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2015 First Quarter Investment ReviewInvestment Review First Quarter 2015 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 47 Market Overview Et SunTrust Strategy SuNT)RusT Performance Summary Through March 2015 MSCI ACWI(net) (1.55) 2.31 2.31 5.42 10.75 8.99 U.S. Fed Funds Rate 0.25 0.25 0.25 0.25 0.25 0.25 MSCI World (net) (1.57) 2.31 2.31 6.03 12.19 10.01 European Central Bank Rate 0.05 0.05 0.05 0.05 0.15 0.25 MSCI EAFE LCL (net) 1.31 10.85 10.85 17.74 16.62 9.07 Bank of England Rate 0.50 0.50 0.50 0.50 0.50 0.50 MSCI EAFE USD (net) (1.52) 4.88 4.88 (0.92) 9.02 6.16 Bank of Japan Rate 0.10 0.10 0.10 0.10 0.10 0.10 MSCI Emerging Markets LCL (net) 0.14 4.90 4.90 10.92 6.44 5.57 USA LIBOR - 3 Month 0.27 0.27 0.26 0.24 0.23 0.23 MSCI Emergi n Markets USD (net) (1.42) 2.24 2.24 0.44 0.31 1.75 TED Spread (bps) - 3Month 0.24 0.24 0.21 0.21 0.21 0.19 Dow Jones Industrial Average (1.85) 0.33 0.33 10.57 13.18 13.23 2 Yr U.S. Treasury 0.56 0.56 0.67 0.56 0.46 0.42 S&P 500 (1.58) 0.95 0.95 12.73 16.11 14.47 10 Yr U.S. Treasury 1.92 1.92 2.17 2.49 2.53 2.72 NASDAQ Composite (1.26) 3.48 3.48 16.72 16.60 15.37 10 -2 yr slope 1.37 1.37 1.50 1.93 2.07 2.30 Russell 1000 (1.25) 1.59 1.59 12.73 16.45 14.73 Barclays Municipal Bond Blend 1 -15 Year (YTW) 1.65 1.65 1.72 1.73 1.81 2.06 Russell 1000 Growth (1.14) 3.84 3.84 16.09 16.34 15.63 BofAML High Yield Master (YTW) 6.21 6.21 6.65 6.14 5.01 5.33 Russell 1000 Value (1.36) (0.72) (0.72) 9.33 16.44 13.75 BofAML Corporate Master (YTW) 2.94 2.94 3.21 3.16 2.97 3.19 Russell MidCap 0.06 3.95 3.95 13.68 18.10 16.16 Russell Mid Cap Growth 0.28 5.38 5.38 15.56 17.41 16.43 Currencies RussellMid Cap Value (0.18) 2.42 2.42 11.70 18.60 15.84 Euro ($ / €) 1.07 1.07 1.21 1.26 1.37 1.38 Russ ell 2000 1.74 4.32 4.32 8.21 16.27 14.57 Yen (Y /$) 119.93 119.93 119.90 109.70 101.31 102.99 Russell 2000 Growth 1.80 6.63 6.63 12.06 17.74 16.58 GBP ($ /E) 1.48 1.48 1.56 1.62 1.71 1.67 Russell 2000 Value 1.69 1.98 1.98 4.43 14.79 12.54 FTSE NAREIT All Equity REITs 1.01 3.98 3.98 22.68 14.05 15.60 Commodities Bloomberg Commodity Index (5.14) (5.94) (5.94) (27.04) (11.52) (5.71) Light Crude Oil ($ /barrel) 47.60 47.60 53.27 91.16 105.37 101.58 Barclays Aggregate 0.46 1.61 1.61 5.72 3.10 4.41 Gold ($ /ort) 1,183.20 1,183.20 1,184.10 1,211.60 1,322.00 1,283.80 Barclays Intermediate Govt 8 Credit 0.49 1.45 1.45 3.58 2.31 3.52 Barclays U.S. MBS Index 0.37 1.06 1.06 5.53 2.54 3.63 CBOE Volatility Index BofAML U.S. Treasury Master 0.66 1.75 1.75 6.15 2.57 4.14 CBOE VIX 15.29 15.29 19.20 16.31 11.57 13.88 BofAML U.S. Treasuries Inflation - Linked (0.47) 1.48 1.48 3.77 0.79 4.51 Barclays U.S. Treasury Bellwethers (2 Yr) 0.22 0.50 0.50 0.97 0.61 0.99 Hedge Fund Performance Barclays U.S. Treasury Bellwethers (10 Yr) 0.80 2.60 2.60 9.91 3.73 6.45 HFRX Global Hedge Fund Index 0.33 2.06 2.06 0.36 2.81 1.12 Barclays Municipal Bond Blend 1 -15 Year 0.21 0.84 0.84 4.89 3.29 4.29 HFRX Equity Hedge Index 0.60 2.20 2.20 2.37 5.12 1.19 BofAML U.S. Corporate Master 0.37 2.26 2.26 6.77 5.29 6.50 HFRI Fund of Funds 0.57 2.51 2.51 5.37 5.38 3.52 BofAML High Yield Master (0.53) 2.54 2.54 2.05 7.47 8.40 HFRX Macro 0.71 3.40 3.40 9.96 2.34 (0.34) Citigroup Non -USD WGBI (USD) (1.91) (4.36) (4.36) (9.82) (3.32) 0.38 HFRX Distressed Securities Index 0.05 0.47 0.47 (2.31) 0.50 0.32 Citigroup Non -USD WGBI (USD) Hedged 0.83 2.25 2.25 9.61 5.83 4.84 HFRX Absolute Return Index 0.38 1.68 1.68 1.15 2.11 0.85 JP Morgan GBI -EM Global Diversified (2.98) (3.96) (3.96) (11.14) (3.86) 0.73 U.S. Style% Total Returns Month (Russell Inclexes;) YTD S&P 500 Sector % Total Returns ■Month ■YTD Value Core Growth Value Core Growth 4.8 6.5 ®®® Large MOM ■ 11 -0 0.9 W 0.6 1.0 1.5 Mid ®®® MOM -0.5 -2.0 -0.6 _ -1 .9 _2.9 -2.1 -0.9 -2.6 -1 .0 -3.3 -4.7 -3.7 - Small ® ®® ® ®® Cons Disc Cons Staples Energy Financials Health Care Industrials Info Tech Materials Telecom Utilities Tartira I Pnrtfnlin Stratpow And" '01 -9 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, valuation and technical metrics under a range of potential risk and return scenarios. .- PORTFOLIO RISK EQUITY US Large Cap 0 The positives of a strong US economy and record corporate profitability are offset by a maturing cycle, richer labsolute equity valuations, a still fragile European recovery, geopolitical risks and transitioning Fed policy. • jjkjW� Stocks appear attractive on a relative basis and offer dividend yields competitive with bond yields. • US leads global economy; low inflation /strong dollar supports valuations as do strong balance sheets. US Small Et Mid Cap • Though supported by growth and lending conditions, valuations are rich; tends to lag around Fed tightening. Natural Resources K While valuations are fair, global supply dynamics for commodities are not favorable. Master Limited Partnerships K Valuations at lofty levels /lower oil prices flag caution, but yield seekers may consider with tax - advantaged funds. Non -US Developed Markets • Europe improving on margin with monetary support; prefer a tilt to Asia due to policy, reforms, earnings trends. 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 labor and rental market but valuations not attractive; sensitive to interest rates. FIXED INCOME US Government • Deflationary forces, central bank activity, weak commodity prices and non -US growth rates likely to keep interest rates in a low range with higher volatility. Underweight more interest -rate sensitive bond sectors. While vulnerable to a rise in rates, provides downside protection; yields favorable to non -US developed markets. US Mortgage- Backed Securities • Helps provide downside protection and tends to outperform government bonds when interest rates are rising. US Investment Grade Corporate • While sensitive to a rise in rates, higher credit quality should outperform high yield in mature stage of cycle. 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 slight underweight due to low absolute yield levels. US High Yield • Lower duration and higher yield, but credit risks have risen related to lower oil prices affecting energy sector. US Leveraged Loans K A more gradual rise in rates may cause outflows, and concern has risen over credit risks and liquidity profile. Non -US Developed Markets K At current yield levels, significantly less than US, foreign bonds offer little value and added currency risk. Emerging Markets NON - TRADITIONAL if Alternative Strategies • 16 0 0 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. Diversified strategies have the ability to generate positive returns in both rising and falling markets, while hedged equity should benefit from maturity of cycle leading to focus on differentiated corporate fundamentals. Real Assets K Current conditions do not support adding inflation protection to portfolios. Commodities expected to be pressured by a stronger dollar, slower emerging market growth, particularly in China, and improving supply. Market Summary ■ Global markets perplexed by Fed hike timing debate — After months of prepping investors for a mid -year start to rate hikes, and removing the patience language from the March meeting statement, the Federal Reserve's hesitation and reduced growth and rate outlooks seemed to confuse markets — Elsewhere, there were more than 20 moves by global central banks during the first quarter, as each scrambled to adjust to currency moves, while others attempted to stave off global deflationary pressures caused by the plunge in crude oil prices — Euro area economic data continued showing improvement, while US data was stronger but generally missed expectations ■ Fed uncertainty trips stocks in March; global stocks led for the first quarter — Most stocks around the world erased month -to -date gains after the Fed meeting on March 20; though negative in March, developed global stocks held onto their year -to -date lead over the US through the first quarter — For March, the MSCI ACWI Index fell 1.6 %, the MSCI EAFE and MSCI Emerging Markets Indices lost 1.5% and 1.4 %, respectively; each posted gains for the first quarter, up 2.3 %, 4.9 %, and 2.2 %, in order — The SF±P 500 Index dropped 1.6% for March, but salvaged a 1.0% gain for the first quarter; six S&tP sectors were positive for the quarter; small -and mid -cap US stocks bucked the trend, posting gains for March and roughly 4% for 2015 — The commodities slump continued as crude oil slid 4.5% in March and gold fell for the second straight month; REITs rallied for the month, notching a strong 1% increase during March and a gain of 4% for the first quarter ■ Sub -2% interest rates helped most bond indices post solid first quarter gains — The 10 -year US Treasury yield ended March at 1.92 %, which appeared largely unchanged from February month end, yet there was a considerably wide intra -month swing during the month that ranged from as high as 2.24% to as low as 1.87% — Most bond indices posted modest gains for the month and first quarter; the Barclays Aggregate Bond Index gained 0.5% and 1.6 %, respectively; high yield was the notable exception in March, but was the best non - Treasury sector for Q1, up 2.5% March 2015 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 Month YTD 1 Year -1.5% 2.3% 5.4% -1.1% -2.5% -5.5% -1.6% 1.0% 12.7% 1.7% 4.3% 8.2% 1.0% 4.0% 22.7% -1.5% 4.9% -0.9% -1.4% 2.2% 0.4% 0.8% 2.6% 9.9% 0.5% 1.6% 5.7% -0.5% 2.5% 2.1% 0.2% 0.8% 4.9% -1.9% -4.4% -9.8% -3.0% -4.0% -11.1% 0.3% 2.1% 0.4% -5.1% -5.9% -27.0% Most stocks around the world erased month -to -date gains after the Fed meeting on March 20. Though negative in March, developed global stocks held onto their year -to -date lead over the US through the first quarter. The SEW 500 Index dropped 1.6% for March, but salvaged a 1.0% gain for the first quarter. Small -and mid -cap US stocks bucked the trend, posting gains for March and roughly 4% for 2015. The 10 -year US Treasury yield ended March at 1.92 %, which appeared largely unchanged from February month -end, yet there was a considerably wide intra -month swing during the month that ranged from as high as 2.24% to as low as 1.87 %. Sub -2% interest rates helped most bond indices post solid gains for the month and first quarter. The Barclays Aggregate Bond Index gained 0.5% and 1.6 %, respectively. High yield was the notable exception in March, but was the best non - Treasury sector for the first quarter, up 2.5 %. The commodities slump continued as crude oil slid 4.5% in March and gold fell for the second straight month. REITs rallied for the month as the FTSE NAREIT All Equity Index notched a strong 1% increase during March and a gain of 4% for the first quarter. Market Overview Global markets perplexed by Fed hike timing debate Most stocks around the world erased month -to -date gains after the Fed meeting on March 20. Though negative in March, developed global stocks held onto their year -to -date lead over the US through the first quarter. The SEW 500 Index dropped 1.6% for March, but salvaged a 1.0% gain for the first quarter. Small -and mid -cap US stocks bucked the trend, posting gains for March and roughly 4% for 2015. Sub -2% interest rates helped most bond indices post solid gains for the month and first quarter. The Barclays Aggregate Bond Index gained 0.5% and 1.6 %, respectively. High yield was the notable exception in March, but was the best non - Treasury sector for the first quarter, up 2.5 %. Major Market Returns Through March 2015 8% MTD ■ YTD 0 ° 4.9% 4% 2.3% 2.2% 2.5% 2% 1.0% 1.6% 0% � 0.2% -0.5% -2% 1.5% -1.6% -1.5% -1.4% ° -4% -4.4% -5.9% -8% 0 0 E5 U) 0 c� m m m m I0 �' > u- .E E 5 c� Q 0 a E 0 g � U E E 0 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. r)nfn cni irr— AAnrninocfnr nnrl Rnrrl nvc I iva Economic Overview Housing activity has quietly reaccelerated US housing activity has quietly reaccelerated, largely shrugging off weather effects. New home sales have increased for six of the past seven months, including 7.8% in February to 539,000 units. Moreover, median prices increased 4.6% from a year ago. Existing home sales rose 1.4% in February and were up 5.9% year- over -year, while median prices are up more than 8% from a year ago. On the other hand, despite the recent improvement, housing activity remains well -below long -term averages. Moreover, given modest wage and income growth, we reiterate our concern about the wherewithal of many American consumers to afford housing, especially those in lower income levels. Data source: US Census Bureau US New Home Sales Through February 2015 700 a� o � Q 575 'E 2:, D u- 0) C o cn 450 0 0_0 L E 8 D 325 200 2008 2009 2010 2011 2012 2013 2014 2015 Data source: US Census Bureau Equity Market Overview Fed uncertainty trips stocks in March; global stocks led for the first quarter Most stocks around the world erased month -to -date gains after the Fed meeting on March 20. Though negative in March, developed global stocks held onto their year -to -date lead over the US through the first quarter. The SEW 500 Index dropped 1.6% for March, but salvaged a 1.0% gain for the first quarter. Small -and mid -cap US stocks bucked the trend, posting gains for March and roughly 4% for 2015. March was another ugly month for SEW sectors as nine of the ten were negative. This was the second time in the first quarter where most sectors were negative, after a dreadful January with eight negative sectors. Thankfully February's strong performance saved most sectors from a negative quarter. US & International Equity Market Returns Through March 2015 Global (MSCI ACWI) -1.5% _ 2.3% -1.6% US (S &P 500) 1.0% Developed Int'I USD (EAFE) -1.5% 4.9% Developed Int'I Local (EAFE) 1.3% 10.8% Emrg Int'I USD (MSCI EM) 2.2% 0.1% Emrg Int'I Local (MSCI EM) 4.9% MTD ■ YTD 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. Data source: Morningstar Equity Market Overview, continued Monetary and fiscal policies have helped Japan outperform in 2015 Japan's Relative Earnings & Price Trends 95 relative earnings (left) relative price (right) 16 90 85 15 80 75 14 70 65 60 13 55 50 12 Dec -13 Mar -14 Jun -14 Sep -14 Dec -14 Mar -15 Data source: Factset Japan has been quietly outperforming global markets. Monetary and fiscal policies are more in sync this year and earnings trends continue to lead the developed world, aided by the weak yen and renewed focus on corporate profitability. The significant asset allocation shift from bonds to equities