METODOLOGYstatic.contentres.com/media/documents/49c7d6fc-a02c-4444... · 2014. 7. 30. ·...

METHODOLOGYReport Date: 06/23/14

Please review Important Disclosures at end of report for more information. The analysis and assumptions set forth in this report are based on (1) information provided by the plan sponsorregarding your retirement plan and its participants and (2) provider-specific data and responses obtained directly from the service provider candidates. Neither advisor nor LPL Financial hasindependently verified the data as to accuracy or completeness. While this report is intended to assist in evaluating providers, it does not constitute a specific recommendation or advice andshould not be used as the sole factor in selecting a provider for your plan

Possible viable candidates are screened through our experience and knowledge of your specific requirements based on consultation with you,and through access to an extensive database of provider capabilities.Once service provider candidates are chosen, an online request for proposal is created, featuring investment, pricing and additionalinformation requirements customized to fit the specific needs of the plan sponsor. After a provider selection is made, a report is created andarchived to document the entire selection process.

PROVIDER INFORMATION COLLECTION

CANDIDATE SCREENING & SELECTION

ÈRFP CREATION & DISTRIBUTION

ÈRESPONSE ANALYSIS

ÈPROVIDER SELECTION

PROCESS DOCUMENTATION

1

EXECUTIVE SUMMARYReport Date: 06/23/14


Provider Products Considered

64Candidates Selected

3RFPs Issued

3Respondents

3Finalists Considered:

Mass MutualOneAmerica

Putnam

ASSET AMOUNT:

$20.9 MANNUAL CONTRIBUTION:

$1.3 MPARTICIPANTS: ELIGIBLE:

4500 4273

You have indicated that the following objectives representthe plan's highest priorities:

To identify the best suited record-keeping & administrative partner

for our 401k plan. The focus of this search will be in many areas

with an emphasis on the following:

•

• -Fee Reasonableness•

• -Administrative Outsourcing & Reporting•

• -Fiduciary Services•

• -Technology Platform•

• -Investment Availability•

• -Tools to Drive Participant Outcomes•

• -Participant Education Elements•

2

CANDIDATE SCREENING RESULTSReport Date: 06/23/14


CANDIDATE SCREENING RESULTSReport Date: 06/23/14


This section provides an overview of provider capabilities based on specific Mandatory and Requested screening criteria. Mandatory criteriaare identified by the plan sponsor as essential to be met. Requested criteria are desirable by the plan sponsor, but not absolutely required.The Mandatory and Requested Scores represent the number of criteria met out of the total number of criteria on which the providers werescreened. They are not intended to rate providers or imply that any one provider's products or services are better than another.

MASS MUTUAL

MANDATORY SCORE11/12

REQUESTED SCORE15/18

ONEAMERICA



PUTNAM



4

SCREENING CRITERIAReport Date: 06/23/14




This section provides an overview of provider capabilities based on specific Mandatory and Requested screening criteria. Mandatory criteriaare identified by the plan sponsor as essential to be met. Requested criteria are desirable by the plan sponsor, but not absolutely required.The Mandatory and Requested Scores represent the number of criteria met out of the total number of criteria on which the providers werescreened. They are not intended to rate providers or imply that any one provider's products or services are better than another.

MANDATORY CRITERIA MASS MUTUAL ONEAMERICA PUTNAM

Participate currently in any alliances or joint marketing efforts(describe)?

Perform all required testing (describe exceptions)?

Automatically generate and distribute termination packagesfor terminated participants?Offer preparing the Form 5500, Summary Annual Report, andaudit package?

Capable of allocating fees on a participant level pro rata basis?

Allow non-proprietary target date funds?

Offer Self-Directed Brokerage accounts?

Allow percent of pay deferrals?

Allow dollar deferrals?

Offer participant statements available on-line?

Offer automated data feeds for reporting loan data to theclient's payroll system?

Offer Spanish speaking representatives?

REQUESTED CRITERIA MASS MUTUAL ONEAMERICA PUTNAM

5



REQUESTED CRITERIA MASS MUTUAL ONEAMERICA PUTNAM

Minimum number of provider employees in the retirement planservices department? : 15

Maintain on-line enrollment records?

Support auto enrollment (describe)?

Support exporting/downloading all plan sponsor reports toExcel (describe limitations)?

Post compliance documents online?

Prepared to comply with fee disclosure regulations?

Provide a fee disclosure to the plan sponsor on at least anannual basis?

Prepare the required blackout notice (describe how)?

Offer target date (age based) asset allocation funds?

Allow models as QDIA?

Offer a managed account option?

Include an on-line Retirement Gap Analysis Calculator?

Send fund change notices to the participant?

Allow participants to initiate a loan request by phone?

Offer automatic deferral increases?

Offer automatic enrollment?

6

VALUE PROPOSITIONReport Date: 06/23/14




Each service provider is given the opportunity to summarize the unique value that they provide to the marketplace. This contentrepresents the one page summary that they created.

Mass Mutual

ASSETS UNDER

MANAGEMENT

(MILLIONS):

$132,922.0

NUMBER OF

PLANS:

37,077

AVERAGE

PARTICIPANTS

PER PLAN:

2,823,000

Why MassMutual?

MassMutual is a leader in the Retirement Plan industry. Our rare combination of financial strength,experienced personnel and powerful technology allows us to provide a retirement plan program unmatched inthe marketplace. We have been exceeding customer expectations for 165 years.

Supporting Plan Health

At MassMutual, we measure our success in terms of “Plan Health”. Plan Health is defined by the number ofemployees positioned to retire with adequate replacement income. Our goal is to have all of our clients’employees be able to replace 75% of their income at age 67 through death, by investing in this 401(k) plan.

Tools for Participants

Our clients’ employees have access to the RetireSmartSM Ready tool, which helps them make meaningfuldecisions in their retirement planning by providing a quick snapshot of their chances of having enough incomein retirement based on the way they are investing today. This tool has led to significant increases in both planenrollment, and deferral rates among those already invested in the plan.

Targeted Education

Our ongoing employee education and communication campaign is developed based on the data you share withus. We use this data to understand each of your participants as individuals and reach them with actionableinformation based on an established hierarchy of needs. Each participant is asked to take only one action peryear that is most likely the next best step for that participant. The hierarchy of needs begins with enrollmentand continues through retirement guidance. Participants receive consistent messaging about the mostappropriate next step for them on their path to retirement readiness.

7



OneAmerica

ASSETS UNDER

MANAGEMENT

(MILLIONS):

$21,160.4

NUMBER OF

PLANS:

9,652

AVERAGE

PARTICIPANTS

PER PLAN:

60

Our core focus is the retirement plan market, and our retirement plan business accounts for 65% of our newbusiness, 30% of our company's revenue, and 60% of our assets under management. We have successfullydelivered industry leading growth for the past 5 years in new client organic growth, while also maintainingstrong retention of our existing clients. Our retirement business is the lifeblood of our organization and we arededicated to its continued development and growth. It is a core competency of the companies of OneAmericaand we will continue to grow both organically and through key strategic acquisitions.

We are proposing a comprehensive retirement plan solution and highlight several features of our service below:

Premier Service – Our philosophy and approach to client services is to be constantly attentive to our clientsand their employees and to be proactive in the services we provide. In order to achieve this, we listencarefully to what our clients and their advisors want and set goals together. We utilize regularly scheduledin person, phone, and email communications in order to provide timely information and obtain effectivefeedback. We are available for scheduled meetings when needed and appreciate visiting with our clients asthey please. Our premier service model is focused on personal attention and accountability, and we willprovide personalized service at every level of plan sponsor and participant interaction.

●

Communication and Education Program – OneAmerica is committed to providing the highest quality andmost effective communication and education tools, and our goal is to ensure that you and your employeesget the most out of your retirement plan. Your retirement plan will receive a tailored program with anumber of deliverables, including print materials, group and individual onsite meetings, a retirement planlanding page, online education, financial calculators, and targeted email campaigns.

●

Investments and Fiduciary Support – Our transparent fee structure is independent of investment selection. We offer over 350 investment options from over 40 fund families with no proprietary investmentrequirements. These investment options span the potential risk and reward spectrum and cover all majorasset classes. You will have access to professionally managed “lifestyle” options, target-date funds, sector,funds, index funds, and a fixed or stable value option. We also make available a wide variety of tools andservices to support you and your participants’ investment goals, including custom model capabilities, self-directed brokerage accounts, investment advice, and online education and calculators.

●

8



Putnam

ASSETS UNDER

MANAGEMENT

(MILLIONS):

$17,196.3

NUMBER OF

PLANS:

370

AVERAGE

PARTICIPANTS

PER PLAN:

606

At Putnam, we take a unique approach to workplace savings, and we will work tirelessly to make sure that ourclients get the absolute best return on their benefits dollars spent.

Focusing on lifetime income replacement●

Investing in continuous service and innovation●

Advocating for an improved retirement system●

Achieving total financial wellness●

Providing a distinctive, multichannel user experience for participants and plan sponsors●

Our capabilities include:

A unique web, phone, and in-person experience that helps employees understand the monthly income theymay receive in retirement and the actions they can take now to pursue the retirement income they willneed.

●

Outstanding service delivered by experienced and tenured Putnam associates who typically have fewerclients than their peers at other industry leaders.

●

The flexibility to choose the investment options that are right for the plan with no proprietary fundrequirements.

●

Complete disclosure of all plan expenses and the services associated with the expense.●

Excellence and innovation driven by a 100% focus on Defined Contribution plans. Putnam’s focus is notdivided across multiple employee benefit products.

●

A focus on helping every employee achieve total financial wellness.●

Aggressive advocacy within the retirement industry and Washington D.C. for a stronger, more robustretirement system.

●

The value of Putnam’s unique approach is being broadly recognized:

Anova client satisfaction survey, 2012●

– 97% top-two box for overall satisfaction

DALBAR Honors, 2013●

– Sole recipient of the “Total Client Experience” award for the third consecutive year

– 22 time winner of the DALBAR Mutual Fund Service Award

The Barron’s Best Mutual Fund Families Special Report has named Putnam one of the top fund familiesbased on overall investment performance — across all asset classes, for 2013.

●

9

PLAN FEE SUMMARY – ONGOING FEESReport Date: 06/23/14


PLAN FEE SUMMARY – ONGOING FEESReport Date: 06/23/14


Fee Category Incumbent Mass Mutual OneAmerica Putnam

Investment Management $74,255 $178,855 $153,255 $83,913

Recordkeeping $164,823 $52,343 $43,968 $39,780

Administration $41,874 ... $29,312 $2,100

Advisor/Consultant $52,343 $52,343 $52,343 $52,343

Credits ... ... ... ...

Total Ongoing Plan Fees $239,078 $283,541 $278,877 $178,136

1.14% 1.35% 1.33% 0.85%

Asset generated fees greater than plan fees ... ... ... ...

Plan Fees greater than asset generated fees ... ... ... $6

Per Participant $53 $63 $62 $40

10

PRICING COMPARISONReport Date: 06/23/14


PRICING COMPARISONReport Date: 06/23/14


INCUMBENT MASS MUTUAL ONEAMERICA PUTNAM

Investment Management $ 74,255 0.35 % $ 178,855 0.85 % $ 153,255 0.73 % $ 83,913 0.40 %

Recordkeeping $ 164,823 0.79 % $ 52,343 0.25 % $ 43,968 0.21 % $ 39,780 0.19 %

Recordkeeping Base Fee $ 52,323 $ 52,343 $ 43,968 $ 39,780

Education/Communication Fees $ 112,500 $ 0 $ 0 $ 0

Administration $ 41,874 0.20 % $ 0 0% $ 29,312 0.14 % $ 2,100 0.01 %

Administration Base Fee $ 0 $ 0 $ 29,312 $ 2,100

Third-Party Administration Fees $ 41,874 $ 0 $ 0 $ 0

Advisor $ 52,343 0.25 % $ 52,343 0.25 % $ 52,343 0.25 % $ 52,343 0.25 %

Advisor Fee $ 52,343 $ 52,343 $ 52,343 $ 52,343

Credit $ (94,217) -0.45 % $ 0 0% $ 0 0% $ 0 0%

Applied to Recordkeeping $ (52,343) $ 0 $ 0 $ 0

Applied to Advisor $ (41,874) $ 0 $ 0 $ 0

Total Ongoing Plan Fees $ 239,078 1.14 % $ 283,541 1.35 % $ 278,877 1.33 % $ 178,136 0.85 %

Asset generated fees > than plan fees ... ... ... ... ... ... ... ...

