Acme Sample Reportstatic.contentres.com/media/documents/78f59c26-bc2d-4d09... · 2015-01-18 · Acme Sample Report All data as of 9/30/13 unless otherwise noted For Plan Sponsor Use

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Investment Analysis Review

Acme Sample Report

Plan Advisor321 Anytown

San Diego, CA 123458003660066

[email protected]

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Acme Sample Report

All data as of 9/30/13 unless otherwise noted

Table of Contents

Introduction 3

Market Commentary 6

Asset Classes 20

Report Criteria 21

Executive Summary 22

Portfolio Style 24

Performance Summary 26

Asset Allocation by Fund 29

Plan Investment Performance 31

Plan Model Portfolio 32

Fund Criteria 36

12 point guide for New Format - Morningstar 39

Score Cards 46

Additional Disclosures 64

Signature Page 69

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Acme Sample Report


For Plan Sponsor Use Only. Not for Use with the General Public. Data provided for this report is ©2013 Morningstar, Inc. and other CFFM data providers when noted above.All Rights Reserved. The information contained herein: (1)is proprietary to Morningstar and/or other CFFM data providers when noted above; (2)may not be copied

or distributed; and (3)is not warrantied to be accurate, complete, or timely. Neither Morningstar, its content providers or other CFFM data providers are responsible forany damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Introduction

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

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

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

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

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

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

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

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

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

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

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

Acme Sample Report




Introduction

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

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

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

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

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

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

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

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

Acme Sample Report




Introduction

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

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

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

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Acme Sample Report




Market InsightNews & Views from LPL Financial Research Market Insight is a quarterly publication intended to inform and empower your investment decision making.

About UsLPL Financial Retirement Partners is dedicated solely to supporting advisors who service the retirement plan market. Our promise is to create services and resources so that advisors may deliver employers and employees exceptional experiences and the highest quality program by providing services that save time, reduce exposure to fiduciary liability, and address both Internal Revenue Service and Department of Labor requirements. Our comprehensive analysis of retirement plans and plan design establishes a strong foundation, and our structured service and employee communication model ensures ongoing excellence.

LPL Financial Retirement Partners provides expert human capital gained through decades of experience working for, and with, the top defined contribution, defined benefit, and deferred compensation service providers in the industry. Our independent perspective has been utilized by thousands of companies nationwide, with billions in retirement plan assets. The economies derived from our scale and national presence make us uniquely qualified to give advisors outstanding resources to evaluate, design and negotiate the highest quality retirement programs for plan sponsors. For more information regarding our firm, please visit our website: www.lplnrp.com

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

Please note: all return figures are as of September 30, 2013 unless otherwise stated.

Third Quarter 2013

Market Commentary

Acme Sample Report




Fed Concerns Dominate Third Quarter

§ Economy – The U.S. economy continues to grow at a sluggish pace as the fourth quarter begins. Despite a pickup in the pace of growth in the second quarter to 2.5%, as measured by gross domestic product (GDP), growth will be challenged to reach 2.0% during the just-completed third quarter. Consumers continue to spend, jobs are being added, Federal Reserve (Fed) policy remains supportive, but government spending remains a drag.

§ Stocks – The strong year for stocks continued in the third quarter. As has been the case throughout the year, investors had plenty to worry about, including the Fed pulling back stimulus, the related sharp rise in interest rates, a possible U.S. military strike in Syria, and the budget battle in Washington. But the stock market climbed the wall of worry and moved higher. The S&P 500 returned 5.2% during the third quarter, bringing its year-to-date return to 19.8%.

§ Commodities – Commodities endured a volatile third quarter but ended with gains of 2.1% based on the Dow Jones-UBS Commodity Index. Commodities took investors on a bumpy ride as oil and metal markets reacted to the events in Syria and unpredictable Fed policy, but garnered some support from reassuring emerging market data. The broad commodity index is down 8.6% year to date in what has been a challenging year.

§ Bonds – Fixed income generally fared well in the third quarter thanks largely to continued support from the Fed. For most of the quarter, yields rose as markets continued to try to digest the prospect of the Fed starting to rein in its bond purchases. Following the Fed’s decision to delay tapering on September 18, 2013, yields began to retreat, sending the 10-year yield down to 2.62% at quarter end. Thanks to the strong September, the Barclays Aggregate Bond Index finished with a 0.57% quarterly gain, although the index is still down 1.89% for the year.

HighlightsThe Fed surprised many with its decision not to taper bond purchases in September. Buoyed by continued Fed support, the third quarter rewarded stock investors and reassured bond holders. Though risks lie ahead, LPL Financial Research does not believe the current bull market, the best four-and-a-half year bull market since WWII, is over. Though volatility may increase, we believe the foundation is in place for stocks to post further gains and bonds to provide modest positive returns over the balance of the year.

Q3 GDP* 2.0%

S&P 500 Index 5.2%

Barclays Aggregate Bond Index 0.57%

DJ-UBS Commodities Index 2.13%

Source: FactSet,Bloomberg, LPL Financial 09/30/13

*Bloomberg consensus

Figures for S&P, Barclays Aggregate and DJ-UBS Commodities Index are total returns from 7/1/13–9/30/13

All indices are unmanaged and cannot be invested into directly. The returns do not reflect fees, sales charges or expenses. The results don’t reflect any particular investment. Past performance is no guarantee of future results.

1 Q3 At a Glance

Market Commentary

Acme Sample Report




Slow Growth Continues for the U.S. Economy

The U.S. economy continues to grow at a sluggish pace as the fourth quarter begins. Despite a pickup in the pace of growth in the second quarter to 2.5%, as measured by gross domestic product (GDP) [Figure 2], growth will be challenged to reach 2.0% during the just-completed third quarter once all the data are reported. Consumer spending has remained resilient. Jobs are being added, albeit gradually. The housing recovery has continued. Retail sales are still chugging along at a near 4% growth rate despite these challenges [Figure 3], roughly in line with consumer income gains over the past 12 months based on the latest personal consumption and income data (August 2013). And the Fed remains very accommodative, having maintained its bond-purchase program (quantitative easing) throughout the quarter. But government spending remained a drag on growth throughout the third quarter and will continue to through year end.

Government Spending Drag Beginning to Ease

Consumer spending is helping the economy grow, as is business spending. But another major piece of the U.S. economy, government spending, is pulling in the opposite direction due to cuts to government spending prescribed by the sequester. The economy continues to be hampered by reductions in government spending levels, although the drag will be less in the third quarter than in the second, and it has helped the U.S. government bring down the deficit significantly. Nonetheless, the government drag will persist and create a headwind against the U.S. economy over the balance of the year. Take the government out of picture, and the pace of growth for the U.S. economy would be respectable at around 3%, in line with long-term averages and near its potential.

Job Growth Just Plodding Along

Unfortunately, the pace of improvement in the labor market matches the sluggish pace of U.S. economic growth. After a strong first quarter, when over 200,000 new jobs per month were created, the pace of improvement has slowed markedly. From April through August, an average of just 164,000 new jobs were created per month. This pace is below that which would typically be seen at the current stage of an economic recovery and contributed to the Fed’s decision not to taper bond purchases. Should the current pace of economic growth continue at or near 2%, a meaningful uptick in new jobs created is unlikely. While the unemployment rate, last reported at 7.3% (August 2013), has edged slightly lower in recent months, the drop has coincided with a drop in the workforce participation rate, suggesting little true improvement in labor market conditions.

Quantitative Easing (QE)

The continued slow pace of U.S. economic growth, along with spare capacity in labor and product markets, has continued to keep inflation well contained. This benign inflation picture, along with well-anchored inflation expectations by consumers and reflected in markets, contributed to the Fed’s decision not to taper its bond purchases in

2 The U.S. Economy Continues to Grow at a Sluggish Pace

Source: Bureau of Economic Analysis, Haver Analytics 09/30/13

Shaded areas indicate recession.

10080604020098 12

8

4

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-4

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Real Gross Domestic Product% Change, Seasonally Adjusted Annual Rate

3 Consumers Continue to Spend Despite Higher Taxes and Modest Income Growth

Source: ICSC, Haver Analytics 09/30/13


The International Council of Shopping Centers (ICSC) is a global trade association of the shopping center industry.

10080604 05 07 09 11 12 13

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ICSC: Comparable Chain Store SalesExcluding Wal-MartNot Seasonally Adjusted, Year-Over-Year % Change

Market Commentary

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September — a surprise to many — and is a reason why the Fed may choose not to taper at its next policy meeting in October. Low inflation (as well as the Fed) also helped pull the yield on the 10-year Treasury note back to the low end of its recent range between 2.6% and 3.0%.

Leading Indicators Suggest Very Low Likelihood of Recession

Based on the Leading Economic Index (LEI), a recession in the United States remains highly unlikely despite the sluggish pace of U.S. economic growth, stagnation in Europe, and the risk of a major policy mistake in Washington. The LEI can be a useful, fact-based, forward-looking tool to determine where the U.S. economy may be headed [Figure 4].

Overseas Economies Have Stabilized

Our assessment of Europe is that it has stopped getting worse, but few signs of meaningful improvement are evident to us as the third quarter ended. German Chancellor Merkel’s convincing re-election in September helped on the margin by removing a risk, but the region continues to struggle to grow as banks, consumers, and businesses continue to repair their balance sheets and businesses’ access to credit is constrained. After contracting by 0.2% during the first quarter of 2013, the sixth straight quarterly contraction, the Eurozone economy managed to grow just 0.3% in the second quarter.

Europe is getting some help from recent stabilization of growth in China. Although many emerging markets continue to struggle with prospects for tighter Fed policy, the economic growth picture in China, the biggest emerging market economy, has started to improve. But while a hard landing appears unlikely for China, the growth trajectories of several other key emerging market countries, notably India, have not improved. Europe is heavily dependent on emerging market exports (roughly 60% of exports based on the latest Census data), and relies on emerging markets to help boost growth.

4 Leading Economic Indicators Suggest Very Low Probability of Recession

Source: Economic Cycle Research Institute, Haver Analytics 09/30/13


The index of leading economic indicators (LEI) is an economic variable, such as private-sector wages, that tends to show the direction of future economic activity.

0095 0590 10

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Index of Leading Economic Indicators

Market Commentary

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Stocks Continued Strong Gains During the Third Quarter

The strong year for stocks continued in the third quarter. As has been the case throughout the year, there was plenty for investors to worry about, including the Fed tapering its bond-buying program, a sharp rise in interest rates, a possible U.S. military strike in Syria, high oil prices, and the budget battle in Washington that led to the first government shutdown in 17 years as the quarter ended. Meanwhile, a fight with higher stakes looms on the federal debt limit in mid-to-late October. But, as has happened throughout the current bull market, the stock market fought through these challenges and climbed the “wall of worry.” The S&P 500 returned 5.2% during the third quarter, its third straight quarterly gain, bringing its year-to-date return to 19.8% as of September 30, 2013. The S&P 500 is more than 150% higher than when the bull market began on March 9, 2009 (as of September 30, 2013), making this four-and-a-half year bull market the strongest since WWII.

Economic improvement may have been the biggest factor driving investor confidence. Beginning in June, U.S. economic data, though still not great, began to improve and, perhaps more importantly, consistently exceeded expectations. For example, the widely watched Institute for Supply Management (ISM) manufacturing index rose from 49 to 57, and the unemployment rate fell from 7.6% to 7.3%. The economic data overseas, notably from China, also started to get better. Outside of better data, the market got a lift from some healing in the bond market after significant volatility in late May through June. The market gained some level of comfort with the Fed policy outlook early in the quarter, while the central bank’s surprising decision not to taper its bond purchases on September 18 also provided some support for stocks as the S&P 500 set a fresh all-time high that day.

The path for stocks during the quarter was not a straight line, nor was it in the prior quarter when taper fears first surfaced back in May 2013. The quarter began with a very strong July and a return of 5.1% for the S&P 500. Then another bout of taper fears, along with escalating tensions in Syria, led stocks lower in August. The S&P 500 lost 2.9% for the month, just its second down month in 2013, and experienced its largest pullback of the quarter (-4.6%) from August 2 through August 23, 2013. Stocks then staged another rally in September, historically a weak month for stocks, sending the S&P 500 up another 3.1%. Gains peaked on September 18, the day the Fed announced it would not taper bond purchases, before falling seven of eight days to end the quarter.

5 Path to Quarterly Gains for Stocks Was not a Straight Line

Source: FactSet, LPL Financial 09/30/13

The S&P 500 Index is an unmanaged index, which cannot be invested into directly. The returns do not reflect fees, sales charges or expenses. The results don’t reflect any particular investment. Past performance is no guarantee of future results.

