There are three pdf files posted on the topics of target date fund and glide path. Write 2 to 1 and -half pages (single space) paper describing what is a target date fund, what is glide path, and wha

The Callan GlidePath® 2055 Fund seeks to achieve a balance of long-term capital growth, inflation protection, and capital preservation by investing in a diversified mix of asset classes and investment styles that becomes increasingly conservative over time.Operations and ManagementInitial Inception Date10-01-09Management CompanyCallan Associates IncIssuerWilmington Trust, N.A.Volatility Analysis Low Moderate High Investment 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.NotesEach GlidePath Retirement fund (e.g. 2010, 2015, etc.) invests in the corresponding target date fund of the Callan GlidePath Series, a collective investment trust of Wilmington Trust, N.A.

The Callan GlidePath Funds are not mutual funds. Rather, Wilmington Trust, N.A. has established a "group trust" within the meaning of IRS Revenue Ruling 81-100, as amended, which is managed by Callan Associates, Inc., a registered investment advisor. The group trusts are collective investment trusts exempt from registration under the Investment Company Act of 1940, as amended.

The year in the target date fund name refers to the approximate year when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on the target date. The strategy of the GlidePath Retirement funds translates into an equity allocation that is somewhat more aggressive in order to protect against longevity risk. The GlidePath Retirement funds' underlying investment allocations continue adjusting along the glide path for approximately twenty years beyond the named target date. The return of principal for the underlying funds in a target date fund is not guaranteed at any time, including on or after the target date. Although the target date funds are managed for investors on a projected retirement date time frame, the fund's allocation strategy does not guarantee that investors' retirement goals will be met and a target date fund should not be invested in based solely on age or retirement date. Unit price, principal value and return will vary and an investor may have a gain or loss when units are sold.Allocation of Assets 050 40 30 20 10 -10 -20 -30 100 80 60 40 20 0 Years Until Retirement % AllocationBondsU.S. StocksNon-U.S. StocksCashOtherPortfolio AnalysisComposition as of 03-31-16 % Net U.S. Stocks57.5Non-U.S. Stocks26.4Bonds-1.4Cash 3.7 Other13.8..........................................................................................-100-50050100Total100.0Morningstar Style Box™ as of 03-31-16(EQ) ; 03-31-16(F-I)LargeMidSmall Value Blend Growth Not Available Top 20 Holdings as of 03-31-16 % Assets BlackRock Russell 1000 Index Fund 0TS45.96Prudential Ins Co Amer 9.97 Capital Group Intl All Countries Eq DC-S 8.72 BlackRock MSCI ACWI ex-U.S. Index M 8.70 Dodge & Cox International Stock 8.68 .......................................................................................................PIMCO StocksPLUS® Small Institutional 6.51 Royce Pennsylvania Mutual Instl 6.48 Pyramis Core Plus Commingled Mutual Fund 2.70 BlackRock U.S. Debt Index Fd 0TS 1.50 Voya Senior Loan Trust 0.80 .......................................................................................................Total Number of Holdings 10 Annual Turnover Ratio % 39.90 Morningstar Equity Sectors as of 03-31-16 % Fund h Cyclical 36.86 ...............................................................................................r Basic Materials 4.40 t Consumer Cyclical 13.28 y Financial Services 16.06 u Real Estate 3.12 j Sensitive 40.07 ...............................................................................................i Communication Services 4.47 o Energy 5.61 p Industrials 12.34 a Technology 17.65 k Defensive 23.06 ...............................................................................................s Consumer Defensive 8.20 d Healthcare 12.43 f Utilities 2.43 Morningstar F-I Sectors as of 03-31-16 % Fund% Category⁄ Government 34.5626.05 › Corporate 8.2920.29 € Securitized 7.6110.69 ‹ Municipal 0.460.43 fi Cash/Cash Equivalents 38.3336.31 ± Other 10.766.23 Principal RisksLending, Credit and Counterparty, Extension, Inflation-Protected Securities, Prepayment (Call), Reinvestment, Currency, Emergi\ ng Markets, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Country or Region, Municipal Project-Specific, U.S. State or Territory-Specific, Capitalization, Active Management, Interest Rate, Market/Market Volatility, \ Bank Loans, Depositary Receipts, Distressed Investments, Equity Securities, High-Yield Securities, IPO, Inverse Floaters, Mortgage-Ba\ cked and Asset-Backed Securities, Municipal Obligations, Leases, and AMT-Subject Bonds, Repurchase Agreements, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Tax-Exempt Securities, U.S. Government Obligations, Fixed-Income Securities, Maturity\ / Duration, Sovereign Debt, Multimanager, Shareholder ActivityAFN42012 03-16©2016 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. Nei\ ther 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 performanc\ e. Visit our investment website at www.morningstar.com.ß ® Investment options are subaccounts in an insurance company separate account maintained by United of Omaha Life Insurance Company for contracts issued in all states except New York, and by Companion Life Insurance Company for contracts issued in New York, that invests in the underlying mutual fund/ collective trust investments or is managed by the specified investment manager. All funds may not be available as an investment option in a plan.

