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LPL Financial Retirement Partners Investment Review

Securities offered through LPL Financial, Member FINRA/SIPC

Data as of Sep 30, 2011Prepared on Dec 1, 2011

Partners Logistics, Inc.

Jane A. Smith, CFS, CLU, CRPC, AIF9785 Towne Centre Drive

San Diego, CA 92122800-877-7210

[email protected]

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Partners Logistics, Inc. All data as of 9/30/11 unless otherwise noted

Table of Contents

Data provided for this report is © 2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/orits content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its

content providers are responsible for any damages or loses arising from any use of this information. Past performance is no guarantee of future results.

Introduction 3

Market Commentary 6

Report Criteria 13

Executive Summary 14

Fund Criteria 18

Asset Classes 25

Portfolio Style 26

Asset Allocation by Fund 29

Plan Composite Return Analysis 32

Performance Summary 33

Score Card Guide 38

Score Cards 43

Additional Disclosures 81

Extended Funds Disclosure 86

Net Expense Disclosure 89

Meeting Notes 90

Signature Page 91

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3.




Introduction

LPL Financial Retirement Partners – Fiduciary Investment Monitoring Report Creating a written investment policy statement (IPS) is an important step in meeting fiduciary investment selection responsibilities. A documented framework for conducting a prudent review and selection of investment options is generally considered to be a fiduciary best practice because it increases the likelihood of sound decision making and timely action. However, the fiduciary’s duty as a Prudent Investor does not end with the selection of investments. The fiduciary is responsible for monitoring the performance of the investment options to ensure that they continue to meet the standards set out in the IPS. This reporting package is designed to facilitate three key fiduciary investment obligations:

1. To determine whether each investment is meeting the objectives stated in the IPS 2. To document the analysis, and any decisions or actions arising as a result of the review, and 3. To facilitate regularly scheduled formal reviews and timely decision making on a quarterly basis.

Even with the most rigorous initial fund selection process, a portfolio of funds will change over time. This report can help highlight important information regarding a fund's risk level, portfolio management, and other characteristics. Please note, this report tool is not appropriate for short-term performance monitoring. This toolset includes up to six levels of reporting. In order, they are: • Capital Markets Commentary - a quarterly review of recent activity in major capital markets, investment returns by category, and a summary of key macroeconomic

developments. It also reflects on noteworthy news that could impact investor behavior and retirement plan administration and regulation. • Executive Summary – provides a quick view of how each fund in the plan is performing and identifies any funds requiring attention based on the chosen criteria. The

checkmark on the "Investment Criteria Rating" section of the Plan Entry Form determines how many criteria a fund must meet in order to fall into the "Meets Criteria" standard.

• Portfolio Style Report– provides a graphic view of the plan portfolio’s asset class coverage across the universe of equity and fixed income investment styles.

• Performance Summary – provides standard performance information for each fund included in the report.

• Fund Criteria Report – provides comparisons of each fund, its peer average and benchmark against the specific monitoring criteria selected. The check-marks on the

Report Criteria page indicate the specific criteria to be displayed in the Fund Criteria Report. 12 of the criteria are chosen for the report, all equally weighted and none ranked nor displayed in order of importance.

• LPL Financial Retirement Partners Scorecard – provides a one page snapshot of additional information for each fund in the plan, based on the proprietary LPL Financial

Retirement Partners Scoring system, described on the following pages. (Included in ongoing investment monitoring reporting only.)

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Introduction

The report criteria can be grouped into the following categories: • Fund Characteristics: This report provides criteria based on Fund Manager Tenure - the years that a fund manager has been managing the fund; Fund Track

Record – the number of years a fund has been in existence, and Assets – the dollars under management in the fund. • Performance: Fund performance is available for 1, 3, 5 and/or 10 years. If selected as criteria to be evaluated, each of these return timeframes is compared

against the average peer returns and a benchmark in the Fund Criteria Report. The performance criteria can be set to values equal to or greater-than the peer average or benchmark returns for the selected timeframes. Performance is net of management fees, but before asset charges and/or other administrative fees deducted from investment returns and do not reflect the funds' maximum potential sales charges. For standard performance of any fund (which includes Life of Fund returns for funds that have fewer than 10 years performance history), please consult the Performance Summary section as well as the Fund Facts Report.

• Risk Adjusted Return: The risk-adjusted performance measure criteria include 1, 3 or 5 year Sharpe Ratio; 3 and 5 year Information Ratio; 5 year R-Squared.

The Sharpe Ratio is calculated by taking the difference of a fund’s annualized performance and the annualized performance of a 90 day T-Bill. The difference is divided by the fund’s standard deviation to determine the return per unit of risk. Information Ratio measures the difference between a fund's actual returns and its benchmark’s performance, divided by the tracking error, which is the standard deviation of excess return. Information Ratio is often used as a measurement of the risk-adjusted return. This report utilizes the Morningstar best-fit index for 3 year alpha, and the index utilized for 5 year Alpha is the S&P 500 Index. R-squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index. An R-squared of 100 means that all movements of a fund are completely explained by movements in the index. An R-squared of 0 means no correlation exists. Note: a best-fit index is an index that Morningstar determined to have the highest R-squared correlation with the fund being analyzed. In certain cases, Morningstar’s “best fit” index may differ from the benchmark index chosen for the LPL Financial Retirement Partners Scorecards.

• Volatility: This report utilizes Beta or Standard deviation criteria to measure fund volatility. Beta is a measure of the degree of change in value one can expect

in a portfolio given a change in value in a benchmark index. A portfolio with a beta greater than one is generally more volatile than its benchmark index; a portfolio with a beta of less than one is generally less volatile than its benchmark index. Standard deviation is a statistical measure of the range of a fund's performance. When a fund has a high standard deviation, its range of performance has been wide, indicating greater historical volatility. The standard deviation figure provided in the report is an annualized statistic based on rolling 36 monthly returns.

• Fund Expenses: If selected as a criterion, this report utilizes a fund's net expense ratio in the Fund Criteria Report section. The expense ratio is the percentage of fund assets paid for operating expenses and management fees. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal, organizational, professional, registration, shareholder reporting, sub-advisor, and transfer agency. The expense ratio does not reflect the fund’s brokerage costs or any investor sales charges. A net expense ratio reflects the

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Introduction

actual expenses that have been paid by the fund and reflects any voluntary waivers, reductions from brokerage service arrangements, and any other expense offset arrangements.

• LPL Financial Retirement Partners Score: The Score is an overall score to help Plan Sponsors evaluate an investment product’s suitability for a given investment category. The Score is based on an equally-weighted set of 12 criteria, based on five years of monthly data and covering key quantitative and qualitative aspects of each investment. These key areas include investment management style, risk-return characteristics, peer group relative performance, relative expenses and portfolio manager tenure. In the case of Target Date Funds, LPL Financial Retirement Partners Scorecards are generated for those funds with at least three years of history, and evaluate the fund’s Risk/Return metric instead of Style Drift.

Overall Criteria Scoring This information includes the “Criteria Score” and “Status” or “Overall Criteria.” The Criteria Score displays the number of report criteria met out of the total number of criteria selected for the report. The report functionality supports selection of up to 12 criteria per report. It is strongly recommended that at least six criteria are selected for a report. The Status column indicates whether a fund met the number of criteria targeted to be met, as selected on the "Investment Criteria Rating" section of the Plan Entry form. For example, if 12 criteria in a report are selected to be monitored and "6" is selected under "Investment Criteria Rating", the Overall Criteria Scoring system will highlight each fund as "Meets Criteria" if a fund met six or more of the 12 criteria chosen by the Plan Sponsor, and it will highlight funds as "Does Not Meet" criteria if a fund met five or fewer of the selected criteria. Extended Performance Data The analysis in this report may be based, in part, on adjusted historical returns for periods prior to a class's actual inception. These calculated returns reflect the historical performance of the oldest share class of the same fund, adjusted to reflect the fees and expenses of this share class. When pre-inception data are presented for a fund in the report, the fund will be footnoted to indicate this throughout the report. Note that only the performance, manager tenure, inception date, total net assets and Morningstar rating based report criteria reflect pre-inception data. Other reporting criteria, including Sharpe ratio, beta, and expense ratio are based on the data from the new class's own inception date and performance, not on adjusted data from the inception of the first class of the fund. The performance quoted represents the reinvestment of dividends and capital gains, is net of expenses and does not reflect the maximum sales charge. Such a fee, if taken into consideration, will reduce the performance quoted. The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain current month-end performance information please call. Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. You can obtain a prospectus from your financial representative. Read carefully before investing.

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4.




Market Commentary

Market Insight News & Views from LPL Financial Research Market Insight is a quarterly publica on intended to inform and empower your investment decision making. The S&P 500 Index endured its worst quarter in nearly three years during the third quarter of 2011. Investors had to deal with a number of issues — ongoing European debt concerns, the drawn‐out debate on the debt ceiling, a downgrade of the U.S. credit ra ng — and embraced safe‐haven assets as a result.

Despite those concerns, the U.S. economy con nued to expand, albeit at a slow pace. Investors are more pessimis c now, however, than at any point in the recent past, as reflected in consumer sen ment surveys, yet they con nue to spend at a healthy pace. Such is the environment facing the market as the fourth quarter arrives — a tug‐of‐war between how investors say they are feeling and what they are actually doing. In the third quarter, sen ment dictated performance. With high‐quality bonds recording a second consecu ve strong quarter and the 10‐year Treasury yield hi ng record lows, significant gains likely will be hard to come by. But, with the S&P 500 Index near the lows for the year, we see more poten al upside return than downside risk in equi es between now and year‐end given the likelihood that a credible European rescue plan emerges. Any plan is likely to be accompanied by the solid fundamental backdrop in the United States with corporate earnings remaining strong and supported by a rac ve valua ons with the forward price‐to‐earnings ra o near 30‐year lows.

The economic forecasts set forth in the presenta on may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

Please note all return figures are as of September 30, 2011, Unless otherwise noted.

About Us LPL Financial Re rement Partners is dedicated solely to suppor ng advisors who service the re rement plan market. Our promise is to create services and resources so that advisors may deliver employers and employees excep onal experiences and the highest quality program by providing services that save me, reduce exposure to fiduciary liabil‐

ity, and address both Internal Revenue Service and Department of Labor re‐quirements. Our comprehensive analy‐sis of re rement plans and plan design establishes a strong founda on, and our structured service and employee com‐munica on model ensures ongoing excellence. LPL Financial Re rement Partners pro‐vides expert human capital gained through decades of experience working for, and with, the top defined contribu‐on, defined benefit, and deferred

compensa on service providers in the industry. Our independent perspec ve has been u lized by thousands of com‐panies na onwide, with billions in re‐rement plan assets. The economies

derived from our scale and na onal presence make us uniquely qualified to give advisors outstanding resources to evaluate, design and nego ate the highest quality re rement programs for plan sponsors. For more informa on regarding our firm, please visit our website: www.lplnrp.com

Third Quarter 2011

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Market Commentary

Stock Markets The U.S. stock market, as measured by the S&P 500 Index, posted its first quarterly loss since the second quarter of 2010 and its largest quarterly decline since the depths of the Great Recession in the fourth quarter of 2008 with a loss of 13.9% in the third quarter of 2011. The Index had increasingly larger declines in each month of the third quarter, with the 7.0% decline in September marking the fi h consecu ve monthly decline for the Index and the largest one‐month decline since the 8.0% decline in May 2010; the Index declined 2.0% in July and 5.4% in August [Chart 1]. Some of the same issues that impacted the market during the second quarter of 2010, notably the European debt problems, had a similar impact in the third quarter of 2011. For the year thus far, the S&P 500 Index has posted a ‐8.7% return.

The third quarter was a ba le between the strongest quarter of economic growth this year and the increasingly nega ve investor and consumer sen ment. Economic data, while not poin ng to robust economic growth, suggested the economy con nues to expand, albeit at a painfully slow pace that is well below historical averages at this point in an economic recovery. In that sense, the slow pace of growth probably feels like a recession to many investors. Those feelings were reflected in consumer and investor sen ment surveys that were decidedly pessimis c in the third quarter. However, the gap between what investors say they are doing (i.e., consumer sen ment) and what they are actually doing (i.e., consumer spending) is wide. On balance, nega ve sen ment overwhelmed the market in the third quarter and remains an overhang for investors as the fourth quarter begins.

In dissec ng sector performance of the U.S. equity markets, defensive sectors generally outperformed cyclical sectors in the third quarter. U li es was the only sector to post a gain in the third quarter with a return of 1.6% [Table 2]. U li es is the best performing sector in the S&P 500 Index year‐to‐date with a return of 10.7%. With the stock market lower and interest rates below 2.0%, investors have looked to the U li es sector given its defensive nature and healthy dividend yield of approximately 4.4% (as of September 30, 2011). The notable outperformer among cyclicals in the third quarter on a rela ve basis was the Technology sector, which posted a decline of ‐7.7%. The performance was notably worse among the other cyclical sectors — Energy, Materials, Industrials, Financials — which all declined more than 20% in the quarter on concerns of a global economic slowdown. Materials was the worst performing sector in the third quarter with a drop of more than 24%.

From a market capitaliza on perspec ve, large‐cap stocks outperformed their mid‐cap and small‐cap counterparts as large caps tend to be more defensive in nature. From a style perspec ve, there was not much of a dis nc on in returns between growth and value. The Russell 1000 Growth Index, a proxy for Large Growth stocks, was the best performing domes c asset class in the third quarter with a return of ‐13.1%, as Technology stocks significantly outperformed. The Russell 2000 Growth Index, a proxy for Small Growth stocks, had the biggest decline among the nine style boxes with a drop of 22.3% in the quarter.

For the second consecu ve quarter, U.S. stocks outperformed their Large Foreign and Emerging Market counterparts on a rela ve basis, though the magnitude of outperformance was far greater in the third quarter. The MSCI EAFE Index, a proxy for developed foreign markets, declined 19.0% in the quarter due in large part to the woes in Europe. France and

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Market Commentary

Germany each witnessed declines of more than 25% in their domes c stock markets during the quarter and now reside in “bear market” territory with declines of more than 20% in 2011. Similar to the second quarter, the MSCI Emerging Markets Free Index had the worst returns of the major world indexes in the third quarter, declining 22.5%. Brazil’s stock market declined 17.5% in the quarter and is down 24.5% year‐to‐date, while China declined 14.5% in the quarter.

Economy Much like the second quarter, economic reports in the third quarter were again uneven, introducing fears of a global economic slowdown, which contributed to market vola lity and overwhelmingly nega ve sen ment. While many of the reports came in below expecta ons, they did not suggest a return to recession.

With regard to economic growth, gross domes c product (GDP) con nued to hit new all‐ me highs in the second quarter [Chart 3]. Second quarter GDP was revised higher late in the third quarter from 1.0% to 1.3% annual growth. The third quarter is on pace to grow at a 2 – 2.5% rate, the strongest growth rate so far this year. The second quarter revision was due in part to be er‐than‐expected consumer spending, which remains robust with 4.6% year‐over‐year growth in same‐store sales as of the end of August [Chart 4]. The Index of Leading Economic Indicators (LEI), which is a grouping of several economic sta s cs that are usually predic ve of future economic condi ons, con nued to suggest slow growth and not a double‐dip recession. In fact, LEI posted a solid and be er‐than‐expected gain in September — the fourth straight month of re‐accelera on in the year‐over‐year growth of the LEI — which suggests that a recession is unlikely. Despite the lack of recessionary indicators, however, consumer sen ment was near 30‐year lows in the third quarter, as measured by the University of Michigan Consumer Sen ment report [Chart 5].

Over me, these consumer spending and consumer sen ment measures are highly correlated as the more confident consumers feel, the more likely they are to spend money. However, the recent periods have seen a near historic disconnect, as consumers are filling out surveys sugges ng a dismal outlook, but not significantly adjus ng spending. Consumers are ac ng differently than they are feeling. The fundamental data shows that consumers, which make up nearly 70% of the U.S. economy, are going to the malls and spending at levels not seen since 2007. However, that fundamental data flies in the face of the sen ment data, which suggest consumers are as gloomy and pessimis c as they were at the depths of the 2008 recession.

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Market Commentary

Commodi es Asset Classes Broad commodity prices declined for the second straight quarter, as the Commodity Research Bureau Index fell 7.7%. Much of the decline occurred late in the quarter, following a downgrade of the economy from Federal Reserve (Fed) Chairman Ben Bernanke at the September Federal Open Market Commi ee (FOMC) mee ng. Bernanke cited “significant downside risks” to the Fed’s more op mis c view of the economy and a more benign infla on view going forward. Given mixed economic data, the assessment was not surprising and par ally served to jus fy the Fed’s launch of “Opera on Twist”, a program intended to s mulate growth by keeping interest rates low through the purchase of longer‐dated Treasury securi es.

However, not all commodi es asset classes moved in lockstep during the quarter, leading to divergent performance. Commodi es like oil and copper, which are typically more sensi ve to economic ac vity, con nued to move lower on concerns of an economic slowdown. West Texas Intermediate crude oil started the quarter near $98, and climbed as high as $101 in late July before falling sharply in early August and se ling into a range between $79 and $90 [Chart 6]. With oil prices at their lowest level in nearly a year, consumers are seeing some relief in the percentage of spending dedicated to energy costs.

On the other hand, precious metals, generally viewed as a safe haven in mes of uncertainty, were mixed during the quarter. The ride for gold was again vola le, as the yellow metal surged to yet another all‐ me high in late August near $1,900 [Chart 7]. Gold was moving back to the $1,800 range in early September before a precipitous decline late in the month to near $1,600. Despite the late‐quarter decline, gold s ll increased 7.8% in three months.

Silver also fell sharply following the downgrade of the economy from the Fed. Silver began the month near $35, rallied as high as $43 in late August and finished the quarter near $30 [Chart 8].

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Market Commentary

Fixed Income The broad bond market, as measured by the Barclays Capital Aggregate Bond Index, followed a strong second quarter with a solid gain of 3.8% in the third quarter, the best quarterly return since the fourth quarter of 2008. July was a par cularly strong month for high‐quality bonds, as the Index gained 1.6%, the best month for the Index in exactly two years. For the second consecu ve quarter, investors generally avoided riskier sectors of the bond market and sought the comfort of high‐quality bonds. As was the case in the second quarter, the 10‐year Treasury yield again moved lower in the third quarter, hi ng an all‐ me low of 1.7% in late September before ending the quarter near 1.9% [Chart 9].

Long‐term high‐quality bonds, as measured by the Barclays Capital Government/Credit Long Index, posted a 15.6% return in the third quarter. Among other high‐quality bond sectors, Treasury Infla on Protected Securi es (TIPS) posted strong returns in the quarter (4.5%), as did Mortgage‐Backed Securi es (2.4%). Given the flight‐to‐safety rally in the bond market, more credit‐sensi ve areas of the market underperformed the broad Aggregate Index. Notably, high‐yield bonds had their worst quarter since the fourth quarter of 2008 and fourth worst quarter in the past decade with a return of ‐6.1%, as measured by the Barclays Capital High Yield Index. Other credit‐sensi ve fixed income sectors, such as Bank

Loans (‐4.4%) and Preferred Securi es (‐4.2%), struggled in the third quarter, as did Emerging Market Debt (‐1.8%).

Mortgage‐Backed Securi es are subject to credit, default risk, prepayment risk that acts much like call risk when you get your principal back sooner than the stated maturity, extension risk, the opposite of prepayment risk, and interest rate risk.

Treasury infla on‐protected securi es (TIPS) help eliminate infla on risk to your por olio as the principal is adjusted semiannually for infla on based on the Consumer Price Index ‐ while providing a real rate of return guaranteed by the U.S. Government. High‐Yield/Junk Bonds are not investment‐grade securi es, involve substan al risks, and generally should be part of the diversified por olio of sophis cated investors.

Interna onal and emerging markets inves ng involves special risks such as currency fluctua on and poli cal instability and may not be suitable for all investors.

Important Disclosure This report was prepared by LPL Financial Re rement Partners, a wholly‐owned subsidiary of LPL Financial, Member of FINRA/SIPC. The views expressed in this document are as of October 6, 2011 and are subject to change at any me without no ce. The represented data is un‐audited and has been obtained by sources believed to be reliable. This report is not an offer to sell or buy securi es. The performance data quoted represents past performance. Current performance may be higher or lower than the performance data quoted. The performance data that is shown is represented by appropriate indices and does not include the subtrac on of fees and charges. Returns assume a reinvestment of dividends and income. One cannot invest directly in an index. The indices do not represent any one fund nor is LPL Financial Re rement Partners predic ng future returns. Past performance is no guarantee of future results. The opinions voiced in this material are for general informa on only and are not intended to provide specific advice or recommenda ons for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to inves ng. All performance reference is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

Stock inves ng may involve risk including loss of principal.

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Market Commentary

Interna onal inves ng involves special risks, such as currency fluctua on and poli cal instability, and may not be suitable for all investors.

Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values and yields will decline as interest rates rise and bonds are subject to availability and change in price.

Because of their narrow focus, sector inves ng will be subject to greater vola lity than inves ng more broadly across many sectors and companies.

Precious metal inves ng is subject to substan al fluctua on and poten al for loss.

The fast price swings in commodi es and currencies will result in significant vola lity in an investor’s holdings.