Plan Fees > than asset generated fees $ 0 0 % ... ... ... ... $ 6 0 %

11

PRICING ASSUMPTIONSReport Date: 06/23/14


PRICING ASSUMPTIONSReport Date: 06/23/14


Each service provider submitted these key proposal assumptions along with their pricing proposal.

MASS MUTUAL

Our ODIT materials were designed for today’s retirement participants: what appeals to them, what they findmost differentiating, and what messages motivate them to take sound financial action. Through the use of amulti-channel, color-coded communication program we are able to cater to participants at varying stages in lifeand levels of financial literacy.

ONEAMERICA

Prior to the initial enrollment meetings we make available print materials in order to introduce and generateinterest in the retirement plan. Some of the communication materials we offer for the conversion process andprior to enrollments include a new provider flyer, awareness and enrollment posters, and a “welcome” directmailer.

PUTNAM

Putnam manages fund offerings that combine traditional and alternative strategies to address a diverse rangeof financial goals. We offer open architecture to give plan participants a wide array of choices, and we activelymanage our funds with a focus on fundamental research, risk management, and innovative thinking.

12

FUND LINE-UPReport Date: 06/23/14




Incumbent Line-Up

Fund Name Category AssetsInvestment

Expense(percentage)

Total RevenueShare

(percentage)

AdditionalAsset Fees

(percentage)

Total PlanGenerated

Revenue ($)

Fidelity Advisor® Diversified Intl A -FDVAX Foreign Large Blend $ 936,268 1.31 0.45 0.45 $ 16,478

Fidelity® Intermediate Bond - FTHRX Intermediate-TermBond $ 1,473,490 0.45 0.35 0.45 $ 13,261

PIMCO Total Return Admin - PTRAX Intermediate-TermBond $ 693,628 0.71 0.45 0.45 $ 8,046

Vanguard Total Bond Market IndexSignal - VBTSX

Intermediate-TermBond $ 59,447 0.08 0 0.45 $ 315

Fidelity Spartan® 500 Index Instl -FXSIX Large Blend $ 739,536 0.04 0 0.45 $ 3,624

Fidelity® Blue Chip Growth - FBGRX Large Growth $ 723,323 0.76 0.30 0.45 $ 8,752

Fidelity® Contrafund® - FCNTX Large Growth $ 4,457,740 0.67 0.35 0.45 $ 49,927

American Beacon Bridgeway Lg CpVal Inv - BWLIX Large Value $ 201,983 1.10 0.35 0.45 $ 3,131

Neuberger Berman Large Cap ValueInst - NBPIX Large Value $ 533,184 0.71 0.35 0.45 $ 6,185

Fidelity® Low-Priced Stock - FLPSX Mid-Cap Blend $ 493,484 0.80 0.35 0.45 $ 6,169

Fidelity Spartan® Extended Mkt IndexInv - FSEMX Mid-Cap Blend $ 47,134 0.10 0.05 0.45 $ 259

Franklin Small-Mid Cap Growth A -FRSGX Mid-Cap Growth $ 1,281,220 0.98 0.25 0.45 $ 18,321

Fidelity® Value - FDVLX Mid-Cap Value $ 214,843 0.67 0.40 0.45 $ 2,406

Fidelity Freedom K® Income - FFKAX Retirement Income $ 82,268 0.45 0.35 0.45 $ 740

American Beacon Small Cp Val A -ABSAX Small Value $ 348,187 1.34 0.45 0.45 $ 6,233

13




Expense(percentage)

Total RevenueShare

(percentage)


(percentage)

Total PlanGenerated

Revenue ($)

Fidelity Freedom K® 2010 - FFKCX Target Date 2000-2010 $ 479,668 0.54 0.35 0.45 $ 4,749

Fidelity Freedom K® 2020 - FFKDX Target Date 2016-2020 $ 1,656,992 0.59 0.35 0.45 $ 17,233

Fidelity Freedom K® 2030 - FFKEX Target Date 2026-2030 $ 803,220 0.67 0.35 0.45 $ 8,996

Fidelity Freedom K® 2040 - FFKFX Target Date 2036-2040 $ 5,185,208 0.68 0.35 0.45 $ 58,593

Fidelity Freedom K® 2050 - FFKHX Target Date 2046-2050 $ 466,757 0.69 0.35 0.45 $ 5,321

Vanguard Total Intl Bd IdxInstitutional - VTIFX World Bond $ 59,447 0.12 0.05 0.45 $ 339

INVESTED ASSETS TOTAL $ 20,937,027 $ 144,861 $ 70,606 $ 94,217 $ 239,078

0.69 0.34 0.45 1.14

14



Mass Mutual


Expense(percentage)

Total RevenueShare

(percentage)


(percentage)

Total PlanGenerated

Revenue ($)

Delaware Diversified Income R -DPRFX

Intermediate-TermBond $ 1,473,490 1.15 0.50 0 $ 16,945

Franklin Total Return R - FTRRX Intermediate-TermBond $ 693,628 1.14 0.50 0 $ 7,907

MFS® Research Bond R2 - MRRRX Intermediate-TermBond $ 59,447 1.16 0.50 0 $ 690

Templeton Global Bond R - FGBRX World Bond $ 59,447 1.13 0.50 0 $ 672

JPMorgan SmartRetirement® IncomeR2 - JSIZX Retirement Income $ 82,268 1.06 0.50 0 $ 872

JPMorgan SmartRetirement® 2010R2 - JSWZX

Target Date 2000-2010 $ 479,668 1.07 0.50 0 $ 5,132

JPMorgan SmartRetirement® 2020R2 - JTTZX

Target Date 2016-2020 $ 1,656,992 1.16 0.50 0 $ 19,221

JPMorgan SmartRetirement® 2030R2 - JSMZX

Target Date 2026-2030 $ 803,220 1.23 0.50 0 $ 9,880

JPMorgan SmartRetirement® 2040R2 - SMTZX

Target Date 2036-2040 $ 5,185,208 1.26 0.50 0 $ 65,334

JPMorgan SmartRetirement® 2050R2 - JTSZX

Target Date 2046-2050 $ 466,757 1.25 0.50 0 $ 5,834

Invesco Comstock R - ACSRX Large Value $ 533,184 1.11 0.50 0 $ 5,918

RidgeWorth Large Cap Value Equity A- SVIIX Large Value $ 201,983 1.20 0.50 0 $ 2,424

JPMorgan US Equity R2 - JUEZX Large Blend $ 739,536 1.22 0.50 0 $ 9,022

Alger Capital Appreciation Instl R -ACARX Large Growth $ 4,457,740 1.69 0.50 0 $ 75,336

American Funds New Economy R1 -RNGAX Large Growth $ 723,323 1.59 0.50 0 $ 11,501

15




Expense(percentage)

Total RevenueShare

(percentage)


(percentage)

Total PlanGenerated

Revenue ($)

Hartford MidCap Value R3 - HMVRX Mid-Cap Value $ 214,843 1.53 0.50 0 $ 3,287

Fidelity Advisor® Leveraged Co Stk T- FLSTX Mid-Cap Blend $ 493,484 1.34 0.50 0 $ 6,613

Nuveen Mid Cap Index R3 - FMCYX Mid-Cap Blend $ 47,134 1 0.50 0 $ 471

Invesco Mid Cap Growth R - VGRRX Mid-Cap Growth $ 1,281,220 1.40 0.50 0 $ 17,937

Franklin Small Cap Value R - FVFRX Small Value $ 348,187 1.40 0.50 0 $ 4,875

Hartford International OpportunitiesR3 - IHORX Foreign Large Blend $ 936,268 1.46 0.50 0 $ 13,670

INVESTED ASSETS TOTAL $ 20,937,027 $ 283,541 $ 104,685 $ 0 $ 283,541

1.35 0.50 0 1.35

16



OneAmerica


Expense(percentage)

Total RevenueShare

(percentage)


(percentage)

Total PlanGenerated

Revenue ($)

Prudential Total Return Bond Z -PDBZX

Intermediate-TermBond $ 1,473,490 0.60 0.30 0.30 $ 13,261

Western Asset Core Plus Bond FI -WACIX

Intermediate-TermBond $ 693,628 0.75 0.30 0.30 $ 7,283

Pioneer Bond Y - PICYX Intermediate-TermBond $ 59,447 0.66 0.30 0.30 $ 571

Legg Mason BW Global OpportunitiesBd FI - GOBFX World Bond $ 59,447 1 0.30 0.30 $ 773

American Century One Choice In RetInv - ARTOX Retirement Income $ 82,268 0.77 0.30 0.30 $ 880

T. Rowe Price Retirement 2010 Adv -PARAX

Target Date 2000-2010 $ 479,668 0.85 0.30 0.30 $ 5,516

T. Rowe Price Retirement 2020 Adv -PARBX

Target Date 2016-2020 $ 2,460,212 0.94 0.30 0.30 $ 30,507

T. Rowe Price Retirement 2040 Adv -PARDX

Target Date 2036-2040 $ 5,185,208 1.03 0.30 0.30 $ 68,963

T. Rowe Price Retirement 2050 Adv -PARFX

Target Date 2046-2050 $ 466,757 1.03 0.30 0.30 $ 6,208

Neuberger Berman Large Cap ValueAdv - NBPBX Large Value $ 533,184 1.22 0.30 0.30 $ 8,104

Fidelity Advisor® Strategic Div & Inc®I - FSIDX Large Value $ 201,983 0.78 0.30 0.30 $ 2,181

Fidelity Advisor® Diversified Stock I -FDTIX Large Blend $ 739,536 0.71 0.30 0.30 $ 7,469

ClearBridge Aggressive Growth FI -LMPFX Large Growth $ 4,457,740 1.30 0.30 0.30 $ 71,324

Fidelity Advisor® Growth Opps T -FAGOX Large Growth $ 723,323 1.43 0.30 0.30 $ 12,513

AllianceBern Discovery Value R -ABSRX Mid-Cap Value $ 214,843 1.54 0.30 0.30 $ 3,953

17




Expense(percentage)

Total RevenueShare

(percentage)


(percentage)

Total PlanGenerated

Revenue ($)

Ariel Appreciation Investor - CAAPX Mid-Cap Blend $ 493,484 1.13 0.30 0.30 $ 7,057

Ariel Investor - ARGFX Mid-Cap Blend $ 47,134 1.03 0.30 0.30 $ 627

AllianceBern Discovery Growth R -CHCRX Mid-Cap Growth $ 1,281,220 1.47 0.30 0.30 $ 22,678

DFA US Targeted Value R2 - DFTPX Small Value $ 348,187 0.62 0.30 0.30 $ 3,203

TIAA-CREF International Eq Idx Retire- TRIEX Foreign Large Blend $ 936,268 0.32 0.30 0.30 $ 5,805

INVESTED ASSETS TOTAL $ 20,937,027 $ 216,066 $ 62,811 $ 62,811 $ 278,877

1.03 0.30 0.30 1.33

18



Putnam


Expense(percentage)

Total RevenueShare

(percentage)


(percentage)

Total PlanGenerated

Revenue ($)

Nuveen Strategic Income I - FCBYX Intermediate-TermBond $ 1,473,490 0.60 0.45 0 $ 8,841

Nuveen Strategic Income A - FCDDX Intermediate-TermBond $ 753,075 0.85 0.45 0 $ 6,401

Templeton Global Total Return Adv -TTRZX World Bond $ 59,447 0.76 0.45 0 $ 452

Fidelity Advisor Income Repl 2042 A -FARFX Retirement Income $ 82,268 0.92 0.45 0 $ 757

JHancock Retire Living through 2010R5 - JLAHX

Target Date 2000-2010 $ 479,668 0.88 0.45 0 $ 4,221

T. Rowe Price Retirement 2020 -TRRBX

Target Date 2016-2020 $ 1,656,992 0.69 0.45 0 $ 11,433

T. Rowe Price Retirement 2030 -TRRCX

Target Date 2026-2030 $ 803,220 0.75 0.45 0 $ 6,024

T. Rowe Price Retirement 2040 -TRRDX

Target Date 2036-2040 $ 5,185,208 0.78 0.45 0 $ 40,445

T. Rowe Price Retirement 2050 -TRRMX

Target Date 2046-2050 $ 466,757 0.78 0.45 0 $ 3,641

SunAmerica Focused DividendStrategy C - FDSTX Large Value $ 533,184 1.78 0.45 0 $ 9,491

