.75% 01-15-25 0.96 0.85 0.79 0.73 0.72 Hca 6.5% 02-15-20 Nielsen Fin Llc/ Nielsen Fin 144A 5% 04-15-22 Liberty Media 8.25% 02-01-30 Wynn Las Vegas Llc / Wynn 5.375% 03-15-22 Dish Dbs 6.75% 06-01-21 0.69 0.69 0.68 0.68 0.67 Cdw Llc / Cdw Fin 6% 08-15-22 First Data Corp New 144A 5.75% 01-15-24 Videotron Ltee 5% 07-15-22 Chs / Cmnty Health Sys 6.875% 02-01-22 Vwr Funding Inc 144a 04-15-22 0.66 0.63 0.63 0.62 0.62 Aercap Global Aviation Tr 144A FRN 06-15-45 Aes 5.5% 03-15-24 Univision Comms 144A 5.125% 02-15-25 Cemex Sab De Cv 144A 6.125% 05-05-25 Dish Dbs 5.875% 07-15-22 0.61 0.61 0.61 0.60 0.58 ....................................................................................................... ....................................................................................................... Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Low 0.0 0.6 92.8 5.2 1.4 Med U.S. Stocks Non-U.S. Stocks Bonds Cash Other High The investment seeks to provide a high level of current income. The fund invests primarily in a diversified group of highyielding, higher-risk corporate bonds-commonly known as "junk bonds"-with medium- and lower-range credit-quality ratings. It invests at least 80% of its assets in corporate bonds that are rated below Baa. The fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. Mod Ext Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 4.65 0.44 0.79 2.55 7.87 0.00 . 0.00 . . 0.82 1.16 1.88 1.85 1.59 Morningstar Sectors as of 12-31-16 % Fund ⁄ › € ‹ fi ± 0.00 94.63 0.05 0.00 5.32 0.00 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis as of 12-31-16 % Bonds ....................................................................................................... Volatility Analysis Investment Low Moderate High Category 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. AAA AA A BBB BB B Below B Not Rated ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 1 457 27.00 645.28 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 4.47 5.60 5.96 102.16 -100 -50 0 ß 50 ® 100 1 0 0 5 46 37 7 4 Release Date: 03-31-2017 Intelligent Variable Annuity-Vanguard VIF Mid-Cap Index Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P MidCap 400 TR Mid-Cap Blend QQQQ Above Average Above Average Out of 1943 Mid-Cap Blend VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 49 2,306 QQQQQ QQQQ QQQQ 7 1,943 14 1,646 18 912 Portfolio Analysis Composition as of 03-31-17 % Assets 98.9 0.6 0.0 0.5 0.0 Operations 12-12-14 02-09-99 12-12-14 0.19% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.19% Vanguard Group Inc . Donald M. Butler Michael A. Johnson Top 20 Holdings as of 03-31-17 % Assets 0.88 0.79 0.71 0.68 0.65 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Amphenol Corp Class A M&T Bank Corp Lam Research Corp Roper Technologies Inc Incyte Corp 0.63 0.62 0.60 0.60 0.58 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Edwards Lifesciences Corp Concho Resources Inc KeyCorp WEC Energy Group Inc Symantec Corp 0.57 0.55 0.55 0.55 0.54 DTE Energy Co Eversource Energy Autodesk Inc CMT Market Liquidity Rate Moody's Corporation 0.53 0.53 0.52 0.52 0.52 ....................................................................................................... Investment Manager Vanguard is one of the world's largest investment management companies. Whether you are an individual investor, institution, or financial professional, you can benefit from the size, stability, and experience that we offer. Founded May 1, 1975 with the first fund the Wellington Fund (inception date: July 1, 1929). We offer exceptional value, a dedication to outstanding performance, superior service, and low costs. ....................................................................................................... ....................................................................................................... Volatility Analysis Investment Moderate High Category In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies. ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 343 0 21.00 1,601.67 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 0.39 ........................................................ Large Medium Small 11.22 88.34 0.05 ........................................................ Micro Statistics Equinix Inc Electronic Arts Inc Fiserv Inc Western Digital Corp Newell Brands Inc % Mkt Cap Giant Value Blend Growth Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio Low Morningstar Equity Style Box™ as of 03-31-17 Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The Portfolio employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. The advisor 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. 0.00 Port Avg Rel S&P 500 20.44 2.42 10.95 12550.84 Risk Measures as of 03-31-17 1.05 0.88 0.98 0.15 Rel Cat 1.04 1.04 1.19 1.54 Port Avg Rel S&P 500 Rel Cat 11.37 1.03 0.71 -2.50 88.73 1.09 . 0.72 . . 0.95 1.01 1.45 0.54 1.13 Morningstar Sectors as of 03-31-17 % Fund h Cyclical 43.55 r t y u 5.32 16.42 14.33 7.48 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 36.21 i o p a 1.51 4.80 13.43 16.47 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 20.22 ............................................................................................... s Consumer Defensive d Healthcare f Utilities ß ® 6.60 8.66 4.96 Release Date: 03-31-2017 Intelligent Variable Annuity-Vanguard VIF REIT Index Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI US REIT GR USD Real Estate QQQQQ High High Out of 888 Real Estate VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 18 973 QQQQQ QQQQQ QQQQ 5 888 4 775 7 497 Portfolio Analysis Composition as of 03-31-17 % Assets 99.8 0.0 0.0 0.2 0.0 Morningstar Equity Style Box™ as of 03-31-17 % Mkt Cap Giant 0.00 ........................................................ Large Medium Small Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs. The Portfolio employs an indexing investment approach designed to track the performance of the MSCI US REIT Index. The index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs). The advisor attempts to replicate the 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. 33.27 45.44 18.46 ........................................................ Micro Value Blend Growth 2.84 Operations Top 20 Holdings as of 03-31-17 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 12-12-14 02-09-99 12-12-14 0.27% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.27% Vanguard Group Inc . Gerard C. O’Reilly Walter Nejman Vanguard is one of the world's largest investment management companies. Whether you are an individual investor, institution, or financial professional, you can benefit from the size, stability, and experience that we offer. Founded May 1, 1975 with the first fund the Wellington Fund (inception date: July 1, 1929). We offer exceptional value, a dedication to outstanding performance, superior service, and low costs. Volatility Analysis Investment Moderate High Category 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. Statistics 6.53 3.90 3.71 3.31 3.10 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) AvalonBay Communities Inc Ventas Inc Equity Residential Boston Properties Inc Vornado Realty Trust 3.04 2.78 2.75 2.46 2.06 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared Digital Realty Trust Inc Realty Income Corp Essex Property Trust Inc HCP Inc Host Hotels & Resorts Inc 2.05 1.86 1.83 1.77 1.67 GGP Inc Mid-America Apartment Communities Inc SL Green Realty Corp Regency Centers Corp UDR Inc 1.61 1.40 1.31 1.23 1.17 ....................................................................................................... Investment Manager Low % Assets Simon Property Group Inc Public Storage Equinix Inc Prologis Inc Welltower Inc ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 155 0 14.00 1,079.08 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Port Avg Rel S&P 500 37.52 2.21 14.15 10014.53 Risk Measures as of 03-31-17 1.92 0.81 1.26 0.12 Rel Cat 0.96 0.89 0.92 0.86 Port Avg Rel S&P 500 Rel Cat 15.08 0.59 0.64 6.52 17.68 1.45 . 