Research & Due Diligence

Portfolio Management

OversightResearch & Due Diligence

Portfolio Management

OversightResearch & Due Diligence

Portfolio Management

Oversight

A DIFFERENT KIND OF RETIREMENT PLAN

Call an ABA Retirement Funds Program Regional Representative today at 800.826.8901.

www.abaretirement.com

Investment Platform

05/2017

Mercer Trust Company and its global affiliates

are a leading provider of investment advice

and services. For the Program, Mercer Trust

Company is responsible for the decisions

regarding the investment platform.

To relieve law firms from the investment

selection process, the ABA Retirement Funds

Program (“the Program”) has hired Mercer

Trust Company to act as Investment Fiduciary,

Investment Manager, Trustee and Custodian.

I N V E S T M E N T M A N A G E M E N T A N D F U N D C O N S T R U C T I O N

1 Assets under advisement includes aggregated data for Mercer Trust Company and its affiliated companies globally (“Mercer”). Data is derived from a variety of sources, including, but not limited to, third-party custodians or investment managers, regulatory filings, and client self-reported data. Mercer has not independently verified the data. Where available, data is provided as of June 30, 2016 (“Reporting Date”). If data was not available as of the Reporting Date, information from a date closest in time to the Reporting Date, which may be of a more recent date than the Reporting Date, was included. Data includes assets of clients that have engaged Mercer to provide project-based services within the 12-month period ending on the Reporting Date, and assets of clients that subscribe to Mercer’s Manager Research database.

2 Assets of multi-manager Funds are allocated to different investment managers, acting independently from the others based on their own investment style. Generally, Mercer Trust Company will use a multi-manager Fund structure; however, certain asset classes may not lend themselves to multi-manager solutions. As a result, each Fund will be separately analyzed to find the best investment solution.

n Finding “high-quality”

managers, globally

n Identifying managers with

sound operational practices

n Focusing on forward looking

potential

Mercer has over 40 years of experience providing investment solutions

n $10 trillion in assets under advisement globally1

n Investment offices in 60 cities and 20 countries around the world

n One of the largest defined contribution investment consultants globally

Leading provider of delegated contribution investment services

n More than $157 billion worldwide assets under management

n More than 130 investment professionals and research analysts

n Researching over 5,400 managers with nearly 29,000 strategies

n More than 9,300 rated strategies

There are three distinct processes associated with Mercer Trust Company’s investment platform management role for the Program.

n Fit for client use

• Multi-manager construction2

• Focus on high conviction

• Next generation managers

• Risk/return characteristics

• Innovative strategies

• Organizational fit

n Ongoing monitoring and

replacement of managers

n Designed to provide

transparency and security,

as well as a proactive and

quick response when

needed

T Y P E S O F I N V E S T O R S

Solutions For Every Type of ParticipantA diverse selection of investment options is important to ensure every participant has suitable choices to help meet

his or her retirement goals.

The Program has options for a variety of investors. The Program’s platform of investments is designed into three simple tiers, all of

which are available no matter what type of participant you are.

TIER II (Core)Portfolio

Building Blocks

TIER IIISelf-Directed

Brokerage

TIER I (Core)Pre-Mixed

Diversified Funds

V A L I D A T O R S

An investor who takes a more hands on approach to making investment decisions, but may seek validation as well.

S E L F - D I R E C T E D

The investor who selects individual investments including stocks, bonds, or mutual funds.

2

TIER II (Core) Portfolio Building Blocks

TIER I (Core) Pre-Mixed Diversified Funds

TIER III Self-Directed Brokerage

D E L E G A T O R S

Less experienced investor or the individual that lacks the time or interest in regularly making investment decisions.

TIER II (Core)Portfolio

Building Blocks

TIER IIISelf-Directed

Brokerage

TIER I (Core)Pre-Mixed

Diversified Funds

TIER II (Core)Portfolio

Building Blocks

TIER IIISelf-Directed

Brokerage

TIER I (Core)Pre-Mixed

Diversified Funds

Tier I, which is comprised of eight Pre-Mixed Diversified Funds consisting of five Retirement Date Funds and three Target Risk Funds.

