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2014 4th Quarter Investment ReviewInvestment Review Fourth Quarter 2014 Blake Myton First Vice President Institutional Investment Advisor (407) 237 -5816 office blake.myton@suntrust.com Lisa Allen Vice President Trust Advisor (404) 827 -6724 office lisa.allen@suntrust.com Table of Contents I. Market Overview Et SunTrust Strategy 4 II. Investment Review 17 III. Fund Profiles and Characteristics 24 IV. Appendix 65 Market Overview Et SunTrust Strategy l�1/4_ SU11�I'RUST Performance Summary Through December 2014 MSCI ACWI (net) (1.93) 0.41 4.16 4.16 14.10 9.17 U.S. Fed Funds Rate 0.25 0.25 0.25 0.25 0.25 0.25 MSCI World (net) (1.61) 1.01 4.94 4.94 15.47 10.20 European Central Bank Rate 0.05 0.05 0.05 0.15 0.25 0.25 MSCI EAFE LCL (net) (1.44) 1.77 5.92 5.92 16.40 7.75 Bank of England Rate 0.50 0.50 0.50 0.50 0.50 0.50 MSCI EAFE USD (net) (3.46) (3.57) (4.90) (4.90) 11.06 5.33 Bank of Japan Rate 0.10 0.10 0.10 0.10 0.10 0.10 MSCI Emerging Markets LCL(net) (2.49) 0.01 5.17 5.17 8.37 4.85 USA LIBOR - 3Month 0.26 0.26 0.24 0.23 0.23 0.25 MSCI Emerging Markets USD (net) (4.61) (4.50) (2.19) (2.19) 4.04 1.78 TED Spread (bps) - 3Month 0.21 0.21 0.21 0.21 0.19 0.18 Dow Jones Industrial Average 0.12 5.20 10.04 10.04 16.29 14.22 2 Yr U.S. Treasury 0.67 0.67 0.56 0.46 0.42 0.38 S&P 500 (0.25) 4.93 13.69 13.69 20.41 15.45 10 Yr U.S. Treasury 2.17 2.17 2.49 2.53 2.72 3.04 NASDAQ Composite (1.16) 5.40 13.40 13.40 22.05 15.85 10 -2 yr slope 1.50 1.50 1.93 2.07 2.30 2.65 Russell 1000 (0.23) 4.88 13.24 13.24 20.62 15.64 Barclays Municipal Bond Blend 1 -15 Year (YTW) 1.72 1.72 1.73 1.81 2.06 2.39 Russell 1000 Growth (1.04) 4.78 13.05 13.05 20.26 15.81 BofAML High Yield Master (YTW) 6.65 6.65 6.14 5.01 5.33 5.67 Russell 1000 Value 0.61 4.98 13.45 13.45 20.89 15.42 BofAML Corporate Master (YTW) 3.21 3.21 3.16 2.97 3.19 3.35 Russell MidCap 0.21 5.94 13.22 13.22 21.40 17.19 Russell Mid Cap Growth (0.28) 5.84 11.90 11.90 20.71 16.94 Currencies 12/31/14 12/31/14 9/30/14 r Russell Mid Cap Value 0.75 6.05 14.75 14.75 21.98 17.43 Euro ($ / () 1.21 1.21 1.26 1.37 1.38 1.38 Russell 2000 2.85 9.73 4.89 4.89 19.21 15.55 Yen (Y /$) 119.90 119.90 109.70 101.31 102.99 105.11 Russell 2000 Growth 2.97 10.06 5.60 5.60 20.14 16.80 GBP ($ /E) 1.56 1.56 1.62 1.71 1.67 1.66 Russell 2000 Value 2.73 9.40 4.22 4.22 18.29 14.26 FTSE NAREIT All Equity REITs 1.26 12.94 28.03 28.03 16.38 16.91 Commodities 12/31/14 12/31/14 9/30/14 r Bloomberg Commodity Index (7.63) (12.10) (17.01) (17.01) (9.43) (5.53) Light Crude Oil ($ /barrel) 53.27 53.27 91.16 105.37 101.58 98.42 Barclays Aggregate 0.09 1.79 5.97 5.97 2.66 4.45 Gold ($ /ort) 1,184.10 1,184.10 1,211.60 1,322.00 1,283.80 1,202.30 Barclays Intermediate Govt Et Credit (0.32) 0.89 3.13 3.13 2.03 3.54 Barclays U.S. MBS Index 0.15 1.79 6.08 6.08 2.37 3.73 CBCE Volatility Index r r BofAML U.S. Treasury Master 0.26 2.28 6.02 6.02 1.54 4.00 CBOE AX 19.20 19.20 16.31 11.57 13.88 13.72 BofAML U.S. Treasuries Inflation - Linked (1.01) 0.29 4.49 4.49 0.55 4.28 Barclays U.S. Treasury Bellwethers (2 Yr) (0.22) 0.17 0.66 0.66 0.42 1.03 Hedge Fund Performance Barclays U.S. Treasury Bellwethers (10 Yr) 0.38 3.57 10.74 10.74 2.06 6.12 HFRX Global Hedge Fund Index (0.75) (1.74) (0.58) (0.58) 3.17 1.04 Barclays Municipal Bond Blend 1 -15 Year 0.26 0.90 6.36 6.36 3.30 4.31 HFRX Equity Hedge Index (0.54) 0.19 1.42 1.42 5.71 0.81 BofAML U.S. Corporate Master (0.14) 1.43 7.51 7.51 5.35 6.60 HFRI Fund of Funds 0.15 0.79 3.19 3.19 5.62 3.26 BofAML High Yield Master (1.47) (1.06) 2.50 2.50 8.37 8.88 HFRX Macro 0.34 2.63 5.24 5.24 0.77 (0.89) Citigroup Non -USD WGBI (USD) (1.01) (2.91) (2.68) (2.68) (1.94) 0.85 HFRX Distressed Securities Index (1.00) (2.68) 0.48 0.48 2.24 1.26 Citigroup Non -USD WGBI (USD) Hedged 1.15 3.02 9.77 9.77 5.51 4.61 HFRX Absolute Return Index (0.65) (0.99) 0.79 0.79 1.74 0.25 JP Morgan GBI -EM Global Diversified (5.93) (5.71) (5.72) (5.72) 0.07 2.63 U.S. Style% Total Returns QTD (Russell Indexes) YTD SEW rr Sector % Total Returns ■QTD ■YTD Value Core Growth Value Core Growth 25.3 20.1 29.0 MEE Large MOE 8.7 9.7 8.2 16.0 15.2 7.2 7.5 9.8 3 MOM Mid MOM 6.8 5.2 6.9 3 -D ®® r r • Small MOM - 10.7 -7.8 -1.8 -4.2 Cons Disc Cons Staples Enerov Financials Health Care Industrials Info Tech Materials Telecom Utilities Tart ral Pnrtfnl n Stratpow =lan____ary 7015 These positions represent SunTrust's outlook regarding the attractiveness of asset classes and strategies over a tactical time horizon. Our opinions are informed by the assessment of economic, financial stress, valuation and technical metrics under a range of potential risk and return scenarios. PORTFOLIO RISK The positives of an improving US economy and record corporate profitability is offset by a maturing cycle, richer i absolute equity valuations, a still fragile European recovery, geopolitical risks and transition in Fed policy. EQUITY Stocks appear attractive on a relative basis and offer dividend yields competitive with bond yields. US Large Cap • US leads global recovery, earnings improving, reasonable valuations and strong balance sheets. US Small Et Mid Cap • Though supported by favorable growth and lending conditions, small caps are richly priced relative to large caps. Natural Resources K While valuations are fair, global supply dynamics for commodities are not favorable. Master Limited Partnerships K Valuations are at expensive levels; we also expect inflation to remain below historical averages. Non -US Developed Markets • European sluggishness offset by valuations and monetary support; we prefer a tilt to Asia due to policy /reforms. Non -US Dev. Mkts. Small Cap • Positive earnings trends, attractive valuations, and beneficiary of easing monetary policies overseas. Emerging Markets • Favorable valuation offset by commodity weakness, China excess credit, declining ROES, and inflation. Real Estate Securities K Beneficiary of improving economy but valuations no longer attractive and sensitive to interest rates. FIXEDJp{GQME We expect the current low interest rate environment to remain a headwind for bonds as rates normalize. We continue to underweight the more interest -rate sensitive bond market sectors. US Government • Particularly vulnerable to a rise in rates; TIPS continue to provide some relative value. US Mortgage- Backed Securities • Slightly higher yield and has historically outperformed government bonds when interest rates have risen. US Investment Grade Corporate • Within credit, investment grade bonds have lower yields and a longer duration profile. US Preferred Securities K High risk profile and sensitivity to interest rates increase chance for negative returns. US Convertible K Opportunity relative to US equity and credit is not compelling. Municipal • Attractive on an after -tax basis, but underweight due to potential for rising rates. US High Yield • Favorable US growth and corporate fundamentals should keep default risk low supporting a modest allocation. US Leveraged Loans • Typically does well in flat or rising rate environments; benefits from favorable economic and earnings trends. Non -US Developed Markets X At current yield levels, significantly less than US, foreign bonds offer little value and added currency risk. Emerging Markets • Offer attractive yields and diversification, but expect bouts of volatility over intermediate term. Allocations to hedge funds help to balance equity risk and provide a less correlated source of return, especially as we expect stock market opportunities to moderate, volatility to increase and bond yields to remain low. Alternative Strategies 0 Diversified strategies have the ability to generate positive returns in both rising and falling markets, while hedged equity should benefit from falling stock correlations. X Current conditions do not support adding inflation protection to portfolios. Commodities expected to be pressured Real Assets by a stronger dollar, slower growth in China and improving supply. Market Summary ■ The fourth quarter finished up despite a mixed December, capping a good 2014 — The major trends largely continued during December: most economic data remained strong, commodities were pummeled as crude oil fell another 20 %, the US outpaced global markets, though monthly returns for stocks and bonds were mixed — Several countries sought new political mandates to fulfill reforms, calling for or holding parliamentary elections, including Japan, Israel, Sweden and Greece; falling crude oil prices tipped the Russian economy into recession ■ Global and US stock return divergence persists — The MSCI ACWI Index, MSCI EAFE, and MSCI Emerging Markets Indices dropped 1.9 %, 3.5 %, and 4.6 %, respectively, for the month, pushing the latter two into negative territory for the fourth quarter and the year; emerging markets suffered as falling crude oil prices again in December dragged down Russia and Brazil, which were pummeled in the fourth quarter — The SF±P 500 Index slipped 0.3% for the month, but posted an above - average 13.7% gain for 2014; there were several notable leadership changes in December as US mega cap returns moderated and small caps galloped to a 2.9% gain, yet lagged considerably for the year; sector leadership also shifted with strong returns for utilities and financials, while telecoms lagged; utilities and health care rose more than 25% for the year; REITs capped a stellar year, up 27.9% for 2014 ■ Interest rates ended flat for December, but falling rates helped bond indices shine in 2014 — The 10 -year US Treasury yield ended December at 2.17 %, but fell considerably from about 3% at the start of 2014 — Most bond indices posted solid gains for 2014, although returns were mixed in December; the Barclays Aggregate Bond Index gained 6.0% for 2014, its best showing in three years; energy sector exposure hampered high yield bonds, which fell 1.5% for a second straight month and 1.1% for the quarter; global bonds were largely negative for the fourth quarter ■ US economic growth remains above global peers, while shifts in global central bank policies stay in the spotlight — Much like stock returns, US economic performance remained well above global peers; this trend should continue through 2015; stabilization of Europe's economy will be key for better international performance during 2015 Chif*in M_kI i- fn 1 1 -1, nnlii -i— ro inoii in *ho c lir kf *n 4 101 A 4 –AII Iil —III ro in � ki l— fn 111 .,f 101r, December 2014 Market Returns Global Markets (in US $) Global Equity (MSCI AC World net) Global Bonds (Citi WGBI USD) US Equity Large -Cap (SftP 500) Small -Cap (Russell 2000) Real Estate Sec. (FTSE NAREIT ALL Equity) Non -US Equity Developed Markets (MSCI EAFE net) Emerging Markets (MSCI EM net) US Fixed Income US Treasury Bonds (Benchmark 10 Yr.) Core Taxable Bonds (Barclays Aggregate) HY Taxable Bonds (BofAML High Yield M -II) Municipal Bonds (Barclays 1 -15 Year) Non -US Bonds Developed Markets (Citi WGBI NonUSD) Emerging Markets (JPM GBI EM Global) Non - Traditional Global Hedge Funds (HFRX Glb Hedge Fund) Commodities (Bloomberg Commodity) 'All returns in US dollars Data Source: Factset QTD YTD 1 Year 0.4% 4.2% 4.2% -1.5% -0.5% -0.5% 4.9% 13.7% 13.7% 9.7% 4.9% 4.9% 12.9% 28.0% 28.0% -3.6% -4.9% -4.9% -4.5% -2.2% -2.2% 3.6% 10.7% 10.7% 1.8% 6.0% 6.0% -1.1% 2.5% 2.5% 0.9% 6.4% 6.4% -2.9% -2.7% -2.7% -5.7% -5.7% -5.7% -1.8% -0.6% -0.6% -12.1% -17.0% -17.0% The fourth quarter finished up despite a mixed December, capping a good 2014. The SEW 500 Index slipped 0.3% for the month, but posted an above - average 13.7% gain for 2014. The MSCI ACWI Index, MSCI EAFE, and MSCI Emerging Markets Indices dropped 1.9 %, 3.5 %, and 4.6 %, respectively, for the month, pushing the latter two into negative territory for the fourth quarter and the year. Falling rates helped bond indices shine in 2014. The 10 -year US Treasury yield ended flat for December at 2.17 %, but fell considerably from about 3% at the start of 2014. Most bond indices posted solid gains for 2014, although returns were mixed in December. The Barclays Aggregate Bond Index gained 1.8% for the fourth quarter and 6.0% for 2014, its best showing in three years. Energy sector exposure hampered high yield bonds, which fell 1.5% for a second straight month and 1.1 % for the quarter. Global bonds were largely negative for the fourth quarter. REITs capped a stellar year, as the FTSE NAREIT All Equity Index increased 27.9% for 2014. Commodities were pummeled as crude oil fell another 20% in December. The Bloomberg Commodity Index fell 12.1 % in the fourth quarter, and dropped 17.0% for the year. Market Overview US stocks and bonds outperform international for 2014 The fourth quarter finished up despite a mixed December, capping a good 2014. The SEW 500 Index slipped 0.3% for the month, but posted an above - average 13.7% gain for 2014. The MSCI ACWI Index, MSCI EAFE, and MSCI Emerging Markets Indices dropped 1.9 %, 3.5 %, and 4.6 %, respectively, for the month, pushing the latter two into negative territory for the fourth quarter and the year. Falling rates helped bond indices shine in 2014. Most bond indices posted solid gains for 2014, although returns were mixed in December. Energy sector exposure hampered high yield bonds, which fell 1.5% for a second straight month and 1.1 % for the quarter. Global bonds were largely negative for the fourth quarter. Returns represented by the following indices: MSCI ACWI Index, SEtP500 Index, MSCI EAFE Index, MSCI Emerging Markets Index, Citi World BIG Index, Barclays Aggregate Bond Index, BofAML US High Yield Master II Index, Barclays Municipal Bond 1 -15 Index, Bloomberg Commodity Index. Data snurre- Mnrninastar and Rarrlays live Major Market Returns Through December 2014 15% 13.7% QTD ■ YTD 10% 6.0 °k 6.4 °k 5% 4.2% 4.9 % 1.8 °k ° 2.5 k 0.4%0 0.9 °k 0 % ° 2.2 /o -1.1 °k -5% -3.6% - 2.9 % -2.7% 4.9% -4.5% -10% -12.1 -15% 17.0% -20% U CO Q 70 70 70 70 0 U o Y o 0 0 0 U 0 ) Co m m m m o 76- CO 2_1 (2) .E E a J 0 t� 0 0 o N E 2 = o w z Returns represented by the following indices: MSCI ACWI Index, SEtP500 Index, MSCI EAFE Index, MSCI Emerging Markets Index, Citi World BIG Index, Barclays Aggregate Bond Index, BofAML US High Yield Master II Index, Barclays Municipal Bond 1 -15 Index, Bloomberg Commodity Index. Data snurre- Mnrninastar and Rarrlays live Economic Overview The US economic outlook brightened in December US nonfarm payrolls added 252,000 workers in December, capping a very strong 2014 that finished with 11 straight monthly gains above 200,000. Meanwhile, the unemployment rate continued to drift lower, slipping to 5.6% in December. Other recently released data also indicate that the US economy accelerated in the second half of 2014. Third - quarter US gross domestic product (GDP) was revised up substantially, to a 5.0% annualized rate from 3.5% previously, making it the strongest quarter since 2003. Economic data can be extremely volatile and we expect some continued unevenness in spots, such as housing and wage growth. Hence, we would caution against overconfidence with respect to US economic growth staying at a 4% to Roi Data source: Bureau of Labor Statistics Monthly Nonfarm Payrolls Through December 2014 400 350 N y 300 0 250 ai 200 2, 150 0 100 2 50 0 2012 2013 2014 Data source: Bureau of Labor Statistics Economic Overview, continued Crude oil drop will ultimately be net positive for global economic growth US Crude Oil Prices Through December 31, 2014 $110 $100 $90 $80 $70 $60 $50 $40 NN NN Ntx eta' NN NN Sc�• O °,�, "IN NN Data source: Bloomberg Crude oil prices have dropped more than 45% since June, and have fallen another 5% to start the year. Indeed, oil producers and oil export - dependent countries —such as Russia and most of OPEC —will be severely impacted. On the other hand, there will most certainly be winners as the drop in crude oil prices and, in turn, gasoline prices, is in effect acting like a tax cut for consumers in the US and most advanced economies. Moreover, corporate profits for non -oil related businesses will modestly rise due to decreased shipping expenses. Thus, we believe that a sustained drop in crude oil prices will ultimately be net positive as far as global economic growth. That said, there is a high probability of volatility in crude oil prices during 2015. Equity Market Overview Global and US stock return divergence persists; complicated by a stronger dollar The MSCI ACWI Index, MSCI EAFE, and MSCI Emerging Markets Indices dropped 1.9 %, 3.5 %, and 4.6 %, respectively, for the month, pushing the latter two into negative territory for the fourth quarter and the year. Emerging markets suffered as falling crude oil prices dragged down Russia and Brazil, which were pummeled in the fourth quarter. The SEW 500 Index slipped 0.3% for the month, but gained 4.9% for the quarter and an above - average 13.7% gain for 2014. There were several notable leadership changes in the month as returns for US mega caps moderated and small caps galloped to 2.9% gain, yet lagged considerably for the year. REITs capped a stellar year, up 1.4% for the month and up 27.9% US & International Equity Market Returns Through December 2014 Global (MSCI ACWI) US (S &P 500) Develo ed Int'I USD SAFE -3.6% Developed Int'I Local (EAFE) Emrg Int'I USD (MSCI EM) -4.50/ Emrg Int'I Local (MSCI EM) 0.4% - 4.2% 4.9% QTD ■ YTD 5.9% .2% 13.7% Returns are represented by the following indices: S &P 500 Stock Index, MSCI Emerging Market Index in US dollars and local currencies, MSCI EAFE developed country index in US dollars and local