EFTA01113507.pdf

Non-Registered Insurance-Dedicated Fund Offerings as of 05/01/2015 Currently Available for Allocation Single Manager Insurance-Dedicated Funds Investment Subadvisor 1. Alpine Dedicated, L.P. 2. Audax Senior Loan Insurance Fund Audax Management Company (NY), LLC 3. Axonic IDF LLC Axonic Capital 4. BlackGold® Insurance Fund BlackGold Capital Management 5. Cambria GTAA Insurance Dedicated Fund, L.P. 6. CCA Aggressive Return Insurance Fund Checchi Capital Fund Advisers, LLC 7. CCA Core Return Insurance Fund Checchi Capital Fund Advisers, LLC 8. Contravisory IDF LP (Long-Short Equity) Contravisory Investment Management 9. Cushing@/SALI MLP Alpha Total Return Insurance Fund Cushing® Asset Management, LP 10. Cushing* 30 MLP Index Insurance Dedicated Fund, L.P. Cushing& Asset Management, LP 11. Definitive Capital Insurance Fund Definitive Capital Management, L.P. 12. DUNN's Insurance Dedicated Futures Fund, LLC Martin Money Management, Inc. 13. Fifth Avenue Insurance Fund Bessemer Trust Company, N.A. 14. Glaxis Insurance Dedicated Fund, LP 15. GoldenTree Insurance Fund GoldenTree Asset Management LP 16. Golub Capital Insurance Fund Golub Capital Advisors, LLC 17. H&L Insurance Fund Value Monitoring, Inc. 18. Harvest MLP Income Fund III, LLC Harvest Fund Advisors LLC 19. Heron Total Return Fund, L.P. 20. Hildene Insurance Fund Hildene Leveraged Credit, LLC 21. RP Credit Opportunity IDF Phoenix Investment Adviser LLC 22. Lemon Bay Insurance Fund Morgan Stanley Smith Barney LLC 23. UM Partners Insurance Fund UM Partners, Ltd. 24. LongRun Risk-Managed Growth Series LongRun Capital Management, LLC 25. Main Management Insurance Fund Main Management, LLC 26. Marlin Fund III, L.P. Masters Capital Management LLC 27. Millennium Global Estate LP Millennium Management LLC 28. MSF Dedicated Fund L.P. MSF Capital, LLC 29. Paulson Partners Premium L.P. Paulson & Co. Inc. 30. Permal Multi-Strategy Insurance Portfolio Permal Asset Management LLC SALE Funds indicated in bold are administered by SALT Fund Services P3487a 1 Proprietary and confidential. CP 2015 Winged Keel Group, PPLI International, and MU All rights reserved. C I In EFTA01113507 Non-Registered Insurance-Dedicated Fund Offerings as of 05/01/2015 Single Manager Insurance-Dedicated Funds Investment Subadvisor 31. PIMCO Absolute Return Strategy Fund (PARS) IV IDF PIMCO 32. Providence Insurance Fund Providence Investment Management, LLC 33. Rand Advisors Series I Insurance Fund Rand Advisors, LLC 34. Rimrock Series of Copperstone Multi-Series IDF, LP Rimrock Capital Management, LLC 35. Short-Term U.S. Treasury Insurance Fund Merrill Lynch 36. Sound Point Floating Rate Fund SoundPoint Capital 37. The Commerce Trust Company Insurance Fund The Commerce Trust Company 38. The Merger Fund VL Westchester Capital Funds 39. U.S. TIPS Insurance Fund Merrill Lynch & Co., Inc. 40. Wexford Absolute Return Fund, L.P. - Class B Wexford Capital LP Multi-Manager Insurance-Dedicated Funds Investment Subadvisor 41. Access Dynamic Growth (IDF) Fund, LP Access Fund Management 42. Athena Catholic Values Fund L.P. Athena Capital 43. Athena Long-Term Alpha Fund L.P. Athena Capital 44. Augusta Lake Balanced Insurance Fund Wells Fargo Advisors, LLC 45. Augusta Lake Insurance Fund II Wells Fargo Bank, N.A. 46. Baiter Capital Management, LLC 47. Berens Insurance Dedicated Fund, LLC Berens Capital Management, LLC 48. BluePointe Insurance Dedicated Fund BluePointe Capital Management, LLC 49. Boulder Lake Insurance Fund JPMorgan Chase Bank, N.A. 50. Cascade River Fund TAG Associates, LLC 51. Chalkstream Insurance Fund Chalkstream Capital Group, L.P. 52. CTC Insurance Fund CTC myCFO, lac 53. DBP Diversified Allocation Fund Durbin Bennett Private Wealth Management 54. E&E Capital Advisors Diversified Arbitrage Strategies - Insurance, L.P. Ehrenkranz Partners L.P. 55. E&E Capital Advisors