About Guggenheim Investments - Security Benefit Agent

Guggenheim
Investments
General Account Investment Manager for
Security Benefit Life Insurance Company
Strength of discipline. Power of expertise.
®

A Secure Retirement
Many of our clients today depend on us to help protect their retirement assets from risk – with guarantees. Security
Benefit Life Insurance Company (SBL) provides retirement benefits for clients to help them Save-Protect-Live.
SBL operates a General Account that is used to pay claims and benefits to its clients and on their retirement assets.
The assets in an insurance company’s General Account need to be well-managed, with a constant balance of safety
and growth, to ensure that our clients’ retirement accounts and benefits are there for them when they are needed.
Fixed income investments are an important component of that strategy. SBL has one of the leading fixed income
experts, Guggenheim Investments, to manage its General Account and helps SBL provide competitive guarantees to
its clients.
Security Benefit
In 2010, Security Benefit (and its subsidiary SBL) was purchased by an investor group led by Guggenheim Partners.
Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners
and manages the General Account assets for SBL. Guggenheim Investments has an extensive track record of delivering
innovative solutions to meet investors’ strategic objectives. Their expertise helps us provide competitive guarantees and
benefits for our clients.
SBL Assets Under Management (AUM)
Guarantees offered through SBL include:
as of 12/31/2013
• Interest rates (minimum guaranteed rates) – for fixed annuities
• Living benefits – as a source of income, often during retirement
• Death benefits – paid to beneficiaries of clients
Guggenheim Investments
General Account
Guggenheim Investments manages $172 billion 1 in assets across fixed income,
Separate Account
equity and alternatives. They focus on the return and risk needs of their clients.
*Includes $1.7B of reinsured assets
250+ investment professionals perform rigorous research to understand market
trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach
to investment management has enabled Guggenheim to deliver strategies providing diversification and attractive
long-term results.
• Since inception composite returns for Core Fixed Income, Multi Credit, Opportunistic Credit, Tax-Exempt
Municipals and Build America Bonds rank in top 1% of competitor universe.*
• Manage $122 billion in fixed income as of December 31, 2013.
• More than 150 fixed income investment professionals.
$14.9 billion*
$7.8 billion
* The rankings are based on data self-reported by managers to eVestment Alliance (“EA”); EA does not verify this data. As of 12.31.2013, the number of observations
since inception for each universe is as follows: Core Fixed Income - 157, Multi Credit - 135, Opportunistic Credit - 3, Tax-Exempt Municipals - 85, and Build America
Bonds - 138. The strategies included herein are not representative of all strategies included in the EA database. The rankings may not be representative of any one
client’s experience because the ranking reflects an average of all, or a sample of all, of the experiences of the adviser’s clients. Past performance does not guarantee
future returns. Additional information regarding EA rankings for year to date and since inception performance of each composite is available on EA’s website.
1
Guggenheim Investments’ total asset figure is as of 12.31.2013 and includes $12.5 billion of leverage for assets under management and $0.4 billion of leverage for
serviced assets.

Guggenheim Investments Key Areas of Fixed Income Expertise
Core and Core Plus Fixed Income - Innovative approach
focused on clients’ investment objectives rather than the weights
of a generic benchmark
– Manage $75+ billion in Core/Core Plus fixed
income mandates
– Composite returns ranked in the top 5% or better of
competitor universe for the past 1-, 3-, 5-, 7- and
10-year periods 1
– Winner of 2011 Industry Innovation Award in the US
Fixed Income category by aiCIO magazine 2
11%
9%
7%
5%
3%
1%
-1%
-3%
Returns for Period ended Dec. 31, 2013
9.60%
7.55%
7.09%
6.71%
4.44%
4.91% 4.55%
3.26%
0.97%
-2.02%
1 YR 3 YRS 5 YRS 7 YRS 10 YRS
Guggenheim Core Fixed Income Composite (Gross)
Barclays U.S. Aggregate Index
Source: Guggenheim Partners Investment Management, LLC. (GPIM), Barclays
Returns are presented gross of advisory fees. Core Fixed Income performance is based on the Fixed Income composite returns. Returns for periods longer than one year are annualized.