Correla on is a sta s cal measure of how two securi es move in rela on to each other. Correla ons are used in advanced por olio management.

The Federal Open Market Commi ee ac on known as Opera on Twist began in 1961. The intent was to fla en the yield curve in order to promote capital inflows and strengthen the dollar. The Fed u lized open market opera ons to shorten the maturity of public debt in the open market. The ac on has subsequently been reexamined in isola on and found to have been more effec ve than originally thought. As a result of this reappraisal, similar ac on has been suggested as an alterna ve to quan ta ve easing by central banks.

Materials Sector: Companies that are engaged in a wide range of commodity‐related manufacturing. Included in this sector are companies that manufacture chemicals, construc on materials, glass, paper, forest products and related packaging products, metals, minerals and mining companies, including producers of steel.

Energy Sector: Companies whose businesses are dominated by either of the following ac vi es: The construc on or provision of oil rigs, drilling equipment and other energy‐related service and equipment, including seismic data collec on. The explora on, produc on, marke ng, refining and/or transporta on of oil and gas products, coal and consumable fuels.

HealthCare Sector: Companies are in two main industry groups—Health Care equipment and supplies or companies that provide health care‐related services, including distributors of health care products, providers of basic health care services, and owners and operators of health care facili es and organiza ons. Companies primarily involved in the research, development, produc on, and marke ng of pharmaceu cals and biotechnology products.

U li es Sector: Companies considered electric, gas or water u li es, or companies that operate as independent producers and/or distributors of power.

Consumer Staples Sector: Companies whose businesses are less sensi ve to economic cycles. It includes manufacturers and distributors of food, beverages and tobacco, and producers of non‐durable household goods and personal products. It also includes food and drug retailing companies.

Consumer Discre onary Sector: Companies that tend to be the most sensi ve to economic cycles. Its manufacturing segment includes automo ve, household durable goods, tex les and apparel, and leisure equipment. The service segment includes hotels, restaurants and other leisure facili es, media produc on and services, consumer retailing and services and educa on services.

Telecommunica ons Services Sector: Companies that provide communica ons services primarily through a fixed line, cellular, wireless, high bandwidth and/ or fiber‐op c cable network.

Financials Sector: Companies involved in ac vi es such as banking, consumer finance, investment banking and brokerage, asset management, insurance and investment, and real estate, including REITs.

Industrials Sector: Companies whose businesses manufacture and distribute capital goods, including aerospace and defense, construc on, engineering and building products, electrical equipment and industrial machinery. Provide commercial services and supplies, including prin ng, employment, environmental and office services. Provide transporta on services, including airlines, couriers, marine, road and rail, and transporta on infrastructure.

Technology So ware & Services Sector: Companies include those that primarily develop so ware in various fields such as the internet, applica ons, systems and/or database management and companies that provide informa on technology consul ng and services; technology hardware & equipment, including manufacturers and distributors of communica ons equipment, computers and peripherals, electronic equipment and related instruments, and semiconductor equipment and products.

MSCI EAFE is made up of approximately 1,045 equity securi es issued by companies located in 19 countries and listed on the stock exchanges of Europe, Australia, and the Far East. All values are expressed in US dollars. All values are expressed in US dollars. Past performance is no guarantee of future results.

The Barclays Capital Long Government/Credit Index measures the investment return of all medium and larger public issues of U.S. Treasury, agency, investment‐grade corporate, and investment‐grade interna onal dollar‐denominated bonds with maturi es longer than 10 years. The average maturity is approximately 20 years.

The University of Michigan Consumer Sen ment Index (MCSI) is a survey of consumer confidence conducted by the University of Michigan. The Michigan Consumer Sen ment Index (MCSI) uses telephone surveys to gather informa on on consumer expecta ons regarding the overall economy.

The MSCI Emerging Markets Index is a free float‐adjusted market capitaliza on index that is designed to measure equity market performance in the global emerging markets. As of May 2005 the MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argen na, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea,

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Market Commentary

Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela.

The Standard & Poor’s 500 Index is a capitaliza on‐weighted index of 500 stocks designed to measure performance of the broad domes c economy through changes in the aggregate market value of 500 stocks represen ng all major industries.

The CRB Commodi es Index is a measure of price movements of 22 sensi ve basic commodi es whose markets are presumed to be among the first to be influenced by changes in economic condi ons. As such, it serves as one early indica on of impending changes in business ac vity.

Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price‐to‐book ra os and higher forecasted growth values.

Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price‐to‐book ra os and higher forecasted growth values.

This Barclays Aggregate Bond Index represents securi es 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 securi es, mortgage pass‐through securi es, and asset‐backed securi es.

The Barclays Capital High Yield Index covers the universe of publicly issued debt obliga ons rated below investment grade. Bonds must be rated below investment‐grade or high‐yield (Ba1/BB+ or lower), by at least two of the following ra ngs agencies: Moody’s, S&P, Fitch. Bonds must also have at least one year to maturity, have at least $150 million in par value outstanding, and must be US dollar denominated and non‐conver ble. Bonds issued by countries designated as emerging markets are excluded.

The Barclays Capital High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non‐investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.

This research material has been prepared by LPL Financial.

To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial is not an affiliate of and makes no representa on with respect to such en ty. The LPL Financial family of affiliated companies includes LPL Financial and UVEST Financial Services Group, each of which is a member of FINRA/SIPC. Not FDIC/NCUA Insured | May Lose Value | Not Bank/Credit Union Guaranteed | Not a Bank/Credit Union Deposit | Not Guaranteed by any Government Agency RES3340 1011 Tracking #1‐014243 (Exp. 10/12)

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5.

Shamrock All data as of 12/31/11 unless otherwise noted



Report Criteria

For Plan Sponsor use only. Not for public distribution. ^ Five years, or longest timeframe if track record is less than five yearsTrack Record indicates the number of years a fund has been in existence.A net expense ratio reflects the actual expenses that have been paid by the fund and reflects any voluntary waivers, reductionsfrom brokerage service arrangements and any other expense offset arrangements.

FUND CHARACTERISTICS Manager Tenure >= 5 Years 3 Years 1 Year Track Record >= 5 Years 3 Years 1 Year Total Net Assets >= $500 Mil $300 Mi $100 Mil $50 Mil

PERFORMANCE 10 year performance of peers > 75% 66% 50% 25% Benchmark 5 year performance of peers > 75% 66% 50% 25% Benchmark 3 year performance of peers > 75% 66% 50% 25% Benchmark 1 year performance of peers > 75% 66% 50% 25% Benchmark

RISK ADJUSTED RETURN 5 year Information Ratio > peers 50% 3 year Information Ratio > peers 50% 5 year Sharpe ratio > peers 75% 66% 50% 25% 3 year Sharpe ratio > peers 75% 66% 50% 25% 1 year Sharpe ratio > peers 75% 66% 50% 25% 5 year Alpha (Std.) > peers 75% 50% 25% 3 year Alpha (Best Fit) > peers 75% 50% 25% 3 year R-squared (Best Fit) > 80 70 60 3 year R-squared (Std.) > 80 70 60

VOLATILITY 3 year Beta (Best Fit) <= 1 3 year Beta (Std.) <= 1 3 year Std. Dev. < peers 75% 50%

EXPENSES Gross Expense Ratio < peers 75% 66% 50% 25% Net Expense Ratio < peers 75% 66% 50% 25%

TURNOVER Turnover Ratio < 50% 100% 150% 200%

MORNINGSTAR Overall Star Rating >= 4 3 2

LPL FINANCIAL RETIREMENT PARTNERS (12 Point) LPL Financial Retirement Partners Fund Score >= 9 8 7

INVESTMENT CRITERIA RATING 1 2 3 4 5 6 7 8 9 10 11 12

5.




Report Criteria

For Plan Sponsor use only. Not for public distribution. ^ Five years, or longest timeframe if track record is less than five yearsTrack Record indicates the number of years a fund has been in existence.A net expense ratio reflects the actual expenses that have been paid by the fund and reflects any voluntary waivers, reductionsfrom brokerage service arrangements and any other expense offset arrangements.

INVESTMENT STYLEStyle Drift <= 20Risk/Return** for target date scoring Risk/Return* will be used in place of style drift.R-Squared >= 80%

PERFORMANCE1-year > peer group

median

3-year > peer groupmedian

5-year > peer groupmedian

5-year Up/Down Capture Up > Down

RISK / RISK ADJUSTED RETURNInformation Ratio 5-years > 0Information Ratio 3-years > 0Beta 5-year between 0.75 - 1.15Beta 3-year between 0.75 - 1.15

QUALITATIVE FACTORSLongest Tenured Manager >= Morningstar Category Average TenureNet Expense Ratio <= Morningstar Category Average

INVESTMENT CRITERIA RATING 1 2 3 4 5 6 7 8 9 10 11 12

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6.




Executive Summary End of quarter 3 of 2011

For Plan Sponsor use only. Not for public distribution. ^ Five years, or longest timeframe if track record is less than five yearsNS = LPL Financial Retirement Partners Score not available at this time. Note that LPL Financial Retirement Partners Score is not provided for Index funds, footnoted as (I)* Data is missing for evaluation of one or more criteria. Refer to the Fund Criteria Report for more information.** Returns in this fund reflect the historical performance of its oldest share class, adjusted to reflect updated fees and expenses.

Large Value Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

American Century Equity Income Inv - TWEIX 9 of 12 9 9 9 10 8 8

(W) Dodge & Cox Stock - DODGX 8 of 12 7 6 7 6 7 7 On Watch List

Large Blend Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Lord Abbett Classic Stock A - LRLCX 7 of 12 11 11 11 11 10 10

(W) Davis NY Venture A - NYVTX 6 of 12 6 6 6 6 10 10 On Watch List

Mid-Cap Value Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Goldman Sachs Mid Cap Value IR - GCMTX** 10 of 12 9 10 11 11 10 10

Mid-Cap Blend Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Dreyfus Opportunistic Midcap Value I - DVLIX** 11 of 12 12 12 12 12 12 12

Mid-Cap Growth Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

JPMorgan Mid Cap Growth A - OSGIX** 6 of 12 9 10 9 11 8 8

Small Value Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

(R) Schneider Small Cap Value - SCMVX 5 of 12 6 5 7 5 6 6 To Be Replaced

(P) Goldman Sachs Small Cap Value IR - GSQTX** 12 of 12 12 12 12 12 12 11 Proposed

Small Blend Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Fidelity Advisor Small Cap I - FSCIX 8 of 12 9 9 8 7 7 8

Small Growth Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Lord Abbett Developing Growth I - LADYX** 12 of 12 12 12 11 12 12 12

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Conservative Allocation Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

(W) Calvert Conservative Allocation A - CCLAX 9 of 12 6 5 5 8 9 - On Watch List

Moderate Allocation Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Janus Balanced S - JABRX** 11 of 12 11 9 9 9 9 8

T. Rowe Price Capital Appreciation Adv - PACLX** 12 of 12 12 11 11 10 12 11

Foreign Large Value Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Columbia International Value A - NIVLX 9 of 12 8 7 8 9 10 10

Dodge & Cox International Stock - DODFX 11 of 12 12 12 12 12 12 12

Foreign Large Growth Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Janus Overseas I - JIGFX** 10 of 12 9 9 10 10 10 10

Thornburg International Value I - TGVIX** 11 of 12 11 12 12 12 12 11

Foreign Small/Mid Value Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

DFA International Small Company I - DFISX 11 of 12 12 12 12 11 11 11

Foreign Small/Mid Growth Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Invesco International Small Company I - IEGIX** 12 of 12 12 12 12 12 12 12

Oppenheimer International Small Co A - OSMAX 9 of 12 8 8 10 10 8 9

World Allocation Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

BlackRock Global Allocation Inv A - MDLOX** 12 of 12 11 11 11 11 10 10

Ivy Asset Strategy A - WASAX** 8 of 12 10 11 10 10 10 10

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Ultra Short Term Bond Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

PIMCO Short-Term Instl - PTSHX 9 of 12 10 10 11 11 11 11

Short Government Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Goldman Sachs Short Dur Govt IR - GTDTX** 10 of 12 10 10 10 10 10 11

Short-Term Bond Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

(W) T. Rowe Price Short Term Bond Adv - PASHX** 6 of 12 7 7 7 7 7 7 On Watch List

Intermediate-Term Bond Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Dodge & Cox Income - DODIX 9 of 12 11 11 10 10 10 11

PIMCO Total Return Instl - PTTRX 9 of 12 11 11 11 11 11 11

High Yield Bond Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

(R) Fidelity Advisor High Income Advantage I - FAHCX** 4 of 12 6 6 5 5 6 6 To Be Replaced

(P) Neuberger Berman High Inc Bond Inv - NHINX 10 of 12 12 12 12 11 10 10 Proposed

World Bond Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

Templeton Global Bond A - TPINX 10 of 12 10 11 11 11 11 11

Inflation-Protected Bond Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

American Century Infl-Adj Bond Inv - ACITX 9 of 12 8 8 8 10 8 7

Target Date 2000-2010 Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

T. Rowe Price Retirement 2010 Adv - PARAX** 9 of 12 10 10 10 9 8 10


T. Rowe Price Retirement 2020 Adv - PARBX** 9 of 12 10 10 10 10 8 10

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T. Rowe Price Retirement 2030 Adv - PARCX** 11 of 12 12 12 12 12 12 12


T. Rowe Price Retirement 2040 Adv - PARDX** 12 of 12 12 12 12 12 12 12

Target Date 2050+ Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

T. Rowe Price Retirement 2050 Adv - PARFX 10 of 12 10 10 10 10 10 10

Retirement Income Fund Name Criteria Score Status 9/30/11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 Action

T. Rowe Price Retirement Income Adv - PARIX** 11 of 12 12 12 12 10 9 12

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7.




Fund Criteria Report


Large Value

Fund Name Style Drift 5 yr R-Sqrd >80%

1 yr Return vs.peers



5 yr Up >Down ratio

5 yr Info. ratio> 0

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

Expense Ratio Criteria Score

American Century Equity Income Inv - TWEIX 4.74 93.00 0.49 1.82 0.55 63.80/65.40 0.51 0.34 0.62 0.60 16.76 0.96 9 of 12

(W) Dodge & Cox Stock - DODGX 4.32 95.40 -4.08 -0.49 -4.91 106.70/106.80 -0.28 0.24 1.09 1.08 34.77 0.52 8 of 12

Peer Group Median - - -2.57 -0.71 -2.92 - - - - - 6.15 1.25 -

Russell 1000 Value - 100.00 -1.89 -1.52 -3.53 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Large Blend





5 yr Up >Down ratio

5 yr Info. ratio> 0



Lord Abbett Classic Stock A - LRLCX 9.37 95.40 -7.18 -2.06 -1.53 95.00/98.10 -0.09 -0.82 0.96 1.00 6.22 0.98 7 of 12

(W) Davis NY Venture A - NYVTX 3.07 96.90 -5.20 -1.42 -2.97 102.50/106.40 -0.49 -0.63 1.06 1.07 16.01 0.89 6 of 12

Peer Group Median - - -1.50 0.40 -1.69 - - - - - 5.62 1.23 -

S&P 500 - 100.00 1.14 1.23 -1.18 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Mid-Cap Value





5 yr Up >Down ratio

5 yr Info. ratio> 0



Goldman Sachs Mid Cap Value IR - GCMTX** 9.52 95.00 -4.67 2.22 -0.07 93.90/95.00 0.15 0.04 0.89 0.87 10.42 0.91 10 of 12


Russell Midcap Value - 100.00 -2.36 1.98 -0.84 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Mid-Cap Blend





5 yr Up >Down ratio

5 yr Info. ratio> 0



Dreyfus Opportunistic Midcap Value I -DVLIX** 14.15 94.60 -7.09 7.58 2.56 115.40

/103.60 0.34 0.56 1.07 1.09 8.04 0.84 11 of 12


Russell Midcap - 100.00 -0.88 3.96 0.56 100.00/100.00 0.00 0.00 1.00 1.00 - - -

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Mid-Cap Growth





5 yr Up >Down ratio

5 yr Info. ratio> 0



JPMorgan Mid Cap Growth A - OSGIX** 5.54 97.30 -3.26 3.09 0.73 98.40/101.20 -0.25 -0.89 1.00 1.01 7.00 1.24 6 of 12

Peer Group Median - - -0.72 3.57 1.55 - - - - - 5.70 1.42 -

Russell Midcap Growth - 100.00 0.80 5.89 1.64 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Small Value





5 yr Up >Down ratio

5 yr Info. ratio> 0



(R) Schneider Small Cap Value - SCMVX 4.91 89.40 -24.04 -3.51 -8.64 116.60/115.80 -0.45 -0.06 1.27 1.27 13.08 1.15 5 of 12

(P) Goldman Sachs Small Cap Value IR -GSQTX** 6.19 98.40 -2.51 1.09 0.25 92.80

/90.00 0.87 0.88 0.89 0.89 10.76 1.19 12 of 12


Russell 2000 Value - 100.00 -5.99 -2.78 -3.08 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Small Blend





5 yr Up >Down ratio

5 yr Info. ratio> 0



Fidelity Advisor Small Cap I - FSCIX 9.04 89.40 -5.69 2.76 2.66 67.30/72.20 0.40 0.30 0.69 0.70 5.92 1.12 8 of 12


Russell 2000 - 100.00 -3.53 -0.37 -1.02 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Small Growth





5 yr Up >Down ratio

5 yr Info. ratio> 0



Lord Abbett Developing Growth I - LADYX** 6.22 92.20 4.59 8.66 7.44 112.70/93.70 0.95 1.22 0.99 0.96 9.75 0.79 12 of 12


Russell 2000 Growth - 100.00 -1.12 2.07 0.96 100.00/100.00 0.00 0.00 1.00 1.00 - - -

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Conservative Allocation





5 yr Up >Down ratio

5 yr Info. ratio> 0



(W) Calvert Conservative Allocation A - CCLAX 4.80 93.80 3.02 5.03 3.15 80.00/73.80 0.24 -0.06 0.80 0.81 3.00 1.04 9 of 12

Peer Group Median - - 0.75 5.48 2.76 - - - - - 4.76 1.31 -

Morningstar Conservative Allocation - 100.00 0.85 5.19 2.53 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Moderate Allocation





5 yr Up >Down ratio

5 yr Info. ratio> 0



Janus Balanced S - JABRX** 2.48 91.60 -3.03 5.39 3.87 89.00/75.80 0.76 0.46 0.78 0.77 6.42 1.09 11 of 12

T. Rowe Price Capital Appreciation Adv -PACLX** 5.98 95.40 1.86 4.61 2.53 115.50

/102.40 0.53 0.38 1.11 1.13 5.25 1.00 12 of 12


Morningstar Moderate Allocation - 100.00 -0.72 3.18 0.67 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Foreign Large Value





5 yr Up >Down ratio

5 yr Info. ratio> 0



Columbia International Value A - NIVLX 8.88 93.10 -10.34 -3.14 -3.90 82.80/90.60 0.06 -0.35 0.85 0.88 15.77 1.37 9 of 12

Dodge & Cox International Stock - DODFX 11.31 95.90 -12.96 -0.02 -2.16 111.00/100.40 0.39 0.17 1.06 1.09 10.42 0.65 11 of 12

Peer Group Median - - -10.88 -2.52 -4.15 - - - - - 4.68 1.42 -

MSCI EAFE VALUE - 100.00 -9.46 -1.11 -4.26 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Foreign Large Growth





5 yr Up >Down ratio

5 yr Info. ratio> 0



Janus Overseas I - JIGFX** 5.11 82.60 -28.44 1.02 0.32 140.30/113.60 0.17 0.10 1.20 1.15 10.75 0.80 10 of 12

Thornburg International Value I - TGVIX** 6.36 95.30 -9.77 0.53 0.80 98.30/92.40 0.56 0.20 0.94 0.94 13.35 0.92 11 of 12


MSCI EAFE GROWTH - 100.00 -8.49 -0.27 -1.81 100.00/100.00 0.00 0.00 1.00 1.00 - - -

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Foreign Small/Mid Value





5 yr Up >Down ratio

5 yr Info. ratio> 0



DFA International Small Company I - DFISX 10.98 98.60 -6.27 4.95 -0.35 100.40/97.60 0.40 -0.37 0.96 0.99 12.76 0.56 11 of 12


MSCI EAFE SMALL CAP - 100.00 -5.19 5.99 -1.54 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Foreign Small/Mid Growth





5 yr Up >Down ratio

5 yr Info. ratio> 0



Invesco International Small Company I -IEGIX** 10.41 90.50 0.66 11.36 3.74 109.60

/93.20 0.69 0.66 0.97 0.92 11.09 1.11 12 of 12

Oppenheimer International Small Co A -OSMAX 0.73 78.90 -3.67 18.22 3.76 166.50

/116.60 0.31 0.76 1.25 1.15 0.59 1.28 9 of 12


MSCI EAFE SMALL CAP - 100.00 -5.19 5.99 -1.54 100.00/100.00 0.00 0.00 1.00 1.00 - - -

World Allocation





5 yr Up >Down ratio

5 yr Info. ratio> 0



BlackRock Global Allocation Inv A - MDLOX** 3.69 94.30 -2.47 4.39 3.88 97.70/84.90 0.82 0.44 0.87 0.88 22.67 1.17 12 of 12

