SAMPLEdesigned to improve fiduciary management FundScape ... · October 15, 2016 1.Prime and Municipal money market funds must re-establish as either retail or institutional funds

FundScape Report

PLAN SPONSOR USE ONLY

A comprehensive investment management report

designed to improve fiduciary management

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Message from John:

Most defined contribution plans offer a low risk investment option designed to maintain a constant net asset value. Stable value funds, which are short or intermediate duration bond funds wrapped by an insurance contract, are a frequent choice. So too, are money market funds. In total, the Employee Benefit Research Institute estimates that 4.1% of 401(k)i balances are held in low-risk, short-term options structured as bank collective trusts, separate accounts or Rule 2a-7 money market mutual funds.

On July 23, 2014, the United States Securities and Exchange Commission (SEC) adopted amendments to rules governing U.S. money market funds. The amendments were designed to address unexpected distress experienced by money market funds during the global financial crisis of 2008 and 2009. During this period, one fund (the Primary Reserve Fund) became only the second money market fund in history to “break the buck” when it failed to redeem investor funds at a $1.00 Net Asset Value (NAV).ii Widespread panic quickly ensued, and the Federal Reserve intervened by instituting a temporary liquidity guarantee to prevent a full-scale run on money market funds.

The SEC’s amended Rule 2a-7 introduced structural reforms that are designed to address the potential for “run risk” in a money market fund. The amendments increase transparency and give mutual fund boards additional tools to manage redemptions in the event a money market fund experiences unusually high redemptions. Mutual fund providers, DC plan sponsors and investors have until October of 2016 to adapt to the changes.

Primary changes include:Funds must be classified as either institutional or retail based on the characteristics of the underlying investors.

If institutional and retail investments are commingled into the same money market fund, the fund will be considered institutional.

Funds classified as institutional (other than government funds) will be required to have a floating net asset valueiii (NAV).

With the exception of government funds, all funds will include provisions to impose liquidity fees and redemption gatesiv in certain circumstances.

Rule 2a-7 Money Market Mutual Fund Change

Potential Impact on Plan ParticipantsThe SEC explicitly defined retail money market funds as funds in which the underlying shareholders are “natural persons.”v The definition of “natural persons” was deliberately created to include individual investors in defined contribution plans, individual retirement accounts (IRAs), educational 529 plans, health savings plans, and ordinary trusts.vi However, the definition of “natural person” does not include defined benefit plans or plan forfeiture accounts over which institutional fiduciaries retain discretion.

Since plan participants are considered retail investors, the impact of Rule 2a-7 is less impactful in comparison to institutional investors. Nonetheless, plan sponsors should still take the opportunity to re-evaluate the conservative investment option offered in their plan’s menu.

Money Market Reform & Your Retirement Plan

John Carnevale, JD, AIF ®

President & CEO

Floating NAV/Constant NAV

Liquidity Fees

Redemption Gate

FLOATING

X

X

CONSTANT

X

X

CONSTANT

OPTIONALMust be disclosed

in prospectus

Prime Institutional Funds

Prime Retail Funds

Government/ Treasury Funds

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Typically we see capital preservation and liquidity as the two most important objectives for money market funds within a DC plan, with yield as the tertiary objective. The chart below illustrates the merits and drawbacks of three conservative investment options typically offered in a defined contribution plan investment menu.

Sentinel’s Current PositionWhile every defined contribution plan is unique, we do believe that as a general rule, plan sponsor should avoid institutional prime money market funds because of the floating NAV issue. While there is potential for higher yields in institutional funds, we do believe the majority of participants investing in money market funds are more focused on stability and liquidity than on yield.

Although the risk of liquidity restrictions and gates being imposed does exist for retail prime money market funds, the probability is likely to be low. However, we do believe that there are two areas for concern regarding redemption gates and liquidity fees. The first concern is plan participants may not understand or anticipate these new restrictions, particularly those who are invested in money market funds because they are risk adverse. Additionally, if participants are in or near retirement and have immediate cash needs these restrictions could be burdensome. Also, if redemption gates or liquidity fees are imposed on their money market fund during a time of market uncertainty, it may have the effect of amplifying the anxiety of at least some participants. The second issue is a process one. We believe many recordkeepers will have challenges administering these new rules in the short term. It will take them some time to reprogram their systems before redemption fees and gates can be managed properly.

To avoid the issues outlined above, we believe that most plan sponsors will choose to move to a government money market fund or a stable value fund as the primary alternative. Our Plan Advisors will be preparing specific information regarding the impact of Rule 2a-7 on your plan and will advise you with our recommendation for your plan. Because the effective date for this change is October 15, 2016, no immediate action is required, however you can anticipate this being a topic for discussion over the next several months.

John A. Carnevale, JD, AIF®

President & CEO

Key Money Market Reform Dates in 2016vii

April 14, 2016 1. Money market funds must use new Form N-MEP for reporting 2. Money market funds must adhere to new standards for asset quality, diversification, fund liquidity, and fund transparency.October 15, 2016 1.Prime and Municipal money market funds must re-establish as either retail or institutional funds. 2. Institutional investors will no longer be permitted to invest in retail funds and must find an alternative if an existing money market fund transitions to a retail fund. 3. Money market funds must meet all new requirements related to use of floating NAVs and potential use of liquidity fees and redemption gates.

The views and opinions expressed are those of Sentinel Benefits & Financial Group and its affiliates and are subject to change based on market and other conditions. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. The information provided is for informational purposes only and is not intended, nor should it be interpreted, as an offer, solicitation, or recommendation to purchase or sell any security mentioned. LET-004-01192016. First Use: 2/3/2016

i Source: EBRI, Issue Brief No. 394 (December 2013), as of December 31, 2012ii Condon, C. (2008). Reserve Primary Money Fund Falls Below $1 a Share. Bloomberg News. Retrieved from http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5O2y1go1GRUiii A floating NAV (net asset value) reflects the day-to-day market value of the securities within a fund. Can be above or below $1.00/share.iv A redemption gate is a temporary measure that may be implemented by a fund’s board of directors that limits redemptions in a fund for a short period of time (up to 10 business days in a 90 day period). Its purpose is to prevent a run on a fund in times of market stress.v According to the SEC, a retail money market fund is “a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons” (“retail funds”). See Money Market Fund Reform; Amendments to Form PF, 79 Fed. Reg. 47735 (August 14, 2014) SEC Release at note 679 and accompanying text.vi See SEC Release at note 697. The legal status for some of these accounts is uncertain, and the money market industry is in the process of seeking guidance from the SEC.vii Pershkow, A., Cruz, L., & McCamman, P. (2014). U.S. Securities and Exchange Commission Adopts Amendments to Money Market Fund Rule (Rule 2a-7). Mayer Brown. Retrieved from https://www.mayerbrown.com/en-US/US-Securities-and-Exchange- Commission-Adopts-Amendments-to-Money-Market-Fund-Rule-Rule-2a-7-10-27-2014

Fund Attribute

Allowable Investors

Yield

NAV Methodology

Potential Liquidity Fees

PotentialRedemption Gates

Primary Regulator

Other Attributes

Prime Retail Money Market

Retail

Higher expected yield relative to Gov’t/Treasury Money Market Funds but lower than Stable Value.

Stable

Yes

Yes

SEC

Gov’t/Treasury Money Market

Retail & Institutional

Lowest

Stable

No

No

SEC

Stable Value

Retail Investors in DC Plans

Highest

Stable

No

No restrictions for participants, but potential limitations at the plan level

when replacing funds.