SunAmerica Focused DividendStrategy A - FDSAX Large Value $ 201,983 1.13 0.45 0 $ 2,282

PIMCO Fundamental IndexPLUS AR P- PIXPX Large Blend $ 739,536 0.89 0.45 0 $ 6,582

ClearBridge Aggressive Growth I -SAGYX Large Growth $ 4,457,740 0.87 0.45 0 $ 38,782

Touchstone Sands Capital SelectGrowth Y - CFSIX Large Growth $ 723,323 1.03 0.45 0 $ 7,450

Rydex S&P 500 Pure Value H - RYZAX Mid-Cap Value $ 214,843 1.52 0.45 0 $ 3,266

19




Expense(percentage)

Total RevenueShare

(percentage)


(percentage)

Total PlanGenerated

Revenue ($)

Ariel Investor - ARGFX Mid-Cap Blend $ 540,618 1.03 0.45 0 $ 5,568

AllianceBern Discovery Growth I -CHCIX Mid-Cap Growth $ 1,281,220 0.78 0.45 0 $ 9,994

Royce Opportunity Invmt - RYPNX Small Value $ 348,187 1.17 0.45 0 $ 4,074

AQR International Equity I - AQIIX Foreign Large Blend $ 936,268 0.90 0.45 0 $ 8,426

INVESTED ASSETS TOTAL $ 20,937,027 $ 178,130 $ 94,217 $ 0 $ 178,130

0.85 0.45 0 0.85

20

EVALUATION SUMMARYReport Date: 06/23/14


EVALUATION SUMMARYReport Date: 06/23/14


Our core participant communication materials such as transition information, enrollment materials and most flyers and brochuresare customized with plan-specific information, including the client’s logo. Our standard communication materials are also offered ina variety of formats such as print (distributed at worksite or mailed-to-homes), and multimedia (e-mail, posting to an intranet site, etc.) Webelieve this flexibility will address the vast majority of participant communication requirements. However, if a client has an issue thatrequires a unique approach, MassMutual will work to provide a solution.

Mass Mutual OneAmerica Putnam

PROPOSAL EVALUATION74/100



PLAN COST$283,541

PLAN COST$278,877

PLAN COST$178,136

1.35% 1.33% 0.85%

21

PROVIDER EVALUATIONReport Date: 06/23/14




An analysis was conducted comparing the service offerings of each vendor with the answers to our questions and the requirements of this plan. Thecomments below represent the key observations after reviewing each provider's proposal. Based on a review of the provider's proposal and feedback fromplan sponsor, each proposal was also assigned a quantitative score of one to five stars in each service category listed below, with one star being the lowestand five stars being the highest. An overall score on a 100 point scale is displayed based on the agreed upon category weightings determined by the plancommittee. For example, a score of five stars in a category with a weight of 10 would be equivalent to 10 points. While this score is intended to assist inevaluating providers, it should not be the sole factor in selecting a provider for your plan.

MASS MUTUAL

74/100

COMMENTS: SERVICE CATEGORY/WEIGHT SERVICE SCORE

We want to help you develop a customizedcommunication plan that really speaks to youremployees. Your employees may be accustomed toreceiving important benefit information in a certainway, so we may seek to take advantage of alreadyestablished and effective mediums.

Cost (20) êêêêInvestment Options (10) êêêêConversion & Implementation (10) êêêSystems and Technology (10) êêêAdministration (10) êêêêParticipant Services (10) êêêRecordKeeping (10) êêêêêBackground & Experience (10) êêêCompliance & Legal (10) êêêê

ONEAMERICA

68/100


We believe this flexibility will address the vast majorityof participant communication requirements. However,if a client has an issue that requires a uniqueapproach, we will work to provide a solution.

Cost (20) êêêInvestment Options (10) êêêêConversion & Implementation (10) êêêSystems and Technology (10) êêêêAdministration (10) êêêParticipant Services (10) êêêêRecordKeeping (10) êêêBackground & Experience (10) êêêêCompliance & Legal (10) êêê

22



PUTNAM

80/100


Our award winning call center’s successful customerservice program is a result of our ability to assistclients in performing the functions of the planadministrator’s role. In addition, we establish arelationship with participants who must feelcomfortable coming to us for assistance, just as if theywere to go to their employer’s human resource office.

Cost (20) êêêêêInvestment Options (10) êêêConversion & Implementation (10) êêêêSystems and Technology (10) êêAdministration (10) êêêêêParticipant Services (10) êêêêRecordKeeping (10) êêêêBackground & Experience (10) êêêCompliance & Legal (10) êêêêê

23

RFP QUESTIONSReport Date: 06/23/14




Each Provider was asked to answer a set of questions related to the services they would provide for this specific plan. These questions wereassembled based on the specific needs conveyed by plan sponsor and our firm’s past experience.

Describe the team that would deal directly with this client during the transition and on an on-going basis. Detail avg # ofclients managed by these contacts.

MASS MUTUAL:As a complement to our 401(k) on the Brain seminars, we also offer Key Investing Principles, Moving Toward a Secure Future andInvesting Basics. These educational brochures combine basic investment education and goal setting. Using quizzes and information, theMoving Toward a Secure Future brochure maps the participant to a guided portfolio consistent with his or her tolerance for risk andinvestment horizon.

The director of the Retirement Services call center won a silver medal for best contact center operational manager for his driveto motivate, engage, develop and prepare the call center teams to deliver world class customer service.

ONEAMERICA:We believe it is very important to meet with employees on a scheduled basis and find that consistent education over time isthe mostsuccessful. This helps to emphasize the theme of your customized communication and education campaign, andensures employeeshave a good understanding of the retirement plan so they can maximize their participation.

Another call center representative received a bronze medal for best community spirit for her participation in and promotionof community service activities.

PUTNAM:You know how important it is to save for retirement. Fortunately, there are accounts that make it easier. To begin, talk to your financialadvisor to review your goals and determine which investment choices may be appropriate. Putnam offers retirement accounts forindividuals, accounts for small businesses, and employer-sponsored retirement plans.

Call center associates also offer “roll-in” service so customers can consolidate savings from other qualifying retirement accounts toachieve a more holistic picture of their overall retirement savings.

24



This employer is actively acquiring other companies. Please explain specialized resources/contacts assigned to the client toassist with M&A.

MASS MUTUAL:Participant Data Management is our proprietary, robust and fully secured Internet application that enables clients to send participantdata directly to The Standard and confirm deposit amounts prior to submitting participant retirement plan contributions.

The Standard automatically validates the data to ensure accuracy and completeness. If discrepancies are detected, the client isprovided with the opportunity to correct the information online before it is transmitted. The process helps ensure that clients receive thebest possible service.

ONEAMERICA:In addition to our standard participant website, you will receive a custom landing page based on your customized communicationcampaign. The custom landing page will serve as a hub for employees, linking them to the plan sponsor’s website and our standardparticipate website, as well as focusing on 3 to 4 “callout” areas (e.g. educational tools, access your participant account, onlineenrollment).

PUTNAM:Prediversified options that will help you comply with ERISA guidelines for your default fund and simplify choices for your employees. ThePutnam Small Business 401(k) toll-free hotline is staffed by retirement plan experts. Plan participants have easy 24-hour Internetaccess to their accounts. Putnam is a winner of the 2013 DALBAR Mutual Fund Service Award.

25

PROVIDER SUMMARYReport Date: 06/23/14




Each Provider was asked to document any additional information they believe that the plan sponsor should know about theirproposal. This information typically includes summary points each provider wants to make about their particular strengths related tothis plan, and any key assumptions regarding the services they have proposed.

MASS MUTUAL

PLAN COST:$283,541

1.35%

Additionally, MassMutual’s Smart ArchitectureSM investment program has been designed for plansponsors, their participants and investment consultants looking to put together a diverse investmentprogram. We tap into some of the most talented money managers in the industry to provide investmentoptions to drive plan health and participant retirement readiness.

MassMutual’s defined contribution plan services include:

- Internet services for plan sponsors and participants - A multi-manager investment program - Creative and informative communications - Experienced relationship management to coordinate services* - Innovative systems - A dedicated conversion team

26



ONEAMERICA

PLAN COST:$278,877

1.33%

OneAmerica’s President and CEO, Scott Davison, said, “OneAmerica’s industry leadership position andunquestioned financial strength have once again been recognized by A.M. Best’s affirmed A+ (Superior) rating.As a mutual organization, with no shareholders or Wall Street pressures, our focus is squarely on the needs ofour customers and the advisors who serve them. Those who choose the products and services from theOneAmerica insurance companies feel confident about their decision to place their trust in us.”

A.M. Best noted, “OneAmerica’s mutual holding company structure facilitates a strategy focused on long-termfinancial strength...” Among other attributes, A.M. Best credited the A+ (Superior) rating to OneAmerica’s solidrisk-adjusted capital position, strong consolidated top-line revenue growth, and exceptional retention which hasresulted in consistently favorable operating performance.

27



PUTNAM

PLAN COST:$178,136

0.85%

Putnam celebrates over 75 years of managing money for individual and institutional investors.

Driven by innovative thinking, Putnam has practiced an active, risk-conscious approach to investing since thelaunch of The George Putnam Balanced Fund in 1937. Today, Putnam provides investment services across arange of equity, fixed income, absolute return, and alternative strategies. A global asset manager andretirement plan provider, Putnam distributes its services largely through intermediaries via offices and strategicalliances in North America, Europe, and Asia

28

RATE CARDReport Date: 06/23/14



Implementation/Conversion fee Included Included Included

Fixed annual fee Included Included Included

Non-discrimination tests (each) Included Included $1,200

Form 5500 preparation Included $500 Included

Trustee services TBD TBD Included

Cost for enrollment kits? Included Included Included

Contract Charge or Wrap Fee Included Included Included

Cost for any required annual notices? Included Included Included

Is there an additional charge for extra

compliance tests?

Included Included TBD

Annual cost to participant for self-

directed brokerage?

$25 Included TBD

29




Annual cost or set up cost to plan

sponsor for self-directed brokerage?

$1,000 Included TBD

Mailing costs for enrollment kits

mailed to plan sponsor

Included $2 Included

Mailing costs for enrollment kits

mailed to participant

Included $3 Included

Enrollment posters, payroll stuffers,

flyers

Included Included Included

Loan origination fee $30 Included Included

Loan administration/annual

maintenance fee


In-service, non-hardship withdrawals Included Included Included

QDRO processing Included TBD Included

Return of excess contributions Included Included Included

30




Ad hoc plan level reports Included TBD Included

What is the cost for additional

education meetings (per day)?

TBD Included $1,500

What is the cost for allowing custom

built asset allocation models?


What is the cost for unitizing custom

build portfolios?


Mailing costs of required annual

notices


31

CAPABILITY SUMMARYReport Date: 06/23/14



Number of years provider has provided

defined contribution retirement plan

services?

41 51 30

Without litigation within the last 3

years (describe)?

No Yes No

Value of total assets for plans for which

provider provides daily valuation

record keeping services (enter as

millions)?

132,922 24,099 17,196,302,334

Number of total plans provider

administers?

37,077 9,942 370

Average value of assets per plans for

which provider provides daily valuation

record keeping services (enter as

million)?

22 2,423,985 47

Number of total participants in the

plans provider administers?

2,823,000 645,228 224,188

32




Amount of total 401(k) assets you

record keep (enter as millions)?

82,857 13,171,362,555 17

Number of total 401(k) plans you

record keep?

29,149 4,192 370

Number of total participants in the

401k plans?

1,884,497 306,462 224,188

Maintain on-line enrollment records? Yes Yes Yes

Provide terminated employees with

annual notice requirements (e.g.

Summary Annual Report-SAR)?

Yes Yes Yes

Automatically generate and distribute

termination packages for terminated

participants?

Yes Yes Yes

Generate and send Enrollment Kits to

newly eligible participants?

Yes Yes Yes

33




Automatically track eligibility? Yes Yes Yes

Support auto enrollment (describe)? Yes Yes Yes

Send the auto enrollment notices? Yes Yes Yes

Enter hours of operations for a plan

sponsor to reach an actual customer

service representative (desired format:

M-F 8a-8pm EST)?