Investment Fund - Insurance, L.P. Ehrenkranz Partners L.P. 56. Forester Insurance Fund Forester Capital, L.L.C. 57. FRM Concentrated Diversified Insurance Fund 58. Grand Central Tax Advantage Fund, LLC Grand Central IDF Manager, LLC 59. Greer Anderson Global Diversified IDF Greer Anderson Capital, LLC SAL! Funds indicated in bold are administered by SALI Fund Services 2 PD e • C P3487a Proprietary and confidential. Cl 2015 Winged Keel Group, PPLI International, and SALI. All rights reserved. EFTA01113508 Non-Registered Insurance-Dedicated Fund Offerings as of 05/01/2015 Multi-Manager Insurance-Dedicated Funds Investment Subadvisor 60. GT Insurance, LP Gerber/Taylor Management 61. ICG Insurance Fund, LLC ICG Advisors, LLC 62. Ingenious Global IDF L.P. - Portfolio A - Defensive Ingenious Asset Management Limited 63. Ingenious Global IDF L.P. - Portfolio B - Balanced Ingenious Asset Management Limited 64. Ingenious Global IDF L.P. - Portfolio C - Growth Ingenious Asset Management Limited 65. Insignia Insurance Dedicated Fund, L.P. Meritage Capital, LLC 66. JPMorgan Global Access Growth Strategies Insurance Fund JPMorgan Trust Company of Delaware 67. JPMorgan Global Access Hedge Fund Strategies Insurance Fund JPMorgan Trust Company of Delaware 68. Lionstone IDF II Lionstone Capital Management LLC 69. Lionstone Insurance Fund, LP Lionstone Capital Management LLC 70. Massey Quick Insurance Dedicated Fund Massey Quick & Co., LLC 71. McCabe / Natural Investments SRI Insurance Fund Drexel Morgan Capital Advisers, Inc. 72. McCabe Income Insurance Fund Drexel Morgan Capital Advisers, Inc. 73. McCabe Multi-Manager Insurance Fund Drexel Morgan Capital Advisers, Inc. 74. MFO IDF LP Portfolio A - Equity Europe Marcuard Family Office Ltd. 75. MFO IDF LP Portfolio B - Equity Asia Marcuard Family Office Ltd. 76. MFO IDF LP Portfolio C - Commodities Marcuard Family Office Ltd. 77. MFO IDF LP Portfolio D - Equity North America Marcuard Family Office Ltd. 78. Ninepeaks Multi-Strategy Insurance Fund Ninepeaks Capital Management, LP 79. Oso + Toro Multi Strategy Insurance Fund Covenant Multifamily Offices, LLC 80. Partners Capital Kestrel Fund, L.P. Partners Capital Investment Group, LLC 81. Peconic Partners Insurance Fund Peconic Partners, LLC 82. Pulteney Premier Fund, LP Pulteney Street Capital Management, LLC 83. Ramius IDF Master Fund LLC Ramius Alternative Solutions LLC 84. RBC Conservative Insurance Dedicated Fund, L.P. RBC (Caribbean) Corporation 85. RBC Growth Insurance Dedicated Fund, L.P. RBC (Caribbean) Corporation 86. RBC Offshore Growth Insurance Dedicated Fund, L.P. RBC (Caribbean) Corporation 87. Ryan Labs TIPS Insurance Fund, L.P. Ryan Labs Asset Management 88. Sarasin Insurance Fund Sarasin Asset Management, Ltd 89. SCS Insurance Global Series I SCS Capital Management, LLC 90. Seven Bridges Emerging Markets Fund Seven Bridges Advisors LLC SALE Funds indicated in bold are administered by SALI Fund Services P3487a 3 Proprietary and confidential. Cl 2015 Winged Keel Group, POLO International, and SALT. All rights reserved. DDe • C III EFTA01113509 Non-Registered Insurance-Dedicated Fund Offerings as of 05/01/2015 Multi-Manager Insurance-Dedicated Funds Investment Subadvisor 91. Seven Bridges Long/Short Equity Fund Seven Bridges Advisors LLC 92. Seven Bridges Multi-Strategy Fund Seven Bridges Advisors LLC 93. Seven Bridges Strategic Equity Fund Seven Bridges Advisors LLC 94. TAG Associates Insurance Fund TAG Associates, LLC 95. Talson Acier Fund Talson Capital Management, LLC 96. Taylor Insurance Series, L.P. - Relative Value Strategies Taylor Investment Advisors, LP 97. Taylor Insurance Series, L.P. - Series C - Global Alpha Taylor Investment Advisors, LP 98. Taylor Insurance Series, L.P. - Series G - Diversified Strategies Taylor Investment Advisors, LP 99. Taylor Insurance Series, L.P. - Series K - Global Opportunity