Release date 07-31-2018 Page 1 of 12 Portfolio Comparison Report Portfolio A: Portfolio B: Benchmark:S&P 500 TR USD (USD) Benchmark:S&P 500 TR USD (USD) The following pages take a detailed look at the differences in the stock and bond exposures between investments in the selected portfolios. This report uses the benchmark shown as a point of comparison between the portfolios in the Stock Sector Analysis, Regional Exposure, Historical Returns and Portfolio Statistics sections. Asset Mix Comparison Asset Mix Comparison Asset Allocation Portfolio Portfolio Portfolio Bmark Asset Allocation Portfolio Portfolio Portfolio Bmark Net % Long % Short % Net % Net % Long % Short % Net % Cash 6.05 6.05 0.00 0.00 Cash 19.40 19.40 0.00 0.00 US Stocks 71.10 71.10 0.00 99.19 US Stocks 69.80 100.10 30.30 99.19 Non-US Stocks 22.85 22.85 0.00 0.81 Non-US Stocks 0.14 0.20 0.06 0.81 Bonds 0.00 0.00 0.00 0.00 Bonds 0.00 0.00 0.00 0.00 Other 0.00 0.00 0.00 0.00 Other 10.67 10.67 0.00 0.00 -100 -50 0 50 100 Total 100.00 100.00 0.00 100.00 -100 -50 0 50 100 Total 100.00 130.36 30.36 100.00 The Asset Mix graph and table show how assets in each portfolio are allocated among asset classes. Morningstar® Style BoxTM Analysis Morningstar® Style BoxTM Analysis Equity Style Fixed-Income Style Equity Style Fixed-Income Style Large Large High High 0 0 1 8 15 22 Med Med Mid Mid 0 1 14 15 12 24 Small Small Low Low 5 17 62 4 0 0 Value Blend Growth Ltd Mod Ext Value Blend Growth Ltd Mod Ext 0-10 10-25 25-50 >50 0-10 10-25 25-50 >50 0-10 10-25 25-50 >50 0-10 10-25 25-50 >50 The Equity Style box shows how the investments are classified in terms of the size of the companies (large, medium, and small) and their price characteristics (value, core, and growth). The Fixed-Income Style box shows how bond holdings are classified in terms of their credit quality (high, medium, and low) and the duration of the bonds (short, intermediate, and long). Note the percentages may not add up to 100% as your holdings may own other types of investments such as cash. Sector Weightings Sector Weightings Stock % Bmark % Stock % Bmark % h Cyclical 23.09 32.84 h Cyclical 43.52 32.84 r Basic Materials 0.77 2.42 r Basic Materials 8.89 2.42 t Consumer Cyclical 11.05 11.77 t Consumer Cyclical 9.48 11.77 y Financial Services 9.97 16.37 y Financial Services 11.63 16.37 u Real Estate 1.30 2.28 u Real Estate 13.52 2.28 j Sensitive 50.92 42.56 j Sensitive 19.37 42.56 i Communication Services 0.00 3.25 i Communication Services 1.82 3.25 o Energy 2.62 6.23 o Energy 0.00 6.23 p Industrials 15.64 10.49 p Industrials 4.76 10.49 a Technology 32.66 22.59 a Technology 12.79 22.59 k Defensive 25.99 24.60 k Defensive 37.11 24.60 s Consumer Defensive 9.30 7.31 s Consumer Defensive 11.67 7.31 d Healthcare 16.69 14.39 d Healthcare 16.27 14.39 f Utilities 0.00 2.90 f Utilities 9.17 2.90 Not Classified 0.00 0.00 Not Classified 0.00 0.00 Drilling down past the fund level, the Sector Analysis summarizes the stock allocation of the investments across 11 sectors. ©2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 07-31-2018 Page 2 of 12 Portfolio Comparison Report Portfolio A: Portfolio B: Benchmark:S&P 500 TR USD (USD) Benchmark:S&P 500 TR USD (USD) Regional Exposure Regional Exposure % of Assets Stock % Bmark % % of Assets Stock % Bmark % Greater Europe 7.48 0.37 Greater Europe 0.00 0.37 United Kingdom 2.93 0.04 United Kingdom 0.00 0.04 Europe-Developed 1.96 0.27 Europe-Developed 0.00 0.27 Europe-Emerging 0.00 0.06 Europe-Emerging 0.00 0.06 Africa/Middle East 2.59 0.00 Africa/Middle East 0.00 0.00 Americas 78.21 99.19 Americas 99.80 99.19 North America 78.21 99.19 North America 99.80 99.19 Latin America 0.00 0.00 Latin America 0.00 0.00 Greater Asia 14.31 0.43 Greater Asia 0.20 0.43 Japan 7.91 0.00 Japan 0.00 0.00 Australasia 0.00 0.00 Australasia 0.00 0.00 Asia-Developed 0.74 0.06 Asia-Developed 0.00 0.06 Asia-Emerging 5.66 0.37 Asia-Emerging 0.20 0.37 Not Classified 0.00 0.00 Not Classified 0.00 0.00 Investing overseas can provide valuable diversification. The Regional Exposure table helps you review the general location of the geographical distribution of stocks in each portfolio. Trailing Returns 07-31-2018 Trailing Returns 07-31-2018 3 Mo % 1 Yr % 3 Yr % 5 Yr % 10 Yr % 3 Mo % 1 Yr % 3 Yr % 5 Yr % 10 Yr % Pre-Tax Port Ret 11.85 34.35 17.71 14.81 11.89 Pre-Tax Port Ret 1.34 9.74 — — — Benchmark Return 6.87 16.24 12.52 13.12 10.67 Benchmark Return 6.87 16.24 — — — +/- Bmark Ret 4.98 18.11 5.19 1.69 1.22 +/- Bmark Ret -5.53 -6.50 — — — The Trailing Returns table shows the trailing returns of the portfolios over the periods shown. For comparison purposes, the return relative to the benchmark is shown as well. Risk and Return Statistics Risk and Return Statistics 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr Portfolio Bmark Portfolio Bmark Portfolio Bmark Portfolio Bmark Portfolio Bmark Portfolio Bmark Standard Deviation 13.71 10.26 13.89 9.71 18.92 14.72 Standard Deviation — — — — — — Mean 17.71 12.52 14.81 13.12 11.89 10.67 Mean — — — — — — Sharpe Ratio 1.31 1.19 1.11 1.35 0.72 0.78 Sharpe Ratio — — — — — — The Risk and Return Statistics table shows the pre-tax return, standard deviation, and Sharpe ratio of each portfolio. Modern Portfolio Theory Statistics Modern Portfolio Theory Statistics 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Alpha 6.37 3.68 0.79 Alpha — — — Beta 0.88 0.86 1.10 Beta — — — R-Squared 43.58 36.60 72.87 R-Squared — — — The MPT Statistics table shows investment statistics for each portfolio. Portfolio-Level Performance Disclosure The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing. ©2018 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.