Sep13

Aug13

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Jul13

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S&P 500 Index

Market Commentary

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6 Strong Quarter for Cyclical Sectors, Not So for Rate Sensitive Sectors Ranked by Third Quarter Returns

Sector Q3 2013 (%) YTD (%)

Materials 10.3 13.5

Industrials 8.9 23.9

Consumer Discretionary 7.8 29.1

Health Care 6.8 28.5

Technology 6.6 13.4

S&P 500 5.2 19.8

Energy 5.2 15.4

Financials 2.9 22.9

Consumer Staples 0.8 16.1

Utilities 0.2 10.1

Telecom -4.4 5.7


The S&P 500 is an unmanaged index and cannot be invested into directly. The returns do not reflect fees, sales charges or expenses. The results don’t reflect any particular investment. Past performance is no guarantee of future results.

Because of their narrow focus, sector investing will be subject to greater volatility than investing more broadly across many sectors and companies.

The asset classes are represented by the ten S&P 500 Global Industry Classification Standard (GICS) indexes.

Cyclical sectors are economically sensitive and typically have stronger performance as economic and market conditions improve.

Defensive sectors typically are less economically sensitive and tend to perform relatively better in more challenging economic and market environments.

Cyclical Sectors Continued Strong Performance

Cyclical sectors fared well again during the third quarter while defensive sectors and the most interest rate sensitive sectors lagged. After unusually strong defensive (and higher yielding) sector performance when stocks rallied double-digits during the first quarter, cyclical (economically sensitive) sectors have paced the market’s gains since. The sectors at the top of the quarterly rankings — materials, industrials, and consumer discretionary — are consistent with the improvement in the global economic outlook during the third quarter, especially in the United States. Meanwhile, the market’s insatiable thirst for yield early in the year has been replaced by a greater focus on fundamentals and valuations. These cyclical sectors also carry the most “beta,” or market sensitivity, and tend to perform better when the broad stock market rises. The higher-yielding sectors were hurt by rising interest rates much of the quarter, but failed to get a lift from the pullback in interest rates that occurred following the Fed’s decision not to taper. For the year, consumer discretionary and health care are the top-performing sectors, both of which benefit from the resilience of U.S consumers.

Small Caps Stood Out

Small cap stocks continued their impressive 2013 with a strong performance during the third quarter. The Russell 2000 Index, which reached a new all-time high in September, (as did the S&P 500 Index), benefited from a number of factors, including its U.S. focus, a more cyclical and less interest rate sensitive sector mix, a high beta, and strong earnings growth relative to that which was being delivered by large caps, based on the Russell 1000 Index. According to FactSet consensus estimates, the Russell 2000 Index is expected to produce 11% earnings growth in 2013, compared to 6% for the large cap Russell 1000 Index. Stable credit markets have also helped, as smaller companies tend to require more access to capital markets than their larger peers. The strong small cap performance was broad-based, as nine of 10 small cap sectors outperformed their large cap counterparts. The Russell 2000 Index returned 10.2% in the quarter, followed by the Russell 1000 Index (+7.7%) and the Russell Midcap Index (+6.0%). Small caps have led year to date with a 27.7% return (through September 30, 2013), ahead of the 24.3% and 20.8% returns for mid and large caps, respectively.

Growth Style Resurgence Continued on Strong Technology Sector Performance

In terms of style, growth outperformed value during the third quarter for the first time since the first quarter of 2012, based on the Russell 3000 style indexes for broad market cap representation. The biggest driver of the improved performance for growth was improved performance by technology, the biggest growth sector. Conversely, underperformance by the value-heavy financials sector was a drag on value’s relative performance. Historically, growth has tended to perform better in slow economic growth environments, when earnings growth is scarce, although investors seeking yield in value stocks in the low interest rate environment have derailed this pattern much of this year. Growth outperformance was broad-based, like small cap outperformance, as the growth style outperformed its value

Market Commentary

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counterpart in seven of 10 sectors. During the quarter, the Russell 3000 Growth Index returned 8.5%, compared to 4.2% for the Russell 3000 Value Index. The strong third quarter pushed growth ahead of value for the year, 21.8% to 20.7%, as of September 30, 2013.

Looking beyond U.S. markets, the story of the quarter for equities was the strong rebound in developed foreign markets, Europe in particular. After underperforming substantially in the first half of the year, Europe emerged from recession during the spring and early summer and helped European equity markets recover. Economic conditions in Europe have stopped getting worse, but growth remains anemic and further outperformance may require some acceleration in growth, a tougher task. In addition, a sizable portion of Europe’s outperformance was driven by a weaker US dollar versus the euro and British pound. Nonetheless, solid gains in Europe helped the developed foreign market benchmark, the MSCI EAFE Index, return a solid 11.6% during the third quarter, well ahead of the U.S. broad market averages. Other key developed foreign markets, including Japan, Hong Kong, and Australia, performed well but trailed gains in Europe during the quarter. Year to date, the MSCI EAFE Index has returned 16.6%, which is still behind the 19.8% return for the S&P 500 Index.

Emerging Markets Improved vs. First Half Underperformance

The emerging markets comeback from significant underperformance in the first half of the year is not nearly as far along as that in developed foreign markets. Overall, with a 6% return during the third quarter, the MSCI Emerging Markets Index did slightly better than the S&P 500. But the benchmark is still down for the year as of September 30, 2013, with a 4% loss. While the broad asset class has struggled this year, the improving economic growth picture in China was recognized by markets as Chinese stocks posted double-digit returns in the quarter based on the MSCI China Index. An improving global economic backdrop helped several other key emerging market countries, including Brazil and Korea, while other countries struggled with prospects for tighter Fed policy, deteriorating growth, and capital outflows, such as India and Indonesia, which weighed on the performance of emerging market equities overall.

Mid-capitalization companies are subject to higher volatility than those of larger capitalized companies.

Small cap stocks may be subject to a higher degree of risk than more established companies’ securities. The illiquidity of the small cap market may adversely affect the value of these investments.

Value investments can perform differently from the market as a whole. They can remain undervalued by the market for long periods of time.

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

7 Small Caps and Developed Foreign Markets Stood Out

Asset Class Q3 2013 (%)

Developed Foreign 11.6

Small caps 10.2

Growth 8.1

Large caps 6.0

Emerging Markets 5.9

Value 3.6


Based on Russell 1000, Russell 3000 Growth and Value Indexes, Russell 2000, MSCI EAFE, MSCI EM Index

Total returns from 7/1/13–9/30/13

All indices are unmanaged and cannot be invested into directly. The returns do not reflect fees, sales charges or expenses. The results don’t reflect any particular investment. Past performance is no guarantee of future results.

Market Commentary

Acme Sample Report




Tough 2013 for Commodities Continues

Commodities endured a volatile third quarter but ended with gains of 2.1% based on the Dow Jones-UBS Commodity Index. Commodities began the quarter with modest gains against the backdrop of reassuring emerging market data, some growth-driven inflation concerns, and a weak US dollar. But the group took investors on a bumpy ride as oil and metal markets reacted to the events in Syria and unpredictable Fed policy. With these modest gains, the broad commodity index is down 8.6% year to date in what has been a challenging year.

Precious metals were among the best-performing commodity sectors in the quarter, triggered in part by a flight to safety related to the threat of a U.S. military strike on Syria, but also by prospects for improving Asian demand and concerns over the budget battle in Washington. Gold rose 8% as the China outlook improved (China is the world’s largest gold consumer), while silver fared even better with an 11% gain. Late in the quarter, precious metals experienced some selling pressure amid Fed taper fears, but stabilized following the Fed’s surprising no taper decision. Industrial metals also benefited from the improving growth picture in China and several other key emerging market countries.

West Texas Intermediate (WTI) crude oil remained elevated due to heightened risk in the Mideast and ended the quarter about 8% higher, near $102 per barrel. Crude oil is among the best-performing commodities for the year with a 10% advance. Unseasonably warm weather and abundant supply dragged natural gas prices lower, making it the worst-performing major commodity in the quarter.

Agriculture was unable to reverse its recent downtrend. Tighter supply and worries of wetter-than-normal conditions in August briefly lifted prices before reports later in the quarter suggested supply was still strong from higher acreage use. Among individual commodities, only cocoa and cotton are higher year to date on greater supply disruptions and poor weather in key production areas overseas.

9 Oil Pulled Back in September as Syrian Tensions Eased

Source: FactSet, LPL Financial 09/30/13The fast price swings in commodities and currencies will result in significant volatility in an investor’s holdings.

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West Texas Intermediate Crude Price, $/Barrel

8 Syria Tensions, U.S. Policy Concerns, and the Fed Helped Gold Rebound

Source: FactSet, LPL Financial 09/30/13The fast price swings in commodities and currencies will result in significant volatility in an investor’s holdings.Precious metal investing is subject to substantial fluctuation and potential for loss.

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Gold Price, $/Ounce

10 Seasonal Bounce for Agriculture Was Short-lived


The fast price swings in commodities and currencies will result in significant volatility in an investor’s holdings.

The Dow Jones - UBS Agriculture Index is an unmanaged index which cannot be invested into directly. The returns do not reflect fees, sales charges or expenses. The results don’t reflect any particular investment. Past performance is no guarantee of future results.

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DJ–UBS Agriculture Index

Market Commentary

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Fixed Income – Taxable: Fed Helps Provide Stability and Fuels Bond Market Gains

Fixed income remained investors’ primary focus in the third quarter and generally fared well thanks in large part to continued support from the Fed. For most of the quarter, yields rose as markets continued to try to digest the prospect of the Fed starting to rein in its bond purchases. The 10-year Treasury, which ended the second quarter at 2.52%, peaked for the quarter at 2.98% on September 5. Following the Fed’s decision to delay tapering on September 18, yields began to retreat, sending the 10-year down to 2.62% at quarter end, up only 13 basis points for the quarter compared to a 62 basis point rise in the second quarter. Thanks to the strong September, the Barclays Aggregate Bond Index finished with a 0.57% quarterly gain, although the index is still down 1.89% for the year, as of September 30, 2013. Credit spreads narrowed over the quarter, leading to a particularly strong quarter for high-yield corporate bonds, while the intermediate part of yield curve was the sweet spot in terms of duration.

With duration playing a smaller role this quarter, credit risk was rewarded with high-yield corporates leading all major domestic fixed income sectors with a 2.28% return. With some improvement in the economic backdrop this year, while corporate defaults remain low, high-yield corporates have also led the bond market year to date with a 3.73% return based on the Barclay’s High-Yield Index.

Bank loans continued to attract investors for their limited interest rate sensitivity and were again among the sector leaders for the quarter with a 1.17% return. But unlike the prior quarter, when duration drove sector outperformance, the improving credit environment played a larger role in the third quarter.

Duration still differentiated performance in the third quarter, although far less significantly than it did in the second quarter. Intermediate-term bonds fared best based on the Barclays government and credit indexes. Longer duration bonds generally lagged, in particular among high-quality government bonds but within credit as well, as they have for the year. Year to date, short duration has been the best place to be, while intermediate government and investment-grade corporate bonds in 2013 have outpaced the broad bond market, as measured by the Barclays Aggregate Bond Index.

A late surge following the Fed’s tapering decision helped drive a strong rebound in some of the sectors hit hardest during the spike in rates. Rate-sensitive Treasury Inflation-Protected Securities (TIPS) returned 1.45% in September to end the quarter up 0.70%, although they remain one of the worst-performing sectors on the year with a 6.74% loss. Buoyed by improving economic data and some relief from capital outflows from taper fears, emerging market debt (EMD) surged on the Fed announcement, returning 2.87% in September. EMD still managed only an 0.87% return

Bank loans are loans issued by below investment-grade companies for short-term funding purposes with higher yield than short-term debt and involve risk.

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

Treasury inflation-protected securities (TIPS) help eliminate inflation risk to your portfolio, as the principal is adjusted semiannually for inflation based on the Consumer Price Index—while providing a real rate of return guaranteed by the U.S. government.

11 Bond Yields Reversed Lower in September as Taper Fears Proved Misplaced


Sep13

Aug13

Jul13

Jun13

3.20

2.80

2.40

2.00

10-Year Treasury Yield, %

The risks associated with investment-grade corporate bonds are considered significantly higher than those associated with first-class government bonds. The difference between rates for first-class government bonds and investment-grade bonds is called investment-grade spread. The range of this spread is an indicator of the market’s belief in the stability of the economy.

Credit quality is one of the principal criteria for judging the investment quality of a bond or bond mutual fund. As the term implies, credit quality informs investors of a bond or bond portfolio’s credit worthiness, or risk of default.

Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity and redemption features.

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

Bank loans are loans issued by below investment-grade companies for short-term funding purposes with higher yield than short-term debt and involve risk.

Preferred stock investing involves risk, which may include loss of principal.