Taylor Investment Advisors, LP 100. TBC Global Equity Allocation Long/Short Fund, LP The Boston Company Asset Management, LLC 101. Titan Legacy Fund I, L.P. - Series A Titan Legacy Fund Advisors 102. Titan Legacy Fund I, L.P. - Series B Titan Legacy Fund Advisors 103. Titan Legacy Fund II, L.P. - Series A Titan Legacy Fund Advisors 104. Titan Legacy Ultra Fund, L.P. Titan Legacy Fund Advisors 105. Voyager Global Absolute Return Insurance Fund, LP Voyager Management, LLC 106. Windward ART Fund Class A Windward Management Ltd 107. Windward ART Fund Class B2 Windward Management Ltd 108. Windward ART Fund Class BS Windward Management Ltd In Development Single Manager Insurance-Dedicated Funds Investment Subadvisor 109. BlueCrest Capital Management LP BlueCrest Capital Management Limited 110. Candlewood Insurance Masters Fund Candlewood Investment Group, LP 111. Cirrix Capital IDF Arcadia Funds, LLC 112. DoubleLine Global Multi-Sector Income Fund DoubleLine Capital, LP 113. Echelon Diversified Insurance Fund Echelon Capital Strategies, LLC 114. Highland Series I-A Insurance Fund (Conservative) Highland Capital Management, L.P. 115. Highland Series I-B Insurance Fund (Medium) Highland Capital Management, L.P. 116. Highland Series I-C Insurance Fund (Opportunistic) Highland Capital Management, L.P. 117. Hollis Park Insurance Fund Hollis Park Partners LP SALI Funds indicated in bold are administered by SALI Fund Services 4 CICI ism • C P3487a Proprietary and confidential. Cl 2015 Winged Keel Group, POLl international, and SALI. All rights reserved. EFTA01113510 Non-Registered Insurance-Dedicated Fund Offerings as of 05/01/2015 Single Manager Insurance-Dedicated Funds Investment Subadvisor 118. Iddian Insurance Fund Iddian Asset Management, LLC 119. Karamaan Insurance Fund Karamaan Group, LLC 120. Moab Select Moab Capital Partners, LIC 121. Morgan Stanley Wealth Management Global Equity IDF Morgan Stanley Smith Barney LIC 122. Morgan Stanley Wealth Management Global Fixed Income IDF Morgan Stanley Smith Barney LIC 123. NBW Capital Master Limited Partnership Insurance Fund Taylor Investment Counselors, LIC 124. Pine River Insurance Fund Pine River Capital Management L.P. 125. Rand Advisors Series II Insurance Fund Rand Advisors, LIC 126. Rimrock Relative Value Fixed Income IDF Rimrock Capital Management, LIC 127. Serengeti Insurance Fund Serengeti Asset Management LP 128. Two Ocean Global Equities Insurance Fund Two Ocean Capital LP 129. Vida Insurance Fund Vida Capital Management, LLC 130. William Blair Dynamic Insurance Fund William Blair & Company, L.L.C. 131. Yield Opportunities (Insurance Dedicated) Fund Goldman Sachs Asset Management, L.P. Multi-Manager Insurance-Dedicated Funds Investment Subadvisor 132. Blackstone Partners Opportunities Insurance Fund Blackstone Alternative Asset Management L.P. 133. Canterbury Absolute Return Strategy Canterbury Consulting Incorporated 134. Crow Holdings Capital Partners Insurance Fund Crow Holdings Capital Partners, LIC 135. Hedge Fund Opportunities (Insurance Dedicated) Fund Goldman Sachs Hedge Fund Strategies LLC 136. LLBH Insurance Fund LLBH Private Wealth Management 137. Morgan Stanley Wealth Management Alternatives IDF Morgan Stanley Smith Barney LIC 138. NEPC / The Newport Group Senior Secured Loan Insurance Fund NEPC, LLC 139. Seven Bridges Partners Fund Seven Bridges Advisors LLC Funds indicated in bold are administered by SALI Fund Services S CID le • P3487a Proprietary ond confidential. 