


|
| Investment Philosophy |
| Investment Performance |
| Investment Guide |
| Investment Options |
| Fund Managers |
| NEPC |
| Recent Performance |
| Quarterly Performance |
| SBERA INVESTMENT ACCOUNTS UNIT VALUES AS OF |
July 27, 2010 |
| Investment Account | Unit Value Amount | Return Percentage Last Week | Return Percentage Since 12/31/2009 | One Year Return Percentage |
| Equity Account | 114.74 | 3.32 | -0.12 | 14.71 |
| Bond Account | 67.25 | 0.06 | 6.53 | 10.97 |
| Index 500 Account | 35.98 | 2.83 | 0.98 | 16.10 |
| Small Cap Growth Account | 50.49 | 4.62 | 4.38 | 24.39 |
| International Equity Account | 26.43 | 3.89 | -6.04 | 7.61 |
| Large Cap Value Account | 11.57 | 2.57 | 1.85 | 15.24 |
| Small Cap Value Account | 17.33 | 4.15 | 4.97 | 19.35 |
| LifePath Retirement | 14.37 | 1.27 | 3.60 | 12.88 |
| LifePath 2020 | 14.50 | 1.90 | 2.18 | 13.64 |
| LifePath 2030 | 14.20 | 2.38 | 1.07 | 14.15 |
| LifePath 2040 | 13.97 | 2.72 | 0.14 | 14.41 |
| LifePath 2050 | 9.78 | 3.16 | -0.61 | 0.00 |
| All Asset Account | 13.12 | 1.00 | 7.19 | 17.99 |
| Large Cap Growth Account | 13.89 | 2.28 | 0.73 | 13.76 |
| SBERA Account | 10.93 | 1.77 | 2.15 | 14.09 |
| The annualized return on the SBERA Money Market Fund for the month of May 2010 was 0.15%. |