by the large Japanese public pension fund —the largest in the world — continues to be a market support. Moreover, other pension funds in Japan are starting to make similar allocation shifts toward equities. Non - Traditional Investments Overview Commodities slump returned in March, dragging down first quarter The Bloomberg Commodity Index dropped 5.1 % for the month as all four major commodity sectors declined. The Index has achieved just three positive months in the past 12. For the year, it is down 5.9 %. A modest gain in silver was offset by lower gold prices during the month. However, precious metals were the only positive sector for the first quarter, saved by brief silver and gold rallies during January. For March, energy was punched down by both crude oil and natural gas. Agriculture was pummeled by declines in all four major crops (corn, soybeans, wheat and cotton). Copper and zinc gains were not able to help industrial metals overcome a 12% Commodity Index and Sector Returns Through March 2015 MTD ■ YTD 5% 1.3% 0% - -1.1 -1.8% -5% -5.3% -5.4% - � 0 0 5.9% -8.2% -10% -9.2% -8.8% 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. drop in nickel. Data source: Morningstar Non - Traditional Investments Overview. continued Hedge funds post best quarter relative to the SEW 500 since 2012 Hedge funds rose for the second consecutive month in March. The HFRI Fund Weighted Composite Index gained 0.53% in March, outperforming the 1.6% decline in the SEW 500 Index, and eking past the 0.50% gain by the US Barclays Aggregate Bond Index. Equity -based strategies also saw significant gains in March as the volatile Energy /Basic Materials Index climbed after five consecutive months of losses through January, while small -caps, growth and momentum stocks also outperformed. Event - Driven strategies further posted a strong month and quarter benefitting from firm corporate activist and merger activity. Comparative HFRI Hedge Fund Returns Through March 2015 MTD ■ YTD Fund Weighted Composite 0.53% 2.42% Equity Hedge 0.51% 2.34% Macro: Systematic Diversified 1.06% 5.14% Relative Value 0.25% 1.68% Fund of Funds Diversified 0.41% 2.57% Barclays Aggregate Bond 0.46% 1.61 % S &P 500 -1.58% _ 0.95% 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 Sub -2% interest rates helped most bond indices post solid first quarter gains 10 -year US Treasury yields ended March at 1.92 %, which appeared largely unchanged from February month -end, yet there was a considerably wide intra -month swing during the month that ranged from as high as 2.24% to as low as 1.87 %. Sub -2% interest rates helped most bond indices post solid gains for the month and first quarter. The Barclays Aggregate Bond Index gained 0.5% and 1.6 %, respectively. High yield was the notable exception in March, but was the best non - Treasury sector for the first quarter, up 2.5 %. Non -US global bond returns continued to be hurt by a stronger US dollar. 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. nntn cni ir— Mnrninncf— and P—Invc I ivc Fixed Income Market Sector Returns Through March 2015 MTD ■ YTD 0 ° 5.1% 4% 2.5% 2.3% 2.6% 2% 1.6% 1.4% ' 0.8% 1.1 % 0.8% 0.5% 0.3% 0.2% 0.4 °/ 0% -0.5% -2% -1.9% -4% -4.4% -6% 7 L L O M L O O O Cl) O (06 o = ° 0) 0 U o U) U ° U) 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. nntn cni ir— Mnrninncf— and P—Invc I ivc Taxable Bond Market Overview, continued Global yields remain depressed, especially in non -US developed markets World Government Bond Yields as of March 31, 2015 1.92% ■ 5 Year Bonds 10 Year Bonds 1.60% 1.37% 1.19% 0.47% 0.40% 0.15% 0.13% 0.00% -0.15% -0.40% US UK Germany France Switzerland Japan Data source: FactSet While yields have generally declined in developed markets overseas and in the emerging markets as many central banks globally eased, the environment for currencies was challenging in the first quarter. Non - US developed sovereign bonds and local currency emerging markets bonds experienced negative returns driven by falling currencies. However, the more dovish perception of the Fed after their March meeting caused a pause in the US dollar's upward trajectory, giving some relief to commodity prices and currencies, such as the euro and those in the emerging markets. This pared back some of the losses in March. Investment Review SuNTRUST M Performance Summary Fiscal Inception Market Yr- to -Do to to -Do to Value Quarter (6 Months) 1 Year 3 Years 5 Years 10 Years (239 Months) Total Portfolio $ 12,707,136 2.28 5.46 8.57 10.03 9.38 0• Policy Benchmark" 1.60 3.96 7.87 9.45 9.00 6.40 -- Net of Fee App Total Equity $ 7,930,727 2.57 7.06 12.38 7.79 9.43 75% S &P 5001 25% MSCI ACWI ex US Index 1.59 4.32 9.30 13.68 12.06 7.37 8.21 $ 4,44 .07 Barclays Aggregate Bond 1.61 3.43 5.72 3.10 4.41 4.93 5.98 $ M 0.03 1.93 0.85 91 Day Treasury Bill 0.00 0.01 0.02 0.07 1.44 2.67 0.00 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% J 1 0.00% 10.03% Quarter Fiscal 1 Year 3 Years 5 Years 10 Years Inception Year -to -Date to Date (6 Months) (239 Months) North Palm Beach Policy Benchmark Activity Summary Fiscal Year -to -Date Quarter 6 Months Portfolio Additions /Withdrawals Portfolio Additions /Withdrawals Additions $ 129,604.54 Additions $ 287,042.07 Withdrawals $ (77,543.13) Withdrawals $ (147,798.64) `Total Additions /Withdrawals IL Total Additions /Withdrawals Portfolio Earnings Portfolio Earnings Net Accrued Income $ 642.00 Net Accrued Income $ 1,401.32 Interest and Dividends $ 51,673.02 Interest and Dividends $ 241,000.72 Gains /Losses $ 230,747.46 Gains /Losses $ 413,058.49 or o io Tamr mngs qV 283,062.48 116 Earnings , Net Change $ 335,123.89 Net Change $ 794,703.96 Portfolio Performance Fiscal Inception 3.96 7.87 Market Yr- to -Date to -Date 6.40 Value Quarter (6 Months) 1 Year 3 Years 5 Years 10 Years (239 Months) Policy Benchmark" 1.60 3.96 7.87 9.45 9.00 6.40 Net of Fee Approximatio 2.21 5.32 9.75 6.81 7.99 Total Equity $ 7,930,727 2.57 7.06 10.85 14.67 MINE& 7.79 9.43 75Y S&P 500/ 25Y MSCI ACWI ex US Index 1.59 4.32 9.30 13.68 12.06 7.37 8.21 Large Cap Growth Funds $ 2,592,990 3.80 8.73 15.89 16.08 14.57 9.45 Russell 1000 Growth Index 3.84 8.81 16.09 16.34 15.63 9.36 8.67 Large Cap Value Funds $ 2,476,528 -0.81 4.56 9.13 16.55 13.78 Russell 1000 Value Index -0.72 4.22 9.33 16.44 13.75 7.21 9.85 Mid Cap Growth Funds $ 535,873 5.25 11.98 16.17 16.91 Russell Midcap Growth Index 5.38 11.53 15.56 17.41 16.43 10.19 10.05 Mid Cap Value Funds $ 484,960 3.69 12.30 15.74 17.98 Russell Midcap Value Index 2.42 8.62 11.70 18.60 15.84 9.61 12.07 Small Cap Growth Funds $ 372,421 8.21 15.57 15.61 18.26 17.10 9.38 Russell 2000 Growth 6.63 17.36 12.06 17.74 16.58 10.02 7.84 Small Cap Value Funds $ 305,740 4.45 7.74 2.53 12.34 Russell 2000 Vallndx 1.98 11.56 4.43 14.79 12.54 7.53 10.74 Intl Equity - Developed $ 599,353 4.95 0.55 -2.82 6.57 3.97 MSCI EAFE Index (Net) 4.88 1.13 -0.92 9.02 6.16 4.95 5.00 MSCI ACWI ex USA (Net) 3.49 -0.51 -1.01 6.40 4.82 5.46 Intl Equity - Emerging $ 290,446 -1.28 -7.85 -4.08 2.63 MSCI EM (Net) 2.24 -2.37 0.44 0.31 1.75 8.48 REIT /Real Estate Funds $ 272,416 5.55 20.57 23.38 Wilshire US REIT TR USD 4.67 20.51 25.25 14.25 16.14 9.59 12.14 $ W42,934 1.91 3.07 5.02 3.12 4.72 5.00 5.74 Barclays Aggregate Bond 1.61 3.43 5.72 3.10 4.41 4.93 5.98 Bond Funds $ 3,814,270 1.91 3.35 5.57 3.01 4.65 4.96 Barclays Aggregate Bond 1.61 3.43 5.72 3.10 4.41 4.93 5.98 High Yield Bond Funds $ 628,664 1.95 1.33 1.59 Barclays High Yield Bond 2.52 1.49 2.00 7.46 8.59 8.18 7.66 Short Term $ 333,475 0.00 = 0.01 0.01 0.03 =3 0.85 91 Day Treasury Bill 0.00 0.01 0.02 0.06 0.07 1.44 2.67 Morningstar Manager Evaluation Real Estate T. Rowe Price Real Estate TRREX Real Estate * * ** 5.55 (8) 20.57 (19) 24.49 (34) 13.73 (27) 15.86 (16) 9.72 (31) 0.71 1.04 16.01 0.79 DJ US Real Estate TR USD = 4.27 17.08 22.00 13.17 14.57 0 1.00 15.21 - International Equity - Emerging Oppenheimer Developing Markets Y ODVYX Diversified Emerging Mkts * * * ** -1.28 (86) -7.89 (83) -4.12 (74) 2.62 (24) 4.77 (10) 11.26 (1) 3.05 0.93 17.51 1.07 2.24 -2.37 0.44 0.31 1.75 8.48 0.00 1.00 18.08 International Core Equity - Developed DFA International Core Equity DFIEX Foreign Large Value * * ** 4.13 (61) -0.49 (40) -4.14 (62) 8.34 (35) 6.13 (23) -- -0.13 1.03 17.37 0.38 MFS® Research International MRSIX Foreign Large Blend * * ** 5.78 (19) 1.56 (43) -0.87 (45) 7.30 (65) 6.29 (39) 5.79 (29) 0.37 0.95 16.04 0.86 MSCI EAFE NR USD 4.88 9.02 Small Cap Growth T. Rowe Price Diversified Sm Cap Growth PRDSX Small Growth * * * ** 8.21 (12) 15.53 (34) 15.57 (5) 18.97 (8) 19.03 (5) 11.36 (6) 3.04 0.94 17.38 0.82 Russell 2000 Growth TR USD 7 Small Cap Value Cambiar Small Cap Instl CAMZX Small Blend * ** 4.45 (34) 8.05 (82) 2.82 (80) 12.44 (83) 14.56 (42) 10.62 (5) 1.91 1.01 18.81 1.06 Russell 2000 Value TR USD 1.98 11.56 4.43 14.79 12.54 7.53 0.00 1.00 17.49 Mid Cap Growth iShares Russell Mid -Cap Growth IWP ETF Mid -Cap Growth * * ** 5.33 -- 11.43 -- 15.33 -- 17.19 -- 16.21 -- 9.97 -- -0.18 1.00 15.24 0.25 5.38 11.53 15.56 17.41 16.43 10.19 0f 1.00 15.2E - Mid Cap Value JPMorgan Mid Cap Valuelnstl FLMVX Mid -Cap Value ** * ** 3.69 (24) 12.26 (5) 15.70 (1) 19.55 (7) 17.26 (1) 10.23 (9) 2.89 0.88 12.82 0.76 2.42 8.62 11.70 18.60 15.84 9.61 0.00 1.00 14.25 Large Cap Growth iShares Russell 1000 Growth IWF ETF Large Growth * * ** 3.79 -- 8.71 15.87 -- 16.12 -- 15.41 -- 9.16 -- -0.16 1.00 13.35 0.20 3.84 8.81 16.09 16.34 M 9.36 1.00 13.3 Large Cap Value iShares Russell 1000 Value IWD ETF Large Value * * ** -0.76 4.12 9.10 16.18 13.52 7.05 -0.17 1.00 13.39 0.20 iShares Select Dividend DVY ETF Mid -Cap Value * * ** -1.07 7.17 9.66 15.48 15.04 6.47 4.91 0.70 10.82 0.39 .33 7.21 Morningstar Manager Evaluation High Yield Bonds Osterweis Strategic Income OSTIX High Yield Bond * ** 1.96 (74) 0.93 (55) 1.12 (49) 5.04 (87) 5.91 (92) 6.57 (63) 2.14 0.43 2.86 0.86 Barclays US Corporate High Yield TR USD 2.52 1.49 2.00 1.00 6.27- Bank Loans Eaton Vance Floating Rate I EIBLX Bank Loan * * ** 1.89 (63) 1.65 (29) 1.96 (36) 4.06 (59) 4.54 (57) 4.13 (32) 0.35 0.81 3.04 0.74 Morningstar Bank Loan AW 2.01 1.28 1.71 4.61 5.14 3.36 0.00 1.00 3.71 1.04 Domestic Intermediate Bond Vanguard Total Bond Market ETF BND ETF Intermediate -Term Bond * ** 1.65 -- 3.43 -- 5.63 -- 3.05 -- 4.35 -- -0.24 1.04 2.93 0.08 iSharesiBoxx $ Invst Grade Crp Bond LQD ETF Corporate Bond * ** 2.54 -- 4.71 -- 7.69 -- 5.58 -- 7.20 5.94 0.39 1.55 5.17 0.15 DoubleLine Total Return Bond DBLTX Intermediate -Term Bond ** * ** 1.62 (43) 3.03 (38) 5.93 (14) 4.78 (12) -- 0.47 Western Asset Mortgage Backed Sec SGSYX Intermediate -Term Bond ** * ** 2.23 (4) 3.39 (16) 7.40 (1) 5.62 (3) 6.52 (3) 5.77 (11) 4.67 0.38 2.21 0.61 PIMCO Investment Grade Corp Bd Instl PIGIX Corporate Bond ** * ** 3.08 (7) 4.86 (11) 8.75 (10) 6.97 (9) 7.84 (13) 7.80 (6) 2.08 1.29 4.86 0.50 Barclays US Agg Bond TR USD �1 3.43 5.72 3.10 4.41 4.93 0.00 1.00 2.80 _ Domestic Short Term Bonds Vanguard Short -Term Bond ETF BSV ETF Short -Term Bond * ** 0.94 -- 1.32 -- 1.86 -- 1.33 -- 2.06 -- 0.28 1.02 1.33 0.10 DFA Short -Term Extended Quality DFEQX Short -Term Bond * * ** 1.09 (20) 1.47 (11) 2.11 (13) 1.81 (36) 2.62 (29) 0.74 1.07 1.61 0.22 Barclays Government 1 -5 Yr TR USD 0.88 1.33 1.82 0.00 1.00 1.24- Money Market Federated Treasury Obligs Instl TOIXX Money Market - Taxable 0.00 (26) 0.00 (38) 0.01 (34) 0.01 (41) 0.01 (42) 1.38 (50) -0.06 0.51 0.00 0.20 Citi Treasury Bill 3 Mon USD 0.01 0.01 0.03 0.05 0.07 1.41 0.00 1.00 0.01 Asset Allocation 8t Portfolio Composition Cash Equivalents 2.6% Fused Income 34.7% Large Cap 39.9% Real Estate International 2.0% 7.0% 5.3% 0.% 0.0 0.i 0.i 0.1 0.i 0.1 0.1 0.1 0.0 0.1 J 0.i 0.1 0.1 0.1 Federated Trsy Obligation Money Market $ 333,472 2.6% $ 229,738 0.8 %1 Total Portfo 00.0% Total Equity $ 7,930,727 Large Caps iShares Russell 1000 Growth Index ETF $ 2,592,990 20.4% $ 2,506,225 iShares Dow Jones Select Dividend ETF $ 297,107 2.3% $ 302,673 iShares Russell 1000 Value Index ETF $ 2,179,420 17.2% $ 2,207,329 Mid Caps iShares Russell Mid Cao Growth Index ETF $ 535,873 4.2% $ 510,155 JP Morgan Mid Cap Value 1 $ 484,960 3.8% $ 467,712 Mid Cap Small Caps 8.0% T. Rowe Price Diversified Small Growth 1 $ 372,421 2.9% $ 344,166 Cambiar Small Cap Value 1 $ 305,740 2.4% $ 292,727 International DFA InternationalCore Equity $ 298,320 2.3% $ 286,799 MFS Research International) $ 301,033 2.4% $ 284,592 Oppenheimer Developing Markets Y $ 290,446 2.3% $ 294,223 Real Estate T. Rowe Price Real Estate $ 272,416 2.1% $ 259,196 $ $ 4,382,660 Core Bonds Vanguard Total. Bond Market ETF $ 2,206,721 17.4% $ 2,180,252 PIMCO Inv Grade Corp Bond 1 $ 372,002 2.9% $ 364,065 iShares IBOXx Invt Grade Corp Bd ETF $ 379,613 3.0% $ 372,440 Western Asset Mtg Bkd Sec 1 $ 481,686 3.8% $ 475,177 DFA Short Term Extended Quality Bond $ 186,200 1.5% $ 184,491 Vanguard Short Term Bond ETF $ 185,518 1.5% $ 184,205 High Yield Bonds Eaton Vance Floating Rate Bank Loan 1 $ 313,800 2.5% $ 311,007 Osterweis Strategic Inc Fund 1 $ 312,935 2.5% $ 311,023 0.