Vanguard Wellington Fund (Admiral Shares) · Vanguard Wellington Fund (Admiral Shares) Category:...

As of March 31, 2015 Balanced/Asset Allocation Investment

Vanguard Wellington Fund (Admiral Shares)

Category: Moderate AllocationModerate-allocation funds seek to provideboth capital appreciation and income byinvesting in three major areas: stocks,bonds, and cash. These funds tend to holdlarger positions in stocks thanconservative-allocation funds. Thesefunds typically have 50% to 70% of assetsin equities and the remainder in fixedincome and cash.

What is the investment’s strategy?The investment seeks to provide long-termcapital appreciation and moderate currentincome. The fund invests 60% to 70% of itsassets in dividend-paying and, to alesser extent, non-dividend-payingcommon stocks of established largecompanies. The remaining 30% to 40% of thefund’s assets are invested mainly in fixedincome securities that the advisorbelieves will generate a moderate level ofcurrent income. These securities includeinvestment-grade corporate bonds, withsome exposure to U.S. Treasury andgovernment agency bonds, and mortgage-backed securities.

Other ConsiderationsFunds that invest in bonds are subject tointerest-rate risk. Interest rate increasescan cause the price of a debt security todecrease. The issuer of a debt security maynot make timely interest payments or mayfail to pay the principal upon maturity. Adebt security might be redeemed prior tomaturity and thus deny the Fund the fullbenefit of the investment. Mid-capitalization companies are generally lessestablished and their stocks may be morevolatile and less liquid than the securitiesof larger companies.

Other InformationExpense Ratio (gross) **: 0.18% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 05/14/2001Total Fund Assets($mil): 66742.63Ticker: VWENX

Portfolio Manager(s)John C. KeoghEdward P. Bousa

Management Company: Wellington ManagementCompany LLP. Telephone: 800-662-7447

Portfolio Snapshot as of 12/31/2014 ^

Portfolio CompositionNet %

Cash 1.95Stocks* 64.28Bonds 33.01Other 0.77*Foreign Stock 7.76(% of stocks)

Industry Sectors as of 12/31/2014 ^

Long %Cyclical 29.44Basic Materials 1.25Consumer Cyclical 6.69Financial Services 21.24Real Estate 0.26

Defensive 30.87Consumer Defensive 6.81Healthcare 20.72Utilities 3.34

Sensitive 39.70Communication Services 5.03Energy 9.12Industrials 12.24Technology 13.31

Total Number of Stock Holdings 95Total Number of Bond Holdings 1511Annual Turnover Ratio % 71

Top Ten Holdings as of 12/31/2014 ^

% of Assets

Wells Fargo & Co 2.42Microsoft Corp 1.78Merck & Co Inc 1.78Comcast Corp Class A 1.68JPMorgan Chase & Co 1.60

Exxon Mobil Corporation 1.56Verizon Communications Inc 1.55Chevron Corp 1.46CVS Health Corp 1.37ACE Ltd 1.25

Morningstar Style Box ™

Large

Medium

Value Blend Growth

Small

Morningstar Rating*

✭✭✭✭✭ Overall 1

✭✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭✭✭ 10 Year 4

Out of 787 Moderate Allocation Funds1




Past performance is noguarantee of future results.

* For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthlyperformance (including the effects of sales charges, loads, and redemption fees), placing moreemphasis on downward variations and rewarding consistent performance. The top 10% of funds in eachcategory receive five stars, then next 22.5% receive four stars, the middle 35% receive three stars,the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall MorningstarRating™ for a fund is derived from a weighted average of the performance figures associated with itsthree-, five- and 10-year (if applicable) Morningstar Rating™ metrics.

Average Annual Total Returns as of 03/31/2015YTD 1Year 3Year 5Year 10Year Since

Inception

Vanguard Wellington Admiral 0.86% 8.27% 11.61% 10.72% 8.22% -- Moderate Allocation Average 1.81 6.19 9.45 8.97 6.26 -- Dow Jones 60% U.S. Portfolio I 2.80 9.58 11.60 11.22 7.76 --

Performance data quoted represents past performance. Past performance is no guarantee offuture results. Due to market volatility, current performance may be less or higher than thefigures shown. Investment return and principal value will fluctuate so that upon redemption,shares may be worth more or less than their original cost. Performance data does not reflectdeduction of redemption fee, which, if such fee exists, would lower performance. For currentto the most recent month-end performance information, please log ontomylife.newyorklife.com or call a New York Life representative at (800) 294-3575.

PerformanceHypothetical Growth of $10,000 Vanguard Wellington Admiral $ 21,932

Dow Jones 60% U.S. Portfolio I $ 20,761

10,000

15,000

20,000

3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15

Volatility AnalysisBest 3-month Period Mar. 09-May. 09 18.21%Worst 3-month Period Sep. 08-Nov. 08 -20.32%

▼Investment

▲Category

Low Moderate High

This investment has shown a relatively small range of price fluctuations in the past.Based on this measure, currently more than two thirds of all mutual funds with three-year histories have shown higher levels of risk.

** Expense ratio (gross) does not include fee waivers or expense reimbursements which result in lower actual cost to the investor.

^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities that the fund has boughtand diversity of areas in which the fund may invest and may not be representative of the fund’s current or future investments. The top ten holdings do not includemoney market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund’s entire investment portfolio, and maychange at any time.