currencies. for 2014. Data source: Morningstar Equity Market Overview, continued Despite a difficult 2014, we recommend maintaining some international exposure Europe vs. US Rolling Six Month Market Performance Europe outperforming US 20% 10% 0% -10% _20% Europe underperforming US -30% 1994 1998 2002 2006 2010 2014 Data source: Factset; through 10/31 /2014 While our investment strategy is currently biased toward the US, we believe investors should not give up on overseas markets, where expectations are depressed and a little good news could go a long way. One of the biggest themes apparent as we head into 2015 is one of diverging monetary policies. The US and perhaps the UK are likely to become less accommodative, while pressure builds the other way for Europe to become more aggressive to arrest deflationary trends and remain globally competitive. Japan also appears set to provide policy support for the foreseeable future. Inn- Traditional Investments Overview Commodities rout continues in December as plunging crude oil thumps 2014 returns The commodities rout continued in December, as the Bloomberg Commodity Index fell 7.6% for the month. It declined 12.1 % in the fourth quarter and dropped 17.0% for the year. The main culprit was crude oil, which dragged the energy sector down 36.6% for the quarter. Precious metals eked out a modest gain in December, while the remaining three major commodity sectors dropped for the month. For the fourth quarter, the ag sector was buoyed by a strong October, yet the others declined. However, all four of the major sectors were negative for 2014. The energy sector was negative for eight of the 12 months, including a six -month tailspin to end the year. Commodity Index and Sector Returns Through December 2014 QTD ■YTD 10% 5.6% 0% -3.9 %■ -10% -6.2% -6.9% -6.7% -9.2% -12.1 -20% -17.0% -30% -40% - 36.6% - 39.3% Industrial Precious Metals Energy Agriculture Commodities Metals Returns are represented by the follow indices: Bloomberg Commodity Index and the following Sector Sub - Indexes of the Bloomberg Commodity Index: Industrial Metals, Precious Metals, Energy, Agriculture and Commodity. Data source: Morningstar Non - Traditional Investments Overview, continued Macro trend - followers close out 2014 on hot streak, others lag broad equities For the fourth quarter, macro hedge funds utilizing quantitative, trend - following strategies outpaced not just all other hedge fund strategies, but also broader equities. The HFRI Macro: Systematic Diversified Index jumped 6.1 % for the quarter and 11.1 % for 2014. Otherwise, most hedge fund strategies had more modest gains that lagged major equity index returns. Fixed income relative value faired the worst for the quarter. Yet, the Energy /Basic Materials sector within equity -based hedge strategies remarkably held its own in December, edging down 0.1 %, but fell 4.8% for 2014. Comparative HFRI Hedge Fund Returns Through December 2014 QTD ■YTD Fund Weighted Composite 0.71% - 3.57% Equity Hedge 0.39% _ 2.26% Macro: Systematic Diversified 6.08% o 11.14/0 Relative Value -0.45% 4.48% Fund of Funds Diversified 0.85% 3.23% 1.79% Barclays Aggregate Bond 5.97% S &P 500 4.93% 13.69% Data Source: Hedge Fund Research, Factset Hedge fund investing involves substantial risks and may not be suitable for all clients. Hedge funds are intended for sophisticated investors who can bear the economic risks involved. Hedge funds may engage in leveraging and speculative investment practices that may increase the risk of investment loss, can be illiquid, and are not required to provide periodic pricing or valuation information to investors. Hedge funds may involve complex tax structures, have delays in distributing tax information, are not subject to the some regulatory requirements as mutual funds and often charge higher fees. Taxable Bond Market Overview Interest rates ended flat for December, but falling rates helped bond indices shine in 2014 Falling rates helped bond indices shine in 2014. The 10 -year US Treasury yield ended flat for December at 2.17 %, but fell considerably from about 3% at the start of 2014. Most bond indices posted solid gains for 2014, although returns were mixed in December. The Barclays Aggregate Bond Index gained 1.8% for the fourth quarter and 6.0% for 2014, its best showing in three years. Energy sector exposure hampered high yield bonds, which fell 1.5% for a second straight month and 1.1 % for the quarter. Global bonds were largely negative for the fourth quarter, and struggled for most of 2014. Returns are represented by the following indices: Barclays Aggregate Bond Index, BofA Merrill Lynch US High Yield Master II, Barclays US Investment Grade Corporate Index, Barclays Municipal 1 -15 Year Index, Barclays MBS Fixed Rate Bond Index, Barclays Bellwether 10 and 30 year US Treasury Index, and Citi World BIG Index. Data snurne- Mnrninnstar and Rarnlays I ive Fixed Income Market Sector Returns Through December 2014 QTD ■ YTD 30% 29.4% 25% 20% 15% 10.7% 10.1% 10% 7.5% 5% 6.0% 1.8% 2.5% 6.4% 6.1% 1.8%1 1.8 %1 3.6% 0.9 %1 0% - -1.1 °k -5% J -2.9%-2.7% N L L C O co C Y O L O C-) O M C O CL M o = o 0) U U O U U ° U C� Returns are represented by the following indices: Barclays Aggregate Bond Index, BofA Merrill Lynch US High Yield Master II, Barclays US Investment Grade Corporate Index, Barclays Municipal 1 -15 Year Index, Barclays MBS Fixed Rate Bond Index, Barclays Bellwether 10 and 30 year US Treasury Index, and Citi World BIG Index. Data snurne- Mnrninnstar and Rarnlays I ive Investment Review SUNMZUST Performance Summary Policy Benchmark" Net of Fee Approximation" Total Equity 75% S &P 5001 25% MSCI ACWI ex US Index Fixed Income Barclays Aggregate Bond Short Term 91 Day Treasury Bill 14.00% 12.00% 10.00% 8.00 yo 6.00% 4.00% 2.00°0 0.00 yo L 12.045vo 11.6090 to Quarter 1 Year 3 Years 5 Years 10 Years Inception to Date (236 Months) North Palm Beach Policy Benchmark Year Inception Market to -Date to -Date Value Quarter 1 Year 3 Years 5 Years 10 Years (236 Months) A 12,372,012 3.11 "1 Em 2.35 7.97 11.60 9.40 6.11 7.32 3.04 7.56 11.76 9.38 6.50 7.97 $ 7,755,795 4.38 9.80 18.46 12.93 7.35 9.41 2.73 9.30 17.56 12.70 7.04 8.22 $ 4,386,476 1.13 4.83 2.63 4.57 4.77 5.71 1.79 5.97 2.66 4.45 4.71 5.97 $ 229,741 0.00 0.01 0.01 0.04 1.98 0.86 0.01 0.03 0.08 1.50 2.70 0.00 12.045vo 11.6090 to Quarter 1 Year 3 Years 5 Years 10 Years Inception to Date (236 Months) North Palm Beach Policy Benchmark Activity Summary uarter Portfolio Additions/Withdrawals Additions Withdrawals Total Additions/Withdrawals Portfolio Earnings Net Accrued Income Interest and Dividends Gains /Losses Total Portfolio Earnings Net Change Year to -Date 1 Year $ 459,580.07 Net Change $ 1,250,880.10 Portfolio Additions/Withdrawals $ 157,437.53 Additions $ 695,056.20 $ (70,255.51) Withdrawals $ (332,250.69) $ 87,182.02 Total Additions/Withdrawals $ 362,805.51 Portfolio Earnings $ 759.32 Net Accrued Income $ (1,555.76) $ 189,327.70 Interest and Dividends $ 335,327.69 $ 182,311.03 Gains /Losses $ 554,302.66 $ 372,398.05 Total Portfolio Earnings $ 888,074.59 $ 459,580.07 Net Change $ 1,250,880.10 Portfolio Performance Year Inception Market to -Date to -Da to Value Quarte r (1 Year) 3 Years 5 Years 10 Years (236 Months) Total Portfolio AL� $ 12,372,012 3.11 7.84 0, Policy Benchmark* 2.35 7.97 11.60 9.40 6.11 7.32 - pproximation *.04 Total Equity $ 7,755,795 4.38 9.80 18.46 12.93 7.35 9.41 75% S&P 5001 25% MSCI ACWI ex US Index 2.73 9.30 17.56 12.70 7.04 8.22 Large Cap Growth Funds $ 2,506,225 4.74 12.78 20.01 14.73 8.64 Russell 1000 Growth Index 4.78 13.05 20.26 15.81 8.49 8.58 Large Cap Value Funds $ 2,510,002 5.41 13.37 20.29 15.41 - Russell 1000 Value Index 4.98 13.45 20.89 15.42 7.30 10.02 Mid Cap Growth Funds $ 510,155 6.39 12.37 21.13 Russell Midcap Growth Index 5.84 11.90 20.71 16.94 9.43 9.89 Mid Cap Value Funds $ 467,712 8.30 15.18 20.06 Russell Midcap Value Index 6.05 14.75 21.98 17.43 9.43 12.09 Small Cap Growth Funds $ 344,166 6.80 6.42 20.75 17.04 7.97 Russell 2000 Growth 10.06 5.60 20.14 16.80 8.54 7.59 Small Cap Value Funds $ 292,727 3.16 -0.47 15.73 Russell 2000 Vallndx 9.40 4.22 18.29 14.26 6.89 10.78 Intl Equity- Developed $ 571,391 -4.19 -6.75 9.15 2.79 MSCI ACWI ex USA (Net) -3.87 -3.87 8.99 4.43 5.13 MSCI EAFE Index (Net) -3.57 -4.90 11.06 5.33 4.43 4.81 Intl Equity- Emerging $ 294,223 -6.65 -4.52 MSCI EM (Net) -4.50 -2.19 4.04 1.78 8.43 REIT /Real Estate Funds $ 259,196 14.24 Wilshire US REIT TR USD 15.13 31.78 16.43 17.26 8.26 12.04 Fixed Income $ 4,386,476 1.13 4.83 2.63 4.57 4.77 5.71 Barclays Aggregate Bond 1.79 5.97 2.66 4.45 4.71 5.97 Bond Funds $ 3,762,837 1.42 Barclays Aggregate Bond 1.79 5.97 2.66 4.45 4.71 5.97 High Yield Bond Funds $ 623,639 -0.61 Barclays High Yield Bond -1.00 2.45 8.43 9.03 7.74 7.62 Short Term $ 229,741 0.00 0.01 0.01 0.04 1.98 0.86 91 Day Treasury Bill 0.01 0.03 0.06 0.08 1.50 2.70 Morningstar Manager Evaluation Real Estate T. Rowe Price Real Estate TRREX Real Estate * * ** 14.23 (44) 29.75 (48) 16.18 (19) 16.93 (17) 8.35 (34) 0.57 1.04 16.72 0.79 DJ US Real Estate TR USD 13.49 Large Cap Value 12.29 27.24 15.48 JPMorgan Mid Cap Value Instl 15.70 (3) 15.14 7.05 18.26 0.00 1.00 15.84 12.96 0.76 International Equity - Emerging 6.05 14.75 21.98 17.43 9.43 0.00 1.00 14.58 Large Cap Growth 7.14 (43) -0.17 1.00 13.40 0.20 Russell 1000 Value TR USD 4.98 13.45 Oppenheimer Developing Markets Y ODVYX Diversified Emerging Mkts * * * ** -6.69 (79) -4.55 (70) 7.95 (14) 5.66 (6) 11.55 (1) 3.86 0.93 17.94 1.07 MSCI EM NR USD -4.50 -2.19 4.04 1.78 8.43 0.00 1.00 18.55 International Core Equity - Developed DFA International Core Equity I DFIEX Foreign Large Value * * ** -4.44 (32) -5.98 (45) 11.28 (16) 5.91 (13) -- 0.46 1.03 17.54 0.39 MFSO Research International I MRSIX Foreign Large Blend * * ** -3.99 (65) -6.75 (77) 9.06 (72) 5.22 (48) 5.10 (31) 0.09 0.96 16.22 0.86 MSCI EAFE NR USD -3.57 -4.90 11.06 5.33 4.43 0.00 1.00 16.73 Small Cap Growth T. Rowe Price Diversified Sm Cap Growth PRDSX Small Growth * * * ** 6.76 (72) 6.38 (17) 21.07 (15) 19.19 (5) 10.20 (5) 2.87 0.94 17.75 0.82 Russell 2000 Growth TR USD 10.06 5.60 20.14 16.80 8.54 0.00 1.00 18.52 US OE Small Growth 7.91 2.58 17.81 14.88 7.12 -0.74 0.93 17.40 1.40 Small Cap Value Cambiar Small Cap Instl CAMZX Small Blend * ** 3.45 (90) -0.19 (86) 15.83 (79) 15.86 (33) 10.47 (3) 1.83 0.98 18.33 1.06 Russell 2000 Value TR USD 9.40 4.22 18.29 14.26 6.89 0.00 1.00 17.72 Mid Cap Growth iShares Russell Mid -Cap Growth IWP ETF Mid -Cap Growth * * ** 5.79 -- 11.68 -- 20.48 -- 16.71 -- 9.21 -0.18 1.00 15.44 0.25 Russell Mid Cap Growth TR USD 5.84 11.90 20.71 16.94 9.43 0.00 1.00 15.47 Mid Cap Value 13.49 Large Cap Value JPMorgan Mid Cap Value Instl FLMVX Mid -Cap Value * * * ** 8.27 (3) 15.14 (6) 22.34 (13) 18.26 (4) 10.01 (9) 2.68 0.87 12.96 0.76 Russell Mid Cap Value TR USD 6.05 14.75 21.98 17.43 9.43 0.00 1.00 14.58 Large Cap Growth 7.14 (43) -0.17 1.00 13.40 0.20 Russell 1000 Value TR USD 4.98 13.45 iShares Russell 1000 Growth IWF US ETF Large Growth * * ** 4.74 12.84 20.02 15.59 8.30 -- -0.16 1.00 13.46 0.20 Russell 1000 Growth TR USD 4.78 13.05 20.26 15.81 8.49 0.00 1.00 13.49 Large Cap Value iShares Select Dividend DVY ETF Mid -Cap Value * ** 8.33 14.89 17.79 16.57 6.42 (75) 4.76 0.73 11.07 0.39 iShares Russell 1000 Value IWD ETF Large Value * * ** 4.92 13.21 20.62 15.19 7.14 (43) -0.17 1.00 13.40 0.20 Russell 1000 Value TR USD 4.98 13.45 20.89 15.42 7.30 0.00 1.00 13.44 Morningstar Manager Evaluation High Yield Bonds Osterweis Strategic Income OSTIX High Yield Bond ** -1.01 (42) 1.26 (54) 5.42 (91) 6.07 (95) 6.35 (53) 2.07 0.43 2.90 0.86 Barclays US Corporate High Yield TR USD -1.00 2.45 8.43 9.03 7.74 0.00 1.00 6.30 Bank Loans Eaton Vance Floating Rate I EIBLX Bank Loan * * ** -0.23 (25) 0.63 (47) 4.53 (63) 5.09 (45) 4.06 (31) 0.33 0.83 3.23 0.74 Morningstar Bank Loan AW -0.72 0.65 5.23 5.73 3.28 0.00 1.00 3.85 1.04 Domestic Intermediate Bond PIMCO Investment Grade Corp Bd Instl PIGIX Corporate Bond * * * ** 1.73 (15) 8.76 (11) 7.13 (10) 7.98 (14) 7.35 (7) 2.22 1.28 4.75 0.50 Western Asset Mortgage Backed Sec I SGSYX Intermediate -Term Bond * * * ** 1.13 (59) 6.91 (8) 5.61 (6) 6.59 (6) 5.53 (11) 4.60 0.40 2.29 0.61 iShares iBoxx $ Invst Grade Crp Bond LQD ETF Corporate Bond * ** 2.11 8.57 -- 5.74 -- 7.04 -- 5.51 0.39 1.50 4.96 0.15 Vanguard Total Bond Market ETF BND ETF Intermediate -Term Bond * ** 1.75 5.96 -- 2.56 -- 4.35 -0.21 1.03 2.78 0.08 Barclays US ASS Bond TR USD 1.79 5.97 2.66 4.45 4.71 0.00 1.00 2.69 Domestic Short Term Bonds DFA Short -Term Extended Quality I DFEQX Short -Term Bond * * ** 0.38 (10) 1.68 (19) 1.90 (41) 2.75 (30) -- 0.84 1.08 1.62 0.22 Vanguard Short -Term Bond ETF BSV ETF Short -Term Bond * ** 0.37 -- 1.32 -- 1.16 -- 2.10 -- 0.32 1.01 1.32 0.10 Barclays Government 1 -5 YrTR USD 0.45 1.18 0.68 1.75 3.12 0.00 1.00 1.24 Money Market Federated Treasury Obligslnstl TOIXX Money Market - Taxable 0.00 (40) 0.01 (36) 0.01 (41) 0.01 (44) 1.43 (47) -0.06 0.56 0.00 0.20 Citi Treasury Bill 3 Mon USD 0.00 0.03 0.05 0.07 1.46 0.00 1.00 0.01 Asset Allocation 8t Portfolio Composition Cash Equivalents Fix Income 34.7% Large Cap an F Real Estate International 1.0% 7.0% Small Cap 5.1% Total Equity Large Caps iShares Russell 1000 Growth Index ETF iShares Dow Jones Select Dividend ETF iShares Russell 1000 Value Index ETF Mid Caps Goldman Sachs Growth Opportunities I iShares Russell Mid Cao Growth Index ETF Mid Cap JP Morgan Mid Cap Value 1 79% Small Caps T. Rowe Price Diversified Small Growth I Cambiar Small Cap Value I International DFA International Core Equity I MFS Research Internationall Oppenheimer Developing Markets Y Real Estate T. Rowe Price Real Estate Total Fixed Income Vanguard Total Bond Market ETF PIMCO Inv Grade Corp Bond I iShares IBOXX Invt Grade Corp Bd ETF Western Asset Mtg Bkd Sec I DFA Short Term Extended Quality Bond I PIMCO Low Duration I Vanguard Short Term Bond ETF Eaton Vance Floating Rate Bank Loan I Osterweis Strategic Inc Fund I Total Cash Equivalents Federated Trsy Obligation Money Market I $ 12,368,193 100.0% $ 11,909,372 $ 7,755,795 62.7% $ 7,418,400 $ 2,506,225 20.3% $ 2,401,897 $ 302,673 2.4% $ 344,778 $ 2,207,329 17.8% $ 1,902,811 $ - 0.0% $ 481,809 $ 510,155 4.1% $ - $ 467,712 3.8% $ 470,230 $ 344,166 2.8% $ 335,017 $ 292,727 2.4% $ 324,749 $ 286,799 2.3% $ 302,242 $ 284,592 2.3% $ 303,745 $ 294,223 2.4% $ 322,420 $ 259,196 2.1% $ 228,702 $ 4,382,660 35.4% $ 4,118,514 $ 2,180,252 17.6% $ 2,015,724 $ 364,065 2.9% $ 295,316 $ 372,440 3.0% $ 293,777 $ 475,177 3.8% $ 476,913 $ 184,491 1.5% $ - $ - 0.0% $ 234,475 $ 184,205 1.5% $ 220,193 $ 311,007 2.5% $ 292,171 $ 311,023 2.5% $ 289,947 $ 229,738 1.9% $ 372,459 $ 229,738 1.9% $ 372,459 0.8% -0.3% 2.5% -3.9% 4.1% 0.0% 0.1% -0.3% -0.1% -0.2% -0.2% 0.2% 1.3% 0.6% 0.6% 0.0% 1.5% -1.9% -0.3% 0.2% 0.2% 1.2% Fund Profiles Et Characteristics 23 1/ SU11�I'RUST Mutual Fund REITS Specialty Stock Sector Specific Firm Overview Thomas Rowe Price, Jr. founded T. Rowe Price in 1937. The Baltimore -based asset management firm provides no -load mutual funds for individual investors and corporate retirement programs. Today, the firm and its affiliates serve as investment adviser to stock and bond mutual funds. Additionally, T. Rowe Price manages separate and commingled institutional accounts. Objective The Fund seeks to provide superior risk - adjusted returns through investments in real estate companies. The manager believes that bottom -up, fundamental research is the key to identifying long -term winners, and that a long -term orientation allows for the compounding of value. Performance is driven through a combination of current income and appreciation. Normally, the Fund will invest at least 80% of its net assets in equity securities of real estate companies(deriving at least 50% of its revenues or profits from or commits at least 50% of its assets to real estate activities). Investments can include: REITs; real estate operating companies; finance, mortgage and mortgage servicing firms; construction supply and equipment manufacturing companies, property management firms; firms dependent on real estate holdings for revenues and profits (including lodging, leisure, timber, mining and agricultural companies). However, the Fund will not directly invest in real estate. Up to 20% of the Fund's assets may be held in companies deriving a significant portion of revenues /profits from servicing real estate companies or that have no direct relation to real estate. Although most assets will be held in U.S. common stocks, the Fund may invest in foreign stocks, options or futures as is believed necessary by the team. Process The investment team screens a universe of approximately 200 -300 real estate investment trusts ( "REITs ") and real estate operating companies ( "REOCs ") looking for reasonable valuations based on P /CF, implicit capitalization rates, NAV, and multiples of growth to price, among other things. The team will also screen, at times, on yield. Asset Allocation 9/30/2014 4% 95.0% Equity 4.0% Cash ® 1.0% Convertible Fundamental research is then conducted on the most promising companies. This phase of the process requires a meeting with company management, so that the team can make an assessment of its capability and strategy as well as management of the business. Team members also seek to evaluate the asset base potential and to understand supply and demand dynamics by property type and market. They will then analyze each company's balance sheet for strength and flexibility to determine compatibility with the strategy