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for the quarter, based on the JPMorgan Global Emerging Markets Bond Index, and not much better than the Barclays Aggregate Bond Index, while the 7.43% loss for the year is worst among all major fixed income sectors. Emerging markets have struggled with uneven growth in China, deteriorating growth trajectories in several key emerging market countries, and prospects for less Fed stimulus. Mortgage-backed securities, one of the sectors supported by Fed purchases, outperformed the broad bond market in the quarter, although returns remain negative for the year. Preferreds, which did not participate in the late September rebound in the bond market, ended September with a modest loss to finish the quarter down 2.17%.

With much of Europe emerging from recession, and a strong euro due in part to the Fed, developed foreign bonds, particularly unhedged, had a strong quarter. Currency-hedged foreign bonds returned 1.01%, while US dollar weakness helped contribute to an impressive 4.01% return for unhedged foreign bonds, the strongest bond sector this quarter. These gains were still not enough to lift this sector into positive territory for the year, as the Citigroup Non-U.S. Government Bond Un-Hedged Index has lost 3.37% year to date.

Among taxable bond sectors, only bank loans and high-yield managed positive returns in the first nine months of the year. Bank loans have benefited from their short duration and above-benchmark yields. High-yield has benefited from higher yields, economic sensitivity, low corporate defaults, and below-benchmark duration. n

Preferred stock investing involves risk, which may include loss of principal.

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

12 The Fed Helped Several Key Fixed Income Sectors Recover in the Third Quarter Ranked by Third Quarter Returns

Sector Q3 2013 (%) YTD (%)

Foreign Bonds (Unhedged) 4.06 -3.37

High-Yield 2.28 3.73

Bank Loans 1.17 3.60

Mortgage-Backed Securities 1.03 -1.00

Foreign Bonds (Hedged) 1.01 0.98

Emerging Market Debt 0.87 -7.43

Investment-Grade Corporates 0.82 -2.62

Barclays Aggregate 0.57 -1.89

US Treasuries 0.10 -2.01

Municipal Bonds -0.19 -2.87

TIPS -0.70 -6.74

Preferred Securities -2.17 -1.74

Municipal High-Yield -2.96 -5.08


The indexes mentioned below are unmanaged and you cannot invest into directly. The returns do not reflect fees, sales charges or expenses. The results don’t reflect any particular investment. Past performance is no guarantee of future results.

Asset class returns are represented by the returns of indexes and are not ranked on an annual total return basis. It is not possible to invest directly in an index so these are not actual results an investor would achieve.

Asset Class Indexes: Emerging Market Debt – JP Morgan Emerging Markets Global Index; High-Yield – Barclays US High Yield Corporate Index; Foreign Bonds (un-hedged) – Citigroup Non-US World Govt Bond Index (un-hedged); Municipal High-Yield – Barclays Municipal High-Yield Index; Bank Loans – Barclays US High-Yield Loan Index; Invst-Grade Corporate – Barclays US Corporate Bond Index; Municipal – Barclays Municipal Bond Index;Preferred Stocks – Merrill Lynch Preferred Stock Hybrid Index; TIPS – Barclays Treasury Inflation Protected Securities Index; Foreign Bonds (hedged) – Citigroup Non-US World Govt Bond Index Hedged for Currency;Mortgage-Backed Securities – Barclays US MBS Index; Treasury – Barclays US Treasury Index.

Market Commentary

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IMPORTANT DISCLOSURES

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance reference is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.

Stock investing may involve risk including loss of principal.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. It is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. The bigger the duration number, the greater the interest-rate risk or reward for bond prices.

Because of their narrow focus, sector investing will be subject to greater volatility than investing more broadly across many sectors and companies.

Quantitative easing is a government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding financial institutions with capital in an effort to promote increased lending and liquidity.

Default rate is the interest rate charged to a borrower when payments on a revolving line of credit are overdue. This higher rate is applied to outstanding balances in arrears in addition to the regular interest charges for the debt.

Municipal bonds are subject to availability, price, and to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rate rise. Interest income may be subject to the alternative minimum tax. Federally tax-free but other state and local taxes may apply.

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

Currency risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged.

Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value. However, the value of fund shares is not guaranteed and will fluctuate.

Credit risk is the risk of loss of principal or loss of a financial reward stemming from a borrower’s failure to repay a loan or otherwise meet a contractual obligation. Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. Investors are compensated for assuming credit risk by way of interest payments from the borrower or issuer of a debt obligation. Credit risk is closely tied to the potential return of an investment, the most notable being that the yields on bonds correlate strongly to their perceived credit risk.

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

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

Energy Sector: Companies whose businesses are dominated by either of the following activities: The construction or provision of oil rigs, drilling equipment and other energy-related service and equipment, including seismic data collection. The exploration, production, marketing, refining and/or transportation of oil and gas products, coal and consumable fuels.

Health Care Sector: Companies are in two main industry groups — Health care equipment and supplies or companies that provide health care-related services, including distributors of health care products, providers of basic health care services, and owners and operators of health care facilities and organizations. Companies primarily involved in the research, development, production, and marketing of pharmaceuticals and biotechnology products.

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Utilities Sector: Companies considered electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power.

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

Consumer Discretionary Sector: Companies that tend to be the most sensitive to economic cycles. Its manufacturing segment includes automotive, household durable goods, textiles and apparel, and leisure equipment. The service segment includes hotels, restaurants and other leisure facilities, media production and services, consumer retailing and services, and education services.

Telecommunications Services Sector: Companies that provide communications services primarily through a fixed line, cellular, wireless, high bandwidth and/or fiber-optic cable network.

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

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

Technology Software & Services Sector: Companies include those that primarily develop software in various fields such as the internet, applications, systems and/or database management and companies that provide information technology consulting and services; technology hardware & equipment, including manufacturers and distributors of communications equipment, computers and peripherals, electronic equipment and related instruments, and semiconductor equipment and products.

INDEX DEFINITIONS

The Barclays Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

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

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

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

Barclays Capital US Corporate Investment Grade Index measures the performance of investment grade corporate bonds.

Barclays Capital U.S. Intermediate Credit Bond Index measures the performance of investment grade corporate debt and agency bonds that are dollar denominated and have a remaining maturity of greater than one year and less than ten years.

The Barclays Corporate Index is an unmanaged index of publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government. Bonds must have at least one year to final maturity, must be dollar-denominated and non-convertible, and must have at least $250 million par amount outstanding. Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade.

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The Barclays Mortgage-Backed Securities Index includes 15- and 30-year fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), and Federal National Mortgage Association (FNMA).

The Barclays Municipal Bond Index is a market capitalization-weighted index of investment-grade municipal bonds with maturities of at least one year. All indices are unmanaged and include reinvested dividends. One cannot invest directly in an index. Past performance is no guarantee of future results.

The Barclays Treasury Index is an unmanaged index of public debt obligations of the U.S. Treasury with a remaining maturity of one year or more. The index does not include t-bills (due to the maturity constraint), zero coupon bonds (Strips), or Treasury Inflation Protected Securities (TIPS).

The Barclays U.S. Treasury TIPS Index is a rules-based, market value-weighted index that tracks inflationprotected securities issued by the U.S. Treasury. The U.S. TIPS Index is a subset of the Global Inflation-Linked Index, with a 36.0% market value weight in the index (as of December 2007), but is not eligible for other nominal treasury or aggregate indices. In order to prevent the erosion of purchasing power, TIPS are indexed to the non-seasonally adjusted Consumer Price Index for All Urban Consumers, or the CPI-U (CPI).

The BofA Merrill Lynch Preferred Stock Hybrid Securities Index is an unmanaged index consisting of a set of investment-grade, exchange-traded preferred stocks with outstanding market values of at least $50 million that are covered by Merrill Lynch Fixed Income Research. The Index includes certain publicly issued, $25- and $100-par securities with at least one year to maturity.

Citigroup World BIG ex US Index is a market capitilization weighted index that tracks the performance of the international fixed rate bonds that have remaining maturities of one year or longer and that are rated BBB-/Baa3, or better, by S&P or Moody’s, respectively. This Index excludes the U.S. and is unhedged USD.

The Dow Jones Industrial Average Index is comprised of U.S.-listed stocks of companies that produce other (non-transportation and non-utility) goods and services. The Dow Jones Industrial Averages are maintained by editors of The Wall Street Journal. While the stock selection process is somewhat subjective, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth, is of interest to a large number of investors and accurately represents the market sectors covered by the average. The Dow Jones averages are unique in that they are price weighted; therefore their component weightings are affected only by changes in the stocks’ prices.

The Dow Jones - UBS Commodity Index is composed of futures contracts on 19 physical commodities. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity.

The Institute for Supply Management (ISM) index is based on surveys of more than 300 manufacturing firms by the Institute of Supply Management. The ISM Manufacturing Index monitors employment, production inventories, new orders, and supplier deliveries. A composite diffusion index is created that monitors conditions in national manufacturing based on the data from these surveys.

The JPMorgan Emerging Markets Bond Index Global (“EMBI Global”) tracks total returns for traded external debt instruments in the emerging markets, and is an expanded version of the JPMorgan EMBI+. As with the EMBI+, the EMBI Global includes U.S. dollar-denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. It covers more of the eligible instruments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity.

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

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of May 2005 the MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela.

The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. As of June 2007, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

Market Commentary

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RES 4336 1013Tracking #1-210415 (Exp. 10/14)

Not FDIC or NCUA/NCUSIF Insured | No Bank or Credit Union Guarantee | May Lose Value | Not Guaranteed by any Government Agency | Not a Bank/Credit Union Deposit

This research material has been prepared by LPL Financial.

To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial is not an affiliate of and makes no representation with respect to such entity.

The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago.

The Russell 1000 Index consists of the 1,000 largest securities in the Russell 3000 Index, which represents 90% of the total market capitalization of the Russell 3000 Index. It is a large-cap, market oriented index and is highly correlated with the S&P 500 Index.

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

Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000 Index is an unmanaged index generally representative of the 2,000 smallest companies in the Russell Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.

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

Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 3000 Value Index measures the performance of those Russell 3000 companies with lower price-to-book rations and lower forecasted growth values.

The Russell Mid Cap Index offers investors access to the mid cap segment of the U.S. equity universe. The Russell Mid Cap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid cap opportunity set. The Russell Mid Cap Index includes the smallest 800 securities in the Russell 1000.

The Russell Mid Cap Value Index offers investors access to the mid cap value segment of the U.S. equity universe. The Russell Mid Cap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid cap value market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine value probability approximates the aggregate mid cap value manager’s opportunity set.

The Standard & Poor’s 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Consumer Price Inflations is the retail price increase as measured by a consumer price index (CPI). Core CPI is a subset of the total Consumer Price Index (CPI) that excludes the highly volatile food and energy prices. It is released by the Bureau of Labor Statistics around the middle of each month. Compare to Personal Consumption Expenditures (PCE); Core PPI; Producer Price Index (PPI).

The MSCI Japan Index is a free-float adjusted market capitalization weighted index that is designed to track the equity market performance of Japanese securities listed on Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange. The MSCI Japan Total Return Index takes into account both price performance and income from dividend payments. The MSCI Japan Index is constructed based on the MSCI Global Investable Market Indices Methodology, targeting a free-float market capitalization coverage of 85%.

Market Commentary

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

Large Growth

Mid-Cap Value

Mid-Cap Growth

Aggressive Allocation

Foreign Large Blend

Intermediate-Term Bond

High Yield Bond

Target Date 2026-2030



Asset Classes

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

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Report Criteria

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

INVESTMENT STYLEStyle Consistency <= 29

5-Year Sharpe Ratio > Category** for target date scoring 5-Year Sharpe Ratio will be used in place of Style Consistency.R-Squared >= 80%

PERFORMANCE1-year > peer group

median

3-year > peer groupmedian

5-year > peer groupmedian

5-year Up/Down Capture Up > Down

RISK / RISK ADJUSTED RETURNInformation Ratio 5-years > 0

Information Ratio 3-years > 0

Beta 5-year between 0.75 - 1.15

Beta 3-year between 0.75 - 1.15

QUALITATIVE FACTORSLongest Tenured Manager >= Morningstar Category Average Tenure

Net Expense Ratio <= Morningstar Category Average

SCORING THRESHOLD 1 2 3 4 5 6 7 8 9 10 11 12

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Executive SummaryEnd of quarter 3 of 2013

For Plan Sponsor use only. Not for public distribution. ^ Five years, or longest timeframe if track record is less than five yearsNS = LPL Financial Retirement Partners Score not available at this time. †Data proprietary ©2013 Hueler Analytics, Inc. See attached “Important Disclosures” for Hueler Stable Value data* Data is missing for evaluation of one or more criteria. Refer to the Fund Criteria Report for more information.** Returns in this fund reflect the historical performance of its oldest share class, adjusted to reflect updated fees and expenses.