Moderate Allocation Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarModerate Allocation category.

The Dow Jones 60% U.S. Portfolio Index is a weighted average of other stock, bond, and cash indexes. It is reconstructed monthly and represents 60% of the risk ofthe U.S. equities market. The equities position (which is close to 60% of the portfolio) is constructed by equally weighting six Dow Jones U.S. Style Indexes(Large Growth, Large Value, Mid Growth, Mid Value, Small Growth and Small Value). The bond and cash position (which is close to 40% of the portfolio) is composedof various Barclays Capital U.S. fixed income indexes.

Fund data, Style Box and Rating © 2011 Morningstar, Inc. All Rights reserved. This information: (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 responsiblefor any damages or losses arising from the use of this information.

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany NJ, 07054

Please log onto mylife.newyorklife.com or call a New York Life representative at (800) 294-3575 for a prospectus, and, if available, a summary prospectus.Investors are asked to consider the investment objectives, risks, charges and expenses of the investment carefully before investing. The prospectus, and, ifavailable, a summary prospectus, contains this and other information about the investment company. Please read the prospectus, and, if available, a summaryprospectus, carefully before investing.


Vanguard Target Retirement 2010 Trust II

What is the investment’s strategy?Vanguard Target Retirement 2010 Trust IIseeks to provide capital appreciation andcurrent income consistent with its currentasset allocation. The trust invests inVanguard mutual funds using an assetallocation strategy designed for investorsplanning to retire and leave the workforcein or within a few years of 2010 (thetarget year). The trust’s asset allocationwill become more conservative over time.Within seven years after 2010, the trust’sassetallocation should resemble that ofthe Target Retirement Income Trust II.

Other ConsiderationsThe target date in a target date fund isthe approximate date an investor plans tostart withdrawing money. The fundsgenerally shift to a more conservativeinvestment mix over time. Earnings andprincipal value are not guaranteed at anytime including the target date. Small andmid-cap stocks are often more volatile thanlarge-cap stocks. Growth stocks may bemore volatile than other stocks because theyare generally more sensitive to investorperceptions and market moves. The principalrisk of investing in value funds is that theprice of the security may not approach itsanticipated value. Foreign securities can besubject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, political andeconomic instability, less publiclyavailable information, and changes in tax orcurrency laws or monetary policy. Theserisks are likely to be greater for emergingmarkets than in developed markets. Fundsthat invest in bonds are subject to interestrate risk and can lose principal value wheninterest rates rise. The principal value ofthe fund is not guaranteed at any time,including at the target date. The fund is acollective investment fund and is privatelyoffered. Therefore information on thisinvestment is not available in localpublications.

Other InformationExpense Ratio (gross) **: 0.11% of fund assetsFund Inception Date: 02/29/2008

Annual Turnover Ratio % 26


Inception

Vanguard Target Retirement 2010 TrustII 1.89% 6.17% 7.06% 7.67% -- 5.66%Dow Jones Target 2010 Index 0.88 2.96 3.87 5.29 5.08 --



^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities thatthe fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund’s current or futureinvestments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of dateshown, do not include the fund’s entire investment portfolio, and may change at any time.

The Dow Jones Target Date Indexes (each an "Index" or collectively the "Indexes") are a series of Indexes designed as benchmarks for multi-asset class portfolios with risk profiles that become more conservative over time. The Index weightings among the major asset classes areadjusted monthly based on a published set of Index rules. The Indexes with longer time horizons have higher allocations to equity securities,while the Indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and moneymarket instruments. You cannot invest directly in an index.



What is the investment’s strategy?Vanguard Target Retirement 2015 Trust IIseeks to provide capital appreciation andcurrent income consistent with its currentasset allocation. The trust invests inVanguard mutual funds using an assetallocation strategy designed for investorsplanning to retire and leave the workforcein or within a few years of 2015 (thetarget year). The trust’s asset allocationwill become more conservative over time.Within seven years after 2015, the trust’sasset allocation should resemble that ofthe Target Retirement Income Trust II.




Inception












Inception












Inception

Vanguard Target Retirement 2055 TrustII 2.38% 7.93% 12.34% -- -- 14.19%Dow Jones Target 2050 Index 3.31 7.85 12.07 10.98 8.00 --











Inception

Vanguard Target Retirement 2060 TrustII 2.42% 7.96% 12.45% -- -- 12.49%Dow Jones Target 2050 Index 3.31 7.85 12.07 10.98 8.00 --





As of March 31, 2015 Bond Investment

BlackRock U.S. Debt Index Non-Lendable Fund (Class M)

What is the investment’s strategy?The Fund is an "index fund" that seeksinvestment results that correspondgenerally to the price and yieldperformance, before fees and expenses, ofa particular index. The Fund shall beinvested and reinvested primarily in aportfolio of debt securities with theobjective of approximating as closely aspracticable the total rate of return ofthe market for debt securities as definedby the Barclays U.S. Aggregate Bond Index.BTC uses a "passive" or indexing approachto try to achieve the Fund’s investmentobjective. Unlike many funds, the Funddoes not try to outperform the index itseeks to track and does not seek temporarydefensive positions when markets declineor appear overvalued.