that management wants to execute. The goal of the fundamental research is to identify whether or not they would like to own a business for the long term. Relative valuation metrics, such as price /FFO, earnings multiple /growth, price /NAV, cash flow multiples, implicit capitalization rates, and private market values are all analyzed to identify an appropriate price for each company. The team will then invest in the 35 -45 securities in which it has the highest conviction. Individual position sizes can range from 1 % to 7 %. These investments are diversified by property type and geography and typically 90% are REITs. Sector weights are the result of bottom -up security selection but will typically be in the range of +/- 500 bps relative to the Wilshire Real Estate Securities Index. Stocks are sold when there is a change in the fundamental investment thesis, when there is relative valuation deterioration, when there is loss in the confidence of the management team, or when a better alternative emerges. Personnel David Lee, CFA, has managed the Fund since its inception in October of 1997. Prior to joining T. Rowe Price in 1993 as a Research Analyst, he was a Marketing Representative at IBM from 1987 -1991. Mr. Lee holds a B.S. from the University of Illinois and a M.B.A. from Stanford University. Region Analysis 9/30/2014 US /Canada 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Wilshire REIT Minimum Investment $2,500 Manager Lee Manager Tenure 17.2 Yrs Shareclass Inception 10/1997 Shareclass Assets $4.7 Billion # of Holdings 37 Annual Turnover (2013) 4% Expense Ratio Gross 79 bps Expense Ratio Net 79 bps Website www.troweprice.com Phone 800 - 638 -5660 Characteristics 9/30/2014 Market Cap 10,658.31 3 Year Earnings Growth 31.45 Dividend Yield 3.28% Price To Book 2.56 Price To Earnings 43.01 Price To Sales 7.30 Price To Cash Flow Return on Equity 10.06% All performance ©2015 E p resent All Rights fees (NA V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund REITS Specialty Stock Sector Specific Trailing Performance 35 Simon Property Group Inc 30 25 AvalonBay Communities Inc 20 3 Year 15 10 7 Year 5 MF 0 - 1 Qtr YTD Performance MF Benchmark Calendar Performance 35 30 25 20 15 10 0 r or 2014 2013 2012 2011 = MF T-�-j WILREIT Since 7 Year 10 Year Inception 8.35 8.35 10.61 8.18 8.26 Returns through 1213112014 2010 2009 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 29.75 3.28 17.03 7.32 29.89 31.65 (39.08) (18.80) 36.75 14.54 36.82 Benchmark 31.78 1.86 17.59 9.24 28.60 28.60 (39.20) (17.55) 35.97 13.82 33.16 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 9/30/2014 Equity - Top Portfolio Holdings 9/30/2014 Materials Information Technology Healthcare Telecommunications Consumer Discretionary 0 3.9 Consumer Staples Industrials Financials Energy Utilities 0% 20% 40% 60% 80% 100% Percentage of Equity rr Simon Property Group Inc 9.73% AvalonBay Communities Inc 1 Year 3 Year 5 Year 7 Year 10 Year MF mm7 WILREIT Equity Residential 4.21% Q4 2014 1 Year 3 Year 5 Year Federal Realty Investment Trust 14.23 29.75 16.18 16.93 15.13 31.78 16.43 17.26 Calendar Performance 35 30 25 20 15 10 0 r or 2014 2013 2012 2011 = MF T-�-j WILREIT Since 7 Year 10 Year Inception 8.35 8.35 10.61 8.18 8.26 Returns through 1213112014 2010 2009 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 29.75 3.28 17.03 7.32 29.89 31.65 (39.08) (18.80) 36.75 14.54 36.82 Benchmark 31.78 1.86 17.59 9.24 28.60 28.60 (39.20) (17.55) 35.97 13.82 33.16 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 9/30/2014 Equity - Top Portfolio Holdings 9/30/2014 Materials Information Technology Healthcare Telecommunications Consumer Discretionary 0 3.9 Consumer Staples Industrials Financials Energy Utilities 0% 20% 40% 60% 80% 100% Percentage of Equity All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Portfolio % Simon Property Group Inc 9.73% AvalonBay Communities Inc 5.35% Essex Property Trust Inc 4.60% Public Storage 4.45% Prologis Inc 4.38% Equity Residential 4.21% General Growth Properties Inc 4.21% T. Rowe Price Reserve Investment 4.01% Federal Realty Investment Trust 3.74% Vornado Realty Trust 3.65% All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Mutual Fund Emerging Markets Equity All Cap Growth Firm Overview Oppenheimer Holdings ( "Oppenheimer ") is an investment bank and full - service investment firm offering investment banking, financial advisory services, capital markets services, asset management, wealth management, and related products and services worldwide. The company was founded in 1950 when a partnership was created to act as a broker - dealer and manage related financial services for large institutional clients, but origins of the firm trace back to 1881. Oppenheimer & Co. has three operating subsidiaries: Oppenheimer & Co., Inc., a retail brokerage firm; Oppenheimer Capital Corporation, an institutional investment manager; and Oppenheimer Management Corp. (now OppenheimerFunds, Inc.). The company is headquartered in New York City. Objective The Fund aggressively seeks capital appreciation through investment in companies with high growth potential in emerging and developing foreign markets. Oppenheimer's approach is to identify trends, such as the spread of affluence and new technologies that they believe will fuel long -term growth worldwide, which they believe will lead them to promising companies at advantageous prices. Process The portfolio manager evaluates investment opportunities on a company -by- company basis. They conduct fundamental analysis of a company's financial statements and management structure. They also consider the company's operations and product development, as well as its position in its industry. Generally, characteristics sought when choosing investments include: companies that enjoy a strong competitive position in their industry; companies with a proven management record and the ability to take advantage of business opportunities; companies with newer or established Asset Allocation 11/30/2014 S Ro/ business that are entering into a growth cycle; companies with accelerating earnings growth and cash flow whose stock is selling at a reasonable price; and, companies in diverse industries and countries to help reduce the risks of foreign investing, such as currency fluctuations and stock market volatility. The Fund has the flexibility to invest in both small and larger companies and is diversified by several countries in order to help lower the volatility of emerging markets. The portfolio manager also considers the effect of worldwide trends on the growth of particular business sectors and looks for companies that may benefit from those trends. The trends currently considered include: mass affluence, new technologies, restructuring, and aging. The portfolio manager does not invest any fixed amount of the Fund's assets according to these criteria and the trends that are considered may change over time. The portfolio manager monitors individual issuers for changes in the factors above, which may trigger a decision to sell a security. The Fund contains approximately 110 positions with a 29% turnover rate. Personnel Justin Leverenz, CFA, is responsible for the day -to -day management of the Fund's investments. Mr. Leverenz has been a vice president and portfolio manager of the Fund since May 2007. Prior to joining the firm, Mr. Leverenz was the Head of Research for Goldman Sachs in Taiwan and Head of Asian Technology Research Pan -Asia. He is a portfolio manager and an officer of other portfolios in the OppenheimerFunds complex. Mr. Leverenz earned both a BA degree and an MA from the University of California, San Diego. Region Analysis 11/30/2014 Europe -13.8/ Asia /Pacific 44.2% 92.3% Equity 0 5.8% Cash 0 2.0% Other Latin America 20.1% E. Europe /Africa 14.2/ 0% 10% 20% 30% 40% 50% Returns through 1213112014 Key Facts Benchmark Russell Emerging Markets Large Cap Minimum Investment Manager Leverenz Manager Tenure 7.7 Yrs Shareclass Inception 9/2005 Shareclass Assets $19.3 Billion # of Holdings 112 Annual Turnover (2014) 26% Expense Ratio Gross 108 bps Expense Ratio Net 107 bps Website www.oppenheimerfunds.com Phone 800 - 981 -2871 Characteristics 9/30/2014 Market Cap 20,078.63 3 Year Earnings Growth 13.80 Dividend Yield 2.06% Price To Book 2.15 Price To Earnings 18.85 Price To Sales 2.00 Price To Cash Flow 12.46 Return on Equity 19.38% I Calculations prior to October 2005 are based on pre- inception returns. Please see disclosure formore information. All performance presented is net of fees (NAV). Please see �{��,� T T disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTA72®NS ONLY. ©2015 Envestnet. All Rights Reserved. II SuN R S 1 Mutual Fund Emerging Markets Equity All Cap Growth Returns through 1213112014 Trailing Performance t Calendar Performance t 15 100 10 80 5 ■ 60 40 0 WF—" W 20 ■ 5 0 - -10 -20 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2014 2013 2012 2011 2010 2009 MF REMLC MF REMLC Performance t Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF (6.69) (4.55) 7.95 5.66 3.25 11.55 13.52 Benchmark (4.66) (2.00) 4.59 2.41 (1.06) 8.77 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF (4.55) 8.68 21.29 (17.85) 27.39 82.10 (47.84) 34.30 25.70 41.37 33.00 Benchmark (2.00) (0.92) 17.84 (18.26) 20.45 81.23 (54.54) 39.99 33.63 33.53 24.21 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 11/30/2014 Equity - Top Portfolio Holdings 11/30/2014 Portfolio % Materials -4.8 Oppenheimer Institutional Money Market E 5.75% Information Technology 18.4 Baldu Inc ADR 4.71% Healthcare _4 Housing Development Finance Corp Ltd 2.96% Telecommunications _39 Infosys Ltd 2.64% Magnit PJSC 2.50% Consumer Discretionary 16.4 ICICI Bank Ltd ADR 2.11% Consumer Staples 16.6 OAO Novatek GDR 2.02% Industrials —4.9 Tencent Holdings Ltd 2.01% Taiwan Semiconductor Manufacturing Co Ltd 1.95% Financials America Movil SAB de CV ADR 1.83% Energy 7.5 Utilities 0% 5% 10% 15% 20% 25% Percentage of Equity I Calculations prior to October 2005 are based on pre- inception returns. Please see disclosure formore information. All performance presented is net of fees (NAV). Please see �{��,� T T disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTA72mNS ONLY. ©2015 Envestnet. All Rights Reserved. II SuN R S 1 Mutual Fund International Equity Large Cap Value Firm Overview Dimensional Fund Advisors ( "Dimensional ") is an investment firm headquartered in Austin, Texas and has affiliates with offices in the US, Canada, UK, Germany, Netherlands, Australia, Singapore, and Japan. The company was founded in 1981 by David G. Booth and Rex Sinquefield. The company offers over 100 equity and fixed income mutual funds. Objective The investment objective of the International Core Equity Portfolio is to achieve long- term capital appreciation. Process Dimensional Fund Advisors believes that equity investing should involve a long -term view and a systematic focus on sources of expected returns, not on stock picking or market timing. In constructing an investment portfolio, the Advisor identifies a broadly diversified universe of eligible securities with precisely - defined risk and return characteristics. It then places priority on efficiently managing portfolio turnover and keeping trading costs low. The Advisor does not intend to purchase or sell securities for the investment portfolio based on prospects for the economy, the securities markets or the individual issuers whose shares are eligible for purchase. The International Core Equity Portfolio purchases a broad and diverse group of securities of non -U.S. companies in developed markets with a greater emphasis on small capitalization and value companies as compared to their representation in the International Universe. The Advisor defines the International Universe as a market capitalization weighted portfolio of non -U.S. companies in developed markets that have been authorized as approved markets for investment by the Advisor's Investment Committee. The Portfolio's increased exposure to small capitalization and value companies may be achieved by decreasing the allocation of the International Core Equity Portfolio's assets to the largest growth companies relative to their weight in the International Universe, which would result in a greater weight allocation to small capitalization and value companies. An equity issuer is considered a growth company primarily because it has a low, non - negative book value in relation to its market capitalization and an equity issuer is considered a value company primarily because it has a high book value in relation to its market capitalization. The International Core Equity Portfolio intends to purchase securities of companies associated with developed market countries that the Advisor has designated as Asset Allocation 10/31/2014 4.5% approved markets. The International Core Equity Portfolio will invest at least 80% of its net assets in equity securities. The Advisor determines company size on a country or region specific basis and based primarily on market capitalization. The percentage allocation of the assets of the International Core Equity Portfolio to securities of the largest growth companies will generally be reduced from between 5% and 35% of their percentage weight in the International Universe. Securities of the largest growth companies in the International Universe comprised approximately 16% of the International Universe and the Advisor allocated approximately 4% of the International Core Equity Portfolio to securities of the largest growth companies in the International Universe. The percentage by which the Portfolio's allocation to securities of the largest growth companies is reduced will change due to market movements and other factors. Additionally, the International Core Equity Portfolio's percentage allocation to all securities as compared to their representation in the International Universe may be modified after considering other factors the Advisor determines to be appropriate, such as free float, momentum, trading strategies, liquidity management, and expected profitability. The International Core Equity Portfolio may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer's domicile country. The International Core Equity Portfolio also may use derivatives, such as futures contracts and options on futures contracts for foreign or U.S. equity securities and indices, to gain market exposure on its un- invested cash pending investment in securities or to maintain liquidity to pay redemptions. In addition, they may lend its portfolio securities to generate additional income. Personnel Karen Umland, CFA, is a Senior Portfolio Manager and Vice President of DFA and a member of the Investment Committee, her employer since 1993. She began her investment career with the Yale University Investment Office. Ms. Umland earned a BA degree in Economics from Yale and an MBA from University of California. Joseph Chi is a Portfolio Manager and Vice President of the Fund and a member of the Investment Committee. Mr. Chi joined Dimensional in 2005. He has been responsible for international equity portfolios since 2010. Mr. Chi earned a BS degree and an MBA from the University of California and also earned a JD from the University of Southern California. Region Analysis 10/31/2014 US /Canada -6.8% Europe 94.8% Equity Japan 20.8/ 0.6% Cash Asia /Pacific _11% 4.5% Other Latin America 110.1% E. Europe /Africa 10.7/ 0% 20% 40% 60% Returns through 1213112014 Key Facts Benchmark Russell Dev ex NA Large Cap Value Minimum Investment Manager Team Manager Tenure 5.5 Yrs Shareclass Inception 9/2005 Shareclass Assets $12 Billion # of Holdings 2462 Annual Turnover (2014) 3% Expense Ratio Gross 39 bps Expense Ratio Net 39 bps Website www.dimensional.com Phone 310 - 633 -7885 Characteristics 10/31/2014 Market Cap 10,403.19 3 Year Earnings Growth 5.91 Dividend Yield 2.91% Price To Book 1.37 Price To Earnings 15.23 Price To Sales 0.74 Price To Cash Flow 7.49 Return on Equity 12.27% All performance ©2015 E p resent All Rights fees (NAV). Please see disclosure at the end of this report for it additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund International Equity Large Cap Value Trailing Performance Portfolio % 15 0 10 ■ 5 1 Year 0 ■ _� -5 2011 -10 (5.98) 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year MF RDLCVXNA Performance Calendar Performance 40 20 Portfolio % Nestle SA 0 Royal Dutch Shell PLC ADR Class B ■ -20 1 Year 3 Year 2014 2013 2012 2011 MF (5.98) RDLCVXNA Returns through 1213112014 ■ 2010 2009 Equity Sectors 10/31/2014 Equity - Top Portfolio Holdings 10/31/2014 Materials 10.9 Information Technology -5.8 Healthcare -6.4 Telecommunications -3.8 Consumer Discretionary 14.8 Consumer Staples 7.8 Industrials 17.1 Financials 21.6 Energy 8.4 Utilities -3.4 0% 5% 10% 15% 20% 25% Percentage of Equity Portfolio % Nestle SA 1.30% Royal Dutch Shell PLC ADR Class B Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF (4.44) (5.98) 11.28 5.91 0.55 4.63 Benchmark (4.77) (5.53) 11.49 4.50 (1.26) 3.64 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF (5.98) 23.43 18.74 (15.11) 13.91 39.29 (44.01) 8.49 26.94 Benchmark (5.53) 25.08 17.27 (14.65) 5.36 32.75 (44.68) 7.01 29.67 12.60 23.70 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 10/31/2014 Equity - Top Portfolio Holdings 10/31/2014 Materials 10.9 Information Technology -5.8 Healthcare -6.4 Telecommunications -3.8 Consumer Discretionary 14.8 Consumer Staples 7.8 Industrials 17.1 Financials 21.6 Energy 8.4 Utilities -3.4 0% 5% 10% 15% 20% 25% Percentage