Ivy Asset Strategy A - WASAX** 3.29 64.70 -7.29 2.28 5.40 111.90/88.60 0.46 -0.05 0.91 0.86 14.75 0.99 8 of 12


Morningstar World Allocation - 100.00 -2.37 2.70 1.06 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Ultra Short Term Bond





5 yr Up >Down ratio

5 yr Info. ratio> 0



PIMCO Short-Term Instl - PTSHX 1.03 66.20 0.07 3.03 3.09 123.10/33.60 1.61 1.02 0.80 0.87 0.75 0.45 9 of 12


Morningstar Ultrashort Bond - 100.00 0.26 1.52 0.83 100.00/100.00 0.00 0.00 1.00 1.00 - - -

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Short Government





5 yr Up >Down ratio

5 yr Info. ratio> 0



Goldman Sachs Short Dur Govt IR - GTDTX** 7.00 71.80 0.82 3.51 4.64 105.10/30.70 0.85 1.00 0.85 0.83 15.76 0.59 10 of 12


Barclays Capital U.S. Treasury: 1-3 Year - 100.00 1.20 2.44 3.86 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Short-Term Bond





5 yr Up >Down ratio

5 yr Info. ratio> 0



(W) T. Rowe Price Short Term Bond Adv -PASHX** 2.79 52.80 0.66 4.07 3.87 94.00

/185.70 -0.57 -0.15 0.90 0.95 16.76 0.84 6 of 12


BofA Merrill Lynch Domestic Master, 1-3yr - 100.00 1.86 4.31 4.64 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Intermediate-Term Bond





5 yr Up >Down ratio

5 yr Info. ratio> 0



Dodge & Cox Income - DODIX 2.66 46.40 3.55 9.93 6.42 93.50/82.00 -0.03 0.50 0.88 0.82 22.75 0.43 9 of 12

PIMCO Total Return Instl - PTTRX 9.52 60.50 0.96 9.83 7.81 112.80/93.00 0.47 0.61 0.93 0.74 24.41 0.46 9 of 12


Barclays Capital U.S. Aggregate - 100.00 5.26 7.97 6.53 100.00/100.00 0.00 0.00 1.00 1.00 - - -

High Yield Bond





5 yr Up >Down ratio

5 yr Info. ratio> 0



(R) Fidelity Advisor High Income Advantage I -FAHCX** 0.49 93.30 0.52 11.40 5.23 127.00

/132.60 -0.25 -0.30 1.33 1.32 2.04 0.78 4 of 12

(P) Neuberger Berman High Inc Bond Inv -NHINX 2.10 96.80 0.04 13.55 7.54 92.70

/88.70 0.20 -0.04 0.85 0.85 5.99 0.96 10 of 12


BofA Merrill Lynch High Yield Master II - 100.00 1.32 13.68 6.93 100.00/100.00 0.00 0.00 1.00 1.00 - - -

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World Bond





5 yr Up >Down ratio

5 yr Info. ratio> 0



Templeton Global Bond A - TPINX 5.72 49.30 -2.34 10.50 9.84 117.00/76.50 0.62 0.37 0.88 0.89 10.75 0.92 10 of 12


Morningstar World Bond - 100.00 1.29 7.84 5.91 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Inflation-Protected Bond





5 yr Up >Down ratio

5 yr Info. ratio> 0



American Century Infl-Adj Bond Inv - ACITX 10.94 97.20 9.00 7.91 6.82 95.60/96.10 -0.22 -0.14 0.96 0.93 9.84 0.48 9 of 12


Barclays Capital U.S. Treasury: U.S. TIPS - 100.00 9.87 8.13 7.10 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Target Date 2000-2010

Fund Name Risk/Return 5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



T. Rowe Price Retirement 2010 Adv - PARAX** 12.95/2.15 98.40 -0.19 4.88 2.15 127.50

/121.70 0.04 0.10 1.21 1.19 9.01 0.86 9 of 12


Morningstar Target Date 2000-2010 10.62/2.04 100.00 0.37 4.60 2.04 100.00

/100.00 0.00 0.00 1.00 1.00 - - -






5 yr Up >Down ratio

5 yr Info. ratio> 0



T. Rowe Price Retirement 2020 Adv - PARBX** 16.25/1.11 98.80 -1.31 4.21 1.11 122.70

/114.20 0.08 0.20 1.18 1.19 9.01 0.94 9 of 12


Morningstar Target Date 2016-2020 13.73/0.86 100.00 -0.41 3.48 0.86 100.00

/100.00 0.00 0.00 1.00 1.00 - - -






5 yr Up >Down ratio

5 yr Info. ratio> 0



T. Rowe Price Retirement 2030 Adv - PARCX** 18.60/0.17 99.10 -2.47 3.39 0.17 113.10

/105.70 0.25 0.47 1.10 1.11 9.01 0.99 11 of 12


Morningstar Target Date 2026-2030 16.83/-0.45 100.00 -2.05 2.06 -0.45 100.00

/100.00 0.00 0.00 1.00 1.00 - - -

23 of 91











5 yr Up >Down ratio

5 yr Info. ratio> 0



T. Rowe Price Retirement 2040 Adv - PARDX** 19.27/-0.17 99.20 -3.03 3.05 -0.17 106.00

/100.90 0.44 0.74 1.04 1.05 9.01 1.01 12 of 12


Morningstar Target Date 2036-2040 18.39/-1.02 100.00 -3.03 1.47 -1.02 100.00

/100.00 0.00 0.00 1.00 1.00 - - -

Target Date 2050+





5 yr Up >Down ratio

5 yr Info. ratio> 0



T. Rowe Price Retirement 2050 Adv - PARFX 19.74/Data NA* 99.20 -2.93 3.06 Data NA* 102.70

/98.60 0.58 0.94 1.02 1.02 4.76 1.01 10 of 12


Morningstar Target Date 2050+ 18.94/-1.17 100.00 -3.69 1.32 -1.17 100.00

/100.00 0.00 0.00 1.00 1.00 - - -

Retirement Income





5 yr Up >Down ratio

5 yr Info. ratio> 0



T. Rowe Price Retirement Income Adv -PARIX**

9.42/2.95 96.20 0.35 5.02 2.95 119.90

/112.70 0.36 0.24 1.08 1.07 9.01 0.81 11 of 12


Morningstar Retirement Income 8.58/2.24 100.00 -0.23 4.48 2.24 100.00

/100.00 0.00 0.00 1.00 1.00 - - -

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8.




Asset classes are defined as broad, distinct types of investments that behave similarly and are subject to most of the same market forces. When evaluating the diversification of assets in theinvestment portfolio it is an important factor in assessing risk and return. Listed below are the asset classes of fund options included in this report: Large Value

Large Blend

Mid-Cap Value

Mid-Cap Blend

Mid-Cap Growth

Small Value

Small Blend

Small Growth

Conservative Allocation

Moderate Allocation

Foreign Large Value

Foreign Large Growth

Foreign Small/Mid Value

Foreign Small/Mid Growth

World Allocation

Ultra Short Term Bond

Short Government

Short-Term Bond

Intermediate-Term Bond

High Yield Bond

World Bond

Inflation-Protected Bond





Target Date 2050+

Retirement Income

Asset Classes

For Plan Sponsor use only. Not for public distribution. ^ Five years, or longest timeframe if track record is less than five years

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9.




The vertical axis of equity funds shows the market capitalization of the stocks owned and the horizontal axis shows the investment style.

The vertical axis of equity funds shows the market capitalization of the stocks owned and the horizontal axis shows the investment style.

Portfolio Style Report


U.S. Equity Style

VALUE BLEND GROWTH

LARGE American Century Equity Income Inv (W) Dodge & Cox Stock* Lord Abbett Classic Stock A*

(W) Davis NY Venture A*

MEDIUM Goldman Sachs Mid Cap Value IR Dreyfus Opportunistic Midcap Value I JPMorgan Mid Cap Growth A

SMALL (R) Schneider Small Cap Value (P) Goldman Sachs Small Cap Value IR*

Fidelity Advisor Small Cap I

Lord Abbett Developing Growth I

Foreign/World Equity Style

VALUE BLEND GROWTH

LARGE Columbia International Value A Dodge & Cox International Stock

Janus Overseas I

Thornburg International Value I

MEDIUM Invesco International Small Company I Oppenheimer International Small Co A

SMALL DFA International Small Company I

26 of 91




The vertical axis of fixed income funds shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration.

Target Date, Asset Allocation, and Specialty Asset Category boxes have been segregated from the traditional Equity Style box to distinguish funds assigned to them. Multisector funds are typicallynot categorized within the Morningstar StyleBox.



Fixed Income Style

LIMITED MODERATE EXTENSIVE

HIGH Goldman Sachs Short Dur Govt IR American Century Infl-Adj Bond Inv

MEDIUM (W) T. Rowe Price Short Term Bond Adv

Templeton Global Bond A

Dodge & Cox Income

LOW (P) Neuberger Berman High Inc Bond Inv

Other Styles

TARGET DATE FUNDS ASSET ALLOCATION SPECIALTY

T. Rowe Price Retirement 2010 Adv





T. Rowe Price Retirement Income Adv

(W) Calvert Conservative Allocation A

Janus Balanced S

T. Rowe Price Capital Appreciation Adv

BlackRock Global Allocation Inv A

Ivy Asset Strategy A

Funds not included in style charts: Style Drift:PIMCO Short-Term InstlPIMCO Total Return InstlFidelity Advisor High Income Advantage I

*Fund DODGX has an overall Morningstar assigned asset category of Large Cap Value, but is assigned Large Cap Blend for this reporting quarter.*Fund LRLCX has an overall Morningstar assigned asset category of Large Cap Blend, but is assigned Large Cap Growth for this reporting quarter.*Fund NYVTX has an overall Morningstar assigned asset category of Large Cap Blend, but is assigned Large Cap Growth for this reporting quarter.*Fund GSQTX has an overall Morningstar assigned asset category of Small Cap Value, but is assigned Small Cap Blend for this reporting quarter.

27 of 91






28 of 91

10.




Asset Allocation by Fund

Ticker Fund Name Assets Percentage

Large Value $142,564.00 2.29%

American Century Equity Income Inv - TWEIX $110,000.00 1.77%(W) Dodge & Cox Stock - DODGX $32,564.00 0.52%

Large Blend $79,109.00 1.27%

Lord Abbett Classic Stock A - LRLCX $12,586.00 0.20%(W) Davis NY Venture A - NYVTX $66,523.00 1.07%

Mid-Cap Value $6,253.00 0.10%

Goldman Sachs Mid Cap Value IR - GCMTX $6,253.00 0.10%

Mid-Cap Blend $45,269.00 0.73%

Dreyfus Opportunistic Midcap Value I - DVLIX $45,269.00 0.73%

Mid-Cap Growth $523,696.00 8.42%

JPMorgan Mid Cap Growth A - OSGIX $523,696.00 8.42%

Small Value $13,336.00 0.21%

(R) Schneider Small Cap Value - SCMVX $6,668.00 0.11%(P) Goldman Sachs Small Cap Value IR - GSQTX $6,668.00 0.11%

Small Blend $65,280.00 1.05%

Fidelity Advisor Small Cap I - FSCIX $65,280.00 1.05%

Small Growth $253,654.00 4.08%

Lord Abbett Developing Growth I - LADYX $253,654.00 4.08%

Conservative Allocation $127,632.00 2.05%

(W) Calvert Conservative Allocation A - CCLAX $127,632.00 2.05%

Moderate Allocation $517,807.00 8.33%

Janus Balanced S - JABRX $65,442.00 1.05%T. Rowe Price Capital Appreciation Adv - PACLX $452,365.00 7.28%

Foreign Large Value $105,656.00 1.70%

Columbia International Value A - NIVLX $52,410.00 0.84%Dodge & Cox International Stock - DODFX $53,246.00 0.86%

Foreign Large Growth $102,416.00 1.65%

29 of 91





Janus Overseas I - JIGFX $52,410.00 0.84%Thornburg International Value I - TGVIX $50,006.00 0.80%

Foreign Small/Mid Value $12,523.00 0.20%

DFA International Small Company I - DFISX $12,523.00 0.20%

Foreign Small/Mid Growth $75,125.00 1.21%

Invesco International Small Company I - IEGIX $25,100.00 0.40%Oppenheimer International Small Co A - OSMAX $50,025.00 0.80%

World Allocation $623,620.00 10.03%

BlackRock Global Allocation Inv A - MDLOX $523,600.00 8.42%Ivy Asset Strategy A - WASAX $100,020.00 1.61%

Ultra Short Term Bond $63,258.00 1.02%

PIMCO Short-Term Instl - PTSHX $63,258.00 1.02%

Short Government $145,639.00 2.34%

Goldman Sachs Short Dur Govt IR - GTDTX $145,639.00 2.34%

Short-Term Bond $236,569.00 3.81%

(W) T. Rowe Price Short Term Bond Adv - PASHX $236,569.00 3.81%

Intermediate-Term Bond $519,637.00 8.36%

Dodge & Cox Income - DODIX $63,250.00 1.02%PIMCO Total Return Instl - PTTRX $456,387.00 7.34%

High Yield Bond $420,006.00 6.76%

(R) Fidelity Advisor High Income Advantage I - FAHCX $210,003.00 3.38%(P) Neuberger Berman High Inc Bond Inv - NHINX $210,003.00 3.38%

World Bond $332,580.00 5.35%

Templeton Global Bond A - TPINX $332,580.00 5.35%

Inflation-Protected Bond $452,369.00 7.28%

American Century Infl-Adj Bond Inv - ACITX $452,369.00 7.28%

Target Date 2000-2010 $122,641.00 1.97%

T. Rowe Price Retirement 2010 Adv - PARAX $122,641.00 1.97%

Target Date 2016-2020 $189,676.00 3.05%

T. Rowe Price Retirement 2020 Adv - PARBX $189,676.00 3.05%

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Target Date 2026-2030 $452,100.00 7.27%

T. Rowe Price Retirement 2030 Adv - PARCX $452,100.00 7.27%

Target Date 2036-2040 $119,689.00 1.93%

T. Rowe Price Retirement 2040 Adv - PARDX $119,689.00 1.93%

Target Date 2050+ $312,004.00 5.02%

T. Rowe Price Retirement 2050 Adv - PARFX $312,004.00 5.02%

Retirement Income $156,563.00 2.52%

T. Rowe Price Retirement Income Adv - PARIX $156,563.00 2.52%

TOTAL $6,216,671.00 100.00%

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11.




Benchmark Allocation Return composed of 60% S&P 500, 30% BarCap US Agg Bond and 10% US Treas T-Bill

Plan Composite Return Analysis

The Plan Composite Return is presented net of fees. The Composite Benchmark and the individual benchmarks are shown gross of fees.

Fund Last QTR YTD 1 YR 3 YRS 5 YRS Gross Exp. Net Exp. Peer Avg. Net

Exp. Ratio

Plan Composite Return -10.64 -6.41 -0.75 5.68 3.64 0.92 0.90 1.13

Benchmark Composite Return -8.84 -4.66 0.30 4.68 2.29 n/a n/a n/a

Benchmark Allocation Return (60/30/10) -7.18 -3.21 2.27 3.14 1.41 n/a n/a n/a

S&P 500 Index -13.87 -8.68 1.14 1.23 -1.18 n/a n/a n/a

Benchmark

Barclays Capital U.S. Aggregate 8.36%

Barclays Capital U.S. Treasury: 1-3 Year 2.34%

Barclays Capital U.S. Treasury: U.S. TIPS 7.28%

BofA Merrill Lynch Domestic Master, 1-3yr 3.81%

BofA Merrill Lynch High Yield Master II 6.76%

MSCI EAFE GROWTH 1.64%

MSCI EAFE SMALL CAP 1.40%

MSCI EAFE VALUE 1.70%

Morningstar Conservative Allocation 2.05%

Morningstar Moderate Allocation 8.33%

Morningstar Retirement Income 2.52%

Morningstar Target Date 2000-2010 1.97%




Other Benchmarks 39.58%

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12.




The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares,when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recentmonth-end please visit http://advisor.morningstar.com/familyinfo.asp Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation or any applicable maximum sales charges but areadjusted to reflect ongoing fund expenses. If adjusted for taxation or maximum sales charges, the performance quoted would be significantly reduced. For variable annuities (if applicable),additional expenses will be taken in account, including M &E risk charges, fund-level expenses such as management fees and operating fees, and contract-level administration fees charges such assurrender, contract and sales charges.

Performance Summary

* Data is missing for evaluation of one or more criteria. Refer to the Fund Criteria Report for more information.** Returns in this fund reflect the historical performance of its oldest share class, adjusted to reflect updated fees and expenses.

Annualized Returns 9/30/11

Fund Annualized Returns (Peer Group % Rank) Incept. Date Exp. Ratio % Website

Large Value Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

American Century Equity Income Inv - TWEIX -10.45 -6.37 0.49 (23) 1.82 (17) 0.55 (9) 5.58 (4) 9.79 8/1/1994 0.96 0.96 www.americancentury.com

(W) Dodge & Cox Stock - DODGX -18.83 -13.72 -4.08 (66) -0.49 (45) -4.91 (80) 4.14 (24) 10.32 1/4/1965 0.52 0.52 www.dodgeandcox.com

Peer Group Median n/a n/a -2.57 -0.71 -2.92 n/a - - - - n/a

Russell 1000 Value -16.20 -11.24 -1.89 -1.52 -3.53 3.36 - - - - n/a

Large Blend Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Lord Abbett Classic Stock A - LRLCX -18.43 -18.35 -7.18 (93) -2.06 (87) -1.53 (44) 2.81 (41) 8.33 6/3/1992 1.30 0.98 www.lordabbett.com

(W) Davis NY Venture A - NYVTX -16.32 -14.27 -5.20 (85) -1.42 (81) -2.97 (79) 3.40 (27) 11.27 2/17/1969 0.89 0.89 www.davisfunds.com

Peer Group Median n/a n/a -1.50 0.40 -1.69 n/a - - - - n/a

S&P 500 -13.87 -8.68 1.14 1.23 -1.18 2.72 - - - - n/a

Mid-Cap Value Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Goldman Sachs Mid Cap Value IR - GCMTX** -20.28 -15.48 -4.67 (57) 2.22 (47) -0.07 (33) 7.66 (20) -2.75 11/30/2007 0.91 0.91 www.goldmansachsfunds.com.


Russell Midcap Value -18.46 -13.01 -2.36 1.98 -0.84 7.54 - - - - n/a

Mid-Cap Blend Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Dreyfus Opportunistic Midcap Value I - DVLIX** -24.78 -19.03 -7.09 (82) 7.58 (2) 2.56 (11) 7.15 (26) -0.36 5/30/2008 0.84 0.84 www.dreyfus.com


Russell Midcap -18.90 -12.34 -0.88 3.96 0.56 7.45 - - - - n/a

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Performance Summary


Mid-Cap Growth Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

JPMorgan Mid Cap Growth A - OSGIX** -22.36 -15.82 -3.26 (67) 3.09 (55) 0.73 (61) 5.19 (54) 8.56 2/18/1992 1.42 1.24 www.jpmorganfunds.com

Peer Group Median n/a n/a -0.72 3.57 1.55 n/a - - - - n/a

Russell Midcap Growth -19.33 -11.59 0.80 5.89 1.64 5.52 - - - - n/a

Small Value Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

(R) Schneider Small Cap Value - SCMVX -31.03 -36.59 -24.04 (100) -3.51 (94) -8.64 (100) 7.66 (38) 11.92 9/2/1998 1.43 1.15 www.schneidercap.com

(P) Goldman Sachs Small Cap Value IR - GSQTX** -20.34 -15.10 -2.51 (19) 1.09 (41) 0.25 (25) 7.73 (35) -0.33 11/30/2007 1.23 1.19 www.goldmansachsfunds.com.