% 0.0 0.i 0.i 0.1 0.i 0.1 0.1 0.1 0.0 0.1 J 0.i 0.1 0.1 0.1 Federated Trsy Obligation Money Market $ 333,472 2.6% $ 229,738 0.8 %1 Fund Profiles Et Characteristics SuNT)RusT 23 Release date 04 -22 -2015 Fund Page 1 of 1 T. Rowe Price Real Estate TRREX Cat Avg Morningstar Analyst Rating 95.42 95.42 © Gold NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 27.50 T0.09 1 0.33 2.13 5.5 Open $2,500 None 0.76% ,t*** Real Estate ® Mid Growth Growth of 10,000 04 -21 -2005 - 04 -21 -2015 3 Year Averag s 25K - T. Howe Price Heal Estate Risk vs. Category +Avg 14,225 18K $24,294.10 (234) .. .. .. .. .. - Heal Estate $23,064.67 Return vs. Category Avg -4.83 12K - MSCI World NH USD (234) " " "' " " "' " " " " " " " " " "" $19,569.04 Services Low Avg High 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 5K Pillars 10.50 -1.48 Process O Positive Investment Strategy Performance O Positive The investment seeks long -term growth through a combination of capital appreciation and current income. The fund normally People O Positive invests at least 80% of its net assets (including any borrowings for investment purposes( in the equity securities of real estate Parent O Positive companies. It is likely to maintain a significant portion of assets in real estate investment trusts (REITs(. REITs pool money to in- Price O Positive vest in properties (equity REITs( or mortgages (mortgage REITs(. The fund generally invests in equity REITs. It may also invest in Rating © Gold foreign stocks in keeping with the fund's objectives Performance 04 -21 -2015 Fund 3 Yr High 3 Yr Low Cat Avg 0 Real Estate 95.42 95.42 YTD 1 Me 1 Yr 3YrAnn 5YrAnn 2.90 1oYrAnn ® Basic Materials Growth of 10,000 10,282 9,517 11,912 14,225 19,196 0.00 0.00 24,135 Fund 2.82 -4.83 19.12 12.46 0.00 13.93 Services 9.21 +/- MSCI World NR USD -2.02 -5.46 10.50 -1.48 3.86 2.37 +/- Category 0.79 -0.35 1.64 0.52 0.53 0.90 % Rankin Cat 14 46 25 26 25 32 # of Funds in Cat 293 294 275 234 190 150 Currency is displayed in BASE Top Holdings 12 -31 -2014 Weight % Last Price Day Chg % 52 Week Range Simon Property Group Inc 9.33 189.26 BASE 0.22 T 162.43 - 206.31 AvalonBay Communities Inc 5.36 170.58 BASE 0.88 T 132.07 - 181.69 Essex Property Trust Inc 4.60 227.30 BASE 0.98 T 167.68 243.17 General Growth Properties Inc 4.35 28.67 BASE -0.11 y 22.57 - 31.70 Prologis Inc - - - 4.33 - 42.47 BASE -0.66l, 37.12 - 47.56 % Assets in Top 5 Holdings 27.96_ 0+ Increase O Decrease 0 New to Portfolio Top Sectors 12 -31 -2014 Dividend and Capital Gains Distributions Distribution Fund 3 Yr High 3 Yr Low Cat Avg 0 Real Estate 95.42 95.42 94.99 96.61 0 Consumer Cyclical 3.43 3.43 2.90 1.77 ® Basic Materials 1.15 1.71 1.15 0.60 ® Financial Services 0.00 0.00 0.00 0.22 0 Communication 0.00 0.00 0.00 0.41 Services 0.0000 0.0000 0.1200 0.1200 Dividend and Capital Gains Distributions Distribution Distribution Date NAV 03 -27 -2015 28.09 12 -11 -2014 26.60 09 -26 -2014 23.80 06 -26 -2014 24.43 03 -27 -2014 22.90 Style Map Deep Core Core Core High Val Val Grow Grow Giant (g Weighted Average of holdings Large 0 75% offund's stock Medium holdings Small Micro Asset Alloc I Asset Class % Net 0 Cash 5.07 • US Stock 94.03 • Non US Stock 0.00 Bond 0.00 Other 0.90 Management Start Date ■ Fund v Cat Avg David M. Lee 10 -31 -1997 V • V i 0 30 60 90 120 Long -Term Long -Term Return of Dividend Distribution Capital Gain Short Gain Capital Income Total 0.0000 0.0000 0.0000 0.1200 0.1200 0.0000 0.0000 0.0000 0.2100 0.2100 0.0000 0.0000 0.0000 0.1300 0.1300 0.0000 0.0000 0.0000 0.1400 0.1400 0.0000 0.0000 0.0000 0.1200 0.1200 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I v N Release date 04 -22 -2015 Page 1 of 1 Morningstar Analyst Rating M Oppenheimer Developing Markets Y DVYX M salver NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 36.38 T0.31 1 0.86 0.64 40.6 Limited None 1.03% ,t,t,t,t,t Diversified Emerging® Large Growth Mkts Growth of 10,000 04 -21 -2005 - 04 -21 -2015 34K - Oppenheimer Developing 25K Markets Y $30,931.15 - Diversified Emerging Mkts 16K $22.614.42 MSCI EAFE NH USD $17,066.03 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 7K I The investment seeks capital appreciation. The fund mainly invests in common stocks of issuers in developing and emerging markets throughout the world and at times it may invest up to 100% of its total assets in foreign securities. Under normal mar- ket conditions, it will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of is- suers whose principal activities are in a developing market, i.e. are in a developing market or are economically tied to a devel- oping market country. The fund will invest in at least three developing markets. Performance 04 -21 -2015 Fund 3 Yr High 3 Yr Low 0 Technology 20.49 20.49 17.73 ® Financial Services YTD 1 Me 1 Yr 3Yr Ann 5Yr Ann l OYr Ann Growth of 10,000 10,376 10,457 9,912 11,457 12,991 30,646 Fund 3.76 4.57 -0.88 4.64 0.0000 5.37 11.85 +/- MSCI EAFE NR USD -4.81 2.93 -3.46 -6.59 -1.30 6.36 +/- Category -2.93 -1.01 -3.45 1.79 3.16 3.53 % Rank in Cat 83 71 76 23 8 # of Funds in Cat 887 903 792 526 339 163 Currency is displayed in BASE Top Holdings 02 -28 -2015 Weight % Last Price Day Chg % 52 Week Range O Baidu Inc ADR 4.24 213.36 BASE 0.22 T 148.16 - 251.99 Housing Development Finance Corp 3.77 BASE 1.56 T 810.00 - 1,402.30 Ltd Infosys Ltd 3.30 BASE -0.81 l, 1,440.00 - 2,336.00 +O Magnit PJSC 2.68 BASE -0.59l, 6,565.30 - 12,498.00 Tencent Holdings Ltd - - - 2.51 - 162.70 BASE 2.26 T 93.00 - 171.00 % Assets in Top 5 Holdings 16.50_ 0+ Increase O Decrease 0 New to Portfolio Top Sectors 03 -31 -2015 Dividend and Capital Gains Distributions Distribution Fund 3 Yr High 3 Yr Low 0 Technology 20.49 20.49 17.73 ® Financial Services 19.44 20.46 13.49 0 Consumer Cyclical 18.80 18.80 15.26 ® Consumer Defensive 15.84 23.81 15.84 ® Basic Materials 5.52 5.79 5.46 Dividend and Capital Gains Distributions Distribution Distribution Long -Term Long -Term Date NAV Capital Gain Short Gain 12 -05 -2014 36.45 0.6000 0.0000 12 -06 -2013 37.07 0.1800 0.0000 12 -07 -2012 33.82 0.0000 0.0000 12 -09 -2011 29.56 0.0000 0.0000 12 -21 -2010 35.02 0.0000 0.0000 3 Year Averaggfiorningstar Risk Measures ..... ............................... Risk vs. Category -Avg (528) ..... ............................... Return vs. Category High (528) ..... ............................... Low Avg High Pillars Process Performance People Parent Price Rating Style Map O Positive O Positive O Positive O Neutral O Positive Silver Giant (g Weighted Average of holdings Large 0 75% offund's stock Medium holdings Small Micro Deep Core Core Core High Val Val Grow Grow Asset Alloc Asset Class % Net 0 Cash 4.07 • US Stock 0.00 • Non US Stock 92.67 4D 0 0 Bond 0.00 Other 3.26 Management Start Date Justin M.Leverenz 05 -01 -2007 Cat Avg ■ Fund • Cat Avg 18.56 24.86 1 • • 11.74 • 10.45 • 6.71 0 10 20 30 40 Return of Dividend Distribution Capital Income Total 0.0000 0.2200 0.8200 0.0000 0.1600 0.3400 0.0000 0.2500 0.2500 0.0000 0.6800 0.6800 0.0000 0.1400 0.1400 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I U) N Release date 04 -22 -2015 Page 1 of 1 DFA International Core Equity I DFIEX Morningstar Analyst Rating q Y Bronze NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 12.68 T0.07 10.56 2.63 14.0 Open None 0.38% ,t*** Foreign Large Value ® Large Blend Growth of 10,000 09 -15 -2005 - 04 -21 -2015 17K - DFA International Core Equity 1$16,513.68 14K - Foreign Large Value $14,675.47 10K - MSCIEAFENH USD $15,556.06 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 7K Investment Strategy The investment seeks long -term capital appreciation. The fund 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. As a non - fundamental policy, under normal circumstances, it will invest at least 80% of its net assets in equity securities. Performance 04 -21 -2015 O Positive Performance O Positive People O Positive YTD 1 Me 1 Yr 3Yr Ann 5Yr Ann l OYr Ann Growth of 10,000 10,849 10,218 9,995 13,681 13,716 0 Consumer Cyclical Fund 8.49 2.18 -0.05 11.01 02 -28 -2010 6.52 15.76 +/- MSCI EAFE NR USD -0.08 0.53 -2.62 -0.22 ® Basic Materials -0.15 12.15 +/- Category 0.07 -0.11 -0.65 1.07 7.83 1.08 6.85 % Rankin Cat 60 54 57 35 26 # of Funds in Cat 371 379 349 305 261 133 Currency is displayed in BASE Top Holdings 02 -28 -2015 Weight % Last Price Day Chg % 52 Week Range Nestle SA 1.24 74.25 BASE -0.07 l, 64.15 - 77.00 Total SA 0.71 48.43 BASE -0.55l, 38.25-54 ' 71 Royal Dutch Shell PLC ADR Class B 0.69 63.43 BASE -0.06l, 59.33 - 88.13 BP PLC ADR 0.65 43.16 BASE 0.88 T 34.88 - 53.48 +O Toyota Motor Corp - - - 0.61 - BASE 0.18 T 5,376.00 - 8,783.00 % Assets in Top 5 Holdings 3.90_ 0+ Increase O Decrease 0 New to Portfolio 3 Year Averag asures Risk vs. Category None (305) .. .. .. .. .... .. ..... ..... ...... ...... Return vs. Category None (305) ..... ............................... Low Avg High Pillars Process O Positive Performance O Positive People O Positive Parent O Positive Price O Positive Rating Bronze Style Map Deep Core Core Core High Val Val Grow Grow iliallillill Giant (g Weighted Average of holdings Large 0 75% offund's stock Medium holdings Small Micro Asset Alloc Asset Class % Net 0 Cash 0.45 • US Stock 0.19 • Non US Stock 94.09 0 Bond 0.00 0 Other 5.27 Top Sectors 02 -28 -2015 Distribution Long -Term Long -Term Return of Management Distribution Date Fund 3 Yr High 3 Yr Low Cat Avg ■ Fund ♦ Cat Avg Start Date ® Financial Services 18.29 23.96 18.29 24.30 Karen E. Umland 09 -15 -2005 0 Consumer Cyclical 15.83 15.83 13.92 11.24 Joseph H. Chi 02 -28 -2010 0 Industrials 15.76 15.76 15.34 10.08 Jed S. Fogdall 02 -28 -2010 ® Basic Materials 12.15 12.15 10.96 7.79 Henry F. Gray 02 -28 -2012 ® Consumer Defensive 7.83 7.83 6.85 6.96 0.0600 0.0600 0 10 20 30 40 Dividend and Capital Gains Distributions Distribution Distribution Long -Term Long -Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 03 -09 -2015 12.14 0.0000 0.0000 0.0000 0.0100 0.0100 12 -15 -2014 11.35 0.0000 0.0000 0.0000 0.0800 0.0800 09 -09 -2014 12.81 0.0000 0.0000 0.0000 0.0500 0.0500 06 -09 -2014 13.30 0.0000 0.0000 0.0000 0.1800 0.1800 03 -10 -2014 13.01 0.0000 0.0000 0.0000 0.0600 0.0600 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I N Release date 04 -22 -2015 Page 1 of 1 MFS® Research International I MRSIX Morningstar Analyst Rating Bronze NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 18.39 T0.12 1 0.66 2.37 7.7 Open None 0.86% ,t*** Foreign Large Blend ® Large Blend Growth of 10,000 04 -21 -2005 - 04 -21 -2015 3 Year Averag asures 19K -MESS Research Risk vs. Category Avg i ............... ✓\ International 1$18,689.45 (635) . .. .. ..... .. ..... ..... ...... ...... / 15K - Foreign Large Blend Return vs. Category +Avg . .. $16,918.72 (635) ...... ............................... 'A"M L 1K - MSCIACWIExUSANRUSD Low Avg High $18,131.46 3 Yr High 3 Yr Low 24.18 2006 2007 2008 20091 2010 2011 2012 2013 2014 2015 8K Pillars 13.81 13.81 12.83 Process O Positive Investment Strategy Performance O Positive The investment seeks capital appreciation. The fund normally invests its assets primarily in foreign equity securities, including People O Positive emerging market equity securities. Equity securities include common stocks, preferred stocks, securities convertible into stocks, Parent O Positive equity interests in real estate investment trusts (REITs(, and depositary receipts for such securities. Price O Positive 6.90 Rating Bronze Performance 04 -21 -2015 3 Yr High 3 Yr Low 24.18 24.25 23.65 13.81 13.81 12.83 YTD 1 Me 1 Yr 3YrAnn 5YrAnn 1oYrAnn Growth of 10,000 10,953 10,177 10,275 13,085 13,961 18,487 Fund 9.53 1.77 2.75 9.38 96.92 6.90 6.34 +/- MSCI ACWI Ex USA NR 1.40 -1.41 -0.21 0.60 3.69 1.44 0.21 USD 0.00 1.06 0.89 +/- Category 0.78 -0.30 -0.49 -0.59 0.68 0.81 % Rankin Cat 27 54 49 61 35 28 # of Funds in Cat 791 798 744 633 564 313 Currency is displayed in BASE Top Holdings 02 -28 -2015 Weight % Last Price Day Chg % 52 Week Range Novartis AG 3.20 100.20 BASE 1.01 T 73.95 - 101.60 Roche Holding AG Dividend Right Cert. 3.08 278.80 BASE 1.83 T 238.80 - 295.80 Nestle SA 2.68 74.25 BASE -0.07 l, 64.15 - 77.00 Royal Dutch Shell PLC Class A 2.20 BASE -1.41 l, 1,916.79 - 2,475.50 O Bayer AG - - - 2.11 - 136.45 BASE -0.98 y 94.22 - 146.45 % Assets in Top 5 Holdings 13.25_ 0+ Increase O Decrease �"£` New t0 Portfolio Top Sectors 02 -28 -2015 ® Financial Services 0 Consumer Cyclical 0 Healthcare 0 Industrials ® Consumer Defensive Fund 3 Yr High 3 Yr Low 24.18 24.25 23.65 13.81 13.81 12.83 11.53 11.53 9.95 10.01 10.27 9.82 9.97 9.97 9.57 Dividend and Capital Gains Distributions Distribution Distribution Date NAV 12 -11 -2014 17.01 12 -10 -2013 18.00 12 -11 -2012 15.41 12 -08 -2011 13.74 12 -09 -2010 15.38 Style Map Deep Core Core Core High Val Val Grow Grow illiallillill Giant (g Weighted Average of holdings Large 0 75% offund's stock Medium holdings Small Micro Asset Alloc4opw Management Start Date Cat Avg ■ Fund ♦ Cat Avg Jose Luis Garcia 05 -31 -2005 21.20 Thomas Melendez 05 -31 -2005 13.30 ♦ 11.18 11.66 ♦ 10.02 0 10 20 30 40 Long -Term % % % Bench Cat Short Gain Net Short Long mark Avg • Cash 0.51 0.19 0.70 0.01 -0.28 • US Stock 2.57 0.00 2.57 0.13 2.03 • Non US Stock 96.92 0.00 96.92 98.81 93.67 • Bond 0.00 0.00 0.00 0.00 3.69 • Other 0.00 0.00 0.00 1.06 0.89 Management Start Date Cat Avg ■ Fund ♦ Cat Avg Jose Luis Garcia 05 -31 -2005 21.20 Thomas Melendez 05 -31 -2005 13.30 ♦ 11.18 11.66 ♦ 10.02 0 10 20 30 40 Long -Term Long -Term Return of Dividend Distribution Capital Gain Short Gain Capital Income Total 0.0000 0.0000 0.0000 0.4200 0.4200 0.0000 0.0000 0.0000 0.2700 0.2700 0.0000 0.0000 0.0000 0.3000 0.3000 0.0000 0.0000 0.0000 0.3000 0.3000 0.0000 0.0000 0.0000 0.2300 0.2300 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I r` N Release date 04 -22 -2015 Page 1 of 1 T. Rowe Price Diversified Sm Ca Growth PRDSX Morningstar Analyst Rating Cap Bronze NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 27.97 T0.07 1 0.25 0.00 1.3 Open $2,500 None 0.85% # # # ## Small Growth ® Small Growth Growth of 10,000 04 -21 -2005 - 04 -21 -2015 Er 31 K - T. Howe Price Diversified Sm 23K Cap Growth $31,055.43 - Small Growth $23,605.82 15K - S &P 500 TH USD $22,748.74 A ri AA a 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 7K Investment Strategy The investment seeks long -term growth of capital. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes( in small -cap growth companies, which are defined by the fund as those whose market capitalization falls within the range of companies in the MSCI U.S. Small Cap Growth Index. It seeks to invest in a broadly di- versified portfolio of securities and the top 25 holdings will not, under normal circumstances, constitute more than 50% of the fund's total assets. The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy as- sets into more promising opportunities. Performance 04 -21 -2015 Last Price Day Chg % 52 Week Range 3.18 El Industrials 24.38 24.38 YTD 1 Me 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,934 9,989 11,987 17,439 22,868 30,411 Fund 9.34 -0.11 19.87 20.37 17.99 11.76 +/- S &P 500 TR USD 6.88 0.28 5.53 2.88 3.90 3.41 +/- Category 1.93 -0.48 6.32 3.58 3.72 2.12 % Rank in Cat 21 70 8 9 6 5 # of Funds in Cat 754 755 727 656 576 405 Currency is displayed in BASE Top Holdings 12 -31 -2014 O T. Rowe Price Short -Term Reserve +O Maximus Inc +O The Middleby Corp Hanesbrands Inc +O Old Dominion Freight Lines % Assets in Top 5 Holdings 0+ Increase O Decrease �"£` New t0 Portfolio Top Sectors 12 -31 -2014 Weight % Last Price Day Chg % 52 Week Range 3.18 El Industrials 24.38 24.38 0.98 67.29 BASE 0.57 T 37.94 - 69.04 0.98 103.13 BASE -0.86 l, 70.55 - 110.00 0.94 33.94 BASE 0.09 T 18.53 - 34.80 0.91 _. 