of Equity All performance ©2015 E p resent All Rights fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Portfolio % Nestle SA 1.30% Royal Dutch Shell PLC ADR Class B 0.84% Total SA 0.73% BP PLC ADR 0.71% HSBC Holdings PLC ADR 0.67% Novartis AG ADR 0.61% Toyota Motor Corp 0.55% Lloyds Banking Group PLC 0.48% BHP Billiton Ltd 0.44% Toyota Motor Corp ADR 0.39% All performance ©2015 E p resent All Rights fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Mutual Fund International Equity Large Cap Core Firm Overview MFS Investment Management ( "MFS ") is a majority -owned subsidiary of Sun Life Financial. MFS employees retain a significant ownership percentage in the company and the firm offers a program whereby key senior management and senior investment professionals have the opportunity to further participate in equity ownership of the firm. The firm offers a full spectrum of financial products to both institutional and retail investors. Objective The MFS Research International Portfolio seeks capital appreciation by investing in the equity of foreign companies, including emerging markets. Also, the Fund may invest in companies regardless of market capitalization and may allocate a large percentage of assets to one country, a few countries or one geographical region. Additionally, derivatives may be used in the Fund as an alternative to direct investments, as a hedging technique or simply to earn income or enhance returns. The MFS investment philosophy is based upon the belief that stock prices follow sustainable earnings growth and accelerating cash flows, and that bottom -up fundamental research provides the best means of consistently identifying high - quality investments. Process The Research International Fund is managed with an analyst- driven decision making approach as opposed to a traditional portfolio manager led process. The MFS Research International team, which is organized by sector and spread across the globe (Mexico City, Boston, London, Singapore, Tokyo and Sydney), conducts qualitative and quantitative fundamental research by visiting management teams of companies, assessing market conditions, examining current and historical financial records, and building models to analyze the balance sheets and project earnings and cash flow growth. The entire team meets via videoconference on a weekly basis and in- person twice per year (in either Boston or London) to discuss ideas, while individual Asset Allocation 5/31/2014 sector teams meet at least once a month. The Fund, in achieving diversification, can be invested broadly across regions, industries, styles and market capitalizations. However, since the team favors high - quality companies with above average potential for sustainable earnings growth and strong free cash flows, the Fund tends to have a large cap bias. The Fund's "core" style allows the team flexibility to select both growth and value companies for inclusion, and the portfolio typically consists of 100 to 120 holdings that are considered the team's "highest conviction ideas." The Fund remains sector neutral to the MSCI EAFE Index, with no more than 25% allocated to one industry. Additonally, emerging market exposure is limited to 25% of the portfolio while individual position sizes are maxed out at 5 %. The team's sell discipline is triggered if a company reaches its target price, a fundamental change occurs such as deteriorating cash flow generation or a better opportunity is presented. Personnel All of the international analysts contribute ideas to the portfolio, but the team is overseen by Jose Luis Garcia and Thomas Melendez. Jose Luis Garcia is an Investment Officer and an Equity Research Analyst at MFS. In addition, he oversees the analyst team that manages the international research portfolios. Jose Luis joined MFS in 2002. Previously, he was CEO of Telefonica 13213 in Mexico City. Mr. Garcia received a bachelor's degree from Boston College and a M.B.A. from Harvard University. Thomas Melendez is an Investment Officer and an Associate Portfolio Manager of the global equity portfolios at MFS. Mr. Melendez joined MFS in 2002 with more than ten years experience. He earned his bachelor's degree from Long Island University and M.B.A. from Columbia University. Region Analysis 4/30/2014 US /Canada 12.8% Europe Japan _17.4% = 98.8% Equity 1.2% Cash Asia /Pacific _13.7% Latin America 12.4% E. Europe /Africa I1% 0% 20% .5% 40% 60% 80% Returns through 613012014 Key Facts Benchmark Russell Developed ex North America Large Cap Minimum Investment Manager Garcia/ Melendez Manager Tenure 9.1 Yrs Shareclass Inception 1/1997 Shareclass Assets $2.2 Billion # of Holdings 107 Annual Turnover (2013) 32% Expense Ratio Gross 93 bps Expense Ratio Net 93 bps Website www.mfs.com Phone 800 - 343 -2829 Characteristics 5/31/2014 Market Cap 38,820.46 3 Year Earnings Growth 1.33 Dividend Yield 3.60% Price To Book 1.71 Price To Earnings 17.08 Price To Sales 1.52 Price To Cash Flow 10.55 Return on Equity 13.61% All performance ©2014 E p resent All Rights fees (NAV). Please see disclosure at the end of this report for it additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund International Equity Large Cap Core Trailing Performance Portfolio % Novartis AG 3.48% Royal Dutch Shell PLC Class A 25 20 Nestle SA 2.60% HSBC Holdings PLC 2.58% 15 2.01% Westpac Banking Corp 1.96% Schneider Electric 10 Bayer AG 1.92% GlaxoSmithKline PLC 1.92% KDDI Corp 1.86% r 0 IIIIIIIIIIIW= 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year MF 'RDxNALC Performance Q2 2014 1 Year 3 Year 5 Year MF 3.49 18.41 6.27 11.83 Benchmark 3.87 24.49 8.29 12.24 Returns through 613012014 Calendar Performance 40 20 -20 ,-40 -60 2013 2012 2011 2010 2009 2008 MF RDxNALC Since 7 Year 10 Year Inception 1.44 7.65 7.75 1.25 7.25 2014 YTD 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 2.98 18.92 16.98 (10.61) 11.22 31.43 (42.46) 13.24 27.70 16.62 20.85 Benchmark 5.02 23.57 17.67 (12.40) 8.39 33.72 (44.02) 11.64 27.09 13.41 20.09 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 5/31/2014 Equity - Top Portfolio Holdings 5/31/2014 Materials 7.7 Information Technology -5.8 Healthcare 10.6 Telecommunications -5.2 Consumer Discretionary 13.2 Consumer Staples 10 Industrials 11.5 Financials Energy 7.3 Utilities -3.9 0% 5% 10% 15% 20% 25% Percentage of Equity All performance ©2014 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Portfolio % Novartis AG 3.48% Royal Dutch Shell PLC Class A 3.37% Nestle SA 2.60% HSBC Holdings PLC 2.58% Rio Tinto PLC 2.01% Westpac Banking Corp 1.96% Schneider Electric 1.93% Bayer AG 1.92% GlaxoSmithKline PLC 1.92% KDDI Corp 1.86% All performance ©2014 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Mutual Fund US Equity Small Cap Growth Firm Overview Thomas Rowe Price Jr. founded T. Rowe Price in 1937. The Baltimore -based asset management firm provides no -load mutual funds for individual investors and corporate retirement programs. Today, the firm and its affiliates serve as investment adviser to stock and bond mutual funds. Additionally, T. Rowe Price manages separate and commingled institutional accounts. Objective The Diversified Small Cap Growth Fund (the "Fund ") seeks long -term growth of capital by investing primarily in common stocks of small growth companies. Process The fund seeks to invest in a broadly diversified portfolio of securities and the top 25 holdings will not constitute more than 50% of the fund's total assets. This broad diversification helps to minimize the effects of individual security selection on fund performance. The fund employs a number of "top down" quantitative models developed by T. Rowe Price to identify stocks that could be included in the portfolio. Based on these models and fundamental research, the portfolio is constructed in a "bottom up" manner which takes into consideration stock characteristics, such as projected earnings and sales growth rates, valuation, capital usage, and earnings quality. They also consider portfolio risk characteristics in the process of portfolio Asset Allocation 9/30/2014 4.4% construction. Sector allocations are generally in line with those of the MSCI US Small Cap Growth Index, with occasional small overweights or underweights to a particular sector. In building the investment models and adjusting them as needed, the fund draws on quantitative and fundamental research, portfolio strategy, and trading. The fund will normally invest at least 80% of its net assets in small -cap growth companies with a market capitalization range that is approximately $60 million to $4.5 billion. Most of the stocks purchased by the fund will be in this size range. However, the fund may on occasion purchase a stock whose market capitalization exceeds the range. While most assets will typically be invested in U.S. common stocks, they may invest in foreign stocks in keeping with the fund's objectives. The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. Personnel Sudhir Nanda, Ph.D., CFA, joined T. Rowe Price in 2000 and has served as the chairman of the Investment Advisory Committee since 2006. Prior to joining T. Rowe Price, Dr. Nanda was an assistant professor of finance at Penn State University and held financial and general management positions with Tata Steel. He holds a BA degree from St. Stephen's College, Delhi, and an MBA from The Indian Institute of Management, Calcutta. Region Analysis 9/30/2014 US /Canada Europe 11 % 94.7% Equity © 0.8% Fixed Asia /Pacific 110.1% 0 4.4% Cash 0 0.1% Other Latin America 10.5% E. Europe /Africa 110.2/ 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Russell 2000 Growth Minimum Investment $2,500 Manager Nanda Manager Tenure 8.2 Yrs Shareclass Inception 6/1997 Shareclass Assets $941.7 Million # of Holdings 277 Annual Turnover (2013) 13% Expense Ratio Gross 82 bps Expense Ratio Net 82 bps Website www.troweprice.com Phone 800 - 638 -5660 Characteristics 9/30/2014 Market Cap 3,304.20 3 Year Earnings Growth 18.37 Dividend Yield 0.47% Price To Book 3.85 Price To Earnings 24.80 Price To Sales 1.83 Price To Cash Flow 13.47 Return on Equity 17.39% All performance ©2015 E p resent All Rights fees eesYVed.V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund US Equity Small Cap Growth Trailing Performance Calendar Performance 25 50 20 40 15 30 20 10 10 ■ 0 0 , -10 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2014 2013 2012 = M F R2000G = M F Performance Returns through 1213112014 2011 2010 R2000G 2009 All performance ©2015 E p resent All Rights fees eesYVed.V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception M F 6.76 6.38 21.07 19.19 11.29 10.20 7.37 Benchmark 10.06 5.60 20.14 16.80 8.73 8.54 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 6.38 44.19 15.69 1.54 33.50 37.98 (36.28) 9.35 3.35 10.49 10.26 Benchmark 5.60 43.30 14.59 (2.91) 29.09 34.47 (38.54) 7.05 13.34 4.15 14.31 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 9/30/2014 Equity - Top Portfolio Holdings 9/30/2014 Portfolio % Materials -4.5 T. Rowe Price Short -Term Reserve 3.69% Information Technology T. Rowe Price Reserve Investment 1.59% Healthcare 19.8 Hanesbrands Inc 1.04% Telecommunications '0.4 Puma Biotechnology Inc 0.96% The Middleby Corp 0.94% Consumer Discretionary 16.7 Sallx Pharmaceuticals Ltd 0.89% Consumer Staples _3.1 Old Dominion Freight Lines 0.88% Industrials 17.4 Westinghouse Air Brake Technologies Corp 0.80% Financials 8.1 Tyler Technologies Inc 0.76% WEX Inc 0.76 °k Energy -6.5 Utilities 0% 5% 10% 15% 20% 25% Percentage of Equity All performance ©2015 E p resent All Rights fees eesYVed.V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Mutual Fund US Equity Small Cap Value Firm Overview Cambiar Investors LLC ( "Cambiar "), located in Denver, Colorado was founded in 1973 to manage value- oriented equity portfolios for institutional and individual investors. In 1990, Cambiar became a wholly -owned subsidiary of Old Mutual (formerly United Asset Management). In 2001, the management and senior investment professionals formed a limited liability company, called Cambiar LLC, and completed a management buyout from the parent company. Old Mutual retained a minority interest until January 2004, when Cambiar purchased the remaining interest, making the firm 100% employee owned. Objective The Cambiar Small Cap Fund seeks long -term capital appreciation by investing 80% of its assets in common stocks of small cap companies, such as those found in the Russell 2000 Index, with a market capitalization no greater than $3.5 billion. Process Cambiar's investment professionals work as a team to develop investment ideas by analyzing company and industry statements, monitoring Wall Street and other research sources and interviewing company management. The Adviser also evaluates economic conditions and fiscal and monetary policies. Cambiar's approach focuses first on individual stocks and then on industries or sectors. The Adviser tries to select Asset Allocation 11/30/2014 4.8% 95.3% Equity 4.8% Cash quality companies: possessing above - average financial characteristics; having seasoned management; enjoying product or market advantages; whose stock is selling at a low relative historical valuation based on ratios such as price -to- earnings, price -to -book, price -to -sales and price -to -cash flow; experiencing positive developments not yet recognized by the markets, such as positive changes in management, improved margins, corporate restructuring or new products; and /or possessing significant appreciation potential within 12 to 18 months. The Fund contains approximately 55 positions with an average turnover rate of 71 %. The Adviser may sell a stock because: it realizes positive developments and achieves its target price; it experiences exaggerated price moves relative to actual developments; it becomes over weighted in the portfolio; or it experiences a change in or deteriorating fundamentals. Personnel Brian Barish, CFA, President, Director of Research, joined the Cambiar in 1997. He serves as the Lead Manager of the investment team of the Cambiar Opportunity Fund and Co- Manager of the Cambiar Small Cap Fund. He focuses on the technology, media, aerospace, and defense sectors. Prior to joining the firm, Mr. Barish served as Director of Emerging Markets Research for Lazard Freres & Co Mr. Barish received a BA degree in Economics and Philosophy from the University of California, Berkeley. Region Analysis 11/30/2014 US /Canada Europe 11.7% 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Russell 2000 Value Minimum Investment $5 Million Manager Team Manager Tenure 10.1 Yrs Shareclass Inception 10/2008 Shareclass Assets $748.9 Million # of Holdings 52 Annual Turnover (2014) 67% Expense Ratio Gross 111 bps Expense Ratio Net 106 bps Website www.cambiar.com Phone 866- 777 -8227 Characteristics 9/30/2014 Market Cap 1,952.07 3 Year Earnings Growth 18.03 Dividend Yield 1.25% Price To Book 1.67 Price To Earnings 19.37 Price To Sales 0.74 Price To Cash Flow 9.63 Return on Equity 10.09% I Calculations prior to November 2008 are based on pre- inception returns. Please see disclosure for more information. All performance presented is net of fees (NAV). Please � NTR T T see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESEA94AT/ONS ONLY. ©2015 Envestnet. All Rights Reserved. � �U1V 11tU51 Mutual Fund US Equity Small Cap Value Returns through 1213112014 Trailing Performance t Calendar Performance t 20 60 15 40 10 5 20 0 -5 -20 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2014 2013 2012 2011 2010 2009 MF R2000V MF R2000V Performance t Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF 3.45 (0.19) 15.83 15.86 9.90 10.47 11.50 Benchmark 9.40 4.22 18.29 14.26 7.59 6.89 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF (0.19) 37.28 13.40 (1.16) 35.93 45.40 (36.19) (3.88) 21.15 19.98 Benchmark 4.22 34.52 18.05 (5.50) 24.50 20.58 (28.92) (9.78) 23.48 4.71 22.25 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 11/30/2014 Equity - Top Portfolio Holdings 11/30/2014 Portfolio % Materials -4.2 SEI Government A (SDIT) 4.75% Information Technology 17.3 WellCare Health Plans Inc 2.45% Healthcare 11.5 Cardtronics Inc 2.40% Telecommunications -2.2 Buckle, Inc. 2.31% Genesco Inc 2.23% Consumer Discretionary 20.9 Cathay General Bancorp 2.23% Consumer Staples -2.2 Proassurance Corp 2.21% Industrials 18.5 Generac Holdings Inc 2.20% Magellan Health Inc 2.20% Financials 1s.z Regal - Beloit Corp 2.18% Energy 6.9 Utilities 0% 5% 10% 15% 20% 25% Percentage of Equity I Calculations prior to November 2008 are based on pre- inception returns. Please see disclosure for more information. All performance presented is net of fees (NAV). Please � N T R T T see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESEAUSAT/ONS ONLY. ©2015 Envestnet. All Rights Reserved. �U1V 1tU51 Exchange Traded Fund US Equity Mid Cap Growth Firm Overview BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York City, NY. The Firm provides investment management, risk management, advisory services, separate account products, mutual funds, iShares (exchange- traded funds), and other pooled investment vehicles for institutional and retail clients worldwide. On February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge Merrill Lynch's investment management business, Merrill Lynch Investment Managers, and BlackRock to create a new independent company that will operate under the BlackRock name. Additionally, in December 2009, BlackRock completed its merger with Barclays Global Investors ( "BGI "). In 2000, Barclays, which is