Russell 2000 Value -21.47 -18.51 -5.99 -2.78 -3.08 6.47 - - - - n/a

Small Blend Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Fidelity Advisor Small Cap I - FSCIX -21.48 -14.58 -5.69 (73) 2.76 (23) 2.66 (10) 8.03 (19) 9.75 9/9/1998 1.12 1.12 advisor.fidelity.com


Russell 2000 -21.87 -17.02 -3.53 -0.37 -1.02 6.12 - - - - n/a

Small Growth Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Lord Abbett Developing Growth I - LADYX** -20.78 -11.20 4.59 (12) 8.66 (5) 7.44 (1) 8.07 (7) 5.33 12/30/1997 0.79 0.79 www.lordabbett.com


Russell 2000 Growth -22.25 -15.57 -1.12 2.07 0.96 4.63 - - - - n/a

Conservative Allocation Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

(W) Calvert Conservative Allocation A - CCLAX -2.50 1.25 3.02 (10) 5.03 (58) 3.15 (39) n/a (n/a) 3.82 4/29/2005 1.50 1.04 www.calvert.com

Peer Group Median n/a n/a 0.75 5.48 2.76 n/a - - - - n/a

Morningstar Conservative Allocation -6.02 -2.50 0.85 5.19 2.53 3.76 - - - - n/a

Moderate Allocation Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Janus Balanced S - JABRX** -11.14 -6.31 -3.03 (87) 5.39 (11) 3.87 (4) 5.15 (16) 7.24 7/6/2009 1.09 1.09 www.janus.com

T. Rowe Price Capital Appreciation Adv - PACLX** -11.34 -6.34 1.86 (16) 4.61 (25) 2.53 (16) 7.08 (1) 4.00 12/31/2004 1.01 1.00 www.troweprice.com


Morningstar Moderate Allocation -10.42 -6.62 -0.72 3.18 0.67 3.57 - - - - n/a

34 of 91




Performance Summary


Foreign Large Value Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Columbia International Value A - NIVLX -17.52 -13.54 -10.34 (42) -3.14 (64) -3.90 (44) 6.02 (31) 8.16 12/27/1995 1.48 1.37 www.columbiafunds.com

Dodge & Cox International Stock - DODFX -21.72 -19.38 -12.96 (74) -0.02 (16) -2.16 (19) 8.95 (2) 6.48 5/1/2001 0.65 0.65 www.dodgeandcox.com

Peer Group Median n/a n/a -10.88 -2.52 -4.15 n/a - - - - n/a

MSCI EAFE VALUE -18.96 -14.07 -9.46 -1.11 -4.26 5.68 - - - - n/a

Foreign Large Growth Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Janus Overseas I - JIGFX** -27.82 -32.91 -28.44 (97) 1.02 (42) 0.32 (18) 9.12 (3) 1.50 7/6/2009 0.80 0.80 www.janus.com

Thornburg International Value I - TGVIX** -20.84 -16.38 -9.77 (50) 0.53 (49) 0.80 (7) 8.97 (5) 6.92 3/30/2001 0.92 0.92 www.thornburg.com


MSCI EAFE GROWTH -18.94 -15.16 -8.49 -0.27 -1.81 5.22 - - - - n/a

Foreign Small/Mid Value Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

DFA International Small Company I - DFISX -19.51 -16.36 -6.27 (34) 4.95 (29) -0.35 (23) 11.13 (30) 5.74 9/30/1996 0.56 0.56 www.dimensional.com


MSCI EAFE SMALL CAP -18.55 -15.22 -5.19 5.99 -1.54 10.17 - - - - n/a

Foreign Small/Mid Growth Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Invesco International Small Company I - IEGIX** -14.35 -9.53 0.66 (3) 11.36 (6) 3.74 (4) 18.17 (1) 8.61 10/25/2005 1.11 1.11 www.invesco.com

Oppenheimer International Small Co A - OSMAX -15.90 -20.61 -3.67 (10) 18.22 (1) 3.76 (3) 16.71 (7) 11.35 11/17/1997 1.28 1.28 www.oppenheimerfunds.com


MSCI EAFE SMALL CAP -18.55 -15.22 -5.19 5.99 -1.54 10.17 - - - - n/a

World Allocation Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

BlackRock Global Allocation Inv A - MDLOX** -10.87 -7.80 -2.47 (48) 4.39 (33) 3.88 (25) 8.54 (10) 9.41 10/21/1994 1.17 1.17 www.blackrock.com

Ivy Asset Strategy A - WASAX** -19.20 -13.64 -7.29 (90) 2.28 (65) 5.40 (7) 8.56 (9) 7.16 7/10/2000 0.99 0.99 www.ivyfunds.com


Morningstar World Allocation -10.42 -7.47 -2.37 2.70 1.06 5.96 - - - - n/a

Ultra Short Term Bond Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

PIMCO Short-Term Instl - PTSHX -1.00 0.00 0.07 (63) 3.03 (13) 3.09 (5) 2.94 (6) 4.99 10/7/1987 0.45 0.45 www.pimco-funds.com


Morningstar Ultrashort Bond -0.55 0.02 0.26 1.52 0.83 1.65 - - - - n/a

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Performance Summary


Short Government Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Goldman Sachs Short Dur Govt IR - GTDTX** -0.03 0.77 0.82 (71) 3.51 (43) 4.64 (28) 3.95 (18) 4.06 11/30/2007 0.62 0.59 www.goldmansachsfunds.com.


Barclays Capital U.S. Treasury: 1-3 Year 0.50 1.36 1.20 2.44 3.86 3.33 - - - - n/a

Short-Term Bond Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

(W) T. Rowe Price Short Term Bond Adv -PASHX** -0.30 0.90 0.66 (61) 4.07 (58) 3.87 (44) 3.42 (45) 3.56 12/31/2004 0.84 0.84 www.troweprice.com


BofA Merrill Lynch Domestic Master, 1-3yr 0.28 1.41 1.86 4.31 4.64 3.89 - - - - n/a

Intermediate-Term Bond Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Dodge & Cox Income - DODIX 0.19 3.35 3.55 (61) 9.93 (24) 6.42 (32) 5.84 (21) 7.61 1/3/1989 0.43 0.43 www.dodgeandcox.com

PIMCO Total Return Instl - PTTRX -1.06 1.90 0.96 (90) 9.83 (26) 7.81 (4) 6.59 (6) 8.26 5/11/1987 0.46 0.46 www.pimco-funds.com


Barclays Capital U.S. Aggregate 3.82 6.65 5.26 7.97 6.53 5.66 - - - - n/a

High Yield Bond Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

(R) Fidelity Advisor High Income Advantage I -FAHCX** -10.99 -5.89 0.52 (61) 11.40 (25) 5.23 (52) 9.29 (3) 7.14 7/3/1995 0.78 0.78 advisor.fidelity.com

(P) Neuberger Berman High Inc Bond Inv - NHINX -6.85 -3.05 0.04 (70) 13.55 (2) 7.54 (2) 7.38 (42) 7.73 1/31/1992 0.96 0.96 www.nb.com


BofA Merrill Lynch High Yield Master II -6.32 -1.69 1.32 13.68 6.93 8.57 - - - - n/a

World Bond Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Templeton Global Bond A - TPINX -7.76 -3.50 -2.34 (92) 10.50 (19) 9.84 (2) 11.08 (2) 8.23 9/18/1986 0.93 0.92 www.franklintempleton.com


Morningstar World Bond -1.13 2.58 1.29 7.84 5.91 6.57 - - - - n/a

Inflation-Protected Bond Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

American Century Infl-Adj Bond Inv - ACITX 4.66 10.18 9.00 (27) 7.91 (33) 6.82 (23) 6.68 (54) 6.39 2/10/1997 0.48 0.48 ipro.americancentury.com/ipro/


Barclays Capital U.S. Treasury: U.S. TIPS 4.51 10.59 9.87 8.13 7.10 7.17 - - - - n/a

36 of 91




Performance Summary


Target Date 2000-2010 Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

T. Rowe Price Retirement 2010 Adv - PARAX** -9.65 -5.63 -0.19 (80) 4.88 (32) 2.15 (42) n/a (n/a) 4.95 10/31/2003 0.86 0.86 www.troweprice.com


Morningstar Target Date 2000-2010 -6.94 -3.54 0.37 4.60 2.04 3.81 - - - - n/a


T. Rowe Price Retirement 2020 Adv - PARBX** -12.71 -8.44 -1.31 (66) 4.21 (25) 1.11 (36) n/a (n/a) 4.78 10/31/2003 0.94 0.94 www.troweprice.com


Morningstar Target Date 2016-2020 -9.61 -5.83 -0.41 3.48 0.86 3.84 - - - - n/a


T. Rowe Price Retirement 2030 Adv - PARCX** -15.16 -10.77 -2.47 (58) 3.39 (13) 0.17 (24) n/a (n/a) 4.62 10/31/2003 0.99 0.99 www.troweprice.com


Morningstar Target Date 2026-2030 -12.82 -8.87 -2.05 2.06 -0.45 3.58 - - - - n/a


T. Rowe Price Retirement 2040 Adv - PARDX** -16.24 -11.79 -3.03 (41) 3.05 (14) -0.17 (15) n/a (n/a) 4.38 10/31/2003 1.01 1.01 www.troweprice.com


Morningstar Target Date 2036-2040 -14.75 -10.70 -3.03 1.47 -1.02 3.54 - - - - n/a

Target Date 2050+ Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

T. Rowe Price Retirement 2050 Adv - PARFX -16.06 -11.74 -2.93 (24) 3.06 (15) n/a (n/a) n/a (n/a) -1.65 12/29/2006 1.01 1.01 www.troweprice.com


Morningstar Target Date 2050+ -15.64 -11.56 -3.69 1.32 -1.17 3.72 - - - - n/a

Retirement Income Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

T. Rowe Price Retirement Income Adv - PARIX** -7.30 -3.68 0.35 (60) 5.02 (34) 2.95 (48) n/a (n/a) 4.50 10/31/2003 0.81 0.81 www.troweprice.com


Morningstar Retirement Income -5.52 -2.44 -0.23 4.48 2.24 3.62 - - - - n/a

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13.

Guide to 12‐Point Investment Review Scorecard

This graph

displays the

fund’s

performance

over time, as

well as the

monthly over

or under‐

performance

vs. the

benchmark.

The Manager

Tenure and

Expense Ratio of

each investment

are compared to

the category

average for each

asset class.

Calendar year

returns provide

additional

historical

performance

information.

Total score is the

equally‐

weighted sum of

all 12 individual

factors.

Three and five-year portfolio statistics can be found in the two tables below.

LPL Financial Retirement Partners’

proprietary 12‐point evaluation system scores each fund based on five years of data. Some shorter‐term

statistics have been added in order to provide a more comprehensive analysis of a fund. The scorecard is weighted 17% toward style, 33%

to performance, 33% to risk/return measures and 17%

to qualitative factors.

This table displays a fund’s performance relative to the benchmark and peer group median manager over a 1‐year, 3‐

year and 5‐year basis. The fund earns a point if its return is greater than

the peer group median manager’s return.

Score

Analysis:

10 – 12 Points:

Very Suitable

7‐9 Points:

Acceptable

6 Points or

fewer:

Watch List

38 of 91

Guide to Scorecard for Target Date Funds

The Manager

Risk/Return

graph plots the

fund’s return

and risk vs. the

benchmark’s.

Funds will pass

if they have a

higher return

or a lower risk

measure. The

black diamond

is the

benchmark and

white diamond

shape

represents

cash.

The Manager

Tenure and

Expense Ratio of

each investment

are compared to

the category

average for each

asset class.

Calendar year

returns provide

additional

historical

performance

information.

Total score is the

equally‐

weighted sum of

all 12 individual

factors.

Note that the portfolio statistics shown and scored in the “5‐Year”

table

can be for the longest timeframe if five years of history is not

available.

LPL Financial Retirement Partners evaluates target date funds over a five‐year timeframe using our unique 12‐point system. Eleven of the 12 factors

evaluated are common to our 12‐point scorecard for other types of funds: Manager Risk/Return has replaced the Style Drift metric when evaluating target

date funds. Target date funds (TDF’s) with at least three years of history are scored, but a perfect

score cannot be achieved by TDF’s

with less than five

years of data because TDF’s

without five year history will always

fail the Risk/Return and 5‐Year Return vs. Peers criteria.

This table displays a fund’s performance relative to the benchmark and peer group median manager over a 1‐year, 3‐year and 5‐year

basis. Target date funds without five years of history will always

fail the “5Year Return vs. Peers”

measurement.

Score

Analysis:

10 – 12 Points:

Very Suitable

7‐9 Points:

Acceptable

6 Points or

fewer:

Watch List

39 of 91

•

Beta

– A measure of volatility, or systematic risk, of a security or a

portfolio in comparison to the market as a whole. A Beta of 1.00 means that

a portfolio’s risk is at parity 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 a portfolio is more volatile/risky than the market. A Beta range of 0.75 – 1.15 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, the better the investment’s risk‐adjusted return. Information Ratio (“IR”) is defined as the annualized excess return

divided by the tracking error. Investments with a positive 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 the movement 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

‐

A measure of risk‐adjusted return. The higher the Sharpe Ratio, the better. 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 a measurement of a portfolio’s risk.

•

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, an investment with an Up Capture of 110

has returned 110% of the benchmark index return in Up market cycles.

Similarly, the Down Capture statistic measures the investments historical relative performance in Down markets. The scorecard measures Up

Capture relative to Down Capture, giving a favorable score if Up

Capture is greater than Down Capture.

Glossary of Selected Statistics

The LPL Financial Family of affiliated companies includes LPL Financial, UVEST Financial Services Group, Inc. each of which is a

member of FINRA/SIPC.

Not FDIC or NCUA Insured | No Bank or Credit Union Guarantee | May Lose ValueNot Insured by any Federal Government Agency | Not a Bank or Credit Union Deposit

40 of 91

LPL Financial Retirement Partners’ proprietary Scoring System is based on an evaluation of 12 different factors. Each factor is assessed using a Pass/Fail system: a favorable characteristic receives a passing score of 1, while an unfavorable characteristicreceives 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. The Total Score can be used to help evaluate an investment, as per the following guidelines:

SCORE10 – 12 Suitable (“Blue Ribbon” status)

7 – 9 Acceptable

6 or fewer Watch List

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.

Methodology Overview

41 of 91

•

Benchmarks are unmanaged and do not pay fees or expenses. One cannot invest directly in an index. •

Data has been received from sources believed to be reliable, but data cannot be guaranteed as to accuracy, completeness, or fitness for a particular purpose.•

This report is for informational purposes only and should not be construed as a recommendation, offer or solicitation to buy or to sell any security, policy, or

investment.•

Government bonds and Treasury Bills are guaranteed by the US Government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value. •

High yield/junk bonds are not investment grade securities, involve substantial risks and generally should be part of a diversified portfolio of sophisticated investors.•

International and emerging market investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors.•

Investment scores are based on up to five years of data utilizing a pass/fail system with quantitative and qualitative criteria.•

Investment scores are intended to help Plan Sponsors identify suitable products and are not meant to be predictive of future performance.•

Floating rate bank loans issued by below investment grade companies for short term funding purposes with higher yield than short term debt and involve risk•

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain current month-end performance information please call your plan sponsor.•

The LPL Financial family of affiliated companies includes LPL Financial, UVEST Financial Services Group Inc. each of which is a member of FINRA/SIPCNot FDIC or NCUA Insured | No Bank or Credit Union Guarantee | May Lose ValueNot Insured by any Federal Government Agency | Not a Bank or Credit Union Deposit

Important Disclosures

• For Plan Sponsor use or Investment Professional use only.• Not for Participant use. Not for Public distribution.•

Investments shown may not be available to all plans or in all states, or may be closed to new accounts. Availability of investments is subject to change.•

In order to perform a study over a longer-term timeframe, related funds of a different share class or managed by the same investment advisor may have been substituted

for funds with relatively shorter track records. Due to different fee structures, actual performance may be less favorable than shown. •

Certain available investments with track records of insufficient length may have been eliminated from this report if a reasonable proxy with a relatively longer track record could not be located.•

Investments in specialized industry sectors carry additional risks, which are outlined in the prospectus.• Investing in mutual funds involves risk, including possible loss of principal.•

Index funds, stable value funds, money market funds and specialty funds are not reviewed in this report.•

The fund’s concentrated holdings will subject it to greater volatility than a fund that invests more broadly.• Precious metal investing is subject to substantial fluctuation and potential to loss•

Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values and yields will decline as interest rates rise and bonds are subject to availability and change in price. • The prices of small and mid-cap stocks are generally more volatile than large-cap stocks.• Stock investing involves risk including loss of principal.• Data sources: Morningstar, Zephyr Associates.• Data as of 3/31/2011. •

Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. You can obtain a prospectus from your financial representative. Read carefully before investing.

The performance quoted represents the reinvestment of dividends and capital gains, is net of expenses and does not reflect the maximum sales charge. Such a fee, if taken into consideration, will reduce the performance quoted.

42 of 91

14.

Investment Review: American Century Equity Income InvManager Performance

Single ComputationOctober 2006 - September 2011

50

60

70

80

90

100

110

120

American Century Equity Income InvRussell 1000 Value

-5%

0%

5%

Sep 2006 Jun 2007 Dec 2007 Jun 2008 Dec 2008 Jun 2009 Dec 2009 Jun 2010 Dec 2010 Sep 2011

Excess Return vs.Market Benchmark

Manager Style Drift = 4.7436-Month Moving Windows, Computed Monthly

October 2006 - September 2011

Russell 1000 Value Russell 1000 Growth


Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%

1-YearReturnvs.Peers



5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure

RelativeExpenseRatio

TOTALSCORE

1 1 1 1 1 0 1 1 0 0 1 1 9

Fund Ticker: TWEIX Fund Category: Large ValueManager Name: Phillip Davidson Manager Tenure: 16.76 YearsFund Assets: $4,728.85 million Fund Assets, All Share Classes: $8,422.4 millionProspectus Net Expense Ratio: 0.96%

Prospectus Gross Expense Ratio: 0.96%Review Period: October 2006 - September 2011

5-Year Portfolio Statistics TableOctober 2006 - September 2011: Summary Statistics

American Century Equity Income Inv

Russell 1000 Value

StandardDeviation

12.63

19.50

SharpeRatio

-0.08

-0.26

InformationRatio

vs.Market

0.51

0.00

Betavs.

Market

0.62

1.00

UpCapture

vs.Market

63.8

100.0

DownCapture

vs.Market

65.4

100.0

R-Squaredvs.

Market

93.0

100.0



Russell 1000 Value

StandardDeviation

14.35

23.01

SharpeRatio

0.11

-0.08

InformationRatio

vs.Market

0.34

0.00

Betavs.

Market

0.60

1.00

UpCapture

vs.Market

57.8

100.0

DownCapture

vs.Market

65.1

100.0

R-Squaredvs.

Market

93.5

100.0

Manager vs Universe: Return through September 2011

Morningstar Large Value

-8

-6

-4

-2

0

2

4

1 year 3 years 5 years



Median


Russell 1000 Value

1 year

1266 mng

-2.57%

0.49%

-1.89%

3 years

1224 mng

-0.71%

1.82%

-1.52%

5 years

1158 mng

-2.92%

0.55%

-3.53%

Calendar Year ReturnAs of September 2011

-40%

-30%

-20%

-10%

0%

10%

20%

YTD 2010 2009 2008 2007



YTD

-6.37%

Russell 1000 Value -11.24%

2010

13.29%

15.51%

2009

12.23%

19.69%

2008

-20.05%

-36.85%

2007

1.79%

-0.17%

Created with Zephyr StyleADVISOR. Manager returns supplied by: Morningstar, Inc.

For Investment Professional And Plan Sponsor Use Only. Not For Distribution To Individual Plan Participants Or The General Public. LPL Financial, Member FINRA/SIPC 43 of 91

Investment Review: Dodge & Cox StockManager Performance


50

60

70

80

90

100

110

120

Dodge & Cox StockRussell 1000 Value

-5%

0%

5%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 0 0 0 1 1 1 1 1 8

Fund Ticker: DODGX Fund Category: Large ValueManager Name: John Gunn Manager Tenure: 34.77 YearsFund Assets: $38,205.66 million Fund Assets, All Share Classes: $38,205.66 millionProspectus Net Expense Ratio: 0.52%



Dodge & Cox Stock

Russell 1000 Value

StandardDeviation

21.76

19.50

SharpeRatio

-0.30

-0.26

InformationRatio

vs.Market

-0.28

0.00

Betavs.

Market

1.09

1.00

UpCapture

vs.Market

106.7

100.0

DownCapture

vs.Market

106.8

100.0

R-Squaredvs.

Market

95.4

100.0


Dodge & Cox Stock

Russell 1000 Value

StandardDeviation

25.18

23.01

SharpeRatio

-0.03

-0.08

InformationRatio

vs.Market

0.24

0.00

Betavs.

Market

1.08

1.00

UpCapture

vs.Market

114.0

100.0

DownCapture

vs.Market

104.4

100.0

R-Squaredvs.

Market

97.7

100.0



-8

-6

-4

-2

0

2

4




Median

Dodge & Cox Stock

Russell 1000 Value

1 year

1266 mng

-2.57%

-4.08%

-1.89%

3 years

1224 mng

-0.71%

-0.49%

-1.52%

5 years

1158 mng

-2.92%

-4.91%

-3.53%


-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007


Dodge & Cox Stock

YTD

-13.72%


2010

13.49%

15.51%

2009

31.27%

19.69%

2008

-43.31%

-36.85%

2007

0.14%

-0.17%



Investment Review: Lord Abbett Classic Stock AManager Performance


60

70

80

90

100

110

120

Lord Abbett Classic Stock AS&P 500

-2%

0%

2%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 0 1 0 0 0 1 1 1 1 7

Fund Ticker: LRLCX Fund Category: Large BlendManager Name: Daniel Frascarelli Manager Tenure: 6.22 YearsFund Assets: $457.5 million Fund Assets, All Share Classes: $882.98 millionProspectus Net Expense Ratio: 0.98%



Lord Abbett Classic Stock A

S&P 500

StandardDeviation

18.07

18.32

SharpeRatio

-0.17

-0.15

InformationRatio

vs.Market

-0.09

0.00

Betavs.

Market

0.96

1.00

UpCapture

vs.Market

95.0

100.0

DownCapture

vs.Market

98.1

100.0

R-Squaredvs.

Market

95.4

100.0



S&P 500

StandardDeviation

21.67

21.25

SharpeRatio

-0.10

0.05

InformationRatio

vs.Market

-0.82

0.00

Betavs.

Market

1.00

1.00

UpCapture

vs.Market

97.0

100.0

DownCapture

vs.Market

105.8

100.0

R-Squaredvs.