Large Value Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

JHancock Disciplined Value I - JVLIX 12 of 12 12 11 11 12 11 12

MFS Value R4 - MEIJX** 11 of 12 10 11 10 11 10 10

Large Growth Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

JHancock US Global Leaders Growth I - USLIX** 10 of 12 11 12 12 12 12 11

MFS Growth R4 - MFEJX** 12 of 12 9 11 11 11 11 11

Wells Fargo Advantage Prem Lg Co Gr R4 - EKJRX** 11 of 12 9 9 10 - - -

Mid-Cap Value Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

JHancock Disciplined Value Mid Cap I - JVMIX 12 of 12 12 11 11 11 10 10

MFS Mid Cap Value R4 - MVCJX** 11 of 12 11 11 11 11 10 10

Mid-Cap Growth Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

Ivy Mid Cap Growth I - IYMIX** 10 of 12 10 11 11 10 11 12

Wells Fargo Advantage Discovery Instl - WFDSX** 12 of 12 12 12 12 12 11 11

Aggressive Allocation Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

Ivy Balanced I - IYBIX** 10 of 12 8 9 9 10 10 12

Foreign Large Blend Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

Ivy International Core Equity I - ICEIX** 12 of 12 12 11 10 11 10 10

MFS International Diversification R4 - MDITX** 11 of 12 11 12 12 12 12 12

Intermediate-Term Bond Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

JHancock Bond I - JHBIX** 11 of 12 11 10 10 10 9 9

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Executive SummaryEnd of quarter 3 of 2013


Wells Fargo Advantage Core Bond R4 - MBFRX** 11 of 12 11 11 11 - - -

High Yield Bond Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

Ivy High Income I - IVHIX** 10 of 12 8 9 9 9 8 8

Target Date 2026-2030 Fund Name Criteria Score Status 9/30/13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 Action

Wells Fargo Advantage DJ Target 2030 R6 - WFOOX** 8 of 12 8 9 8 7 12 12


Wells Fargo Advantage DJ Target 2040 R6 - WFOSX** 9 of 12 10 9 8 8 11 11


Wells Fargo Advantage DJ Target 2050 R6 - WFQFX 11 of 12 11 11 10 8 11 9

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

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

Portfolio Style Report


U.S. Equity Style

VALUE BLEND GROWTH

LARGEJHancock Disciplined Value I

MFS Value R4

JHancock US Global Leaders Growth I

MFS Growth R4

Wells Fargo Advantage Prem Lg Co Gr R4

MEDIUM JHancock Disciplined Value Mid Cap I*

MFS Mid Cap Value R4*

Ivy Mid Cap Growth I

Wells Fargo Advantage Discovery Instl

SMALL

Foreign/World Equity Style

VALUE BLEND GROWTH

LARGE Ivy International Core Equity I

MFS International Diversification R4

MEDIUM

SMALL

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

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

Portfolio Style Report


Fixed Income Style

LIMITED MODERATE EXTENSIVE

HIGH Wells Fargo Advantage Core Bond R4

MEDIUM

LOW JHancock Bond I

Ivy High Income I

Other Styles

TARGET DATE FUNDS ASSET ALLOCATION SPECIALTY

Wells Fargo Advantage DJ Target 2030 R6



Ivy Balanced I

Style Consistency:*Fund JVMIX has an overall Morningstar assigned asset category of Medium Cap Value, but is assigned Medium Cap Blend for this reporting quarter.*Fund MVCJX has an overall Morningstar assigned asset category of Medium Cap Value, but is assigned Medium Cap Blend for this reporting quarter.

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The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may

be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit

http://advisor.morningstar.com/familyinfo.asp

Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation or any applicable maximum sales charges but are adjusted to reflect ongoing

fund expenses. If adjusted for taxation or maximum sales charges, the performance quoted would be significantly reduced. For variable annuities (if applicable), additional expenses will be taken in account, including M

&E risk charges, fund-level expenses such as management fees and operating fees, and contract-level administration fees charges such as surrender, contract and sales charges.

Performance Summary

For Plan Sponsor use only. Not for public distribution. ^ Five years, or longest timeframe if track record is less than five yearsNS = LPL Financial Retirement Partners Score not available at this time. †Data proprietary ©2013 Hueler Analytics, Inc. See attached “Important Disclosures” for Hueler Stable Value dataFund Types: MF: Mutual Funds, ETF: Exchange Traded Funds, IGSA: Insurance Separate Accounts, VA: Variable Annuity–SubAccount, VL: SubAccount, SA: Separate Account, CIT: Collective Trust* Data is missing for evaluation of one or more criteria. Refer to the Fund Criteria Report for more information.** Returns in this fund reflect the historical performance of its oldest share class, adjusted to reflect updated fees and expenses.

Annualized Returns 9/30/13

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

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

JHancock Disciplined Value I - JVLIX (MF) 4.81 22.91 24.53 (20) 17.71 (5) 10.94 (11) 9.96 (4) 8.54 1/2/1997 0.87 0.87 www.johnhancock.com

MFS Value R4 - MEIJX** (MF) 5.43 22.93 23.85 (25) 16.14 (22) 9.31 (38) 9.01 (12) 7.13 4/1/2005 0.71 0.71 www.mfs.com

Peer Group Metric - MF 4.41 19.96 21.18 14.82 8.82 7.55 - - - 1.18 -

Russell 1000 Value TR USD 3.94 20.47 22.30 16.25 8.86 7.99 - - - - -

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

JHancock US Global Leaders Growth I - USLIX**(MF) 8.33 16.17 16.90 (81) 17.68 (12) 11.90 (26) 7.14 (62) 5.55 5/20/2002 0.96 0.96 www.johnhancock.com

MFS Growth R4 - MFEJX** (MF) 10.78 23.28 23.16 (24) 17.64 (13) 12.56 (21) 9.62 (12) 9.66 4/1/2005 0.87 0.87 www.mfs.com

Wells Fargo Advantage Prem Lg Co Gr R4 -EKJRX** (MF) 12.48 22.84 20.65 (44) 17.35 (16) 13.13 (17) 8.87 (20) 23.40 11/30/2012 0.91 0.81 www.wellsfargo.com/advantagefu

nds


Russell 1000 Growth TR USD 8.11 20.87 19.27 16.94 12.07 7.82 - - - - -

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

JHancock Disciplined Value Mid Cap I - JVMIX(MF) 7.41 25.26 30.79 (23) 19.65 (6) 15.22 (4) 12.61 (1) 9.74 6/3/1997 0.93 0.93 www.johnhancock.com

MFS Mid Cap Value R4 - MVCJX** (MF) 7.30 25.30 30.61 (25) 18.32 (15) 13.75 (12) 10.00 (45) 7.94 4/1/2005 1.04 1.00 www.mfs.com


Russell Mid Cap Value TR USD 5.89 22.94 27.77 17.27 11.86 10.91 - - - - -

Acme Sample Report




Performance Summary


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

Ivy Mid Cap Growth I - IYMIX** (MF) 10.11 21.49 25.28 (56) 16.39 (42) 15.42 (7) 11.52 (13) 9.74 4/2/2007 1.02 1.02 www.ivyfunds.com

Wells Fargo Advantage Discovery Instl - WFDSX**(MF) 11.96 32.34 32.36 (5) 21.71 (3) 15.68 (6) 12.25 (4) 11.83 8/31/2006 0.87 0.87 www.wellsfargo.com/advantagefu

nds


Russell Mid Cap Growth TR USD 9.34 25.42 27.54 17.65 13.92 10.16 - - - - -

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

Ivy Balanced I - IYBIX** (MF) 6.31 15.72 15.66 (49) 13.40 (5) 10.07 (2) 8.40 (4) 7.79 4/2/2007 0.92 0.92 www.ivyfunds.com


Morningstar Aggressive Target Risk 7.12 16.07 18.78 12.81 9.42 8.95 - - - - -

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

Ivy International Core Equity I - ICEIX** (MF) 10.59 16.02 22.34 (30) 7.56 (45) 9.03 (8) 10.80 (4) 3.75 4/2/2007 1.05 1.05 www.ivyfunds.com

MFS International Diversification R4 - MDITX**(MF) 9.01 12.99 18.47 (63) 9.68 (9) 8.61 (10) n/a (n/a) 7.62 4/1/2005 1.01 1.01 www.mfs.com


MSCI ACWI Ex USA NR USD 10.09 10.04 16.48 5.95 6.26 8.77 - - - - -

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

JHancock Bond I - JHBIX** (MF) 0.84 -0.34 1.47 (6) 5.90 (3) 9.77 (4) 6.25 (4) 6.46 9/4/2001 0.65 0.60 www.johnhancock.com

Wells Fargo Advantage Core Bond R4 - MBFRX**(MF) 0.80 -2.01 -1.50 (62) 3.61 (40) 6.58 (45) 5.03 (28) -2.04 11/30/2012 0.62 0.52 www.wellsfargo.com/advantagefu

nds

Peer Group Metric - MF 0.62 -1.86 -1.15 3.34 6.41 4.48 - - - 0.91 -

Barclays US Agg Bond TR USD 0.57 -1.89 -1.68 2.86 5.41 4.59 - - - - -

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

Ivy High Income I - IVHIX** (MF) 2.97 6.86 10.66 (5) 11.68 (1) 13.94 (2) 8.83 (4) 9.90 4/2/2007 0.70 0.70 www.ivyfunds.com


BofAML US HY Master II TR USD 2.29 3.79 7.14 8.87 13.35 8.71 - - - - -

Target Date 2026-2030 Last QTR YTD 1 YR 3 YRS 5 YRS 10 YRS SI Inception Date Gross Net Website

Wells Fargo Advantage DJ Target 2030 R6 -WFOOX** (MF) 5.76 10.81 12.91 (53) 9.57 (57) 8.33 (31) 6.80 (10) 6.05 6/30/2004 0.59 0.36 www.wellsfargo.com/advantagefu

nds


Morningstar Lifetime Moderate 2030 5.83 12.81 14.62 11.74 9.21 9.12 - - - - -

Acme Sample Report




Performance Summary



Wells Fargo Advantage DJ Target 2040 R6 -WFOSX** (MF) 7.03 14.64 17.57 (34) 11.42 (39) 9.29 (13) 7.53 (7) 6.66 6/29/2004 0.60 0.37 www.wellsfargo.com/advantagefu

nds




Wells Fargo Advantage DJ Target 2050 R6 -WFQFX (MF) 7.48 15.69 18.78 (27) 11.87 (37) 9.66 (9) n/a (n/a) 3.86 6/29/2007 0.62 0.37 www.wellsfargo.com/advantagefu

nds



10.

Acme Sample Report




Asset Allocation by Fund

Fund Name - Ticker Assets Percentage

Large Value $5,451,382.00 12.13%

JHancock Disciplined Value I - JVLIX $1,100,498.00 2.45%

MFS Value R4 - MEIJX $4,350,884.00 9.68%

Large Growth $3,965,506.00 8.82%

JHancock US Global Leaders Growth I - USLIX $1,615,951.00 3.59%

MFS Growth R4 - MFEJX $714,316.00 1.59%

Wells Fargo Advantage Prem Lg Co Gr R4 - EKJRX $1,635,239.00 3.64%

Mid-Cap Value $5,468,472.00 12.16%

JHancock Disciplined Value Mid Cap I - JVMIX $603,635.00 1.34%

MFS Mid Cap Value R4 - MVCJX $4,864,837.00 10.82%

Mid-Cap Growth $5,346,366.00 11.89%

Ivy Mid Cap Growth I - IYMIX $4,659,869.00 10.37%

Wells Fargo Advantage Discovery Instl - WFDSX $686,497.00 1.53%

Aggressive Allocation $2,646,962.00 5.89%

Ivy Balanced I - IYBIX $2,646,962.00 5.89%

Foreign Large Blend $4,286,946.00 9.54%

Ivy International Core Equity I - ICEIX $923,987.00 2.06%

MFS International Diversification R4 - MDITX $3,362,959.00 7.48%

Intermediate-Term Bond $8,728,333.00 19.42%

JHancock Bond I - JHBIX $4,329,236.00 9.63%

Wells Fargo Advantage Core Bond R4 - MBFRX $4,399,097.00 9.79%

High Yield Bond $2,748,938.00 6.11%

Ivy High Income I - IVHIX $2,748,938.00 6.11%

Target Date 2026-2030 $261,312.00 0.58%

Wells Fargo Advantage DJ Target 2030 R6 - WFOOX $261,312.00 0.58%

Target Date 2036-2040 $3,964,765.00 8.82%

Wells Fargo Advantage DJ Target 2040 R6 - WFOSX $3,964,765.00 8.82%

Acme Sample Report




Asset Allocation by Fund

Target Date 2046-2050 $2,086,081.00 4.64%

Wells Fargo Advantage DJ Target 2050 R6 - WFQFX $2,086,081.00 4.64%

TOTAL $44,955,063.00 100.00%

11.