now a part of BlackRock, launched iShares, which are investment company shares that trade on stock exchanges and track stock indexes. iShares are a family of exchange- traded funds (ETFs) managed by BlackRock. Objective The iShares Russell Mid -Cap Growth ETF (the "Fund ") seeks to track the investment results of an index composed of mid - capitalization U.S. equities that exhibit growth Asset Allocation 12/31/2014 characteristics. The Fund seeks to track the investment results of the Russell Midcap Growth Index (the "Underlying Index "), which measures the performance of the mid - capitalization growth sector of the U.S. equity market. It is a subset of the Russell Midcap Index, which measures the performance of the mid - capitalization sector of the U.S. equity market. The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Underlying Index represented approximately 46% of the total market value of the Russell Midcap Index. The Underlying Index measures the performance of equity securities of Russell Midcap Index issuers with higher price -to- book ratios and higher forecasted growth. The Russell Midcap Index is a float - adjusted, capitalization- weighted index of the 800 smallest issuers in the Russell 1000 Index and includes securities issued by issuers which range in size between approximately $1.6 billion and $18.3 billion, although this range may change from time to time. Components primarily include consumer discretionary, producer durables and technology companies. Region Analysis 12/31/2014 US /Canada Europe 10.5/ 99.8% Equity 0.2% Other Asia /Pacific 10.8% E. Europe /Africa 110.1% 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Russell Midcap Growth Minimum Investment Manager Team Manager Tenure 4.4 Yrs Shareclass Inception 7/2001 Shareclass Assets $5.8 Billion # of Holdings 557 Annual Turnover (2014) 23% Expense Ratio Gross 25 bps Expense Ratio Net 25 bps Website www.ishares.com Phone 800 - 474 -2737 Characteristics 12/31/2014 Market Cap 11,656.22 3 Year Earnings Growth 16.01 Dividend Yield 1.04% Price To Book 4.71 Price To Earnings 24.22 Price To Sales 1.83 Price To Cash Flow 14.76 Return on Equity 21.39% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 36 �U1V 11< US 1 Exchange Traded Fund US Equity Mid Cap Growth Returns through 1213112014 Trailing Performance Calendar Performance 25 50 20 40 15 30 2 10 0 5 10 ■ IL __j 0 �- -10 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2014 2013 2012 2011 2010 2009 ETF NAV ETF Mkt Val RMG ETF NAV ETF Mkt Val RMG Performance Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF (NAV) 5.79 11.68 20.48 16.71 8.38 9.21 7.98 ETF (Mkt Val) 5.89 11.69 20.50 16.70 8.39 9.21 7.98 Benchmark 5.84 11.90 20.71 16.94 8.59 9.43 2014 2013 2012 2011 2010 2009 2008 ETF (NAV) 11.68 35.44 15.62 (1.82) 26.10 45.95 (44.40) ETF (Mkt Val) 11.69 35.52 15.60 (1.88) 26.06 46.26 (44.49) Benchmark 11.90 35.74 15.81 (1.65) 26.38 46.29 (44.32) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 12/31/2014 Equity - Top Portfolio Holdings 12/31/2014 Portfolio % Materials -4.8 Kroger Co 0.97% Information Technology 17.9 Vertex Pharmaceuticals Inc 0.83% Healthcare 13.7 Crown Castle International Corp 0.78% Telecommunications 01 Intuit Inc 0.78% Southwest Airlines Co 0.78% Consumer Discretionary 23.8 VF Corp 0.77% Consumer Staples 7.9 Illumina Inc 0.77% Industrials 16.2 Avago Technologies Ltd 0.75% United Continental Holdings Inc 0.74% Financials 9.5 McGraw Hill Financial Inc 0.72 °k Energy -5 Utilities 10.2 0% 5% 10% 15% 20% 25% Percentage of Equity All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- NTR T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 37 �U1V 11tVST Mutual Fund US Equity Mid Cap Value Firm Overview JPMorgan Investment Management Inc. ( "JPMIM ") is an indirect, wholly -owned subsidiary of JPMorgan Chase & Co. ( "JPM Chase "). JPM Chase, headquartered in New York City, NY, provides investment banking services, financial transaction processing, asset and wealth management, as well as other financial services to institutions and individuals. JPMIM reviews, supervises, and administers each fund's investment program and operates within JPMorgan Asset Management, a division of JPM Chase. Objective The JPMorgan Mid Cap Value Fund (the "Fund ") seeks growth from capital appreciation. Process In managing the Fund, the adviser employs a bottom -up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. The adviser looks for quality companies, which appear to be undervalued and to have the potential to grow intrinsic value per share. Quality companies generally have a sustainable competitive position, relatively lower levels of business cyclicality, high returns on invested capital and strong experienced management teams. The Fund normally invests at least 80% of its assets in equity securities of mid -cap companies. Mid -cap companies are companies with market capitalizations between $1 billion and $20 billion at the time of purchase. In implementing its main strategies, the Fund's investments are primarily in common stocks and REITs. Derivatives may be Asset Allocation 11/30/2014 2.6% used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, they will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. The adviser may sell a security for several reasons. A security may be sold due to a change in the company's fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. Personnel Jonathan Simon, CPA, Managing Director, heads the U.S. Equity Value Group and manages this as well as multiple other JPMIM funds. Mr. Simon has been an employee of the firm since 1980, when he started as an analyst in its London office. He joined the New York office in 1983 and became a portfolio manager in 1987. Mr. Simon holds an MA degree in Mathematics from Oxford University. Lawrence Playford, CFA, CPA, a Vice President, has been a Portfolio Manager on the Fund since 2004 after joining the investment team in 2003. Mr. Playford joined the firm in 1993 as a financial analyst. He holds a BA degree in Accounting from the University Of Notre Dame and an MBA in Finance from Fordham University. Gloria Fu, a Vice President, is an Analyst and Portfolio Manager on the Fund. Ms. Fu joined the firm in 2002 and became a portfolio manager in 2006. Prior to joining the firm, she was a sell -side analyst at Robertson Stephens. Ms. Fu holds BA and MA degrees in Hotel Administration from Cornell University. Region Analysis 11/30/2014 97.4% Equity US /Canada 2.6% Cash 0% 20% 40% 60% 80% 100% All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 38 Returns through 1213112014 Key Facts Benchmark Russell Midcap Value Minimum Investment $3 Million Manager Team Manager Tenure 11.9 Yrs Shareclass Inception 11/1997 Shareclass Assets $10.2 Billion # of Holdings 108 Annual Turnover (2014) 25% Expense Ratio Gross 93 bps Expense Ratio Net 76 bps Website www.jpmorganchase.com Phone 866- 535 -9248 Characteristics 11/30/2014 Market Cap 11,187.21 3 Year Earnings Growth 8.67 Dividend Yield 1.61% Price To Book 2.28 Price To Earnings 20.60 Price To Sales 1.24 Price To Cash Flow 11.39 Return on Equity 16.36% VIII / /,j S u N T R u S T Trailing Performance 25 20 15 10 5 0 1 Qtr YTD Performance MF Benchmark r r r i-i ij 1 Year 3 Year 5 Year 7 Year 10 Year = MF I RMV Q4 2014 1 Year 3 Year 5 Year 8.27 15.14 22.34 18.26 6.05 14.75 21.98 17.43 Calendar Performance 40 30 20 10 ■ - 0 -10 2014 7 Year 10 Year 10.15 10.01 9.14 9.43 2013 2012 2011 MF RMV Since Inception 13.69 Returns through 1213112014 2010 2009 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 15.14 31.99 20.48 2.42 23.34 26.75 (32.90) 2.83 17.33 9.41 20.99 Benchmark 14.75 33.46 18.51 (1.38) 24.75 34.21 (38.44) (1.42) 20.22 12.65 23.71 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 11/30/2014 Equity - Top Portfolio Holdings 11/30/2014 Portfolio % Materials -6.7 JPMorgan Prime Money Market Inst 2.57% Information Technology 9.5 Expedla Inc 1.66% Healthcare -6.9 Loews Corp 1.62% Kohl's Corp 1.60% Telecommunications Cigna Corp 1.58% Consumer Discretionary 18.1 Arrow Electronics Inc 1.53% Consumer Staples _5.4 Gap Inc 1.53% Industrials 9.6 Mohawk Industries Inc 1.47% Jack Henry & Associates, Inc 1.46% Financials 3o s Marsh & McLennan Companies Inc 1.43% Energy _3.9 Utilities 9.5 0% 5% 10% 15% 20% 25% 30% 35% Percentage of Equity All performance ©2015 E p resent All Rights fees eesYVed.V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST Exchange Traded Fund US Equity Large Cap Growth Firm Overview BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York City, NY. The Firm provides investment management, risk management, advisory services, separate account products, mutual funds, iShares (exchange- traded funds), and other pooled investment vehicles for institutional and retail clients worldwide. On February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge Merrill Lynch's investment management business, Merrill Lynch Investment Managers, and BlackRock to create a new independent company that will operate under the BlackRock name. Additionally, in December 2009, BlackRock completed its merger with Barclays Global Investors ( "BGI "). BlackRock's ownership structure has no single majority stockholder and has a majority of independent directors. Merrill Lynch & Co., Inc., a wholly -owned subsidiary of Bank of America Corporation, The PNC Financial Services Group, Inc., and Barclays PLC own economic interests in BlackRock with the remainder owned by institutional and individual investors, as well as BlackRock employees. Objective The iShares Russell 1000 Growth ETF (the "Fund ") seeks to track the investment results of an index composed of large- and mid - capitalization U.S. equities that exhibit Asset Allocation 12/31/2014 growth characteristics. The Fund seeks to track the investment results of the Russell 1000 Growth Index (the "Underlying Index "), which measures the performance of large- and mid - capitalization growth sectors of the U.S. equity market. It is a subset of the Russell 1000 Index, which measures the performance of the large- capitalization sector of the U.S. equity market. The Underlying Index represented approximately 48% of the total market value of the Russell 1000 Index. The Underlying Index measures the performance of equity securities of Russell 1000 Index issuers with relatively higher price -to -book ratios and higher forecasted growth. Components primarily include consumer discretionary, producer durables and technology companies. The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds, as well as in securities not included in the Underlying Index, but which it believes will help the Fund track the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. Region Analysis 12/31/2014 US /Canada 99.8% Equity Europe 10.8% 0.2% Other Asia /Pacific 10.2% 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Russell 1000 Growth Minimum Investment Manager Team Manager Tenure 4.4 Yrs Shareclass Inception 5/2000 Shareclass Assets $27.8 Billion # of Holdings 685 Annual Turnover (2014) 15% Expense Ratio Gross 20 bps Expense Ratio Net 20 bps Website www.ishares.com Phone 800 - 474 -2737 Characteristics 12/31/2014 Market Cap 54,242.54 3 Year Earnings Growth 15.76 Dividend Yield 1.60% Price To Book 5.09 Price To Earnings 21.54 Price To Sales 2.18 Price To Cash Flow 14.19 Return on Equity 27.74% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 40 �U1V 11< US 1 Exchange Traded Fund US Equity Large Cap Growth Trailing Performance 25 20 15 5 0 — F 1 Qtr YTD 1 Year 3 Year ETF NAV ETF Mkt Val Performance ETF (NAV) ETF (Mkt Val) Benchmark Returns through 1213112014 2014 2013 2012 2011 2010 2009 2008 ETF (NAV) 12.84 33.19 15.03 2.47 16.47 36.94 (38.48) ETF (Mkt Val) 12.78 33.14 15.22 2.33 16.52 36.70 (38.22) Benchmark 13.05 33.48 15.26 2.64 16.71 37.21 (38.44) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 12/31/2014 Equity - Top Portfolio Holdings 12/31/2014 Materials -4 Information Technology Healthcare 14.2 Telecommunications .2.1 Consumer Discretionary 18.7 Consumer Staples 10.6 Industrials 12.2 Financials -5.4 Energy _4.5 Utilities 10.1 0% 5% 10% 15% 20% Percentage of Equity 25% 30% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � N T R T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 41 �U1V 1< US 1 Portfolio % Apple Inc 6.23% Microsoft Corp 2.32% Verizon Communications Inc 1.81% Coca -Cola Co 1.57% Facebook Inc Class A 1.44% International Business Machines Corp 1.42% Google Inc Class C 1.40% Google Inc Class A 1.39% Oracle Corporation 1.38% Gilead Sciences Inc 1.35% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � N T R T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 41 �U1V 1< US 1 Exchange Traded Fund US Equity Mid Cap Value Firm Overview BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York City, NY. The Firm provides investment management, risk management, advisory services, separate account products, mutual funds, iShares (exchange- traded funds), and other pooled investment vehicles for institutional and retail clients worldwide. On February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge Merrill Lynch's investment management business, Merrill Lynch Investment Managers, and BlackRock to create a new independent company that will operate under the BlackRock name. Additionally, in December 2009, BlackRock completed its merger with Barclays Global Investors ( "BGI "). BlackRock's ownership structure has no single majority stockholder and has a majority of independent directors. Merrill Lynch & Co., Inc., a wholly -owned subsidiary of Bank of America Corporation, The PNC Financial Services Group, Inc., and Barclays PLC own economic interests in BlackRock approximating 34.1%, 24.6% and 19.9 %, respectively, with the remainder owned by institutional and individual investors, as well as BlackRock employees. Objective The iShares Select Dividend ETF (the "Fund ") seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Select Dividend Index (the "Underlying Index "). The Underlying Asset Allocation 12/31/2014 99.6% Equity 0.4% Other Index measures the performance of a selected group of equity securities issued by companies that have provided relatively high dividend yields on a consistent basis over time. The Underlying Index is comprised of 100 of the highest dividend - yielding securities (excluding real estate investment trusts ( "REITs ")) in the Dow Jones U.S. Index, a broad -based index representative of the total market for U.S. equity securities. To be included in the Underlying Index, the securities (i) must have a current year's dividend per -share ratio which is greater than or equal to their five year average dividend per -share ratio; (ii) must have an average five -year dividend payout ratio of 60% or less; and (iii) must have a minimum three -month average trading volume of 100,000 shares a day. "Dividend payout ratio" reflects the percentage of a company's earnings paid out as dividends. A ratio of 60% would mean that the company issuing the security paid out approximately 60% of its earnings as dividends. A company with a lower dividend payout ratio has more earnings to support dividends, and adjustments or changes in the level of earnings are therefore less likely to significantly affect the level of dividends paid. Positive dividend growth rate is a measure of dividend consistency, since it provides some indication of a company's ability to continue to pay dividends. The Underlying Index is reviewed and rebalanced annually. The Underlying Index was concentrated in the consumer goods, industrials and utilities sectors. Components primarily include consumer goods, industrials and utilities companies. Region Analysis 12/31/2014 US /Canada Asia /Pacific 11.2% 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark DJ US Select Dividend TR Minimum Investment Manager Team Manager Tenure 4.4 Yrs Shareclass Inception 11/2003 Shareclass Assets $15.6 Billion # of Holdings 103 Annual Turnover (2014) 22% Expense Ratio Gross 39 bps Expense Ratio Net 39 bps Website www.ishares.com Phone 800 - 474 -2737 Characteristics 12/31/2014 Market Cap 16,983.87 3 Year Earnings Growth 4.15 Dividend Yield 3.47% Price To Book 2.25 Price To Earnings 17.92 Price To Sales 1.46 Price To Cash Flow 8.83 Return on Equity 20.73% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 42 �U1V 11< US 1 Exchange Traded Fund US Equity Mid Cap Value Trailing Performance 20 15 10 P r 5 0 OIL OIL OIL - 1 Qtr YTD 1 Year 3 Year ETF NAV ETF Mkt Val Performance Returns through 1213112014 Calendar Performance Equity Sectors 12/31/2014 Equity - Top Portfolio Holdings 12/31/2014 Materials _4.3 Information Technology ■2 Healthcare -4.2 Telecommunications ■2.4 Consumer Discretionary -9.8 Consumer Staples 11.2 Industrials Financials -8.8 Energy -6.8 Utilities 0% 10% 14 20% 30% Percentage of Equity 40% Portfolio % Lockheed Martin Corp 3.96% Entergy Corp 2.54% Integrys Energy Group Inc Since Chevron Corp Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF (NAV) 8.33 14.89 17.79 16.57 6.95 6.42 7.97 ETF (Mkt Val) 8.33 14.86 17.81 16.58 7.01 6.42 7.97 Benchmark 8.48 15.36 18.17 17.03 7.73 7.08 2014 2013 2012 2011 2010 2009 2008 ETF (NAV) 14.89 28.71 10.52 11.90 17.69 10.99 (33.00) ETF (Mkt Val) 14.86 28.85 10.48 11.81 17.79 10.77 (32.64) Benchmark 15.36 29.06 10.84 12.42 18.32 11.13 (30.97) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 12/31/2014 Equity - Top Portfolio Holdings 12/31/2014 Materials _4.3 Information Technology ■2 Healthcare -4.2 Telecommunications ■2.4 Consumer Discretionary -9.8 Consumer Staples 