Market

96.6

100.0


Morningstar Large Blend

-8

-6

-4

-2

0

2

4




Median


S&P 500

1 year

1913 mng

-1.50%

-7.18%

1.14%

3 years

1804 mng

0.40%

-2.06%

1.23%

5 years

1683 mng

-1.69%

-1.53%

-1.18%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007



YTD

-18.35%

S&P 500 -8.68%

2010

13.82%

15.06%

2009

26.20%

26.46%

2008

-31.22%

-37.00%

2007

10.31%

5.49%



Investment Review: Davis NY Venture AManager Performance


50

60

70

80

90

100

110

120

Davis NY Venture AS&P 500

-2%

0%

2%

4%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 0 0 0 0 0 1 1 1 1 6

Fund Ticker: NYVTX Fund Category: Large BlendManager Name: Christopher Davis Manager Tenure: 16.01 YearsFund Assets: $14,005.05 million Fund Assets, All Share Classes: $24,224.65 millionProspectus Net Expense Ratio: 0.89%



Davis NY Venture A

S&P 500

StandardDeviation

19.77

18.32

SharpeRatio

-0.23

-0.15

InformationRatio

vs.Market

-0.49

0.00

Betavs.

Market

1.06

1.00

UpCapture

vs.Market

102.5

100.0

DownCapture

vs.Market

106.4

100.0

R-Squaredvs.

Market

96.9

100.0


Davis NY Venture A

S&P 500

StandardDeviation

23.13

21.25

SharpeRatio

-0.07

0.05

InformationRatio

vs.Market

-0.63

0.00

Betavs.

Market

1.07

1.00

UpCapture

vs.Market

100.8

100.0

DownCapture

vs.Market

106.3

100.0

R-Squaredvs.

Market

97.2

100.0



-8

-6

-4

-2

0

2

4




Median

Davis NY Venture A

S&P 500

1 year

1913 mng

-1.50%

-5.20%

1.14%

3 years

1804 mng

0.40%

-1.42%

1.23%

5 years

1683 mng

-1.69%

-2.97%

-1.18%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007


Davis NY Venture A

YTD

-14.27%

S&P 500 -8.68%

2010

12.11%

15.06%

2009

32.06%

26.46%

2008

-40.03%

-37.00%

2007

4.97%

5.49%



Investment Review: Goldman Sachs Mid Cap Value IRManager Performance


50

60

70

80

90

100

110

120

130

Goldman Sachs Mid Cap Value IRRussell Midcap Value

-5%

0%

5%





Russell Top 200 Value Russell Top 200 Growth

Russell Midcap Value Russell Midcap Growth


Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 0 1 1 1 1 1 1 10

Fund Ticker: GCMTX Fund Category: Mid-Cap ValueManager Name: Dolores Bamford Manager Tenure: 10.42 YearsFund Assets: $37.36 million Fund Assets, All Share Classes: $6,750.68 millionProspectus Net Expense Ratio: 0.91%



Goldman Sachs Mid Cap Value IR

Russell Midcap Value

StandardDeviation

20.72

22.65

SharpeRatio

-0.08

-0.11

InformationRatio

vs.Market

0.15

0.00

Betavs.

Market

0.89

1.00

UpCapture

vs.Market

93.9

100.0

DownCapture

vs.Market

95.0

100.0

R-Squaredvs.

Market

95.0

100.0




StandardDeviation

23.82

27.01

SharpeRatio

0.08

0.07

InformationRatio

vs.Market

0.04

0.00

Betavs.

Market

0.87

1.00

UpCapture

vs.Market

88.3

100.0

DownCapture

vs.Market

93.7

100.0

R-Squaredvs.

Market

96.4

100.0


Morningstar Mid-Cap Value

-10

-8

-6

-4

-2

0

2

4

6



Morningstar Mid-Cap Value

Median



1 year

442 mng

-4.10%

-4.67%

-2.36%

3 years

410 mng

2.16%

2.22%

1.98%

5 years

370 mng

-1.01%

-0.07%

-0.84%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

YTD 2010 2009 2008 2007



YTD

-15.48%

Russell Midcap Value -13.01%

2010

24.68%

24.75%

2009

32.95%

34.21%

2008

-36.59%

-38.44%

2007

3.36%

-1.42%



Investment Review: Dreyfus Opportunistic Midcap Value IManager Performance


60

80

100

120

140

160

Drey fus Opportunistic Midcap Value IRussell Midcap

-5%

0%

5%








Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 1 1 1 1 11

Fund Ticker: DVLIX Fund Category: Mid-Cap BlendManager Name: David Daglio Manager Tenure: 8.04 YearsFund Assets: $68.39 million Fund Assets, All Share Classes: $996.66 millionProspectus Net Expense Ratio: 0.84%



Dreyfus Opportunistic Midcap Value I

Russell Midcap

StandardDeviation

24.30

22.16

SharpeRatio

0.04

-0.05

InformationRatio

vs.Market

0.34

0.00

Betavs.

Market

1.07

1.00

UpCapture

vs.Market

115.4

100.0

DownCapture

vs.Market

103.6

100.0

R-Squaredvs.

Market

94.6

100.0



Russell Midcap

StandardDeviation

28.83

25.80

SharpeRatio

0.26

0.15

InformationRatio

vs.Market

0.56

0.00

Betavs.

Market

1.09

1.00

UpCapture

vs.Market

127.1

100.0

DownCapture

vs.Market

106.6

100.0

R-Squaredvs.

Market

95.7

100.0


Morningstar Mid-Cap Blend

-10

-5

0

5

10



Morningstar Mid-Cap Blend

Median


Russell Midcap

1 year

416 mng

-2.66%

-7.09%

-0.88%

3 years

394 mng

2.37%

7.58%

3.96%

5 years

363 mng

-0.02%

2.56%

0.56%


-40%

-20%

0%

20%

40%

60%

YTD 2010 2009 2008 2007



YTD

-19.03%

Russell Midcap -12.34%

2010

25.45%

25.48%

2009

62.34%

40.48%

2008

-39.85%

-41.46%

2007

5.47%

5.60%



Investment Review: JPMorgan Mid Cap Growth AManager Performance


60

70

80

90

100

110

120

130

140

JPMorgan Mid Cap Growth ARussell Midcap Growth

-2%

0%

2%








Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 0 0 0 0 0 1 1 1 1 6

Fund Ticker: OSGIX Fund Category: Mid-Cap GrowthManager Name: Timothy Parton Manager Tenure: 7 YearsFund Assets: $525.86 million Fund Assets, All Share Classes: $1,290.55 millionProspectus Net Expense Ratio: 1.24%



JPMorgan Mid Cap Growth A

Russell Midcap Growth

StandardDeviation

22.52

22.16

SharpeRatio

-0.04

0.00

InformationRatio

vs.Market

-0.25

0.00

Betavs.

Market

1.00

1.00

UpCapture

vs.Market

98.4

100.0

DownCapture

vs.Market

101.2

100.0

R-Squaredvs.

Market

97.3

100.0




StandardDeviation

25.33

24.98

SharpeRatio

0.11

0.23

InformationRatio

vs.Market

-0.89

0.00

Betavs.

Market

1.01

1.00

UpCapture

vs.Market

95.4

100.0

DownCapture

vs.Market

102.6

100.0

R-Squaredvs.

Market

98.4

100.0


Morningstar Mid-Cap Growth

-10

-5

0

5

10



Morningstar Mid-Cap Growth

Median



1 year

775 mng

-0.72%

-3.26%

0.80%

3 years

751 mng

3.57%

3.09%

5.89%

5 years

724 mng

1.55%

0.73%

1.64%


-40%

-20%

0%

20%

40%

YTD 2010 2009 2008 2007



YTD

-15.82%

Russell Midcap Growth -11.59%

2010

25.09%

26.38%

2009

42.93%

46.29%

2008

-43.95%

-44.32%

2007

16.84%

11.43%



Investment Review: Schneider Small Cap ValueManager Performance


40

60

80

100

120

Schneider Small Cap ValueRussell 2000 Value

-10%

0%

10%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 0 0 1 0 0 0 0 1 1 5

Fund Ticker: SCMVX Fund Category: Small ValueManager Name: Arnold Schneider III Manager Tenure: 13.08 YearsFund Assets: $58.25 million Fund Assets, All Share Classes: $58.25 millionProspectus Net Expense Ratio: 1.15%



Schneider Small Cap Value

Russell 2000 Value

StandardDeviation

32.37

24.15

SharpeRatio

-0.32

-0.19

InformationRatio

vs.Market

-0.45

0.00

Betavs.

Market

1.27

1.00

UpCapture

vs.Market

116.6

100.0

DownCapture

vs.Market

115.8

100.0

R-Squaredvs.

Market

89.4

100.0



Russell 2000 Value

StandardDeviation

38.21

29.00

SharpeRatio

-0.10

-0.10

InformationRatio

vs.Market

-0.06

0.00

Betavs.

Market

1.27

1.00

UpCapture

vs.Market

143.1

100.0

DownCapture

vs.Market

113.9

100.0

R-Squaredvs.

Market

93.5

100.0


Morningstar Small Value

-25

-20

-15

-10

-5

0

5




Median


Russell 2000 Value

1 year

364 mng

-5.37%

-24.04%

-5.99%

3 years

356 mng

0.49%

-3.51%

-2.78%

5 years

329 mng

-1.20%

-8.64%

-3.08%


-40%

-20%

0%

20%

40%

60%

YTD 2010 2009 2008 2007



YTD

-36.59%


2010

32.24%

24.50%

2009

54.04%

20.58%

2008

-46.53%

-28.92%

2007

-17.08%

-9.78%



Investment Review: Goldman Sachs Small Cap Value IRManager Performance


50

60

70

80

90

100

110

120

130

Goldman Sachs Small Cap Value IRRussell 2000 Value

-2%

0%

2%

4%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 1 1 1 1 1 1 1 1 1 12

Fund Ticker: GSQTX Fund Category: Small ValueManager Name: James Otness Manager Tenure: 10.76 YearsFund Assets: $11.05 million Fund Assets, All Share Classes: $2,290.27 millionProspectus Net Expense Ratio: 1.19%



Goldman Sachs Small Cap Value IR

Russell 2000 Value

StandardDeviation

21.63

24.15

SharpeRatio

-0.06

-0.19

InformationRatio

vs.Market

0.87

0.00

Betavs.

Market

0.89

1.00

UpCapture

vs.Market

92.8

100.0

DownCapture

vs.Market

90.0

100.0

R-Squaredvs.

Market

98.4

100.0



Russell 2000 Value

StandardDeviation

25.86

29.00

SharpeRatio

0.03

-0.10

InformationRatio

vs.Market

0.88

0.00

Betavs.

Market

0.89

1.00

UpCapture

vs.Market

90.6

100.0

DownCapture

vs.Market

90.4

100.0

R-Squaredvs.

Market

98.7

100.0



-12

-10

-8

-6

-4

-2

0

2

4

6




Median


Russell 2000 Value

1 year

364 mng

-5.37%

-2.51%

-5.99%

3 years

356 mng

0.49%

1.09%

-2.78%

5 years

329 mng

-1.20%

0.25%

-3.08%


-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007



YTD

-15.10%


2010

26.18%

24.50%

2009

28.06%

20.58%

2008

-27.02%

-28.92%

2007

-5.70%

-9.78%



Investment Review: Fidelity Advisor Small Cap IManager Performance


60

80

100

120

140

160

Fidelity Advisor Small Cap IRussell 2000

-5%

0%

5%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 0 1 1 0 0 1 1 8

Fund Ticker: FSCIX Fund Category: Small BlendManager Name: James M. Harmon Manager Tenure: 5.92 YearsFund Assets: $1,172.47 million Fund Assets, All Share Classes: $3,977.95 millionProspectus Net Expense Ratio: 1.12%




Russell 2000

StandardDeviation

17.23

23.68

SharpeRatio

0.06

-0.11

InformationRatio

vs.Market

0.40

0.00

Betavs.

Market

0.69

1.00

UpCapture

vs.Market

67.3

100.0

DownCapture

vs.Market

72.2

100.0

R-Squaredvs.

Market

89.4

100.0



Russell 2000

StandardDeviation

20.51

28.24

SharpeRatio

0.12

-0.02

InformationRatio

vs.Market

0.30

0.00

Betavs.

Market

0.70

1.00

UpCapture

vs.Market

67.4

100.0

DownCapture

vs.Market

77.4

100.0

R-Squaredvs.

Market

92.2

100.0


Morningstar Small Blend

-12

-10

-8

-6

-4

-2

0

2

4

6



Morningstar Small Blend

Median


Russell 2000

1 year

674 mng

-3.64%

-5.69%

-3.53%

3 years

629 mng

0.36%

2.76%

-0.37%

5 years

598 mng

-0.96%

2.66%

-1.02%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007



YTD

-14.58%

Russell 2000 -17.02%

2010

18.09%

26.86%

2009

28.31%

27.17%

2008

-26.58%

-33.79%

2007

13.19%

-1.57%



Investment Review: Lord Abbett Developing Growth IManager Performance


60

80

100

120

140

160

180

200

Lord Abbett Developing Grow th IRussell 2000 Grow th

-5%

0%

5%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 1 1 1 1 1 1 1 1 1 12

Fund Ticker: LADYX Fund Category: Small GrowthManager Name: F. O'Halloran Manager Tenure: 9.75 YearsFund Assets: $601.27 million Fund Assets, All Share Classes: $1,929.2 millionProspectus Net Expense Ratio: 0.79%




Russell 2000 Growth

StandardDeviation

24.45

23.80

SharpeRatio

0.24

-0.03

InformationRatio

vs.Market

0.95

0.00

Betavs.

Market

0.99

1.00

UpCapture

vs.Market

112.7

100.0

DownCapture

vs.Market

93.7

100.0

R-Squaredvs.

Market

92.2

100.0



Russell 2000 Growth

StandardDeviation

27.34

27.86

SharpeRatio

0.31

0.07

InformationRatio

vs.Market

1.22

0.00

Betavs.

Market

0.96

1.00

UpCapture

vs.Market

105.1

100.0

DownCapture

vs.Market

92.4

100.0

R-Squaredvs.

Market

96.2

100.0


Morningstar Small Growth

-10

-5

0

5

10



Morningstar Small Growth

Median


Russell 2000 Growth

1 year

774 mng

-1.63%

4.59%

-1.12%

3 years

734 mng

2.68%

8.66%

2.07%

5 years

695 mng

0.54%

7.44%

0.96%


-60%

-40%

-20%

0%

20%

40%

60%

YTD 2010 2009 2008 2007



YTD

-11.20%

Russell 2000 Growth -15.57%

2010

37.01%

29.09%

2009

47.54%

34.47%

2008

-47.31%

-38.54%

2007

36.29%

7.05%



Investment Review: Calvert Conservative Allocation AManager Performance


80

85

90

95

100

105

110

115

120

125

Calvert Conserv ative Allocation AMorningstar Conserv ative Allocation

-2%

0%

2%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 0 1 1 1 0 1 1 0 1 9

Fund Ticker: CCLAX Fund Category: Conservative AllocationManager Name: Natalie Trunow Manager Tenure: 3 YearsFund Assets: $38.79 million Fund Assets, All Share Classes: $49.41 millionProspectus Net Expense Ratio: 1.04%



Calvert Conservative Allocation A

Morningstar Conservative Allocation

StandardDeviation

7.25

8.83

SharpeRatio

0.21

0.10

InformationRatio

vs.Market

0.24

0.00

Betavs.

Market

0.80

1.00

UpCapture

vs.Market

80.0

100.0

DownCapture

vs.Market

73.8

100.0

R-Squaredvs.

Market

93.8

100.0




StandardDeviation

8.60

10.28

SharpeRatio

0.56

0.49

InformationRatio

vs.Market

-0.06

0.00

Betavs.

Market

0.81

1.00

UpCapture

vs.Market

78.6

100.0

DownCapture

vs.Market

76.3

100.0

R-Squaredvs.

Market

93.8

100.0



-2

0

2

4

6

8




Median



1 year

625 mng

0.75%

3.02%

0.85%

3 years

581 mng

5.48%

5.03%

5.19%

5 years

519 mng

2.76%

3.15%

2.53%


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

YTD 2010 2009 2008 2007



YTD

1.25%

Morningstar Conservative Allocation -2.50%

2010

8.56%

10.01%

2009

16.33%

20.38%

2008

-16.17%

-18.90%

2007

5.89%

4.62%



Investment Review: Janus Balanced SManager Performance


70

80

90

100

110

120

130

140

Janus Balanced SMorningstar Moderate Allocation

-2%

0%

2%

4%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 1 1 1 1 11

Fund Ticker: JABRX Fund Category: Moderate AllocationManager Name: Marc Pinto Manager Tenure: 6.42 YearsFund Assets: $659.63 million Fund Assets, All Share Classes: $6,593.73 millionProspectus Net Expense Ratio: 1.09%



Janus Balanced S

Morningstar Moderate Allocation

StandardDeviation

10.59

13.04

SharpeRatio

0.21

-0.07

InformationRatio

vs.Market

0.76

0.00

Betavs.

Market

0.78

1.00

UpCapture

vs.Market

89.0

100.0

DownCapture

vs.Market

75.8

100.0

R-Squaredvs.

Market

91.6

100.0


Janus Balanced S


StandardDeviation

12.15

15.06

SharpeRatio

0.43

0.20

InformationRatio

vs.Market

0.46

0.00

Betavs.

Market

0.77

1.00

UpCapture

vs.Market

85.9

100.0

DownCapture

vs.Market

79.4

100.0

R-Squaredvs.

Market

92.1

100.0



-4

-2

0

2

4

6




Median

Janus Balanced S


1 year

977 mng

-0.58%

-3.03%

-0.72%

3 years

907 mng

3.59%

5.39%

3.18%

5 years

835 mng

1.10%

3.87%

0.67%


-30%

-20%

-10%

0%

10%

20%

YTD 2010 2009 2008 2007


Janus Balanced S

YTD

-6.31%

Morningstar Moderate Allocation -6.62%

2010

7.51%

11.73%

2009

23.97%

24.04%

2008

-15.43%

-28.19%

2007

9.88%

5.91%



Investment Review: T. Rowe Price Capital Appreciation AdvManager Performance


70

80

90

100

110

120

130

T. Rowe Price Capital Appreciation AdvMorningstar Moderate Allocation

-5%

0%

5%







Small

-1

0

1

Large

Value -1 0 1 Growth

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 1 1 1 1 1 1 1 1 1 12

Fund Ticker: PACLX Fund Category: Moderate AllocationManager Name: David Giroux Manager Tenure: 5.25 YearsFund Assets: $264.92 million Fund Assets, All Share Classes: $10,817.41 millionProspectus Net Expense Ratio: 1%





StandardDeviation

14.82

13.04

SharpeRatio

0.06

-0.07

InformationRatio

vs.Market

0.53

0.00

Betavs.

Market

1.11

1.00

UpCapture

vs.Market

115.5

100.0

DownCapture

vs.Market

102.4

100.0

R-Squaredvs.

Market

95.4

100.0




StandardDeviation

17.34

15.06

SharpeRatio

0.25

0.20

InformationRatio

vs.Market

0.38

0.00

Betavs.

Market

1.13

1.00

UpCapture

vs.Market

114.9

100.0

DownCapture

vs.Market

105.3

100.0

R-Squaredvs.

Market

96.4

100.0



-4

-2

0

2

4

6




Median



1 year

977 mng

-0.58%

1.86%

-0.72%

3 years

907 mng

3.59%

4.61%

3.18%

5 years

835 mng

1.10%

2.53%

0.67%


-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007



YTD

-6.34%

Morningstar Moderate Allocation -6.62%

2010

13.75%

11.73%

2009

32.69%

24.04%

2008

-27.39%

-28.19%

2007

4.29%

5.91%



Investment Review: Columbia International Value AManager Performance


50

60

70

80

90

100

110

120

130

Columbia International Value AMSCI EAFE VALUE

-5%

0%

5%





MSCI PACIFIC ex JAPAN MSCI JAPAN

MSCI EUROPE

Europe

-1

0

1

Asia

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 0 1 0 1 0 1 1 1 1 9

Fund Ticker: NIVLX Fund Category: Foreign Large ValueManager Name: Glenn Carlson Manager Tenure: 15.77 YearsFund Assets: $230.47 million Fund Assets, All Share Classes: $1,143.66 millionProspectus Net Expense Ratio: 1.37%



Columbia International Value A

MSCI EAFE VALUE

StandardDeviation

20.96

23.68

SharpeRatio

-0.26

-0.25

InformationRatio

vs.Market

0.06

0.00

Betavs.

Market

0.85

1.00

UpCapture

vs.Market

82.8

100.0

DownCapture

vs.Market

90.6

100.0

R-Squaredvs.

Market

93.1

100.0



MSCI EAFE VALUE

StandardDeviation

24.61

27.41

SharpeRatio

-0.14

-0.05

InformationRatio

vs.Market

-0.35

0.00

Betavs.

Market

0.88

1.00

UpCapture

vs.Market

86.0

100.0

DownCapture

vs.Market

97.0

100.0

R-Squaredvs.