M-F 8:00 am - 9:00 pm

ET

M-F 8a-8pm EST M-F 8:30a-6:00p

Offer preparing the Form 5500,

Summary Annual Report, and audit

package?

Yes Yes Yes

Distribute all annual notice

requirements to participants (describe

limitations)?

Yes Yes Yes

Allow loans or hardship withdrawals

during conversion?

No No Yes

34




Prepared to comply with fee disclosure

regulations?

Yes Yes Yes

Offer fee guarantees to the Plan

Sponsor (describe in detail)?

Yes Yes Yes

Number of years provider will

guarantee fee schedule?

3 2 3

Offer an ERISA account ? Yes Yes Yes

Offer levelized commissions? Yes Yes Yes

Require the use of a proprietary stable

value or guaranteed account?

No No No

Allow models as QDIA? Yes No Yes

Include model portfolios in the 408b2

disclosure?

Yes ... Yes

35




Offer Self-Directed Brokerage

accounts?

Yes Yes Yes

Enter hours of operations for a

participant to reach an actual

customer service representative

(desired format: M-F 8a-8pm EST)?

M-F 8am - 9pm ET M-F 8a-8pm EST M-F 9:00 a.m. to 10:00

p.m. EST, (except

market holidays)

Offer Spanish speaking

representatives?

Yes Yes Yes

Offer customized communication

materials?

Yes Yes Yes

Allow participants to initiate a loan

request on-line?

Yes Yes Yes

Have capability to work with an outside

Third Party Administrator(TPA) for

plan document and compliance

services?

Yes Yes Yes

36




Offer ad-hoc reporting to the plan

sponsor?

Yes Yes Yes

Specify Trustee Name? Reliance Trust Company Frontier Trust Putnam Fiduciary Trust

Company

Offer automated data feeds for

contribution changes/suspensions

available and capable of integrating

into the client's payroll system?

Yes ... Yes

# of 401(k) plans between $20M -

$100M?

456 75 108

% of 401(k) plans between $20M -

$100M?

2 2 29

37

INVESTMENT EVALUATION - PLAN FEES AND PRICING DISCLOSUREReport Date: 06/23/14


Plan fees may be paid by plan sponsors or out of plan assets. If covered by plan assets, these fees can be paid by a percentage of assets (e.g. 0.50%) or allocatedequally to each participant account. The table above shows the plan cost components identified in this report. Payments to financial advisors may not be specificallyreflected in this report. In some cases, plan fees may be offset through revenue sharing payments that are collected from investment management firms.

Plan fee and pricing information is completed by the service provider as a general pricing proposal and is not guaranteed. Data is for comparative purposes only andmay not be relied upon to satisfy any regulatory fee disclosure requirements. A detailed pricing proposal and investment sample menu from each service providermust accompany this report and should be reviewed carefully prior to making a final provider selection. Actual service provider and advisor/consultant fees will besubject to individual contractual terms.

FUND LINE-UP DISCLOSURES Total Revenue Share - if your advisor is broker of record on this plan, he/she may be receiving a portion of the total revenue share. Additional Asset Fees - represents asset based fees added to Investment Expense and Total Revenue Share and charged against plan assets.

INVESTMENT EVALUATION - PLAN FEES AND PRICING DISCLOSUREReport Date: 06/23/14


Type of Plan Fee Description

Setup These are one-time costs to set up your plan.

Recordkeeping and Administration Charges that include participant recordkeeping, compliance, custody and plan audit expenses. Third PartyAdministrator (TPA) cost is also included.

Investment Management Fees associated with managing the investments in a particular fund.

Revenue share paid to recordkeeper Portion of Investment Management fees paid from the investment manager to the recordkeeper.

Retained by Investment Manager The Investment Management fees retained by the investment manager after paying revenue share to therecordkeeper. This may be used to pay third parties such as financial advisors.

Credits Credits include other applicable plan fees and/or offsets to plan costs.

Total Ongoing Plan Fees Total Ongoing Plan Fees represent the sum of Recordkeeping and Administration fees, Investment Managementfees, and any other applicable plan fees or offsets to plan fees. It excludes Setup fees and Participant Transactionfees.

Asset Generated Fees Greater than PlanFees/Plan Fees Greater than Asset GeneratedFees

Revenue share less Recordkeeping and Administration fees may result in potential excess revenue or shortfall.Excess revenue may be used by the recordkeeper to offset other plan costs including payments to financialadvisors.

38

INVESTMENT EVALUATION - FUND DISCLOSURESReport Date: 06/23/14




The fund data provided below should be reviewed in conjunction with the performance data presented in the Investment Evaluation section ofthis report. Morningstar determines rank and peer values relative to each fund’s Morningstar Category and Fund Type.

Data as of 03/31/2014

Fund Peer Group Size Expenses

Intermediate-Term Bond 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense DisclosureFidelity® Intermediate Bond -FTHRX 1,099 1,038 955 855 0.45 0.45

PIMCO Total Return Admin - PTRAX 1,099 1,038 955 855 0.71 0.71

Vanguard Total Bond Market IndexSignal - VBTSX 1,099 1,038 955 855 0.08 0.08

Delaware Diversified Income R -DPRFX 1,099 1,038 955 855 1.15 1.15

Franklin Total Return R - FTRRX 1,099 1,038 955 855 1.18 1.14

Contractual waiver: 0.04 for ExpenseRatio expireson 2/28/2015; Disclosure: Management hascontractually agreed to waive or assume certainexpenses so that total annual Fund operatingexpenses (excluding the Rule 12b-1 fees, acquiredfund fees and expenses and certain non-routineexpenses) for each class of the Fund do notexceed (and could be less than) 0.63% untilFebruary 28, 2015. Management also hascontractually agreed in advance to reduce its feesas a result of the Fund's investment in a FranklinTempleton money fund (acquired fund) for at leastthe next 12-month period. Contractual fee waiverand/or expense reimbursement agreements maynot be terminated during the terms set forthabove.

MFS® Research Bond R2 - MRRRX 1,099 1,038 955 855 1.16 1.16

Prudential Total Return Bond Z -PDBZX 1,099 1,038 955 855 0.64 0.60

Contractual waiver: 0.04 for ExpenseRatio expireson 2/28/2015; Disclosure: The manager of theFund has contractually agreed, through February28, 2015, to reimburse and/or waive fees so thatthe net annual Fund operating expenses (exclusiveof distribution and service (12b-1) fees,extraordinary expenses and certain other expensessuch as taxes, interest and brokeragecommissions) do not exceed .60% of the

39



Data as of 03/31/2014


Intermediate-Term Bond 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense DisclosureFund's average daily net assets. This waivermay not be terminated prior to February 28, 2015without the approval of the Fund's Board ofDirectors.

Pioneer Bond Y - PICYX 1,099 1,038 955 855 0.66 0.66 Contractual waiver: 0 for ExpenseRatio expires on11/1/2014.

Western Asset Core Plus Bond FI -WACIX 1,099 1,038 955 855 0.75 0.75

Contractual ExpenseRatio ratio cap: 0.85 expireson 12/31/2014; Disclosure: The manager hasagreed to waive fees and/or reimburse operatingexpenses (other than interest, brokeragecommissions, taxes, extraordinary expenses anddeferred organizational expenses), so that totalannual operating expenses are not expected toexceed 0.85% for Class FI shares. Thesearrangements cannot be terminated prior toDecember 31, 2014 without the Board's consent.

Nuveen Strategic Income I - FCBYX 1,099 1,038 955 855 0.66 0.60

Contractual waiver: 0.06 for ExpenseRatio expireson 10/31/2014; Disclosure: The Fund'sinvestment adviser has contractually agreed towaive fees and/or reimburse other Fund expensesthrough October 31, 2014 so that total annualfund operating expenses, after fee waivers and/orexpense reimbursements and excluding AcquiredFund Fees and Expenses, do not exceed 0.59% forClass I shares. Fee waivers and/or expensereimbursements will not be terminated prior tothat time without the approval of the Fund's boardof directors.

Nuveen Strategic Income A - FCDDX 1,099 1,038 955 855 0.91 0.85

Contractual waiver: 0.06 for ExpenseRatio expireson 10/31/2014; Disclosure: The Fund'sinvestment adviser has contractually agreed towaive fees and/or reimburse other Fund expensesthrough October 31, 2014 so that total annualfund operating expenses, after fee waivers and/orexpense reimbursements and excluding AcquiredFund Fees and Expenses, do not exceed 0.84% forClass A shares. Fee waivers and/or expensereimbursements will not be terminated prior tothat time without the approval of the Fund's boardof directors.

40



Data as of 03/31/2014


World Bond 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense DisclosureVanguard Total Intl Bd IdxInstitutional - VTIFX 377 308 268 171 0.12 0.12

Templeton Global Bond R - FGBRX 377 308 268 171 1.14 1.13

Contractual waiver: 0.01 for ManagementFeeexpires on 12/31/2014; Disclosure: Managementhas contractually agreed in advance to reduce itsfee as a result of the Fund's investment in aFranklin Templeton money fund (acquired fund)for at least the next 12-month period. Contractualfee waiver and/or expense reimbursementagreements may not be terminated during theterm set forth above.

Legg Mason BW GlobalOpportunities Bd FI - GOBFX 377 308 268 171 1.05 1

Contractual waiver: 0.05 for ExpenseRatio expireson 12/31/2014; Disclosure: The manager hasagreed to waive fees and/or reimburse operatingexpenses (other than interest, brokeragecommissions, dividend expense on short sales,taxes, extraordinary expenses and acquired fundfees and expenses) so that total annual operatingexpenses are not expected to exceed 1% for ClassFI shares, subject to recapture as describedbelow. These arrangements cannot be terminatedprior to December 31, 2014 without the Board'sconsent.

Templeton Global Total Return Adv -TTRZX 377 308 268 171 0.78 0.76

Contractual waiver: 0.02 for ExpenseRatio expireson 12/31/2014; Disclosure: Management hascontractually agreed in advance to reduce its feeas a result of the Fund's investment in aFranklin Templeton money fund (acquired fund)for at least the next 12-month period. Contractualfee waiver and/or expense reimbursementagreements may not be terminated during theterm set forth above.

41



Data as of 03/31/2014


Retirement Income 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense DisclosureFidelity Freedom K® Income -FFKAX 292 274 257 61 0.45 0.45

JPMorgan SmartRetirement®Income R2 - JSIZX 292 274 257 61 1.36 1.06

Contractual waiver: 0.30 for ExpenseRatio expireson 11/1/2014; Disclosure: The Fund's adviser,administrator and distributor (the ServiceProviders) have contractually agreed to waive feesand/or reimburse expenses to the extent TotalAnnual Fund Operating Expenses (excludingAcquired Fund Fees and Expenses (UnderlyingFund), dividend expenses related to short sales,interest, taxes, expenses related to litigation andpotential litigation, extraordinary expenses andexpenses related to the Board of Trustees'deferred compensation plan) exceed 0.52% of theaverage daily net assets of the Class R2 Shares.This contract cannot be terminated prior to11/1/14 at which time the Service Providers willdetermine whether or not to renew or revise it.

American Century One Choice In RetInv - ARTOX 292 274 257 61 0.77 0.77

Fidelity Advisor Income Repl 2042 A- FARFX 292 274 257 61 0.92 0.92

42



Data as of 03/31/2014


Target Date 2000-2010 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

Fidelity Freedom K® 2010 - FFKCX 164 154 140 44 0.54 0.54

JPMorgan SmartRetirement® 2010R2 - JSWZX 164 154 140 44 1.37 1.07


T. Rowe Price Retirement 2010 Adv- PARAX 164 154 140 44 0.85 0.85

JHancock Retire Living through2010 R5 - JLAHX 164 154 140 44 1.33 0.88

Contractual waiver: 0.45 for ExpenseRatio expireson 12/31/2014; Disclosure: The adviser hasagreed to contractually limit certain class specificexpenses to 0.05%for Class R5. These expenselimitations are subject to certain exclusions, suchas taxes, brokerage commissions, interest,litigation, short dividends, acquired fund fees andextraordinary expenses. The current expenselimitation agreement expires on December 31,2014 unless renewed by mutual agreement of thefund and the Adviser based upon a determinationthat this is appropriate under the circumstancesat that time.