74.51 BASE -0.36 l, 55.87 - 81.48 6.98_.. ® Financial Services 6.05 6.05 Dividend and Capital Gains Distributions 3 Year Averages Risk vs. Category (656) Return vs. Category (656) Pillars Process Performance People Parent Price Rating Deep Core Core Core High Val Val Grow Grow ..... ............................... Avg ..... ............................... High Low Avg High O Fund 3 Yr High 3 Yr Low Cat Avg El Industrials 24.38 24.38 24.01 19.14 o Healthcare 19.34 19.34 17.40 16.86 0 Technology 17.84 19.47 17.84 24.09 0 Consumer Cyclical 17.26 17.26 15.48 15.84 ® Financial Services 6.05 6.05 3.73 9.00 Dividend and Capital Gains Distributions 3 Year Averages Risk vs. Category (656) Return vs. Category (656) Pillars Process Performance People Parent Price Rating Deep Core Core Core High Val Val Grow Grow ..... ............................... Avg ..... ............................... High Low Avg High O Positive O Positive O Positive O Positive O Positive Bronze Giant (g Weighted Average of holdings Large 0 75% offund's stock Medium holdings Small Micro Asset Alloc Asset Class % Net I 0 Cash 4.54 • US Stock 93.60 • Non US Stock 1.61 4 0 0 Bond 0.26 Other 0.00 Management Start Date Sudhir Nanda 10 -02 -2006 ■ Fund • Cat Avg mmmmillil mmmi' V V 0 10 20 30 40 Distribution Distribution Long -Term Long -Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 12 -12 -2014 24.72 0.9300 0.0400 0.0000 0.0000 0.9700 12 -12 -2013 23.97 0.0900 0.0600 0.0000 0.0000 0.1500 12 -31 -2012 17.44 0.0000 0.0000 0.0000 0.0100 0.0100 12 -14 -2012 17.08 0.3400 0.0500 0.0000 0.0200 0.4100 12 -14 -2011 14.84 0.5900 0.0000 0.0000 0.0000 0.5900 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented orwarranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohihited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I 00 N Release date 04 -22 -2015 Page 1 of 1 Cambiar Small Cap Instl CAMZX Morningstar Analyst Rating NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 21.10 l,-0.10 1 -0.47 0.00 1.2 Open $5 mil None 1.05% # ## Small Blend ® Small Blend Growth of 10,000 04 -21 -2005 - 04 -21 -2015 29K Cambiar Small Cap Instl 21 K $28,876.50 - Small Blend $22,852.86 4K S &P 500 TB USD $22,748.74 'IN 9'r-0, 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 7K Performance 04 -21 -2015 Top Sectors 02 -28 -2015 YTD 1 Me 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,539 9,991 10,612 14,820 18,591 v_ 0 Consumer Cyclical 28,393 Fund 5.39 -0.09 6.12 14.01 El Industrials 13.20 20.92 11.00 +/- S &P 500 TR USD 2.94 0.29 -8.22 -3.48 17.87 -0.88 15.83 2.65 +/- Category 1.08 -0.04 -2.40 -2.13 10.41 0.73 2.35 % Rankin Cat 27 43 74 79 10 15 20 42 # of Funds in Cat 774 774 746 619 Long -Term 558 Return of 363 Currency is displayed in BASE Date NAV Capital Gain Short Gain Capital Income Total 12 -16 -2014 Top Holdings 02 -28 -2015 2.2300 0.6000 0.0000 0.0000 2.8300 12 -12 -2013 21.75 2.0600 0.6000 0.0000 Weight % Last Price 12 -13 -2012 Day Chg % 0.2800 52 Week Range Orbitz Worldwide Inc 0.2800 2.36 11.76 BASE 0.1700 -0.13l, 0.0000 6.49-11.83 0.5500 EnerSys 2.32 68.55 BASE 0.72 T 50.63 - 71.94 WellCare Health Plans Inc 2.32 81.59 BASE -1.68 l, 55.43 - 95.09 BankUnited Inc 2.27 33.74 BASE 0.63 T 26.69 - 34.92 TCF Financial Corp - - - 2.25 - 15.43 BASE 1.18 T 13.78 -16.95 %o Assets in Top 5 Holdings 11.51 0+ Increase O Decrease �"£` New t0 Portfolio Top Sectors 02 -28 -2015 3 Year Averag ..... ............................... Risk vs. Category +Avg (620) ..... ............................... Return vs. Category High (620) ..... ............................... Low Avg High Wrs Process Performance People Parent Price Rating Deep Core Core Core High Val Val Grow Grow Giant Weighted Average of holdings Large 0 75% offund's stock Medium holdings Small Micro Asset Alloc Asset Class % Net 0 Cash 3.40 • US Stock 92.97 • Non US Stock 3.64 4D 0 0 Bond 0.00 Other 0.00 Management Fund 3 Yr High 3 Yr Low Cat Avg ■ Fund • Cat Avg 0 Technology 19.89 25.67 17.74 15.73 Timothy A. Beranek v_ 0 Consumer Cyclical 19.49 19.68 12.09 16.09 El Industrials 18.21 20.92 18.21 18.00 ® Financial Services 15.81 17.87 13.90 15.83 0 Healthcare 10.36 10.36 7.58 10.41 0 5 10 15 20 Dividend and Capital Gains Distributions Distribution Distribution Long -Term Long -Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 12 -16 -2014 19.18 2.2300 0.6000 0.0000 0.0000 2.8300 12 -12 -2013 21.75 2.0600 0.6000 0.0000 0.0000 2.6600 12 -13 -2012 18.42 0.2800 0.0000 0.0000 0.0000 0.2800 12 -15 -2011 16.09 0.1700 0.3700 0.0000 0.0000 0.5500 3 Year Averag ..... ............................... Risk vs. Category +Avg (620) ..... ............................... Return vs. Category High (620) ..... ............................... Low Avg High Wrs Process Performance People Parent Price Rating Deep Core Core Core High Val Val Grow Grow Giant Weighted Average of holdings Large 0 75% offund's stock Medium holdings Small Micro Asset Alloc Asset Class % Net 0 Cash 3.40 • US Stock 92.97 • Non US Stock 3.64 4D 0 0 Bond 0.00 Other 0.00 Management Start Date Ania A. Aldrich 08 -31 -2004 Brian M. Barish 08 -31 -2004 Andrew P. 08 -31 -2004 Baumbusch Timothy A. Beranek 08 -31 -2004 Maria L. Mendelsberg 08 -31 -2004 Jeffrey H. Susman 12 -31 -2005 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I NO Release date 4/21/2015 Page 1 of 1 iShares Russell Mid -Cap Growth IWP ......................................................................................................................................................................................................................................... ............................... . Morningstar Rating'"" Morningstar Category'"" Net Assets (Mill Snapshot * * ** Mid -Cap Growth 6,485.00(USD) Portfolio Analysis 4/21/2015 0 50 100 F Ni ■■ ■ Asset Allocation Long % Short % Net % Equity Investment Style Cash 0.00 0.00 0.00 Market Cap ($Mil) US Stock 97.77 0.00 97.77 Non US Stock 2.07 0.00 2.07 Bond 0.00 0.00 0.00 0 Other 0.16 0.00 0.16 Fixed- income investment style data is as of ...................................... ................................... ............. ............................... ............................. A T- ...................................... 2011 2012 ............................... ............................... ............................... 2013 2014 +/- Cat : Fund YTD q Index -1.88 15.60 35.52 11.69 -1.82 ...................................... 15.62 35.44 ............................... 11.68 0.10 1.22 1.35 5.01 -3.93 -0.38 3.05 -2.01 2,911 3,289 4,766 5,760 * S&P 500 TR USD Net Assets (Mil) 10 Yr Annualize& 9.97 Ltd Mod EM 0 Fixed - Income Investment Style 12,399 Avg Effective Duration (Yrs) Avg Effective Maturity (Yrs) Avg Credit Quality .................. Growth of 10K .............. 18 +/- Cat : Fund YTD q Index 7.00 12 - Category -0.10 10K .................. g 3/2015 W History ® Quartile Rank (cat) 5.25 Market Return % 5.33 ......................... NAV Return % ............................... -0.85 +/- Category 4.38 +/- Index* 3.56 +/- Morningstar US 6,485 Net Assets (Mil) Trailing Total Returns Ml t Ret % NAM Ret % + /- Index' +/- Cat *Std Ret % YTD 6.98 7.00 4.54 -0.10 5.33 12 Mo .................................................................................................. 18.98 18.92 4.58 1.11 ............................... 15.33 3 Yr Annualized 18.38 18.37 0.88 1.69 17.19 5 Yr Annualized 15.67 15.65 1.56 1.21 16.21 10 Yr Annualize& 9.97 9.97 1.96 0.85 9.97 Inception 8.33 8.33 -2.34 12.16 8.24 *Quarter -end data through 3/31/2015 Commun Svs 64.06 110 Year as of 3/31/2015 Vertex Pharmaceuticals Inc 'S&P 500 TR USD 11.28 0.88 Avago Technologies Ltd Technology 22.76 Operations % Stocks % Cyclical Advisor Management 44.49 Advisor BlackRock Fund Advisors Inception 7/17/2001 Subadvisor Manager Diane Hsiung Morningstar Risk'"" Average Tenure 7.31 Prospectus Net Above Avg Above Avg ............................... Above Avg Expense Ratio 0.25% ♦ Morningstar US Market • Fund A.",- o Cyclical Stock Sectors % Stocks % Cyclical 32.06 vw Sensitive 44.49 - Defensive 23.45 .................................................... ............................... Sector data is calculated only using the long position holdings of the portfolio ratings and Risk Overall 3 Yr 5 Yr 10 Yr Morningstar Rating'"" * * ** * * ** * * ** * ** Number of Funds Rated 13 13 11 5 Morningstar Risk'"" Average Below Avg Average Average Morningstar Return'"" Above Avg .................................................................................................. Above Avg Above Avg ............................... Above Avg Standard Deviation 10.97 15.24 17.99 Mean 17.19 16.21 9.97 Top 10 Holdings 4/21/2015 - o YTD Return as of 4/21/2015 Sector YTD Return % Assets Kroger Cc Consumer Def 12.16 1.03 Netflix Inc Commun Svs 64.06 0.94 Vertex Pharmaceuticals Inc Healthcare 11.28 0.88 Avago Technologies Ltd Technology 22.76 0.86 Crown Castle International Corp .................................................................................................. Commun Svs ............................... 10.05 0.80 McGraw Hill Financial Inc Industrials 16.76 0.79 Illumina Inc Healthcare 7.98 0.78 Mylan NV Healthcare 31.40 0.78 Intuit Inc Technology 6.02 0.78 Linkedln Corp Class A Technology 12.50 0.76 % Assets in Top 10 Holdings 8.34 Total Number of Stock Holdings 552 Total Number of Bond Holdings .................................................................................................. ............................... 0 Turnover% 20 12 -Month Yield % 0.96 30 -Day SEC Yield % 0.77 Price Information Trading Information Market Price(4/21/2015) 99.54 Avg Daily Vol (shares) 368,993 NAV(4/21/2015) 99.54 Shares Outstanding Premium /Disc(4/21/2015) 0.00 Exchange ARCX .(2015 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not he copied or redistributed, (3) do not ^ constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and I5 are not warranted to he correct, complete or accurate. Except as M\ /RNI NG 1"I1'11 R otherwise required by law, Morningstar shall not he responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must he preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully. ON Release date 04 -22 -2015 Page 1 of 1 JPMorgan Mid Cap Value Instl FLMVX ©GningstarAnalystRating NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 38.29 l,-0.01 1 -0.03 0.97 16.5 Limited $3 mil None 0.74% # # # ## Mid -Cap Value ® Mid Blend Growth of 10,000 04 -21 -2005 - 04 -21 -2015 JOL 27K JPMorgan Mid Cap Value 21 K Instl $27,242.37 Mid -Cap Value $23,637.05 14K S &P 500 TH JSD $22,748.74 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 7K Investment Strategy The investment seeks growth from capital appreciation. Under normal circumstances, the fund invests at least 80% of its as- sets in equity securities of mid cap companies. "Assets" means net assets, plus the amount of borrowings for investment pur- poses. Mid cap companies are companies with market capitalizations equal to those within the universe of the Russell Midcap Value Index and /or between $1 billion and $20 billion at the time of purchase. Performance 04 -21 -2015 Growth of 10,000 Fund +/- S &P 500 TR USD +/- Category % Rank in Cat # of Funds in Cat Currency is displayed in BASE Top Holdings 02 -28 -2015 YTD 1 Me 1 Yr 3YrAnn 5YrAnn 1oYrAnn 10,307 9,853 11,610 17,101 20,966 26,850 3.07 -1.47 16.10 19.58 15.96 10.38 0.61 -1.08 1.76 2.09 1.87 2.03 -0.34 -1.18 5.47 2.09 3.16 1.53 58 92 4 18 3 10 500 501 458 415 349 237 Kohl's Corp Cigna Corp Arrow Electronics Inc Loews Corp Mohawk Industries Inc % Assets in Top 5 Holdings 0+ Increase O Decrease 0 New to Portfolio 3 Year Averag ..... ............................... Risk vs. Category -Avg (415) ...................... Return vs. Category High (415) ..... ............................... Low Avg High Mrs Process Performance People Parent Price Rating Sty Deep Core Core Core High Val Val Grow Grow O Positive O Positive O Positive O Positive O Positive © Gold Giant (g Weighted Average of holdings Large 0 75% offund's stock Medium holdings Small Micro Weight % Last Price Day Chg % 52 Week Range Asset Alloc 1.93 75.84 BASE 1.16 T 50.90 - 79.60 Asset Class % Net 1.81 130.06 BASE -0.45l, 76.16 - 135.00 0 Consumer Cyclical 22.21 23.79 22.21 13.32 • Cash 3.86 1.58 62.70 BASE 0.37 T 45.47 - 64.98 1.55 41.31 BASE 0.27 T 38.01 - 44.88 • US Stock 96.14 1.54 181.95 BASE 1.31 T 120.37 - 188.29 • Non US Stock 0.00 8.61 6.51 • • Bond 0.00 8.40 9.76 7.48 12.81 • • Other 0.00 Top Sectors 02 -28 -2015 Management Fund 3 Yr High 3 Yr Low Cat Avg ■ Fund ♦ Cat Avg Start Date 0 Consumer Cyclical 22.21 23.79 22.21 13.32 Jonathan K.L. Simon 11 -13 -1997 ® Financial Services 21.40 21.74 21.36 20.44 Lawrence E. Playford 12 -31 -2004 0 Industrials 9.08 9.10 8.66 12.90 Gloria H. Fu 05 -01 -2006 ® Utilities 8.61 8.90 8.61 6.51 • 0 Technology 7.48 9.76 7.48 12.81 • 0 10 20 30 40 Dividend and Capital Gains Distributions Distribution Distribution Long -Term Long -Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 12 -19 -2014 37.08 0.0000 0.0000 0.0000 0.4000 0.4000 12 -12 -2014 36.32 2.5200 0.2700 0.0000 0.0000 2.7900 12 -20 -2013 34.58 0.0000 0.0000 0.0000 0.3100 0.3100 12 -12 -2013 34.06 1.1300 0.3300 0.0000 0.0000 1.4500 12 -18 -2012 28.21 0.0000 0.0000 0.0000 0.4100 0.4100 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I FPS Release date 4/21/2015 Page 1 of 1 iShares Russell 1000 Growth IWF ......................................................................................................................................................................................................................................... ............................... . Morningstar Rating'"" Morningstar Category'"" Net Assets (Mill Snapshot Large Growth 29,358.62(USD) Portfolio Analysis 4/21/2015 i ■■ 0 50 100 Asset Allocation Long % Short % Net % Equity Investment Style • Cash 0.20 0.00 0.20 Market Cap ($Mil) • US Stock 98.18 0.00 98.18 • Non US Stock 1.62 0.00 1.62 • Bond 0.00 0.00 0.00 • Other 0.00 0.00 0.00 Fixed- income investment style data is as of ................................... 0 ............................... History 2011 2012 2013 2014 3.79 ......................... NAV Return % ............................... -0.11 +/- Category 2.33 15.22 33.14 12.78 2.47 ...................................... 15.03 33.19 ............................... 12.84 1.78 -1.37 -2.83 -1.25 0.36 -0.97 0.80 -0.85 14,179 16,907 22,673 27,769 * S&P 500 TR USD 1.15 -0.29 9.16 Ltd Mod EM 0 Fixed - Income Investment Style 56,111 Avg Effective Duration (Yrs) Avg Effective Maturity (Yrs) Avg Credit Quality Growth of 10K 18 • Fund 14 - Index 12 - Category - 10K .................. 