The Fixed Income Composite consists of intermediate fixed income accounts that are managed on a total rate of return basis. The strategy seeks to achieve its investment objective
by investing in a broadly diversified portfolio of fixed income instruments. The strategy normally maintains an average duration that is within +/ 1.0 year of the duration of a given
portfolio’s respective benchmark. The Barclays U.S. Aggregate Index represents securities that are SEC registered, taxable, and dollar denominated. The index covers the
U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.
These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Past performance is not indicative of future results.
2 aiCIO: The aiCIO Industry Innovation Awards are awarded annually to industry participants that are deemed by the aiCIO editorial team, in conjunction with an Advisory Board comprised
of former chief investment officers and pension officials, to be an industry innovator in one of five distinct categories (Core Investment, Alternative Investment, Strategy & Tactics,
Servicing, and Holistic), each of which has multiple sub-categories. Asset International (AI) covers 5,000 pools of capital. The Core Investment category consists of five sub-categories –
Fixed-Income (US), Fixed-Income (Non-US), Equities (US), Equities (Non-US), and Emerging Markets. The 2011 Fixed-Income (US) sub-category consisted of all managers in this space.
Winners are nominated internally by aiCIO. A proprietary panel of judges makes recommendations to the aiCIO editorial team; subsequently the winners are announced.
Corporate Credit – Fully integrated $55+ billion corporate credit platform delivers top-performing bank loans and high yield strategies
– Guggenheim’s 90+ member Corporate Credit investment team is one of largest in the industry
– US Bank Loans and High Yield composite returns ranked in top-quartile of competitor universe for the past 1-, 3-, 7- and
10-year periods 1
– 2013 Creditflux Awards: “Best U.S. CLO 2.0” 5180 CLO 3
Source: Guggenheim Partners Investment Management, LLC. (GPIM), BAML, Credit Suisse
Returns are shown gross of advisory fees. Returns for periods longer than one year are annualized. The BofA Merrill Lynch U.S. High Yield Master II Constrained Index is a broad-based
Index consisting of all U.S. dollar-denominated high-yield bonds with a minimum outstanding amount of $100 million and maturing over one year. The Credit Suisse Leveraged Loan
Index is designed to mirror the investable universe of the USD denominated leveraged loan market. Returns do not reflect performance that would have necessarily been achieved by
a portfolio limited to those assets. Past performance is not indicative of future results.
3
Creditflux: The Creditflux “CLO” awards are performance-based awards presented to a CLO selected from the CLO universe, which includes US and European CLOs, and where
possible differentiates between vintages. In 2013, 394 U.S. and 193 European arbitrage CLO transactions were reviewed in the study. Performance is evaluated across the lifetime
of a deal up to the end of the year preceding the award year. Through the use of its proprietary ParPlus formula in 2011 and its liquidation IRR in 2012, Creditflux judges the best
performing deals to be those that have safeguarded debt investors’ principal and interest, while generating excellent returns for equity investors. The awards are calculated using
data supplied directly by managers, but all finalists are checked against the performance data in CLO Master. For validation purposes, only CLOs in CLO Master will be eligible for
an award. The “Best U.S. CLO 2.0” is a category that measures the best CLO with a closing date between 2009 and 2011, based on liquidation IRR. Liquidation IRR is the internal
rate of return equity investors would receive if a CLO had been liquidated on 31 December 2012, all its assets sold at market value and all proceeds and remaining cash distributed
to investors in accordance with the cash flow waterfall. To achieve a positive liquidation IRR, CLOs must be able to repay all debt liabilities. Market values are based on an average
of all managers’ marks for that asset. Creditflux applies a haircut for assets that are held by only one manager.