11.2 Industrials Financials -8.8 Energy -6.8 Utilities 0% 10% 14 20% 30% Percentage of Equity 40% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � N T R T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 43 �U1V 1< US 1 Portfolio % Lockheed Martin Corp 3.96% Entergy Corp 2.54% Integrys Energy Group Inc 2.13% Chevron Corp 1.96% Philip Morris International Inc 1.90% Kimberly -Clark Corp 1.89% General Dynamics Corp 1.83% DTE Energy Holding Co 1.82% NextEra Energy Inc 1.81% Northrop Grumman Corp 1.78% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � N T R T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 43 �U1V 1< US 1 Exchange Traded Fund US Equity Large Cap Value Firm Overview BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York City, NY. The Firm provides investment management, risk management, advisory services, separate account products, mutual funds, iShares (exchange- traded funds), and other pooled investment vehicles for institutional and retail clients worldwide. On February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge Merrill Lynch's investment management business, Merrill Lynch Investment Managers, and BlackRock to create a new independent company that will operate under the BlackRock name. Additionally, in December 2009, BlackRock completed its merger with Barclays Global Investors ( "BGI "). BlackRock's ownership structure has no single majority stockholder and has a majority of independent directors. Merrill Lynch & Co., Inc., a wholly -owned subsidiary of Bank of America Corporation, The PNC Financial Services Group, Inc., and Barclays PLC own economic interests in BlackRock with the remainder owned by institutional and individual investors, as well as BlackRock employees. Objective The iShares Russell 1000 Value ETF (the "Fund ") seeks to track the investment results of an index composed of large- and mid - capitalization U.S. equities that exhibit Asset Allocation 12/31/2014 99.7% Equity 0.1% Cash 0.2% Other value characteristics. The Fund seeks to track the investment results of the Russell 1000 Value Index (the "Underlying Index "), which measures the performance of large - and mid - capitalization value sectors of the U.S. equity market. It is a subset of the Russell 1000 Index, which measures the performance of the large- capitalization sector of the U.S. equity market. The Underlying Index represented approximately 52% of the total market value of the Russell 1000 Index. The Underlying Index measures the performance of equity securities of Russell 1000 Index issuers with relatively lower price -to -book ratios and lower forecasted growth. Components primarily include energy, financial and healthcare companies. The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds, as well as in securities not included in the Underlying Index, but which it believes will help the Fund track the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. Region Analysis 12/31/2014 US /Canada Europe 10.4/ 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Russell 1000 Value Minimum Investment Manager Team Manager Tenure 4.4 Yrs Shareclass Inception 5/2000 Shareclass Assets $26 Billion # of Holdings 707 Annual Turnover (2014) 12% Expense Ratio Gross 20 bps Expense Ratio Net 20 bps Website www.ishares.com Phone 800 - 474 -2737 Characteristics 12/31/2014 Market Cap 53,407.81 3 Year Earnings Growth 9.17 Dividend Yield 2.42% Price To Book 1.83 Price To Earnings 16.68 Price To Sales 1.44 Price To Cash Flow 9.34 Return on Equity 13.42% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 44 �U1V 11< US 1 Exchange Traded Fund US Equity Large Cap Value Trailing Performance Calendar Performance Returns through 1213112014 10 , r - - 10 o o �- 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2014 2013 2012 2011 2010 2009 ETF NAV ETF Mkt Val R1000V ETF NAV _ ON ETF Mkt Val R1000V Performance Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF (NAV) 4.92 13.21 20.62 15.19 6.29 7.14 6.67 ETF (Mkt Val) 4.92 13.17 20.64 15.21 6.33 7.14 6.67 Benchmark 4.98 13.45 20.89 15.42 6.45 7.30 2014 2013 2012 2011 2010 2009 2008 ETF (NAV) 13.21 32.18 17.28 0.21 15.30 19.64 (36.83) ETF (Mkt Val) 13.17 32.09 17.46 0.12 15.49 19.18 (36.47) Benchmark 13.45 32.53 17.51 0.39 15.51 19.69 (36.85) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Equity Sectors 12/31/2014 Materials -3.1 Information Technology 9.6 Healthcare 13.7 Telecommunications .2.1 Consumer Discretionary 6.6 Consumer Staples 7.4 Industrials 10.1 Financials 29.9 Energy 11.3 Utilities -6.4 0% 5% 10% 15% 20% 25% 30% Percentage of Equity Equity - Top Portfolio Holdings 12/31/2014 Exxon Mobil Corporation Berkshire Hathaway Inc Class B Wells Fargo & Co General Electric Co Johnson & Johnson JPMorgan Chase & Co Procter & Gamble Co Chevron Corp Pfizer Inc Bank of America Corporation Portfolio % 3.81% 2.64% 2.51% 2.43% 2.40% 2.28% 2.23% 2.05% 1.91% 1.81% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � N T R T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 45 �U1V 1< US 1 Mutual Fund US Fixed Income Short Term High Yield Firm Overview Osterweis Capital Management ( "Osterweis ") was founded in 1983 by John S. Osterweis to serve the portfolio management needs of high net worth individuals, foundations and endowments. Since then, the firm has grown to over $10 billion in assets under management, providing investment management services through various products including separately managed accounts and four mutual funds, the Osterweis Fund, the Osterweis Institutional Equity Fund, the Osterweis Strategic Income Fund and the Osterweis Strategic Investment Fund. Osterweis Capital Management is an investment adviser located in Milwaukee, Wisconsin, and is privately held by a number of employees, two outside directors, and the trust of a former outside director. Objective The Osterweis Strategic Income Fund ( "the Fund ") seeks to preserve capital and attain long -term total returns through a combination of current income and moderate capital appreciation. Process The Fund invests primarily in income bearing securities, including a wide range of debt and dividend paying equity securities. The Fund will adjust the allocation of the Fund's assets among these securities as dictated by changes in interest rates as well as the overall economic environment. The Fund uses strategic top -down asset allocation based on macroeconomic conditions and bottom -up security selection based on rigorous fundamental and credit analysis in the investment process. Within particular sectors, the Fund chooses individual securities based on rigorous fundamental and credit analysis. The Fund emphasizes a thorough understanding of each company's balance sheet by Asset Allocation 9/30/2014 3.8% 6.3% 89.1 % Fixed 6.3% Cash v ® 3.8% Convertible 0.9% Other 89A% determining the company's ability to generate recurring free cash flow from its operations. The Fund determines the company's business prospects as well as the positive and negative levers in its financial model, which influence the company's ability to generate cash flow. The Fund seeks companies that have great products, a competitive advantage that gives them pricing power in the market, a consistent operating history, and management that operate the company as if they own it. Finally, the Fund researches the appreciation potential versus the downside risk to gauge the attractiveness of the security versus other available investment opportunities. The Fund employs a strategy based on the belief that over the long term positive returns can be achieved, and losses minimized, through careful security selection and by shifting the allocation among fixed income sectors. Personnel Carl Kaufman is a Vice Presidentand the lead Portfolio Manager of the Fund. Prior to joining Osterweis Capital Management in 2002, Mr. Kaufman was a senior member of the convertible bond team at Robertson Stephens, where he focused on technology and biotech securities. He graduated from Harvard University (B.A. in Music, cum laude) and attended the New York University Graduate School of Business Administration. Simon Lee, CFA, is a Vice President and Assistant Portfolio Manager of the Fund. Prior to joining Osterweis Capital Management in 2008, Mr. Lee was a key member of the investment management team at Pacific Life Insurance Company, where he managed high yield and convertible bond portfolios, originated and managed two collateralized bond obligation funds, and was actively involved in the credit default swap market for the high yield bond portfolio. He graduated from Loyola Marymount University (B.B.A. and M.B.A.). Region Analysis 9/30/2014 U S /Canada 83.4% Europe 14% Asia /Pacific 10.8% Latin America 10.9% 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Barclays US Corporate High Yield Minimum Investment $5,000 Manager Team Manager Tenure 6.9 Yrs Shareclass Inception 812002 Shareclass Assets $6.3 Billion # of Holdings 140 Annual Turnover (2013) 82% Expense Ratio Gross 86 bps Expense Ratio Net 86 bps Website www.osterweis.com Phone 800 - 700 -3316 Characteristics 9/30/2014 Duration 2.3 Average Maturity Coupon Percent 7.93 Average Credit Quality B Current Yield All performance ©2015 E p resent All Rights fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund US Fixed Income Short Term High Yield Trailing Performance 10 8 6 4 2 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year = MF I BCHY Performance Returns through 1213112014 Calendar Performance Portfolio % Metropcs Wireless 7.875% 2.90% 60 2.77% Since Q4 2014 40 3 Year 5 Year 7 Year 20 Inception MF (1.01) 1.26 0 6.07 6.79 6.35 2014 2013 2012 2011 2010 2009 = MF Em7 BCHY Fixed Sectors 9/30/2014 Fixed - Top Portfolio Holdings 9/30/2014 Treasury 04.4% Govt Related 10.3% CMBS 11% Convertible 12.9% Corporate Bond 85% Cash & Equivalents ■6.4% 0% 20% 40% 60% 80% 100% Percentage of Fixed Portfolio % Metropcs Wireless 7.875% 2.90% Rite Aid 9.25% 2.77% Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF (1.01) 1.26 5.42 6.07 6.79 6.35 7.35 Benchmark (1.00) 2.45 8.43 9.03 8.76 7.74 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 1.26 6.58 8.55 4.06 10.14 24.90 (5.54) 3.43 9.99 2.69 7.37 Benchmark 2.45 7.44 15.81 4.98 15.12 58.21 (26.16) 1.87 11.85 2.74 11.13 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 9/30/2014 Fixed - Top Portfolio Holdings 9/30/2014 Treasury 04.4% Govt Related 10.3% CMBS 11% Convertible 12.9% Corporate Bond 85% Cash & Equivalents ■6.4% 0% 20% 40% 60% 80% 100% Percentage of Fixed All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Portfolio % Metropcs Wireless 7.875% 2.90% Rite Aid 9.25% 2.77% Chs / Cmnty Health Sys 8% 2.19% Swift Svcs Hldgs 10% 2.18% Alere 8.625% 2.14% West 7.875% 2.05% Michaels Finco Hldgs Llc / Mic 144A 7.5% 1.93% Edgen Murray Corporation 144A 8.75% 1.87% Milestone Aviation Grp 144A 8.625% 1.86% Icahn Enterprises Lp /Corp 3.5% 1.73% All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund Floating Rate Loans Short Term High Yield Firm Overview Eaton Vance Corporation ( "Eaton Vance "), which dates back to 1924, is a Boston based, publicly traded investment management firm. Through its subsidiaries, Eaton Vance is an adviser and distributor of investment products for individual and institutional clients. The firm has managed mutual funds since 1931. Objective The Eaton Vance Floating Rate Fund seeks to provide a high level of current income by investing in income producing floating rate loans and other floating rate debt securities. The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers. Process In managing the Fund, the investment adviser seeks to invest in a portfolio of Senior Loans that it believes will be less volatile over time than the general loan market. The Fund provides broad exposure to the floating -rate loan market. The portfolio managers do in- depth, "bottom -up" credit research. The Fund invests broadly across the floating - rate loan market, providing diversified exposure to the asset class. They provide exposure to the loan market's many sectors, credit tiers and issuers. A focus on research and diversification help seek lower volatility than the overall market, while containing risk in difficult environments. Floating -rate loans have typically performed Asset Allocation 10/31/2014 71% with low correlation to traditional equity and fixed - income markets. Low duration and loans' floating -rate structure may help reduce interest -rate risk and lower portfolio volatility. Senior Loans may be sold, if the risk - return profile deteriorates or to pursue more attractive investment opportunities. The Fund contains approximately 770 positions with a 32% turnover rate. Personnel Scott Page, CFA, has been co- manager since the Fund's inception in 2001. Mr. Page serves as a vice president with Eaton Vance. Prior to joining Eaton Vance, he served as an investment officer of the Dartmouth College endowment and an assistant Vice President in the Leveraged Finance Department of Citicorp. Mr. Page earned a BA degree from Williams College and an MBA from the Amos Tuck School at Dartmouth College Craig Russ has been co- manager of the Fund since 2007. He joined Eaton Vance in 1997 and now serves as a portfolio manager and vice president. Previously, he was a commercial lending with State Street Bank. Mr. Russ earned a BA degree from Middlebury College. Region Analysis 10/31/2014 US /Canada 65% Europe .6.2% 0.3% Equity © 91.0% Fixed Asia /Pacific 11.5% 0 1.7% Cash 0 7.1% Other Latin America 11% Unclassified 17.4% 0% 20% 40% 60% 80% Returns through 1213112014 Key Facts Benchmark Credit Suisse Leveraged Loan Minimum Investment $250,000 Manager Page/ Russ Manager Tenure 10.5 Yrs Shareclass Inception 1/2001 Shareclass Assets $7.4 Billion # of Holdings 686 Annual Turnover (2014) 34% Expense Ratio Gross 74 bps Expense Ratio Net 74 bps Website www.eatonvance.com Phone 800 - 225 -6265 Characteristics 9/30/2014 Duration 0.2 Average Maturity 5.11 Coupon Percent 4.46 Average Credit Quality B Current Yield All performance ©2015 E p resent All Rights fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund Floating Rate Loans Short Term High Yield Trailing Performance 6 4 2 0 -2 1 Qtr YTD 1 Year 3 Year 5 Year = MF CSLevLn Performance Calendar Performance 50 40 30 20 10 0 7 Year 10 Year 2014 2013 2012 MF Returns through 1213112014 _ r 2011 2010 CSLevLn 2009 Fixed Sectors 10/31/2014 Fixed - Top Portfolio Holdings 10/31/2014 Government 10.2/ Securitized 10.4% Bank Loan Corporate Bond 13.8% Cash & Equivalents 11.9% 0% 20% 40% 60% 80% 100% Percentage of Fixed Portfolio % Dell Inc. 1.08% Intelsat Jackson Holdings 0.98% Asurion 0.96% Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF (0.23) 0.63 4.53 5.09 3.93 4.06 4.07 Benchmark (0.37) 2.06 5.84 5.83 4.60 4.70 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 0.63 4.83 8.27 2.44 9.55 46.51 (30.25) 2.01 6.48 4.63 3.68 Benchmark 2.06 6.15 9.43 1.82 9.98 44.87 (28.75) 1.88 7.33 5.69 5.60 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 10/31/2014 Fixed - Top Portfolio Holdings 10/31/2014 Government 10.2/ Securitized 10.4% Bank Loan Corporate Bond 13.8% Cash & Equivalents 11.9% 0% 20% 40% 60% 80% 100% Percentage of Fixed Portfolio % Dell Inc. 1.08% Intelsat Jackson Holdings 0.98% Asurion 0.96% Fortescue Metals Group 0.96% H.J. Heinz Company 0.79% Avago 0.79% Redprairie 0.78% Us Foodservice 0.78% Getty Images, Inc. 0.77% Infor Lawson 0.76% All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund US Fixed Income Long Term Investment Grade Firm Overview Pacific Investment Management Company, LLC ( "PIMCO ") was founded in 1971 as a subsidiary of Pacific Mutual Insurance Company, now known as Pacific Life. Currently, Allianz AG owns the majority of PIMCO's parent company, Allianz Global Investors of America, LP, leaving Pacific Life with a minority stake. PIMCO, located in Newport Beach, California, is the global fixed income management leader for Allianz AG and operates as a separate, autonomous subsidiary. PIMCO offers separate account services in addition to mutual funds for individual and institutional investors. Objective The PIMCO Investment Grade Corporate Bond Fund seeks total return, consistent with preservation of capital, by investing mainly in investment grade corporate fixed income securities rated Baa or higher by Moody's or another rating agency. Process The top -down investment process begins with an annual secular forum where PIMCO's investment professionals develop a three to five year outlook for the global economy and interest rates. Quarterly meetings are then held to discuss how the outlook applies to upcoming six to twelve month periods, and to forecast specific Asset Allocation 9/30/2014 Equity i 1.4% Fixed —� 151.4% Cash -63.3% Convertible 0% Other 10.4% -100% -50% 0% 50% 100% 150% influential factors such as interest rate volatility, yield curve movements, and credit trends. Taken together, these sessions set the basic portfolio parameters including duration, yield curve positioning, sector weightings, and credit quality. Bottom -up strategies, including credit analysis, quantitative research, and individual issue selection are then combined with the top -down strategies to construct the portfolio. The average portfolio duration of this Fund normally varies within +/- two years of the duration of the Barclays US Credit Index, which is approximately 6.5 years. The Fund contains approximately 1100 positions with a turnover rate of 165 %. Personnel Mark Kiesel is an Executive Vice President of the firm, Portfolio Manager of the Fund, and