Varies

Investment menu restrictions imposed by

wrap providers.Typically higher wrap fees.

purposes.

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FundScape Report Matt’s

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The enclosed FundScape Report is part of Sentinel Pension Advisors’ fi duciary services. This report includes detailed information that will assist investment committee members in monitoring and measuring the retirement plan’s performance.

The FundScape Report package allows you, the plan fi duciary, to easily understand both plan assets and plan investment options. It also maps out how those investments are tracking against our quantitative FundScore reporting and qualitative investment notes.

The report contains the following sections:

Matt’s Market Update

Market & Category Returns

Plan Details At-a-GlancePlan Asset SummaryLifestyle Portfolio Usage

Style Analysis

Sentinel FundScore Materials (FundScore Report & FundScore Tracking)

Investment Management Report

Investment Options Notes

Glossary SAMPLE

Matt’s Market Update Matt’s

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Sentinel Pension Advisors’ Chief Investment Offi cer (CIO), Matt McPhail, breaks down the latest market trends and provides his views on the economy.

Matt McPhail, CIO, and his team invite you to read about the current developments in today’s economy as well as their thoughts on future market trends and conditions. The update also details how these trends effect the mutual funds held in Sentinel’s portfolios and any changes made to our portfolio strategies.

What you will learn:

Matt’s insights on the economy’s current climate

How current and future market conditions might affect the future of your investments

Our perspectives on prudent portfolio management

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Matt’s Market Update

Market Review

As 2015 came to a close, a story from Bloomberg ran with the title “The Year Nothing Worked: Stocks, Bonds, Cash Go Nowhere.” This was an appropriate description for markets in

2015. Thanks to a blistering rally in October, the global equity markets posted strong Q4 results despite a fl at November and negative returns in December. The S&P 500 Index gained 7.04% in Q4 to salvage a 1.38% gain for the year. The dividend yield was the difference maker; which allowed the index to post a slight gain as opposed to a slight loss. Small-cap stocks in the Russell

2000 Index lagged their large-cap peers for the quarter with a gain of 3.59%, but registered a decline of -4.41% for the year. Lagging even more were foreign stocks. The MSCI ACWI Index of large-cap foreign stocks gained 3.24% for the quarter, but also registered a loss on the year with a decline of -5.66%. Emerging market stocks continued to weigh on performance. Per Morningstar, the average Diversifi ed Emerging Markets fund gained only 0.72% in Q4 and returned -13.73% in 2015. One of the few bright spots in 2015 was the Foreign Small/Mid Cap sector. The three fund categories (Value, Blend and Growth) registered gains in the range of 2-7%, which looks great in comparison to most other fund categories last year. Fixed-income was fl at on the year as the Barclays Aggregate Index returned 0.55% for the year, despite a loss of -0.57% in Q4. These results actually bested the majority of bond mutual fund managers as each of the following fund categories failed to beat the index in 2015: Intermediate-Term Bond (-0.28%), Non-Traditional Bond (-1.60%), High Yield Bond (-4.07%). Market anxiety over the high yield segment has been moving in lockstep with the lower oil price. Much of

the U.S. energy infrastructure build-out over the past few years (as new drilling technologies came online) was fi nanced with high yield debt. Debt related to the energy sector malaise is under great stress right now and will surely continue to be a story as 2016 unfolds.

Of the nine domestic equity style box categories from Morningstar, only Large Growth registered a gain in 2015 with the average fund returning +3.54%. Large Growth is home to the so-called “FANG” stocks (Facebook, Amazon, Netfl ix and Google). According to Virtus Investment Partners, the performance of these stocks in 2015 contributed 3.7% of return to the S&P 500 Index.i In other words, if you strip out the performance of these market darlings, the S&P 500 Index was negative last year. Market leadership was incredibly narrow in 2015 with only 219 of the 500 S&P stocks posting gains. On average, the top 25 stocks gained 55.1%, while the bottom declined 53.5%. The median stock returned -0.3%. To further demonstrate this point, there are investment vehicles that take an “equally weighted” approach to investing in the S&P 500 by allocating

Matthew H. McPhail, CFAChief Investment Offi cer

FOURTH QUARTER 2015 IN THIS REPORT

Market ReviewStocks rebound in Q4, but 2015 was not a standout year p.1

The Market’s Top ConcernsConcerns from 2015 have only intensifi ed to start the year p.2

Follow the FlowsDespite volatile markets in 2015; ETFs had another banner year p.3

Strategy & Allocation Outlook Our “alternative” funds have delivered as the market storms have arrived p.4

HIGH YIELD POSTS WORST YEAR SINCE 2008

Data as of December 31, 2015Source: FactSet, Deutsche Bank Wealth Management

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money equally to each of the index components. This way, each of the 500 companies in the index has the same weighting and infl uence on performance. This contrasts with the “market-cap weighted” approach taken by most index providers where the largest companies in the index (think Apple, Exxon, etc.) have more infl uence than the smallest among the 500. As an example of the equal-weighted approach, the exchange traded fund (ETF) that trades under the symbol RSP had a return of -2.57% in 2015. Further evidence that the average stock did not have the positive year implied by the market-cap weighted S&P 500 return of 1.38%. The Value side of the market is home to industry sectors most under pressure in 2015: Energy, Materials and Utilities. The average fund in Morningstar’s Large Value category declined by -4.08%. Those funds following value strategies in Mid- and Small-cap fared even worse. As the

chart of S&P 500 industry sectors on this page demonstrates, while the average for the index made it seem like a fl at year, the reality is that being positioned in the best performing sectors (or avoiding the worst) made a huge difference in performance last year.

The Market’s Top Concerns

Investor concerns from 2015 have only intensifi ed as 2016 got underway. In no particular order, here are the top worries for the market right now:

1. Oil/Commodities. The price per barrel of oil is seemingly in free fall with prices declining into the high $20s in early January 2016. This is following a price decline of 46% for WTI crude oil in 2014 and another 30% decline in 2015 according to Gluskin Sheff research.ii While much of the world benefi ts from cheaper oil prices,

energy and commodity producers obviously suffer as their revenues decline. The fears (some already realized) of widespread losses in the high yield (“junk bond”) debt of these companies leads to selling pressure in the equity markets. With such a low oil price, the majority of new shale and fracking projects online in the U.S. over the past few years are unprofi table and this will pressure a fi rm’s ability to make debt payments. Defaults, bankruptcies and job losses are likely to ensue should the oil price stay in this low range for an extended period of time. In Q4 we witnessed the closing of the Third Avenue Focus Credit fund over its inability to meet investor redemption requests. The fund owned highly illiquid debt that was no doubt impacted by the declining market prices for energy. While this may turn out to be an isolated example, the question for the market is: how many other mutual or hedge funds are forced to liquidate due to further declines in the high yield sector?