43



Data as of 03/31/2014



Fidelity Freedom K® 2020 - FFKDX 231 206 193 55 0.59 0.59

JPMorgan SmartRetirement® 2020R2 - JTTZX 231 206 193 55 1.45 1.16


T. Rowe Price Retirement 2020 Adv- PARBX 231 206 193 55 0.94 0.94

T. Rowe Price Retirement 2020 -TRRBX 231 206 193 55 0.69 0.69

44



Data as of 03/31/2014



Fidelity Freedom K® 2030 - FFKEX 231 206 193 50 0.67 0.67

JPMorgan SmartRetirement® 2030R2 - JSMZX 231 206 193 50 1.53 1.23


T. Rowe Price Retirement 2030 -TRRCX 231 206 193 50 0.75 0.75

45



Data as of 03/31/2014



Fidelity Freedom K® 2040 - FFKFX 228 203 190 50 0.68 0.68

JPMorgan SmartRetirement® 2040R2 - SMTZX 228 203 190 50 1.60 1.26


T. Rowe Price Retirement 2040 Adv- PARDX 228 203 190 50 1.03 1.03

T. Rowe Price Retirement 2040 -TRRDX 228 203 190 50 0.78 0.78

46



Data as of 03/31/2014



Fidelity Freedom K® 2050 - FFKHX 213 171 154 10 0.69 0.69

JPMorgan SmartRetirement® 2050R2 - JTSZX 213 171 154 10 1.65 1.25


T. Rowe Price Retirement 2050 Adv- PARFX 213 171 154 10 1.03 1.03

T. Rowe Price Retirement 2050 -TRRMX 213 171 154 10 0.78 0.78

47



Data as of 03/31/2014


Large Value 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

American Beacon Bridgeway Lg CpVal Inv - BWLIX 1,270 1,160 1,115 933 1.09 1.10

Contractual waiver: 1.04 for ExpenseRatio expireson 4/30/2014; Disclosure: The Manager hascontractually agreed to reduce and/or reimbursethe Investor Class of the Fund for Other Expensesthrough April 30, 2014, to the extent that TotalAnnual Fund Operating Expenses for the Fundexceed 1.22% for the Investor Class (excludingtaxes, brokerage commissions, acquired fund feesand expenses and other extraordinary expensessuch as litigation). The contractual expensearrangement can be changed by approval of amajority of the Fund's Board of Trustees

Neuberger Berman Large Cap ValueInst - NBPIX 1,270 1,160 1,115 933 0.72 0.71

Contractual waiver: 0.01 for ExpenseRatio expireson 8/31/2017; Disclosure: Neuberger BermanManagement LLC (NBM) has contractuallyundertaken to waive and/or reimburse certain feesand expenses of Institutional Class so that thetotal annual operating expenses (excludinginterest, taxes, brokerage commissions, acquiredfund fees and expenses, dividend expensesrelating to short sales, and extraordinaryexpenses, if any) of each class are limited to0.70% of average net assets. Each of theseundertakings lasts until 8/31/2017 and may notbe terminated during its term without the consentof the Board of Trustees.

Invesco Comstock R - ACSRX 1,270 1,160 1,115 933 1.11 1.11

RidgeWorth Large Cap Value EquityA - SVIIX 1,270 1,160 1,115 933 1.34 1.20

Contractual waiver: 0.14 for ExpenseRatio expireson 8/1/2014; Disclosure: The Adviser andSubadviser have contractually agreed to waive feesand reimburse expenses until at least August 1,2014, in order to keep Total Annual FundOperating Expenses (excluding, as applicable,taxes, brokerage commissions, substitute dividendexpenses on securities sold short, interestexpense, extraordinary expenses and AcquiredFund Fees and Expenses) from exceeding 1.20%for the A Shares.

Fidelity Advisor® Strategic Div & 1,270 1,160 1,115 933 0.78 0.78 Voluntary ExpenseRatio ratio cap: 1.

48



Data as of 03/31/2014


Large Value 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

Inc® I - FSIDX

Neuberger Berman Large Cap ValueAdv - NBPBX 1,270 1,160 1,115 933 1.22 1.22

SunAmerica Focused DividendStrategy A - FDSAX 1,270 1,160 1,115 933 1.13 1.13

SunAmerica Focused DividendStrategy C - FDSTX 1,270 1,160 1,115 933 1.78 1.78

49



Data as of 03/31/2014


Large Blend 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

Fidelity Spartan® 500 Index Instl -FXSIX 1,615 1,470 1,393 1,140 0.05 0.04

Contractual waiver: 0.01 for ExpenseRatio expireson 4/30/2014; Disclosure: Fidelity Management& Research Company (FMR) has contractuallyagreed to reimburse Institutional Class of the fundto the extent that total operating expenses(excluding interest, taxes, certain securitieslending costs, brokerage commissions,extraordinary expenses, and acquired fund feesand expenses, if any), as a percentage of averagenet assets, exceed 0.04%. These arrangementswill remain in effect through April 30, 2014. FMRmay not terminate these arrangements before theexpiration date without the approval of the Boardof Trustees.

JPMorgan US Equity R2 - JUEZX 1,615 1,470 1,393 1,140 1.31 1.22

Contractual waiver: 0.09 for ExpenseRatio expireson 11/1/2014; Disclosure: The Fund's adviser,administrator and distributor (the ServiceProviders) have contractually agreed to waive feesand/or reimburse expenses to the extent TotalAnnual Fund Operating Expenses of Class R2Shares (excluding acquired fund fees andexpenses, dividend expenses relating to shortsales, interest, taxes and extraordinary expensesand expenses related to the Board of Trustees'deferred compensation plan) exceed 1.22% oftheir average daily net assets. This contractcannot be terminated prior to 11/1/14 at whichtime the Service Providers will determine whetheror not to renew or revise it.

Fidelity Advisor® Diversified Stock I- FDTIX 1,615 1,470 1,393 1,140 0.71 0.71

PIMCO Fundamental IndexPLUS ARP - PIXPX 1,615 1,470 1,393 1,140 0.89 0.89

50



Data as of 03/31/2014


Large Growth 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

Fidelity® Blue Chip Growth - FBGRX 1,754 1,629 1,535 1,333 0.76 0.76

Fidelity® Contrafund® - FCNTX 1,754 1,629 1,535 1,333 0.67 0.67

Alger Capital Appreciation Instl R -ACARX 1,754 1,629 1,535 1,333 1.69 1.69

American Funds New Economy R1 -RNGAX 1,754 1,629 1,535 1,333 1.59 1.59

Fidelity Advisor® Growth Opps T -FAGOX 1,754 1,629 1,535 1,333 1.43 1.43

ClearBridge Aggressive Growth FI -LMPFX 1,754 1,629 1,535 1,333 1.34 1.30

Contractual waiver: 0.04 for ExpenseRatio expireson 12/31/2015; Disclosure: The manager hasagreed to waive fees and/or reimburse operatingexpenses (other than interest, brokerage, taxes,extraordinary expenses and acquired fund feesand expenses) so that total annual operatingexpenses are not expected to exceed 1.30% forClass FI shares. These arrangements cannot beterminated prior to December 31, 2015 withoutthe Board of Trustees' consent.

Touchstone Sands Capital SelectGrowth Y - CFSIX 1,754 1,629 1,535 1,333 1.06 1.03

Contractual waiver: 0.03 for ExpenseRatio expireson 1/29/2015; Disclosure: Touchstone Advisorsand the Trust have entered into an expenselimitation agreement whereby TouchstoneAdvisors has contractually agreed to waive aportion of its fees and/or reimburse certain Fundexpenses in order to limit other expenses to0.25% for each Class of shares. This expenselimitation will remain in effect until at leastJanuary 29, 2014, but can be terminated by avote of the Board of Trustees of the Fund if theydeem the termination to be beneficial to the Fundshareholders.

ClearBridge Aggressive Growth I -SAGYX 1,754 1,629 1,535 1,333 0.87 0.87

Disclosure: The manager has agreed to waive feesand/or reimburse operating expenses (other thaninterest, brokerage, taxes, extraordinary expensesand acquired fund fees and expenses) so that totalannual operating expenses are not expected toexceed 1% for Class I shares. These arrangementscannot be terminated prior to December 31, 2015

51



Data as of 03/31/2014


Large Growth 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

without the Board of Trustees' consent.

Mid-Cap Value 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

Fidelity® Value - FDVLX 430 396 368 301 0.67 0.67

Hartford MidCap Value R3 - HMVRX 430 396 368 301 1.53 1.53

Disclosure: Hartford Funds ManagementCompany, LLC (the "Investment Manager") hascontractually agreed to reimburse expenses(exclusive of taxes, interest expenses, brokeragecommissions, acquired fund fees and expensesand extraordinary expenses) to the extentnecessary to maintain total annual fund operatingexpenses as follows: 1.55% for Class R3. Inaddition, Hartford Administrative ServicesCompany ("HASCO"), the Fund's transfer agent,has contractually agreed to reimburse any portionof the transfer agency fees over 0.30% of theaverage daily net assets per fiscal year for allclasses. Each contractual arrangement will remainin effect until February 28, 2015, and shall renewautomatically for one-year terms thereafter unlessthe Investment Manager or HASCO, respectively,provides written notice of termination prior to thestart of the next term or upon approval of theBoard of Directors of the Fund.

AllianceBern Discovery Value R -ABSRX 430 396 368 301 1.54 1.54

Rydex S&P 500 Pure Value H -RYZAX 430 396 368 301 1.52 1.52

52



Data as of 03/31/2014


Mid-Cap Blend 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

Fidelity® Low-Priced Stock - FLPSX 399 369 355 268 0.80 0.80

Fidelity Spartan® Extended MktIndex Inv - FSEMX 399 369 355 268 0.10 0.10

Fidelity Advisor® Leveraged Co StkT - FLSTX 399 369 355 268 1.34 1.34

Nuveen Mid Cap Index R3 - FMCYX 399 369 355 268 1.03 1Contractual waiver: 0.03 for ExpenseRatio expireson 2/28/2015; Contractual ExpenseRatio ratiocap: 1 expires on 2/28/2015.

Ariel Investor - ARGFX 399 369 355 268 1.03 1.03

Ariel Appreciation Investor - CAAPX 399 369 355 268 1.13 1.13

Mid-Cap Growth 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense DisclosureFranklin Small-Mid Cap Growth A -FRSGX 736 717 677 605 0.98 0.98

Invesco Mid Cap Growth R - VGRRX 736 717 677 605 1.53 1.40

Contractual waiver: 0.13 for ExpenseRatio expireson 7/31/2015; Contractual ExpenseRatio ratiocap: 1.40 expires on 7/31/2015; Disclosure:Effective July 15, 2013, Invesco Advisers, Inc.(Invesco or the Adviser), has contractually agreed,through at least July 31, 2015, to waive advisoryfees and/or reimburse expenses to the extentnecessary to limit Total Annual Fund OperatingExpenses After Fee Waiver and/or ExpenseReimbursement (excluding certain itemsdiscussed in the SAI) of Class R shares to 1.40%of average daily net assets. Unless the Board ofTrustees and Invesco mutually agree to amend orcontinue the fee waiver agreement, it willterminate on July 31, 2015.

AllianceBern Discovery Growth R -CHCRX 736 717 677 605 1.47 1.47

AllianceBern Discovery Growth I -CHCIX 736 717 677 605 0.78 0.78

53



Data as of 03/31/2014


Small Value 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense Disclosure

American Beacon Small Cp Val A -ABSAX 383 345 322 267 1.37 1.34

Contractual waiver: 0.03 for ExpenseRatio expireson 2/28/2015; Disclosure: The Manager hascontractually agreed to reduce and/or reimbursethe A Class of the Fund for Other Expenses, asapplicable, through February 28, 2015 to theextent that Total Annual Fund Operating Expensesexceed 1.32% for the A Class (excluding taxes,brokerage commissions, acquired fund fees andexpenses and other extraordinary expenses suchas litigation). The contractual expensearrangement can be changed by approval of amajority of the Fund's Board of Trustees.