Other ConsiderationsNot all US Government securities are backedby theUSgovernment. Someareonlybackedby the issuing agency, which must rely onits own resources to repay the debt. Fundsthat invest in bonds are subject tointerest-rate risk. Interest rate increasescan cause the price of a debt security todecrease. The principal on mortgage- orasset-backed securities may normally beprepaid at any time, which will reduce theyield and market value of these securities.The fund is a collective investment fund andis privately offered. Therefore informationon this investment is not available in localpublications. Unlike other funds, whichgenerally seek to "beat" the market, IndexFunds seek to match their respectiveindices. It is not possible to invest in anindex. Derivatives may increase thevolatility of a fund s net asset value andmay result in a loss to a fund.

Other InformationExpense Ratio (gross) **: 0.04% of fund assetsFund Inception Date: 11/06/2012Ticker: DEBTMNL



Inception

BlackRock U.S. Debt Index Non-Lendable Fund (Class M) 1.60% 5.79% 3.11% 4.40% -- 4.99%Barclays US Aggregate Bond Ind 1.60 5.71 3.10 4.41 4.92 --




Barclays US Aggregate Bond Index: The Barclays US Aggregate Bond Index is an unmanaged market value-weighted performance benchmark forinvestment-grade or better fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, withmaturities of at least one year. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be madedirectly into an index.

As of March 31, 2015 Stock Investment

BlackRock Equity Index Non-Lendable Fund (Class M)

What is the investment’s strategy?The Fund is an "index fund" that seeksinvestment results that correspondgenerally to the price and yieldperformance, before fees and expenses, ofa particular index. The Fund shall beinvested and reinvested in a portfolio ofequity securities with the objective ofapproximating as closely as practicablethe capitalization weighted total rate ofreturn of that segment of the UnitedStates market for publicly traded equitysecurities represented by the largercapitalized companies. The criterion forselection of investments shall be the S&P500 Index. BTC uses a "passive" orindexing approach to try to achieve theFund’s investment objective. Unlike manyfunds, the Fund does not try to outperformthe index it seeks to track and does notseek temporary defensive positions whenmarkets decline or appear overvalued.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees. The fundis a collective investment fund and isprivately offered. Therefore information onthis investment is not available in localpublications. Unlike other funds, whichgenerally seek to "beat" the market, IndexFunds seek to match their respectiveindices. It is not possible to invest in anindex. Derivatives may increase thevolatility of a fund s net asset value andmay result in a loss to a fund.

Other InformationExpense Ratio (gross) **: 0.03% of fund assetsFund Inception Date: 03/15/2012Ticker: INDXMNL



Inception

BlackRock Equity Index Non-LendableFund (Class M) 0.94% 12.70% 16.06% 14.32% -- 20.53%S&P 500 Index 0.95 12.73 16.11 14.46 8.01 --




S&P 500 Index TR: S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500 is an unmanaged index and is widely regarded as thestandard for measuring large-cap U.S. stock market performance. Results assume the reinvestment of all capital gain and dividenddistributions. An investment cannot be made directly into an index.


BlackRock Russell 2500 Index Non-Lendable Fund (Class M)

What is the investment’s strategy?The Fund is an "index fund" that seeksinvestment results that correspondgenerally to the price and yieldperformance, before fees and expenses, ofa particular index. The Fund shall beinvested and reinvested in a portfolio ofequity securities with the objective ofapproximating as closely as practicablethe capitalization weighted total returnof the segment of the United States marketfor publicly traded equity securitiesrepresented by the Russell 2500TM Index.BTC uses a "passive" or indexing approachto try to achieve the Fund’s investmentobjective. Unlike many funds, the Funddoes not try to outperform the index itseeks to track and does not seek temporarydefensive positions when markets declineor appear overvalued.

Other ConsiderationsSmall and mid-cap stocks are often morevolatile than large-cap stocks. Smallercompanies generally face higher risks due totheir limited product lines, markets andfinancial markets. Equity funds are subjectgenerally to market, market sector, marketliquidity, issuer, and investment stylerisks, among other factors, to varyingdegrees. The fund is a collectiveinvestment fund and is privately offered.Therefore information on this investment isnot available in local publications. Unlikeother funds, which generally seek to "beat"the market, Index Funds seek to match theirrespective indices. It is not possible toinvest in an index. Derivatives mayincrease the volatility of a fund s netasset value and may result in a loss to afund.

Other InformationExpense Ratio (gross) **: 0.07% of fund assetsFund Inception Date: 09/28/2012Ticker: R25NLM



Inception

BlackRock Russell 2500 Index Non-Lendable Fund (Class M) 5.13% 9.97% -- -- -- 20.03%Russell 2500 Index 5.16 10.07 17.13 15.48 9.61 --




Russell 2500 Index: The Russell 2500 Index is an unmanaged index that measures the performance of the 2,500 smallest companies in the Russell3000 Index, which includes the 3,000 largest U.S. companies based on total market capitalization. Results assume the reinvestment of allcapital gain and dividend distributions. An investment cannot be made directly into an index.