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
U.S. Bank Loans Returns for Period ended Dec. 31, 2013
High Yield
7.30%
7.41%
7.54%
7.33%
6.15%
5.76%
5.05%
4.58%
1 YR 3 YRS 5 YRS 10 YRS
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
10.23%
10.47%
10.31%
9.17%
9.01%
8.63%
8.46%
7.41%
1 YR 3 YRS 5 YRS 10 YRS
Guggenheim: U.S. Bank Loans Composite (Gross)
Credit Suisse Leveraged Loan Index
Guggenheim: High Yield bonds Sector (Gross)
BofA Merrill Lynch High Yield Master II Constrained Index
1
The rankings are based on data self-reported by managers to eVestment Alliance (“EA”); EA does not verify this data. As of 12.31.2013, the number of observations since inception
for each universe is as follows: Core Fixed Income - 157, U.S. Bank Loans - 16 and High Yield - 165. The strategies included herein are not representative of all strategies included
in the EA database. The rankings may not be representative of any one client’s experience because the ranking reflects an average of all, or a sample of all, of the experiences of
the adviser’s clients. Past performance does not guarantee future returns. Additional information regarding EA rankings for year to date and since inception performance of each
composite is available on EA’s website.

Core Fixed Income Composite
Schedule of Investment Performance for the Period 01.01.2003 - 12.31.2012
Period
Composite
Gross of Fees
Rates of Return (%) 3-Year Standard Deviation (%)
Composite
Net of Fees
Barclays U.S.
Agg
Composite
Barclays U.S.
Agg
No. of Accounts Dispersion (%)
Composite
Assets ($m)
Firm Assets
($m)
2012 10.65 10.10 4.21 3.21 2.42 21 1.05 73,745 113,588
2011 11.38 10.83 7.84 4.80 2.82 14 1.50 52,942 75,740
2010 13.47 12.91 6.54 6.68 4.23 12 1.13 43,774 55,911
2009 12.02 11.47 5.93 6.39 4.17 9 1.59 32,728 45,263
2008 -3.47 -3.95 5.24 5.56 4.03 7 1.22 26,332 32,988
2007 5.80 5.27 6.97 4.22 2.80 7 N/A 25,881 30,957
2006 5.52 5.00 4.33 5.19 3.26 ≤5 N/A 22,270 27,121
2005 4.45 3.93 2.43 6.67 4.12 ≤5 N/A 20,323 24,301
2004 7.50 6.96 4.34 6.44 4.34 ≤5 N/A 18,244 21,390
2003 7.10 6.57 4.10 5.71 4.26 ≤5 N/A 15,293 18,088
Guggenheim Investments Asset Management (GIAM) is a global investment management firm providing fixed
income, equity and alternative investment services primarily to institutional investors and is comprised of the
following affiliated entities of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC
(GPIM), Guggenheim Partners Europe Limited (GPE), Transparent Value Advisors, LLC (TVA), and, as of February
2012, Security Investors, LLC (SI). GPIM was formed in June 2012 as the result of the merger of Guggenheim Partners
Asset Management, Inc. (GPAM) and Guggenheim Investment Management, LLC (GIM). Also, in June 2012, GIAM
broadened the definition of the GIPS firm to include GIAM’s historically affiliated advisors GPAM, GIM, GPE and
TVA since each entity’s inception.
GIAM claims compliance with the Global Investment Performance Standards (GIPS ® ) and has prepared and
presented this report in compliance with the GIPS standards. GIAM has been independently verified for the periods
January 1, 1999 through December 31, 2011. The verification reports are available upon request.
Verification assesses whether (1) the firm has complied with all the Composite construction requirements of the
GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present
performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific
composite presentation.
The Core Fixed Income Composite (the “Composite”) is comprised of accounts with a total return objective and invest
in broadly diversified portfolios of primarily investment grade fixed income instruments, rotating opportunistically
among sectors where perceived relative value exists. Derivatives may be used to hedge interest rate and credit
risks. Leverage may be employed when appropriate market conditions exist. The creation date for this composite is
September 1, 2010. Derivatives are used to hedge various risk components of the Composite and may make up a
material part of the composite strategy. Interest rate derivatives are used to hedge interest rate risk and credit default
derivatives are used to hedge underlying credit risk. The use of leverage may be employed when appropriate market
conditions exits, generally in the form of reverse repurchase agreements and securities lending.
For comparison purposes the Composite is measured against the Barclays U.S. Aggregate Index. The Barclays U.S.
Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers
the U.S. investment grade fixed rate bond market, with index components for government and corporate securities,
mortgage pass-through securities, and asset-backed securities.