Tier II, characterized as Portfolio Building Block Funds, consisting of 14 Funds each of which focuses on a specific asset class, such as debt or equity, or securities with specific characteristics, such as capitalization level or geographic focus.

Tier III, consisting of the Self-Directed Brokerage Accounts.

O V E R V I E W O F P R O G R A M I N V E S T M E N T P L A T F O R M

Assets contributed or held under the Program may be invested either:

n in any of the 22 collective investment funds established and maintained under the Collective Trust, which we refer to

as the core Funds; or

n in Self-Directed Brokerage Accounts, as described below.

We refer to the core Funds, together with the Self-Directed Brokerage Accounts, as the platform of investment options under

the Program. The Program’s platform of investment options can be categorized into three Tiers. The table below summarizes the

Program’s investment platform:

See page 4 for footnotes.3

RETIREMENT DATE FUNDS1

n Lifetime Income Retirement Date Fund

n 2020 Retirement Date Fund

n 2030 Retirement Date Fund

n 2040 Retirement Date Fund

n 2050 Retirement Date Fund

U.S. EQUITY FUNDS

n Large Cap Equity Fund

n Large Cap Index Equity Fund

n Mid Cap Index Equity Fund

n Small-Mid Cap Equity Fund

n Small Cap Index Equity Fund

n All Cap Index Equity Fund

TARGET RISK FUNDS

n Conservative Risk Fund

n Moderate Risk Fund

n Aggressive Risk Fund

NON-U.S. EQUITY FUNDS

n International All Cap Equity Fund2

n International Index Equity Fund2

WORLD EQUITY FUND

n Global All Cap Equity Fund2

FIXED INCOME FUNDS

n Bond Core Plus Fund

n Bond Index Fund

n Stable Asset Return Fund2

NON-TRADITIONAL DIVERSIFYING FUNDS

n Alternative Alpha Fund2

n Real Asset Return Fund

SELF-DIRECTED BROKERAGE SERVICES3

n Over 13,000 funds from over 500 fund families

n An extensive selection of no-transaction-fee, no load funds5

n Access to over 1,600 Exchange Traded Funds (ETF)

n Over 100 commission-free Exchange Traded Funds6

n More no load or transaction fee funds may be available if working with a Registered Investment Advisor

For Tier III only: Before investing in a mutual fund or ETF, carefully consider the fund’s investment objectives, risks, charges and expenses. For a fund prospectus containing this and other important information, contact the fund or contact a TD Ameritrade representative at (866) 766-4015. Please read the fund prospectus carefully before investing.

n No annual fee4

n Discount service

n Stocks

n Bonds

n Mutual funds

TIER II (Core) Portfolio Building Blocks

TIER I (Core) Pre-Mixed Diversified Funds

TIER III Self-Directed Brokerage

Investment Platform

Please read the Program Annual Disclosure Document (April 2017) carefully before investing. This Disclosure Document contains important information about the Program and investment options. For email inquiries, contact us at: joinus@abaretirement.com.Securities offered through Voya Financial Partners, LLC (member SIPC). Voya Financial Partners is a member of the Voya family of companies (“Voya”). Voya, the ABA Retirement Funds, Mercer Trust Company, and TD Ameritrade, Inc. are separate, unaffiliated entities, and not responsible for one another’s products and services.

800.826.8901 joinus@abaretirement.com www.abaretirement.com

CN0323-32620-0419D© 2017 ABA Retirement Funds Program

Footnotes to the Program’s Investment Options:

1 Generally speaking, Retirement Date Funds target a certain date range for retirement, or the date the investor plans to start withdrawing money. Investors can select the Fund that corresponds to their anticipated retirement date or the point in time when they plan to start withdrawing money. These funds are designed to rebalance to a more conservative investment approach as the target date nears. An investment in a Retirement Date Fund is not guaranteed from investment loss at any time, including on or after the target date.