Acme Sample Report




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

Plan Investment Performance

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

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

Exp. Ratio

Plan Composite Return 6.29 14.86 17.38 12.74 10.98 0.82 0.76 1.06

Benchmark Composite Return 5.61 13.99 16.28 11.81 9.59 n/a n/a n/a

Benchmark Allocation Return (60/30/10) 3.32 11.31 11.11 10.63 7.65 n/a n/a n/a

S&P 500 Index 5.24 19.79 19.34 16.27 10.02 n/a n/a n/a

Benchmark Composite Return CompositionBarclays US Agg Bond TR USD 19.42%

Russell Mid Cap Value TR USD 12.16%

Russell 1000 Value TR USD 12.13%

Russell Mid Cap Growth TR USD 11.89%

MSCI ACWI Ex USA NR USD 9.54%

Morningstar Lifetime Moderate 2040 8.82%

Russell 1000 Growth TR USD 8.82%

BofAML US HY Master II TR USD 6.11%

Morningstar Aggressive Target Risk 5.89%



12.

Acme Sample Report




Plan Model Portfolio

Model Name Assets Participants # FundsComposite Model Fund Performance

1 Year 3 Year 5 Year Net Exp

Conservative Growth $44,955,063 2,450 15 17.14% 12.59% 11.27% 0.83%

Moderate Growth $44,955,063 2,450 16 19.37% 13.36% 11.07% 0.64%

Aggressive Growth $44,955,063 2,450 15 22.30% 15.94% 12.15% 0.89%

Model Composite Performance

Model portfolio performance, including 1, 3 and 5 year performance, is calculated by multiplying the performance of each of the underlying funds for the associated timeframe by its percentage weighting in the model.The sum of this product equals the performance of the total model for any given time period. An appropriate benchmark index is selected by the advisor for each model created, and its performance is utilized asthe benchmark. Please refer to the Performance Summary section of this repot for more detailed fund performance information.

Acme Sample Report





Model: Conservative Growth Participants: 2,450Benchmark: Barclays Long US Corp TR USD Assets: $44,955,063Description:


Fund Name Category %Change

From Last

JHancock Disciplined Value I (JVLIX) Large Value 5% 0%MFS Value R4 (MEIJX) Large Value 5% 0%JHancock US Global Leaders Growth I (USLIX) Large Growth 5% 0%Wells Fargo Advantage Prem Lg Co Gr R4 (EKJRX) Large Growth 10% 0%JHancock Disciplined Value Mid Cap I (JVMIX) Mid-Cap Value 15% 0%Ivy Mid Cap Growth I (IYMIX) Mid-Cap Growth 5% 0%Ivy Balanced I (IYBIX) Aggressive Allocation 5% 0%Ivy International Core Equity I (ICEIX) Foreign Large Blend 10% 0%MFS International Diversification R4 (MDITX) Foreign Large Blend 10% 0%JHancock Bond I (JHBIX) Intermediate-Term Bond 10% 0%Wells Fargo Advantage Core Bond R4 (MBFRX) Intermediate-Term Bond 10% 0%Ivy High Income I (IVHIX) High Yield Bond 10% 0%

** Model Composition

Cash 3.33%

U.S. Stocks 45.31%

Non U.S. Stocks 21.16%

Bonds 23.26%

Non U.S. Bonds 6.15%

Other 0.50%

Total 100%

Acme Sample Report





Model: Moderate Growth Participants: 2,450Benchmark: Barclays US Government Long TR USD Assets: $44,955,063Description:



From Last

MFS Value R4 (MEIJX) Large Value 5% 0%MFS Growth R4 (MFEJX) Large Growth 5% 0%Wells Fargo Advantage Prem Lg Co Gr R4 (EKJRX) Large Growth 5% 0%JHancock Disciplined Value Mid Cap I (JVMIX) Mid-Cap Value 5% 0%MFS Mid Cap Value R4 (MVCJX) Mid-Cap Value 5% 0%Ivy Mid Cap Growth I (IYMIX) Mid-Cap Growth 10% 0%Wells Fargo Advantage Discovery Instl (WFDSX) Mid-Cap Growth 5% 0%MFS International Diversification R4 (MDITX) Foreign Large Blend 5% 0%Wells Fargo Advantage Core Bond R4 (MBFRX) Intermediate-Term Bond 5% 0%Ivy High Income I (IVHIX) High Yield Bond 5% 0%Wells Fargo Advantage DJ Target 2030 R6 (WFOOX) Target Date 2026-2030 15% 0%Wells Fargo Advantage DJ Target 2040 R6 (WFOSX) Target Date 2036-2040 15% 0%Wells Fargo Advantage DJ Target 2050 R6 (WFQFX) Target Date 2046-2050 15% 0%


Cash 2.59%

U.S. Stocks 60.43%


Bonds 11.88%


Other 1.97%

Total 100%

Acme Sample Report





Model: Aggressive Growth Participants: 2,450Benchmark: Barclays US Govt/Credit Long TR USD Assets: $44,955,063Description:



From Last

JHancock Disciplined Value I (JVLIX) Large Value 10% 0%MFS Value R4 (MEIJX) Large Value 10% 0%JHancock US Global Leaders Growth I (USLIX) Large Growth 15% 0%MFS Growth R4 (MFEJX) Large Growth 10% 0%Wells Fargo Advantage Prem Lg Co Gr R4 (EKJRX) Large Growth 5% 0%JHancock Disciplined Value Mid Cap I (JVMIX) Mid-Cap Value 10% 0%MFS Mid Cap Value R4 (MVCJX) Mid-Cap Value 15% 0%Ivy Mid Cap Growth I (IYMIX) Mid-Cap Growth 5% 0%Ivy International Core Equity I (ICEIX) Foreign Large Blend 5% 0%MFS International Diversification R4 (MDITX) Foreign Large Blend 5% 0%JHancock Bond I (JHBIX) Intermediate-Term Bond 5% 0%Ivy High Income I (IVHIX) High Yield Bond 5% 0%


Cash 2.75%

U.S. Stocks 72.28%


Bonds 6.92%


Other 0.31%

Total 100%

13.

Acme Sample Report




Fund Criteria Report


Large Value

Fund Name StyleConsistency

5 yr R-Sqrd >80%

1 yr Return vs.peers



5 yr Up >Down ratio

5 yr Info. ratio> 0

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

Expense Ratio Criteria Score

JHancock Disciplined Value I - JVLIX (MF) 13.23 97.88 24.53 17.71 10.94 102.00/94.43 0.72 0.62 0.96 1.05 16.75 0.87 12 of 12

MFS Value R4 - MEIJX** (MF) 6.70 97.86 23.85 16.14 9.31 94.67/91.20 0.14 -0.05 0.92 0.99 11.75 0.71 11 of 12

Peer Group Metric - MF - - 21.18 14.82 8.82 - - - - - 8.10 1.18 -

Russell 1000 Value TR USD - 100.00 22.30 16.25 8.86 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Large Growth


5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



JHancock US Global Leaders Growth I -USLIX** (MF) 9.72 94.83 16.90 17.68 11.90 94.47

/92.29 -0.04 0.21 0.98 0.95 18.08 0.96 10 of 12

MFS Growth R4 - MFEJX** (MF) 5.75 97.42 23.16 17.64 12.56 101.22/99.63 0.17 0.26 0.98 1.01 11.50 0.87 12 of 12

Wells Fargo Advantage Prem Lg Co Gr R4 -EKJRX** (MF) 20.89 94.34 20.65 17.35 13.13 103.61

/100.68 0.24 0.10 1.00 1.14 3.42 0.81 11 of 12


Russell 1000 Growth TR USD - 100.00 19.27 16.94 12.07 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Mid-Cap Value


5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



JHancock Disciplined Value Mid Cap I - JVMIX(MF) 20.98 96.74 30.79 19.65 15.22 99.13

/87.11 0.79 0.83 0.91 1.05 12.83 0.93 12 of 12

MFS Mid Cap Value R4 - MVCJX** (MF) 17.93 97.95 30.61 18.32 13.75 97.00/89.24 0.54 0.49 0.92 0.98 4.92 1.00 11 of 12


Russell Mid Cap Value TR USD - 100.00 27.77 17.27 11.86 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Mid-Cap Growth


5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



Ivy Mid Cap Growth I - IYMIX** (MF) 12.90 95.95 25.28 16.39 15.42 98.99/92.81 0.35 -0.37 0.94 0.97 12.67 1.02 10 of 12

Wells Fargo Advantage Discovery Instl -WFDSX** (MF) 15.76 94.06 32.36 21.71 15.68 106.42

/103.02 0.33 0.85 1.00 1.06 12.25 0.87 12 of 12


Russell Mid Cap Growth TR USD - 100.00 27.54 17.65 13.92 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Acme Sample Report






Aggressive Allocation


5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



Ivy Balanced I - IYBIX** (MF) 10.34 91.12 15.66 13.40 10.07 72.49/59.15 0.08 0.11 0.61 0.67 10.42 0.92 10 of 12


Morningstar Aggressive Target Risk - 100.00 18.78 12.81 9.42 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Foreign Large Blend


5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



Ivy International Core Equity I - ICEIX** (MF) 6.95 97.70 22.34 7.56 9.03 102.67/93.77 0.81 0.46 0.97 0.96 7.67 1.05 12 of 12

MFS International Diversification R4 -MDITX** (MF) 6.76 98.13 18.47 9.68 8.61 96.13

/87.52 0.69 1.12 0.92 0.88 9.08 1.01 11 of 12


MSCI ACWI Ex USA NR USD - 100.00 16.48 5.95 6.26 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Intermediate-Term Bond


5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



JHancock Bond I - JHBIX** (MF) 13.41 22.85 1.47 5.90 9.77 144.46/76.25 0.83 1.02 0.77 0.76 11.00 0.60 11 of 12

Wells Fargo Advantage Core Bond R4 -MBFRX** (MF) 17.66 91.43 -1.50 3.61 6.58 111.92

/92.94 1.03 1.38 1.02 1.02 10.75 0.52 11 of 12

Peer Group Metric - MF - - -1.15 3.34 6.41 - - - - - 8.62 0.91 -

Barclays US Agg Bond TR USD - 100.00 -1.68 2.86 5.41 100.00/100.00 0.00 0.00 1.00 1.00 - - -

High Yield Bond


5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



Ivy High Income I - IVHIX** (MF) 24.19 94.53 10.66 11.68 13.94 84.36/61.08 0.14 1.38 0.73 0.75 7.67 0.70 10 of 12


BofAML US HY Master II TR USD - 100.00 7.14 8.87 13.35 100.00/100.00 0.00 0.00 1.00 1.00 - - -

Acme Sample Report







Fund Name 5-year Sharperatio

5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



Wells Fargo Advantage DJ Target 2030 R6 -WFOOX** (MF) 0.59 99.12 12.91 9.57 8.33 88.46

/87.82 -0.39 -1.08 0.90 0.85 6.83 0.36 8 of 12

Peer Group Metric - MF 0.54 - 13.46 9.96 7.80 - - - - - 5.24 1.07 -

Morningstar Lifetime Moderate 2030 0.59 100.00 14.62 11.74 9.21 100.00/100.00 0.00 0.00 1.00 1.00 - - -



5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



Wells Fargo Advantage DJ Target 2040 R6 -WFOSX** (MF) 0.57 99.26 17.57 11.42 9.29 98.23

/98.69 -0.17 -0.74 1.00 0.96 6.83 0.37 9 of 12





5 yr R-Sqrd >80%




5 yr Up >Down ratio

5 yr Info. ratio> 0



Wells Fargo Advantage DJ Target 2050 R6 -WFQFX (MF) 0.58 99.17 18.78 11.87 9.66 99.22

/98.46 0.06 -0.23 0.99 0.97 6.33 0.37 11 of 12



14.