0 3/2015 History ® Quartile Rank (cat) 3.80 Market Return % 3.79 ......................... NAV Return % ............................... -0.11 +/- Category 2.84 +/- Index* 2.02 +/- Morningstar US 29,359 Net Assets (Mil) Trailing Total Returns Ml t Ret % NAM Ret % + /- Index' +/- Cat *Std Ret % YTD 5.46 5.46 3.00 0.10 3.79 12 Mo .................................................................................................. 18.27 18.25 3.91 -1.95 ............................... 15.87 3 Yr Annualized 17.35 17.38 -0.11 -1.47 16.12 5 Yr Annualized 15.18 15.16 1.07 -0.84 15.41 10 Yr Annualize& 9.17 9.16 1.15 -0.29 9.16 Inception 2.75 2.75 -7.92 Technology 2.65 *Quarter -end data through 3/31/2015 110 Year as of 3/31/2015 'S&P 500 TR USD Operations % Stocks % Cyclical Advisor Management 47.78 Advisor BlackRock Fund Advisors Inception 5/22/2000 Subadvisor Manager Diane Hsiung Below Avg Tenure 7.31 Below Avg Prospectus Net Above Avg Above Avg ............................... Expense Ratio 0.20% ♦ Morningstar US Market • Fund • c Cyclical Stock Sectors % Stocks % Cyclical 26.84 vw Sensitive 47.78 - Defensive 25.38 Sector data is calculated only using the long position holdings of the portfolio. ratings and Risk Morningstar Rating'"" Number of Funds Rated Morningstar Risk'"" Morningstar Return'"" ............. ............................... Standard Deviation Mean Top 10 Holdings 4/21/2015 Overall 3 Yr 5 Yr 10 Yr Technology 15.40 6.84 Microsoft Corp 24 24 19 9 Below Avg Below Avg Below Avg Below Avg Above Avg .................................................... Above Avg Above Avg ............................... Above Avg Consumer Def 9.84 13.35 15.05 Healthcare 16.12 15.41 9.16 o� YTD Return as of 4/21/2015 Sector YTD Return % Assets Apple Inc Technology 15.40 6.84 Microsoft Corp Technology -7.55 2.04 Verizon Communications Inc Commun Svs 7.46 1.82 Facebook Inc Class A Technology 7.18 1.48 Coca -Cola Cc .................................................................................................. Consumer Def -2.63 ............................... 1.45 Gilead Sciences Inc Healthcare 11.61 1.44 Walt Disney Cc Consumer Cycl 14.32 1.40 International Business Machines Corp Technology 3.07 1.39 Home Depot Inc Consumer Cycl 8.37 1.38 Google Inc Class A Technology 2.31 1.36 % Assets in Top 10 Holdings 20.47 Total Number of Stock Holdings 680 Total Number of Bond Holdings .................................................................................................. ............................... 0 Turnover% 13 12 -Month Yield % 1.32 30 -Day SEC Yield % 1.59 Price Information Trading Information Market Price(4/21/2015) 100.50 Avg Daily Vol (shares) 2,021,278 NAV(4/21/2015) 100.53 Shares Outstanding Premium /Disc(4/21/2015) -0.03 Exchange ARCX .(2015 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not he copied or redistributed, (3) do not ^ constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and I5 are not warranted to he correct, complete or accurate. Except as M\ /RNI NG 1"I1'11 R otherwise required by law, Morningstar shall not he responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must he preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully. N Release date 4/21/2015 Page 1 of 1 iShares Russell 1000 Value IWD ......................................................................................................................................................................................................................................... ............................... . Morningstar Rating'"" Morningstar Category'"" Net Assets (Mill Snapshot * * ** Large Value 25,991.14(USD) Portfolio Analysis 4/21/2015 0 50 100 F mi ■■ Asset Allocation Long % Short % Net % Equity Investment Style Cash 0.07 0.00 0.07 Market Cap ($Mil) US Stock 99.25 0.00 99.25 Non US Stock 0.67 0.00 0.67 Bond 0.00 0.00 0.00 0 Other 0.00 0.00 0.00 Fixed- income investment style data is as of 2011 2012 2013 2014 +/- Cat : Fund YTD q Index 0.12 17.46 32.09 13.17 0.21 ...................................... 17.28 32.18 ............................... 13.21 -4.42 3.26 2.13 0.68 -1.90 1.28 -0.21 -0.48 11,365 14,536 20,724 25,973 * S&P 500 TR USD Net Assets (Mil) 10 Yr Annualize& 7.06 Ltd Mod EM 0 Fixed - Income Investment Style 51,741 Avg Effective Duration (Yrs) Avg Effective Maturity (Yrs) Avg Credit Quality .................. Growth of 10K ........... 18 +/- Cat : Fund YTD q Index 0.43 12 - Category -0.95 10K .................. g 3/2015 W History ® Quartile Rank (cat) -0.77 Market Return % -0.76 ......................... NAV Return % ............................... -0.89 +/- Category -1.71 +/- Index* -2.53 +/- Morningstar US 25,991 Net Assets (Mil) Trailing Total Returns Ml t Ret % NAV Ret % + /- Index' +/- Cat *Std Ret % YTD 0.42 0.43 -2.03 -0.95 -0.76 12 Mo .................................................................................................. 10.26 10.23 -4.11 -0.83 ............................... 9.10 3 Yr Annualized 17.58 17.57 0.08 1.40 16.18 5 Yr Annualized 12.91 12.91 -1.18 -0.61 13.52 10 Yr Annualize& 7.06 7.05 -0.96 -0.40 7.05 Inception 6.56 6.56 -4.11 7.05 6.51 *Quarter -end data through 3/31/2015 - 110 Year as of 3/31/2015 'S &P 500 TR USD Operations % Stocks % Cyclical Advisor Management 33.25 Advisor BlackRock Fund Advisors Inception 5/22/2000 Subadvisor Manager Diane Hsiung Number of Funds Rated Tenure 7.31 29 Prospectus Net Morningstar Risk'"" Expense Ratio 0.20% ♦ Morningstar US Market • Fund S c Cyclical Stock Sectors % Stocks % Cyclical 38.28 vw Sensitive 33.25 - Defensive 28.46 .................................................... ............................... Sector data is calculated only using the long position holdings of the portfolio ratings and Risk .(2015 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not he copied or redistributed, (3) do not ^ constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and I5 are not warranted to he correct, complete or accurate. Except as M\ /RNI NG 1"I1'11 R otherwise required by law, Morningstar shall not he responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must he preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully. c� c� Overall 3 Yr 5 Yr 10 Yr Morningstar Rating'"" * * ** * * ** * * ** * ** Number of Funds Rated 35 35 29 9 Morningstar Risk'"" Average Average Average Average Morningstar Return'"" .................................................................................................. Above Avg Above Avg Above Avg ............................... Average Standard Deviation 9.94 13.39 15.58 Mean 16.18 13.52 7.05 Top 10 Holdings 4/21/2015 - o YTD Return as of 4/21/2015 Sector YTD Return % Assets Exxon Mobil Corporation Energy -5.28 3.62 General Electric Cc Industrials 6.25 2.59 Wells Fargo & Cc Financial Svs -0.35 2.51 Berkshire Hathaway Inc Class B Financial Svs -6.00 2.50 Johnson & Johnson .................................................................................................. Healthcare ............................... -3.41 2.32 JPMorgan Chase & Cc Financial Svs 0.85 2.28 Pfizer Inc Healthcare 12.91 2.16 Procter & Gamble Cc Consumer Def -8.09 2.05 Chevron Corp Energy -1.23 2.02 AT &T Inc Commun Svs 0.03 1.64 % Assets in Top 10 Holdings 23.80 Total Number of Stock Holdings 701 Total Number of Bond Holdings .................................................................................................. ............................... 0 Turnover% 12 12 -Month Yield % 2.07 30 -Day SEC Yield % 2.14 Price Information Trading Information Market Price(4/21/2015) 104.32 Avg Daily Vol (shares) 1,573,816 NAV(4/21/2015) 104.32 Shares Outstanding Premium /Disc(4/21/2015) 0.00 Exchange ARCX .(2015 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not he copied or redistributed, (3) do not ^ constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and I5 are not warranted to he correct, complete or accurate. Except as M\ /RNI NG 1"I1'11 R otherwise required by law, Morningstar shall not he responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must he preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully. c� c� Release date 4/21/2015 Page 1 of 1 iShares Select Dividend DVY Snapshot Portfolio Analysis 4/21/2015 0 50 100 F mi ■■ Asset Allocation Long % Short % Net % Equity Investment Style Cash 0.00 0.00 0.00 Market Cap ($Mil) US Stock 97.31 0.00 97.31 Non US Stock 2.27 0.00 2.27 Bond 0.00 0.00 0.00 0 Other 0.43 0.00 0.43 Fixed- income investment style data is as of 0 P 2011 2012 11.81 10.48 11.90 10.52 .... ............................... 11.06 -6.05 9.79 -5.48 9,518 10,372 * S&P 500 TR USD 2013 28.85 28.71 -7.88 -3.68 12,868 2014 14.86 14.89 1.69 1.20 15,554 16,428 .................. Growth of 10K ........... 18 +/- Cat : Fund YTD q Index -0.13 12 - Category -2.59 10K .................. g 3/2015 W History ® Quartile Rank (cat) -1.08 Market Return % -1.07 NAV Return % -3.06 +/- Category -2.02 +/- Index* -2.84 +/- Morningstar US 14,999 Net Assets (Mil) Trailing Total Returns Ml t Ret % NAM Ret % + /- Index' +/- Cat *Std Ret % YTD -0.14 -0.13 -2.59 -2.59 -1.07 12 Mo .................................................................................................. 9.59 9.61 -4.73 -1.91 ............................... 9.66 3 Yr Annualized 15.86 15.84 -1.65 -3.20 15.48 5 Yr Annualized 14.35 14.35 0.26 -0.06 15.04 10 Yr Annualize& 6.46 6.47 -1.54 -1.19 6.47 Inception 7.73 7.73 -2.94 Top 10 Holdings 4/21/2015 7.68 *Quarter -end data through 3/31/2015 110 Year as of 3/31/2015 'S&P 500 TR USD o� YTD Return as of 4/21/2015 Operations Overall 3 Yr Advisor Management 0 ............................... Advisor BlackRock Fund Advisors Inception 11/3/2003 Subadvisor Manager Diane Hsiung 13 Tenure 7.31 6 Prospectus Net Morningstar Risk TM Low Expense Ratio 0.39% Morningstar RatingTrA Morningstar CategoryTm Net Assets (Mill * * ** Mid -Cap Value 14,998.89(USD) Ltd Mod EM 0 Fixed - Income Investment Style Avg Effective Duration (Yrs) Avg Effective Maturity (Yrs) Avg Credit Quality ♦ Morningstar US Market • Fund c � Cyclical Stock Sectors % Stocks % Cyclical 24.64 vw Sensitive 26.91 - Defensive 48.45 Sector data is calculated only using the long position holdings of the portfolio. ratings and Risk % Assets in Top 10 Holdings Overall 3 Yr 5 Yr 10 Yr 0 ............................... Morningstar RatingTrA * * ** * ** * * * ** * ** 30 -Day SEC Yield % Number of Funds Rated 13 13 12 6 Morningstar Risk TM Low Low Low Low Morningstar Return TM .................................................................................................. Average Average Above Avg ............................... Below Avg Standard Deviation 9.26 10.82 14.94 Mean 15.48 15.04 6.47 Top 10 Holdings 4/21/2015 o� YTD Return as of 4/21/2015 Sector YTD Return % Assets Lockheed Martin Corp Industrials 2.71 3.31 Chevron Corp Energy -1.23 2.51 Philip Morris International Inc Consumer Def 4.42 2.39 Kimberly -Clark Corp Consumer Def -1.31 2.12 CME Group Inc Class A .................................................................................................. Financial Svs ............................... 2.36 2.08 Entergy Corp Utilities -9.82 1.92 McDonald's Corp Consumer Cycl 2.16 1.88 NextEra Energy Inc Utilities -1.99 1.80 ConocoPhillips Energy -0.45 1.79 Occidental Petroleum Corp Energy -0.55 1.71 % Assets in Top 10 Holdings 21.42 Total Number of Stock Holdings 100 Total Number of Bond Holdings .................................................................................................. 0 ............................... Turnover% 3 12 -Month Yield % 3.08 30 -Day SEC Yield % 3.01 Price Information Trading Information Market Price(4/21/2015) 78.68 Avg Daily Vol (shares) 1,008,006 NAV(4/21/2015) 78.67 Shares Outstanding Premium /Disc(4/21/2015) 0.01 Exchange ARCX .(2015 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not he copied or redistributed, (3) do not ^ constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and I5 are not warranted to he correct, complete or accurate. Except as M\ /RNI NG 1"I1'11 R otherwise required by law, Morningstar shall not he responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must he preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully. v c� Release date 04 -22 -2015 Page 1 of 1 Morningstar Analyst Rating sterweis Strategic Income TIX Bronze NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 11.56 T0.01 1 0.09 5.59 6.1 Open $5,000 None 0.85% # ## High Yield Bond 9 Growth of 10,000 04 -21 -2005 - 04 -21 -2015 19K - 0sterweis Strategic Income $19,260.23 16K - High Yield Bond $18,757.98 Barclays US Agg Bond TB 12K USD $16,006.65 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 8K Investment Strategy The investment seeks to preserve capital and attain long -term total returns. The fund invests primarily in income bearing secur- ities, including a wide range of debt and dividend - paying equity securities. Its fixed income investments may include, but are not limited to, U.S. Federal and Agency obligations, investment grade corporate debt, domestic high yield debt or "junk bonds ", floating -rate debt, convertible debt, collateralized debt, municipal debt, foreign debt and /or depositary receipts and preferred stock. The fund may also invest up to 100% of its assets in foreign debt (including emerging markets( and /or depositary re- ceipts. Performance 04 -21 -2015 O Positive Performance O Positive People O Positive YTD 1 Me Positive 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,285 10,114 10,184 11,670 13,316 19,225 Fund 2.85 1.14 1.84 5.28 5.90 6.75 +/- Barclays US Agg Bond 1.00 0.77 -3.76 2.40 1.58 1.90 TR USD +/- Category -0.54 -0.38 0.21 -1.46 -1.43 -0.12 % Rankin Cat 81 83 55 89 92 58 # of Funds in Cat 789 792 731 595 508 353 Currency is displayed in BASE Top Holdings 03 -31 -2015 Weight % Maturity Date Amount Mil Value Mil Rite Aid 9.25% 3.65 03 -15 -2020 195.11 215.60 +O Edgen Murray Corporation 144A 8.75% 3.45 11 -01 -2020 186.42 203.43 Alere 8.625% 2.73 10 -01 -2018 154.27 160.83 Chs / Cmnty Health Sys 8% 2.53 11 -15 -2019 140.09 149.20 Vwr Fdg 7.25% 2.14 09 -15 -2017 120.43 126.15 % Assets in Top 5 Holdings - - - 14.49 - 0+ Increase O Decrease 0 New to Portfolio Pop Sectors 03 -31 -2015 Fund BMark Cat Avg ■ Fund ♦ Cat Avg', Corporate Bond 80.60 82.95 Convertible 5.23 0.45 Preferred 0.70 0.25 Commercial MBS 0.66 0.50 Bank Loan 0.00 3.13 0 30 60 90 120 Dividend and Capital Gains Distributions Distribution Distribution Long -Term Long -Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 03 -16 -2015 11.41 0.0000 0.0000 0.0000 0.1500 0.1500 12 -15 -2014 11.30 0.0200 0.0000 0.0000 0.1800 0.2000 09 -15 -2014 11.80 0.0000 0.0000 0.0000 0.1600 0.1600 06 -16 -2014 11.97 0.0000 0.0000 0.0000 0.1500 0.1500 03 -17 -2014 11.95 0.0000 0.0000 0.0000 0.1000 0.1000 3 Year Averag asures Risk vs. Category Low (595) .. Return vs. Category Avg (595) ..... ............................... Low Avg High Pillars Process O Positive Performance O Positive People O Positive Parent O Positive Price O Neutral Rating Bronze Style Map 03 -31 -2015 Bond Statistics Value Average Effective Duration (Years( 1.96 Average Effective Maturity (Years( Asset Class Average Credit Quality B Average Weighted Coupon 7.57 Average Weighted Price 102.54 Asset Allocation Start Date Carl P. Kaufman 08 -30 -2002 Simon T. Lee Asset Class % Net 06 -30 -2013 • Cash 9.07 0 US Stock 0.00 • Non US Stock 0.00 • Bond 87.24 • Other 3.69 Management MW 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I U) M Start Date Carl P. Kaufman 08 -30 -2002 Simon T. Lee 03 -31 -2008 Bradley M. Kane 06 -30 -2013 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I U) M Release date 04 -22 -2015 Page 1 of 1 Eaton Vance Floating ate I EIBLX Morningstar Analyst Rating g Silver NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 9.02 l,-0.01 1 -0.11 3.84 10.0 Open $250,000 None 0.74% # # ## Bank Loan Growth of 10,000 04 -21 -2005 - 04 -21 -2015 3 Year Averag asures 16K - Eaton Vance Floating Bate I Risk vs. Category Avg i ............... $15,068.68 (193) .. .. .. .. ..... 