BlackRock MSCI ACWI ex-U.S. IMI Index Non-Lendable Fund (Class R)

What is the investment’s strategy?The Fund is an "index fund" that seeksinvestment results that correspondgenerally to the price and yieldperformance, before fees and expenses, ofa particular index .The Fund shall beinvested and reinvested in a portfolio ofinternational equity securities whosetotal rates of return will approximate asclosely as practicable the capitalizationweighted total rates of return of themarkets in certain countries for equitysecurities traded outside the UnitedStates. The primary criterion forselection of investments in the Fund shallbe the MSCI ACWI ex-U.S. IMI IndexSM.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees. The fundis a collective investment fund and isprivately offered. Therefore information onthis investment is not available in localpublications. Foreign securities may besubject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability. These risks are likelyto be greater for emerging markets than fordeveloped markets. Unlike other funds,which generally seek to "beat" the market,Index Funds seek to match their respectiveindices. It is not possible to invest in anindex. Derivatives may increase thevolatility of a fund s net asset value andmay result in a loss to a fund.

Other InformationExpense Ratio (gross) **: 0.12% of fund assetsFund Inception Date: 12/12/2011Ticker: ACIMIRNL



Inception

BlackRock MSCI ACWI ex-U.S. IMIIndex Non-Lendable Fund (Class R) 4.20% -1.19% 6.67% 5.06% -- 5.06%MSCI ACWI ex USA Investable Ma 3.54 -1.34 6.52 5.02 5.67 --




MSCI ACWI ex USA Investable Market Index (IMI) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM)countries (excluding the United States) and 21 Emerging Markets (EM) countries. The index covers approximately 99% of the global equityopportunity set outside the US. It is not possible to invest directly in an index.

As of March 31, 2015 Cash Investment

FCF Western Frozen Fixed Dollar Fund

What is the investment’s strategy?This is not a mutual fund. The Optionseeks to provide a low risk, stableinvestment offering competitive yields.This Option may also invest in cash andcash equivalents from time to time, forliquidity purposes. The rate you receiveisa blend of the rates of the Option sinvestments. While the Option s primaryobjective is to maintain a stablevalue,the Option is not guaranteed by theFDIC or the federal government. ThisOption may serve to balance other higherrisk/return investments. The Option may beappropriate for investors who are seekingto accumulate current income whilepreserving the value of their originalinvestment.

Other InformationExpense Ratio (gross) **: 0.25% of fund assetsFund Inception Date: 12/01/2000Total Fund Assets($mil): 79.35


Portfolio Composition

Holdings as of 03/31/2015 ^ % of Assets

NYL Fixed GA2252 100.00%


% of Assets

NYL Fixed GA2252 100.00


Inception

FCF Western Frozen Fixed Dollar Fund 1.26% 5.02% 5.67% 5.65% 6.09% -- Citigroup 3 Month T-Bill Index 0.00 0.02 0.05 0.07 1.40 --




Citigroup 3 Month T-Bill Index (previously the Salomon Brothers 3 Month T-Bill Index) is an unmanaged index generally consideredrepresentative of the average yield of three-month Treasury Bills. Results assume the reinvestment of all capital gain and dividenddistributions. An investment cannot be made directly into an index..

FCFWSTRN SVF

As of March 31, 2015 Cash Investment

FCF New York Life Anchor IV

What is the investment’s strategy?This is not a mutual fund. The Optionseeks to provide a low risk, stableinvestment offering competitive yields.This Option may also invest in cash andcash equivalents from time to time, forliquidity purposes. The rate you receiveis a blend of the rates of the Option sinvestments. While the Options primaryobjective is to maintain a stable value,the Option is not guaranteed by the FDICor the federal government. This Option mayserve to balance other higher risk/returninvestments. The Option may be appropriatefor investors who are seeking toaccumulate current income while preservingthe value of their original investment.

Other InformationExpense Ratio (gross) **: 0.30% of fund assetsFund Inception Date: 01/03/1995Total Fund Assets($mil): 316.86


Portfolio Composition

Holdings as of 03/31/2015 ^ % of Assets

NYL Anchor Account IV 100.00%


% of Assets

NYL Anchor Account IV 100.00


Inception

FCF New York Life Anchor IV 0.44% 1.86% 2.01% 2.23% 3.21% -- Citigroup 3 Month T-Bill Index 0.00 0.02 0.05 0.07 1.40 --




Citigroup 3 Month T-Bill Index (previously the Salomon Brothers 3 Month T-Bill Index) is an unmanaged index generally consideredrepresentative of the average yield of three-month Treasury Bills. Results assume the reinvestment of all capital gain and dividenddistributions. An investment cannot be made directly into an index..

FCFANCHR SVF


Loomis Sayles Core Plus Fixed Income Trust (Class D)

What is the investment’s strategy?The fund seeks high total investmentreturn through a combination of currentincome and capital appreciation and tooutperform its Benchmark. The fund seeksto identify attractively priced securitieswith projected stable or improving creditprofiles and favorable risk/returncharacteristics.