Guide to 12‐Point Investment Review Scorecard (Equity)

For Investment Professional and Plan Sponsor Use Only. Not For Public Distribution. Past Performance Is No Guarantee of Future Results. LPL Financial Member FINRA/SIPC

Fund profile information, including manager tenure and expense ratio

Total score is theequally weightedsum of all 12 individual factors

Performance and rank relative to the fund’s peer group

Excess return shows the fund’s outperformance/underperformance relative to its benchmark

Sector weights relative to the fund’s benchmark

Guide to 12‐Point Investment Review Scorecard (Fixed Income)


Fixed income style history, current style, and fund statistics





Guide to 12‐Point Investment Review Scorecard (Target Date)


Equity, fixed income, and cash exposure over time aids in understanding the fund’s glidepath

Regional equity exposure and bond exposure provides and in‐depth look into which countries and fixed income sectors the fund is investing




Guide to 12‐Point Investment Review Scorecard (ETF)




Fund profile information, including Avg. Daily Volume, Prem/Disc, and Avg. Spread

Sector weights relative to the fund’s benchmark


Methodology Overview

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

There are four areas that are scored:

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

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

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

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

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


Style‐Related Factors (16.7% of total score) • Style Consistency* < 29 When selecting an investment, you want to know that it has provided a relatively “true” exposure to the category in which it falls A style consistency score of less than 29 implies that the divergence of an investment portfolio from its stated investment style or objective as measured by the drift from the Morningstar category is minimal

• R2 ≥ 80%When selecting an investment, you want to know how correlated the investment’s returns are with its benchmark index This value of R2 implies that the investment’s return moves in the same direction as the index 80% or more of the time

Return‐Based Factors (33.3% of total score) • 1‐, 3‐, and 5‐year return > peer group median When selecting an investment, you want to know that it has demonstrated an ability to outperform relative to its peers A total return greater than the peer group median implies that the investment has outperformed more than half of other investments in its same category The investment can potentially receive 1 point for each time period: 1‐, 3‐, and 5‐years

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

Risk‐Based Factors (33.3% of total score) • 3‐ and 5‐year Information Ratio > 0 When selecting an investment, you want to know how its returns compare to the index and to the amount of risk it took to generate those returns An Information Ratio greater than 0 implies that the investment outperformed its benchmark index

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

Qualitative Factors (16.7% of total score) • Gross expense ratio <= category average When selecting an investment, you want to know how much it costs as total fees reduce the total return captured by the investorAn expense ratio less than the category average implies that the fund charges no more than the average of all others that fall into the same category

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


Methodology Overview (cont’d)

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

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

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

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

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

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

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

Glossary of Selected Statistics


15.

JHancock Disciplined Value I Investment Review

Performance Rela�ve to Peer Group Factor 8, 9, 10

Peer Group (595%): Open End Funds U.S. Large Value

Top Quar�le 2nd Quar�le 3rd Quar�le Bo�om Quar�le

Re

turn

%

5.0

10.0

15.0

20.0

25.0

1 year 3 years 5 years 10 years

30.0

JHancock Disciplined Value I Russell 1000 Value TR USD

Trailing Returns

1 year Rank % 3 years Rank % 5 years Rank % 10 years Rank %

JHancock Disciplined Value I

Russell 1000 Value TR USD

Median

Count

24.53

22.30

17.71

16.25

10.94

8.86

9.96

7.99

21.18 14.82 8.82 7.55

1,234 1,137 1,097 928

20 5 11 4

39 20 49 36

Calendar Year Returns

Re

turn

%

YTD 2012 2011 2010 2009 2008

37.5

30.0

22.5

15.0

7.5

0.0

7.5

15.0

22.5

30.022.9

19.9

0.4

13.1

26.3

33.1

20.517.5

0.4

15.519.7

36.8


YTD 2012 2011 2010 2009 2008



22.91

20.47

19.95

17.51

0.39

0.39

13.12

15.51

26.26

19.69

33.07

36.85

3Year Por�olio Sta�s�cs Factor 2, 3

Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



14.20

13.35

1.22

1.19

0.62 1.05

1.00

107.27

100.00

105.52

100.00

97.49

100.00

5Year Por�olio Sta�s�cs Factor 4, 5, 6, 7

Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



18.93

19.52

0.64

0.53

0.72 0.96

1.00

102.00

100.00

94.43

100.00

97.88

100.00

Fund Composi�on (GICS Sectors)*

0.0 5.0 10.0 15.0 20.0 25.0 30.0

Energy %

Materials %

Materials: Prec Metals/Minerals %

Industrials %

Consumer Discre�onary %

Consumer Staples %

Healthcare %

Financials %

Informa�on Technology %

Telecom Services %

U�li�es %


ReturnsBased Style Consistency

Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD


5Yr Style Consistency 13.23

Trailing Excess Returns vs. Benchmark

2.4

2.2

1.5

2.1

0.0

0.5

1.0

1.5

2.0

2.5

YTD 1 year 3 years 5 years

LPL Financial 12 Factor Scoring

Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId

Share Class Incep�on

Fund Incep�on

Morningstar Category

Manager Name

Manager Start Date

JVLIX

FOUSA00GGB

1/2/1997

1/2/1997

US OE Large Value

Mul�ple

1/2/1997

Benchmark Russell 1000 Value TR USD

Manager Tenure (Years)*

Prospectus Net Expense Ra�o*

Prospectus Gross Expense Ra�o*

Fund Company Website

16.8

0.87

0.87

www.johnhancock.com

3,229,421,395.00

6,716,093,145.00

Fund Assets*

Fund Assets, All Share Classes*

As of 9/30/2013

Source: Morningstar Direct

MFS Value R4 Investment Review


Peer Group (595%): Open End Funds U.S. Large Value


Re

turn

%

5.0

10.0

15.0

20.0

25.0


30.0

MFS Value R4 Russell 1000 Value TR USD

Trailing Returns


MFS Value R4


Median

Count

23.85 16.14 9.31 9.01

22.30 16.25 8.86 7.99

21.18 14.82 8.82 7.55

1,234 1,137 1,097 928

25 22 38 12

39 20 49 36


Re

turn

%

YTD 2012 2011 2010 2009 2008

37.5

30.0

22.5

15.0

7.5

0.0

7.5

15.0

22.5

30.022.9

16.4

0.1

11.7

20.9

32.7

20.517.5

0.4

15.519.7

36.8


YTD 2012 2011 2010 2009 2008

MFS Value R4


22.93

20.47

16.42

17.51

0.05

0.39

11.68

15.51

20.85

19.69

32.69

36.85


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

MFS Value R4


13.32

13.35 100.00

97.85

100.00

98.97

100.00

99.20

1.00

0.990.05

1.19

1.19


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

MFS Value R4


18.10

19.52 0.53

0.58

100.00

97.86

100.00

91.20

100.00

94.67

1.00

0.920.14


0.0 5.0 10.0 15.0 20.0 25.0 30.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD




2.5

1.6

0.1

0.4

1.0

0.0

1.0

2.0

3.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

MEIJX

FOUSA05BTA

4/1/2005

1/2/1996

US OE Large Value

Mul�ple

1/21/2002

Benchmark Russell 1000 Value TR USD





11.8

0.71

0.71

www.mfs.com

2,991,764,229.00

28,032,563,664.00

Fund Assets*


As of 9/30/2013


JHancock US Global Leaders Growth I Investment Review


Peer Group (595%): Open End Funds U.S. Large Growth


Re

turn

%

5.0

10.0

15.0

20.0

25.0


30.0

JHancock US Global Leaders Growth I Russell 1000 Growth TR USD

Trailing Returns



Russell 1000 Growth TR USD

Median

Count

16.90

19.27

17.68

16.94

11.90

12.07

7.14

7.82

20.20 15.27 10.43 7.54

1,749 1,633 1,555 1,333

81 12 26 62

62 22 25 42


Re

turn

%

YTD 2012 2011 2010 2009 2008

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

50.0

16.219.7

4.3

12.6

45.0

34.5

20.915.3

2.6

16.7

37.2

38.4


YTD 2012 2011 2010 2009 2008



16.17

20.87

19.72

15.26

4.29

2.64

12.64

16.71

45.01

37.21

34.45

38.44


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



12.36

12.56

1.38

1.31

0.21 0.95

1.00

94.00

100.00

78.93

100.00

92.47

100.00


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



18.05

17.89

0.71

0.72

0.04 0.98

1.00

94.47

100.00

92.29

100.00

94.83

100.00


0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD




4.7

2.4

0.7

0.2

6.0

4.0

2.0

0.0

2.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

USLIX

FOUSA02UTN

5/20/2002

9/29/1995

US OE Large Growth

Mul�ple

9/29/1995

Benchmark Russell 1000 Growth TR USD





18.1

0.96

0.96

www.johnhancock.com

294,583,354.00

1,150,160,695.00

Fund Assets*


As of 9/30/2013


MFS Growth R4 Investment Review




Re

turn

%

5.0

10.0

15.0

20.0

25.0


30.0

MFS Growth R4 Russell 1000 Growth TR USD

Trailing Returns


MFS Growth R4


Median

Count

23.16 17.64 12.56 9.62

19.27 16.94 12.07 7.82

20.20 15.27 10.43 7.54

1,749 1,633 1,555 1,333

24 13 21 12

62 22 25 42


Re

turn

%

YTD 2012 2011 2010 2009 2008

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

23.317.4

0.4

16.0

38.5

37.4

20.915.3

2.6

16.7

37.2

38.4


YTD 2012 2011 2010 2009 2008

MFS Growth R4


23.28 17.39 0.38 15.97 38.51 37.42

20.87 15.26 2.64 16.71 37.21 38.44


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

MFS Growth R4


12.91

12.56

1.32

1.31

0.26 1.01

1.00

102.38

100.00

100.08

100.00

95.60

100.00


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

MFS Growth R4


17.77

17.89

0.75

0.72

0.17 0.98

1.00

101.22

100.00

99.63

100.00

97.42

100.00


0.0 5.0 10.0 15.0 20.0 25.0 30.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD




2.4

3.9

0.70.5

0.0

1.0

2.0

3.0

4.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

MFEJX

FOUSA05BO1

4/1/2005

12/29/1986

US OE Large Growth

Eric B. Fischman

4/2/2002






11.5

0.87

0.87

www.mfs.com

624,812,163.00

8,449,105,086.00

Fund Assets*


As of 9/30/2013


Wells Fargo Advantage Prem Lg Co Gr R4 Investment Review




Re

turn

%

5.0

10.0

15.0

20.0

25.0


30.0

Wells Fargo Advantage Prem Lg Co Gr R4 Russell 1000 Growth TR USD

Trailing Returns




Median

Count

19.27 16.94 12.07 7.82

20.65 17.35 13.13 8.87

20.20 15.27 10.43 7.54

1,749 1,633 1,555 1,333

44 16 17 20

62 22 25 42


Re

turn

%

YTD 2012 2011 2010 2009 2008

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

22.8

15.6

2.0

14.0

38.8

29.4

20.915.3

2.6

16.7

37.2

38.4


YTD 2012 2011 2010 2009 2008


Russell 1000 Growth TR USD 20.87 15.26 2.64 16.71 37.21 38.44

22.84 15.59 1.96 14.04 38.76 29.37


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared


Russell 1000 Growth TR USD 12.56 1.31

0.10 1.14

1.00

108.44

100.00

117.41

100.00

93.26

100.00

14.78 1.16


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared


Russell 1000 Growth TR USD 17.89

18.49 0.76

0.72

0.24 1.00

1.00

103.61

100.00 100.00

100.68 94.34

100.00


0.0 5.0 10.0 15.0 20.0 25.0 30.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD




2.0

1.4

0.4

1.1

0.0

0.5

1.0

1.5

2.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

EKJRX

F00000OSPP

11/30/2012

9/11/1935

US OE Large Growth

Mul�ple

5/20/2010






3.4

0.81

0.91

www.wellsfargo.com/advantagefunds

166,120.00

4,432,782,745.00

Fund Assets*


As of 9/30/2013


JHancock Disciplined Value Mid Cap I Investment Review


Peer Group (595%): Open End Funds U.S. MidCap Value


Re

turn

%

5.0

10.0

15.0

20.0

25.0


30.0

35.0

40.0

JHancock Disciplined Value Mid Cap I Russell Mid Cap Value TR USD

Trailing Returns


JHancock Disciplined Value Mid Cap I

Russell Mid Cap Value TR USD

Median

Count

30.79 19.65 15.22 12.61

27.77 17.27 11.86 10.91

27.57 15.90 11.79 9.77

426 393 370 275

23 6 4 1

49 29 48 17


Re

turn

%

YTD 2012 2011 2010 2009 2008

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

50.0

25.318.6

0.6

23.2

41.0

32.3

22.918.5

1.4

24.8

34.2

38.4


YTD 2012 2011 2010 2009 2008



25.26 18.57 0.62 23.24 40.99 32.29

22.94 18.51 1.38 24.75 34.21 38.44


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



15.26 1.25 0.83 1.05 107.05 99.31 96.69

14.29 1.19 1.00 100.00 100.00 100.00


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



20.80 0.78 0.79 0.91 99.13 87.11 96.74

22.43 0.61 1.00 100.00 100.00 100.00


0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD




2.3

3.0

2.4

3.4

0.0

1.0

2.0

3.0

4.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

JVMIX

FOUSA00HVB

6/3/1997

6/2/1997

US OE MidCap Value

Mul�ple

12/31/2000

Benchmark Russell Mid Cap Value TR USD





12.8

0.93

0.93

www.johnhancock.com

2,589,655,080.00

5,097,346,283.00

Fund Assets*


As of 9/30/2013


MFS Mid Cap Value R4 Investment Review


Peer Group (595%): Open End Funds U.S. MidCap Value


Re

turn

%

5.0

10.0

15.0

20.0

25.0


30.0

35.0

40.0

MFS Mid Cap Value R4 Russell Mid Cap Value TR USD

Trailing Returns


MFS Mid Cap Value R4


Median

Count

27.77 17.27 11.86 10.91

30.61 18.32 13.75 10.00

27.57 15.90 11.79 9.77

426 393 370 275

25 15 12 45

49 29 48 17


Re

turn

%

YTD 2012 2011 2010 2009 2008

50.0

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

50.0

25.318.8

1.8

27.3

40.2

41.7

22.918.5

1.4

24.8

34.2

38.4


YTD 2012 2011 2010 2009 2008


Russell Mid Cap Value TR USD 22.94 18.51 1.38 24.75 34.21 38.44

25.30 18.84 1.76 27.30 40.16 41.72


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared


Russell Mid Cap Value TR USD 14.29 1.19

14.17 1.26 0.49 0.98

1.00

99.76

100.00

92.06

100.00

97.74

100.00


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared


Russell Mid Cap Value TR USD 22.43 0.61

20.82 0.72 0.54 0.92

1.00

97.00

100.00

89.24

100.00

97.95

100.00


0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD




2.4

2.8

1.1

1.9

0.0

1.0

2.0

3.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

MVCJX

FOUSA05BSM

4/1/2005

8/31/2001

US OE MidCap Value

Mul�ple

11/20/2008

Benchmark Russell Mid Cap Value TR USD





4.9

1.00

1.04

www.mfs.com

21,675,240.00

1,551,491,056.00

Fund Assets*


As of 9/30/2013


Ivy Mid Cap Growth I Investment Review


Peer Group (595%): Open End Funds U.S. MidCap Growth


Re

turn

%

5.0

10.0

15.0

20.0

25.0


30.0

35.0

Ivy Mid Cap Growth I Russell Mid Cap Growth TR USD

Trailing Returns



Russell Mid Cap Growth TR USD

Median

Count

25.28

27.54

16.39

17.65

15.42

13.92

11.52

10.16

25.96 15.90 11.87 9.76

724 708 677 592

56 42 7 13

34 21 20 43


Re

turn

%

YTD 2012 2011 2010 2009 2008

50.0

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

50.0

21.5

0.3

13.5

30.4

49.0

37.8

25.4

15.8

1.7

26.4

46.3

44.3


YTD 2012 2011 2010 2009 2008



21.49

25.42

13.45

15.81

0.31

1.65

30.38

26.38

49.01

46.29

37.80

44.32


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared


Russell Mid Cap Growth TR USD 15.15

15.09 1.08

1.15

0.37 0.97

1.00

95.33

100.00

98.06

100.00

94.80

100.00


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



20.32

21.26

0.80

0.72

0.35 0.94

1.00

98.99

100.00

92.81

100.00

95.95

100.00


0.0 5.0 10.0 15.0 20.0 25.0 30.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD




3.9

2.3

1.3

1.5

4.0

2.0

0.0

2.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

IYMIX

FOUSA06BJM

4/2/2007

6/30/2000

US OE MidCap Growth

Kimberly A. Sco�

2/9/2001

Benchmark Russell Mid Cap Growth TR USD





12.7

1.02

1.02

www.ivyfunds.com

1,750,602,025.00

4,098,428,196.00

Fund Assets*


As of 9/30/2013


Wells Fargo Advantage Discovery Instl Investment Review


Peer Group (595%): Open End Funds U.S. MidCap Growth


Re

turn

%

5.0

10.0

15.0

20.0

25.0


30.0

35.0

Wells Fargo Advantage Discovery Instl Russell Mid Cap Growth TR USD

Trailing Returns




Median

Count

32.36 21.71 15.68 12.25

27.54 17.65 13.92 10.16

25.96 15.90 11.87 9.76

724 708 677 592

5 3 6 4

34 21 20 43


Re

turn

%

YTD 2012 2011 2010 2009 2008

50.0

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

50.0

32.3

16.3

1.1

35.538.9

43.4

25.4

15.8

1.7

26.4

46.3

44.3


YTD 2012 2011 2010 2009 2008



32.34 16.28 1.12 35.45 38.88 43.35

25.42 15.81 1.65 26.38 46.29 44.32


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



16.78

15.15

1.26

1.15

0.85 1.06

1.00

113.40

100.00

103.28

100.00

92.23

100.00


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



21.89

21.26

0.77

0.72

0.33 1.00

1.00

106.42

100.00

103.02

100.00

94.06

100.00


0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Russell Top

200 Value

TR USD

Russell Top

200 Growth

TR USD

Russell Mid

Cap Value

TR USD

Russell Mid

Cap Growth

TR USD

Russell 2000

Value TR

USD

Russell 2000

Growth TR

USD




6.9

4.8

4.1

1.8

0.0

2.0

4.0

6.0

8.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

WFDSX

FOUSA05JBS

8/31/2006

12/31/1987

US OE MidCap Growth

Mul�ple

7/1/2001

Benchmark Russell Mid Cap Growth TR USD





12.3

0.87

0.87


990,316,556.00

2,561,182,538.00

Fund Assets*


As of 9/30/2013


Ivy Balanced I Investment Review


Peer Group (595%): Open End Funds U.S. Aggressive Alloca�on


Re

turn

%

4.0

6.0

8.0

10.0

12.0


14.0

16.0

18.0

20.0

Ivy Balanced I Morningstar Aggressive Target Risk

Trailing Returns


Ivy Balanced I

Morningstar Aggressive Target Risk

Median

Count

15.66 13.40 10.07 8.40

18.78 12.81 9.42 8.95

15.59 10.73 8.10 6.83

435 358 329 198

49 5 2 4

12 9 13 1


Re

turn

%

YTD 2012 2011 2010 2009 2008

37.5

30.0

22.5

15.0

7.5

0.0

7.5

15.0

22.5

30.0

37.5

15.711.8

3.0

16.6 15.5

19.1

16.1 16.1

3.6

16.8

32.0

37.1


YTD 2012 2011 2010 2009 2008

Ivy Balanced I


15.72

16.07

11.78

16.07

2.97

3.60

16.55

16.75

15.51

32.00

19.14

37.14


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

Ivy Balanced I


9.53

13.54 100.00

91.63

100.00

57.32

100.00

79.99

1.00

0.670.11

0.96

1.36


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

Ivy Balanced I


12.17

18.91

72.49

1.00

0.610.08

0.57

0.84

100.00

91.12

100.00

59.15

100.00


0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

Morningstar

Large Value

TR USD

Morningstar

Large

Growth TR

USD

Morningstar

Small Value

TR USD

Morningstar

Small

Growth TR

USD




0.3

3.1

0.6 0.6

4.0

3.0

2.0

1.0

0.0

1.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

IYBIX

FOUSA06BJ9

4/2/2007

11/16/1987

US OE Aggressive Alloca�on

Cynthia P. PrinceFox

5/1/2003

Benchmark Morningstar Aggressive Target Risk





10.4

0.92

0.92

www.ivyfunds.com

139,653,137.00

1,343,416,498.00

Fund Assets*


As of 9/30/2013


Ivy Interna�onal Core Equity I Investment Review


Peer Group (595%): Open End Funds U.S. Foreign Large Blend


Re

turn

%

0.0

5.0

10.0

15.0

20.0


25.0

30.0

Ivy Interna�onal Core Equity I MSCI ACWI Ex USA NR USD

Trailing Returns


Ivy Interna�onal Core Equity I

MSCI ACWI Ex USA NR USD

Median

Count

22.34

16.48

7.56

5.95

9.03

6.26

10.80

8.77

19.98 7.32 5.80 7.48

821 769 715 489

30 45 8 4

80 78 37 21


Re

turn

%

YTD 2012 2011 2010 2009 2008

50.0

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

50.0

16.0 14.0

13.7

13.9

45.0

41.2

10.016.8

13.7

11.2

41.4

45.5


YTD 2012 2011 2010 2009 2008



16.02

10.04

13.99

16.83

13.66

13.71

13.92

11.15

45.03

41.45

41.24

45.53


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



16.87

17.18 0.42

0.51

100.00

95.87

100.00

93.45

100.00

100.56

1.00

0.960.46


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



22.16

22.61 0.38

0.50

100.00

97.70

100.00

93.77

100.00

102.67

1.00

0.970.81


0.0 5.0 10.0 15.0 20.0 25.0 30.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