0.65 . . 1.04 0.95 1.16 1.41 0.82 Morningstar Sectors as of 03-31-17 % Fund h Cyclical 98.92 r t y u 0.00 0.40 0.00 98.52 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 1.08 i o p a 0.00 0.00 1.08 0.00 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 0.00 s Consumer Defensive d Healthcare f Utilities 0.00 0.00 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Vanguard VIF Small Company Growth Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark Russell 2500 Growth TR USD Category Overall Morningstar Rating™ Small Growth QQQQQ Morningstar Return Morningstar Risk High Average Out of 2670 Small Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 0.38% ArrowMark Colorado Holdings, LLC (ArrowMark Partners) . James P. Stetler Michael R. Roach Chad Meade Brian A. Schaub Binbin Guo Subadvisor Portfolio Manager(s) QQQQQ 13 2,670 4 2,300 6 1,478 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 91.4 2.1 0.1 6.4 0.0 Morningstar Equity Style Box™ as of 12-31-16 Top 20 Holdings as of 12-31-16 % Assets % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 0.00 29.35 43.71 Micro 26.93 ........................................................ Statistics Port Avg Rel S&P 500 6.28 1.17 1.10 0.98 0.91 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 22.36 3.29 10.08 2219.11 INC Research Holdings Inc A Sally Beauty Holdings Inc Trinet Group Inc Tennant Co Clean Harbors Inc 0.89 0.88 0.88 0.81 0.78 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 15.57 1.23 0.49 -5.01 67.86 1.50 . 0.50 . . 0.98 1.03 1.53 0.69 1.11 CEB Inc LPL Financial Holdings Inc CDW Corp Sensata Technologies Holding N.V. 2U Inc 0.74 0.74 0.73 0.72 0.70 High Brooks Automation Inc Euronet Worldwide Inc LendingTree Inc Heico Corp Class A Grand Canyon Education Inc 0.67 0.67 0.66 0.64 0.63 Category ....................................................................................................... Volatility Analysis Investment In the past, this investment has shown a wide range of price fluctuations relative to other investments. This investment may experience significant price increases in favorable markets or undergo large price declines in adverse markets. Some of this risk may be offset by owning other investments that follow different investment strategies. ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 538 3 91.00 1,486.33 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 1.14 1.20 0.90 0.03 Rel Cat CMT Market Liquidity Rate Cadence Design Systems Inc Abiomed Inc Vanguard Small-Cap Growth ETF ServiceMaster Global Holdings Inc Vanguard is one of the world's largest investment management companies. Whether you are an individual investor, institution, or financial professional, you can benefit from the size, stability, and experience that we offer. Founded May 1, 1975 with the first fund the Wellington Fund (inception date: July 1, 1929). We offer exceptional value, a dedication to outstanding performance, superior service, and low costs. Moderate 10 Year QQQQQ Value Blend Growth Investment Manager Low 5 Year QQQQ Small 12-12-14 06-03-96 12-12-14 0.38% 3 Year . 15 2,904 Portfolio Analysis Composition as of 12-31-16 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks to provide long-term capital appreciation. Under normal circumstances the Portfolio invests at least 80% of its assets primarily in common stocks of small companies. These companies tend to be unseasoned but are considered by the Portfolio's advisors to have superior growth potential. Also, these companies often provide little or no dividend income. It uses multiple investment advisors. 0.85 0.98 0.83 0.81 Morningstar Sectors as of 12-31-16 % Fund h Cyclical 29.60 r t y u 2.64 15.73 8.09 3.14 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 48.25 i o p a 1.26 1.56 20.65 24.78 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 22.15 s Consumer Defensive d Healthcare f Utilities 2.70 19.31 0.14 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Vanguard VIF Total Bond Market Index Portfolio .......................................................................................................................................................................................................................................................................................................................................... Benchmark BBgBarc US Agg Bond TR USD Category Overall Morningstar Rating™ Intermediate-Term Bond QQQQ Morningstar Return Morningstar Risk Above Average Average Out of 4392 Intermediate-Term Bond VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 62 5,166 QQQQ QQQQ QQQQ 13 4,392 25 3,723 17 2,059 Portfolio Analysis Composition as of 03-31-17 % Assets Ltd Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 12-12-14 04-29-91 12-12-14 0.15% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.15% Vanguard Group Inc . William D. Baird Joshua C. Barrickman Top 20 Holdings as of 03-31-17 Investment Manager Vanguard is one of the world's largest investment management companies. Whether you are an individual investor, institution, or financial professional, you can benefit from the size, stability, and experience that we offer. Founded May 1, 1975 with the first fund the Wellington Fund (inception date: July 1, 1929). We offer exceptional value, a dedication to outstanding performance, superior service, and low costs. Volatility Analysis Investment Low Morningstar Fixed Income Style Box™ as of 02-28-17 Moderate High Category 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. % Assets CMT Market Liquidity Rate US Treasury Note 0.875% 05-15-19 FNMA 3% 12-01-46 US Treasury Note 1.375% 09-30-18 US Treasury Note 1.625% 03-15-20 2.10 0.53 0.50 0.49 0.49 US Treasury Note 2.25% 02-15-27 US Treasury Note 1.5% 08-31-18 US Treasury Bond 2.75% 11-15-42 US Treasury Note 1.625% 04-30-19 US Treasury Note 1.875% 03-31-22 0.46 0.45 0.42 0.41 0.41 US Treasury Note 1.25% 03-31-21 US Treasury Note 1.375% 04-30-20 US Treasury Note 3.625% 02-15-20 US Treasury Note 2.375% 08-15-24 GNMA 3% 08-20-46 0.40 0.40 0.39 0.38 0.37 FNMA 3.5% 11-01-45 US Treasury Note 1.5% 01-31-19 US Treasury Note 3.375% 11-15-19 US Treasury Bond 2.875% 11-15-46 US Treasury Note 1% 03-15-19 0.36 0.36 0.36 0.35 0.35 ....................................................................................................... ....................................................................................................... Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Low 0.0 0.0 97.8 2.2 0.0 Med U.S. Stocks Non-U.S. Stocks Bonds Cash Other High 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 Bloomberg Barclays U.S. Aggregate Float Adjusted Index. This index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. At least 80% of its assets will be invested in bonds held in the index. Mod Ext Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 3.11 1.06 0.56 -0.91 99.31 0.00 . 0.00 . . 1.06 1.15 1.87 0.65 1.14 Morningstar Sectors as of 03-31-17 % Fund ⁄ › € ‹ fi ± 43.81 28.43 24.89 0.73 2.14 0.00 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis as of 02-28-17 % Bonds ....................................................................................................... AAA AA A BBB BB B Below B Not Rated ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 0 7920 104.00 3,004.98 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 5.99 8.20 3.14 103.36 -100 -50 0 ß 50 ® 100 68 5 12 15 0 0 0 0 Release Date: 03-31-2017 Intelligent Variable Annuity-VY Clarion Global Real Estate - Cl. I .