Galliard Retirement Income Fund-Fee Class 35 - WGRITX ...

1 Galliard Retirement Income Fund-Fee Class 35 Release Date: 06-30-2019.. Benchmark Blended Yield (after fees) Overall Morningstar Rating Morningstar Return Morningstar Risk FTSE Treasury Bill 3 Mon USD QQQ Average Low Out of 478 stable value investments. 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 Performance Investment Objective & Strategy 4 Total Return %. The fund seeks safety of principal and consistency of returns 3 as of 06-30-19. while attempting to maintain minimal volatility. The fund is Investment 2. designed for investors seeking more Income than money Benchmark 1. market funds without the price fluctuation of stock or bond 0. funds. The fund is primarily comprised of investment contracts -1. including Guaranteed Investment Contracts (GICs), Separate -2. Account GICs, and Security Backed Investment Contracts. The Average annual, if greater -3.

2 fund employs a multi-manager approach for managing the than 1 year underlying portfolios of fixed Income securities QTD YTD 1 Year 3 Year 5 Year 10 Year Investment Return %. Operations and Management Benchmark Return %. Inception Date 06-26-07 Category Average %.. Trustee Wilmington Trust, .. QQQ QQQ QQQ Morningstar Rating . Website .. 478 421 269 # of Funds in Category Telephone 1-866-427-6885. Sub-Advisor Galliard Capital Management, Inc. Performance Disclosure: The performance data quoted represents past performance and does not guarantee future CUSIP 00210Y754 results. The YTDinvestment return YTD and principal YTD value of YTD. an investmentYTD. will fluctuate;YTD. thus an investor's units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than Portfolio Manager(s) return data quoted herein. Please refer to the performance section of the disclosure page for more information. Management Team Portfolio Analysis Morningstar Category: stable value Underlying Sectors as of 06-30-19 Morningstar Fixed Income Style Box as of 06-30-19.

3 stable value funds seek to provide Income while preventing Average Quality AA. Treasury/Agency High price fluctuations. The most common stable value funds invest Gross Blended Yield Corporates in a diversified portfolio of bonds and enter into wrapper Med Agency MBS Effective Duration (yrs) agreements with financial companies to guarantee against Mkt to Book value Ratio Cash/Equivalents Low fluctuations in their share prices. The safety of these funds (underlying fund ). therefore depends on both the fund 's investments as well as Asset Backed Ltd Mod Ext Annual Turnover Rate the financial strength of the insurance companies and banks CMBS (12-31-2018). that back the wrapper agreements. Taxable Municipals Other What do stable value Funds invest in? Government stable value funds tend to invest in high-quality bonds with International short- to intermediate-term maturities. They also purchase Government/Agency insurance contracts which aim to provide price stability on a Non-Agency MBS day-to-day basis.

4 The horizontal axis of the Morningstar Fixed Municipal MBS Income Style Box shows duration, a measure of how the funds price will change in response to interest-rate changes. Credit Analysis: % Bonds as of 06-30-19 Investment Contract Issuer as of 06-30-19. Because stable value funds insurance contracts usually prevent AAA BBB Transamerica Premier Life Ins. Co. AA- any fluctuations in the funds prices, these funds are insulated AA <BBB Prudential Ins. Co. of America AA- from interest-rate volatility and their duration is effectively zero. A Cash & Cash Metropolitan Life Ins. Co. AA- Equivalent Pacific Life Ins. Co. AA- Notes Mass Mutual Life Ins. Co. AA+. Wilmington Trust, Collective Funds (WTNA Funds) are American General Life Ins. Co. A+. trust company sponsored collective investment funds; they are not mutual funds. Principal Risks Guaranteed Investment Contract, Issuer, Interest Rate, Investment Contract, Management, Restricted/Illiquid Securities, stable For Use by Institutional Investors Only Not Intended value /Stability for Distribution to Retail Investors.

5 Please refer to the Additional fund Information and Principal Risk Definitions document for more information. 2019 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ Page 1 of 4. 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 . Disclosure Performance backed by a segregated pool of assets. Security Backed assessment of a product's excess return over a risk-free rate Performance data given represents past performance and Investment Contracts are comprised of two components: (the return of the 90-day Treasury Bill) in comparison with the should not be considered indicative of future results of the investment contracts and underlying portfolios of fixed Income products in its Morningstar category.