Market

96.2

100.0


Morningstar Foreign Large Value

-15

-10

-5

0

5




Median


MSCI EAFE VALUE

1 year

372 mng

-10.88%

-10.34%

-9.46%

3 years

348 mng

-2.52%

-3.14%

-1.11%

5 years

308 mng

-4.15%

-3.90%

-4.26%


-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

YTD 2010 2009 2008 2007



YTD

-13.54%

MSCI EAFE VALUE -14.07%

2010

2.43%

3.81%

2009

22.30%

35.06%

2008

-35.62%

-43.68%

2007

6.72%

6.49%



Investment Review: Dodge & Cox International StockManager Performance


50

60

70

80

90

100

110

120

130

Dodge & Cox International StockMSCI EAFE VALUE

-5%

0%

5%






MSCI EUROPE

Europe

-1

0

1

Asia

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 1 1 1 1 11

Fund Ticker: DODFX Fund Category: Foreign Large ValueManager Name: Diana Strandberg Manager Tenure: 10.42 YearsFund Assets: $40,297.84 million Fund Assets, All Share Classes: $40,297.84 millionProspectus Net Expense Ratio: 0.65%



Dodge & Cox International Stock

MSCI EAFE VALUE

StandardDeviation

25.65

23.68

SharpeRatio

-0.15

-0.25

InformationRatio

vs.Market

0.39

0.00

Betavs.

Market

1.06

1.00

UpCapture

vs.Market

111.0

100.0

DownCapture

vs.Market

100.4

100.0

R-Squaredvs.

Market

95.9

100.0



MSCI EAFE VALUE

StandardDeviation

30.35

27.41

SharpeRatio

-0.01

-0.05

InformationRatio

vs.Market

0.17

0.00

Betavs.

Market

1.09

1.00

UpCapture

vs.Market

114.7

100.0

DownCapture

vs.Market

104.4

100.0

R-Squaredvs.

Market

96.1

100.0



-15

-10

-5

0

5




Median


MSCI EAFE VALUE

1 year

372 mng

-10.88%

-12.96%

-9.46%

3 years

348 mng

-2.52%

-0.02%

-1.11%

5 years

308 mng

-4.15%

-2.16%

-4.26%


-40%

-20%

0%

20%

40%

60%

YTD 2010 2009 2008 2007



YTD

-19.38%

MSCI EAFE VALUE -14.07%

2010

13.69%

3.81%

2009

47.46%

35.06%

2008

-46.69%

-43.68%

2007

11.71%

6.49%



Investment Review: Janus Overseas IManager Performance


60

80

100

120

140

160

Janus Overseas IMSCI EAFE GROWTH

-5%

0%

5%

10%






MSCI EUROPE

Europe

-1

0

1

Asia

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 0 1 1 1 10

Fund Ticker: JIGFX Fund Category: Foreign Large GrowthManager Name: Brent Lynn Manager Tenure: 10.75 YearsFund Assets: $1,549.57 million Fund Assets, All Share Classes: $10,320.57 millionProspectus Net Expense Ratio: 0.8%



Janus Overseas I

MSCI EAFE GROWTH

StandardDeviation

28.27

21.45

SharpeRatio

-0.05

-0.16

InformationRatio

vs.Market

0.17

0.00

Betavs.

Market

1.20

1.00

UpCapture

vs.Market

140.3

100.0

DownCapture

vs.Market

113.6

100.0

R-Squaredvs.

Market

82.6

100.0


Janus Overseas I

MSCI EAFE GROWTH

StandardDeviation

30.42

24.12

SharpeRatio

0.03

-0.02

InformationRatio

vs.Market

0.10

0.00

Betavs.

Market

1.15

1.00

UpCapture

vs.Market

134.6

100.0

DownCapture

vs.Market

113.0

100.0

R-Squaredvs.

Market

82.8

100.0


Morningstar Foreign Large Growth

-30

-25

-20

-15

-10

-5

0

5

10




Median

Janus Overseas I

MSCI EAFE GROWTH

1 year

247 mng

-9.71%

-28.44%

-8.49%

3 years

232 mng

0.53%

1.02%

-0.27%

5 years

199 mng

-1.59%

0.32%

-1.81%


-60%

-40%

-20%

0%

20%

40%

60%

80%

YTD 2010 2009 2008 2007


Janus Overseas I

YTD

-32.91%

MSCI EAFE GROWTH -15.16%

2010

19.58%

12.60%

2009

78.32%

29.91%

2008

-52.75%

-42.46%

2007

27.76%

16.84%



Investment Review: Thornburg International Value IManager Performance


60

80

100

120

140

160

Thornburg International Value IMSCI EAFE GROWTH

-2%

0%

2%

4%






MSCI EUROPE

Europe

-1

0

1

Asia

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 1 1 1 1 11

Fund Ticker: TGVIX Fund Category: Foreign Large GrowthManager Name: William Fries Manager Tenure: 13.35 YearsFund Assets: $12,090.77 million Fund Assets, All Share Classes: $27,061.12 millionProspectus Net Expense Ratio: 0.92%




MSCI EAFE GROWTH

StandardDeviation

20.57

21.45

SharpeRatio

-0.04

-0.16

InformationRatio

vs.Market

0.56

0.00

Betavs.

Market

0.94

1.00

UpCapture

vs.Market

98.3

100.0

DownCapture

vs.Market

92.4

100.0

R-Squaredvs.

Market

95.3

100.0



MSCI EAFE GROWTH

StandardDeviation

22.97

24.12

SharpeRatio

0.01

-0.02

InformationRatio

vs.Market

0.20

0.00

Betavs.

Market

0.94

1.00

UpCapture

vs.Market

93.3

100.0

DownCapture

vs.Market

94.6

100.0

R-Squaredvs.

Market

97.5

100.0



-15

-10

-5

0

5




Median


MSCI EAFE GROWTH

1 year

247 mng

-9.71%

-9.77%

-8.49%

3 years

232 mng

0.53%

0.53%

-0.27%

5 years

199 mng

-1.59%

0.80%

-1.81%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007



YTD

-16.38%

MSCI EAFE GROWTH -15.16%

2010

14.15%

12.60%

2009

31.98%

29.91%

2008

-41.65%

-42.46%

2007

28.19%

16.84%



Investment Review: DFA International Small Company IManager Performance


40

60

80

100

120

140

DFA International Small Company IMSCI EAFE SMALL CAP

-2%

0%

2%






MSCI EUROPE

Europe

-1

0

1

Asia

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 1 1 1 1 0 1 1 1 1 11

Fund Ticker: DFISX Fund Category: Foreign Small/Mid ValueManager Name: Karen Umland Manager Tenure: 12.76 YearsFund Assets: $5,399.15 million Fund Assets, All Share Classes: $5,399.15 millionProspectus Net Expense Ratio: 0.56%



DFA International Small Company I

MSCI EAFE SMALL CAP

StandardDeviation

23.69

24.41

SharpeRatio

-0.08

-0.13

InformationRatio

vs.Market

0.40

0.00

Betavs.

Market

0.96

1.00

UpCapture

vs.Market

100.4

100.0

DownCapture

vs.Market

97.6

100.0

R-Squaredvs.

Market

98.6

100.0



MSCI EAFE SMALL CAP

StandardDeviation

27.10

27.36

SharpeRatio

0.18

0.21

InformationRatio

vs.Market

-0.37

0.00

Betavs.

Market

0.99

1.00

UpCapture

vs.Market

98.5

100.0

DownCapture

vs.Market

101.3

100.0

R-Squaredvs.

Market

98.9

100.0


Morningstar Foreign Small/Mid Value

-15

-10

-5

0

5

10



Morningstar Foreign Small/Mid Value

Median


MSCI EAFE SMALL CAP

1 year

64 mng

-7.29%

-6.27%

-5.19%

3 years

63 mng

3.32%

4.95%

5.99%

5 years

44 mng

-1.47%

-0.35%

-1.54%


-40%

-20%

0%

20%

40%

60%

YTD 2010 2009 2008 2007



YTD

-16.36%

MSCI EAFE SMALL CAP -15.22%

2010

23.91%

22.39%

2009

41.96%

47.32%

2008

-43.87%

-46.78%

2007

5.66%

1.79%



Investment Review: Invesco International Small Company IManager Performance


40

60

80

100

120

140

160

Invesco International Small Company IMSCI EAFE SMALL CAP

-5%

0%

5%






MSCI EUROPE

Europe

-1

0

1

Asia

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 1 1 1 1 1 1 1 1 1 12

Fund Ticker: IEGIX Fund Category: Foreign Small/Mid GrowthManager Name: Shuxin (Steve) Cao Manager Tenure: 11.09 YearsFund Assets: $58.7 million Fund Assets, All Share Classes: $466.02 millionProspectus Net Expense Ratio: 1.11%



Invesco International Small Company I

MSCI EAFE SMALL CAP

StandardDeviation

24.79

24.41

SharpeRatio

0.09

-0.13

InformationRatio

vs.Market

0.69

0.00

Betavs.

Market

0.97

1.00

UpCapture

vs.Market

109.6

100.0

DownCapture

vs.Market

93.2

100.0

R-Squaredvs.

Market

90.5

100.0



MSCI EAFE SMALL CAP

StandardDeviation

26.25

27.36

SharpeRatio

0.43

0.21

InformationRatio

vs.Market

0.66

0.00

Betavs.

Market

0.92

1.00

UpCapture

vs.Market

93.4

100.0

DownCapture

vs.Market

84.3

100.0

R-Squaredvs.

Market

91.2

100.0


Morningstar Foreign Small/Mid Growth

-15

-10

-5

0

5

10

15




Median


MSCI EAFE SMALL CAP

1 year

162 mng

-7.41%

0.66%

-5.19%

3 years

156 mng

5.18%

11.36%

5.99%

5 years

140 mng

0.18%

3.74%

-1.54%


-60%

-40%

-20%

0%

20%

40%

60%

80%

YTD 2010 2009 2008 2007



YTD

-9.53%


2010

26.20%

22.39%

2009

66.56%

47.32%

2008

-54.02%

-46.78%

2007

17.85%

1.79%



Investment Review: Oppenheimer International Small Co AManager Performance


40

60

80

100

120

140

160

180

Oppenheimer International Small Co AMSCI EAFE SMALL CAP

-10%

0%

10%



Manager Style Drift = .7336-Month Moving Windows, Computed Monthly



MSCI EUROPE

Europe

-1

0

1

Asia

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 0 1 1 1 1 1 1 0 1 0 1 9

Fund Ticker: OSMAX Fund Category: Foreign Small/Mid GrowthManager Name: Frank Jennings Manager Tenure: 0.59 YearsFund Assets: $488.65 million Fund Assets, All Share Classes: $987.11 millionProspectus Net Expense Ratio: 1.28%



Oppenheimer International Small Co A

MSCI EAFE SMALL CAP

StandardDeviation

34.32

24.41

SharpeRatio

0.06

-0.13

InformationRatio

vs.Market

0.31

0.00

Betavs.

Market

1.25

1.00

UpCapture

vs.Market

166.5

100.0

DownCapture

vs.Market

116.6

100.0

R-Squaredvs.

Market

78.9

100.0



MSCI EAFE SMALL CAP

StandardDeviation

35.06

27.36

SharpeRatio

0.51

0.21

InformationRatio

vs.Market

0.76

0.00

Betavs.

Market

1.15

1.00

UpCapture

vs.Market

140.5

100.0

DownCapture

vs.Market

98.0

100.0

R-Squaredvs.

Market

80.0

100.0



-15

-10

-5

0

5

10

15

20




Median


MSCI EAFE SMALL CAP

1 year

162 mng

-7.41%

-3.67%

-5.19%

3 years

156 mng

5.18%

18.22%

5.99%

5 years

140 mng

0.18%

3.76%

-1.54%


-50%

0%

50%

100%

YTD 2010 2009 2008 2007



YTD

-20.61%


2010

37.19%

22.39%

2009

121.67%

47.32%

2008

-65.97%

-46.78%

2007

21.43%

1.79%



Investment Review: BlackRock Global Allocation Inv AManager Performance


70

80

90

100

110

120

130

140

BlackRock Global Allocation Inv AMorningstar World Allocation

-4%

-2%

0%

2%

4%





MSCI NORTH AMERICA MSCI EUROPE

MSCI PACIFIC ex JAPAN MSCI JAPAN-1

0

1

-1 0 1

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 1 1 1 1 1 1 1 1 1 12

Fund Ticker: MDLOX Fund Category: World AllocationManager Name: Dennis Stattman Manager Tenure: 22.67 YearsFund Assets: $16,433.73 million Fund Assets, All Share Classes: $48,877.9 millionProspectus Net Expense Ratio: 1.17%




Morningstar World Allocation

StandardDeviation

12.45

13.85

SharpeRatio

0.18

-0.04

InformationRatio

vs.Market

0.82

0.00

Betavs.

Market

0.87

1.00

UpCapture

vs.Market

97.7

100.0

DownCapture

vs.Market

84.9

100.0

R-Squaredvs.

Market

94.3

100.0




StandardDeviation

14.32

15.93

SharpeRatio

0.29

0.16

InformationRatio

vs.Market

0.44

0.00

Betavs.

Market

0.88

1.00

UpCapture

vs.Market

95.9

100.0

DownCapture

vs.Market

90.4

100.0

R-Squaredvs.

Market

94.8

100.0



-10

-5

0

5

10




Median



1 year

383 mng

-2.74%

-2.47%

-2.37%

3 years

242 mng

3.00%

4.39%

2.70%

5 years

177 mng

1.87%

3.88%

1.06%


-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007



YTD

-7.80%

Morningstar World Allocation -7.47%

2010

9.85%

10.96%

2009

21.64%

24.20%

2008

-20.56%

-30.26%

2007

16.71%

11.25%



Investment Review: Ivy Asset Strategy AManager Performance


80

100

120

140

160

Ivy Asset Strategy AMorningstar World Allocation

-5%

0%

5%





MSCI NORTH AMERICA MSCI EUROPE

MSCI PACIFIC ex JAPAN MSCI JAPAN-1

0

1

-1 0 1

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 0 0 0 1 1 1 0 1 1 1 1 8

Fund Ticker: WASAX Fund Category: World AllocationManager Name: Michael Avery Manager Tenure: 14.75 YearsFund Assets: $7,441.52 million Fund Assets, All Share Classes: $22,999.96 millionProspectus Net Expense Ratio: 0.99%





StandardDeviation

15.68

13.85

SharpeRatio

0.24

-0.04

InformationRatio

vs.Market

0.46

0.00

Betavs.

Market

0.91

1.00

UpCapture

vs.Market

111.9

100.0

DownCapture

vs.Market

88.6

100.0

R-Squaredvs.

Market

64.7

100.0




StandardDeviation

16.42

15.93

SharpeRatio

0.13

0.16

InformationRatio

vs.Market

-0.05

0.00

Betavs.

Market

0.86

1.00

UpCapture

vs.Market

96.5

100.0

DownCapture

vs.Market

99.0

100.0

R-Squaredvs.

Market

69.8

100.0



-10

-5

0

5

10




Median



1 year

383 mng

-2.74%

-7.29%

-2.37%

3 years

242 mng

3.00%

2.28%

2.70%

5 years

177 mng

1.87%

5.40%

1.06%


-30%

-20%

-10%

0%

10%

20%

30%

40%

YTD 2010 2009 2008 2007



YTD

-13.64%

Morningstar World Allocation -7.47%

2010

9.77%

10.96%

2009

23.81%

24.20%

2008

-25.90%

-30.26%

2007

41.31%

11.25%



Investment Review: PIMCO Short-Term InstlManager Performance


95

100

105

110

115

120

PIMCO Short-Term InstlMorningstar Ultrashort Bond

0%

1%





BofA Merrill Lynch Treasuries 1-10yr BofA Merrill Lynch Treasuries 10+yr

BofA Merrill Lynch Corporates 1-10yr BofA Merrill Lynch Corporates 10+yr

Corp

-1

0

1

Treasury

Int -1 0 1 Long

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 0 0 1 1 1 1 1 1 1 0 1 9

Fund Ticker: PTSHX Fund Category: Ultrashort BondManager Name: Jerome Schneider Manager Tenure: 0.75 YearsFund Assets: $6,230.15 million Fund Assets, All Share Classes: $11,236.1 millionProspectus Net Expense Ratio: 0.45%



PIMCO Short-Term Instl

Morningstar Ultrashort Bond

StandardDeviation

2.28

2.32

SharpeRatio

0.65

-0.34

InformationRatio

vs.Market

1.61

0.00

Betavs.

Market

0.80

1.00

UpCapture

vs.Market

123.1

100.0

DownCapture

vs.Market

33.6

100.0

R-Squaredvs.

Market

66.2

100.0




StandardDeviation

2.65

2.54

SharpeRatio

1.07

0.52

InformationRatio

vs.Market

1.02

0.00

Betavs.

Market

0.87

1.00

UpCapture

vs.Market

109.8

100.0

DownCapture

vs.Market

45.1

100.0

R-Squaredvs.

Market

69.9

100.0



-3

-2

-1

0

1

2

3




Median



1 year

95 mng

0.28%

0.07%

0.26%

3 years

88 mng

1.84%

3.03%

1.52%

5 years

84 mng

2.12%

3.09%

0.83%


-10%

-5%

0%

5%

10%

YTD 2010 2009 2008 2007



YTD

-0.00%

Morningstar Ultrashort Bond 0.02%

2010

1.93%

2.32%

2009

9.44%

7.23%

2008

-1.30%

-8.41%

2007

4.55%

2.36%



Investment Review: Goldman Sachs Short Dur Govt IRManager Performance


100

105

110

115

120

125

Goldman Sachs Short Dur Govt IRBarclays Capital U.S. Treasury: 1-3 Year

-1%

0%

1%



Manager Style Drift = 736-Month Moving Windows, Computed Monthly




Corp

-1

0

1

Treasury

Int -1 0 1 Long

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 0 0 1 1 1 1 1 1 1 1 1 10

Fund Ticker: GTDTX Fund Category: Short GovernmentManager Name: James McCarthy Manager Tenure: 15.76 YearsFund Assets: $41.26 million Fund Assets, All Share Classes: $2,631.9 millionProspectus Net Expense Ratio: 0.59%



Goldman Sachs Short Dur Govt IR

Barclays Capital U.S. Treasury: 1-3 Year

StandardDeviation

1.67

1.68

SharpeRatio

1.81

1.34

InformationRatio

vs.Market

0.85

0.00

Betavs.

Market

0.85

1.00

UpCapture

vs.Market

105.1

100.0

DownCapture

vs.Market

30.7

100.0

R-Squaredvs.

Market

71.8

100.0




StandardDeviation

1.51

1.32

SharpeRatio

2.18

1.70

InformationRatio

vs.Market

1.00

0.00

Betavs.

Market

0.83

1.00

UpCapture

vs.Market

110.8

100.0

DownCapture

vs.Market

14.5

100.0

R-Squaredvs.

Market

52.3

100.0


Morningstar Short Government

0

1

2

3

4

5

6



Morningstar Short Government

Median



1 year

153 mng

1.31%

0.82%

1.20%

3 years

142 mng

3.13%

3.51%

2.44%

5 years

142 mng

3.78%

4.64%

3.86%


0%

1%

2%

3%

4%

5%

6%

7%

8%

YTD 2010 2009 2008 2007



YTD

0.77%

Barclays Capital U.S. Treasury: 1-3 Year 1.36%

2010

2.23%

2.40%

2009

4.08%

0.80%

2008

8.16%

6.67%

2007

7.09%

7.31%



Investment Review: T. Rowe Price Short Term Bond AdvManager Performance


100

105

110

115

120

125

T. Rowe Price Short Term Bond AdvBofA Merrill Lynch Domestic Master, 1-3yr

-2%

-1%

0%

1%







Corp

-1

0

1

Treasury

Int -1 0 1 Long

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 0 0 0 1 0 0 0 1 1 1 1 6

Fund Ticker: PASHX Fund Category: Short-Term BondManager Name: Edward Wiese Manager Tenure: 16.76 YearsFund Assets: $276.42 million Fund Assets, All Share Classes: $5,836.57 millionProspectus Net Expense Ratio: 0.84%



T. Rowe Price Short Term Bond Adv

BofA Merrill Lynch Domestic Master, 1-3yr

StandardDeviation

1.97

1.59

SharpeRatio

1.15

1.91

InformationRatio

vs.Market

-0.57

0.00

Betavs.

Market

0.90

1.00

UpCapture

vs.Market

94.0

100.0

DownCapture

vs.Market

185.7

100.0

R-Squaredvs.

Market

52.8

100.0




StandardDeviation

2.17

1.54

SharpeRatio

1.78

2.67

InformationRatio

vs.Market

-0.15

0.00

Betavs.

Market

0.95

1.00

UpCapture

vs.Market

105.8

100.0

DownCapture

vs.Market

192.5

100.0

R-Squaredvs.