a Senior Member of the Investment Strategy and portfolio management group. Mr Kiesel also heads the investment -grade corporate bond desk and manages corporate portfolios for the firm. He joined PIMCO in 1996, and previously served as PIMCO's head of equity derivatives and as a senior credit analyst. Mr. Kiesel received his BA degree from the University of Michigan and an MBA degree from the University of Chicago. Region Analysis 9/30/2014 U S /Canada 65.2% Europe _10.9% Japan '1.2% Asia /Pacific 12.8% Latin America 12.3% E. Europe /Africa 10.4% Unclassified 70% 200% 0 % 20 % 40 % 60 % 80 % Returns through 1213112014 Key Facts Benchmark Barclays Aggregate Minimum Investment $1 Million Manager Kiesel Manager Tenure 12.1 Yrs Shareclass Inception 4/2000 Shareclass Assets $3.8 Billion # of Holdings 1075 Annual Turnover (2013) 165% Expense Ratio Gross 51 bps Expense Ratio Net 50 bps Website investments. pimco.com Phone 800 - 387 -4626 Characteristics 6/30/2014 Duration 6.0 Average Maturity 10.21 Coupon Percent 3.88 Average Credit Quality Current Yield All performance ©2015 E p resent All Rights fees (NAV). Please see disclosure at the end of this report for it additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund US Fixed Income Long Term Investment Grade Trailing Performance 10 8 6 4 20 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year W MF � BCAgg Performance Returns through 1213112014 Calendar Performance 20 15 10 p M -5 2014 2013 2012 2011 2010 2009 MF BCAgg All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF 1.73 8.76 7.13 7.98 8.55 7.35 8.29 Benchmark 1.79 5.96 2.66 4.45 4.77 4.71 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 8.76 (1.69) 14.99 6.86 11.72 18.74 1.89 7.15 4.18 2.53 6.02 Benchmark 5.96 (2.02) 4.21 7.84 6.54 5.93 5.24 6.97 4.33 2.43 4.34 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 9/30/2014 Fixed - Top Portfolio Holdings 9/30/2014 Portfolio % Treasury -26% 10 Year US Treasury Note Future Decl4 15.89% Agency /Quasi Agcy 10.6% 0 US Treasury Bond 4.75 k 0 3.98 k Intr Rate Derivatives 10.4/ Treasury Futures -21 .8% US Treasury Bond 3.75% 2.73% Non -Agcy MBS 03.8% US Treasury Note 2.25% 2.70% CMBS 12.1% US Treasury Bond 3.625% 1.73% Asset Backed (ABS) 03.9 30 Year US Treasury Bond Future Dec14 1.69% Bank Loan M6.5% Verizon Comms 5.15% 1.41% Corporate Bond Goldman Sachs Grp 5.95% 1.38% Preferred Stock 10.4% US Treasury Note 3.125% 1.36% Cash & Equivalents Italy(Rep Of) 5.5% 1.29% Municipals 11.3% Derivatives 32.9% -60% -40% -20% 0 % 20% 40% 60% Percentage of Fixed All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund US Fixed Income Intermediate Term High Yield Firm Overview Legg Mason is an American -based global investment management firm with a focus on asset management. The company's business is divided in two divisions: Americas and International. Legg Mason offers products in equities and fixed income, as well as domestic and international liquidity management and alternative investments (via a funds -of- hedge -funds manager). Founded in 1899 as a brokerage firm in Baltimore, Maryland, Legg Mason serves individual and institutional investors on six continents. Legg Mason provides global distribution and invests in growth including capital allocation for product development, investing in their existing affiliates and making new acquisitions. Western Asset Management ( "Western ") was founded in 1971 as a subsidiary of First Interstate Bank of California. The firm was bought by Legg Mason in 1986. Western is a Pasadena, CA based investment adviser that specializes in fixed income investment management for institutional investors. Objective The Western Asset Mortgage Backed Securities Fund strives to generate high current income by generally investing in U.S. government agency mortgage- backed securities. Asset Allocation 9/30/2014 2.6% 16.4% 2.6% Equity 81.0% Fixed 16.4% Cash 0.0% Other N_ 81% Process The Fund utilizes a value- oriented investment process led by an experienced team of credit specialists and has at least 80% of the assets invested in mortgage- backed securities. The Fund will invest mortgage - related fixed income securities to achieve its goal. Mortgage- backed securities are one of the largest and most liquid sectors of the global bond market. The Fund has a high average credit quality and intermediated duration of 5 years. The Fund may also invest in non -US securities and a portion of assets in high yield securities. The Fund may invest up to 20% of assets in investment grade securities that are rated below Baa /BBB. Investments may also be in common and preferred stocks. The Fund contains approximately 630 positions with an average turnover rate of 97 %. Personnel Stephen A. Walsh, Chief Investment Officer, joined Western Asset Management Company in 1990. Prior to joining the firm, Mr. Walsh was a portfolio manager at Security Pacific Investment Managers. Mr. Walsh earned a BA degree from the University of Colorado. Region Analysis 9/30/2014 US /Canada 0% 20% 40% 60% 80% 100.5% 100% 120% Returns through 1213112014 Key Facts Benchmark Barclays US Corporate High Yield Minimum Investment $1 Million Manager Team Manager Tenure 1.1 Yrs Shareclass Inception 2/1996 Shareclass Assets $148.6 Million # of Holdings 474 Annual Turnover (2013) 156% Expense Ratio Gross 61 bps Expense Ratio Net 61 bps Website www.leggmason.com / Phone 877 - 721 -1926 Characteristics 9/30/2014 Duration 5.1 Average Maturity 6.26 Coupon Percent 3.92 Average Credit Quality BB Current Yield I Calculations prior to March 1996 are based on pre- inception returns. Please see disclosure for more information. All performance presented is net of fees (NAV). Please see � N R T T disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTAI$ONS ONLY. ©2015 Envestnet. All Rights Reserved. �U1V 11tU51 Mutual Fund US Fixed Income Intermediate Term High Yield Trailing Performance t 10 8 6 4 2 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year MF BCHY Performance t Q4 2014 1 Year 3 Year 5 Year MF 1.13 6.91 5.61 6.59 Benchmark (1.00) 2.45 8.43 9.03 Calendar Performance t 60 40 20 E4.8% Govt Related 0.1% 0 9.19% 2014 2013 2012 2011 CMBS MF mm7 BCHY Asset Backed (ABS) Since 7 Year 10 Year Inception 6.25 5.53 6.75 8.76 7.74 2.39% Returns through 1213112014 M -7 2010 2009 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 6.91 1.97 8.06 6.61 9.57 9.35 1.58 4.45 4.39 2.75 4.09 Benchmark 2.45 7.44 15.81 4.98 15.12 58.21 (26.16) 1.87 11.85 2.74 11.13 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 9/30/2014 Fixed - Top Portfolio Holdings 9/30/2014 Treasury E4.8% Govt Related 0.1% Agency MBS 9.19% Non -Agcy MBS -13.4/ CMBS 21.2% Asset Backed (ABS) -6.9% Credit 0.1% Cash & Equivalents 16.9% Derivatives 2.39% -20% 0% 20% 40% 60% Fed Natl Mort Assc 2.5% Percentage of Fixed I Calculations prior to March 1996 are based on pre- inception returns. Please see disclosure for more information. All performance presented is net of fees (NAV). Please see � N R T T disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTAISONS ONLY. ©2015 Envestnet. All Rights Reserved. �U1V 11tU51 Portfolio % Fed Natl Mort Assc 4% 9.26% Us 10yr Note (Cbt)decl4 Xcbt 20141219 9.19% US Treasury Note 2.75% 4.72% Fed Natl Mort Assc 3.5% 3.99% FNMA 3.55% Us Ultra Bond(Cbt Decl4 Xcbt 20141219 2.77% FNMA CMO 5% 2.48% FHLMC 4% 2.39% FNMA 2.33% Fed Natl Mort Assc 2.5% 2.22% I Calculations prior to March 1996 are based on pre- inception returns. Please see disclosure for more information. All performance presented is net of fees (NAV). Please see � N R T T disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTAISONS ONLY. ©2015 Envestnet. All Rights Reserved. �U1V 11tU51 Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade Firm Overview BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York City, NY. The Firm provides investment management, risk management, advisory services, separate account products, mutual funds, iShares (exchange- traded funds), and other pooled investment vehicles for institutional and retail clients worldwide. On February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge Merrill Lynch's investment management business, Merrill Lynch Investment Managers, and BlackRock to create a new independent company that will operate under the BlackRock name. Additionally, in December 2009, BlackRock completed its merger with Barclays Global Investors ( "BGI "). BlackRock's ownership structure has no single majority stockholder and has a majority of independent directors. Merrill Lynch & Co., Inc., a wholly -owned subsidiary of Bank of America Corporation, The PNC Financial Services Group, Inc., and Barclays PLC own economic interests in BlackRock approximating 34.1%, 24.6% and 19.9 %, respectively, with the remainder owned by institutional and individual investors, as well as BlackRock employees. Objective The iShares iBoxx $ Investment Grade Corporate Bond ETF (the "Fund ") seeks to track the investment results of an index composed of U.S. dollar- denominated, Asset Allocation 12/31/2014 investment -grade corporate bonds. The Fund seeks to track the investment results of the Markit iBoxx® USD Liquid Investment Grade Index (the "Underlying Index "), which is a rules -based index consisting of liquid, U.S. dollar- denominated, investment -grade corporate bonds for sale in the United States, as determined by the index provider. The Underlying Index is designed to provide a broad representation of the U.S. dollar - denominated liquid investment -grade corporate bond market. The Underlying Index is a modified market -value weighted index with a cap on each issuer of 3 %. There is no limit to the number of issues in the Underlying Index. The Underlying Index may include large -, mid- or small - capitalization companies, and components primarily include consumer services, financial, and oil and gas companies. Currently, the bonds eligible for inclusion in the Underlying Index include U.S. dollar- denominated corporate bonds that: (i) are issued by companies domiciled in countries classified as developed markets by the Index Provider; (ii) are rated investment -grade by Fitch, Inc. ( "Fitch "), Moody's Investors Services ( "Moody's ") or Standard & Poor's Ratings Services; (iii) are from issuers with at least $2 billion outstanding face value; (iv) have at least $750 million of outstanding face value; and (v) have at least three years to maturity. Region Analysis 12/31/2014 US /Canada Europe _13.2/ 98.8% Fixed Japan 110.3/ 0 1.2% Cash Asia /Pacific 11.6% Latin America 10.4% 0% 20% 40% 60% 80% 100% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 54 Returns through 1213112014 Key Facts Benchmark Barclays US Credit Minimum Investment Manager Mauro/ Radell Manager Tenure 4 Yrs Shareclass Inception 7/2002 Shareclass Assets $19.3 Billion # of Holdings 1293 Annual Turnover (2014) 6% Expense Ratio Gross 15 bps Expense Ratio Net 15 bps Website www.ishares.com Phone 800 - 474 -2737 Characteristics 9/30/2014 Duration 7.8 Average Maturity Coupon Percent 4.70 Average Credit Quality BBB Current Yield VIII / /,j S u N T R u S T Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade Returns through 1213112014 Performance Portfolio % Verizon Comms 6.55% 0.70% Verizon Comms 5.15% 0.51% Goldman Sachs Grp 6.75% 0.35% General Elec Cap Corp Mtn Be 5.875% 0.34% General Elec Cap Corp Mtn Be 6.75% 0.30% Verizon Comms 6.4% 0.30% General Elec Cap Corp Mtn Be 6.875% Since Deutsche Telekom Intl Fin B V 8.25% Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF (NAV) 2.11 8.57 5.74 7.04 6.66 5.51 6.10 ETF (Mkt Val) 2.14 8.21 5.45 7.06 6.58 5.49 6.08 Benchmark 1.76 7.53 4.84 6.25 6.20 5.46 2014 2013 2012 2011 2010 2009 2008 ETF (NAV) 8.57 (2.49) 11.68 8.89 9.15 12.10 (0.33) ETF (Mkt Val) 8.21 (2.00) 10.58 9.73 9.33 8.46 2.40 Benchmark 7.53 (2.01) 9.37 8.35 8.47 16.04 (3.08) Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 12/31/2014 Fixed - Top Portfolio Holdings 12/31/2014 Treasury 0 4.5% Convertible �0.2% Corporate Bond Cash & Equivalents 11.2% 0% 20% 40% 60% 80% 100% Percentage of Fixed All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- NTR T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 55 �U1V 11<VST Portfolio % Verizon Comms 6.55% 0.70% Verizon Comms 5.15% 0.51% Goldman Sachs Grp 6.75% 0.35% General Elec Cap Corp Mtn Be 5.875% 0.34% General Elec Cap Corp Mtn Be 6.75% 0.30% Verizon Comms 6.4% 0.30% General Elec Cap Corp Mtn Be 6.875% 0.30% Deutsche Telekom Intl Fin B V 8.25% 0.29% Apple 2.4% 0.28% Wal -Mart Stores 6.5% 0.27% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- NTR T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 55 �U1V 11<VST Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade Firm Overview Founded in 1975, the Vanguard Group is an American investment management company based in Malvern, Pennsylvania. It offers mutual funds, exchange traded funds and other financial products and services to retail and institutional investors in the United States and abroad. Founder and former chairman John C. Bogle is credited with the creation of the first index fund available to individual investors, the popularization of index funds generally, and driving costs down across the mutual fund industry. Vanguard is owned by the funds themselves and, as a result, is owned by the investors in the funds. Asset Allocation 11/30/2014 Objective The Vanguard Total Bond Market ETF Fund (the "Fund ") seeks to track the performance of a broad, market - weighted bond index. The Fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide spectrum of public, investment - grade, taxable, fixed income securities in the United States - including government, corporate, and international dollar- denominated bonds, as well as mortgage- backed and asset - backed securities -all with maturities of more than 1 year. Region Analysis 11/30/2014 US /Canada 83.9% Europe 13.2% Japan 110.2/ 94.3% Fixed Asia /Pacific 10.7% ® 5.7% Cash 0 0.0% Other Latin America 11.6% E. Europe /Africa 10.5/ Unclassified 04.2% 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Barclays Intermediate US Aggregate Minimum Investment Manager Barrickman Manager Tenure 1.8 Yrs Shareclass Inception 4/2007 Shareclass Assets $26 Billion # of Holdings 16334 Annual Turnover (2014) 73% Expense Ratio Gross 8 bps Expense Ratio Net 8 bps Website www.vanguard.com Phone 877 - 662 -7447 Characteristics 9/30/2014 Duration 5.6 Average Maturity 7.70 Coupon Percent 3.52 Average Credit Quality AA Current Yield All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 56 �U1V 11< US 1 Returns through 1213112014 Trailing Performance Calendar Performance 6 8 6 4 � 4 � _ 2 2 - 2 0 4 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2014 2013 2012 2011 2010 2009 ETF NAV ETF Mkt Val BClntAgg ETF NAV ETF Mkt Val BClntAgg Performance All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 57 �U1V 11< US 1 Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF (NAV) 1.75 5.96 2.56 4.35 4.71 4.97 ETF (Mkt Val) 1.62 5.82 2.48 4.29 4.62 4.95 Benchmark 1.20 4.12 2.19 3.72 4.27 4.34 2014 2013 2012 2011 2010 2009 2008 ETF (NAV) 5.96 (2.14) 4.04 7.71 6.51 6.03 5.18 ETF (Mkt Val) 5.82 (2.10) 3.89 7.92 6.20 3.33 7.66 Benchmark 4.12 (1.02) 3.56 5.97 6.15 6.46 4.86 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 11/30/2014 Fixed - Top Portfolio Holdings 11/30/2014 Portfolio % Treasury 41.6% Ginnie Mae Jumbos TBA 4% 2044 -12 -01 0.65% Agency /Quasi Agcy M5% Ginnie Mae Jumbos TBA 3.5% 2044 -12 -01 0.60% Supranational 01.6% US Treasury Note 3.625% 0.58% Agency MBS 19% US Treasury Note 0.25% 0.53% Non -Agcy MBS 10.5% US Treasury Note 0.25% 0.50% CMBS 02.2% US Treasury Note 4.75% 0.49% Asset Backed (ABS) 10.7% US Treasury Note 1.75% 0.47% Convertible US Treasury Note 0.5% 0.46% Corporate Bond 22.9% Fed Natl Mort Assc 4% 0.46% Preferred Stock US Treasury Note 1.5% 0.46% Cash & Equivalents _5.7% Municipals 10.8% 0% 10% 20% 30% 40% 50% Percentage of Fixed All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 57 �U1V 11< US 1 Mutual Fund US Fixed Income Short Term Investment Grade Firm Overview Dimensional Fund Advisors ( "Dimensional ") is an investment firm headquartered in Austin, Texas and has affiliates with offices in the US, Canada, UK, Germany, Netherlands, Australia, Singapore, and Japan. The company was founded in 1981 by David G. Booth and Rex Sinquefield. The company offers over 100 equity and fixed income mutual funds. Objective The investment objective of the DFA Short -Term Extended Quality Portfolio (the "Short -Term Extended Quality Portfolio ") is to maximize total returns from the universe of debt securities in which the Portfolio invests. Total return is comprised of income and capital appreciation. Process Dimensional Fund Advisors believes that fixed income investing should involve a long- term view and a systematic focus on bond market risk and return, not on interest rate forecasting or market timing. In constructing an investment portfolio, the Advisor identifies a broadly diversified universe of eligible securities with precisely defined maturity ranges and credit quality characteristics. The Advisor will then seek to purchase a broad portfolio of securities from this eligible subset. In making these purchase decisions, if the anticipated maturity risk premium is greater for longer -term securities in the eligible maturity range, the Advisor will focus on investment in the longer -term area; otherwise, the Short -Term Extended Quality Portfolio will focus its investment in the short -term range of the eligible maturity range. The Advisor