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P Developed Property TR USD Global Real Estate QQQQ Above Average Above Average Out of 700 Global Real Estate VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 1 Year 3 Year 5 Year 10 Year . 58 798 QQQ QQQ QQQQQ 39 700 23 587 2 314 Portfolio Analysis Composition as of 12-31-16 % Assets 57.6 41.8 0.0 0.5 0.0 Morningstar Equity Style Box™ as of 12-31-16 % Mkt Cap Giant 10.24 Large Medium Small 45.51 40.31 3.94 ........................................................ Small U.S. Stocks Non-U.S. Stocks Bonds Cash Other Large Mid The investment seeks high total return consisting of capital appreciation and current income. The Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. The sub-adviser considers a company to be principally engaged in the real estate industry if the company: (i) derives at least 50% of its total revenue or earnings from owning, operating, developing, constructing, financing, managing, and/or selling commercial, industrial, or residential real estate; or (ii) has at least 50% of its assets invested in real estate. ........................................................ Micro Value Blend Growth 0.00 Operations Top 20 Holdings as of 12-31-16 Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 05-03-10 01-03-06 05-03-10 0.89% Prosp Gross Exp Ratio Advisor Subadvisor Portfolio Manager(s) 0.97% Voya Investments, LLC CBRE Clarion Securities LLC T. Ritson Ferguson Steven D. Burton Joseph P. Smith % Assets 5.18 3.26 3.15 3.10 2.80 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) Welltower Inc Mitsui Fudosan Co Ltd Klépierre AvalonBay Communities Inc Public Storage 2.72 2.68 2.57 2.56 2.53 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared SL Green Realty Corp Digital Realty Trust Inc Unibail-Rodamco SE Mitsubishi Estate Co Ltd Scentre Group 2.45 2.39 2.36 2.34 2.33 Sun Hung Kai Properties Ltd Kimco Realty Corp Host Hotels & Resorts Inc Land Securities Group PLC Regency Centers Corp 2.30 2.24 2.12 2.00 1.81 ....................................................................................................... ....................................................................................................... Investment Manager The successful history of client-focused asset management at ING extends back to 1845 and our roots as a Dutch insurer and commercial bank. As of March 31, 2012, we manage approximately $170 billion of assets for institutions and individual investors worldwide, and we serve as the principal asset manager of ING Group, the global financial services company. With over 3,300 employees and an investment presence in 33 countries across the Americas, Asia-Pacific, Europe and the Middle East, ING Investment Management provides clients with access to domestic, regional and global investment solutions. With an emphasis on active management, our investment mission is to find unrecognized value ahead of consensus. To this end, our portfolio management teams seek original insights on markets and securities and a vision of investment potential that differs from the consensus view. Statistics Simon Property Group Inc Gen Growth Pptys Vornado Realty Trust Prologis Inc Equity Residential Port Avg Rel S&P 500 24.60 1.66 13.73 11550.67 Risk Measures as of 03-31-17 1.06 1.08 1.02 1.14 Port Avg Rel S&P 500 Rel Cat 12.83 0.74 0.28 -0.31 38.38 1.23 . 0.29 . . 1.04 1.01 1.00 0.66 0.93 % Fund Americas 57.94 North America Latin America 57.94 0.00 Greater Europe 15.25 United Kingdom Europe Developed Europe Emerging Africa/Middle East 4.40 10.84 0.00 0.00 ....................................................................................................... Greater Asia 26.81 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 13.79 7.69 5.33 0.00 ....................................................................................................... 77 0 49.00 324.07 ............................................................................................... ............................................................................................... ............................................................................................... Investment Moderate Rel Cat Morningstar World Regions as of 12-31-16 Volatility Analysis Low 1.26 0.61 1.23 0.13 High Category 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Wanger International .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P Global Ex US Small TR USD Foreign Small/Mid Growth QQQQQ High Above Average Out of 199 Foreign Small/Mid Growth VA subaccounts. An investment's overall Morningstar Rating, based on its riskadjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 1.11% Columbia Wanger Asset Management LLC . Louis J. Mendes P. Zachary Egan Subadvisor Portfolio Manager(s) 10 Year QQQQ QQQQQ 26 199 27 183 2 90 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.7 97.3 0.0 0.0 2.0 Morningstar Equity Style Box™ as of 02-28-17 Top 20 Holdings as of 02-28-17 Adherence to the Growth at a Reasonable Price (GARP) style has caused the firm to correctly react to valuation extremes in the market. Experienced team of professionals following a research-driven investment process that blends bottom-up and top-down analysis. Consistent investment process since inception of Columbia Acorn Fund in 1970. Columbia Wanger Asset Management, L.P. is a registered investment adviser and an indirect, wholly owned subsidiary of Bank of America Corporation. CWAM is a part of Columbia Management. Volatility Analysis Investment Moderate High Category 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. % Assets % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 7.85 71.80 19.81 ........................................................ Micro Value Blend Growth Investment Manager Low 5 Year QQQQ Small 02-05-08 05-03-95 02-05-08 1.11% 3 Year . 4 202 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 65% of its net assets in foreign companies in developed markets (for example, Japan, Canada and the United Kingdom) and in emerging markets (for example, China, India and Brazil). Under normal circumstances, the fund invests a majority of its net assets in the common stock of small- and mid-sized companies with market capitalizations under $5 billion at the time of initial investment. Statistics 0.54 Port Avg Rel S&P 500 1.89 1.86 1.81 1.62 1.62 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 20.11 2.67 9.97 2245.01 Halma PLC Elior Group SA Domino's Pizza Enterprises Ltd MTU Aero Engines AG Silergy Corp 1.60 1.55 1.46 1.40 1.38 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 11.40 0.84 0.06 -0.26 83.57 1.10 . 0.06 . . 0.96 0.97 3.00 0.38 1.03 Tikkurila Oyj Hastings Group Holdings PLC Brembo SpA AEON Mall Co Ltd Koh Young Technology Inc 1.37 1.34 1.33 1.31 1.31 Kindred Group PLC Milbon Co Ltd Deutsche Beteiligungs AG Ord Aalberts Industries NV Industria Macchine Automatiche SpA 1.29 1.27 1.25 1.24 1.22 ....................................................................................................... ....................................................................................................... Morningstar World Regions as of 02-28-17 1.03 0.97 0.89 0.03 Rel Cat SimCorp A/S Aurelius Equity Opportunities Se & Co KGaA Rightmove PLC Big Yellow Group PLC Vitasoy International Holdings Ltd 1.05 1.09 1.03 0.73 % Fund Americas 8.66 North America Latin America 7.16 1.51 Greater Europe 47.70 United Kingdom Europe Developed Europe Emerging Africa/Middle East 15.35 30.41 0.53 1.42 ....................................................................................................... Greater Asia 43.63 Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) Japan Australasia Asia Developed Asia Emerging 22.15 2.42 9.16 9.90 ....................................................................................................... 