Franklin Small Cap Value R - FVFRX 383 345 322 267 1.41 1.40

Contractual waiver: 0.01 for ExpenseRatio expireson 3/1/2015; Disclosure: Management hascontractually agreed in advance to reduce its feeas a result of the Fund's investment in a FranklinTempleton money fund (acquired fund) for at leastthe next 12-month period. Contractual fee waiverand/or expense reimbursement agreements maynot be terminated during the term set forth above.

DFA US Targeted Value R2 - DFTPX 383 345 322 267 0.62 0.62

Royce Opportunity Invmt - RYPNX 383 345 322 267 1.17 1.17

54



Data as of 03/31/2014


Foreign Large Blend 1 YR 3 YRS 5 YRS 10 YRS Gross Net Net Expense DisclosureFidelity Advisor® Diversified Intl A -FDVAX 817 752 720 497 1.31 1.31

Hartford International OpportunitiesR3 - IHORX 817 752 720 497 1.46 1.46

Disclosure: Hartford Funds ManagementCompany, LLC (the "Investment Manager") hascontractually agreed to reimburse expenses(exclusive of taxes, interest expenses, brokeragecommissions, acquired fund fees and expensesand extraordinary expenses) to the extentnecessary to maintain total annual fund operatingexpenses as follows: 1.50% for Class R3. Inaddition, Hartford Administrative ServicesCompany ("HASCO"), the Fund's transfer agent,has contractually agreed to reimburse any portionof the transfer agency fees over 0.30% of theaverage daily net assets per fiscal year for allclasses. Each contractual arrangement will remainin effect until February 28, 2015, and shall renewautomatically for one-year terms thereafter unlessthe Investment Manager or HASCO, respectively,provides written notice of termination prior to thestart of the next term or upon approval of theBoard of Directors of the Fund.

TIAA-CREF International Eq IdxRetire - TRIEX 817 752 720 497 0.32 0.32

AQR International Equity I - AQIIX 817 752 720 497 0.90 0.90

55

INVESTMENT EVALUATION - COMPOSITE RETURNReport Date: 06/23/14


*Composite returns are calculated by adding up the returns of each underlying fund weighted by the percent of assets relative to total plan assets.

INVESTMENT EVALUATION - COMPOSITE RETURNReport Date: 06/23/14


*Composite returns are calculated by adding up the returns of each underlying fund weighted by the percent of assets relative to total plan assets.

Annualized Returns 03/31/14

Composite Returns* Last QTR YTD 1 YR 3 YRS 5 YRS Net Exp. Total Plan Exp.Ratio Total Plan Fee

Incumbent Line-up 1.15 1.15 17.01 9.98 17.90 0.69 0.69 $ 239,078

Mass Mutual 1.21 1.21 17.35 10.29 18.68 1.35 1.35 $ 283,541

OneAmerica 2.49 2.49 20.08 12.33 20.86 1.03 1.03 $ 278,877

Putnam 2.46 2.46 21.04 13.35 22.68 0.85 0.85 $ 178,136

56

INVESTMENT EVALUATION - PERFORMANCE SUMMARYReport Date: 06/23/14


Incumbent Line-up Mass Mutual OneAmerica Putnam




The performance data quoted represents past performance and does not guarantee future results. The investment return and principal valueof an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Currentperformance may be lower or higher than return data quoted herein. For performance data current to the most recent moth-end please visithttp://advisor.morningstar.com/familyinfo.aspStandardized Return assumes reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects oftaxation or any applicable maximum sales charges but is adjusted to reflect ongoing fund expenses. If adjusted for taxation or maximumsales charges, the performance quoted would be significantly reduced. For variable annuities (if applicable), additional expenses will be takenin account, including M and E risk charges, fund-level expenses such as management fees and operating fees, and contract-leveladministration fees charges such as surrender, contract and sales charges.


Fund Score Annualized Returns (Peer Group % Rank) Incept. Date Expenses

Intermediate-Term Bond Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity® Intermediate Bond -FTHRX 7 of 12 1.27 0.25 (45) 3.61 (65) 6.75 (48) 3.98 (66) 7.66 5/23/1975 0.45 0.45

PIMCO Total Return Admin -PTRAX 8 of 12 1.24 (1.49) (93) 3.89 (54) 6.60 (51) 5.62 (8) 6.92 9/8/1994 0.71 0.71

Vanguard Total Bond MarketIndex Signal - VBTSX 6 of 12 1.91 (0.21) (59) 3.71 (60) 4.71 (82) 4.42 (46) 5.05 9/1/2006 0.08 0.08

Delaware Diversified Income R -DPRFX 9 of 12 2.26 0.46 (40) 4.05 (49) 8.83 (14) 5.95 (4) 6.12 6/2/2003 1.15 1.15

Franklin Total Return R - FTRRX 10 of 12 2.02 0.48 (39) 4.19 (42) 7.42 (33) 4.52 (41) 5.20 1/2/2002 1.14 1.14MFS® Research Bond R2 -MRRRX 9 of 12 2.14 0.70 (33) 4.20 (42) 7.92 (26) 4.35 (50) 4.58 10/31/2003 1.16 1.16

Pioneer Bond Y - PICYX 10 of 12 2.63 2.28 (7) 5.24 (13) 8.58 (17) 5.63 (8) 6.30 9/20/2001 0.66 0.66Prudential Total Return Bond Z -PDBZX 11 of 12 2.37 0.96 (24) 5.69 (8) 9.39 (9) 5.94 (4) 6.27 9/16/1996 0.60 0.60

Western Asset Core Plus Bond FI- WACIX 11 of 12 2.71 0.86 (27) 4.79 (23) 10.62 (5) 5.54 (10) 6.13 1/8/2002 0.75 0.75

Nuveen Strategic Income A -FCDDX 11 of 12 3.31 3.88 (2) 6.69 (2) 13.86 (1) 5.99 (4) 6.67 2/1/2000 0.85 0.85

Nuveen Strategic Income I -FCBYX 11 of 12 3.37 4.16 (2) 6.98 (1) 14.10 (1) 6.25 (3) 6.92 2/1/2000 0.60 0.60

57






World Bond Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalVanguard Total Intl Bd IdxInstitutional - VTIFX N/A of 12 2.21 N/A (N/A) N/A (N/A) N/A (N/A) N/A (N/A) 2.17 5/31/2013 0.12 0.12

Templeton Global Bond R -FGBRX 9 of 12 0.56 1.24 (42) 4.15 (30) 8.98 (26) 8.28 (3) 8.75 2/2/2009 1.13 1.13

Legg Mason BW GlobalOpportunities Bd FI - GOBFX 9 of 12 4.10 0.18 (66) 5.62 (12) 11.02 (10) N/A (N/A) 11.38 2/26/2009 1 1

Templeton Global Total ReturnAdv - TTRZX 9 of 12 0.44 2.12 (23) 6.07 (7) 12.51 (1) N/A (N/A) 12.01 9/30/2008 0.76 0.76

Retirement Income Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Freedom K® Income -FFKAX 1 of 12 1.32 4.07 (69) 4.11 (79) N/A (N/A) N/A (N/A) 6.78 7/2/2009 0.45 0.45

JPMorgan SmartRetirement®Income R2 - JSIZX 7 of 12 1.37 6.11 (42) 5.65 (47) 10.58 (46) N/A (N/A) 9.51 11/3/2008 1.06 1.06

American Century One Choice InRet Inv - ARTOX 9 of 12 1.80 8.79 (24) 7.80 (12) 11.62 (34) N/A (N/A) 6.07 8/31/2004 0.77 0.77

Fidelity Advisor Income Repl2042 A - FARFX 7 of 12 1.61 13.89 (1) 8.79 (1) 15.78 (1) N/A (N/A) 5.08 12/31/2007 0.92 0.92

Target Date 2000-2010 Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Freedom K® 2010 -FFKCX 4 of 12 1.28 8.34 (22) 6.29 (40) N/A (N/A) N/A (N/A) 10.77 7/2/2009 0.54 0.54

JPMorgan SmartRetirement®2010 R2 - JSWZX 6 of 12 1.40 6.15 (61) 5.67 (50) 11.24 (65) N/A (N/A) 9.76 11/3/2008 1.07 1.07

T. Rowe Price Retirement 2010Adv - PARAX 8 of 12 1.69 9.11 (7) 7.21 (18) 13.97 (12) 6.30 (3) 6.79 10/31/2003 0.85 0.85

JHancock Retire Living through2010 R5 - JLAHX 8 of 12 2 8.88 (11) 7.29 (15) 14.84 (1) N/A (N/A) 5.25 10/30/2006 0.88 0.88

58






Target Date 2016-2020 Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Freedom K® 2020 -FFKDX 3 of 12 1.28 9.95 (45) 6.83 (51) N/A (N/A) N/A (N/A) 12.22 7/2/2009 0.59 0.59

JPMorgan SmartRetirement®2020 R2 - JTTZX 9 of 12 1.46 10.14 (40) 7.85 (30) 15.38 (27) N/A (N/A) 12.38 11/3/2008 1.16 1.16

T. Rowe Price Retirement 2020Adv - PARBX 8 of 12 1.53 13.49 (4) 9.01 (5) 17.03 (2) 7.01 (2) 7.57 10/31/2003 0.94 0.94

T. Rowe Price Retirement 2020 -TRRBX 8 of 12 1.62 13.73 (4) 9.26 (4) 17.32 (1) 7.26 (1) 9.47 9/30/2002 0.69 0.69

Target Date 2026-2030 Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Freedom K® 2030 -FFKEX 3 of 12 1.13 13.20 (49) 7.99 (55) N/A (N/A) N/A (N/A) 13.87 7/2/2009 0.67 0.67

JPMorgan SmartRetirement®2030 R2 - JSMZX 7 of 12 1.34 14.31 (31) 9.17 (26) 17.91 (18) N/A (N/A) 13.81 11/3/2008 1.23 1.23

T. Rowe Price Retirement 2030 -TRRCX 12 of 12 1.50 17.26 (6) 10.54 (6) 19.41 (1) 7.77 (1) 10.15 9/30/2002 0.75 0.75

Target Date 2036-2040 Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Freedom K® 2040 -FFKFX 2 of 12 1.09 15.20 (58) 8.47 (62) N/A (N/A) N/A (N/A) 14.69 7/2/2009 0.68 0.68

JPMorgan SmartRetirement®2040 R2 - SMTZX 8 of 12 1.25 16.33 (38) 9.98 (26) 18.92 (14) N/A (N/A) 14.49 11/3/2008 1.26 1.26

T. Rowe Price Retirement 2040Adv - PARDX 12 of 12 1.33 18.95 (4) 10.94 (8) 19.94 (1) 7.67 (3) 8.27 10/31/2003 1.03 1.03

T. Rowe Price Retirement 2040 -TRRDX 12 of 12 1.41 19.21 (4) 11.21 (5) 20.24 (1) 7.93 (1) 10.32 9/30/2002 0.78 0.78

59






Target Date 2046-2050 Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Freedom K® 2050 -FFKHX 2 of 12 1.07 15.60 (62) 8.44 (69) N/A (N/A) N/A (N/A) 14.98 7/2/2009 0.69 0.69

JPMorgan SmartRetirement®2050 R2 - JTSZX 8 of 12 1.21 16.33 (54) 9.99 (40) 18.90 (15) N/A (N/A) 14.53 11/3/2008 1.25 1.25

T. Rowe Price Retirement 2050Adv - PARFX 12 of 12 1.39 18.91 (7) 10.95 (9) 19.92 (1) N/A (N/A) 5.80 12/29/2006 1.03 1.03

T. Rowe Price Retirement 2050 -TRRMX 12 of 12 1.38 19.24 (5) 11.24 (6) 20.22 (1) N/A (N/A) 6.07 12/29/2006 0.78 0.78

Large Value Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalAmerican Beacon Bridgeway LgCp Val Inv - BWLIX 11 of 12 3.34 24.05 (15) 16.36 (2) 22.87 (7) 8.84 (9) 23.77 2/6/2012 1.10 1.10

Neuberger Berman Large CapValue Inst - NBPIX 7 of 12 3.18 23.17 (23) 9.84 (95) 22.10 (12) 7.39 (41) 5.61 6/7/2006 0.71 0.71

Invesco Comstock R - ACSRX 11 of 12 1.71 22.93 (26) 14.48 (24) 22.07 (13) 7.30 (45) 9.90 10/1/2002 1.11 1.11RidgeWorth Large Cap ValueEquity A - SVIIX 9 of 12 1.50 22.60 (29) 13.76 (40) 20.55 (35) 8.32 (17) 9.35 2/17/1993 1.20 1.20