2. The Fed. Fears that the Fed may have raised rates prematurely in December (with more hikes planned in 2016) are increasingly prevalent. While the Fed tried to make a case to the market that the unemployment rate had fallen suffi ciently while U.S. GDP growth was stable, the case for hiking rates when they did was not strong. Many believe the Fed hiked rates simply to prove that they could get off of the 0% emergency interest rates in place since the fi nancial crisis of ’07-’09. The Fed in the past (and in looking ahead to future meetings) has used the phrase “data-dependent” to indicate that economic data will be the sole determinant of interest rate policy changes. We would argue that the Fed is more “S&P 500” dependent in making policy. Looking back to Q3 2015, the Fed was

2015 TOTAL RETURN

Source: Fidelity Investments

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contemplating a move higher in rates, but backed off in the face of poor equity performance around the globe. In December, the rate hike fi nally came following a strong start for equities in Q4. Considering the very poor start for equity markets in 2016, we’d expect the Fed to back off on their intention of more rate hikes over the course of this year. 3. China/Emerging Markets. While the market has widely acknowledged that Chinese economic growth has been slowing for several years, concerns are mounting that the slowdown is much worse than previously thought. China has incurred massive debt over the years as it built out infrastructure and consumed commodities at a pace the world has never witnessed before. Now, the government is attempting the painful process of transforming the economy to a more service and consumer based model. As China slows its purchase of commodities like oil, iron ore and copper, emerging market providers of these materials suffer. The extreme volatility displayed by the Chinese stock market last August has

returned to start 2016 and investors around the world are concerned. Confi dence in the Chinese Government to manage the world’s second largest economy during this economic transition has taken a plunge. In addition, their poor communication over efforts to limit stock market volatility with circuit breakers and other measures has only added to investor concern.

4. Equity Valuations. Per Virtus Investment Partners, the S&P 500 became more expensively valued in 2015 despite having a fl at year as earnings declined.iii The trailing 12-month P/E ratio was 21.1x at the end of 2015 vs. 18.4x for 2014. Year over year earnings growth has declined for two straight quarters and will likely decline for a third straight quarter once the Q4 2015 earnings are offi cially tallied. In terms of expected earnings for 2016, the consensus for S&P earnings growth is 7%. The market declines of late December and early January have brought the forward price multiple on earnings down to 15x; not cheap, but hardly expensive by historical standards. Looking to mid- and small-caps, the valuations are still on the high end. As of early January, the mid-cap Russell 2500 trades at 21x expected earnings while the Russell 2000 small-caps trade at 22x. In a slow growth world with stimulus from the Fed in the rear view mirror (most likely), the valuations of the major indexes are simply not attractive. Either a recovery in earnings or further declines in prices will be needed to make valuation levels more attractive.

Follow the Flows

According to mutual fund fl ow data from J.P.

Morgan, domestic equity mutual funds have experienced net asset outfl ows in every calendar year since 2007 with the exception of 2013 ($7 billion net infl ows).iv Outfl ows in 2015 as of 11/30/15 were roughly $140 billion. The cumulative amount of the asset outfl ows since 2007 was $618 billion as of 11/30/15. Assets in the domestic equity category as of this same date still represent $6.22 trillion. Where have these assets gone? Have they left the equity market for good? It’s a safe bet that exchange traded funds (ETFs) were the benefi ciary for a large percentage of assets leaving equity mutual funds. While 2015 was a volatile and diffi cult year for investors, the ETF industry continued to thrive. Here are some statistics from BlackRock and Bloomberg regarding the ETF industry in 2015:v

U.S. exchange traded products received net infl ows of $231.6 billion across all asset classes. This was just short of the record set in 2014 ($243 billion).

The total global assets in ETF vehicles ended the year at $3.0 trillion ($2.1 trillion domiciled in the U.S.).

ETFs investing in overseas equity took in $108 billion, nearly double the amount for funds that invest in U.S. stocks.

Emerging market ETFs saw combined withdrawals of nearly $2 billion amidst fears over China and the ongoing decline in commodity prices.

FED RAISES RATES FOR THE FIRST TIME SINCE 2006

Data as of December 31, 2015Source: FactSet, Deutsche Bank Wealth Management

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A new breed of ETFs know as “Smart Beta,” which build portfolios based on factors such as volatility, size or momentum grew in assets by $60 billion.

Speculators added nearly $20 billion to ETFs that bet on a higher oil price (ouch). $2.5 billion went into an ETF (which doesn’t merit a mention) that is leveraged 3x to the price movement in oil. For speculators who held on to this leveraged position throughout 2015, they lost over 90% on the gamble.

2 firms garnered the marjority of the inflows. BlackRock iShares had inflows of $106 billion, while Vanguard took in $76 billion.

Our Portfolio Strategy & Allocation Outlook

As 2016 has begun with violent pullbacks in equity markets, we’re reminded of the importance of having defensive or alternative strategies present in our portfolios. These are funds with strategies designed to behave differently than traditional equity sleeves of the portfolio. Typically these funds hedge equity exposure by going short certain companies, sectors or regions. This hedging activity can be a detriment when markets are rising and times are seemingly good. During volatile times like these, we can see if managers are able to deliver on the value position they promise to deliver. Namely, lower volatility, capital preservation and the opportunity to profit from market

declines (which would act as a valuable counter balance to declines elsewhere in the portfolio). We’re happy to report that our two primary fund managers in this segment of the portfolio are delivering the stability we desire during this volatile period. In fact, a 50-50 split of assets allocated to each manager would have provided a small positive return during the first three weeks of January at a time when equity markets have had unprecedented declines to start the year.

Having come into this year with fairly conservative positioning, we’re not expecting to make dramatic allocation changes to our portfolios in light of the market pullback in January. We took steps in the second half of last year in our wealth management portfolios to lower the volatility of our equity holdings. A portion of the equity allocation within our index segment was devoted to minimum volatility ETFs. These vehicles rank stocks within their respective indexes by lowest volatility over trailing periods as opposed to equal- or market-cap weighting methodologies. This approach has historically provided a superior risk/return profile compared to traditional index approaches. So far in 2016, these results are playing out again as these vehicles haven’t avoided drawdowns, but the declines have been far less than the indexes they benchmark against.

One major theme we’ll be talking about with both our wealth management and retirement plan clients this year is investment costs. As you’re well aware, the cost for investment management (expense ratios) have been falling in recent years.

For our individual clients, we plan to continue utilizing more ETF strategies to obtain market exposures at lower costs. Traditional mutual fund strategies will remain in the mix, but the bar has been set higher for inclusion and they must be offering us something truly unique (as the alternative managers mentioned above provide) and not available in an ETF vehicle. On the retirement plan side, we have hundreds of millions of dollars across our client base allocated to index strategies from the big name providers. These strategies already provide market exposure at very low costs for our clients. We’re currently working with another major institutional investment provider to bring our clients’ index funds at an even lower price. This is pricing normally reserved for billion dollar retirement plans. Now, our retirement plan clients will be afforded the same access. There will be much more on this topic to come as we meet with you in 2016.

Please let us know if you’d like to discuss your personal investing goals and financial planning needs.

Matthew H. McPhail, CFA, AIF®

Chief Investment Officer

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Market Scoreboard

S&P 500

DJIA

NASDAQ

Russell 2000

MSCI ACWI Ex USA

Barclays Aggregate Bond

Bloomberg Commodity TR

Q4 2015

7.04

7.70

8.38

3.59

3.24

-0.57

-10.52

YTD

1.38

0.21

5.73

-4.41

-5.66

0.55

-24.66

1 Year

1.38

0.21

5.73

-4.41

-5.66

0.55

-24.66

3 Year

15.14

12.67

18.38

11.66

1.50

1.44

-17.30

5 Year

12.57

11.31

13.55

9.19

1.06

3.25

-3.47

Index Returns (%)

Source: Morningstar as of 12/31/15

10 Year

7.31

7.75

8.55

6.80

2.92

4.52

-6.43

i Virtus Investment Partners, “Vital Signs: 2015 in Perspective: Nowhere to Run”ii Gluskin Sheff Research, “Breakfast with Dave” January 4, 2016.iii Virtus Investment Partners, “Vital Signs: 2015 in Perspective: Nowhere to Run”iv JP Morgan Research, “Guide to the Markets U.S. 1Q 2016.” v InvestmentNews, January 11, 2016

S&P 500 TR: A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the large-cap segment of stock market.