MSCI AC

Americas PR

USD

MSCI AC

Europe PR

USD

MSCI AC Far

East Ex

Japan PR

USD

MSCI Japan

PR USD




6.0 5.9

1.6

2.8

0.0

2.0

4.0

6.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

ICEIX

FOUSA06BJJ

4/2/2007

5/13/1997

US OE Foreign Large Blend

John C. Maxwell

2/17/2006

Benchmark MSCI ACWI Ex USA NR USD





7.7

1.05

1.05

www.ivyfunds.com

675,895,551.00

1,787,493,034.00

Fund Assets*


As of 9/30/2013


MFS Interna�onal Diversifica�on R4 Investment Review


Peer Group (595%): Open End Funds U.S. Foreign Large Blend


Re

turn

%

0.0

5.0

10.0

15.0

20.0


25.0

30.0

MFS Interna�onal Diversifica�on R4 MSCI ACWI Ex USA NR USD

Trailing Returns


MFS Interna�onal Diversifica�on R4


Median

Count

18.47

16.48

9.68

5.95

8.61

6.26 8.77

19.98 7.32 5.80 7.48

821 769 715 489

63 9 10

80 78 37 21


Re

turn

%

YTD 2012 2011 2010 2009 2008

50.0

40.0

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

50.0

13.018.4

9.1

13.5

34.5

40.0

10.016.8

13.7

11.2

41.4

45.5


YTD 2012 2011 2010 2009 2008



12.99

10.04

18.37

16.83

9.13

13.71

13.53

11.15

34.52

41.45

40.05

45.53


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



15.29

17.18 100.00

97.12

100.00

77.05

100.00

94.97

1.00

0.881.12

0.42

0.68


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



20.99

22.61

0.69

0.38

0.49 0.92

1.00

96.13

100.00

87.52

100.00

98.13

100.00


0.0 5.0 10.0 15.0 20.0 25.0 30.0

Energy %

Materials %


Industrials %


Consumer Staples %

Healthcare %

Financials %


Telecom Services %

U�li�es %



Time Period: 10/1/2008 to 9/30/2013

MSCI AC

Americas PR

USD

MSCI AC

Europe PR

USD

MSCI AC Far

East Ex

Japan PR

USD

MSCI Japan

PR USD




2.9

2.0

3.7

2.3

0.0

1.0

2.0

3.0

4.0



Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

MDITX

FOUSA05BOZ

4/1/2005

9/30/2004

US OE Foreign Large Blend

Thomas Melendez

9/30/2004

Benchmark MSCI ACWI Ex USA NR USD





9.1

1.01

1.01

www.mfs.com

224,833,141.00

3,760,445,165.00

Fund Assets*


As of 9/30/2013


JHancock Bond I Investment Review


Peer Group (595%): Open End Funds U.S. IntermediateTerm Bond


Re

turn

%

4.0

2.0

0.0

2.0

4.0


6.0

8.0

10.0

JHancock Bond I Barclays US Agg Bond TR USD

Trailing Returns


JHancock Bond I

Barclays US Agg Bond TR USD

Median

Count

1.47

1.68

5.90

2.86

9.77

5.41

6.25

4.59

1.15 3.34 6.41 4.48

1,223 1,132 1,054 945

6 3 4 4

68 68 74 45


Re

turn

%

YTD 2012 2011 2010 2009 2008

15.0

10.0

5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

0.3

11.9

29.2

11.6

13.2

5.4

1.9

4.27.8 6.5 5.9 5.2

JHancock Bond I Barclays US Agg Bond TR USD

YTD 2012 2011 2010 2009 2008

JHancock Bond I


0.34

1.89

11.85

4.21

5.42

7.84

13.23

6.54

29.15

5.93

11.61

5.24


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

JHancock Bond I


3.61

2.82

1.59

0.99

1.02 0.76

1.00

138.92

100.00

64.33

100.00

34.88

100.00


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

JHancock Bond I


5.90

3.66

1.59

1.42

0.83 0.77

1.00

144.46

100.00

76.25

100.00

22.85

100.00

Fixed Income Style History

JHancock

Bond I

201308

201307

201306

201305

201304

201303

201302

201301

201212

201211

201210 Î

Î

Î

Î

Î

Î

Î

Î

Î

Î

Î

FixedIncome Style

Por�olio Date: 8/31/2013

Morningstar Fixed Income Style Box™

Hig

hM

ed

Low

Ltd Mod Ext

FixedIncome Sta�s�cs

SEC Yield Date

SEC Yield

Average Eff Dura�on

Average Eff Maturity

Average Coupon

Average Price

8/30/2013

4.03

4.80

8.09

5.38

98.25


Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

JHBIX

FOUSA02TNQ

9/4/2001

11/9/1973

US OE IntermediateTerm Bond

Mul�ple

10/1/2002

Benchmark Barclays US Agg Bond TR USD





11.0

0.60

0.65

www.johnhancock.com

Fund Assets*


217,493,143.00

1,795,664,093.00



1.6

3.2 3.0

4.4

0.0

2.0

4.0

6.0


As of 9/30/2013


Wells Fargo Advantage Core Bond R4 Investment Review


Peer Group (595%): Open End Funds U.S. IntermediateTerm Bond


Re

turn

%

4.0

2.0

0.0

2.0

4.0


6.0

8.0

10.0

Wells Fargo Advantage Core Bond R4 Barclays US Agg Bond TR USD

Trailing Returns


Wells Fargo Advantage Core Bond R4


Median

Count

1.50

1.68

3.61

2.86

6.58

5.41

5.03

4.59

1.15 3.34 6.41 4.48

1,223 1,132 1,054 945

62 40 45 28

68 68 74 45


Re

turn

%

YTD 2012 2011 2010 2009 2008

4.0

2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2.0

6.2

8.37.2

11.2

2.9

1.9

4.2

7.86.5

5.95.2

Wells Fargo Advantage Core Bond R4 Barclays US Agg Bond TR USD

YTD 2012 2011 2010 2009 2008



2.01

1.89

6.22

4.21

8.30

7.84

7.18

6.54

11.18

5.93

2.86

5.24


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



2.93

2.82 100.00

98.77

100.00

113.281.38

100.00

96.59

1.00

1.02

0.99

1.20


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



3.89

3.66 100.00

111.921.03 92.94

100.001.00

1.02

1.42

1.63 91.43

100.00


Wells

Fargo

Advantage

Core

Bond

R4

201308

201307

201306

201305

201304

201303

201302

201301

201212

201211

201210 ÈÈÈËËËÈÈÈÈÈ

FixedIncome Style



Hig

hM

ed

Low

Ltd Mod Ext


SEC Yield Date

SEC Yield



Average Coupon

Average Price

9/30/2013

2.01

4.61

6.88

3.19

100.96


Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

MBFRX

F00000OSPJ

11/30/2012

6/30/1997

US OE IntermediateTerm Bond

Mul�ple

1/1/2003

Benchmark Barclays US Agg Bond TR USD





10.8

0.52

0.62


Fund Assets*


9,786.00

2,617,350,857.00



0.1

0.2

0.8

1.2

0.5

0.0

0.5

1.0

1.5


As of 9/30/2013


Ivy High Income I Investment Review


Peer Group (595%): Open End Funds U.S. High Yield Bond


Re

turn

%

2.0

4.0

6.0

8.0

10.0


12.0

14.0

Ivy High Income I BofAML US HY Master II TR USD

Trailing Returns


Ivy High Income I

BofAML US HY Master II TR USD

Median

Count

10.66

7.14

11.68

8.87

13.94

13.35

8.83

8.71

6.48 8.13 11.10 7.50

646 585 550 481

5 1 2 4

35 25 4 5


Re

turn

%

YTD 2012 2011 2010 2009 2008

30.0

20.0

10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

6.9

17.2

6.4

15.6

46.6

19.7

3.8

15.6

4.4

15.2

57.5

26.4

Ivy High Income I BofAML US HY Master II TR USD

YTD 2012 2011 2010 2009 2008

Ivy High Income I


6.86

3.79

17.16

15.59

6.44

4.38

15.62

15.19

46.56

57.51

19.73

26.39


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

Ivy High Income I


5.10

6.62

2.19

1.31

1.38 0.75

1.00

97.16

100.00

48.95

100.00

94.67

100.00


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared

Ivy High Income I


10.00

13.24

1.35

1.01

0.14 0.73

1.00

84.36

100.00

61.08

100.00

94.53

100.00


Ivy

High

Income I

201306

201303

201212 Î

Î

Î

FixedIncome Style



Hig

hM

ed

Low

Ltd Mod Ext


SEC Yield Date

SEC Yield



Average Coupon

Average Price

9/30/2013

6.51

4.10

5.24

8.25

104.43


Style

Consistency

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0

5Year

Beta

5Year

Up >

Down

Ra�o

5Year

Rsqd. >

80%

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

IVHIX

FOUSA06BJH

4/2/2007

7/31/1997

US OE High Yield Bond

Bryan C. Krug

2/17/2006

Benchmark BofAML US HY Master II TR USD





7.7

0.70

0.70

www.ivyfunds.com

Fund Assets*


3,017,646,701.00

9,035,674,141.00



3.1

3.5

2.8

0.6

0.0

1.0

2.0

3.0

4.0


As of 9/30/2013


Wells Fargo Advantage DJ Target 2030 R6 Investment Review


Peer Group (595%): Open End Funds U.S. Target Date 20262030


Re

turn

%

2.0

4.0

6.0

8.0

10.0


12.0

14.0

16.0

18.0

Wells Fargo Advantage DJ Target 2030 R6 Morningstar Life�me Moderate 2030

Trailing Returns



Morningstar Life�me Moderate 2030

Median

Count

13.46 9.96 7.80 6.04

223 199 178 45

12.91

14.62

9.57

11.74

8.33

9.21

6.80

9.12

53 57 31 10

38 11 10 1


Re

turn

%

YTD 2012 2011 2010 2009 2008

37.5

30.0

22.5

15.0

7.5

0.0

7.5

15.0

22.5

30.0

10.8 12.3

1.4

15.0

28.0

31.4

12.8 14.7

1.2

16.0

29.6

33.7


YTD 2012 2011 2010 2009 2008



10.81

12.81

12.26

14.68 1.23

15.00

16.04

27.99

29.62

31.38

33.70

1.37


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



Median

9.97

11.61

0.96

1.01

1.08 0.85

1.00

82.70

100.00

83.62

100.00

98.84

100.00

11.22 0.92 0.84 0.96 93.30 95.84 98.30

5Year Por�olio Sta�s�cs Factor 1, 4, 5, 6, 7

Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



Median

15.55

17.18

0.59

0.59

0.39 0.90

1.00

88.46

100.00

87.82

100.00

99.12

100.00

16.26 0.54 0.51 0.94 94.53 95.22 99.06

Equity Regional Exposure

Time Period: 12/1/2008 to 8/31/2013

0.0

20.0

40.0

60.0

80.0

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013

North America % La�n America % United Kingdom %

Europe dev % Europe emrg % Africa/Middle East %

Australasia % Japan % Asia dev %

Asia emrg %

Bond Exposure

Time Period: 12/1/2008 to 8/31/2013

0.0

20.0

40.0

60.0

80.0

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013

Assetbacked % Cash % Conver�ble %

NonUS Corp % NonUS Govt % Mortgage ARM %

Mortgage CMO % Mtg Passthru % Municipal %

US Agency % US Corporate % US Infl Prot %

US TIPS % US Treasury %

RiskReward

Time Period: 10/1/2008 to 9/30/2013

Re

turn

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0


Asset Alloca�on

Time Period: 12/1/2008 to 8/31/2013

0.0

12.5

25.0

37.5

50.0

62.5

75.0

87.5

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013

Stock Bond Cash

Other


Sharpe

Ra�o

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0**

5Year

Beta**

5Year

Up >

Down

Ra�o**

5Year

Rsqd. >

80%**

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers**

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Score

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

Benchmark

WFOOX

FOUSA0585S

6/30/2004

3/1/1994

US OE Target Date 20262030

Mul�ple

12/31/2006






6.8

0.36

0.59


Fund Assets*


944,608,606.00

2,619,868,177.00

As of 9/30/2013






Re

turn

%

4.0

6.0

8.0

10.0

12.0


14.0

16.0

18.0

20.0


Trailing Returns




Median

Count

17.38

17.57 11.42

12.42

9.29

9.55

7.53

9.39

16.27 11.05 8.11 6.30

220 196 171 45

34 39 13 7

39 14 11 1


Re

turn

%

YTD 2012 2011 2010 2009 2008

37.5

30.0

22.5

15.0

7.5

0.0

7.5

15.0

22.5

30.0

37.5

14.6 14.7

3.7

17.0

33.0

36.1

15.0 15.7

2.8

16.7

31.8

35.9


YTD 2012 2011 2010 2009 2008



14.64

15.02

14.70

15.71

3.75

2.85

16.97

16.71

33.03

31.81

36.06

35.94


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



Median

12.44

12.95

0.74

0.97

0.93 99.03

100.00

93.55

100.00

92.80

1.00

0.96

100.00

12.66 0.90 0.72 0.97 94.65 97.85 98.59


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



Median

18.52

18.53 100.00

99.26

100.00

98.69

100.00

98.23

1.00

1.000.17

0.58

0.57

18.24 0.51 0.56 0.98 95.72 100.27 99.15


Time Period: 12/1/2008 to 8/31/2013

0.0

20.0

40.0

60.0

80.0

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013




Asia emrg %

Bond Exposure

Time Period: 12/1/2008 to 8/31/2013

0.0

20.0

40.0

60.0

80.0

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013






RiskReward

Time Period: 10/1/2008 to 9/30/2013

Re

turn

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0


Asset Alloca�on

Time Period: 12/1/2008 to 8/31/2013

0.0

12.5

25.0

37.5

50.0

62.5

75.0

87.5

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013

Stock Bond Cash

Other


Sharpe

Ra�o

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0**

5Year

Beta**

5Year

Up >

Down

Ra�o**

5Year

Rsqd. >

80%**

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers**

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Score

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

Benchmark

WFOSX

FOUSA0585V

6/29/2004

3/1/1994


Mul�ple

12/31/2006






6.8

0.37

0.60


Fund Assets*


634,134,487.00

1,848,132,830.00

As of 9/30/2013






Re

turn

%

2.5

5.0

7.5

10.0

12.5


15.0

17.5

20.0

22.5


Trailing Returns




Median

Count

17.51 12.20 9.55 9.51

17.38 11.56 8.15 6.87

204 164 135 10

18.78 11.87 9.6627 37 9

47 26 12 1


Re

turn

%

YTD 2012 2011 2010 2009 2008

37.5

30.0

22.5

15.0

7.5

0.0

7.5

15.0

22.5

30.0

37.5

15.7 15.1

4.1

17.2

33.3

35.8

14.9 15.9

3.5

16.8

32.8

36.5


YTD 2012 2011 2010 2009 2008


Morningstar Life�me Moderate 2050 14.88 15.94 3.47 16.78 32.76 36.49

15.69 15.12 4.07 17.25 33.34 35.78


Time Period: 10/1/2010 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



Median

13.24

12.87 0.93

0.93

0.23 0.97

1.00

95.61

100.00

94.08

100.00

98.90

100.00

13.21 0.90 0.34 0.99 97.21 101.22 98.44


Time Period: 10/1/2008 to 9/30/2013

Standard

Devia�on

Sharpe

Ra�o

Informa�on

Ra�o

(arith)

Beta

Up

Capture

Ra�o

Down

Capture

Ra�o

RSquared



Median

18.86

18.75 0.58

0.57

0.06 0.99

1.00

99.22

100.00

98.46

100.00

99.17

100.00

18.77 0.51 0.45 0.99 98.16 101.08 99.00


Time Period: 12/1/2008 to 8/31/2013

0.0

20.0

40.0

60.0

80.0

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013




Asia emrg %

Bond Exposure

Time Period: 12/1/2008 to 8/31/2013

0.0

20.0

40.0

60.0

80.0

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013






RiskReward

Time Period: 10/1/2008 to 9/30/2013

Re

turn

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0


Asset Alloca�on

Time Period: 12/1/2008 to 8/31/2013

0.0

12.5

25.0

37.5

50.0

62.5

75.0

87.5

100.0

8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 2/2013 8/2013

Stock Bond Cash

Other


Sharpe

Ra�o

3Year

Info.

Ra�o

>0

3Year

Beta

5Year

Info.

Ra�o

>0**

5Year

Beta**

5Year

Up >

Down

Ra�o**

5Year

Rsqd. >

80%**

1Year

Return

vs.

Peers

3Year

Return

vs.

Peers

5Year

Return

vs.

Peers**

Mgr.

Tenure

Rela�ve

Expense

Ra�o

Score

Total

Score

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

Ticker

SecId


Fund Incep�on


Manager Name

Manager Start Date

Benchmark

WFQFX

FOUSA06J5K

6/29/2007

6/29/2007


Mul�ple

6/29/2007






6.3

0.37

0.62


Fund Assets*


629,135,390.00

1,121,247,714.00

As of 9/30/2013


16.

Acme Sample Report




Additional Disclosures

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

Acme Sample Report





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

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

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

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

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Acme Sample Reportstatic.contentres.com/media/documents/78f59c26-bc2d-4d09... · 2015-01-18 · Acme Sample Report All data as of 9/30/13 unless otherwise noted For Plan Sponsor Use