2 Funds may include trading restrictions. Consult the Annual Disclosure Document (April 2017) for details.

3 Brokerage services provided by TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. Used with permission.

4 Commissions, service and exception fees still apply.

5 No-Transaction-Fee (NTF) mutual funds are no-load mutual funds for which TD Ameritrade does not charge a transaction fee. TD Ameritrade receives remuneration from mutual fund companies, including those participating in its no-load, no-transaction-fee program, for recordkeeping, shareholder services, and other administrative and distribution services. The amount of TD Ameritrade’s remuneration for these services is based in part on the amount of investments in such funds by TD Ameritrade clients. No-transaction-fee mutual funds and other funds offered through TD Ameritrade have other fees and expenses that apply to a continued investment in the fund and are described in the prospectus.

6 To trade commission-free ETFs, you must be enrolled in the Program. If you trade eligible ETFs within the 30-day hold period, short-term trading fees will apply. ETFs are baskets of securities that trade on an exchange like a stock. Trading prices may not reflect the actual Net Asset Value of the underlying securities. ETFs can entail market, sector, or industry risks. Some ETFs may involve international risk, currency risk, commodity risk, and interest rate risk.

The risk factors that pertain to investment in the Funds are described in detail in the description of each Fund included in the Annual Disclosure Document (April 2017) which is available to you. These risk factors may include, but are not limited to, risks of investing in equity securities, risks of investing in equity securities of non-U.S. companies and smaller companies, interest rate risk applicable to investment in fixed-income securities, credit risk applicable to investment in fixed-income securities, including those of lower credit quality, risks of investing in REITs, risk of reliance on industry research, risks of investing in U.S. Government obligations, risks related to securities lending, risk of TBA commitments, risk of “when-issued” securities, risks related to market disruptions and governmental interventions, risks associated with structure of the collective trust, and risks associated with commodity investments and derivatives.

The Collective Trust and the Funds are not Regulated Investment Companies or subject to SEC Disclosure Requirements. The Collective Trust and the Funds are not registered as investment companies under the Investment Company Act of 1940 and, therefore, are not subject to compliance with the requirements of that Act.

Large Cap Equity FundInvestment Manager Factor Attribution

(For Illustration Purposes Only)

VALUE

MOMENTUM

VALUE (BOOK TO PRICE)

MOMENTUM (SHARE PRICE MOVEMENT)

SIZE (MARKET CAPITAL IZAT ION)

PROFITABIL ITY (RETURN ON EQUITY)

LOW VOLAT IL ITY (BETA)

FACTOR-BASEDINVESTING

SIZE

PROFITABIL ITY

LOW VOLATIL ITY

Bias toward cheap stocks on a measure of value; price to book, price to earnings, etc.

Trend following; stocks that have performedwell recently.

Bias toward companies with a smallermarket capitalization.

Companies with a strong measure of profitability such as return on equity, return on assets, etc.

The effect of biasing a portfolio towards low volatility stocks. Typically based on past share price volatility or “beta”

1 Generally Mercer Trust Company will use a multi-manager Fund structure; however, certain asset classes may not lend themselves to multi-manager solutions. As a result, each Fund will be separately analyzed to find the best investment solution.

2 Magnitude of outperformance was in the range of 1% - 3% per annum (gross of transaction costs) over the last 20 years. Inception date for all return series is 10/31/1994; the ending date is 06/30/2014. The factor portfolios are constructed by ranking the market of stocks by the respective factor scores, at each quarterly rebalance point the top 30% by capitalization of the ranked stocks is used. The portfolios are market cap weighted. All analysis is in USD and sourced from Mercer.

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P O R T F O L I O M A N A G E M E N T

Mercer Trust Company’s portfolio management

approach is “fit for client use.” For the Program

platform, the use of multi-manager Fund construction

is a key aspect.

Mercer Trust Company utilizes a multi-manager

approach whereby a Fund’s assets are allocated

to different investment managers, acting

independently from the others based on their own

investment style.1 A factor-based investing portfolio

management process is used to construct multi-

manager Funds. Factor-based investing allows for

style diversification while focusing on managers and

strategies that fit style factors that have historically

proven to have generated positive returns over

long periods of time2 (e.g., Value; Momentum; Size;

Profitability; Low Volatility).