Russell 2000 TR: Consists of the smallest 2000 companies in the Russell 3000 Index, representing approximately 7% of the Russell 3000 total market capitalization often used as a proxy for the small-cap segment of the stock market.

Barcap Aggregate Bond TR: The Barclays Capital Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S.

MSCI EAFE NR USD: Widely accepted as a benchmark for international stock performance, the EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world.

DJ US Industrials TR USD: Computed by summing the prices of the stocks of 30 U.S. companies and then dividing that total by an adjusted value--one which has been adjusted over the years to account for the effects of stock splits on the prices of the 30 companies.

NASDAQ: Measures the performance of all issues listed in the Nasdaq Stock Market and is often used as a proxy for the large-cap technology segment of the U.S. stock market.

DJ/UBS Commodity: The DJ-UBSCI is composed of futures contracts on physical commodities and is often used as a proxy for broad-based exposure to the commodity markets.

Disclosure: This information is intended solely to report on investment results, strategies and opportunities identified by Sentinel Pension Advisors, Inc. as of the date of this report. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. References to specific securities are for illustrative purposes only and are not intended, and should not be, interpreted as recommendations to purchase or sell such securities. There are no assurances that any strategy will meet its objective. Past performance is not indicative of future results. Index information has been obtained from sources that we believe to be reliable; however, we do not guarantee the accuracy of such information. Diversification neither assures a profit nor guarantees against a loss in a declining market. The target date is the approximate date when investors plan to start withdrawing their money.

Investment advisory services provided by Sentinel Pension Advisors, Inc., an SEC-registered investment adviser. Securities offered through Sentinel Securities, Inc. Member FINRA & SIPC. Sentinel Pension Advisors, Inc. and Sentinel Securities, Inc. are affiliated companies. Sentinel Benefits & Financial Group is the brand name for the Sentinel family of companies, which includes Sentinel Pension Advisors, Inc. and Sentinel Securities, Inc.

Date of First Use: 1/27/2016 | QMR-007-01272016

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Market & Category Returns Matt’s

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View category return details for various classifi cations and market indices.

Why is this report important?

Category returns represent the average of the funds’ performance that are classifi ed within their respective Morningstar category.

Indices group investments with like characteristics to provide a benchmark or comparison for how markets are performing and value changes over time.

Performance for periods greater than a year are annualized, meaning they are computed to illustrate what the average* annual return was over a given timeframe.

What you will learn:

Which asset classes were in and out of favor over different periods.

* Geometric average

** The report is sorted by year-to-date performance.

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Market and Category Returns

Category - Sorted by YTD Returns

As of Date: 3/31/2016

YTDTrailing

OneMonth

TrailingThree

Months1 year 3 years 5 years 10 years

US OE Real EstateUS OE Global Real EstateUS OE Diversified Emerging MktsUS OE Intermediate-Term BondUS OE Mid-Cap ValueUS OE Small ValueUS OE High Yield BondUS OE Multisector BondUS OE Mid-Cap BlendUS OE Large ValueUS OE Small BlendUS OE Large BlendUS OE Nontraditional BondUS OE Foreign Small/Mid ValueUS OE Foreign Small/Mid BlendUS OE MultialternativeUS OE Foreign Small/Mid GrowthUS OE Foreign Large ValueUS OE Mid-Cap GrowthUS OE Foreign Large BlendUS OE Foreign Large GrowthUS OE Large GrowthUS OE Small Growth

9.729.23

10.981.318.558.213.512.597.326.847.746.411.688.118.451.267.207.057.296.896.666.187.08

4.69 4.693.89 3.893.87 3.872.50 2.502.47 2.472.23 2.232.13 2.131.76 1.761.31 1.311.26 1.260.55 0.550.33 0.330.02 0.02

-0.12 -0.12-0.14 -0.14-0.61 -0.61-1.49 -1.49-1.69 -1.69-1.82 -1.82-1.93 -1.93-1.99 -1.99-2.45 -2.45-4.37 -4.37

2.65-1.05

-11.370.66

-5.21-6.96-4.19-1.95-6.43-3.07-8.15-2.17-2.38-2.38-1.21-5.120.01

-8.59-7.79-7.87-5.66-2.36

-11.88

9.273.94

-4.611.868.346.041.011.207.648.076.519.21

-0.323.884.90

-0.035.411.548.111.752.63

11.026.29

10.626.45

-3.933.498.476.843.793.377.668.526.819.031.053.223.840.245.061.157.241.582.389.636.11

6.032.952.374.286.264.965.164.645.844.934.885.532.092.713.530.874.511.135.501.512.496.094.48

Market Indices - Sorted by YTD Returns

As of Date: 3/31/2016

YTDTrailing

OneMonth

TrailingThree

Months1 year 3 years 5 years 10 years

Barclays US Agg Bond TR USD

DJ Industrial Average TR USD

S&P 500 TR USD

Bloomberg Commodity TR USD

MSCI ACWI Ex USA NR USD

Russell 2000 TR USD

NASDAQ Composite PR USD

0.92

7.22

6.78

3.82

8.13

7.98

6.84

3.03 3.03

2.20 2.20

1.35 1.35

0.42 0.42

-0.38 -0.38

-1.52 -1.52

-2.75 -2.75

1.96

2.08

1.78

-19.56

-9.19

-9.76

-0.63

2.50

9.29

11.82

-16.86

0.32

6.84

14.22

3.78

10.27

11.57

-14.14

0.31

7.20

11.85

4.89

7.53

7.01

-6.16

1.94

5.26

7.60

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate and 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 data quoted. Performance data current to the most recent month end is available by calling 1-888-880-1330 or by visiting www.sentinelgroup.com and logging into your account.

Source: Morningstar Direct

SAMPLE

P lan Details Matt’s

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A snapshot of the plan’s participation details, asset allocation and Lifestyle Portfolio utilization.

At-a-Glance: Provides a Financial Summary, Participation Summary, Investment Allocation Summary, Top 5 Investments by Balance and Top 5 Investments by Contributions sections

The Plan Asset Summary: Articulates how a plan’s assets and number of participants are spread amongst the available investment options

The Lifestyle Portfolio Utilization*: Shows how your participant population is utilizing the plan’s custom designed risk-based portfolios

* Lifestyle portfolios do not apply to all plans.