Fidelity Advisor® Strategic Div &Inc® I - FSIDX 8 of 12 3.66 12.19 (97) 12.20 (73) 21.83 (15) 7.01 (54) 7.33 12/23/2003 0.78 0.78

Neuberger Berman Large CapValue Adv - NBPBX 5 of 12 3.06 22.61 (29) 9.30 (97) 21.51 (19) 6.89 (57) 7.20 8/16/1996 1.22 1.22

SunAmerica Focused DividendStrategy A - FDSAX 8 of 12 (0.88) 20.61 (56) 18.26 (1) 27.54 (1) 9.91 (2) 7.05 6/8/1998 1.13 1.13

SunAmerica Focused DividendStrategy C - FDSTX 7 of 12 (1.04) 19.76 (65) 17.47 (1) 26.72 (1) 9.20 (6) 6.36 6/8/1998 1.78 1.78

60






Large Blend Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Spartan® 500 Index Instl- FXSIX 9 of 12 1.79 21.80 (42) 14.62 (24) 21.11 (26) 7.37 (34) 14.43 5/4/2011 0.04 0.04

JPMorgan US Equity R2 - JUEZX 8 of 12 1.60 24.31 (18) 14.46 (28) 20.86 (32) 8.10 (17) 15.97 11/3/2008 1.22 1.22Fidelity Advisor® DiversifiedStock I - FDTIX 11 of 12 2.26 25.13 (12) 15.73 (9) 25.29 (4) 7.87 (22) 8.17 7/12/2005 0.71 0.71

PIMCO Fundamental IndexPLUSAR P - PIXPX 12 of 12 2.80 22.20 (37) 19.70 (1) 34.72 (1) N/A (N/A) 14.30 4/30/2008 0.89 0.89

Large Growth Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity® Blue Chip Growth -FBGRX 8 of 12 1.86 30.62 (6) 15.57 (11) 24.41 (6) 8.42 (24) 11.32 12/31/1987 0.76 0.76

Fidelity® Contrafund® - FCNTX 10 of 12 0.47 23.45 (47) 14.25 (27) 20.37 (44) 9.85 (7) 12.53 5/17/1967 0.67 0.67Alger Capital Appreciation Instl R- ACARX 8 of 12 0.72 23.89 (43) 13.51 (41) 21.67 (23) 10.39 (4) 12.50 1/27/2003 1.69 1.69

American Funds New EconomyR1 - RNGAX 10 of 12 0.95 29.92 (7) 16.59 (5) 22.70 (14) 8.84 (17) 9.48 6/21/2002 1.59 1.59

ClearBridge Aggressive GrowthFI - LMPFX 10 of 12 5.97 32.25 (4) 19.94 (1) 26.64 (2) 8.52 (22) 8.03 4/30/2007 1.30 1.30

Fidelity Advisor® Growth Opps T- FAGOX 7 of 12 1.75 27.40 (15) 15.64 (11) 25.01 (5) 7.30 (52) 10.28 11/18/1987 1.43 1.43

ClearBridge Aggressive Growth I- SAGYX 11 of 12 6.03 32.74 (4) 20.44 (1) 27.18 (1) 8.95 (15) 11.80 1/30/1996 0.87 0.87

Touchstone Sands Capital SelectGrowth Y - CFSIX 10 of 12 0.50 32.36 (4) 19.47 (1) 29.49 (1) 10.35 (4) 10.85 8/27/2004 1.03 1.03

61






Mid-Cap Value Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net Total

Fidelity® Value - FDVLX 8 of 12 3.81 25.51 (20) 14.64 (29) 27.19 (7) 9 (54) 12.74 12/1/1978 0.67 0.67Hartford MidCap Value R3 -HMVRX 8 of 12 4.44 24.58 (32) 13.82 (45) 25.25 (29) 9.10 (51) 17.92 5/28/2010 1.53 1.53

AllianceBern Discovery Value R -ABSRX 5 of 12 2.57 22.97 (47) 12.11 (72) 25.35 (29) 9.54 (38) 10.46 11/3/2003 1.54 1.54

Rydex S&P 500 Pure Value H -RYZAX 9 of 12 3.41 32.21 (5) 17.91 (4) 33.73 (1) 7.31 (87) 7.17 2/20/2004 1.52 1.52

Mid-Cap Blend Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Spartan® Extended MktIndex Inv - FSEMX 10 of 12 2.79 25.58 (24) 14.34 (21) 25.71 (21) 10.03 (15) 8.17 11/5/1997 0.10 0.10

Fidelity® Low-Priced Stock -FLPSX 11 of 12 2.02 24.14 (34) 15.18 (10) 24.21 (38) 10.24 (10) 14.69 12/27/1989 0.80 0.80

Fidelity Advisor® Leveraged CoStk T - FLSTX 6 of 12 1.41 21.75 (56) 13.69 (33) 28.75 (4) 10.58 (7) 14.26 12/27/2000 1.34 1.34

Nuveen Mid Cap Index R3 -FMCYX 7 of 12 2.72 20.06 (73) 12.44 (56) 23.78 (46) 9.27 (37) 8.33 11/27/2000 1 1

Ariel Appreciation Investor -CAAPX 8 of 12 (0.95) 25.33 (25) 14.38 (20) 28.77 (4) 8.55 (58) 11.37 12/1/1989 1.13 1.13

Ariel Investor - ARGFX 7 of 12 (0.99) 23.74 (36) 12.02 (64) 30.25 (1) 7.37 (74) 11.69 11/6/1986 1.03 1.03

Ariel Investor - ARGFX 7 of 12 (0.99) 23.74 (36) 12.02 (64) 30.25 (1) 7.37 (74) 11.69 11/6/1986 1.03 1.03

62






Mid-Cap Growth Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFranklin Small-Mid Cap Growth A- FRSGX 8 of 12 1.56 26.30 (22) 11 (58) 22.74 (44) 8.69 (58) 10.95 2/14/1992 0.98 0.98

Invesco Mid Cap Growth R -VGRRX 6 of 12 1.60 27.28 (14) 9.54 (83) 23.68 (25) 10.06 (29) 10.16 7/11/2008 1.40 1.40

AllianceBern Discovery Growth R- CHCRX 9 of 12 0.66 24.75 (35) 12.75 (32) 27.63 (2) 8.29 (64) 9.10 3/1/2005 1.47 1.47

AllianceBern Discovery Growth I- CHCIX 11 of 12 0.82 25.66 (27) 13.55 (20) 28.52 (1) 8.99 (52) 9.84 3/1/2005 0.78 0.78

Small Value Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalAmerican Beacon Small Cp Val A- ABSAX 12 of 12 1.55 24.60 (38) 12.93 (47) 25.59 (32) 8.74 (52) 15.66 5/17/2010 1.34 1.34

Franklin Small Cap Value R -FVFRX 11 of 12 1.49 24.03 (45) 13.37 (38) 24.62 (47) 9.73 (23) 11.23 8/1/2002 1.40 1.40

DFA US Targeted Value R2 -DFTPX 11 of 12 2.14 27.96 (14) 14.33 (18) 26.98 (17) 9.73 (23) 12.75 6/30/2008 0.62 0.62

Royce Opportunity Invmt -RYPNX 10 of 12 3.54 31.13 (5) 14.11 (23) 31.62 (4) 9.69 (24) 13.86 11/19/1996 1.17 1.17

Foreign Large Blend Score YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Net TotalFidelity Advisor® Diversified IntlA - FDVAX 11 of 12 (0.45) 19.64 (12) 8.02 (14) 16.40 (23) 5.71 (63) 7.64 12/17/1998 1.31 1.31

Hartford InternationalOpportunities R3 - IHORX 10 of 12 (1.64) 15.88 (47) 5.84 (55) 15.94 (33) 7.47 (23) 3.92 12/21/2006 1.46 1.46

TIAA-CREF International Eq IdxRetire - TRIEX 11 of 12 0.61 17.31 (28) 7.22 (23) 15.81 (39) 6.35 (47) 9.38 10/1/2002 0.32 0.32

AQR International Equity I -AQIIX 11 of 12 0 17.98 (21) 7.41 (21) 17.82 (11) N/A (N/A) 8.72 9/30/2009 0.90 0.90

63

INVESTMENT EVALUATION - LPL FINANCIAL 12 FACTOR SCORINGReport Date: 06/23/14




The Score provided in the Performance Summary section of the report represents the LPL Financial 12 Factor score. Following is detaileddata regarding how the fund proposed by the providers scored for each of the 12 factors. Please refer to next page for additional detailregarding the 12 Factor Scoring Methodology.