Composition Graph The Long/Short/Net bar chart replaces the Composition pie chart when a fund invests in shorts and derivatives. The overall net percentage value of each investment class is displayed. A short is any security in which a negative position is taken where the portfolio manager looks to profit from falling prices. A derivative is any future, forward, option or swap contract that provides exposure to assets like stocks, bonds, or commodities.

Derivatives are also used to manage risk or to act on a view about the economy.

Morningstar Style Box™ Morningstar Style Box™ The Morningstar Style Box reveals an investment choice'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.

Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http:// www.sec.gov/divisions/marketreg/ratingagency.htm.

Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/ agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings.

PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.

For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality.

Funds with a low credit quality are those whose weighted- average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to"BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund.

Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.

For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Annual Turnover Ratio A proxy for how frequently a manager trades his or her portfolio.

Investment options are offered through a group variable annuity contract (Forms 902-GAQC-09, 903-GAQC-14, 903-GAQC-14 FL, 903-GAQC-14 MN, 903-GAQC-14 OR, 903-GAQC-14 TX, or state equivalent) underwritten by United of Omaha Life Insurance Company for contracts issued in all states except New York. United of Omaha Life Insurance Company, Omaha, NE 68175 is licensed nationwide except in New York.

Companion Life Insurance Company, Hauppauge, NY 11788 is licensed in New York and underwrites the group variable annuity (Form 900-GAQC-07(NY). Each company accepts full responsibility for each of their respective contractual obligations under the contract but does not guarantee any contributions or investment returns except as to the Guaranteed Account and the Lifetime Guaranteed Income Account as provided under the contract. Specific features of the Lifetime Guaranteed Income Account vary by state. Restrictions apply. The Lifetime Guaranteed Income Account is not available in Nevada or New York. Neither United of Omaha Life Insurance Company, Companion Life Insurance Company, nor their representatives or affiliates offers investment advice in connection with the contract.

Group variable annuities are long-term investment vehicles designed to accumulate money on a tax-deferred basis for retirement purposes. Distributions may be subject to ordinaryincome tax and, if taken prior to age 59½, a 10 percent federal tax penalty may apply. Investing in a group variable annuity involves risk, including possible loss of principal.

Group annuity contract (Form 728 LGAM-U-Rev. and Form 728- LGAI-U-Rev.) is issued by United of Omaha Life Insurance Company, Omaha, NE 68175, which accepts full responsibility for all its contractual obligations under the contract. Payments and values provided by this contract that are based on investment results of the separate account are variable and specific dollar amounts are not guaranteed. Investment options are offered through a group annuity separate account rider (Form 625-GAQR-09, Form 625-GAQR-09(VA) or Form 625- GAQR-11) underwritten by United of Omaha Life Insurance Company, Omaha, NE 68175, which accepts full responsibility for all of United's contractual obligations under the rider but does not guarantee any contributions or investment returns except as to the Guaranteed Account, as provided under the rider. Neither United of Omaha Life Insurance Company nor its representatives or affiliates offers investment advice in connection with the rider. For a complete product description, including benefits and limitations, please refer to the contract.

This product is not available in New York, Oklahoma, or Puerto Rico.

Investment options are offered through a group annuity contract (Forms 728-GAQC-13, 728-GAQC-13 MN, 728-GAQC-13 OR, or state equivalent) underwritten by United of Omaha Insurance Company, which accepts full responsibility for all its contractual obligations under the contract. This product is not available in New York.

Employers and Plan Participants: Prior to selecting investment options you should consider the investment objectives, risks, fees and expenses of each option carefully. For this and other important information, plan sponsors should review the fee disclosure document or the plan sponsor website. Participants should review enrollment materials or the participant website. Read this information carefully.

For informational purposes only. Should not be construed as legal or investment advice, a promise of benefit or guarantee of investment performance.

The performance data quoted represents past performance which does not guarantee future results. Current performance may be lower or higher than those shown. The investment return and principal value will change with market conditions, so when redeemed, you may have a gain or loss.

Not FDIC Insured - May Lose Value - No Bank Guarantee Disclosure AFN42012 03-16©2016 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. Nei\ ther 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 performanc\ e. Visit our investment website at www.morningstar.com.ß ®