SAMPLE

Financial Summary

Beginning Balance (as of 1/1/2016)

Contributions & Transfers

Withdrawals

Net Earnings

Forfeitures

Ending Balance (as of 3/31/2016) $15,334,946

$14,768,283

$758,667

$0

$(252,631)

$60,627

Participation Summary

Total Participants (with a Balance)

Average Account Balance

Plan Participation Rate (Active, eligible employees)

$47,330

324

51%

Average Participant Age 45

Sample Company 401(k) Plan

From 1/1/2016 to 3/31/2016

Your Plan At-a-Glance

0K

1000K

2000K

3000K

4000K

5000K

Growth Model Balanced

Model

Aggressive

Model

Fidelity Spartan

500 Index Inv Moderate

Model

$4,807,950

$3,534,004

$1,821,180

$835,294$710,440

0K

20K

40K

60K

80K

100K

120K

140K

160K

Balanced

Model

Growth Model Aggressive

Model

T. Rowe Price

Blue Chip

Growth

Fidelity Spartan

500 Index Inv

$149,777

$113,776

$77,083

$57,331

$44,549

Top 5 Investments by Contribution

Top 5 Investments by Balance

U.S. Equity 50.8%

Taxable Bond 22.7%

International 19.2%

Other Categories 7.3%

Total: 100.0%

Broad Categories

SAMPLE

Plan Asset SummarySample Company 401(k) Plan

From 1/1/2016 to 3/31/2016

Participant Directed Lifestyle Portfolios Total Plan Asset

%Assets Participants Assets Participants AssetsAsset ClassFund Name

Taxable Bond

0.67%American Century Infl-Adj Bond Inv $0$102,960 $102,960 15 0Inflation-Protected Bond

9.60%Metropolitan West Total Return Bond I $1,313,640$158,784 $1,472,424 32 255Intermediate-Term Bond

0.69%Loomis Sayles Bond Instl $0$105,987 $105,987 19 0Multisector Bond

6.12%BlackRock Strategic Income Opps Instl $879,975$58,753 $938,728 12 255Nontraditional Bond

1.73%Goldman Sachs Strategic Income Instl $265,731$0 $265,731 0 211Nontraditional Bond

3.38%Wells Fargo Stable Value J $287,736$231,330 $519,066 26 161Stable Value

22.20%$657,814Taxable Bond Total $2,747,081 $3,404,895

U.S. Equity

13.16%Fidelity Spartan 500 Index Inv $1,183,212$835,294 $2,018,506 62 255Large Blend

10.01%T. Rowe Price Blue Chip Growth $1,043,161$491,764 $1,534,925 60 255Large Growth

9.75%MFS Value R4 $1,088,524$406,574 $1,495,098 30 255Large Value

5.61%ASTON/Fairpointe Mid Cap N $648,434$211,539 $859,973 33 255Mid-Cap Blend

5.18%Fidelity Spartan Extended Mkt Index Inv $614,485$180,630 $795,116 21 255Mid-Cap Blend

3.71%Eagle Small Cap Growth R5 $276,027$293,657 $569,684 42 240Small Growth

2.24%Wells Fargo Advantage Spec SmCp Val I $294,294$49,073 $343,368 17 239Small Value

49.67%$2,468,532U.S. Equity Total $5,148,138 $7,616,670

International

1.57%Driehaus Emerging Markets Growth $53,228$187,059 $240,287 32 81Diversified Emerging Mkts

0.35%Fidelity Spartan International Index Inv $0$53,031 $53,031 14 0Foreign Large Blend

6.44%MFS International Value R4 $875,896$111,095 $986,992 21 255Foreign Large Blend

7.32%Oppenheimer International Growth Y $859,488$262,452 $1,121,940 28 255Foreign Large Growth

3.06%Touchstone Intl Small Cap Instl $469,857$0 $469,857 0 239Foreign Small/Mid Growth

18.73%$613,638International Total $2,258,469 $2,872,107

Alternative

2.65%Absolute Strategies I $383,732$22,731 $406,462 6 255Multialternative

2.41%JHancock2 Global Absolute Rtrn Strats I $370,104$0 $370,104 0 255Multialternative

5.06%$22,731Alternative Total $753,836 $776,567

SAMPLE

Plan Asset SummarySample Company 401(k) Plan From 1/1/2016 to 3/31/2016

Participant Directed Lifestyle Portfolios Total Plan Asset

%Assets Participants Assets Participants AssetsAsset ClassFund Name

Sector Equity

2.04%Prudential Global Real Estate Z $256,222$57,282 $313,504 17 193Global Real Estate

2.04%$57,282Sector Equity Total $256,222 $313,504

Loans

2.29%Loan Fund $0$351,203 $351,203 31 0Loan

2.29%$351,203Loans Total $0 $351,203

Plan Totals $11,163,747$4,171,200 100%$15,334,946

SAMPLE

Sample Company 401(k) Plan

From 1/1/2016 to 3/31/2016

Portfolio Utilization

0

20

40

60

80

100

120

140

160

Conservative Moderate Balanced Growth Aggressive

Model Type

# of

Par

ticip

ants

Participant Allocation in Models# of

ParticipantsMarket Value

Average

Age

Average

BalanceModel Name

Conservative Model 27$290,173 45 $10,747

Moderate Model 31$710,440 49 $22,917

Balanced Model 141$3,534,004 47 $25,064

Growth Model 90$4,807,950 47 $53,422

Aggressive Model 82$1,821,180 44 $22,210

Total 371$11,163,747 46 $30,091

The graph below illustrates how many employees are invested in

one model versus those in multiple models.

1

2

3

4

5

191

37

14

6

8

# of Employees

# o

f M

od

els 28

20's

46

30's

76

40's

74

50's

32

60+

The pie chart below illustrates how many of your employees,

segmented by age band, are utilizing the Lifestyle Portfolios

offered in your plan.

SAMPLE

A graphical representation of the plan’s investment options.

This visual demonstrates how diversifi ed your investment line up is across domestic and foreign equity, across market cap (large, medium and small companies) and valuation (value, blend and growth), as well as how much, fi xed income and other asset classes are represented in the plan.

Diversifying portfolios helps to mitigate risk and to help make portfolio drawdowns less severe over the long-term.

Style Analysis Matt’s

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SAMPLE

Prepared for Sample Company 401(k) Plan As of 3/31/2016

Style Analysis

DOMESTIC EQUITYPORTFOLIOS FIXED INCOME

Risk Based Portfolios

Conservative Portfolio

Moderate Portfolio

Balanced Portfolio

Growth Portfolio

Aggressive Portfolio

Stable Value

Wells Fargo Stable Value J

Inflation-Protected Bond

American Century Infl-Adj Bond Inv

Intermediate-Term Bond

Metropolitan West Total Return Bond I

Nontraditional Bond

BlackRock Strategic Income Opps Instl

Goldman Sachs Strategic Income Instl

Multisector Bond

Loomis Sayles Bond Instl

Large Value

MFS® Value R4

Small Value

Wells Fargo Special Small Cap

Value Inst

Large Blend

Fidelity Spartan® 500 Index Inv

Mid-Cap Blend

ASTON/Fairpointe Mid Cap N

Fidelity Spartan® Extended Mkt

Index Inv

Large Growth

T. Rowe Price Blue Chip Growth

Small Growth

Eagle Small Cap Growth R5

FOREIGN EQUITY OTHER ASSET CLASSES

Foreign Large Blend

Fidelity Spartan® International

Idx Inv

MFS® International Value R4

Foreign Large Growth

Oppenheimer International

Growth Y

Foreign Small/Mid Growth

Touchstone Intl Small Cap Instl

Diversified Emerging Mkts

Driehaus Emerging Markets

Growth

Global Real Estate

Prudential Global Real Estate Z

Multialternative

Absolute Strategies I

JHancock Global Absolute Ret Strats I

Legend: Fund only available in lifestyle portfolioDefault Investment Option

SAMPLE

A proprietary tool designed to assist you in the evaluation of the plan’s investment options.

FundScore Reporting

Understanding the FundScore ReportThis tool largely focuses on comparing ten metrics for each individual fund within a plan relative to its respective peer group. Qualitative information is not included within these reports.The reports should not be utilized as the sole decision maker for investment changes.