All performance is expressed in U.S. dollars.
Gross returns are presented net of non-reclaimable foreign withholding taxes applicable to the U.S. investors and
include the reinvestment of income. Net returns are calculated by reducing gross returns by the greater of 1) the
highest management fee charged to an account in the composite or 2) the highest tier of the current management
fee schedule.
The representative, standard fee schedule for this composite is:
First $100M: 0.33% Next $200M: 0.27% Above $300M: 0.20%
The composite dispersion is calculated using the asset-weighted standard deviation of all accounts within the
Composite. Dispersion will be calculated only if the number of accounts in the Composite is greater than five and will
only include accounts that have been in the Composite for the entire year.
The firm’s list of composite descriptions, as well as information regarding the firm’s policies for valuing investments,
calculating performance, and preparing compliant presentations, is available upon request.
Past performance may not be indicative of future returns. The value of any investment may rise or fall over time.
Principal is not guaranteed, and investors may receive less than the full amount of principal invested at the time
of redemption if asset values have declined. Individual account performance may be greater than or less than the
performance presented for this composite.

High Yield Traditional Composite
Schedule of Investment Performance for the Period 05.01.2009 - 12.31.2012.
Period
Composite
Gross of Fees
Rates of Return (%) 3-Year Standard Deviation (%)
Composite
Net of Fees
ML US HY
Master II
Constrained
Composite
ML US HY
Master II
Constrained
No. of Accounts Dispersion (%)
Composite
Assets ($m)
Firm Assets
($m)
2012 15.76 15.07 15.55 6.20 7.12 17 0.32 5,097 113,588
2011 4.82 4.20 4.37 N/A N/A 11 0.60 2,353 75,740
2010 17.10 16.41 15.07 N/A N/A 10 0.51 1,559 55,911
May - Dec 2009 34.51 33.99 34.61 N/A N/A 8 N/A 722 45,263
Guggenheim Investments Asset Management (GIAM) is a global investment management firm providing fixed
income, equity and alternative investment services primarily to institutional investors and is comprised of the
following affiliated entities of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC
(GPIM), Guggenheim Partners Europe Limited (GPE), Transparent Value Advisors, LLC (TVA), and, as of February
2012, Security Investors, LLC (SI). GPIM was formed in June 2012 as the result of the merger of Guggenheim
Partners Asset Management, Inc. (GPAM) and Guggenheim Investment Management, LLC (GIM). Also, in June
2012, GIAM broadened the definition of the GIPS firm to include GIAM’s historically affiliated advisors GPAM,
GIM, GPE and TVA since each entity’s inception.
GIAM claims compliance with the Global Investment Performance Standards (GIPS ® ) and has prepared and
presented this report in compliance with the GIPS standards. GIAM has been independently verified for the periods
January 1, 1999 through December 31, 2011.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the
GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present
performance in compliance with the GIPS standards. The High Yield Traditional composite has been examined for
the periods May 1, 2009 - December 31, 2011. The verification and performance examination reports are available
upon request.
The High Yield Traditional Composite (the “Composite”) is comprised of accounts that primarily invest in both high
yield corporate bonds and generally 20% or less in other sectors including, but not limited to, bank loans, assetbacked
securities, mortgage-backed securities and treasuries. The investment objective is to outperform the broad
high yield market. The Composite has a minimum asset level of $10 million. The creation date for this Composite is
September 1, 2010.
For comparison purposes the Composite is measured against the Bank of America (BofA) Merrill Lynch U.S. High
Yield Master II Constrained Index. The BofA Merrill Lynch U.S. High Yield Master II Constrained Index is a broadbased
Index consisting of all US dollar-denominated high-yield bonds with a minimum outstanding amount of $100
million and maturing over one year. Benchmark returns are not covered by the report of independent verifiers.
All performance is expressed in U.S. dollars.
Gross returns are presented net of non-reclaimable foreign withholding taxes applicable to the U.S. investors and
include the reinvestment of income. Net returns are calculated by reducing gross returns by 60 basis
points annually.