113 0 56.00 533.35 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ............................................................................................... ............................................................................................... ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Wanger Select .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P MidCap 400 TR Mid-Cap Growth QQQ Above Average Above Average Out of 4151 Mid-Cap Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 0.96% Columbia Wanger Asset Management LLC . Matthew S. Szafranski David L Frank Subadvisor Portfolio Manager(s) QQ 14 4,151 19 3,404 64 2,120 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other Top 20 Holdings as of 02-28-17 Adherence to the Growth at a Reasonable Price (GARP) style has caused the firm to correctly react to valuation extremes in the market. Experienced team of professionals following a research-driven investment process that blends bottom-up and top-down analysis. Consistent investment process since inception of Columbia Acorn Fund in 1970. Columbia Wanger Asset Management, L.P. is a registered investment adviser and an indirect, wholly owned subsidiary of Bank of America Corporation. CWAM is a part of Columbia Management. Volatility Analysis Investment Moderate 10 Year QQQQ 92.6 7.4 0.0 0.0 0.0 Morningstar Equity Style Box™ as of 02-28-17 High Category 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. % Assets % Mkt Cap Giant 0.00 ........................................................ Large Medium Small 7.10 72.67 14.87 ........................................................ Micro Value Blend Growth Investment Manager Low 5 Year QQQQ Small 02-05-08 02-01-99 02-05-08 0.76% 3 Year . 5 4,485 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term capital appreciation. Under normal circumstances, the fund (i) invests a majority of its net assets in the common stock of small- and mid-sized companies with market capitalizations under $20 billion at the time of initial investment ("Focus Stocks") and (ii) may also invest in companies with market capitalizations above $20 billion, provided that immediately after that investment a majority of the fund's net assets would be invested in Focus Stocks. Statistics 5.36 Port Avg Rel S&P 500 5.01 4.99 4.78 4.72 4.58 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 24.08 2.89 9.76 6454.25 Westinghouse Air Brake Technologies Corp Jones Lang LaSalle Inc Amerco Inc The Middleby Corp Education Realty Trust Inc 4.49 4.18 4.10 3.85 3.82 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 12.12 0.97 0.61 -2.58 69.74 1.16 . 0.62 . . 0.95 0.93 1.56 0.44 0.95 Axalta Coating Systems Ltd SVB Financial Group Align Technology Inc GoDaddy Inc A Snap-on Inc 3.75 3.68 3.65 3.63 3.63 Lazard Ltd Shs A Natus Medical Inc Ansys Inc Robert Half International Inc Oshkosh Corp 3.20 3.08 2.80 2.72 2.70 ....................................................................................................... ....................................................................................................... ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 32 0 93.00 129.95 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 1.23 1.05 0.87 0.08 Rel Cat Healthsouth Corp Liberty Global PLC Class A Vail Resorts Inc JB Hunt Transport Services Inc LKQ Corp 1.03 0.80 0.75 0.67 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 32.26 r t y u 3.75 11.21 9.30 8.00 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 49.19 i o p a 7.10 0.00 27.18 14.91 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 18.54 s Consumer Defensive d Healthcare f Utilities 0.00 18.54 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Wanger USA .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 2000 TR USD Small Growth QQQQ Above Average Average Out of 2670 Small Growth VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments Prosp Gross Exp Ratio Advisor 1.01% Columbia Wanger Asset Management LLC . William J. Doyle Matthew A. Litfin Subadvisor Portfolio Manager(s) 5 Year 10 Year QQQQ QQQQ QQQQ 13 2,670 25 2,300 26 1,478 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 93.9 5.1 0.0 0.0 1.1 Top 20 Holdings as of 02-28-17 % Assets Investment Moderate High Category 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. Large Medium Small 0.00 31.16 46.65 Micro 22.19 ........................................................ Statistics Port Avg Rel S&P 500 P/E Ratio P/B Ratio P/C Ratio GeoAvgCap ($mil) 24.73 3.45 13.66 2557.00 j2 Global Inc CoStar Group Inc LCI Industries Inc Brunswick Corp WageWorks Inc 1.86 1.78 1.76 1.75 1.74 Risk Measures as of 03-31-17 Port Avg Rel S&P 500 Rel Cat 3 Yr Std Dev 3 Yr Beta 3 Yr Sharpe Ratio 3 Yr Alpha 3 Yr R-squared 14.78 1.13 0.50 -4.19 63.04 1.42 . 0.51 . . 0.93 0.95 1.56 0.58 1.03 Papa John's International Inc Mednax Inc Lakeland Financial Corp First Busey Corp Class A Bio-Techne Corp 1.69 1.68 1.66 1.63 1.61 Cavco Industries Inc OM Asset Management PLC LeMaitre Vascular Inc UniFirst Corp Natus Medical Inc 1.60 1.55 1.51 1.51 1.46 ....................................................................................................... ....................................................................................................... Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 100 0 118.00 673.33 ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 1.26 1.26 1.22 0.03 Rel Cat 2.07 1.99 1.95 1.95 1.87 ....................................................................................................... Volatility Analysis 0.00 ........................................................ Dorman Products Inc Ansys Inc AMN Healthcare Services Inc LegacyTexas Financial Group Inc Toro Co ....................................................................................................... Adherence to the Growth at a Reasonable Price (GARP) style has caused the firm to correctly react to valuation extremes in the market. Experienced team of professionals following a research-driven investment process that blends bottom-up and top-down analysis. Consistent investment process since inception of Columbia Acorn Fund in 1970. Columbia Wanger Asset Management, L.P. is a registered investment adviser and an indirect, wholly owned subsidiary of Bank of America Corporation. CWAM is a part of Columbia Management. % Mkt Cap Giant Value Blend Growth Investment Manager Low Morningstar Equity Style Box™ as of 02-28-17 Small 02-05-08 05-03-95 02-05-08 1.01% 3 Year . 10 2,904 Portfolio Analysis Composition as of 02-28-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year Large Mid The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (including the amount any borrowings for investment purposes) in U.S. companies. It invests a majority of its net assets in the common stock of small- and mid-sized companies with market capitalizations under $5 billion at the time of initial investment. 