Other ConsiderationsThe fund is not a mutual fund and isprivately offered. Prospectuses are notrequired and prices are not available inlocal publications. Liquidity risk is therisk that certain securities may bedifficult or impossible to transact, and theFund may not be able to pay redemptionproceeds within the allowable time period.As a result, the Fund may be forced to sellsecurities at an unfavorable time and/orunder unfavorable conditions. The values ofand the income generated by most debtsecurities held by the fund may be affectedby changing interest rates and by changes inthe effective maturities and credit ratingsof these securities. Funds that invest inbonds are subject to interest-rate risk.Interest rate increases can cause the priceof a debt security to decrease. High-yieldsecurities ("junk bonds") are generallyconsidered speculative because they presenta greater risk of loss than higher-qualitydebt securities; these securities may alsobe subject to greater price volatility.Foreign securities may be subject to greaterrisks than U.S. investments, includingcurrency fluctuations, less liquid tradingmarkets, greater price volatility, andpolitical and economic instability. Theserisks are likely to be greater for emergingmarkets than for developed markets.



Inception

Loomis Sayles Core Plus Fixed IncomeTrust (Class D) -- -- -- -- -- -0.37%Barclays US Aggregate Bond Ind 1.60 5.71 3.10 4.41 4.92 --




Barclays US Aggregate Bond Index: The Barclays US Aggregate Bond Index is an unmanaged market value-weighted performance benchmark forinvestment-grade or better fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, withmaturities of at least one year. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be madedirectly into an index.


Legg Mason BW Global Opportunities Bond Fund (Class IS)

Category: World BondWorld bond funds invest 40% or more oftheir assets in foreign bonds. (However,funds that invest more than 65% of theirassets in emerging-markets bonds areclassified as emerging-markets bond fundsrather than world bond funds.) Some worldbond funds follow a conservative approach,favoring high-quality bonds fromdeveloped markets. Others are moreadventurous, and own some lower-qualitybonds from developed or emerging markets.As a result, the risk and return potentialof these funds varies greatly.

What is the investment’s strategy?The investment seeks to maximize totalreturn consisting of income and capitalappreciation. The fund normally invests atleast 80% of its net assets in fixedincome securities of issuers located indeveloped market countries. It will investin both investment grade and belowinvestment grade fixed income securities,and intends to invest less than 35% of itsnet assets in below investment grade fixedincome securities (commonly known as "highyield debt" or "junk bonds"). The fund mayinvest up to 25% of its net assets inconvertible debt securities. The fund isnon-diversified.

Other ConsiderationsThe values of and the income generated bymost debt securities held by the fund may beaffected by changing interest rates and bychanges in the effective maturities andcredit ratings of these securities. Fundsthat invest in bonds are subject tointerest-rate risk. Interest rate increasescan cause the price of a debt security todecrease. The principal on mortgage- orasset-backed securities may normally beprepaid at any time, which will reduce theyield and market value of these securities.High-yield securities ("junk bonds") aregenerally considered speculative becausethey present a greater risk of loss thanhigher-quality debt securities; thesesecurities may also be subject to greaterprice volatility. Foreign securities may besubject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability. These risks are likelyto be greater for emerging markets than fordeveloped markets. The Fund isnondiversified. By concentrating in asmaller number of investments, the Fund’srisk is increased because each investmenthas a greater effect on the Fund’sperformance. Derivatives may increase thevolatility of a fund s net asset value andmay result in a loss to a fund.

Other InformationExpense Ratio (gross) **: 0.58% of fund assetsFund Inception Date: 11/01/2006Total Fund Assets($mil): 1292.50Ticker: GOBSX

Portfolio Manager(s)Stephen S. SmithJohn (Jack) P. McIntyreDavid F. Hoffman

Management Company: Legg Mason PartnersFund Advisor, LLC. Telephone: 877-721-1926






% of Assets

US Treasury Note 9.65Italy(Rep Of) 5% 6.40Mex Bonos Desarr Fix Rt Bonds 11/42 7.75 5.30Mex Bonos Desarr Fix Rt Bonds 05/29 8.5 4.56Mexico(Utd Mex St) 8.5% 3.75

Queensland Tsy Cp 6.25% 3.24Korea(Republic Of) 5.75% 3.07Nota Do Tesouro Nacional Notes 01/23 10. 3.05Goldman Sachs Grp Inc Mtn Be FRN 2.93US Treasury Bond 2.875% 2.74

Morningstar Rating*


✭✭✭✭ 3 Year 2

✭✭✭✭✭ 5 Year 3

Out of 298 World Bond Funds1






Inception

Legg Mason BW Global Opportuni -0.50% 1.37% 3.68% 6.49% -- 6.52%World Bond Average -0.53 -1.05 1.58 3.24 4.15 -- Citigroup World Government Bon -2.51 -5.49 -1.63 1.42 3.08 --


PerformanceHypothetical Growth of $10,000 Legg Mason BW Global Opportuni $ 16,750

Citigroup World Government Bon $ 13,113

10,000

12,000

14,000

16,000

18,000

3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15

Volatility AnalysisBest 3-month Period Mar. 09-May. 09 16.00%Worst 3-month Period Aug. 08-Oct. 08 -15.79%

▼Investment

▲Category

Low Moderate High

This investment has shown a relatively moderate range of price fluctuations in thepast. For this reason, it currently lands in the middle third of all investments withrecords of at least three years. However, this investment may experience larger orsmaller price declines or price increases depending on market conditions. To offsetsome of the investment’s risk, investors may wish to own investments with differentportfolio makeups or investment strategies.



World Bond Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar World Bondcategory.