13K - Bank Loan $14,643.66 Return vs. Category +Avg - Barclays US Agg Bond TB (193) " " "' " " "' "....7. " " " "' �Ll 11K USD$16,006.65 Low Avg High 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 8K I. - The investment seeks to provide a high level of current income. Under normal circumstances, the fund invests at least 80% of its total assets in income producing floating rate loans and other floating rate debt securities. It invests primarily in senior float- ing rate loans of domestic and foreign borrowers ( "Senior Loans"). Senior Loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative char- acteristics (sometimes referred to as "junk"). The fund may invest up to 25% of its total assets in foreign Senior Loans. Performance YTD Currency is displayed in BASE Top Holdings 02 -28 -2015 Dell Inc. Fortescue Metals Group Asurion Intelsat Jackson Holdings Redprairie % Assets in Top 5 Holdings 0+ Increase O Decrease 0 New to Portfolio Top Sectors 02 -28 -2015 Bank Loan Corporate Bond Asset - Backed Preferred Convertible 1 Me 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Weight % Maturity Date Amount Mil Value Mil 1.26 04 -29 -2020 147.81 148.61 1.14 06 -28 -2019 144.41 134.12 1.12 05 -24 -2019 131.07 131.48 0.98 06 -30 -2019 116.26 115.56 0.96 12 -21 -2018 115.74 113.28 5.45 _. 0.00 0.01 Dividend and Capital Gains Distributions Distribution Distribution Date NAV 03 -31 -2015 8.99 02 -27 -2015 8.99 01 -30 -2015 8.90 12 -31 -2014 8.91 11 -28 -2014 9.01 Fund BMark Cat Avg ■ Fund ♦ Cat Avg', 92.71 People 72.96 Positive Parent 4.08 Neutral 14.80 ■ v Neutral 0.49 0.50 0.07 0.05 0.00 0.01 0 30 60 90 120 Long -Term Long -Term Return of Dividend Distribution Capital Gain Short Gain Capital Income Total 0.0000 0.0000 0.0000 0.0300 0.0300 0.0000 0.0000 0.0000 0.0300 0.0300 0.0000 0.0000 0.0000 0.0300 0.0300 0.0000 0.0000 0.0000 0.0300 0.0300 0.0000 0.0000 0.0000 0.0300 0.0300 Pillars Process O Positive Performance O Neutral People O Positive Parent O Neutral Price O Neutral Rating = Silver Style Map 12 -31 -2014 Bond Statistics Value Average Effective Duration (Years( 0.33 Average Effective Maturity (Years( 4.86 Average Credit Quality B Average Weighted Coupon 4.56 Average Weighted Price 7.07 Asset Allocation Management Scott H. Page Craig P. Russ Asset Class % Net • Cash 2.34 • US Stock 0.53 • Non US Stock 0.31 • Bond 89.75 • Other 7.07 MW Start Date 01 -30 -2001 11 -07 -2007 0015 Morningstar. All Bights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented orwarranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I ON Release date 4/21/2015 Page 1 of 1 Vanguard Total Bond Market ETF BND ........................................................................................................................................................................................................................................... ............................... . S n an S Q L * ** star RatingT"" Morningstar Category'"" Net Assets (Mil) N Intermediate -Term Bond 26,818.83 (US D) Portfolio Analysis 3/31/2015 0 50 100 Value Blend Growth to Asset Allocation Long % Short % Net % Equity Investment Style Cash 5.03 0.00 5.03 Market Cap ($Mil) US Stock 0.00 0.00 0.00 Non US Stock 0.00 0.00 0.00 Bond 94.95 0.00 94.95 0 Other 0.03 0.00 0.03 Fixed- income investment style data is as of 12/31/2014 ........................................................ ........................... ............................... 2012 2013 ............................... 2014 12 Growth of 10K 0 Fund Index - Category 10K 3/2015 History 2011 ® ® ® ® ® Quartile Rank (cat) 7.92 3.89 -2.10 5.82 1.62 Market Return % 7.71 .............................................................................................. 4.04 -2.14 5.96 1.65 NAV Return % ............................... 1.50 -1.83 -0.28 0.28 -0.01 +/- Category -0.13 -0.17 -0.12 -0.01 0.04 +/- Index* 14,596 17,968 17,637 26,041 26,819 Net Assets (Mil) * Barclays US Agg Bond TR USD Trailing Total Returns Ml t Ret % NAV Ret % + /- Index' +/- Cat *Std Ret % YTD 1.91 1.89 0.04 -0.11 1.65 12 Mo 5.44 5.49 -0.10 0.08 5.63 .................................................................................................. ............................... 3 Yr Annualized 2.77 2.80 -0.08 -0.10 3.05 5 Yr Annualized 4.26 4.26 -0.06 0.14 4.35 10 Yr Annualizedt Inception 5.01 5.02 -2.83 5.02 *Quarter -end data through 3/31/2015 110 Year as of 3/31/2015 'Barclays US Agg Bond TR USD Operations Advisor Advisor Vanguard Group, Inc Subadvisor =_A Management Overall Inception 4/3/2007 Manager Joshua C. Barrickman Tenure 2.16 Prospectus Net Turnover% Expense Ratio 0.08% MEN -000 ♦ Morningstar '% US Market • Fund c o�' Cyclical Fixed - Income Investment Style Stock Sectors Avg Effective Duration (Yrs) 5.50 Cyclical Avg Effective Maturity (Yrs) 7.50 Sensitive Avg Credit Quality AA Defensive Sector data is calculated only using the long position holdings of the portfolio. ratings and Risk % Stocks % Net Assets 0.66 0.60 0.54 0.54 0.50 0.46 0.43 0.43 0.42 0.41 % Assets in Top 10 Holdings Overall 3 Yr 5 Yr 10 Yr Morningstar RatingT"" * ** * ** * ** Turnover% Number of Funds Rated 13 13 10 2.47 Morningstar Risk TM Average Average Average Trading Information Morningstar Return TM .................................................................................... Average Average Average ............................... NAV(4/21/2015) 83.36 Standard Deviation 3.02 2.93 ARCX Mean 3.05 4.35 Top 10 Holdings 3/31/2015 Date of Amount Value Maturity 000 $000 Ginnie Mae Jumbos TBA 3.5% 2045 -04- 014/1/2045 937,245 986,300 GNMA 847,145 902,870 FNMA 771,230 810,031 US Treasury Note 3.625% 8/15/2019 734,467 807,686 US Treasury Note 4.75% 8/15/2017 690,660 756,597 US Treasury Note 1.75% 5/15/2023 690,748 686,866 US Treasury Note 2.5% 5/15/2024 616,635 647,658 US Treasury Note 2.5% 6/30/2017 617,355 642,722 US Treasury Note 0.5% 9/30/2016 636,450 637,048 US Treasury Note 2% 2/15/2025 617,855 621,717 % Stocks % Net Assets 0.66 0.60 0.54 0.54 0.50 0.46 0.43 0.43 0.42 0.41 % Assets in Top 10 Holdings 4.99 Total Number of Stock Holdings 0 Total Number of Bond Holdings .................................................................................................. ............................... 16,410 Turnover% 72 12 -Month Yield % 2.47 30 -Day SEC Yield % 2.12 Price Information Trading Information Market Price(4/21/2015) 83.42 Avg Daily Vol (shares) 2,503,347 NAV(4/21/2015) 83.36 Shares Outstanding Premium /Disc(4/21/2015) 0.07 Exchange ARCX .(2015 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not he copied or redistributed, (3) do not ^ constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and I5 are not warranted to he correct, complete or accurate. Except as M\ /RNI NG 1"I1'11 R otherwise required by law, Morningstar shall not he responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must he preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully. c� Release date 4/21/2015 Page 1 of 1 iShares iBoxx $ Invst Grade Crp Bond LOD ......................................................................................................................................................................................................................................... ............................... . S n an S Q L * ** star RatingTM Morningstar Category'" Net Assets (Mill N 22,620.93(USD) Portfolio Analysis 4/21/2015 Value Blend Growth Ltd Mod EM Ae ningstar - Market d 0 5 0 100 Cyclical Asset Allocation Long % Short % Net % Equity Investment Style Fixed - Income Investment Style Stock Sectors % Stocks Cash 1.36 0.00 1.36 Market Cap ($Mil) Avg Effective Duration (Yrs) 7.75 % Cyclical US Stock 0.00 0.00 0.00 Avg Effective Maturity (Yrs) vw Sensitive Non US Stock 0.00 0.00 0.00 Avg Credit Quality BBB Defensive Bond 98.64 0.00 98.64 0 Other 0.00 0.00 0.00 ..................................................................................................................................................................................................................................... ............................... . Fixed- income investment style data is as of 9/30/2014 Sector data is calculated only using the long position holdings of the portfolio. ratings and Risk ........................................................ ............................... 14 Growth of 10K Overall 3 Yr 5 Yr 10 Yr ...................................... ............................... .............. 13 0 Fund Morningstar RatingTM * ** * ** * * ** * ** 12 - Index Number of Funds Rated 20 20 8 1 11 - Category Morningstar Risklm Above Avg Above Avg Above Avg Above Avg IRK Morningstar Return"' Average Average Above Avg Average .................................................................................................. ............................... 2011 2012 2013 2014 3/2015 History Standard Deviation 5.11 5.17 7.06 ® ® ® ® ® Quartile Rank (cat) Mean 5.58 7.20 5.94 9.73 10.58 -2.00 8.21 2.48 Market Return % Top 10 Holdings 4/21/2015 AM 8:89 11.68 2.49 8.57 2.54 NAV Return % YTD Return as of 4/21/2015 Sector YTD Return % Assets 0.53 1.99 -0.86 1.88 0.35 +/- Category Verizon Comms 6.55% 0.62 +/ Verizon Comms 5.15% 0.39 ............................ ............................... ............ ............................... 16,991 25,350 15,646 19,311 22,621 Net Assets (Mil) Goldman Sachs Grp 6.75% 0.38 General Elec Cap Corp Mtn Be 5.875% 0.37 Trailing Total Returns Ml t Ret % NAM Ret % + /- Index' +/- Cat *Std Ret % General Elec Cap Corp Mtn Be 6.75% 0.36 .................................................................................................. ............................... YTD 2.92 3.08 0.58 2.54 General Elec Cap Corp Mtn Be 6.875% 0.30 12 Mo ........... ............................... .................: 46 .............................. �.:62............ �:69 Apple 2.4% 0.30 3 Yr Annualized 5.36 5.57 0.93 5.58 Verizon Comms 6.4% 0.28 5 Yr Annualized 6.91 7.00 0.07 7.20 Deutsche Telekom Intl Fin B V 9.5026% 0.26 10 Yr Annualizedt 5.87 5.94 0.00 5.94 Wal -Mart Stores 6.5% 0.26 Inception 6.17 6.20 6.18 *Quarter -end data through 3/31/2015 110 Year as of 3/31/2015 % Assets in Top 10 Holdings 3.52 Total Number of Stock Holdings 0 Total Number of Bond Holdings 1,349 .................................................................................................. ............................... Turnover% 3 12 -Month Yield % 3.31 30 -Day SEC Yield % 3.17 Operations Advisor Management Price Information Trading Information Advisor BlackRock Fund Advisors Inception 7/22/2002 Market Price (4/21/2015) 121.90 Avg Daily Vol (shares) 2,728,956 Subadvisor Manager Scott Radell NAV(4/21/2015) 121.88 Shares Outstanding Tenure 4.81 Premium /Disc(4/21/2015) 0.02 Exchange ARCX Prospectus Net Expense Ratio 0.15% .(2015 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not he copied or redistributed, (3) do not ^ constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and I5 are not warranted to he correct, complete or accurate. Except as M\ /RNI NG 1"I1'11 R otherwise required by law, Morningstar shall not he responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must he preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully. 00 (1) Release date 04 -22 -2015 Page 1 of 1 DoubleLine Total Return Bond I DBLTX N/A Performance Morningstar Analyst Rating People N/A Parent Not Rgtable NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 11.07 l,-0.01 1 -0.09 4.47 46.2 Open $100,000 None 0.48% # # # ## Intermediate -Term 11,462 14,731 Fund Bond Growth of 10,000 04 -06 -2010 - 04 -21 -2015 5.92 3 Year Averag asures +/- Barclays US Agg Bond 0.04 -0.01 15K - DoubleLine Total Return Risk vs. Category None TR USD 700.00 7 711.32 A Average Effective Duration ( (Years) 2 2.97 +/- Category 0.05 Bond 1$15,158.36 (905) 1.37 .. .. .. .. .. 11 1 # of Funds in Cat 13K - Intermediate -Term Bond Return vs. Category None 905 803 585 Currency is displayed in BASE $12,624.57 (905) BB ..... ............................... 0.89 1 11 -01 -2032 3 397.51 4 412.25 A - 12K - Barclays US Agg Bond TB Low Avg High Average Weighted Coupon 3 USD $12,526.25 3.96 0 FHUMC CM0 3% A 2010 2011 2012 2013 2014 2015 10K Pillars Average Weighted Price 9 Investment Strategy The investment seeks to maximize total return. Under normal circumstances, the fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in bonds. Bonds include bonds, debt securities, and other fixed income instruments issued by governmental or private- sector entities. Performance 04 -21 -2015 N/A Performance O Positive People N/A Parent YTD 1 Me 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,190 10,035 10,592 11,462 14,731 Fund 1.90 0.35 5.92 4.65 8.06 +/- Barclays US Agg Bond 0.04 -0.01 0.33 1.77 3.74 TR USD 700.00 7 711.32 A Average Effective Duration ( (Years) 2 2.97 +/- Category 0.05 -0.07 1.26 1.37 3.56 % Rank in Cat 46 64 12 11 1 # of Funds in Cat 1,065 1,075 1,031 905 803 585 Currency is displayed in BASE Top Holdings 03 -31 -2015 Process N/A Performance O Positive People N/A Parent O Neutral Price O Positive Rating Not Rotable Style Map 12 -31 -2014 prohibited without written permission. To order reprints, call +1 312 - 696 -6100. To license the research, call +1 312 - 696 -6869 MnRNINGSTRR . 