0.94 1.03 1.13 0.94 Morningstar Sectors as of 02-28-17 % Fund h Cyclical 40.17 r t y u 1.33 20.17 14.51 4.16 ............................................................................................... Basic Materials Consumer Cyclical Financial Services Real Estate j Sensitive 37.80 i o p a 0.00 2.91 15.60 19.29 ............................................................................................... Communication Services Energy Industrials Technology k Defensive 22.03 s Consumer Defensive d Healthcare f Utilities 0.62 21.41 0.00 ............................................................................................... ß ® Release Date: 03-31-2017 Intelligent Variable Annuity-Western Asset Variable Global High Yield I .......................................................................................................................................................................................................................................................................................................................................... Benchmark Category Overall Morningstar Rating™ Morningstar Return Morningstar Risk BBgBarc Global High Yield TR Hdg USD High Yield Bond QQQ Average High Out of 2304 High Yield Bond VA subaccounts. 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 page for details. Investment Information Morningstar Proprietary Statistics Investment Strategy from investment's prospectus Morningstar Rating™ Fund Rank Percentile Out of # of Investments 0.80% Legg Mason Partners Fund Advisor, LLC Western Asset Management Company Pte Ltd S. Kenneth Leech Michael C. Buchanan Timothy J. Settel Paul Shuttleworth Walter E. Kilcullen Ian R. Edmonds Subadvisor Portfolio Manager(s) QQQ 71 2,304 37 1,845 45 1,223 % Assets U.S. Stocks Non-U.S. Stocks Bonds Cash Other 0.6 0.3 89.8 4.0 5.4 Morningstar Fixed Income Style Box™ as of 03-31-17 Ltd Top 20 Holdings as of 03-31-17 Investment Manager At Legg Mason, we've assembled experienced investment management firms and empowered them with the tools, resources and independence to pursue the strategies they know best. Each was chosen for their commitment to investment excellence. Each is focused on specific investment styles. Each exhibits thought leadership. Together, we've built a powerful portfolio of investment solutions. And it has made us a world leader in money management. % Assets Republic Of Turkey 4.25% 04-14-26 Petrobras Intl Fin 6.875% 01-20-40 Russian Fedn 4.875% 09-16-23 Telecom Italia S P A New 144A 5.303% 05-30-24 Petrobras Glbl Fin B V 4.375% 05-20-23 2.30 2.09 1.75 1.70 1.31 Sprint 7.875% 09-15-23 Provincia De Buenos Aires 7.875% 06-15-27 Russian Federation 8.15% 02-03-27 Provincia De Buenos Aires 9.125% 03-16-24 Charter Comms Oper 4.908% 07-23-25 1.31 1.21 1.12 0.97 0.93 Transportadora De Gas Del Per 144 4.25% 04-30-28 US Treasury Note 1.375% 04-30-21 US Treasury Note 1.375% 01-31-21 Neptune Finco 144A 6.625% 10-15-25 Argentina Rep 6.875% 01-26-27 0.90 0.86 0.86 0.70 0.66 Sb Cap Sa FRN 02-26-24 Ziggo Secd Fin B V 144A 5.5% 01-15-27 Numericable Grp Sa 144A 7.375% 05-01-26 Jpmorgan Chase FRN Centene Corp Del 4.75% 01-15-25 0.66 0.65 0.63 0.61 0.60 ....................................................................................................... ....................................................................................................... Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price Mod Investment Moderate High Statistics as of 03-31-17 3 Yr Std Dev Beta Sharpe Ratio Alpha R-Squared Port Avg Rel BC Aggr Rel Cat 6.65 0.25 0.29 1.29 1.25 -0.01 . 0.00 . . 1.17 0.66 0.69 0.93 0.25 Morningstar Sectors as of 03-31-17 % Fund ⁄ › € ‹ fi ± 18.63 76.61 0.59 0.00 2.27 1.90 Government Corporate Securitized Municipal Cash/Cash Equivalents Other Credit Analysis as of 03-31-17 % Bonds ....................................................................................................... Category Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio % Total Fund Assets ($mil) 6 332 98.00 172.06 AAA AA A BBB BB B Below B Not Rated -100 -50 0 50 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. ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. 5.04 7.08 6.37 191.25 Ext ....................................................................................................... Volatility Analysis Low 10 Year QQQ Low Prosp Gross Exp Ratio Advisor 5 Year QQ Med 02-05-08 05-01-98 02-05-08 0.80% 3 Year . 3 2,691 Portfolio Analysis Composition as of 03-31-17 Operations Subaccount Incp Date Undr. Fund Incep Date Subacct Adoption Date Prosp Net Exp Ratio 1 Year High The investment seeks to maximize total return. The fund invests primarily in high yield fixed income securities issued by U.S. and foreign companies and foreign governments and their agencies and instrumentalities. It invests at least 80% of its assets in high yield bonds. The fund may invest without limit in foreign securities denominated either in U.S. dollars or foreign currencies and may invest up to 35% of its assets in sovereign debt issued by emerging market governmental issuers. Its investments may be of any maturity or duration. ß ® 100 0 3 0 5 37 40 11 4 Disclosure Additional Information All investment vehicles are subject to market and other risk factors, which could result in loss of principal.Investment objectives, risks, charges, expenses, and other important information about a portfolio are contained in the prospectus; read it carefully before investing. Prospectus Gross Expense Ratio This is the percentage of fund assets paid for operating expenses and management fees. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal, organizational, professional, registration, shareholder reporting, subadvisor, and transfer agency. The expense ratio does not reflect the fund's brokerage costs or any investor sales charges. In contrast to the net expense ratio, the gross expense ratio does not reflect any fee waivers in effect during the time period. Also known as the Total Annual Fund Operating Expense Ratio, Morningstar pulls the prospectus gross expense ratio from the fund's most recent prospectus. Prospectus expense ratios reflect material changes to the expense structure for the current period. Prospectus Net Expense Ratio This is the percentage of fund assets paid for operating expenses and management fees. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal, organizational, professional, registration, shareholder reporting, subadvisor, and transfer agency. The expense ratio does not reflect the fund's brokerage costs or any investor sales charges. In contrast to the gross expense ratio, the net expense ratio does reflect fee waivers in effect during the time period. Also known as the Total Annual Fund Operating Expense Ratio Net of Reimbursements, Morningstar pulls the prospectus net expense ratio from the fund's most recent prospectus. Prospectus expense ratios reflect material changes to the expense structure for the current period, while annual report expense ratios reflect the actual fees charged during a particular fiscal year. Morningstar Rating™, Return, and Risk The Morningstar Rating™ for funds, or "star rating", is calculated for funds and separate accounts with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The Morningstar Return rates a fund’s performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (- Avg), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated. Morningstar Risk evaluates a fund’s downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated. Morningstar Style Box™ 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 (limited, moderate, or extensive). Credit Analysis Survey: 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. Risk Measures R-squared reflects the percentage of a fund’s movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. Beta is a measure of a fund’s sensitivity to market movements. A portfolio 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). Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk. Standard deviation is a statistical measure of the volatility of the fund’s returns. emerging markets may accentuate these risks. Sector Funds: The lack of industry diversification subjects the investor to increased industry-specific risks. Non-Diversified Funds: Funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments. Small-Cap Funds: Smaller companies typically have a higher risk of failure, and are not as well established as larger bluechip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average. Mid-Cap Funds: The securities of companies with market capitalizations below $10 billion may be more volatile and less liquid than the securities of larger companies. Bond Funds: Bond investments are subject to interest rate risk so that when interest rates rise, the prices of bonds can decrease and the investor can lose principal value. Bonds investing in asset/mortgage-backed securities are subject to prepayment risk, where falling interest rates can cause security prices and income to decline due to early prepayment of principal, as well as extension risk, where rising interest rates can cause securities prices to decline because expected prepayments of principal do not occur. High-Yield Bond Funds: Funds that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the fund, including the possible higher level of volatility and increased risk of default. Commodity-Linked Derivative Funds: Funds that invest in commodity-linked derivative instruments may subject the portfolio to greater volatility than investments in traditional securities, particularly if the investments invoke leverage. Value Funds: Stock selection is based upon the portfolio manager's assessment of fundamentals of the companies that he/she believes to be undervalued. This style of investing may increase the volatility of the portfolio and may not produce the intended results over short or long time periods. Larger, more established companies may not be able to attain higher growth rates of smaller companies, especially during extended periods of economic expansion. Asset Allocation Funds: These funds seek to accomplish dual goals of income and capital appreciation by investing in a variety of securities in different asset classes. Many of these portfolios are structured as a "fund of funds" which is a portfolio that specializes in buying shares of other portfolios rather than individual securities. The "fund of funds" structure may have higher costs than if you invested directly in the underlying portfolios. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products. Intelligent Variable Annuity, contract form series TCL-VA2 is issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017. C32003 Investment Risk Foreign Securities Funds/Emerging Market Funds: Risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in ©2017 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. ß ® Supplemental Information Supplemental Information Glossary 4 Yr earnings growth % Beta Credit analysis A measure of the trailing annualized earningsgrowth record of the stocks in the portfolio. Like Morningstar‘s Price/Earnings and Price/Book ratios, this number is weighted so that larger positions in the portfolio count proportionately more than lesser positions. Stocks with losses during the past four years and those that lack a four-year track record are excluded from this calculation. Morningstar Investment Profiles will not reflect a value if less than 25% of the portfolio’s holdings lack a four-year track record. See Modern Portfolio Theory Statistics. Credit quality can influence the returns of portfolios that invest heavily in bonds. The Credit Analysis graph shows the percentage of fund assets that are invested in each of the major credit ratings, as determined by Standard & Poor’s or Moody’s. Lower-rated credits (also called junk or high-yield bonds) are more risky than higher-rated credits. A Alpha See Modern Portfolio Theory Statistics American Depository Receipts (ADRs) ADRs are securities that represent shares in a foreign company. They are traded on major U.S. stock exchanges and over the counter. Asset base The amount of money that a fund has under management. Frequently called assets or net assets. Bull market A period in which security prices in a given market are generally rising. C Capital appreciation An increase in the share price of a security. This is one of the two primary sources of an investor’s total return. The other primary source is income. Composition A portfolio’s composition will tell you something about its risk level. Funds that hold a large percentage of assets in cash (perhaps 10% or more) usually carry less risk because not all of their holdings are exposed to the market. We use a pie chart to help you see how much of your investment consists of stocks, bonds, or cash. We also show how much of your investment is held in foreign stocks. An index or other standard against which an investment’s performance is measured. A stock fund’s returns are often compared with those of the S&P 500 index. 82 For a U.S.-based investor, the risk that the currency in which a foreign holding is denominated will depreciate relative to the U.S. dollar. In that case, an investor’s profits would suffer when the foreign security was sold and the proceeds from this sale were exchanged for U.S. dollars. Current-coupon bond A bond that is trading at its face value or par because it is paying a market-level rate of interest. D Concentrated portfolio Debt A portfolio that is limited to relatively few securities or industries although its manager can invest in a diversified universe. Another term for a bond or fixed-income security. B Benchmark Currency risk Country weightings The returns of international investments will be affected by the performance of the international markets in which they invest. Consequently, you will want to know which countries your investment is most exposed to. The Morningstar Investment Profile shows the percentage of assets invested in each of an international investment’s five largest country positions. Derivative A security that has been crafted from an existing asset or security. Derivatives’ value (and investors’ returns) derive from the value of the underlying asset or security. Examples of equity derivatives include futures contracts and options. CMOs and mortgage-backed securities are examples of fixed-income derivatives. Diversification Diversification is essentially the opposite of “keeping all your eggs in one basket”. If you own just one investment, you’ll have a limited amount of diversification. By owning several investments, particularly mutual funds that follow different investment strategies and hold different types of assets, you can lower your portfolio’s overall risk. Diversification works because if one investment if out of favor, another that invests in different companies or financial markets may continue to do well. The investor who owns both funds will do better than the investor who only owns the struggling investment. Because most investments hit rocky patches sooner or later, your best protection against adverse market movements is a diversified portfolio. One way to build a diversified portfolio, you can combine investments with different risk levels. For example, investors who can accept a moderate level of risk might include 20% of assets in high-risk investments, 60% of assets in moderate-risk investments, and 20% of assets in low-risk investments. Even the portfolio of someone with a low risk tolerance might include a 10% stake in high-risk investments and a 30% stake in moderate-risk investments. The exact tuning of your portfolio is up to you. Dividend A distribution of a portion of a company’s earnings to its stockholders. Older, larger, and more-established companies are the ones most likely to pay dividends. Young, growing companies often need to reinvest all of their profits into their businesses, and thus don’t pay out dividends to investors. Duration Duration is a measure, expressed in years, of a bond or bond fund’s sensitivity to interest-rate movements. Generally