What is the purpose of the FundScore and FundScore Tracking Reports?Sentinel uses the FundScore Report in conjunction with qualitative analysis to help guide recommendations. We’ve created the report to enhance your investment oversight as a fi duciary to the plan. The FundScore Tracking Report shows the trend in scores from the prior 10 quarters giving you a perspective on the recent trend in scoring.

What do the colors mean?Sentinel has developed a 10 point scoring system for funds. A fund in green gets a score between 9 & 10 points, which means the fund is a superior performer. A fund in blue gets a score between 5 & 8.75, which means the fund is acceptable and performing at a generally high level versus peer funds. A fund in yellow gets a score of 4.75 points or less and places the fund on the Watch List.

Is a fund in yellow an automatic sell?A fund in yellow deserves a higher level of scrutiny to determine the cause of the shortfalls and to assess the potential for recovery. Remember, the FundScore is a purely quantitative look at the fund based on one point in time. The report does not account for the many relevant qualitative factors we also consider in our evaluation. A decision to change a fund should be made only after a full analysis of all factors. Please contact your advisor with further questions.

Why don’t all funds receive a score?Funds must have a minimum track record of 5 years to be eligible for scoring across all key metrics. Certain fund categories are not covered by Morningstar (e.g., money markets, stable value). Lifestyle Portfolios do not have acceptable Morningstar peer groups for comparison and Index Funds’ goal is to track the index. These funds are not eligible for scoring and will be judged on other criteria during investment committee meetings.

What are the funds being judged against?The funds are ranked against peer funds (similar style of investment) by using Morningstar category averages. Funds are not scored against market indices or other benchmarks.

Where is the information on the report derived from?All funds listed are holdings within your plan. The data is derived from the Morningstar Direct database.

Will this report impact our plan investment policy?The language in the Investment Policy Statement (IPS) refl ects the FundScore Report methodology.

Should we distribute this report to plan participants?This report is designed for plan sponsor use only. We do not recommend distribution to plan participants as a participant may make investment decisions contrary to their long-term goals based on a misunderstanding of the report.

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SAMPLE

FundScore ReportPrepared for Sample Company 401(k) Plan As of 3/31/2016

Performance 50% Risk - 5 Year 30% Portfolio 20%

Prior

Quarter

End Score

Sentinel

Benefits

FundScore

Manager

Tenure

(Longest)

Batting

Avg

5 Yr

Score

1 Yr

Score

3 Yr

Score

5 Yr

Info

Ratio

Up/Down

Ratio

Sharpe

Ratio

Net

ExpenseAlpha

Equity Ticker

1.50 2.00 0.75 0.75 1.000.75MINHXMFS® International Value R4 0.75 0.75 0.75 1.00 10.0010.00

1.50 2.00 0.75 0.75 1.000.75MEIJXMFS® Value R4 0.75 0.75 0.75 1.00 10.0010.00

1.50 2.00 0.75 0.75 1.000.75OIGYXOppenheimer International Growth Y 0.75 0.75 0.75 1.00 9.5010.00

1.50 2.00 0.75 0.75 1.000.75ESPNXWells Fargo Special Small Cap Value Inst 0.75 0.75 0.75 1.00 9.7510.00

1.50 2.00 0.75 0.75 1.000.50TRBCXT. Rowe Price Blue Chip Growth 0.75 0.75 0.75 1.00 10.009.75

1.50 2.00 0.75 0.75 1.000.00TNSIXTouchstone Intl Small Cap Instl 0.75 0.75 0.75 0.50 9.508.75

1.00 2.00 0.75 0.75 0.000.50DREGXDriehaus Emerging Markets Growth 0.75 0.75 0.75 1.00 8.758.25

1.00 2.00 0.50 0.50 1.000.50PURZXPrudential Global Real Estate Z 0.50 0.75 0.50 1.00 9.508.25

1.00 1.50 0.50 0.50 1.000.50HSRSXEagle Small Cap Growth R5 0.75 0.50 0.50 1.00 6.507.75

1.00 1.50 0.00 0.00 0.500.00CHTTXASTON/Fairpointe Mid Cap N 0.00 0.00 0.00 1.00 2.504.00

Fixed Income Ticker

1.50 2.00 0.75 0.75 1.000.50MWTIXMetropolitan West Total Return Bond I 0.75 0.75 0.75 1.00 9.759.75

1.50 2.00 0.75 0.75 1.000.00BSIIXBlackRock Strategic Income Opps Instl 0.75 0.75 0.75 1.00 9.759.25

1.00 2.00 0.50 0.50 1.000.50ACITXAmerican Century Infl-Adj Bond Inv 0.50 0.75 0.50 1.00 6.008.25

0.00 1.50 0.50 0.50 1.000.00GSZIXGoldman Sachs Strategic Income Instl 0.50 0.75 0.50 1.00 8.256.25

0.00 1.50 0.00 0.00 1.000.00LSBDXLoomis Sayles Bond Instl 0.50 0.50 0.00 1.00 5.754.50

81068-001Fund Scores: Superior (9-10) Acceptable (5-8.75) Watch (<5) N/A: No FundScore

SAMPLE


FundScore Report

Other/Scoring Criteria N/A*

ASFIXAbsolute Strategies I

FUSEXFidelity Spartan® 500 Index Inv

FSEMXFidelity Spartan® Extended Mkt Index Inv

FSIIXFidelity Spartan® International Idx Inv

JHAIXJHancock Global Absolute Ret Strats I

QWNWQWells Fargo Stable Value J

*Funds in this section are not scored because (1) they have characteristics which do not integrate with the scoring system and are monitored individually based on criteria unique to each

fund, or (2) they have a track record of less than 5 years and are not eligible for scoring.

NA - Data Unavailable for this time period.

81068-001Superior (9-10) Acceptable (5-8.75) Watch (<5)Fund Scores: N/A: No FundScore

SAMPLE

Proprietary reports designed to assist you in monitoring the plan’s investments.

FundScore Report*

The numerical score from 0 to 10 achieved by the fund based on the Sentinel Benefi ts methodology. The score corresponds to the color grade (superior, acceptable, watch).

Prior Quarter End ScoreThe numerical score achieved as the prior quarter end period (March, June, September, and December).This report is designed to assist you in monitoring your investments. The FundScore Report provides the fund score as of a period end date.

Scoring Guidelines

Performance - Points Awarded for Ranks in Top 50% (Max Points: 5)

FundScore Tracking* While the FundScore Report provides the fund score as of a period end date, the Tracking Report is intended to show the scoring pattern over the prior 10 quarters. The data in this report is provided as of quarter end periods only (March, June, September, and December).

1 Year Change: represents the numerical score change by subtracting the score achieved four quarters ago from the most recent quarterly score. This fi gure identifi es the short-term scorning trend. A negative score indicates a declining score over the prior year, while a positive number indicates an increasing score.

Consecutive Quarters on Watch: The number of consecutive quarters a fund has been categorized as being in the “Watch” category. Watch is defi ned by a score below 5.

* These reports are intended to be used as an additional resource in the process of reviewing plan investment. This report is not intended to provide buy/sell or other actionable recommendations.** The scoring system was modifi ed as of the quarter ending 6/30/14 in order to reduce the potential for quarter to quarter score volatility. Going forward, points within the Performance, Risk and Expense categories will still be awarded based on placement within the top 50% of the peer group, but the number of scoring tiers will be reduced to two (top 25% and 26-50%). Points for Mgr. Tenure and Batting Average were also modifi ed in order to be more consistent with how the points are awarded within the other scoring categories.