also places priority on efficiently managing portfolio turnover and keeping trading costs low. The Portfolio invests with an emphasis on a universe of U.S. and foreign corporate debt securities the Advisor considers to be of extended quality as they are rated in the lower half of the investment grade spectrum (i.e., rated BBB- to A+ by S &P or Fitch or Baa3 to Al by Moody's). The Portfolio will not emphasize investments in the lower half of the investment grade spectrum, however, when the Advisor believes the credit risk premium does not warrant the investment. They will also invest in higher -rated corporate debt securities, obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers having investment grade ratings, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational Asset Allocation 10/31/2014 WMA 0 89.9% Fixed 0 10.0% Cash 0 0.2% Other organizations. The Short -Term Extended Quality Portfolio primarily invests in securities that mature within five years from the date of settlement and maintains an average portfolio maturity and an average portfolio duration of three years or less. The Portfolio intends to hedge foreign currency exposure to attempt to protect against uncertainty in the level of future foreign currency rates. They may enter into foreign forward currency contracts to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. They also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio's total return. The Portfolio also may use derivatives, such as futures contracts and options on futures contracts, for non - hedging purposes as a substitute for direct investment or to allow the Portfolio to remain fully invested while maintaining the liquidity required to pay redemptions. The Portfolio will concentrate its assets in obligations of U.S. and /or foreign banks and bank holding companies ( "banking industry securities ") when the yield to maturity on eligible portfolio investments in banking industry securities as a group generally exceeds the yield to maturity on all other eligible portfolio investments as a group generally for a period of five consecutive days when the New York Stock Exchange is open for trading. They may lend its portfolio securities to generate additional income. Personnel David Plecha joined Dimensional Fund Advisors as a vice president and portfolio manager in 1989. He is also currently a member of the company's investment committee. Previously, he spent two years as an assistant vice president with Leland O'Brien Rubenstein Associates and one year as an investment analyst with Hughes Investment Management Company. He earned a BS degree from the University of Michigan and an MBA from the University of California. Joseph Kolerich is a Senior Portfolio Manager and Vice President of Dimensional Fund Advisors and a member of the Investment Committee. Mr. Kolerich joined Dimensional Fund Advisors as a portfolio manager in 2001 and has been responsible for the fixed income portfolios since 2012. Mr. Kolerich has a BS degree from Northern Illinois University and an MBA from the University Of Chicago Booth School Of Business. Region Analysis 10/31/2014 U S /Canada 60.6% Europe _15.6/ Japan 11.1% Asia /Pacific E5.4% Latin America 10.3% Unclassified -6.9% 0% 20% 40% 60% 80% Returns through 1213112014 Key Facts Benchmark Barclays US Treasury 1 -3 Yr Minimum Investment Manager Kolerich/ Plecha Manager Tenure 4.3 Yrs Shareclass Inception 3/2009 Shareclass Assets $4 Billion # of Holdings 457 Annual Turnover (2014) 23% Expense Ratio Gross 23 bps Expense Ratio Net 22 bps Website www.dimensional.com Phone 310 - 633 -7885 Characteristics 9/30/2014 Duration 2.8 Average Maturity 2.88 Coupon Percent 2.62 Average Credit Quality A Current Yield All performance ©2015 E p resent All Rights fees (NAV). Please see disclosure at the end of this report for it additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Mutual Fund US Fixed Income Short Term Investment Grade Trailing Performance 3 2.5 2 1.5 1 0.5 0 MW &LL 7 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year MF BC1 -3yTr Performance Calendar Performance 6 4 2 I• 0 2014 2013 2012 2011 MF BC1 -3yTr Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception MF 0.38 1.68 1.90 2.75 3.67 Benchmark 0.19 0.63 0.48 1.07 1.82 2.54 Returns through 1213112014 2010 2009 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 MF 1.68 0.41 3.63 2.93 5.15 Benchmark 0.63 0.36 0.43 1.55 2.40 0.80 6.67 7.31 3.93 1.62 0.91 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 10/31/2014 Fixed - Top Portfolio Holdings 10/31/2014 Treasury L 3.5% Agency /Quasi Agcy -8.6% Supranational 0 3.1 % Securitized 10.7% Corporate Bond Cash & Equivalents M10.1% 0% 20% 40% 60% 80% Percentage of Fixed All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Portfolio % Apple 2.1 % 1.22% United Kingdom (Government Of) 4.5% 1.22% Australia & New Zeala Bkg 2.25% 1.21% Rabobank Nederland Ny 2.25% 1.19% Commonwealth Bk Australia 2.3% 1.16% Neder Waterschapsbank 03/19 1.875 1.08% Toronto Dominion Bk 2.125% 0.94% Svenska Handelsbanken Ab 2.5% 0.85% Amer Honda Fin Corp Mtn 2.125% 0.77% Ontario Prov Cda 1.2% 0.76% All performance ©2015 E p resent All Rights fees (NA. V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Exchange Traded Fund US Fixed Income Short Term Investment Grade Firm Overview Founded in 1975, the Vanguard Group is an American investment management company based in Malvern, Pennsylvania. It offers mutual funds, exchange traded funds and other financial products and services to retail and institutional investors in the United States and abroad. Founder and former chairman John C. Bogle is credited with the creation of the first index fund available to individual investors, the popularization of index funds generally, and driving costs down across the mutual fund industry. Vanguard is owned by the funds themselves and, as a result, is owned by the investors in the funds. Objective Asset Allocation 11/30/2014 2.1% The Vanguard Short -Term Bond ETF Fund (the "Fund ") seeks to track the performance of a market - weighted bond index with a short -term dollar- weighted average maturity. The Fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 1 -5 Year Government /Credit Float Adjusted Index. This Index includes all medium and larger issues of U.S. government, investment -grade corporate, and investment -grade international dollar- denominated bonds that have maturities between 1 and 5 years and are publicly issued. They invest by sampling the Index, meaning that it holds a range of securities that approximates the full Index in terms of key risk factors and other characteristics. At least 80% of the Fund's assets will be invested in bonds held in the Index and they maintain a dollar - weighted average maturity that does not exceed 3 years. Region Analysis 11/30/2014 US /Canada 87.3% Europe 04.5% Japan 10.4% 97.9% Fixed Asia /Pacific 10.9% 0 2.1 % Cash 0 0.1% Other Latin America 10.9% E. Europe /Africa 10.3% Unclassified 13.5% 0% 20% 40% 60% 80% 100% Returns through 1213112014 Key Facts Benchmark Barclays Govt /Credit 1 -5 Year Minimum Investment Manager Barrickman/ Pu Manager Tenure 1.8 Yrs Shareclass Inception 4/2007 Shareclass Assets $15.7 Billion # of Holdings 2063 Annual Turnover (2014) 50% Expense Ratio Gross 10 bps Expense Ratio Net 10 bps Website www.vanguard.com Phone 877 - 662 -7447 Characteristics 9/30/2014 Duration 2.7 Average Maturity 2.80 Coupon Percent 2.04 Average Credit Quality AA Current Yield All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 60 �U1V 11< US 1 Exchange Traded Fund US Fixed Income Short Term Investment Grade Returns through 1213112014 Trailing Performance Calendar Performance 3.5 5 3 4 2.5 2 3 1.5 2 0.5 1 r 0 - 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2014 2013 2012 2011 2010 2009 ETF NAV ETF Mkt Val BC1 -5G /C ETF NAV _ ON ETF Mkt Val _I BC1 -5G /C Performance Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception ETF (NAV) 0.37 1.32 1.16 2.10 2.91 3.36 ETF (Mkt Val) 0.39 1.37 1.17 2.06 2.88 3.35 Benchmark 0.41 1.45 1.32 2.23 2.98 3.37 2014 2013 2012 2011 2010 2009 2008 ETF (NAV) 1.32 0.17 1.98 3.04 4.00 4.44 5.48 ETF (Mkt Val) 1.37 0.16 1.99 2.95 3.89 1.54 8.47 Benchmark 1.45 0.29 2.24 3.14 4.08 4.62 5.12 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 11/30/2014 Fixed - Top Portfolio Holdings 11/30/2014 Treasury 62.1% Agency /Quasi Agcy -7.9% Supranational 0 3.5 % Securitized 10.2% Corporate Bond 24.1% Preferred Stock Cash & Equivalents 12.1% Municipals 0.1% 0% 20% 40% 60% Percentage of Fixed 80% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 61 �U1V 11< US 1 Portfolio % US Treasury Note 1.5% 1.89% US Treasury Note 1.25% 1.42% US Treasury Note 0.625% 1.41% US Treasury Note 2.125% 1.38% US Treasury Note 1.625% 1.21% US Treasury Note 1.5% 1.17% US Treasury Note 0.625% 1.15% US Treasury Note 0.625% 1.14% US Treasury Note 0.625% 1.09% US Treasury Note 0.625% 1.07% All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T T ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 61 �U1V 11< US 1 Mutual Fund Money Market Short Term Investment Grade Firm Overview Federated Investors, Inc., established in 1955, is a national investment management organization offering domestic and international equity, fixed income, and money market funds as well as a variety of separate account options. The firm serves both institutional and retail investors. The company has headquarters in Pittsburgh, PA. Objective The Fund seeks to provide current income consistent with stability of principal by investing primarily in a portfolio of U.S. Treasury securities maturing in 397 days or less. Process The Fund targets a dollar- weighted average portfolio maturity range based upon its interest rate outlook. The Advisor formulates its interest rate outlook by analyzing a variety of factors, such as current U.S. economic activity and the economic outlook, current short -term interest rates, the Federal Reserve Board's policies regarding short - term interest rates, and the potential effects of foreign economic activity on U.S. short - term interest rates. The Fund generally shortens the portfolio's dollar- weighted average maturity when it expects interest rates to rise and extends the maturity when it expects interest rates to fall. This strategy seeks to enhance the returns from favorable interest rate changes and reduce the effect of unfavorable changes. The Fund holds AAAm and Aaa -mf ratings from Standard & Poor's and Moody's, respectively. The Asset Allocation 9/30/2014 99.5% 0 99.5% Cash 0 0.5% Other Fund also selects securities used to shorten or extend the portfolio's dollar weighted average maturity by comparing the returns currently offered by different investments to their historical and expected returns. Because the Fund refers to U.S. Treasury investments in its name, the Securities and Exchange Commission ( "SEC ") requires it to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets in U.S. Treasury investments. The Fund also includes repurchase agreements collateralized by U.S. Treasury securities for higher yield potential than a Treasury- exclusive portfolio. The Fund holds approximately 36 positions. Personnel Deborah Cunningham, CFA, is the Executive Vice President, Chief Investment Officer for Taxable Money Markets, and Senior Portfolio Manager with additional responsibility for the Tax - Exempt Money Market and Municipal Investment Groups. Ms. Cunningham earned a BA degree from Duquesne University and an MBA from Robert Morris College. Susan Hill, CFA, is a Senior Vice President and Senior Portfolio Manager with Federated. Ms. Hill is responsible for portfolio management and research of government money market funds at Federated. Prior to joining the firm in 1990, she was a research assistant at the U.S. Treasury Department. Ms. Hill earned a BS degree from the University of Virginia and a MSIA from Carnegie Mellon University. Region Analysis Data Not Available All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS ONLY. ©2015 Envestnet. All Rights Reserved. 62 Returns through 1213112014 Key Facts Benchmark T -Bills - 3 Month Minimum Investment $500,000 Manager Team Manager Tenure 8.3 Yrs Shareclass Inception 2/1990 Shareclass Assets $18.4 Billion # of Holdings 44 Annual Turnover Expense Ratio Gross 28 bps Expense Ratio Net 20 bps Website www.federatedinvestors.com Phone 800 - 341 -7400 Characteristics Data Not Available VIII / /,j S u N T R u S T Mutual Fund Money Market Short Term Investment Grade Trailing Performance 2 1.5 1 0.5 0 1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year MMKT TBILL Performance Returns through 1213112014 Calendar Performance 0.25 0.2 0.15 0.1 0.05 0 2014 2013 2012 2011 2010 2009 MMKT TBILL Data Not Current All performance ©2015 E p resent All Rights fees (NA. � V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Since Q4 2014 1 Year 3 Year 5 Year 7 Year 10 Year Inception M F 0.00 0.01 0.01 0.01 0.25 1.43 3.17 Benchmark 0.00 0.03 0.07 0.09 0.38 1.54 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 M F 0.01 0.01 0.01 0.01 0.02 0.10 1.63 4.83 4.85 3.01 1.14 Benchmark 0.03 0.07 0.11 0.10 0.13 0.21 2.06 5.00 4.85 3.07 1.33 Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number located under Key Facts on page one of this document. Fixed Sectors 1/31/2012 Fixed - Top Portfolio Holdings 12/31/2014 Data Not Available Data Not Current All performance ©2015 E p resent All Rights fees (NA. � V). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ T R ST Appendix 64 SuNTRUsT Disclosures SunTrust Private Wealth Management is a marketing name used by SunTrust Banks, Inc. and the following affiliates: Banking and trust products and services are provided by SunTrust Bank. Securities, insurance (including annuities and certain life insurance products) and other investment products and services are offered by SunTrust Investment Services, Inc., a SEC registered broker /dealer and a member of the FINRA and SIPC. Other insurance products and services are offered by SunTrust Insurance Services, Inc., a licensed insurance agency. Investment advisory products and services are offered by SunTrust Investment Services, Inc. and GenSpring Family Offices, LLC (f /k/a Asset Management Advisors, L.L.C.), investment advisers registered with the SEC. SunTrust Investment Services, Inc., SunTrust Bank, their affiliates, and the directors, officers, employees and agents of SunTrust Investment Services, Inc., SunTrust Bank and their affiliates (collectively, "SunTrust ") are not permitted to give legal or tax advice. While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents and provide legal services and advice. Clients of SunTrust Investment Services, Inc., SunTrust Bank and their affiliates should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan. If included as a part of the presentation, any Baseline Financial Services, Inc. (Baseline), or Crandall, Pierce & Company (Crandall Pierce), or First Rate (First Rate) statistical data is provided as a service of SunTrust Banks, Inc. and its affiliates (including SunTrust Investment Services, Inc.) by Baseline, Crandall Pierce or First Rate, all of which are unaffiliated third party vendors. While this information is believed to be accurate, SunTrust Banks, Inc., including its affiliates, does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse these analyses or market data. Securities and Insurance Products and Services: • Are not FDIC or any other Government Agency Insured • Are not Bank Guaranteed • May Lose Value Disclosures Asset Allocation does not assure a profit or protect against loss in declining financial markets Emerging Markets: Investing in the securities of such companies and countries involves certain considerations not usually associated with investing in developed countries, including unstable political and economic conditions, adverse geopolitical developments, price volatility, lack of liquidity, and fluctuations in currency exchange rates. Fixed Income Securities are subject to interest rate risk, credit risk, prepayment risk, market risk, and reinvestment risk. Fixed Income Securities, if held to maturity, may provide a fixed rate of return and a fixed principal value. Fixed Income Securities prices fluctuate and when redeemed, may be worth more or less than their original cost. Hedge funds may involve a high degree of risk, often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds often charge high fees which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager. High Yield Fixed Income Investments, also known as junk bonds, are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include potential economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in emerging market countries, since these countries may have relatively unstable governments and less established markets and economies. Investing in smaller companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations, and illiquidity. Managed Futures and commodity investing involve a high degree of risk and are not suitable for all investors. Investors could lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your broker. This is because trading security futures is highly leveraged, with a relatively small amount of money controlling assets having a much greater value. Investors who are uncomfortable with this level of risk should not trade managed futures or commodities. Real Estate Investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general economic conditions. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.