0 Weight % M Maturity Date A Amount Mil V Value Mil Bond Statistics V Value US Treasury Note 1.625% 2 2.84 1 11 -15 -2022 1 1,325.00 1 1,312.16 B US Treasury Note 2% 1 1.54 0 02 -15 -2023 7 700.00 7 711.32 A Average Effective Duration ( (Years) 2 2.97 Average Effective Maturity ( (Years) 4 4.93 FNMA 3% 0 0.91 0 03 -01 -2045 4 411.72 4 421.52 A Average Credit Quality B BB 0 FNMA 3% 0 0.89 1 11 -01 -2032 3 397.51 4 412.25 A Average Weighted Coupon 3 3.96 0 FHUMC CM0 3% A 0.70 0 06 15 2040 3 310.06 3 323.96 A Average Weighted Price 9 98.59 % Assets in Top 5 Holdings 6 6.88 0 Increase O Decrease 0 New to Portfolio A Asset Allocation Asset Class % % Net Top Sectors 03 -31 -2015 0 0 Cash 8 8.96 Fund B BMark C Cat Avg ■ ■ Fund • C Cat Avg', 0 0 US Stock 0 0.00 Agency MBS Pass - Through 2 27.72 3 3.26 V V 0 0 Non US Stock 0.00 Agency MBS CMO 2 21.62 1 1.74 V V 0 0 Bond 9 90.95 Non - Agency Residential MBS 2 20.80 1 1.71 • • Other 0 0.09 Asset - Backed 6 6.66 3 3.57 Commercial MBS 6 6.19 1 19.41 IF 0 10 2 20 30 40 M Management Dividend and Capital Gains Distributions S Start Date Distribution Distribution L Long -Term L Long -Term R Return of D Dividend D Distribution J Jeffrey E. Gundlach 0 04 -06 -2010 Date NAV C Capital Gain S Short Gain C Capital I Income T Total P Philip A. Barach 0 04 -06 -2010 03 -31 -2015 11.04 0 0.0000 0 0.0000 0 0.0000 0 0.0400 0 0.0400 02 -27 -2015 11.02 0 0.0000 0 0.0000 0 0.0000 0 0.0300 0 0.0300 01 -30 -2015 11.09 0 0.0000 0 0.0000 0 0.0000 0 0.0400 0 0.0400 12 -31 -2014 10.97 0 0.0000 0 0.0000 0 0.0000 0 0.0400 0 0.0400 11 -28 -2014 11.01 0 0.0000 0 0.0000 0 0.0000 0 0.0400 0 0.0400 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use t this report only in the country i in which its original d distributor is based. Data as originally reported. The . 0 Release date 04 -22 -2015 Page 1 of 1 Western Asset Mortgage Backed Sec I SGSYX Morningstar Analyst Rating NAV $ NAV Day Change % Yield TTM % Total Assets $ Mil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 11.12 1,0.0010.00 3.85 690.7 Open $1 mil None 0.62% ,t,t,t,t,t Intermediate -Term Bond Growth of 10,000 04 -21 -2005 - 04 -21 -2015 3 Year Averag asures 17K -Western Asset Mortgage Risk vs. Category Low Backed Sec 1$17,357.06 (905) .. .. .. .. .. ..... .. ... ..... ...... ...... �i 15K - Intermediate -Term Bond Return vs. Category +Avg $15,298.10 (905) ...... ............................... 12K - Barclays US Agg Bond TB Low Avg High USD $16,006.65 2006 2007 1 2008 2009 2010 2011 1 2012 2013 2014 2015 10K Pillars Investment Strategy The investment seeks high current return. The fund normally invests at least 80% of its assets in mortgage- backed securities. Mortgage- backed securities may be issued by government- sponsored entities such as the Federal National Mortgage Associ- ation (Fannie Mae( or the Federal Home Loan Mortgage Corporation (Freddie Mac( and by agencies of the U.S. government, such as the Government National Mortgage Association (Ginnie Mae(. It may invest in government stripped mortgage- backed securities and other stripped securities. The fund may invest in securities of any maturity or duration, and the securities may have fixed, floating or variable rates. Performance 04 -21 -2015 YTD 1 Me 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,263 10,057 10,745 11,760 13,647 17,410 Fund 2.63 0.57 7.45 5.55 6.42 5.70 +/- Barclays US Agg Bond 0.77 0.21 1.85 2.67 2.10 0.85 TR USD 84.93 49.08 134.01 91.92 • Other +/- Category 0.78 0.16 2.79 2.27 1.92 1.11 % Rank in Cat 3 13 1 3 2 12 # of Funds in Cat 1,065 1,075 1,031 905 803 585 Currency is displayed in BASE Bonnie M. 09 -30 -2013 Top Holdings 12 -31 -2014 S. Kenneth Leech Weight % Maturity Date Amount Mil Value Mil Us 5yr Note (Cbt( Marl Xcbt 20150331 -40.25 03 -31 -2015 228.90 - 272.23 Us 1 0y Note (Cbt(marl5 Xcbt 20150320 27.33 03 -20 -2015 145.80 184.87 FNMA 4% TBA 6.36 01 -14 -2045 40.30 43.01 90day Eur Futr Junl6 Xcme 20160613 5.47 06 -13 -2016 37.50 36.96 90day Eur Futr Junl8 Xcme 20180618 -5.40 06 -18 -2018 37.50 -36.55 % Assets in Top 5 Holdings - - - - 6.49 - 0 Increase O Decrease 0 New to Portfolio Pop Sectors 12 -31 -2014 Fund BMark Cat Avg ■ Fund ♦ Cat Avg', Agency MBS CMO 33.71 1.74 Agency MBS Pass - Through 10.77 3.26 Non - Agency Residential MBS 9.93 1.71 Commercial MBS 7.51 19.41 Asset - Backed 4.20 3.57 0 10 20 30 40 Dividend and Capital Gains Distributions Distribution Distribution Long -Term Long -Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 03 -31 -2015 11.10 0.0000 0.0000 0.0000 0.0300 0.0300 02 -27 -2015 11.07 0.0000 0.0000 0.0000 0.0300 0.0300 01 -30 -2015 11.09 0.0000 0.0000 0.0000 0.0300 0.0300 12 -31 -2014 10.95 0.0000 0.0000 0.0000 0.0600 0.0600 12 -11 -2014 11.02 0.0300 0.0000 0.0000 0.0000 0.0300 Process Performance People Parent Price Rating Style Map 12 -31 -2014 Bond Statistics Value Average Effective Duration (Years( 4.69 Average Effective Maturity (Years( 7.35 Average Credit Quality BB Average Weighted Coupon 3.98 Average Weighted Price 72.84 Asset Allocation % % % Bench Cat Net Short Long mark Avg Cash 11.79 0.00 11.79 5.37 • US Stock 3.28 0.00 3.28 0.04 • Non US Stock 0.00 0.00 0.00 0.02 • Bond 84.93 49.08 134.01 91.92 • Other 0.01 0.00 0.01 2.64 Wagement Start Date Anup Agarwal 09 -30 -2013 Bonnie M. 09 -30 -2013 Wongtrakool S. Kenneth Leech 03 -31 -2014 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented orwarranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I Release date 04 -22 -2015 Page 1 of 1 PIMCO Investment Grade Corp Bid Instl PIGIX Mo Silver starAnalystRating NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 10.80 l,-0.02 1 -0.19 3.77 6.8 Open $1 mil None 0.50% # # # ## Corporate Bond ® Large Growth Growth of 10,000 04 -21 -2005 - 04 -21 -2015 3 Year Averag ..... ............................... - PIVICO Investment Grade Risk vs. Category Avg Corp Bd Instl $21,019.43 (153) ..... ............................... - Corporate Bond- Return vs. Category High - Barclays US Agg Bond TB (153) " " "' " " "' " " " " ".....I USD $16,006.65 Low Avg High Investment Strategy The investment seeks maximum total return, consistentwith preservation of capital and prudent investment management. The fund normally invests at least 80% of its assets in a diversified portfolio of investment grade corporate fixed income securities of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agree- ments. It invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in high yield securit- ies ( "junk bonds") rated B or higher by Moody's, or equivalently rated by S &P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. Performance 04 -21 -2015 Positive Fund BMark Cat Avg ■ Fund ♦ Cat Avg', YTD 1 Me 32.56 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,349 10,058 30.69 10,852 12,145 14,431 21,097 Fund 3.49 0.58 19.69 8.52 6.69 7.61 7.75 +/- Barclays US Agg Bond 1.64 0.22 11.87 2.93 3.81 3.29 2.90 TR USD 11.04 4.84 11.31 2.87 M +/- Category 0.90 0.07 2.69 1.65 1.44 2.09 % Rank in Cat 4 43 9 11 13 7 # of Funds in Cat 180 182 Long -Term 174 152 126 90 Currency is displayed in BASE Capital Gain Short Gain Capital Income Total 03 -31 -2015 Top Holdings 12 -31 -2014 0.0000 0.0000 0.0000 0.0300 0.0300 02 -27 -2015 10.76 Weight % 0.0000 Maturity Date Amount Mil Value Mil 10 Year US Treasury Note Future Marl 12.87 0.0000 03 -27 -2015 636.20 806.68 Irs Aud 3.250 09/21/16 -1y (Grn( Core 10.55 9.96 0.0000 09 -21 -2017 756.00 624.34 Cdx Ig21 5y Core 10.54 9.94 0.0000 12 -20 -2018 611.05 622.97 Irs Eur 0.400 03/14/14 -1y (Wht( Core -6.16 03 -14 -2015 318.00 - 386.26 Cdx Ig23 5y Ice 5.29 12 -20 -2019 326.40 331.71 % Assets in Top 5 Holdings - - - 31.90 - 0 Increase O Decrease 0 New to Portfolio Pop Sectors 12 -31 -2014 Pillars Process Performance People Parent Price Rating Style Map 09 -30 -2009 O Positive Fund BMark Cat Avg ■ Fund ♦ Cat Avg', Corporate O 32.56 Average Weighted Price 73.38 Short Long Government Cash 30.69 75.43 13.26 3.34 • US Stock Other 0.00 19.69 0.14 4.45 J� 0.00 Cash & Equivalents 0.02 11.87 140.60 4.56 Z 95.75 Securitized 11.04 4.84 11.31 2.87 M 0 20 40 60 80 Dividend and Capital Gains Distributions Mark R. Kiesel 11 -30 -2002 Distribution Distribution Long -Term Long -Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 03 -31 -2015 10.78 0.0000 0.0000 0.0000 0.0300 0.0300 02 -27 -2015 10.76 0.0000 0.0000 0.0000 0.0300 0.0300 01 -30 -2015 10.85 0.0000 0.0000 0.0000 0.0300 0.0300 12 -31 -2014 10.55 0.0000 0.0000 0.0000 0.0400 0.0400 12 -29 -2014 10.54 0.0000 0.0000 0.0000 0.0100 0.0100 Pillars Process Performance People Parent Price Rating Style Map 09 -30 -2009 O Positive O Positive O Positive O Neutral O Positive Silver Bond Statistics Value Average Effective Duration (Years( 6.30 Average Effective Maturity (Years( 11.62 Average Credit Quality Not Rated Average Weighted Coupon 4.07 Average Weighted Price 109.89 Asset Allocation % % % Bench Cat Net Short Long mark Avg Cash -53.28 75.43 22.16 3.34 • US Stock 1.43 0.00 1.43 0.14 Non US Stock 0.21 0.00 0.21 0.02 Bond 140.60 14.74 155.33 95.75 Other 11.04 0.26 11.31 0.75 Management Start Date Mark R. Kiesel 11 -30 -2002 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I 17 Release date 4/21/2015 Page 1 of 1 Vanguard Short -Term Bond ETF BSV ........................................................................................................................................................................................................................................... ............................... . S n an S Q L * ** star RatingT"" Morningstar Category'"" Net Assets (Mill N Short -Term Bond 16,255.98(USD) Portfolio Analysis 3/31/2015 0 50 100 Value Blend Growth to Asset Allocation Long % Short % Net % Equity Investment Style Cash 2.29 0.00 2.29 Market Cap ($Mil) US Stock 0.00 0.00 0.00 Non US Stock 0.00 0.00 0.00 Bond 97.66 0.00 97.66 0 Other 0.06 0.00 0.06 Fixed- income investment style data is as of 12/31/2014 ........................................................ Overall Inception ............................... 12 Growth of 10K ........................... ............................... 2.16 Prospectus Net ............ 0 Fund ................... ............... .. .... ............................... 11 Index Morningstar Risk TM .......... Average Average - Category Morningstar Return TM .................................................................................... Average Average Average ............................... 10K 2011 2012 2013 2014 3/2015 History ® ® ® ® ® Quartile Rank (cat) 2.95 1.99 0.16 1.37 0.92 Market Return % 3.04 .............................................................................................. 1.98 0.17 1.32 0.94 NAV Return % ............................... 1.25 -1.91 -0.80 0.06 0.12 +/- Category -4.80 -2.23 2.19 -4.65 -0.67 +/- Index* 7,482 9,292 13,926 15,655 16,256 Net Assets (Mil) * Barclays US Agg Bond TR USD 545,359 US Treasury Note 0.625% Trailing Total Returns Ml t Ret % NAV Ret % + /- Index' +/- Cat *Std Ret % YTD 1.06 1.14 -0.71 0.21 0.94 12 Mo 1.93 1.95 -3.64 0.50 1.86 .................................................................................................. ............................... 3 Yr Annualized 1.27 1.29 -1.59 -0.24 1.33 5 Yr Annualized 2.01 2.04 -2.28 -0.22 2.06 10 Yr Annualizedt Inception 3.36 3.37 -4.48 3.37 *Quarter -end data through 3/31/2015 110 Year as of 3/31/2015 'Barclays US Agg Bond TR USD Operations Advisor Advisor Vanguard Group, Inc Subadvisor =_A Management Overall Inception 4/3/2007 Manager Joshua C. Barrickman Tenure 2.16 Prospectus Net Turnover% Expense Ratio 0.10% MEN -000 ♦ Morningstar '% US Market • Fund I o Cyclical Fixed - Income Investment Style Stock Sectors Avg Effective Duration (Yrs) 2.65 Cyclical Avg Effective Maturity (Yrs) 2.70 Sensitive Avg Credit Quality AA Defensive Sector data is calculated only using the long position holdings of the portfolio. ratings and Risk % Stocks % Net Assets 1.85 1.70 1.37 1.36 1.33 1.22 1.20 1.18 1.16 1.12 % Assets in Top 10 Holdings Overall 3 Yr 5 Yr 10 Yr Morningstar RatingT"" * ** * ** * ** Turnover% Number of Funds Rated 5 5 4 1.21 Morningstar Risk TM Average Average Average Trading Information Morningstar Return TM .................................................................................... Average Average Average ............................... NAV(4/21/2015) 80.51 Standard Deviation 1.19 1.33 ARCX Mean 1.33 2.06 Top 10 Holdings 3/31/2015 Date of Amount Value Maturity 000 $000 US Treasury Note 1.5% 11/30/2019 729,865 735,339 US Treasury Note 0.01% 3/31/2020 675,580 675,580 US Treasury Note 1.25% 11/30/2018 542,814 545,359 US Treasury Note 0.625% 11/15/2016 539,225 540,487 US Treasury Note 1.375% 2/29/2020 528,192 528,277 US Treasury Note 0.625% 9/30/2017 485,380 484,016 US Treasury Note 0.625% 8/31/2017 478,326 477,355 US Treasury Note 1.625% 8/31/2019 461,569 468,206 US Treasury Note 1.5% 5/31/2019 458,140 463,005 US Treasury Note 1.25% 1/31/2020 445,842 443,403 % Stocks % Net Assets 1.85 1.70 1.37 1.36 1.33 1.22 1.20 1.18 1.16 1.12 % Assets in Top 10 Holdings 13.54 Total Number of Stock Holdings 0 Total Number of Bond Holdings .................................................................................................. ............................... 2,007 Turnover% 45 12 -Month Yield % 1.21 30 -Day SEC Yield % 1.09 Price Information Trading Information Market Price(4/21/2015) 80.52 Avg Daily Vol (shares) 1,205,155 NAV(4/21/2015) 80.51 Shares Outstanding Premium /Disc(4/21/2015) 0.01 Exchange ARCX .