The Citigroup World Government Bond Index (WGBI) is market capitalization weighted and tracks total returns of government bonds in 22 developed countriesglobally. Local bond market returns are from country sub-indexes of the Citigroup WGBI. It includes reinvested interest. One cannot invest directly in an index,nor is an index representative of the Fund’s portfolio.





Principal Diversified Real Asset CIT Tier 1

What is the investment’s strategy?The investment seeks a long-term totalreturn in excess of inflation.The fundallocates its assets among thefollowinggeneral investment categories: inflation-indexed bonds, securities of real estatecompanies,commodity futures, fixed-incomesecurities, securities of natural resourcecompanies, master limitedpartnerships(MLPs), publicly-listed infrastructurecompanies, and floating rate debt. Itconcentrates itsinvestments (invests morethan 25% of its net assets) in securitiesin the real estate andenergy/naturalresources industries.

Other ConsiderationsThe fund invests in commodity-linkedinstruments which may be significantly morevolatile than other securities. Investmentin commodity markets may not be suitable forall investors. Funds that invest in bondsare subject to interest-rate risk. Interestrate increases can cause the price of a debtsecurity to decrease. Equity funds aresubject generally to market, market sector,market liquidity, issuer, and investmentstyle risks, among other factors, to varyingdegrees. The fund is a collectiveinvestment fund and is privately offered.Therefore information on this investment isnot available in local publications. Aninvestment in real estate securities issubject to greater price volatility and thespecial risks associated with investments insuch funds. Investments in companies innatural resources industries may involverisks including changes in commoditiesprices, changes in demand for variousnatural resources, changes in energy prices,and international political and economicdevelopments.

Other InformationExpense Ratio (gross) **: 0.74% of fund assetsTrading Blackout Holding Period: 30 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 05/30/2013



Inception

Principal Diversified Real Asset CITTier 1 -0.38% -1.69% -- -- -- 2.58%Morningstar Conservative Targe 0.60 2.21 3.44 4.84 4.93 --




The Morningstar Conservative Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities andTIPS. This portfolio is held in a static allocation appropriate for U.S. investors who seek below-average exposure to equity market risk andreturns. An investment cannot be made directly into an index.


FCF Dodge & Cox Stock Fund

Category: Large BlendLarge-blend funds have portfolios thatare fairly representative of the overallstock market in both size, growth rates,and price. They tend to invest across thespectrum of U.S. industries and owing totheir broad exposure, the funds’ returnsare often similar to those of the S&P 500Index.

What is the investment’s strategy?The investment seeks long-term growth ofprincipal and income; a secondaryobjective is to achieve a reasonablecurrent income. The fund invests primarilyin a diversified portfolio of commonstocks. It will invest at least 80% of itstotal assets in common stocks, includingdepositary receipts evidencing ownershipof common stocks. The fund may alsopurchase other types of securities, forexample, preferred stocks, and debtsecurities which are convertibleintocommon stock. It may invest up to 20% ofits total assets in U.S. dollar-denominated securities of non-U.S.issuers traded in the United States thatare not in the S&P 500.

Other ConsiderationsEquity funds are subject generally tomarket, market sector, market liquidity,issuer, and investment style risks, amongother factors, to varying degrees. The fundis a separate account and is privatelyoffered. Prospectuses are not required andprices are not available in localpublications. Foreign securities may besubject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability. These risks are likelyto be greater for emerging markets than fordeveloped markets.









Total Number of Stock Holdings 66Total Number of Bond Holdings 0


% of Assets

Wells Fargo & Co 4.09Capital One Financial Corp 3.73Hewlett-Packard Co 3.64Novartis AG ADR 3.47Microsoft Corp 3.42

Time Warner Inc 3.15Time Warner Cable Inc 2.94Charles Schwab Corp 2.81Schlumberger NV 2.72Bank of New York Mellon Corp 2.70


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭✭ 3 Year 2

Out of 1333 Large Blend Funds1

Out of 1333 Large Blend Funds2




Inception

FCF Dodge & Cox Stock Fund -1.15% 6.33% -- -- -- 7.92%Large Blend Average 1.13 10.34 14.87 12.97 7.32 -- S&P 500 Index 0.95 12.73 16.11 14.46 8.01 --


PerformanceHypothetical Growth of $10,000 FCF Dodge & Cox Stock Fund $ 18,139

S&P 500 Index $ 17,997

10,000

15,000

3/11 3/12 3/13 3/14 3/15

Volatility AnalysisBest 3-month Period Sep. 13-Nov. 13 13.59%Worst 3-month Period Jul. 11-Sep. 11 -18.82%

▼Investment

▲Category

Low Moderate High




Large Blend Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Large Blendcategory.

S&P 500 Index TR: S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500 is an unmanaged index and is widely regarded as the standard formeasuring large-cap U.S. stock market performance. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be madedirectly into an index.



Vanguard PRIMECAP Fund (Admiral Shares)

Category: Large GrowthLarge-growth funds invest in bigcompanies that are projected to growfaster than other large-cap stocks. Mostof these funds focus on companies inrapidly expanding industries.

What is the investment’s strategy?The investment seeks long-term capitalappreciation. The fund invests in stocksconsidered to have above-average earningsgrowth potential that is not reflected intheir current market prices. Its portfolioconsists predominantly of large- and mid-capitalization stocks.