61 2015 Winged Keel Group, PPLI International, and SALL All rights reserved. EFTA01113511 Disclosures Winged Keel Group and PPLI International believe to the best of their knowledge that the funds listed above are insurance-dedicated. Winged Keel Group and PPLI International are not making representations as to whether or not a particular fund is structured to be in full compliance with the recent tax rulings and proposed regulations. This information has been compiled by Winged Keel Group and PPLI International based on information provided by the life insurance companies, and is believed to be correct. Please review the life insurance company offering materials for complete details. This information is provided with the understanding that Winged Keel Group and PPLI International do not engage in the practice of law, or give legal, accounting, tax, investment, or asset allocation advice. You are advised to seek counsel in these areas from your appropriate advisors. An investment in a fund is subject to significant risks (including a risk of total loss of investment) that are detailed in the offering memorandum. Those risk disclosures should be carefully reviewed prior to making an investment. In particular, the following points should be noted: a) Fund of funds are subject to multiple layers of fees and expenses; b) Hedge funds are speculative investments and not subject to regulatory oversight; c) Underlying funds may use aggressive investment strategies and are subject to significant risks; d) Certain underlying funds may make investments outside of the U.S. where political, regulatory, and infrastructure risks may be different from those in the U.S; e) A fund may be required to pay certain underlying managers incentive fees even when overall fund performance is negative; f) An investment in a fund is subject to a number of tax risks and all prospective investors & policyowners should consult their own tax advisors prior to making an investment allocation. Funds listed above are available through either Private Placement Variable Universal Life Insurance, Private Placement Variable Annuities, or both. Inforce policyowners may need to amend their policy offering materials to add certain funds listed. Certain states may restrict which funds from this list can be added to policies issued in their state. Investors should consider the investment objectives and horizons, income tax brackets, risks, charges, and expenses of any variable product carefully before investing. This and other important information about the investment company is contained in each fund's offering memorandum, which can be obtained by calling 212.527.8000. Please read it carefully before you invest. SOLELY FOR INSTITUTIONAL INVESTORS, defined by FINRA Rule 2210(a)(4) to include any (a) financial institution, insurance company, registered investment company, registered investment adviser or any other person (whether a natural person, corporation, partnership, trust or other entity) with total assets of at least $50 million, (b) governmental entity, (c) employee benefit plan, (d) qualified plan, (e) member or registered person of such member, or (f) person acting solely on behalf of such institutional investor. PPLI International is independently owned and operated. Securities Offered Through M Holdings Securities, Inc. A Registered Broker/Dealer Member FINRA/SIPC. Winged Keel Group is independently owned and operated. By accepting these materials, the recipient agrees to keep the materials and their content confidential and not to use the materials or the content for any purpose other than to evaluate a financial transaction with Winged Keel Group and PPLI International of the type described in the materials, except that there is no limitation on disclosure of the tax treatment or tax structure of the products and/or transaction structures contained herein. 2015 Winged Keel Group, Inc. and PPLI International, Ltd. All rights reserved. Any unauthorized use or disclosure of these materials without the written consent of Winged Keel Group, Inc. and PPLI International, Ltd. is prohibited. 6 CICIle • 03487a Proprietary and confidential. 61 2015 Winged Keel Group, PPLI International, and MU. All rights reserved. EFTA01113512