FundScore Tracking Guidelines Matt’s

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Information, Up/Down,Sharpe & Alpha

Manager Tenure(Longest)

Fund Expense Ratio

Top 25% = 0.75 >= 5 = 1.00 Top 25% = 1.00

26 - 50 = 0.50 >= 3 < 5 = 0.50 26 - 50 = 0.50

> 50 = 0.00 >= 1 < 3 = 0.25 > 50 = 0.00

< 1 = 0.00

1-Year 3-Year 5-Year Bat Avg.

Top 25% = .75 Top 25% = 1.50 Top 25% = 2.00 Top 25% = 0.75

26 - 50 = 0.50 26 - 50 = 1.00 26 - 50 = 1.50 26 - 50 = 0.50

> 50 = 0.00 > 50 = 0.00 > 50 = 0.00 < 50 = 0.00

Risk - Points Awarded for Ranks in Top 50% (Max Points: 3)Portfolio - (Max Points: 2)

SAMPLE


FundScore Tracking

Equity

Consecutive

Quarters on

Watch

1 Year

Change

9/30/15

ScoreTicker

6/30/15

Score

3/31/15

Score

12/31/14

Score

9/30/14

Score

6/30/14

Score

3/31/14

Score

12/31/13

Score

9/30/13

Score

12/31/15

Score

-3.50CHTTXASTON/Fairpointe Mid Cap N 2.008.751.50 5.00 8.508.759.008.256.004.502.50

0.50DREGXDriehaus Emerging Markets Growth 0.008.759.00 8.75 8.758.758.258.258.258.258.75

-0.50HSRSXEagle Small Cap Growth R5 0.004.506.00 7.75 3.004.506.507.507.007.006.50

0.00MINHXMFS® International Value R4 0.009.7510.00 10.00 9.759.259.0010.0010.0010.0010.00

2.25MEIJXMFS® Value R4 0.006.509.75 9.25 6.254.753.507.007.759.2510.00

0.25OIGYXOppenheimer International Growth Y 0.0010.0010.00 9.25 10.0010.009.758.759.258.759.50

0.50PURZXPrudential Global Real Estate Z 0.008.009.25 8.75 7.507.759.009.009.009.259.50

0.75TRBCXT. Rowe Price Blue Chip Growth 0.0010.0010.00 10.00 10.009.259.509.759.2510.0010.00

0.00TNSIXTouchstone Intl Small Cap Instl 0.003.759.50 9.50 4.003.757.509.259.509.509.50

1.25ESPNXWells Fargo Special Small Cap Value Inst 0.002.509.75 9.50 5.006.008.508.008.5010.009.75

Fixed Income

Consecutive

Quarters on

Watch

1 Year

Change

9/30/15

ScoreTicker

6/30/15

Score

3/31/15

Score

12/31/14

Score

9/30/14

Score

6/30/14

Score

3/31/14

Score

12/31/13

Score

9/30/13

Score

12/31/15

Score

1.00ACITXAmerican Century Infl-Adj Bond Inv 0.005.506.75 4.50 4.753.756.004.505.006.506.00

0.25BSIIXBlackRock Strategic Income Opps Instl 0.005.5010.00 9.50 9.509.509.509.009.509.509.75

5.25GSZIXGoldman Sachs Strategic Income Instl 0.004.009.00 7.75 4.004.003.503.503.003.008.25

-2.50LSBDXLoomis Sayles Bond Instl 0.007.756.25 7.00 7.758.008.258.258.257.005.75

0.00MWTIXMetropolitan West Total Return Bond I 0.0010.009.75 10.00 10.0010.009.759.759.759.759.75


SAMPLE

FundScore TrackingPrepared for Sample Company 401(k) Plan As of 3/31/2016

Other/Scoring Criteria N/A**

ASFIXAbsolute Strategies I

FUSEXFidelity Spartan® 500 Index Inv

FSEMXFidelity Spartan® Extended Mkt Index Inv

FSIIXFidelity Spartan® International Idx Inv

JHAIXJHancock Global Absolute Ret Strats I

QWNWQWells Fargo Stable Value J

*Funds in this section are not scored because (1) they have characteristics which do not integrate with the scoring system and are monitored individually based on criteria unique to each

fund, or (2) they have a track record of less than 5 years and are not eligible for scoring.

NA - Data Unavailable for this time period.


SAMPLE

View additional metrics for the plan’s investment options.

The return that an asset achieves over a period of time compared to the index and other funds in the same category is known as relative return. Both absolute and relative returns in the form of percentile ranks are shown on this report.

The Investment Management Report highlights:

Morningstar rating

Average annual total returns (YTD, 1 Yr, 3 Yr, 5 Yr, 10 Yr and since inception)

The fund ranks vs. the category

Standard deviation

Sharpe ratio

Net and gross expense ratios

Defi nitions can be found in the Glossary at the end of this report.

Investment Management Report Matt’s

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SAMPLE



Fund (Ticker) YTD 1 Year 3 Year 5 Year 10 Year Net/Gross

Inception

(Date)

Avg Annual Total Returns (%Rank)

3 Yr 5 Yr

Exp%

Added

To Plan

Fund

Score 5 Yr3 Yr

Std. Dev. SharpeOverall

MStar

Rating

Stable Value

Wells Fargo Stable Value J (QWNWQ) 0.85 0.79 1.00 4.75 (10/1/85) 1.132/10/10 0.22N/A 2.10

0.07 0.12 1.07 0.07 0.07 0.03 0.00USTREAS T-Bill Auction Ave 3 Mon 0.00 0.02

Category Average 0.02 0.04 1.04 0.02 0.02 0.00 0.00 0.00 0.00

Inflation-Protected Bond (252 Funds)

5.48 -0.25American Century Infl-Adj Bond Inv (ACITX) 0.98 (31) -1.45 (44) 2.46 (22) 5.08 (2/10/97) 0.47/0.478.252/10/10 4.44 4.18 (28) 0.49 5.17«««

4.46 1.51 4.62-0.71 3.02 5.31 -0.12Barclays US Treasury US TIPS TR USD 0.60 5.04

Category Average 3.57 0.06 3.65-1.56 1.95 5.01 -0.32 0.78/1.03 0.41 4.75

Intermediate-Term Bond (1,104 Funds)

2.90 0.91Metropolitan West Total Return Bond I (MWTIX) 1.31 (33) 2.69 (12) 4.87 (5) 6.57 (3/31/00) 0.44/0.449.7510/17/13 2.43 6.62 (1) 1.73 2.73«««««

3.03 1.96 4.90 2.50 3.78 3.00 0.82Barclays US Agg Bond TR USD 1.33 2.77

Category Average 2.50 0.65 4.50 1.88 3.53 3.10 0.61 0.84/1.00 1.21 2.90

Nontraditional Bond (555 Funds)

2.16 0.77BlackRock Strategic Income Opps Instl (BSIIX) -2.38 (60) 1.71 (15) 2.83 (19) 4.21 (2/5/08) 0.64/0.809.2510/17/13 -0.55 1.11 2.50««««

3.38 -0.03Goldman Sachs Strategic Income Instl (GSZIX) ** -2.15 (57) -0.08 (47) 2.51 (25) 2.62 (6/30/10) 0.57/0.576.2510/17/13 -1.58 0.65 3.81««««