Other ConsiderationsForeign securities may be subject to greaterrisks than U.S. investments, includingcurrency fluctuations, less liquid tradingmarkets, greater price volatility, andpolitical and economic instability.Derivatives may increase the volatility of afund s net asset value and may result in aloss to a fund.

Other InformationExpense Ratio (gross) **: 0.35% of fund assetsTrading Blackout Holding Period: 60 DaysTrading Blackout Min Amount: $0.00Fund Inception Date: 11/12/2001Total Fund Assets($mil): 37870.87Ticker: VPMAX

Portfolio Manager(s)M. Mohsin AnsariJames M. MarchettiAlfred W. MordecaiTheo A. KolokotronesJoel P. Fried

Management Company: PRIMECAP ManagementCompany. Telephone: 800-662-7447










% of Assets

Biogen Idec Inc 7.28Amgen Inc 5.44Eli Lilly and Co 4.32Texas Instruments Inc 3.96Microsoft Corp 3.91

FedEx Corp 3.66Adobe Systems Inc 3.64Roche Holding AG Dividend Right Cert. 3.42Southwest Airlines Co 3.14Novartis AG ADR 2.50


Large

Medium

Value Blend Growth

Small

Morningstar Rating*


✭✭✭✭✭ 3 Year 2

✭✭✭✭✭ 5 Year 3

✭✭✭✭✭ 10 Year 4

Out of 1551 Large Growth Funds1







Inception

Vanguard PRIMECAP Adm 2.27% 15.68% 21.11% 16.01% 10.90% -- Large Growth Average 3.45 13.30 15.06 13.86 8.48 -- S&P 500 Index 0.95 12.73 16.11 14.46 8.01 --


PerformanceHypothetical Growth of $10,000 Vanguard PRIMECAP Adm $ 27,049

S&P 500 Index $ 21,145

10,000

15,000

20,000

25,000

3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15


▼Investment

▲Category

Low Moderate High




Large Growth Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Large Growthcategory.

S&P 500 Index TR: S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500 is an unmanaged index and is widely regarded as the standard formeasuring large-cap U.S. stock market performance. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be madedirectly into an index.




FCF SMID Cap Fund As of March 31, 2015 Stock Investment What is the investment’s strategy? The Fund seeks long-term capital appreciation using a multi-manager approach that provides exposure to a broad universe of small-company and mid-company stocks. The Fund’s two investment advisors manage independent sub-portfolios. The multimanager structure diversifies risk and increases investment capacity, while providing individual managers with the opportunity to generate superior returns. SMID Cap funds aim to target companies with higher growth potential than large cap stocks. Stocks in the SMID asset class tend to have higher returns over the long-run at the expense of increased volatility. Other Considerations The fund is not a mutual fund and is privately offered. Prospectuses are not required and prices are not available in local publications. Small and mid-cap stocks are often more volatile than large cap stocks. Smaller companies generally face higher risks due to their limited product lines, markets and financial markets. Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees. Other Information Expense Ratio (gross): 0.72% Fund inception Date: 07/01/2015

Holdings as of 3/31/2015^ % of Assets Atlanta High Quality SMID 47.50%

Boston Co US Sm-Mid Opp Value 47.50%

BlackRock Russell 2500 Index NL 5.00%

Average Annual Total Returns as of 3/31/2015 Since YTD 1Year 3Year 5Year 10Year Inception

FCF SMID Cap Fund -- -- -- -- -- --

Russell 2500 Index 5.17 10.07 17.13 15.48 9.61 --

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data does not reflect deduction of redemption fee, which if applicable, would lower performance. For current to the most recent month-end performance information, please log onto mylife.newyorklife.com or call a New York Life representative at (800) 294-3575.

** Expense ratio (gross) does not include fee waivers or expense reimbursements which result in lower actual cost to the investor. ^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities that the fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund’s current or future investments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund’s entire investment portfolio, and may change at any time. Russell 2500 Index: The Russell 2500 Index is an unmanaged index that measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which includes the 3,000 largest U.S. companies based on total market capitalization. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. The inception date of this investment is July 1, 2015. As a result, this fact sheet does not contain current total return or total fund asset information. The September 30, 2015 fact sheet will contain updated information.


Dodge & Cox International Stock Fund

Category: Foreign Large BlendForeign large-blend funds invest in avariety of big international stocks. Mostof these funds divide their assets among adozen or more developed markets, includingJapan, Britain, France, and Germany. Theytend to invest the rest in emergingmarkets such as Hong Kong, Brazil, Mexicoand Thailand. These funds typically willhave less than 20% of assets invested inU.S. stocks.

What is the investment’s strategy?The investment seeks long-term growth ofprincipal and income. The fund investsprimarily in a diversified portfolio ofequity securities issued by non-U.S.companies from at least three differentcountries, including emerging marketcountries. It will invest at least 80% ofits total assets in common stocks,preferred stocks, securities convertibleinto common stocks, and securities thatcarry the right to buy common stocks ofnon-U.S. companies. The fund investsprimarily in medium-to-large wellestablished companies based on standardsof the applicable market. It may alsoinvest directly or indirectly inrestricted securities of U.S. and non-U.S. companies.

Other ConsiderationsForeign securities may be subject to greaterrisks than U.S. investments, includingcurrency fluctuations, less liquid tradingmarkets, greater price volatility, andpolitical and economic instability.