6 In each Morningstar Galliard Retirement Income Fund-Fee Class 35 (the fund ). The securities whose market prices fluctuate. category, the top 10% of products earn a High Morningstar fund is not a mutual fund and is not registered as an investment Return (High), the next Above Average (+Avg), the company under the Investment Company Act of 1940. The fund The fund employs a multi-manager approach for managing the middle 35% Average (Avg), the next Below Average (- is not FDIC-insured, may lose value and is not guaranteed by a underlying portfolios of fixed Income securities. Avg), and the bottom 10% Low (Low). Morningstar Return is bank or other financial institution. measured for up to three time periods (three, five, and 10 years). The underlying assets that the fund may purchase include, but These separate measures are then weighted and averaged to Performance data reflects a specific Class of units. Other fee are not limited to, Treasury securities, Agency produce an overall measure for the product.

7 Products with less classes may currently be available or may become available in securities, asset-backed securities, certificates of deposit, than three years of performance history are not rated. the future. Not all fee classes are available for investment by corporate securities, sovereign/supranational securities, all plans. In cases where a specific fee Class was not yet mortgage-backed securities, municipal securities, derivative Morningstar Risk launched as of the date of this Disclosure Statement, return instruments, money market instruments, and collective funds Morningstar Risk evaluates a fund 's downside volatility relative figures shown may reflect the performance of a previously investing primarily in the securities mentioned above. All to that of other products in its Morningstar Category. It is an launched fee Class . Fees vary across fee classes, and the net securities in the fund are dollar denominated. assessment of the variations in monthly returns, with an returns investors earn will be different from one fee Class to emphasis on downside variations, in comparison with the another.

8 The fund is 100% invested in an underlying fund that has the products in its Morningstar category. In each Morningstar same investment strategy as the fund . category, the 10% of products with the lowest measured risk Management of the fund are described as Low Risk (Low), the next Below Trustee: Wilmington Trust, (the Trustee ) serves as the Benchmark: FTSE Treasury Bill 3 Mon USD Average (-Avg), the middle 35% Average (Avg), the next Trustee of the fund and maintains ultimate fiduciary authority The index measures the performance of the last three three- Above Average (+Avg), and the top 10% High (High). over the management of, and investments made, in the fund . month Treasury bill month-end rates. Morningstar Risk is measured for up to three time periods The fund is part of the Wilmington Trust Collective Investment (three, five, and 10 years). These separate measures are then Trust II (the Trust ) operated by the Trustee. Notes Regarding Return Information weighted and averaged to reduce an overall measure for the Return figures represent the total change in net assets with product.

9 Products with less than three years of performance Wilmington Trust is a registered service mark. Wilmington Trust capital gains and Income dividends reinvested. Performance history are not rated. Corporation is a wholly owned subsidiary of M&T Bank information is presented net of any applicable trustee fees, Corporation. Wilmington Trust Company, operating in Delaware management fees, or other fees or expenses which are borne Morningstar Style Box . only, Wilmington Trust, , M&T Bank and certain other by the fund . See "Fees and Expenses" for more information. For equity funds, the vertical axis shows the market affiliates, provide various fiduciary and non-fiduciary services, capitalization of the long stocks owned and the horizontal axis including trustee, custodial, agency, investment management Morningstar Rating shows investment style ( value , blend, or growth). and other services. Loans, retail and business deposits, and The Morningstar Rating for funds, or "star rating", is other personal and business banking services and products are calculated for managed portfolios (including mutual funds, For fixed- Income funds, the vertical axis shows the credit quality offered by M&T Bank, member FDIC.)

10 Wilmington Trust variable annuity and variable life subaccounts, exchange-traded of the long bonds owned, and the horizontal axis shows interest Investment Advisors, Inc. is a SEC-registered investment funds, close-end funds, and separate accounts) with at least a rate sensitivity as measured by a bond's effective duration. advisor providing investment management services to three-year history. Exchange-traded funds and open-ended Wilmington Trust and M&T affiliates and clients. mutual funds are considered a single population for comparative Morningstar seeks credit rating information from fund purposes. It is calculated based on a Morningstar Risk-Adjusted companies on a periodic basis ( , quarterly). In compiling Sub-Advisor: Galliard Capital Management, Inc. Return measure that accounts for variation in a managed credit rating information, Morningstar accepts credit ratings The Trustee has engaged Galliard Capital Management (the product's monthly excess performance, placing more emphasis reported by fund companies that have been issued by all Sub-Advisor or Galliard ) to act as the Sub-Advisor to the on downward variations and rewarding consistent Nationally Recognized Statistical Rating Organizations fund .