Market

45.1

100.0


Morningstar Short-Term Bond

-1

0

1

2

3

4

5

6

7

8



Morningstar Short-Term Bond

Median



1 year

446 mng

0.90%

0.66%

1.86%

3 years

425 mng

4.38%

4.07%

4.31%

5 years

398 mng

3.71%

3.87%

4.64%


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

YTD 2010 2009 2008 2007



YTD

0.90%

BofA Merrill Lynch Domestic Master, 1-3yr 1.41%

2010

2.84%

4.00%

2009

8.68%

5.07%

2008

0.90%

4.85%

2007

5.18%

6.89%



Investment Review: Dodge & Cox IncomeManager Performance


100

105

110

115

120

125

130

135

140

Dodge & Cox IncomeBarclays Capital U.S. Aggregate

-2%

0%

2%

4%







Corp

-1

0

1

Treasury

Int -1 0 1 Long

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 0 0 1 1 1 0 1 1 1 1 1 9

Fund Ticker: DODIX Fund Category: Intermediate-Term BondManager Name: Dana Emery Manager Tenure: 22.75 YearsFund Assets: $24,133.12 million Fund Assets, All Share Classes: $24,133.12 millionProspectus Net Expense Ratio: 0.43%



Dodge & Cox Income

Barclays Capital U.S. Aggregate

StandardDeviation

4.68

3.62

SharpeRatio

1.03

1.36

InformationRatio

vs.Market

-0.03

0.00

Betavs.

Market

0.88

1.00

UpCapture

vs.Market

93.5

100.0

DownCapture

vs.Market

82.0

100.0

R-Squaredvs.

Market

46.4

100.0


Dodge & Cox Income


StandardDeviation

5.08

4.05

SharpeRatio

1.92

1.92

InformationRatio

vs.Market

0.50

0.00

Betavs.

Market

0.82

1.00

UpCapture

vs.Market

106.8

100.0

DownCapture

vs.Market

53.5

100.0

R-Squaredvs.

Market

42.3

100.0


Morningstar Intermediate-Term Bond

0

2

4

6

8

10

12




Median

Dodge & Cox Income


1 year

1203 mng

3.98%

3.55%

5.26%

3 years

1130 mng

8.51%

9.93%

7.97%

5 years

1057 mng

5.94%

6.42%

6.53%


0%

2%

4%

6%

8%

10%

12%

14%

16%

YTD 2010 2009 2008 2007


Dodge & Cox Income

YTD

3.35%


2010

7.17%

6.54%

2009

16.05%

5.93%

2008

-0.29%

5.24%

2007

4.68%

6.97%



Investment Review: PIMCO Total Return InstlManager Performance


100

110

120

130

140

150

PIMCO Total Return InstlBarclays Capital U.S. Aggregate

-2%

0%

2%







Corp

-1

0

1

Treasury

Int -1 0 1 Long

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 0 0 1 1 1 1 1 1 0 1 1 9

Fund Ticker: PTTRX Fund Category: Intermediate-Term BondManager Name: William Gross Manager Tenure: 24.41 YearsFund Assets: $143,222.63 million Fund Assets, All Share Classes: $242,223.58 millionProspectus Net Expense Ratio: 0.46%



PIMCO Total Return Instl


StandardDeviation

4.35

3.62

SharpeRatio

1.42

1.36

InformationRatio

vs.Market

0.47

0.00

Betavs.

Market

0.93

1.00

UpCapture

vs.Market

112.8

100.0

DownCapture

vs.Market

93.0

100.0

R-Squaredvs.

Market

60.5

100.0




StandardDeviation

4.12

4.05

SharpeRatio

2.34

1.92

InformationRatio

vs.Market

0.61

0.00

Betavs.

Market

0.74

1.00

UpCapture

vs.Market

105.1

100.0

DownCapture

vs.Market

50.7

100.0

R-Squaredvs.

Market

52.4

100.0



0

2

4

6

8

10

12




Median



1 year

1203 mng

3.98%

0.96%

5.26%

3 years

1130 mng

8.51%

9.83%

7.97%

5 years

1057 mng

5.94%

7.81%

6.53%


0%

2%

4%

6%

8%

10%

12%

14%

YTD 2010 2009 2008 2007



YTD

1.90%


2010

8.83%

6.54%

2009

13.83%

5.93%

2008

4.82%

5.24%

2007

9.07%

6.97%



Investment Review: Fidelity Advisor High Income Advantage IManager Performance


60

80

100

120

140

160

Fidelity Advisor High Income Advantage IBofA Merrill Lynch High Yield Master II

-5%

0%

5%



Manager Style Drift = .4936-Month Moving Windows, Computed Monthly


BofA Merrill Lynch High Yield B-ratedBofA Merrill Lynch High Yield BB-rated

BofA Merrill Lynch High Yield C-rated

Low

-1

0

1

High

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 0 0 0 0 0 0 0 1 4

Fund Ticker: FAHCX Fund Category: High Yield BondManager Name: Harley Lank Manager Tenure: 2.04 YearsFund Assets: $464.38 million Fund Assets, All Share Classes: $1,780.48 millionProspectus Net Expense Ratio: 0.78%



Fidelity Advisor High Income Advantage I

BofA Merrill Lynch High Yield Master II

StandardDeviation

19.02

13.84

SharpeRatio

0.19

0.38

InformationRatio

vs.Market

-0.25

0.00

Betavs.

Market

1.33

1.00

UpCapture

vs.Market

127.0

100.0

DownCapture

vs.Market

132.6

100.0

R-Squaredvs.

Market

93.3

100.0




StandardDeviation

22.26

16.35

SharpeRatio

0.50

0.82

InformationRatio

vs.Market

-0.30

0.00

Betavs.

Market

1.32

1.00

UpCapture

vs.Market

119.1

100.0

DownCapture

vs.Market

131.6

100.0

R-Squaredvs.

Market

93.5

100.0


Morningstar High Yield Bond

-2

0

2

4

6

8

10

12

14




Median



1 year

587 mng

0.96%

0.52%

1.32%

3 years

555 mng

10.36%

11.40%

13.68%

5 years

527 mng

5.29%

5.23%

6.93%


-40%

-20%

0%

20%

40%

60%

80%

YTD 2010 2009 2008 2007



YTD

-5.89%

BofA Merrill Lynch High Yield Master II -1.69%

2010

18.18%

15.19%

2009

69.98%

57.51%

2008

-38.85%

-26.39%

2007

2.43%

2.19%



Investment Review: Neuberger Berman High Inc Bond InvManager Performance


70

80

90

100

110

120

130

140

150

160

Neuberger Berman High Inc Bond InvBof A Merrill Ly nch High Yield Master II

-2%

0%

2%

4%





BofA Merrill Lynch High Yield B-ratedBofA Merrill Lynch High Yield BB-rated

BofA Merrill Lynch High Yield C-rated

Low

-1

0

1

High

. -1 0 1 .

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 0 1 1 1 1 10

Fund Ticker: NHINX Fund Category: High Yield BondManager Name: Thomas O'Reilly Manager Tenure: 5.99 YearsFund Assets: $291.61 million Fund Assets, All Share Classes: $1,454.87 millionProspectus Net Expense Ratio: 0.96%



Neuberger Berman High Inc Bond Inv


StandardDeviation

11.96

13.84

SharpeRatio

0.49

0.38

InformationRatio

vs.Market

0.20

0.00

Betavs.

Market

0.85

1.00

UpCapture

vs.Market

92.7

100.0

DownCapture

vs.Market

88.7

100.0

R-Squaredvs.

Market

96.8

100.0




StandardDeviation

14.19

16.35

SharpeRatio

0.94

0.82

InformationRatio

vs.Market

-0.04

0.00

Betavs.

Market

0.85

1.00

UpCapture

vs.Market

91.8

100.0

DownCapture

vs.Market

89.8

100.0

R-Squaredvs.

Market

97.0

100.0



-2

0

2

4

6

8

10

12

14




Median



1 year

587 mng

0.96%

0.04%

1.32%

3 years

555 mng

10.36%

13.55%

13.68%

5 years

527 mng

5.29%

7.54%

6.93%


-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

YTD 2010 2009 2008 2007



YTD

-3.05%

BofA Merrill Lynch High Yield Master II -1.69%

2010

14.63%

15.19%

2009

51.58%

57.51%

2008

-19.09%

-26.39%

2007

1.61%

2.19%



Investment Review: Templeton Global Bond AManager Performance


100

110

120

130

140

150

160

170

180

Templeton Global Bond AMorningstar World Bond

-5%

0%

5%





Citigroup European Government Bond Index Citigroup Japanese Government Bond Index

Citigroup European Government Bond Index, currency-hedgedCitigroup Japanese Government Bond Index, currency-hedged

Hedged

-1

0

1

Unhedged

Europe -1 0 1 Japan

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 0 0 1 1 1 1 1 1 1 1 1 10

Fund Ticker: TPINX Fund Category: World BondManager Name: Michael Hasenstab Manager Tenure: 10.75 YearsFund Assets: $24,063.12 million Fund Assets, All Share Classes: $58,093.64 millionProspectus Net Expense Ratio: 0.92%




Morningstar World Bond

StandardDeviation

8.79

7.01

SharpeRatio

0.94

0.61

InformationRatio

vs.Market

0.62

0.00

Betavs.

Market

0.88

1.00

UpCapture

vs.Market

117.0

100.0

DownCapture

vs.Market

76.5

100.0

R-Squaredvs.

Market

49.3

100.0




StandardDeviation

10.14

8.07

SharpeRatio

1.02

0.95

InformationRatio

vs.Market

0.37

0.00

Betavs.

Market

0.89

1.00

UpCapture

vs.Market

112.9

100.0

DownCapture

vs.Market

91.4

100.0

R-Squaredvs.

Market

50.4

100.0



-4

-2

0

2

4

6

8

10

12

14




Median



1 year

307 mng

1.67%

-2.34%

1.29%

3 years

272 mng

7.61%

10.50%

7.84%

5 years

217 mng

6.16%

9.84%

5.91%


-5%

0%

5%

10%

15%

20%

YTD 2010 2009 2008 2007



YTD

-3.50%

Morningstar World Bond 2.58%

2010

12.68%

6.80%

2009

18.86%

13.59%

2008

6.28%

-2.21%

2007

10.86%

7.34%



Investment Review: American Century Infl-Adj Bond InvManager Performance


100

110

120

130

140

American Century Infl-Adj Bond InvBarclays Capital U.S. Treasury: U.S. TIPS

-1%

0%

1%







Corp

-1

0

1

Treasury

Int -1 0 1 Long

StyleDrift

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 1 1 0 0 0 1 1 1 1 9

Fund Ticker: ACITX Fund Category: Inflation-Protected BondManager Name: Robert Gahagan Manager Tenure: 9.84 YearsFund Assets: $2,943.25 million Fund Assets, All Share Classes: $4,378.94 millionProspectus Net Expense Ratio: 0.48%



American Century Infl-Adj Bond Inv

Barclays Capital U.S. Treasury: U.S. TIPS

StandardDeviation

7.31

7.52

SharpeRatio

0.71

0.73

InformationRatio

vs.Market

-0.22

0.00

Betavs.

Market

0.96

1.00

UpCapture

vs.Market

95.6

100.0

DownCapture

vs.Market

96.1

100.0

R-Squaredvs.

Market

97.2

100.0




StandardDeviation

7.93

8.37

SharpeRatio

0.97

0.95

InformationRatio

vs.Market

-0.14

0.00

Betavs.

Market

0.93

1.00

UpCapture

vs.Market

93.3

100.0

DownCapture

vs.Market

90.6

100.0

R-Squaredvs.

Market

96.8

100.0


Morningstar Inflation Protected Bond

0

2

4

6

8

10



Morningstar Inflation Protected Bond

Median



1 year

195 mng

8.10%

9.00%

9.87%

3 years

170 mng

7.40%

7.91%

8.13%

5 years

156 mng

6.32%

6.82%

7.10%


-2%

0%

2%

4%

6%

8%

10%

12%

YTD 2010 2009 2008 2007



YTD

10.18%

Barclays Capital U.S. Treasury: U.S. TIPS 10.59%

2010

5.49%

6.31%

2009

10.58%

11.41%

2008

-1.01%

-2.35%

2007

10.95%

11.63%



Investment Review: T. Rowe Price Retirement 2010 AdvManager Performance


70

80

90

100

110

120

130

T. Rowe Price Retirement 2010 AdvMorningstar Target Date 2000-2010

-2%

-1%

0%

1%

2%



Manager Risk/ReturnSingle Computation


Ret

urn

0%

0.5%

1%

1.5%

2%

2.5%

Standard Deviation0% 2% 4% 6% 8% 10% 12% 14%

Risk &Returnvs.Index

5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 0 0 1 1 9

Fund Ticker: PARAX Fund Category: Target Date 2000-2010Manager Name: Jerome Clark Manager Tenure: 9.01 YearsFund Assets: $746.53 million Fund Assets, All Share Classes: $5,427.44 millionProspectus Net Expense Ratio: 0.86% Prospectus Gross Expense Ratio: 0.86%Review Period: October 2006 - September 2011



Morningstar Target Date 2000-2010

StandardDeviation

12.95

10.62

SharpeRatio

0.04

0.04

InformationRatiovs.

Market

0.04

0.00

Betavs.

Market

1.21

1.00

UpCapture

vs.Market

127.5

100.0

DownCapture

vs.Market

121.7

100.0

R-Squaredvs.

Market

98.4

100.0




StandardDeviation

14.96

12.47

SharpeRatio

0.31

0.35

InformationRatiovs.

Market

0.10

0.00

Betavs.

Market

1.19

1.00

UpCapture

vs.Market

124.8

100.0

DownCapture

vs.Market

119.9

100.0

R-Squaredvs.

Market

98.9

100.0



-1

0

1

2

3

4

5

6

7




Median



1 year

168 mng

0.71%

-0.19%

0.37%

3 years

155 mng

4.47%

4.88%

4.60%

5 years

103 mng

1.94%

2.15%

2.04%


-30%

-20%

-10%

0%

10%

20%

30%

YTD 2010 2009 2008 2007



YTD

-5.63%

Morningstar Target Date 2000-2010 -3.54%

2010

12.46%

10.55%

2009

27.60%

22.05%

2008

-26.88%

-22.46%

2007

6.42%

5.38%





70

80

90

100

110

120

130


-2%

0%

2%





Ret

urn

0%

0.2%

0.4%

0.6%

0.8%

1%

1.2%

1.4%

1.6%

1.8%

Standard Deviation0% 2% 4% 6% 8% 10% 12% 14% 16% 18%


5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 0 0 1 1 9

Fund Ticker: PARBX Fund Category: Target Date 2016-2020Manager Name: Jerome Clark Manager Tenure: 9.01 YearsFund Assets: $1,823.07 million Fund Assets, All Share Classes: $12,979.65 millionProspectus Net Expense Ratio: 0.94% Prospectus Gross Expense Ratio: 0.94%Review Period: October 2006 - September 2011




StandardDeviation

16.25

13.73

SharpeRatio

-0.03

-0.06

InformationRatiovs.

Market

0.08

0.00

Betavs.

Market

1.18

1.00

UpCapture

vs.Market

122.7

100.0

DownCapture

vs.Market

114.2

100.0

R-Squaredvs.

Market

98.8

100.0




StandardDeviation

18.77

15.70

SharpeRatio

0.21

0.21

InformationRatiovs.

Market

0.20

0.00

Betavs.

Market

1.19

1.00

UpCapture

vs.Market

127.4

100.0

DownCapture

vs.Market

116.3

100.0

R-Squaredvs.

Market

98.9

100.0



-2

0

2

4

6




Median



1 year

206 mng

-0.52%

-1.31%

-0.41%

3 years

189 mng

3.37%

4.21%

3.48%

5 years

111 mng

0.68%

1.11%

0.86%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

YTD 2010 2009 2008 2007



YTD

-8.44%


2010

14.46%

12.45%

2009

33.77%

24.18%

2008

-33.62%

-29.57%

2007

6.52%

6.28%





60

70

80

90

100

110

120


-1%

0%

1%

2%





Ret

urn

-0.5%

0%

0.5%

1%

1.5%

2%

Standard Deviation0% 5% 10% 15% 20%


5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 1 1 1 1 11

Fund Ticker: PARCX Fund Category: Target Date 2026-2030Manager Name: Jerome Clark Manager Tenure: 9.01 YearsFund Assets: $1,527.47 million Fund Assets, All Share Classes: $10,444.6 millionProspectus Net Expense Ratio: 0.99% Prospectus Gross Expense Ratio: 0.99%Review Period: October 2006 - September 2011




StandardDeviation

18.60

16.83

SharpeRatio

-0.08

-0.12

InformationRatiovs.

Market

0.25

0.00

Betavs.

Market

1.10

1.00

UpCapture

vs.Market

113.1

100.0

DownCapture

vs.Market

105.7

100.0

R-Squaredvs.

Market

99.1

100.0




StandardDeviation

21.51

19.32

SharpeRatio

0.15

0.10

InformationRatiovs.

Market

0.47

0.00

Betavs.

Market

1.11

1.00

UpCapture

vs.Market

117.7

100.0

DownCapture

vs.Market

106.8

100.0

R-Squaredvs.

Market

99.2

100.0



-6

-4

-2

0

2

4

6




Median



1 year

206 mng

-2.17%

-2.47%

-2.05%

3 years

189 mng

2.02%

3.39%

2.06%

5 years

111 mng

-0.93%

0.17%

-0.45%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

YTD 2010 2009 2008 2007



YTD

-10.77%


2010

15.77%

13.42%

2009

37.74%

28.65%

2008

-38.01%

-35.69%

2007

6.58%

6.77%





60

70

80

90

100

110

120


-1%

0%

1%





Ret

urn

-1.5%

-1%

-0.5%

0%

0.5%

1%

1.5%

2%



5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 1 1 1 1 1 1 1 1 1 1 12

Fund Ticker: PARDX Fund Category: Target Date 2036-2040Manager Name: Jerome Clark Manager Tenure: 9.01 YearsFund Assets: $1,070.64 million Fund Assets, All Share Classes: $6,832.83 millionProspectus Net Expense Ratio: 1.01% Prospectus Gross Expense Ratio: 1.01%Review Period: October 2006 - September 2011




StandardDeviation

19.27

18.39

SharpeRatio

-0.09

-0.14

InformationRatiovs.

Market

0.44

0.00

Betavs.

Market

1.04

1.00

UpCapture

vs.Market

106.0

100.0

DownCapture

vs.Market

100.9

100.0

R-Squaredvs.

Market

99.2

100.0




StandardDeviation

22.35

21.22

SharpeRatio

0.13

0.06

InformationRatiovs.

Market

0.74

0.00

Betavs.

Market

1.05

1.00

UpCapture

vs.Market

109.8

100.0

DownCapture

vs.Market

101.7

100.0

R-Squaredvs.

Market

99.3

100.0



-6

-4

-2

0

2

4

6




Median



1 year

203 mng

-3.30%

-3.03%

-3.03%

3 years

183 mng

1.25%

3.05%

1.47%

5 years

101 mng

-1.64%

-0.17%

-1.02%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

YTD 2010 2009 2008 2007



YTD

-11.79%


2010

16.13%

14.28%

2009

38.79%

30.66%

2008

-39.02%

-37.91%

2007

6.53%

6.60%




Single ComputationJanuary 2007 - September 2011

50

60

70

80

90

100

110

120

T. Rowe Price Retirement 2050 AdvMorningstar Target Date 2050+

-1%

0%

1%

Dec 2006 Jun 2007 Dec 2007 Jun 2008 Dec 2008 Jun 2009 Dec 2009 Jun 2010 Dec 2010 Sep 2011



January 2007 - September 2011

Ret

urn

-3%

-2%

-1%

0%

1%

2%



5-YearR-sqd.> 80%*




5-YearUp >DownRatio*

5-YearInfo.Ratio> 0*

3-YearInfo.Ratio> 0

5-YearBeta*

3-YearBeta

Mgr.Tenure


TOTALSCORE

0 1 1 1 0 1 1 1 1 1 1 1 10

Fund Ticker: PARFX Fund Category: Target Date 2050+Manager Name: Jerome Clark Manager Tenure: 4.76 YearsFund Assets: $201.56 million Fund Assets, All Share Classes: $1,301.78 millionProspectus Net Expense Ratio: 1.01% Prospectus Gross Expense Ratio: 1.01%Review Period: January 2007 - September 2011

* Five years, or longest timeframe if track record is less than five years

5-Year Portfolio Statistics Table*January 2007 - September 2011: Summary Statistics


Morningstar Target Date 2050+

StandardDeviation

19.74

19.34

SharpeRatio

-0.16

-0.21

InformationRatiovs.

Market

0.58

0.00

Betavs.

Market

1.02

1.00

UpCapture

vs.Market

102.7

100.0

DownCapture

vs.Market

98.6

100.0

R-Squaredvs.

Market

99.2

100.0




StandardDeviation

22.41

21.90

SharpeRatio

0.13

0.05

InformationRatiovs.

Market

0.94

0.00

Betavs.

Market

1.02

1.00

UpCapture

vs.Market

105.6

100.0

DownCapture

vs.Market

99.1

100.0

R-Squaredvs.