Other InformationExpense Ratio (gross) **: 0.64% of fund assetsFund Inception Date: 05/01/2001Total Fund Assets($mil): 68696.05Ticker: DODFX

Portfolio Manager(s)Roger G. KuoKeiko HorkanRichard T. CallisterDiana S. StrandbergC. Bryan Cameron

Management Company: Dodge & Cox.Telephone: 800-621-3979










% of Assets

Naspers Ltd Class N 3.90Roche Holding AG Dividend Right Cert. 3.29Sanofi 2.86Samsung Electronics Co Ltd 2.85Hewlett-Packard Co 2.44

Standard Chartered PLC 2.40Novartis AG ADR 2.36Schlumberger NV 2.34Lafarge Sa 2.19Credit Suisse Group 2.15


Large

Medium

Value Blend Growth

Small

Morningstar Rating*

✭✭✭✭ Overall 1

✭✭✭✭✭ 3 Year 2

✭✭✭✭ 5 Year 3

✭✭✭✭ 10 Year 4

Out of 635 Foreign Large Blend Funds1







Inception

Dodge & Cox International Stoc 4.20% 1.48% 12.25% 7.99% 6.98% -- Foreign Large Blend Average 4.70 -0.76 7.86 5.68 5.00 -- MSCI EAFE Index 4.87 -0.91 9.02 6.15 4.94 --


PerformanceHypothetical Growth of $10,000 Dodge & Cox International Stoc $ 19,989

MSCI EAFE Index $ 16,181

10,000

15,000

20,000

3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15


▼Investment

▲Category

Low Moderate High

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



Foreign Large Blend Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarForeign Large Blend category.

MSCI EAFE Index: The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East Index - the EAFE Index - is an unmanaged, capitalization-weighted index containing approximately 985 equity securities located outside the U.S. Results assume the reinvestment of all capital gain and dividenddistributions. An investment cannot be made directly into an index.





DFA Emerging Markets Core Equity (Class I)

Category: Diversified Emerging MktsDiversified emerging-markets funds investat least 50% of stock assets in developingnations. Most funds divide their assetsamong 20 or more nations, although theytend to focus on the emerging markets ofAsia and Latin America rather than onthose of the Middle East, Africa, orEurope. Thus, popular destinations includeHong Kong, Korea, Mexico, and Brazil.Whatever their favorite nations, all thesefunds have the potential for large priceswings.

What is the investment’s strategy?The investment seeks long-term capitalappreciation. The Emerging Markets CoreEquity Portfolio purchases a broad anddiverse group of securities associatedwith emerging markets, which may includefrontier markets (emerging marketcountries in an earlier stage ofdevelopment), authorized for investment bythe Advisor’s Investment Committee("Approved Markets"), with an increasedexposure to securities of small capissuers and securities that the fund’smanager considers to be value securities.

Other ConsiderationsStocks of small companies may be subject tohigher price volatility and small companiesmay be more vulnerable to adverse businessor market developments than larger, moreestablished companies. Foreign securitiesmay be subject to greater risks than U.S.investments, including currencyfluctuations, less liquid trading markets,greater price volatility, and political andeconomic instability. These risks are likelyto be greater for emerging markets than fordeveloped markets.

Other InformationExpense Ratio (gross) **: 0.61% of fund assetsFund Inception Date: 04/05/2005Total Fund Assets($mil): 16161.71Ticker: DFCEX

Portfolio Manager(s)Jed S. FogdallJoseph H. ChiHenry F. GrayKaren E. Umland

Management Company: Dimensional FundAdvisors LP. Telephone: 888-576-1167










% of Assets

Samsung Electronics Co Ltd 2.84Taiwan Semiconductor Manufacturing Co Lt 1.21China Construction Bank Corp H Shares 1.01Tencent Holdings Ltd. 0.99Industrial And Commercial Bank Of China 0.91

China Mobile Ltd ADR 0.78Hon Hai Precision Ind Co Ltd 0.76Mtn Group Ltd 0.74Naspers Ltd Class N 0.59Bank Of China Ltd. H Shares 0.56


Large

Medium

Value Blend Growth

Small

Morningstar Rating*

✭✭✭ Overall 1

✭✭✭ 3 Year 2

✭✭✭ 5 Year 3

Out of 528 Diversified Emerging Mkts Funds1






Inception

DFA Emerging Markets Core Equi 1.96% 0.40% 0.98% 2.29% -- 8.84%Diversified Emerging Mkts Average 1.13 -1.18 0.63 1.45 7.59 -- MSCI Emerging Markets Free Ind 1.90 -2.01 -2.18 -0.71 5.91 --


PerformanceHypothetical Growth of $10,000 DFA Emerging Markets Core Equi $ 24,330

MSCI Emerging Markets Free Ind $ 18,319

10,000

15,000

20,000

25,000

3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15


▼Investment

▲Category

Low Moderate High

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



Diversified Emerging Mkts Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the MorningstarDiversified Emerging Mkts category.

MSCI Emerging Markets Free Index: The Morgan Stanley Capital International (MSCI) Emerging Markets Free Index is an unmanaged index of a sample of companiesrepresentative of the market structure of 26 Emerging Markets countries. Results assume the reinvestment of all capital gain and dividend distributions. Aninvestment cannot be made directly into an index.




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