(2015 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not he copied or redistributed, (3) do not ^ constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and I5 are not warranted to he correct, complete or accurate. Except as M\ /RNI NG 1"I1'11 R otherwise required by law, Morningstar shall not he responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature, and therefore must he preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully. N v Release date 04 -22 -2015 Page 1 of 1 DFA Short -Term Extended Quality I DFEQX Morningstar Analyst Rating NAV $ NAV Day Change % Yield TTM % Total Assets $ Bil Status Min. Inv. Load Expenses Morningstar Rating TM Category Investment Style 10.91 y0.00 1 0.00 1.47 4.4 Open None 0.22% # # ## Short -Term Bond 9 Growth of 10,000 03 -04 -2009 - 04 -21 -2015 14K - DFA Short -Term Extended Quality 1$12,509.13 12K - Short -Term Bond $12,207.80 - Barclays US Agg Bond TB 11K USD$13,549.12 2009 2010 2011 2012 2013 2014 2015 10K Investment Strategy The investment seeks to maximize total returns from the universe of debt securities in which the Portfolio invests. The fund seeks to maximize total returns from the universe of debt securities in which the Portfolio invests. Total return is comprised of income and capital appreciation. It 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. Performance 04 -21 -2015 Weight % Maturity Date Amount Mil Value Mil Neder Waterschapsbank 03/19 1.875 1.43 YTD 1 Me 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,140 10,040 10,220 10,558 11,362 Fund 1.40 0.40 2.20 1.83 2.59 +/- Barclays US Agg Bond -0.45 0.04 -3.39 -1.05 -1.73 TR USD 5.66 0.0000 0.0000 0.0000 0+ Increase O Decrease 0 New to Portfolio +/- Category 0.38 0.04 0.87 0.32 0.47 % Rankin Cat 20 33 14 34 29 # of Funds in Cat 566 570 534 447 389 275 Currency is displayed in BASE Top Holdings 02 -28 -2015 Top Sectors 02 -28 -2015 Weight % Maturity Date Amount Mil Value Mil Neder Waterschapsbank 03/19 1.875 1.43 03 -13 -2019 60.00 60.74 Apple 2.1 % 1.08 05 -06 -2019 45.00 45.88 Australia & New Zeala Bkg 2.25% 1.07 06 -13 -2019 44.91 45.37 Rabobank Nederland Ny 2.25% 1.04 01 -14 -2019 43.56 44.05 Commonwealth Bk Australia 2.3% 1.03 09 -06 -2019 43.08 43.54 % Assets in Top 5 Holdings 5.66 0.0000 0.0000 0.0000 0+ Increase O Decrease 0 New to Portfolio 10.80 0.0100 0.0000 0.0000 Top Sectors 02 -28 -2015 Dividend and Capital Gains Distributions Distribution Fund BMark Cat Avg ■ Fund v Cat Avg', Corporate Bond 77.73 34.70 Date Other Government Related 6.42 4.92 J U.S. Agency 2.09 3.04 10.89 Non -U.S. Government 1.34 0.84 ' Agency MBS Pass - Through 0.35 7.22 0.0000 0.0000 0.0000 0.0100 0 20 40 60 80 Dividend and Capital Gains Distributions Distribution Distribution Long -Term Long -Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 04 -09 -2015 10.89 0.0000 0.0000 0.0000 0.0100 0.0100 03 -09 -2015 10.83 0.0000 0.0000 0.0000 0.0100 0.0100 02 -09 -2015 10.84 0.0000 0.0000 0.0000 0.0000 0.0000 12 -15 -2014 10.80 0.0100 0.0000 0.0000 0.0500 0.0500 11 -07 -2014 10.85 0.0000 0.0000 0.0000 0.0100 0.0100 3 Year Averag asures Risk vs. Category None (449) .. .. .. ............... Return vs. Category None (449) ..... ............................... Low Avg High Pillars Process Performance People Parent Price Rating Style Map 12 -31 -2014 Bond Statistics Value Average Effective Duration (Years( 2.71 Average Effective Maturity (Years( 2.85 Average Credit Quality A Average Weighted Coupon 2.57 Average Weighted Price 102.57 Asset Allocation Asset Class % Net • Cash 11.30 • US Stock 0.00 • Non US Stock 0.00 • Bond 86.72 • Other 1.98 Management Start Date David A. Plecha 03 -04 -2009 Joseph F. Kolerich 02 -28 -2012 0015 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is hased. Data as originally reported. The ^ n nn7 n information contained herein is not represented or warranted to he accurate, correct, complete, or timely. This report is for information purposes only, and should not he considered a solicitation to buy or sell any security. �/ ,{L�I�htiI�FC Redistribution is prohibited without written permission. To order reprints, call +1 312- 696 -6100. To license the research, call +1 312- 696 -6869. ` RN I1llG llS I I M v Nasdaq Symbol: TOIXX I Cusip Number: 60934N500 I Newspaper Listing: TreasObIS Product Highlights ■ Pursues current income consistent with stability of principal. ■ Invests primarily in short-term U.S. Treasury securities. ■ Includes repurchase agreements collateralized by U.S. Treasury securities for higher yield potential than a Treasury- exclusive portfolio. ■ Holds AAAm and Aaa -mf ratings from Standard & Poor's and Moody's, respectively. ■ On National Association of Insurance Commissioners (NAIC) List* ■ Gives investors more time to complete daily cash processing and initiate late -day deposit transactions through 5 p.m. EST cut -off time for purchases and redemptions. Credit Ratings AAAm Standard & Poor's Aaa -mf Moody's NAIC List* Portfolio Composition (%) Repurchase Agreements 65.1 ■ Treasurys 34.9 Credit Quality Composition ( %) 401 0 First Tier 100 Fund Performance Effective Maturity Schedule ( %) 1 -7 Days 66.8 8 -30 Days 1.1 31 -90 Days 16.1 to 91 -180 Days 12.3 0 18 +Days 3.7 2a -7 Liquidity Daily 51.98% Weekly 99.86% Weighted Average Maturity 38 Days Weighted Average Life 45 Days Portfolio Manager(s) Net Yields Total Return Susan Hill I[%) I[%) 7 -Day 0.01 1 Year 0.01 Deborah Cunningham Portfolio Assets Annualized Yields (%) Jan Feb Mar Apr May June July Aug Sept Oct Nov Dee 7 -Day 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 $26.5 billion Share Class Statistics Performance quoted represents past performance, which is no guarantee of future results. Investment return will vary. An investor's shares, when redeemed, may be worth more or less than the original cost. Inception Date Current performance may be lower or higher than what is stated. To view performance current to the most 12/12/89 recent month -end, contact us or visit our Web site at Federatedlnvestors.com. Federated Fund Number Although not contractually obligated to do so, the adviser and /or certain fund service providers waived all or a portion of their fees or reimbursed the fund for certain operating expenses. These voluntary waivers and reimbursements may 68 be modified or terminated at any time; accordingly, the fund's expenses may vary (i.e., increase or decrease) during Cut -Off Times the fund's fiscal year. These waivers increase income to the fund and result in a higher return to investors. 5:00 p.m. EST — Purchases Otherwise, the 7 -day yield would have been -0.21% and total return would have been lower. 5:00 p.m. EST — Redemptions Total return represents the change in value of an investment after reinvesting all income and capital gains. Yield quotations more closely reflect the current earnings of the fund than the total return quotation. Dividends Declared Daily /Paid Monthly The 2010 amendments to Rule 2a -7 dictate that money market funds maintain a 10% daily liquidity bucket and a 30% weekly liquidity bucket. Both requirements are'point of purchase' requirements. Thus, it is permissible and probable that money market funds may, at any given time, have liquidity percentages reflecting less than the 10% and 300/0 thresholds. In such circumstances, the portfolio manager will be required to purchase securities to fill the requisite liquidity bucket prior to purchasing longer -dated securities. Additionally, the SEC requirements for what may be defined as'daily' and 'weekly' differs from the standard maturities used in calculating the'Effective Maturity Schedule.' Therefore, the percentages in the 2a -7 Liquidity table will generally not equal the amounts shown in the 'Effective Maturity Schedule.' *This fund is on the National Association of Insurance Commissioner's list as a U.S. Direct Obligations /Full Faith & Credit listing. This designation denotes that the fund meets certain quality and pricing guidelines such as: a rating of AAA or Aaa by a Nationally Recognized Statistical Rating Organization (NRSRO), maintain a constant NAV $1.00 at all times, allow a maximum 7 day redemption of proceeds, invest 100% in US government securities. This is subject to an annual review. Rederated® Not FDIC Insured I May Lose Value I No Bank Guarantee v v Federated Treasury Obligations Fund Portfolio Manager Commentary Several storylines played out in the final quarter of the year, all intersecting in the financial sphere. Volatility spiked in early October as concern over the Ebola crisis came to a head, midterm election races heated up and oil prices started to slip. But a slew of generally positive economic data, combined with the Federal Reserve's positive comments about the economic outlook, pushed the major equity indices and investor confidence higher. A driving factor behind the optimism was the continued improvement in the labor market, in which nonfarm payrolls expanded at their fastest pace since the 1990s, jobless claims fell to decade lows and the benchmark unemployment rate hit 5.8 %, its lowest level in six years. In addition, the labor- impairment rate fell and there was a small reversal in the long decline of labor -force participation, although wages barely budged. Elsewhere, manufacturing and overall business activity improved while consumer spending perked up as oil's rapid and continuing decline put more money in pockets. Oil's plunge wasn't all good, however, as it fueled renewed volatility in the global markets and particularly in oil- export- oriented Russia. This added to the widening divergence between the improving U.S. economy and the rest of the world, particularly following December's unexpectedly robust final third - quarter Gross Domestic Product reading and the Fed's crucial change in its policy statement, which was widely regarded as a vote of confidence in the U.S. economy and a signal of tightening to come despite still low inflation. During the year's final three months, 1- and 3 -month Treasuries yielded fewer than five basis points throughout the quarter while the 1 -month London interbank offered rate (Libor) ticked up to around 0.17 %, about two basis points up from the end of the third quarter. An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value ofyour investment at $1.00 per share, it is possible to lose money by investing in the fund. Performance shown is for Institutional Shares. The fund offers additional share classes whose performance will vary due to differences in charges and expenses. Please consult your financial institution regarding your eligibility to purchase these classes. A Word About Risk Fund shares are not guaranteed by the U.S. government Current and future portfolio holdings are subject to risk. Definitions Net yields are based on the average daily income dividend and average net asset value for the 7 days ended on the date of calculation. The 7 -day net annu- alized yield is based on the average net income per share for the 7 days ended on the date of calculation and the offering price on that date. The fund is a managed portfolio and its holdings are subject to change. The holdings percentages are based on net assets at the close of business on 12/31/14 and may not neces- sarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Weighted Average Maturity is the mean average of the periods of time remaining until the securities held in the fund's portfolio (a) are scheduled to be repaid, (b) would be repaid upon a demand by the fund or (c) are scheduled to have their interest rate readjusted to reflect current market rates. Securities with adjustable rates payable upon demand are treated as maturing on the earlier of the two dates if their scheduled maturity is 397 days or less, and the later of the two dates if their scheduled maturity is more than 397 days. The mean is weighted based on the percentage of the amortized cost of the portfolio invested in each period. Weighted Average Life is calculated in the same manner as the Weighted Average Maturity (WAM), but is based solely on the periods of time remaining until the securities held in the fund's portfolio (a) are scheduled to be repaid or (b) would be repaid upon a demand by the fund without reference to when interest rates of securities within the fund are scheduled to be readjusted. Repurchase agreements consist of a financial institution selling securities to a fund and agreeing to repurchase them at a mutually agreed upon price and time. Ratings And Rating Agencies Money market ratings are an assessment of the safety of invested principal and the ability to maintain a stable market value of the fund's shares. Ratings are based on an evaluation of several factors, including credit quality, diversification and maturity of assets in the portfolio, as well as management strength and operational capabilities. A money market fund rated AAAm by Standard & Poor's is granted after evalu- ating a number of factors, including credit quality, market price, exposure and management Money market funds rated Aaa -mf by Moody's are judged to be of an investment quality similar to Aaa -rated fixed income obligations, that is, they are judged to be of the best quality. For more information on credit ratings, visit standardandpoors.com and v3.moodys.com. Ratings are subject to change and do not remove market risk. The securities in which a fund invests are also rated. Short-term ratings are opinions of the ability of issuers to honor short -term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obliga- tions generally have an original maturity not exceeding thirteen months, unless explicitly noted. First Tier securities are those rated in the highest short -term rating category by one or more Nationally Recognized Statistical Rating Organizations (NRSROs), such as Standard & Poor's, Moody's and Fitch or deemed by the Adviser to be of comparable quality to securities having such ratings. Securities are considered to be "first tier" as follows: Standard & Poor's: A -1+ and A -1, based on the obligor's capacity to meet its financial commitment on the obligation; Moody's: P -1, based on the issuer's ability to repay short -term obligations; Fitch: F -1 + and F -1, based on the issuer's liquidity necessary to meet financial commitments in a timely manner. Credit ratings do not provide assurance against default or other loss of money and can change. This must be preceded or accompanied by a current prospectus. Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779,1-800-341-7400, Federatedlnvestors.com GO7704 -94 (1/15) Federated Securities Corp., Distributor Federated is a registered trademark of Federated Investors, Inc. 2015 OFederated Investors, Inc. U) v Appendix t,v/ //sf SuNTRUST 46 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.