The representative, standard fee schedule for this Composite is:
First $100M: 0.50% Next $200M: 0.45% Above $300M: 0.40%
The Composite dispersion is calculated using the asset-weighted standard deviation of all accounts within the
Composite. Dispersion will be calculated only if the number of accounts in the Composite is greater than five and
will only include accounts that have been in the Composite for the entire year.
Cash for carve-out portfolios are managed with separate custodial cash balances.
The firm’s list of Composite descriptions, as well as information regarding the firm’s policies for valuing
investments, calculating performance, and preparing compliant presentations, is available upon request.
Past performance may not be indicative of future returns. The value of any investment may rise or fall over time.
Principal is not guaranteed, and investors may receive less than the full amount of principal invested at the time
of redemption if asset values have declined. Individual account performance may be greater than or less than the
performance presented for this Composite.

US Bank Loans Composite
Schedule of Investment Performance for the Period 01.01.2003 - 12.31.2012.
Period
Composite
Gross of Fees
Rates of Return (%) 3-Year Standard Deviation (%)
Composite
Net of Fees
CS Leveraged
Loan Index
Composite
CS Leveraged
Loan Index
No. of Accounts Dispersion (%)
Composite
Assets ($m)
Firm Assets
($m)
2012 10.79 9.83 9.43 3.63 4.13 9 0.63 3,787 113,588
2011 4.23 3.50 1.82 6.18 7.63 8 0.59 3,642 75,740
2010 14.24 13.16 9.97 10.41 13.10 6 N/A 2,333 55,911
2009 39.18 38.04 44.87 10.32 13.12 ≤5 N/A 2,133 45,263
2008 -21.05 -21.63 -28.75 7.98 10.24 ≤5 N/A 1,657 32,988
2007 5.46 4.69 1.88 1.81 2.59 6 N/A 2,662 30,957
2006 9.22 8.31 7.33 0.49 0.70 ≤5 N/A 1,891 27,121
2005 7.36 6.52 5.69 0.63 1.25 ≤5 N/A 893 24,301
2004 7.56 6.72 5.60 N/A N/A ≤5 N/A 427 21,390
2003 10.12 9.18 11.01 N/A N/A ≤5 N/A 420 18,088
Guggenheim Investments Asset Management (GIAM) is a global investment management firm providing fixed income,
equity and alternative investment services primarily to institutional investors and is comprised of the following affiliated
entities of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC (GPIM), Guggenheim
Partners Europe Limited (GPE), Transparent Value Advisors, LLC (TVA), and, as of February 2012, Security Investors, LLC
(SI). GPIM was formed in June 2012 as the result of the merger of Guggenheim Partners Asset Management, Inc. (GPAM)
and Guggenheim Investment Management, LLC (GIM). Also, in June 2012, GIAM broadened the definition of the GIPS
firm to include GIAM’s historically affiliated advisors GPAM, GIM, GPE and TVA since each entity’s inception.
GIAM claims compliance with the Global Investment Performance Standards (GIPS ® ) and has prepared and presented
this report in compliance with the GIPS standards. GIAM has been independently verified for the periods January 1, 1999
through December 31, 2011. The verification reports are available upon request.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS
standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance
in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
The US Bank Loans Composite (“the Composite”) is comprised of accounts that predominantly invest in U.S.-based
corporate bank loans. The creation date for this Composite is September 1, 2010. The Composite has a minimum asset
level of $10,000,000. Formerly, this Composite was known as Bank Loans - Domestic Composite.
For comparison purposes the Composite is measured against the Credit Suisse Leveraged Loan Index. The Credit Suisse
Leveraged Loan Index is designed to mirror the investable universe of the US dollar denominated leveraged loan market.
All performance is expressed in U.S. dollars.
Gross returns are presented net of non-reclaimable foreign withholding taxes applicable to the U.S. investors and include
the reinvestment of income. Net returns are calculated by reducing gross returns with a model fee that includes 1) the
greater of a) the highest management fee charged to an account in the Composite or b) the highest tier of the current
management fee schedule, and 2) estimated performance fees where applicable. Net returns using actual fees may vary
from calculated returns using the model fee depending on, amongst other things, type of client, portfolio size, and
performance based fees. For the period 2008, the net returns presented reflect actual fees on a cash basis, not a model
fee. The following example demonstrates the effect of performance fees on investment returns. Assume an account value
of $1 million on January 1 with a 10% performance fee. If the account value rises by 10% during the year (net of all other
applicable fees) to be valued at $1.1 million, the investor will pay a performance fee of 10% on the $100 thousand increase
($10,000), resulting in a balance of $1.09 million and a 9% net return.