Market

99.4

100.0



-8

-6

-4

-2

0

2

4

6

1 year 3 years



Median



1 year

220 mng

-3.85%

-2.93%

-3.69%

3 years

154 mng

0.81%

3.06%

1.32%


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

YTD 2010 2009 2008 2007



YTD

-11.74%

Morningstar Target Date 2050+ -11.56%

2010

16.09%

14.43%

2009

38.72%

31.87%

2008

-39.03%

-38.81%

2007

6.62%

7.59%



Investment Review: T. Rowe Price Retirement Income AdvManager Performance


80

90

100

110

120

130

T. Rowe Price Retirement Income AdvMorningstar Retirement Income

-1%

0%

1%





Ret

urn

0%

0.5%

1%

1.5%

2%

2.5%

3%

Standard Deviation0% 2% 4% 6% 8% 10%


5-YearR-sqd.> 80%




5-YearUp >DownRatio

5-YearInfo.Ratio> 0

3-YearInfo.Ratio> 0

5-YearBeta

3-YearBeta

Mgr.Tenure


TOTALSCORE

1 1 0 1 1 1 1 1 1 1 1 1 11

Fund Ticker: PARIX Fund Category: Retirement IncomeManager Name: Jerome Clark Manager Tenure: 9.01 YearsFund Assets: $258.72 million Fund Assets, All Share Classes: $2,389.77 millionProspectus Net Expense Ratio: 0.81% Prospectus Gross Expense Ratio: 0.81%Review Period: October 2006 - September 2011



Morningstar Retirement Income

StandardDeviation

9.42

8.58

SharpeRatio

0.14

0.07

InformationRatiovs.

Market

0.36

0.00

Betavs.

Market

1.08

1.00

UpCapture

vs.Market

119.9

100.0

DownCapture

vs.Market

112.7

100.0

R-Squaredvs.

Market

96.2

100.0




StandardDeviation

11.05

10.16

SharpeRatio

0.44

0.42

InformationRatiovs.

Market

0.24

0.00

Betavs.

Market

1.07

1.00

UpCapture

vs.Market

117.2

100.0

DownCapture

vs.Market

113.7

100.0

R-Squaredvs.

Market

96.2

100.0



-2

0

2

4

6

8




Median



1 year

263 mng

0.92%

0.35%

-0.23%

3 years

235 mng

4.51%

5.02%

4.48%

5 years

94 mng

2.91%

2.95%

2.24%


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

YTD 2010 2009 2008 2007



YTD

-3.68%

Morningstar Retirement Income -2.44%

2010

9.82%

8.72%

2009

21.86%

19.08%

2008

-18.58%

-17.86%

2007

5.84%

4.50%



15.




Additional Disclosures

EXECUTIVE SUMMARY DISCLOSURE INFORMATION The Executive Summary indicates how many criteria a fund has met out of the total number of criteria selected and provides an overview of which funds have or have not met criteria based on the Investment Criteria Rating selected. The first column indicates each fund’s Morningstar category. The second column indicates Fund name and class. The third column “Score” indicates the number of criteria a fund met. For example, “5 of 6” means six criteria were selected on the Plan Entry Form and the fund met five of those criteria. The fourth column “Status” indicates whether a fund has met the number of criteria selected on the Investment Criteria Rating section of the Plan Entry Form. For example, if eight different criteria were selected and “5” was selected under Investment Criteria Rating, a fund that meets only four or fewer of the eight criteria will display “Does Not Meet”, while a fund that meets five or more criteria will display “Meets Criteria”. Note that the criteria are not weighted in any way and are neither ranked nor displayed in order of importance. It is recommended that at least five criteria be selected on the Plan Entry Form from various categories. Note: if data is not available for a criteria chosen, it will count as a "Criteria not met" for the criteria in question. For example, if one of ten criteria selected is "10 year performance > 75% peers", and a fund met all other nine criteria but has existed for only five years, the report will indicate that the fund met 9 out of 10 criteria. PORTFOLIO STYLE REPORT DISCLOSURE INFORMATION The Portfolio Style Report utilizes the Morningstar Style Box to indicate where each fund selected by the Plan Sponsor falls within Morningstar’s style investment categories as of the date of the report. Style classification may change overtime and is updated by Morningstar quarterly. The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond’s duration (short, intermediate or long). Morningstar reevaluates a fund’s style-box location biannually. The location of a fund in the Portfolio Style Report Stylebox reflects Morningstar's most recent fund-style determination as of the Report’s date, which is based on the fund’s holdings as of Morningstar’s latest reevaluation. However, Morningstar’s allocation of a fund into a Morningstar Category (utilized in other parts of the report to identify a fund’s category as “large value”, “small blend” etc.) is based on a fund’s holdings over a three-year period and may therefore differ from a fund’s style-box location. Funds whose style-box and Morningstar category determinations differ are marked by an asterisk. FUND CRITERIA REPORT DISCLOSURE INFORMATION The Fund Criteria Report page(s) display information based on the criteria selected. Each fund’s Morningstar category, ticket symbol, name/class and Morningstar benchmark information are indicated. The Investment Policy Criteria section displays fund and benchmark data based on the criteria selected on the Plan Entry Form. The header indicates the criteria selected; the color legend indicates whether the number of criteria selected under the Investment Criteria Rating section of the Plan Entry Form has been met; and any listed data indicates the values for the given criteria and fund/index. (If it is desired to view funds already in the Plan as well as Proposed funds not currently in the plan within the same report, the ticker symbol and other information regarding the proposed fund is highlighted as indicated by the color legend.) If selected and applicable, the following values may be displayed: Manager Tenure: tenure of the fund’s current portfolio manager in years. Track Record: number of years the fund has been in existence. Assets: assets invested in the fund as of the date indicated respectively on the Fund Fact Report. 1, 3, 5, and 10 year performance: the performance of the fund at NAV for the given time-periods as of the most recent quarter-end. Extended Performance information may apply; see Overview and Fund Fact Report Disclosure Information for further detail. Risk Adjusted Returns: Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk. Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta). Alpha is often seen as a measure of the value added or subtracted by a portfolio manager. R-squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant. Volatility: Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Standard deviation is a statistical measure of the volatility of the fund's returns. Expenses: The fund’s net expense ratio, displayed in this section, reflects the actual expenses that have been paid by the fund and reflects any voluntary waivers, reductions from brokerage service arrangements and any other expense offset arrangements. For the fund’s gross expense ratio, please consult the Fund Fact Reports or each fund’s prospectus. Morningstar: the Overall Morningstar rating of the fund as of the most recent Morningstar data available. See the Fund Facts Report and the Fund Facts Report Disclosure Information for other rating periods and important related information.

81 of 91





FUND FACT REPORT DISCLOSURE INFORMATION The analysis in this report may be based, in part, on adjusted historical returns for periods prior to each class's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. When pre-inception data are presented in the report, the fund is footnoted. While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Current # of Funds in Category indicates the total number of funds in the respective Morningstar category per the stated “as of date.” of the Morningstar data. The “as of date“is stated on each page of the report. Overall Criteria: indicates whether a fund has met the number of criteria selected by the Plan Sponsor on the Investment Criteria Rating section of the Plan Entry Form. For example, if a Plan Sponsor selected eight criteria and selected “5” under Investment Criteria Rating, a fund that meets only four or fewer of the eight criteria will display “Does Not Meet” while a fund the meets five or more criteria will display “Meets Criteria”. Note that the criteria are not weighted in any way and are neither ranked nor displayed in order of importance. Performance (including Morningstar Rating): The performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor's shares when redeemed may be worth more or less than the original investment. Fund portfolio statistics change over time. The funds are not FDIC-insured, may lose value and are not guaranteed by a bank or other financial institution. Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the performance quoted would be lower. Note: some funds may incur short-term trading fees if liquidated within a predetermined number of days after purchase. Returns in this report do not reflect the effect of potential short-term trading fees. Please see each fund's prospectus for further detail The Morningstar Rating is calculated for funds with at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. Please note that some Morningstar proprietary calculations, including the Morningstar Rating, may be calculated based on adjusted historical returns (pre-inception returns). If the extended performance rating is in effect, the fund ticker symbol is footnoted. Risk: Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk. Standard Deviation is a statistical measure of the volatility of the fund's returns. Mean represents the annualized geometric return for the period shown. Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta). Alpha is often seen as a measure of the value added or subtracted by a portfolio manager. Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. R-Squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant. Sales Charges: indicate maximum sales charges applicable for a fund. Sales charges are typically waived for most retirement plans. Expenses : An expense ratio represents the annual percentage of a fund's assets paid out in expenses. Expenses typically include management, 12b-1, transfer agent and all other fees associated with the fund's daily operations and distribution. A gross expense ratio does not reflect expenses that have been reimbursed by the investment adviser, reductions from brokerage service arrangements or other expense offset arrangements. A net expense ratio reflects the actual expenses that have been paid by the fund and reflects any voluntary waivers, reductions from brokerage service arrangements and any other expense offset arrangements. Fund Basics: Track Record indicates number of years the fund has been in existence. Turnover Ratio is a decent proxy for how frequently a manager trades his or her portfolio. The inverse of a fund's turnover ratio is the average holding period for a security in the fund. As turnover increases, a fund's brokerage costs typically rise as well. Total Net Assets indicates the assets of the fund as of the date indicated.

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FUND FACT REPORT DISCLOSURE INFORMATION (continued) Price/Earnings ratio is a weighted average of the price/earnings ratios of the stocks in the underlying fund's portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12-months' earnings per share. In computing the average, Morningstar weights each portfolio holding by the percentage of equity assets it represents. Fixed Income Basics: Average Effective Duration: Duration is a time measure of a bond's interest rate sensitivity. Average Effective Duration is a weighted average of the Duration of the underlying fixed income securities within the portfolio. Average Effective Maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each maturity date by the market value of the security. Average Credit Quality is calculated by taking the weighted average of the credit rating for each bond in the portfolio. Average Weighted Coupon is generated from the fund's portfolio by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid out on a fixed-income security on an annual basis. Average Weighted Price is generated from the fund's portfolio by weighting the price of each bond by its relative size in the portfolio. This number reveals if the fund favors bonds selling at prices above or below face value (premium or discount securities, respectively). A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value. Equity Style and Fixed Income Style Boxes: The Style Boxes indicate percentage breakdown for where a fund’s holdings fall within the Morningstar Style Box. Rolling Quarter Return Analysis : The graph indicates quarterly returns for the fund, its benchmark and mean performance of its peer group as of the periods indicated based on Total Return (see defined above). Calendar Year Quartile Rankings: Shaded boxes indicate the quartiles in which the fund ranked for the calendar years indicated based on the fund’s one-year Total Return. Numeric values indicate the performance of the fund; of the median fund in the peer group for the respective quartiles; or of the fund’s Morningstar benchmark, respectively, at Net Asset Value (NAV). # of Funds indicates the total number of funds in the category for each time period. Fund Risk/Return: Return is based on Total Return. INVESTMENT RISK International Funds/Emerging Market Funds: The investor should note that funds that invest in international securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks. Sector Funds: The investor should note that funds that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks. Non-Diversified Funds: The investor should note that funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments. Small-Cap Funds: The investor should note that funds that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility that the overall market average. Mid Cap Funds: The investor should note that funds that invest in companies with market capitalization below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies. High-Yield Bond Funds: The investor should note that funds that invest in lower-rated debt securities (commonly referred as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default. Tax-Free Municipal Bond Funds: The investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax. See following page(s) for index definitions.

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BarCap US Aggregate Bond is a market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $150 million or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. BarCap Intermediate Government Bond is a market value-weighted index of U.S. Treasury and agency bonds with maturities from one to (but not including) ten years. BarCap Global Aggregate provides a broad-based measure of the global investment-grade fixed-rate debt markets. It contains 3 major components: U.S. Aggregate Index, Pan-European Aggregate Index, and the Asian-Pacific Aggregate Index. It includes a wide range of standard and customized sub indices by liquidity constraint, sector, quality, and maturity. BarCap Long Term Government Bond is the Long component of the Lehman Brothers US Government index. It consists of securities in the long maturity range of the U.S. Government Index. Securities must have a maturity of 10 years or more. BarCap Long Term Treasury Bond is the 20+ Year component of the Lehman Brothers US Treasury index. It consists of securities in the Treasury Index (i.e. public obligations of the U.S. Treasury) with a maturity of 20 years or more. BarCap 1-3 Year Government is the 1-3 Yr. component of the Lehman Brothers US Government index. It consists of securities in the U.S. Government Index with a maturity from 1 up to (but not including) 3 years. Citigroup 1 year Treasury Index is an unmanaged index generally representative of the average yield on 1-Year U.S. Treasury bills. Credit Suisse High Yield Index measures the performance of the investable universe of the high yield bond public debt market. All bonds are U.S. dollar denominated and rated Split BBB and below with par amounts greater than $75 Million. MSCI ACWI (All Country World Index) IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. MSCI EAFE® Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. MSCI Emerging Markets IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in global emerging markets. As of May 2005 the Index consisted of 26 emerging market country indices. MSCI Europe IndexSM is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. MSCI Pacific IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the Pacific region. As of May 2005, the MSCI Pacific Index consisted of the following 5 Developed Market countries: Australia, Hong Kong, Japan, New Zealand, and Singapore.

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MSCI Small Cap IndexSM is a refinement of the EAFE index, targeting 40% of the eligible Small Cap universe within each industry group, within each country. MSCI defines the Small Cap universe as all listed securities that have a market capitalization in the range of USD200-1,500 million. Russell 3000E™ Index measures performance of the Russell 3000 Index extended to include securities of the Russell Microcap Index. It represents ~99% of the U.S. Equity Market. Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of the latest reconstitution, the average market capitalization was approximately $664.9 M; the median market capitalization was approximately $539.5 M. The largest company in the index had an approximate market capitalization of $1.8 B. Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. (Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000 Index). Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. As of the latest reconstitution, the average market capitalization was approximately $4.7 billion; the median market capitalization was approximately $3.6 billion. The largest company in the index had an approximate market capitalization of $13.7 B. Russell Midcap® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value index. Russell Midcap® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index. Standard & Poor’s 500® consists of 500 US stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value. Notes: For MSCI Indexes, MCSI = Morgan Stanley Capital Index, ND=net of dividends, TR=total returns All Russell U.S. Equity Indexes are subsets of the Russell 3000E™ Index. Definitions: Benchmark: A standard against which the performance of a mutual fund can be measured. Index: an imaginary portfolio of securities representing a particular market or a portion of it. Each index has its own calculation methodology and is usually expressed in terms of a change from a base value.

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The analysis in this report may be based, in part, on adjusted historical returns for periods prior to a class's actual inception. These calculated returns reflect the historical performance of the oldestshare class of the fund, adjusted to reflect the fees and expenses of this share class. When pre-inception data are presented for a fund in the report, the fund is listed below and will be footnoted toindicate this throughout the report. While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should beaware that an adjusted historical return can only provide an approximation of that behavior. These adjusted historical returns are not actual returns. Calculation methodologies utilized byMorningstar may differ from those applied by other entities, including the fund itself.* Oldest Share Class: GSMCX - Goldman Sachs Mid Cap Value Instl Extended Fund: GCMTX - Goldman Sachs Mid Cap Value IR - Inception Date: 11/30/2007 Oldest Share Class: DMCVX - Dreyfus Opportunistic Midcap Value A Extended Fund: DVLIX - Dreyfus Opportunistic Midcap Value I - Inception Date: 5/30/2008 Oldest Share Class: HLGEX - JPMorgan Mid Cap Growth Sel Extended Fund: OSGIX - JPMorgan Mid Cap Growth A - Inception Date: 2/18/1992 Oldest Share Class: GSSMX - Goldman Sachs Small Cap Value A Extended Fund: GSQTX - Goldman Sachs Small Cap Value IR - Inception Date: 11/30/2007 Oldest Share Class: LAGWX - Lord Abbett Developing Growth A Extended Fund: LADYX - Lord Abbett Developing Growth I - Inception Date: 12/30/1997 Oldest Share Class: JANBX - Janus Balanced D Extended Fund: JABRX - Janus Balanced S - Inception Date: 7/6/2009 Oldest Share Class: PRWCX - T. Rowe Price Capital Appreciation Extended Fund: PACLX - T. Rowe Price Capital Appreciation Adv - Inception Date: 12/31/2004 Oldest Share Class: JNOSX - Janus Overseas D Extended Fund: JIGFX - Janus Overseas I - Inception Date: 7/6/2009

Extended Fund Performance Disclosure Statement

*"The Morningstar Approach to Extended Performance" by © 2003 Morningstar, Inc.

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Oldest Share Class: TGVAX - Thornburg International Value A Extended Fund: TGVIX - Thornburg International Value I - Inception Date: 3/30/2001 Oldest Share Class: IEGAX - Invesco International Small Company A Extended Fund: IEGIX - Invesco International Small Company I - Inception Date: 10/25/2005 Oldest Share Class: MBLOX - BlackRock Global Allocation Inv B Extended Fund: MDLOX - BlackRock Global Allocation Inv A - Inception Date: 10/21/1994 Oldest Share Class: WASCX - Ivy Asset Strategy C Extended Fund: WASAX - Ivy Asset Strategy A - Inception Date: 7/10/2000 Oldest Share Class: GSTGX - Goldman Sachs Short Dur Govt Instl Extended Fund: GTDTX - Goldman Sachs Short Dur Govt IR - Inception Date: 11/30/2007 Oldest Share Class: PRWBX - T. Rowe Price Short-Term Bond Extended Fund: PASHX - T. Rowe Price Short Term Bond Adv - Inception Date: 12/31/2004 Oldest Share Class: FAHDX - Fidelity Advisor High Income Advantage A Extended Fund: FAHCX - Fidelity Advisor High Income Advantage I - Inception Date: 7/3/1995 Oldest Share Class: TRRAX - T. Rowe Price Retirement 2010 Extended Fund: PARAX - T. Rowe Price Retirement 2010 Adv - Inception Date: 10/31/2003 Oldest Share Class: TRRBX - T. Rowe Price Retirement 2020 Extended Fund: PARBX - T. Rowe Price Retirement 2020 Adv - Inception Date: 10/31/2003



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Oldest Share Class: TRRCX - T. Rowe Price Retirement 2030 Extended Fund: PARCX - T. Rowe Price Retirement 2030 Adv - Inception Date: 10/31/2003 Oldest Share Class: TRRDX - T. Rowe Price Retirement 2040 Extended Fund: PARDX - T. Rowe Price Retirement 2040 Adv - Inception Date: 10/31/2003 Oldest Share Class: TRRIX - T. Rowe Price Retirement Income Extended Fund: PARIX - T. Rowe Price Retirement Income Adv - Inception Date: 10/31/2003



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LRLCX - Lord Abbett Classic Stock AContractual waiver: 0.32 for ExpenseRatio expires on 3/31/2012; Disclosure: For the period from April 1, 2011 through March 31, 2012, Lord Abbett has contractually agreed to waive all or aportion of its management fee and, if necessary, reimburse the Fund's other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees,do not exceed an annual rate of 0.63%. This agreement may be terminated only upon the approval of the Fund's Board of Directors.

OSGIX - JPMorgan Mid Cap Growth AContractual waiver: 0.18 for ExpenseRatio expires on 11/1/2011; Disclosure: The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive feesand/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest,taxes and extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.24% of their average daily net assets. This contract cannot be terminatedprior to 11/1/11 at which time the Service Providers will determine whether or not to renew or revise it.

GSQTX - Goldman Sachs Small Cap Value IRContractual waiver: 0.04 for ExpenseRatio expires on 12/29/2011; Contractual ManagementFee ratio cap: 0.96 expires on 12/29/2011; Disclosure: Effective July 1, 2011, the InvestmentAdviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.96% as an annual percentage rate of the average daily net assets of theFund. This arrangement will remain in effect through at least December 29, 2011, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of theBoard of Trustees.

SCMVX - Schneider Small Cap ValueContractual waiver: 0.28 for ExpenseRatio expires on 12/31/2011; Disclosure: The Adviser has contractually agreed to waive management fees and reimburse expenses through December 31,2011, to the extent that Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest and taxes) exceed 1.15%.

CCLAX - Calvert Conservative Allocation AContractual waiver: 0.46 for ExpenseRatio expires on 1/31/2012.

PACLX - T. Rowe Price Capital Appreciation AdvContractual waiver: 0.01 for ExpenseRatio expires on 4/30/2012.

NIVLX - Columbia International Value AContractual waiver: 0.11 for ExpenseRatio expires on 6/30/2012; Disclosure: Columbia Management Investment Advisers, LLC (the Adviser) and certain of its affiliates have contractually agreedto waive fees or reimburse expenses, through June 30, 2012, so that the Fund's ordinary operating expenses (excluding certain expenses, such as transaction costs and brokerage commissions,interest, taxes, acquired fund fees and expenses, and extraordinary expenses), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annualrates of 1.37% of the Fund's average daily net assets attributable to Class A.

GTDTX - Goldman Sachs Short Dur Govt IRContractual waiver: 0.03 for ExpenseRatio expires on 7/29/2012; Disclosure: The Investment Adviser has agreed to reduce or limit "Other Expenses" (excluding management fees, distributionand service fees, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and otherextraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to 0.004% of the Fund's average daily net assets through at least July 29, 2012, and prior to such date theInvestment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

TPINX - Templeton Global Bond AContractual waiver: 0.01 for ManagementFee expires on 1/1/0001; Disclosure: The investment manager has contractually agreed in advance to reduce its fee as a result of the Fund's investmentin a Franklin Templeton money fund (acquired fund) for at least the next 12-month period.

Net Expense Disclosures

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Meeting Notes

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Signature Page

Meeting Date: _______________ Notes Taken by: ______________________

Actions Taken Justification

Other Notes

Meeting Attendees Name Signature Name Signature

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