LPL Financial 12 Factor Scoring - Non - Target Date Funds

5 yr R-Sqrd> 80%

StyleConsistency

1 yr Returnvs. peers



5 yr Up >Down ratio

3 yr Info.ratio > 0

5 yr Info.ratio > 0 3 yr Beta 5 yr Beta Mgr Tenure

RelativeExpenseRatio

Total Score

American Beacon Small Cp Val A-ABSAX 1 1 1 1 1 1 1 1 1 1 1 1 12

American Beacon Bridgeway Lg CpVal Inv-BWLIX 1 1 1 1 1 1 1 1 1 1 1 - 11

Fidelity® Blue Chip Growth-FBGRX 1 1 1 1 1 - 1 1 - - - 1 8

Fidelity® Contrafund®-FCNTX 1 1 1 1 1 1 - - 1 1 1 1 10

Fidelity Advisor® Diversified Intl A-FDVAX 1 1 1 1 1 1 1 1 1 1 - 1 11

Fidelity® Value-FDVLX 1 1 1 1 1 - - 1 1 - - 1 8

Fidelity® Low-Priced Stock-FLPSX 1 1 1 1 1 1 1 - 1 1 1 1 11

Franklin Small-Mid Cap Growth A-FRSGX 1 1 1 - 1 - - - 1 1 1 1 8

Fidelity Spartan® Extended MktIndex Inv-FSEMX 1 1 1 1 1 - - 1 1 1 1 1 10

Fidelity® Intermediate Bond-FTHRX - - 1 - 1 1 - 1 1 1 - 1 7

Fidelity Spartan® 500 Index Instl-FXSIX 1 1 1 1 1 - - - 1 1 1 1 9

Neuberger Berman Large Cap ValueInst-NBPIX 1 1 1 - 1 - - 1 1 - - 1 7

PIMCO Total Return Admin-PTRAX - 1 - - - 1 1 1 1 1 1 1 8

Vanguard Total Bond Market IndexSignal-VBTSX 1 1 - - - - - - 1 1 1 1 6

Vanguard Total Intl Bd IdxInstitutional-VTIFX - - - - - - - - - - - -

64




5 yr R-Sqrd> 80%

StyleConsistency




5 yr Up >Down ratio

3 yr Info.ratio > 0



Total Score

Alger Capital Appreciation Instl R-ACARX 1 1 1 1 1 - - - 1 1 1 - 8

Invesco Comstock R-ACSRX 1 1 1 1 1 1 - 1 1 1 1 1 11

Delaware Diversified Income R-DPRFX - - 1 1 1 1 1 1 1 1 1 - 9

Templeton Global Bond R-FGBRX - 1 1 1 1 1 1 1 1 - 1 - 9

Fidelity Advisor® Leveraged Co StkT-FLSTX 1 1 - 1 1 - - 1 - - 1 - 6

Nuveen Mid Cap Index R3-FMCYX 1 1 - - 1 - - - 1 1 1 1 7

Franklin Total Return R-FTRRX - 1 1 1 1 1 1 1 1 1 1 - 10

Franklin Small Cap Value R-FVFRX 1 1 1 1 1 1 1 1 1 1 1 - 11

Hartford MidCap Value R3-HMVRX 1 1 1 1 1 - - - 1 1 1 - 8

Hartford International OpportunitiesR3-IHORX 1 1 1 - 1 1 1 1 1 1 1 - 10

JPMorgan US Equity R2-JUEZX 1 1 1 1 1 - - - 1 1 1 - 8

MFS® Research Bond R2-MRRRX - 1 1 1 1 1 1 1 1 1 - - 9

American Funds New Economy R1-RNGAX 1 1 1 1 1 - 1 1 1 1 1 - 10

RidgeWorth Large Cap Value EquityA-SVIIX 1 1 1 1 1 1 - - 1 1 1 - 9

Invesco Mid Cap Growth R-VGRRX 1 1 1 - 1 - - - 1 1 - - 6

AllianceBern Discovery Value R-ABSRX 1 1 1 - 1 - - - - - 1 - 5

Ariel Investor-ARGFX 1 1 1 - 1 - - 1 - - 1 1 7

Ariel Appreciation Investor-CAAPX 1 1 1 1 1 - - 1 - - 1 1 8

65




5 yr R-Sqrd> 80%

StyleConsistency




5 yr Up >Down ratio

3 yr Info.ratio > 0



Total Score

AllianceBern Discovery Growth R-CHCRX 1 1 1 1 1 1 - 1 1 1 - - 9

DFA US Targeted Value R2-DFTPX 1 1 1 1 1 1 1 1 1 1 - 1 11

Fidelity Advisor® Growth Opps T-FAGOX 1 1 1 1 1 - 1 1 - - - - 7

Fidelity Advisor® Diversified Stock I-FDTIX 1 1 1 1 1 1 1 1 1 1 - 1 11

Fidelity Advisor® Strategic Div &Inc® I-FSIDX 1 1 - - 1 1 - 1 - 1 1 1 8

Legg Mason BW GlobalOpportunities Bd FI-GOBFX - 1 - 1 1 1 1 1 1 - 1 1 9

ClearBridge Aggressive Growth FI-LMPFX 1 1 1 1 1 1 1 1 - 1 1 - 10

Neuberger Berman Large Cap ValueAdv-NBPBX 1 1 1 - 1 - - - 1 - - - 5

Prudential Total Return Bond Z-PDBZX - 1 1 1 1 1 1 1 1 1 1 1 11

Pioneer Bond Y-PICYX - 1 1 1 1 1 1 1 - 1 1 1 10

TIAA-CREF International Eq IdxRetire-TRIEX 1 1 1 1 1 - 1 1 1 1 1 1 11

Western Asset Core Plus Bond FI-WACIX - 1 1 1 1 1 1 1 1 1 1 1 11

AQR International Equity I-AQIIX 1 1 1 1 1 - 1 1 1 1 1 1 11

Touchstone Sands Capital SelectGrowth Y-CFSIX 1 1 1 1 1 1 1 1 - - 1 1 10

AllianceBern Discovery Growth I-CHCIX 1 1 1 1 1 1 1 1 1 1 - 1 11

Nuveen Strategic Income I-FCBYX - 1 1 1 1 1 1 1 1 1 1 1 11

66




5 yr R-Sqrd> 80%

StyleConsistency




5 yr Up >Down ratio

3 yr Info.ratio > 0



Total Score

Nuveen Strategic Income A-FCDDX - 1 1 1 1 1 1 1 1 1 1 1 11

SunAmerica Focused DividendStrategy A-FDSAX - 1 - 1 1 1 1 1 - 1 - 1 8

SunAmerica Focused DividendStrategy C-FDSTX - 1 - 1 1 1 1 1 - 1 - - 7

PIMCO Fundamental IndexPLUS ARP-PIXPX 1 1 1 1 1 1 1 1 1 1 1 1 12

Royce Opportunity Invmt-RYPNX 1 1 1 1 1 1 1 1 - - 1 1 10

Rydex S&P 500 Pure Value H-RYZAX 1 - 1 1 1 1 1 1 1 - 1 - 9

ClearBridge Aggressive Growth I-SAGYX 1 1 1 1 1 1 1 1 - 1 1 1 11

Templeton Global Total Return Adv-TTRZX - 1 1 1 1 1 1 1 1 - - 1 9

LPL Financial 12 Factor Scoring - Target Date Funds

5 yr R-Sqrd> 80%




5 yr Up >Down ratio

3 yr Info.ratio > 0



5-yearSharperatio

Total Score

Fidelity Freedom K® Income-FFKAX - - - - - - - - - - 1 - 1

Fidelity Freedom K® 2010-FFKCX - 1 1 - - - - 1 - - 1 - 4

Fidelity Freedom K® 2020-FFKDX - 1 - - - - - 1 - - 1 - 3

Fidelity Freedom K® 2030-FFKEX - 1 - - - - - 1 - - 1 - 3

Fidelity Freedom K® 2040-FFKFX - - - - - - - 1 - - 1 - 2

Fidelity Freedom K® 2050-FFKHX - - - - - - - 1 - - 1 - 2

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5 yr R-Sqrd> 80%




5 yr Up >Down ratio

3 yr Info.ratio > 0



5-yearSharperatio

Total Score

JPMorgan SmartRetirement®Income R2-JSIZX 1 1 1 1 - - 1 - 1 1 - - 7

JPMorgan SmartRetirement® 2030R2-JSMZX 1 1 1 1 - - - 1 1 1 - - 7

JPMorgan SmartRetirement® 2010R2-JSWZX 1 - 1 - - - - 1 1 1 - 1 6

JPMorgan SmartRetirement® 2050R2-JTSZX 1 - 1 1 - 1 - 1 1 1 - 1 8

JPMorgan SmartRetirement® 2020R2-JTTZX 1 1 1 1 - - 1 1 1 1 - 1 9

JPMorgan SmartRetirement® 2040R2-SMTZX 1 1 1 1 - - - 1 1 1 - 1 8

American Century One Choice In RetInv-ARTOX 1 1 1 1 - 1 1 - - 1 1 1 9

T. Rowe Price Retirement 2010 Adv-PARAX 1 1 1 1 - 1 1 - - 1 1 - 8

T. Rowe Price Retirement 2020 Adv-PARBX 1 1 1 1 - 1 1 - - 1 1 - 8

T. Rowe Price Retirement 2040 Adv-PARDX 1 1 1 1 1 1 1 1 1 1 1 1 12

T. Rowe Price Retirement 2050 Adv-PARFX 1 1 1 1 1 1 1 1 1 1 1 1 12

Fidelity Advisor Income Repl 2042A-FARFX 1 1 1 1 - 1 1 - - - 1 - 7

JHancock Retire Living through2010 R5-JLAHX 1 1 1 1 - 1 1 - - - 1 1 8

T. Rowe Price Retirement 2020-TRRBX 1 1 1 1 - 1 1 - - 1 1 - 8

T. Rowe Price Retirement 2030-TRRCX 1 1 1 1 1 1 1 1 1 1 1 1 12

68




5 yr R-Sqrd> 80%




5 yr Up >Down ratio

3 yr Info.ratio > 0



5-yearSharperatio

Total Score

T. Rowe Price Retirement 2040-TRRDX 1 1 1 1 1 1 1 1 1 1 1 1 12

T. Rowe Price Retirement 2050-TRRMX 1 1 1 1 1 1 1 1 1 1 1 1 12

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INVESTMENT EVALUATION - LPL 12 FACTOR SCORING METHODSReport Date: 06/23/14


The Total Score is designed to help evaluate an investment, but it should not be sole source of information used to select and monitor an investment.Scores are updated quarterly, using the last five years of data.

Please read the Important Disclosures page at the end of this report.



LPL Financial Retirement Partners’ proprietary Scoring System is based on an evaluation of 12 different factors. Each factor is assessed using aPass/Fail system: a favorable characteristic receives a passing score of 1, while an unfavorable characteristic receives a failing score of zero.

There are four areas that are scored:

Investment Style: 2 PointsPerformance: 4 PointsRisk/Risk-adjusted Returns: 4 PointsQualitative Factors: 2 Points

The “Total Score” is the sum of the individual scores. The individual component scores are equally weighted. The best possible score is 12 points. TheTotal Score can be used to help evaluate an investment, as per the following guidelines:

SCORE10 – 12 Suitable (“Blue Ribbon” status)7-9 Acceptable6 or fewer Watch List

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Style-Related Factors (16.7% of total score)• Style Consistency* < 29

When selecting an investment, you want to know that it has provided a relatively “true” exposure to the category in which it falls A style consistency score of less than 29 implies that the divergence of an investment portfolio from its stated investment style or objective as measured by the drift from the Morningstar category is minimal

• R-Sqrd ≥ 80% When selecting an investment, you want to know how correlated the investment’s returns are with its benchmark index This value of R2 implies that the investment’s return moves in the same direction as the index 80% or more of the timeReturn-Based Factors (33.3% of total score)

• 1-, 3-, and 5-year return > peer group median When selecting an investment, you want to know that it has demonstrated an ability to outperform relative to its peers A total return greater than the peer group median implies that the investment has outperformed more than half of other investments in its same category The investment can potentially receive 1 point for each time period: 1-, 3-, and 5-years

• Up capture/Down capture > 1 When selecting an investment, you want to know that it “captures” more than 100% of market returns in up markets and helps “cushion” the loss in down markets by capturing less than 100% of the fall A ratio of greater than 1 implies that the investment captures more when the market is up than when it is downRisk-Based Factors (33.3% of total score)

• 3- and 5-year Information Ratio > 0 When selecting an investment, you want to know how its returns compare to the index and to the amount of risk it took to generate those returns An Information Ratio greater than 0 implies that the investment outperformed its benchmark index

• 0.75 < 3- and 5-year Beta < 1.15 When selecting an investment, you want to know how much risk the manager takes on relative to their benchmark index. You want managers to take some risk—as you need to take some risk to generate decent returns—but, not so much risk that it is egregious. A Beta of 1 means that the manager is taking on the same level of risk as the benchmark index A Beta between 0.75 and 1.15 implies that the manager is taking on risk that is between 75% and 115% of the benchmark indexQualitative Factors (16.7% of total score)

• Gross expense ratio <= category average When selecting an investment, you want to know how much it costs as total fees reduce the total return captured by the investor An expense ratio less than the category average implies that the fund charges no more than the average of all others that fall into the same category

• Longest manager tenure > category average When selecting an investment, you want to know that the track record being reviewed is primarily one from the current management team A tenure greater than the category average implies that the manager has been on the investment team for a relatively long period of time

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Beta - A measure of volatility, or systematic risk, of a security or a portfolio comparison to the market as a whole. A Beta of 1.00 means that a portfolio’s risk is atparity with the market benchmark associated with that portfolio. A Beta less than 1.00 means that a portfolio is less volatile than the market, a Beta over 1.00 means aportfolio is more volatile/risky than the market. A Beta range of 0.75 –1.1 will earn a point within the scoring system.

Information Ratio - A measure of risk-adjusted return that is more commonly used by institutional clients than Sharpe Ratio. The higher the Information Ratio, thebetter the investment’s risk-adjusted return. Information Ratio (“IR”) is defined as the annualized excess return divided by the tracking error. Investments with apositive IR receive a favorable score on the scorecard.

R-Squared - A statistic that measures how well the investment tracks the benchmark index. For example, an R-Squared statistic of 90% indicates that 90% of themovement in the investment can be explained by the movement in the underlying benchmark index. The scorecard compares the investment’s R-Squared to 80%.

Sharpe Ratio - (Used for Target Date funds only) A measure of risk-adjusted return. Sharpe Ratio uses Standard Deviation as the risk statistic.

Standard Deviation - A measure of the dispersion of a set of performance data from its mean. The greater the range of returns, the higher the standard deviation.Standard deviation is calculated to measure the volatility of a fund’s returns which is an indicator of a fund’s performance consistency and is also used as ameasurement of a portfolio’s risk.

Style Consistency statistic calculated within Morningstar Direct, Style Consistency measures the change of a portfolio’s weighting in each underlying asset class overa period of five years broken up into 36-month rolling windows. The Style Consistency statistic measures the variability of a portfolio’s style through time. Forinstance, a Style Drift of 0 demonstrates quarterly rebalancing of a fund’s underlying holdings to their original target weightings. A Style Drift statistic of 11.33indicates moderate variability in a fund’s underlying securities weightings. A Style Drift value less than 29 will earn a point on the scorecard.

Up Capture, Down Capture - The Up Capture reflects how the investment has historically performed relative to the benchmark index in an Up market. For example, aninvestment with an Up Capture of 110 has returned 110% of the benchmark index return in Up market cycles. Similarly, the Down Capture statistic measures theinvestments historical relative performance in Down markets. The scorecard measures Up Capture relative to Down Capture, giving a favorable score if Up Capture isgreater than Down Capture.

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