The current management fee schedule for this Composite is:
First $100M: 0.55% Next $200M: 0.45% Above $300M: 0.40%
The Composite dispersion is calculated using the asset-weighted standard deviation of all accounts within the Composite.
Dispersion will be calculated only if the number of accounts in the Composite is greater than five and will only include
accounts that have been in the Composite for the entire year.
This Composite contains carve-outs of accounts that are managed separately with their own cash balances.
The firm’s list of Composite descriptions, as well as information regarding the firm’s policies for valuing investments,
calculating performance, and preparing compliant presentations, is available upon request.
Past performance may not be indicative of future returns. The value of any investment may rise or fall over time. Principal
is not guaranteed, and investors may receive less than the full amount of principal invested at the time of redemption if
asset values have declined. Individual account performance may be greater than or less than the performance presented
for this Composite.

A solid path for retirement
Secure Your Retirement
Add solutions and guarantees to your retirement strategy to help you Save-Protect-Live.
Through a consistent balance of safety and growth, Security Benefit offers competitive benefits and guarantees
to help you safeguard your retirement strategy.
With discipline and expertise, Guggenheim Investments has emerged as one of the premier fixed income
managers in the United States.
Your retirement account may be one of the largest assets you’ll ever own. Whether you’re building your
retirement account, protecting those assets from market downturns, or looking for ways to create lifelong
income, let us help you leverage a suite of solutions that meet your retirement goals.
No matter how far away from retirement you might be, you can move in the right direction by choosing
strategies that include guarantees and benefits that protect your investments from market pitfalls. With the
strength of discipline and the power of expertise from Guggenheim, we can help you travel down the path
To and Through Retirement ® .
Guarantees are subject to the claims-paying ability of Security Benefit Life Insurance Company (SBL).
The accompanying composite performance information, and other indicators of investment performance in this brochure, are presented to demonstrate the expertise of Guggenheim
Investments in fixed income investing and how that may help SBL credit competitive interest rates on, and fulfill contractual guarantees in, fixed annuity contracts issued by SBL.
However, the skill of the investment manager of the general account is only one element in reaching these goals. Past performance is no indication of future results.
No representation or warranty is made by Guggenheim Investments or any of their related entities or affiliates as to the sufficiency, relevance, importance, appropriateness,
completeness, or comprehensiveness of the market data, information or summaries contained herein for any specific purpose and we assume no liability for damages resulting from or
arising out of the use of such information. The views expressed in this presentation are subject to change based on market and other conditions. All material has been obtained from
sources Guggenheim Investments believes to be reliable, but its accuracy is not guaranteed.
This data is for illustrative purposes only. Past performance of indices of asset classes does not represent actual returns or volatility of actual accounts or investment managers, and
should not be viewed as indicative of future results. Given the inherent volatility of the securities markets, it should not be assumed that investors will experience returns comparable
to those shown here. Market and economic conditions may change in the future producing materially different results than those shown here. All investments have inherent risks.
The investments discussed may fluctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may have an adverse effect on the value of
investments. Numbers may not add to 100% due to rounding.
The benchmarks used are for purposes of comparison and should not be understood to mean that there will necessarily be a correlation between the portrayed returns herein and these
benchmarks. The views expressed in this presentation are the views of Guggenheim Investments and are subject to change based on market and other conditions. In discussion of any
strategy, results and risks are based solely on the hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider
carefully whether such services in general, as well as the products or strategies discussed in this material, are suitable to their needs.
© 2014 Security Benefit Life Insurance Company. All Rights Reserved. No part of this document may be reproduced, stored, or transmitted by any means without the express written
consent of SBL.
TO AND THROUGH RETIREMENT
One Security Benefit Place, Topeka, KS 66636-0001
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22-10900-00 2014/04/21