speaking, a one-percentage-point move in interest rates will cause an opposite move in a bond’s price roughly equal to the bond’s duration. Therefore, a bond with a five-year duration would incur a 5% loss if interest rates moved up 1%. E Equity Another term for stock, which is issued by a corporation and trades on an exchange. These bonds are much more sensitive to the economic cycle than are high-quality securities, but they offer much higher coupons (interest payments), or yield, in return to investors who take on the added risk. Expense ratio The percentage of fund assets paid for operating expenses and management fees. Sales charges are not included in the expense ratio. F Fixed-income security Another term for a bond or debt security. G Geometric average cap Morningstar defines the overall “size” of a stock fund’s portfolio as the geometric mean of the market capitalization for all of the stocks it owns. It’s calculated by raising the market capitalization of each stock to a power equal to that stock’s stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as geometric average cap. I Income Payment to an investor of a dividend from a stock or of interest on a bond. Income is one of the two sources of total return, the other being capital appreciation. Index As a noun, index refers to a benchmark, such as the S&P 500, that is used to measure a fund’s performance. As a verb, it refers to the practice of buying and holding the securities that compose an index, or securities that are representative of an index. Inflation risk This term refers to the probability that a general rise in consumer prices will erode the buying power of dollars paid back to investors in the future. This risk is especially relevant for longer-term investors. Interest-rate risk Growth There are two common uses of the word growth in the investment industry. In the first sense, growth refers to an increase in a firm’s profits or sales. In the second sense, growth refers to a style of investing in which managers seek firms with rapidly increasing profits or sales, often paying little attention to the prices they pay for such stocks. Interest-rate risk represents vulnerability to changes interest rates. When interest rates rise, the prices of bonds and other income-oriented securities drop. The longer the duration for a bond or fund, the greater its interest-rate risk. Investment-grade bonds A bond that carries a Standard & Poor’s rating of BBB or a Moody’s rating of BAA or better. H High-yield bond Also referred to as a junk bond, this is a fixedincome security that has a credit rating of less than BBB, as measured by Standard & Poor’s, or BAA as measured by Moody’s. L Large cap For domestic companies, a firm of the 250 largest ones. For international companies, a firm in excess of $5 billion assets. A large-cap fund has a median market capitalization of greater than that of the 250th largest stock. 83 M Manager The person who determines which investments belong in a portfolio. Market capitalization The value of a company based on the current selling price of its stock and the number of shares it has issued. Market capitalization equals the number of shares issued multiplied by the share price. Market risk The risk posed by movements in the stock or bond market. Investments that act the most like these markets (as measured by r-squared and beta) have the greatest market risk, while investments that are weakly linked to the broader markets have the least market risk. Mid-cap (also Medium cap) For domestic companies, a firm with the market capitalization of between 250th largest and 1,000th largest stock. For international companies, a firm with market capitalization of $1 billion to $5 billion. A mid-cap fund has a portfolio with a median market capitalization of between 250th largest and 1,000th largest stock. Modern Portfolio Theory statistics (MPT) Alpha, beta, and r-squared are components of Modern Portfolio Theory, a set of academic methods for assessing the risk of a fund, relative to a benchmark. The three statistics should be used in combination with each other. The passage below explains how the statistics are calculated. Alpha: Alpha measures the difference between a fund’s actual returns and its expected performance, given its level of market-related risk (as measured by beta). A positive alpha figure indicates the fund has performed better than its beta would predict. 84 Beta: Beta is a measure of a fund’s sensitivity to market movements, as defined by a benchmark index. It measures the relationship between an investment’s excess return over 90-day Treasury-bills and the excess return of the benchmark index. By definition, the beta of the benchmark is 1.00. A fund with a 1.10 beta has performed 10% better than its benchmark index (after deducting the T-bill rate) in up markets, and 10% worse in down markets, assuming all other factors remain constant. A beta of 0.85 indicates that the fund has performed 15% worse than the index in up markets, and 15% better in down markets. A low beta does not imply that the fund has a low level of volatility; rather, it means only that the fund’s market-related risk is low. N Net Asset Value (NAV) A fund’s share price. O Operations and expenses An investment’s expense ratio is the percentage of assets deducted each fiscal year for fund operational costs, including management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. Low-cost investments generally have an edge over higher-priced ones. P R-squared: R-squared figures range from 0 to 100, and reflect the percentage of a fund’s movements that are explained by movements in its benchmark index. An r-squared of 100 means that all movements of a fund are explained by movements in the index. Thus, index funds that invest only in S&P 500 stocks often have an r-squared very close to 100. Conversely, a low r-squared indicates that very few of the fund’s movements are explained by movements in its benchmark index. R-squared is used to determine the significance of a particular beta or alpha. Generally, a higher r-squared will indicate a more reliable beta figure. Money-market fund A fund that invests exclusively in short-term securities, such as Treasury bills, certificates of deposit, and commercial paper. The maximum average maturity of these funds, which are among the safest but leastprofitable investments available, is generally 120 days. Premium bond A bond that sells for a price greater than its face value, usually because the bond pays a rate of interest greater than the market’s. A bond that has a face value of $1,000 and sells for $1,025 has a 2.5% premium. Price/book ratio (P/B) This figure relates a stock’s share price to its per-share book value (the net value of the company’s assets under generally accepted accounting principles). The ratio, also called a multiple, is usually expressed as a whole number, and can be thought of as the price an investor pays for $1.00 of the company’s book value. Growth-style managers, who buy the stocks of fast-growing companies, are usually not concerned about P/B ratios. Valuestyle managers, on the other hand, often look for low-P/B stocks, which they believe may be underpriced relative to the value of their assets. Price/earnings ratio (P/E) This figure relates a company’s stock price to its per-share earnings. The ratio, also called a multiple, is usually expressed as a whole number, and can be thought of as the price an investor pays for each $1.00 of the company’s earnings. Often, managers are willing to buy stocks with a high P/E ratio when they believe that the company will experience significant earnings growth in the future. Principal The face value of a bond that its owner receives at maturity. The term also refers to the amount invested in a fund or security, independent of any earnings on the investment. For domestic-stock funds, sector weightings provide another avenue into understanding the relative riskiness of different investment strategies. If a fund’s sector allocation is similar to the overall market-as measured by the S&P 500 index-then the fund manager is likely following a conservative style. If management heavily overweights individual sectors by owning two or three times as much as the S&P 500 holds, then the fund’s strategy typically takes on more risk. Prospectus objective Indicates a particular fund’s investment goals, based on the wording in a fund’s prospectus. Security R Standard & Poor’s 500 Index (S&P 500) Real Estate Investment Trust (REITs) A company that invests in multiple real-estate properties. REITs trade on major stock exchanges, and are held by many mutual funds. This term can refer to any financial asset, including stocks, bonds, and derivative issues. Turnover ratio A proxy for how frequently a manager trades his or her portfolio. V Volatility Although volatility and risk are closely related, the volatility measure is different from the Morningstar risk measure (a component of the star rating) shown at the top of each page. The risk measure compares a fund with other funds in its star rating group, while the volatility measure shows where the fund ranks relative to all mutual funds. A collection of 500 large, widely held stocks used as a measure of stock-market performance. The 500 stocks in the index include 400 industrial companies, 20 transportation firms, 40 financial companies, and 40 public utilities. Regional exposure The percentage of assets a fund has invested in the various regions of the world. Regional exposure is a major determinant of the return of world and foreign funds. S Small-cap For domestic companies, a firm with a market capitalization of less than that of the 1,000th largest stock. For international companies, a firm with less than $1 billion. A small-cap fund has a median market capitalization of less than that of 1,000th largest stock. Sector weightings Morningstar determines how much of each investment is held in each of the 10 major industrial sectors, which are listed on your Investment Profile page in order from least risky (utilities) to most risky (technology). T Top holdings A mutual fund’s top holdings show which securities (stocks or bonds) will have the most influence on the fund’s returns. The percentage of assets each holding claims in the portfolio provides an indication of the fund’s riskiness. Conservative managers will usually devote no more than 3% to 4% of the fund’s total assets to their favorite stocks. More-daring managers may allocate 7%, 8%, or an even greater percentage of assets to their top picks. The total weighting of the top five holdings is also a measure of a manager’s daring. Those who restrict the total amount of the top five holdings to 15% of assets or less are generally conservative, while those who devote more than 25% may be considered aggressive. Total return The combined profits of a fund, including undistributed capital gains, capital appreciation, capital gains, and ordinary income. 85 Supplemental Information Alphabetical Index Investment Category Calamos Growth & Income Allocation—70% to 85% ClearBridge Variable Aggressive Grwth - Cl. I Large Growth ClearBridge Variable Small Cap Grwth - Class I Credit Suisse Trust-Commodity Return Page Investment Category 12 PVC MidCap Account Mid-Cap Growth 51 13 Royce Cap Fund Micro-Cap - Inv. Class Small Blend 52 Small Growth 14 Royce Cap Fund Small-Cap - Inv. Class Small Value 53 Commodities Broad Basket 15 T. Rowe Price Health Sciences Port Health 54 T. Rowe Price Limited Term Bond Short-Term Bond 55 Strategy Portfolio Page Delaware VIP Diversified Income Intermediate-Term Bond 16 Templeton Developing Markets VIP Fund Diversified Emerging Mkts 56 Delaware VIP International Equity Foreign Large Value 17 TIAA-CREF Life Balanced Allocation—30% to 50% 57 Delaware VIP Small Cap Value Small Value 18 TIAA-CREF Life Bond Intermediate-Term Bond 58 DFA VA Global Bond World Bond 19 TIAA-CREF Life Growth & Income Large Growth 59 DFA VA Global Moderate Allocation World Allocation 20 TIAA-CREF Life Growth Equity Large Growth 60 DFA VA International Small Foreign Small/Mid Blend 21 TIAA-CREF Life International Equity Foreign Large Growth 61 DFA VA International Value Foreign Large Value 22 TIAA-CREF Life Large-Cap Value Large Value 62 DFA VA Short-Term Fixed Ultrashort Bond 23 TIAA-CREF Life Money Market Prime Money Market 63 DFA VA US Large Value Large Value 24 TIAA-CREF Life Real Estate Securities Real Estate 64 DFA VA US Targeted Value Small Value 25 TIAA-CREF Life Small-Cap Equity Small Growth 65 Franklin Income VIP Fund Allocation—30% to 50% 26 TIAA-CREF Life Social-Choice Equity Large Blend 66 Franklin Mutual Shares VIP Fund Allocation—85% + Equity 27 TIAA-CREF Life Stock Index Large Blend 67 Franklin Small-Mid Cap Growth VIP Fund Mid-Cap Growth 28 Vanguard VIF Capital Growth Large Growth 68 Janus Aspen Forty - Inst. Shares Large Growth 29 Vanguard VIF Equity Index Large Blend 69 Janus Aspen Overseas - Inst. Shares Foreign Large Blend 30 Vanguard VIF High Yield Bond High Yield Bond 70 Janus Aspen Perkins Mid Cap Value - Inst. Mid-Cap Value 31 Vanguard VIF Mid-Cap Index Mid-Cap Blend 71 JHVIT Emerging Markets Value NAV Diversified Emerging Mkts 32 Vanguard VIF REIT Index Real Estate 72 Matson Money Fixed Income VI Portfolio Short-Term Bond 33 Vanguard VIF Small Co Gr Small Growth 73 Matson Money International Equity VI Portfolio Foreign Small/Mid Value 34 Vanguard VIF Total Bond Mkt Idx Intermediate-Term Bond 74 Matson Money U.S. Equity VI Portfolio Mid-Cap Value 35 VY Clarion Global Real Estate - Cl. I Global Real Estate 75 MFS Global Equity - Initial Class World Stock 36 Wanger International Foreign Small/Mid Growth 76 MFS Growth - Initial Class Large Growth 37 Wanger Select Mid-Cap Growth 77 MFS Investors Growth Stk - IC Large Growth 38 Wanger USA Small Growth 78 MFS Utilities - Initial Class Utilities 39 Western Asset Variable Global High Yield - Cl. I High Yield Bond 79 Neuberger Berman AMT Large Cap Value Large Value 40 Neuberger Berman AMT M/C Intrinsic Val Mid-Cap Value 41 PIMCO VIT All Asset Portfolio Tactical Allocation 42 PIMCO VIT Commodity Real Return Commodities Broad Basket 43 PIMCO VIT Emerging Markets Bond Portfolio Emerging Markets Bond 44 PIMCO VIT Global Bond Portfolio World Bond 45 PIMCO VIT Real Return Portfolio Inflation-Protected Bond 46 PSF Jennison 20/20 Focus - Cl. II Large Growth 47 PSF Natural Resources - Class II Natural Resources 48 PSF Value - Class II Large Value 49 PVC Equity Income Account Large Value 50 Strategy Portfolio 86 March 2017 | TIAA-CREF Life Insurance Company Quarterly Investment Guide for The Intelligent Variable Annuity® Investment products, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products. Intelligent Variable Annuity, contract form series TCL-VA2 is issued by TIAA-CREF Life Insurance Company (TIAA Life), a wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA). Both TIAA and TIAA Life are headquartered at 730 Third Avenue, New York, NY 10017. Each of the foregoing is solely responsible for its own financial condition and contractual obligations. This product may not be available in all states. Please call us for details. ©2017 TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017 C31999 141015899 This material must be preceded or accompanied by a current product and underlying fund prospectus. Additional copies of the prospectuses can be obtained by calling 877-694-0305 or by visiting TIAA.org/prospectuses. A13828-IVA (03/17) Data and Analyst Reports provided by Morningstar, Inc.