3.03 1.96 4.90 2.50 3.78 3.00 0.82Barclays US Agg Bond TR USD 1.33 2.77

Category Average 0.02 -2.24 3.21-0.08 1.49 3.30 0.01 1.35/14.39 0.40 3.67

Multisector Bond (344 Funds)

6.28 0.22Loomis Sayles Bond Instl (LSBDX) -3.25 (81) 1.27 (53) 4.16 (26) 9.18 (5/16/91) 0.64/0.644.5010/17/13 2.81 6.17 (12) 0.63 6.71««««

3.07 1.75 5.03 2.51 3.95 2.96 0.83Barclays US Universal TR USD 1.43 2.69

Category Average 1.77 -1.73 5.19 1.38 3.69 4.38 0.36 1.14/1.53 0.83 4.65

Large Value (1,493 Funds)

11.58 0.94MFS® Value R4 (MEIJX) 0.91 (16) 10.84 (9) 10.89 (11) 7.57 (4/1/05) 0.62/0.6510.0010/17/13 2.23 7.21 (10) 0.87 12.77««««

1.64 -1.54 5.72 9.38 10.25 11.41 0.84Russell 1000 Value TR USD 0.83 12.68


Superior (9-10) Acceptable (5-8.75) Watch (<5)FundScore: N/A: No FundScoreLegend: * Default Investment Option ** Fund only available in lifestyle portfolio

Performance data provided represents past performance and is not indicative of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less

than their original cost. Performance returns for periods of less than one year are not annualized. Current performance may be lower or higher than the performance data shown.

SAMPLE




Inception

(Date)


3 Yr 5 Yr

Exp%

Added

To Plan

Fund

Score 5 Yr3 Yr


MStar

Rating

Large Blend (1,662 Funds)

11.36 1.03Fidelity Spartan® 500 Index Inv (FUSEX) 1.71 (14) 11.72 (11) 11.48 (10) 9.89 (2/17/88) 0.10/0.1010/17/13 1.32N/A 6.94 (18) 0.95 12.22««««

1.35 1.78 7.01 11.82 11.58 11.36 1.04S&P 500 TR USD 0.96 12.22


Large Growth (1,749 Funds)

13.83 1.05T. Rowe Price Blue Chip Growth (TRBCX) -0.86 (32) 14.54 (5) 13.06 (3) 10.01 (6/30/93) 0.72/0.729.7510/17/13 -5.48 8.40 (10) 0.91 14.59«««««

0.74 2.52 8.28 13.61 12.38 11.80 1.14Russell 1000 Growth TR USD 0.99 12.60

Category Average -2.45 -2.37 6.63 11.07 9.88 12.71 0.89 1.19/1.44 0.75 13.89

Mid-Cap Blend (463 Funds)

15.54 0.61ASTON/Fairpointe Mid Cap N (CHTTX) -9.20 (77) 8.63 (44) 8.38 (47) 12.01 (9/19/94) 1.11/1.114.002/10/10 3.61 9.19 (1) 0.54 17.82««««

13.79 0.62Fidelity Spartan® Extended Mkt Index Inv (FSEMX) -9.01 (75) 8.03 (55) 8.45 (47) 7.27 (11/5/97) 0.10/0.1010/17/13 -0.86N/A 6.86 (36) 0.60 15.50«««

2.24 -4.04 7.45 10.45 10.30 11.96 0.89Russell Mid Cap TR USD 0.78 13.80


Small Value (490 Funds)

13.84 0.83Wells Fargo Special Small Cap Value Inst (ESPNX) -3.79 (20) 11.15 (2) 9.96 (3) 12.78 (7/30/10) 0.95/1.0210.0010/6/15 4.55 6.11 (24) 0.69 15.37«««««

1.70 -7.72 4.42 5.73 6.67 14.53 0.45Russell 2000 Value TR USD 0.48 15.93


Small Growth (759 Funds)

15.74 0.51Eagle Small Cap Growth R5 (HSRSX) -9.64 (38) 7.15 (41) 7.25 (38) 8.19 (10/2/06) 0.75/0.757.7510/17/13 -3.67 7.29 (7) 0.49 17.26«««

-4.68 -11.84 6.00 7.91 7.70 16.66 0.54Russell 2000 Growth TR USD 0.50 17.78


Foreign Large Blend (909 Funds)

13.29 0.22Fidelity Spartan® International Idx Inv (FSIIX) -8.44 (51) 2.10 (43) 2.28 (34) 4.25 (11/5/97) 0.20/0.2010/17/13 -2.73N/A 1.84 (36) 0.22 15.29«««

11.15 0.87MFS® International Value R4 (MINHX) 2.69 (1) 9.51 (1) 9.63 (1) 9.21 (10/1/08) 0.78/0.8410.0010/17/13 2.63 6.44 (1) 0.83 11.85«««««

-0.38 -9.19 1.94 0.32 0.31 13.59 0.08MSCI ACWI Ex USA NR USD 0.09 15.68





SAMPLE




Inception

(Date)


3 Yr 5 Yr

Exp%

Added

To Plan

Fund

Score 5 Yr3 Yr


MStar

Rating

Foreign Large Growth (383 Funds)

12.90 0.42Oppenheimer International Growth Y (OIGYX) 0.41 (5) 4.77 (16) 5.96 (6) 6.84 (9/7/05) 0.89/0.8910.0010/17/13 1.06 5.57 (1) 0.46 14.71«««««

-0.34 -6.08 2.71 1.92 1.60 12.76 0.21MSCI ACWI Ex USA Growth NR USD 0.18 15.28


Foreign Small/Mid Growth (152 Funds)

11.70 0.69Touchstone Intl Small Cap Instl (TNSIX) ** -1.24 (57) 7.76 (20) 7.15 5.51 (12/20/06) 1.19/1.308.7510/6/15 -3.52 5.19 0.55 14.38««««

0.35 0.04 2.95 4.11 2.37 12.61 0.38MSCI ACWI Ex USA SMID Growth NR USD 0.23 15.14

Category Average -1.51 0.12 4.37 5.72 5.47 12.24 0.52 1.53/2.46 0.44 14.77

Diversified Emerging Mkts (932 Funds)

Driehaus Emerging Markets Growth (DREGX) 1.65/1.658.252/10/10 2.56 -11.05 (45) -3.39 (31) -1.34 (16) 4.74 (6) 11.13 (12/31/97) 13.48 15.84 -0.20 -0.01«««««

5.71 -12.03 3.02-4.50 -4.13 16.66 -0.20MSCI EM NR USD -0.14 18.78

Category Average 3.87 -11.44 2.43-4.50 -3.84 15.50 -0.22 1.54/2.68-0.13 17.93

Multialternative (547 Funds)

4.07 0.02Absolute Strategies I (ASFIX) 2.05 (6) 0.08 (66) 0.98 (66) 2.20 (7/27/05) 1.81/2.6010/17/13 3.07N/A 1.99 (41) 0.29 3.33««««

3.61 0.42JHancock Global Absolute Ret Strats I (JHAIX) ** -5.34 (60) 1.54 (33) 3.54 (12/16/11) 1.33/1.3310/17/13 -3.46N/A ««««

0.07 0.12 1.07 0.07 0.07 0.03 0.00USTREAS T-Bill Auction Ave 3 Mon 0.00 0.02


Global Real Estate (274 Funds)

13.25 0.44Prudential Global Real Estate Z (PURZX) -0.46 (44) 5.21 (35) 7.69 (22) 9.10 (5/5/98) 0.97/0.978.2510/17/13 3.55 4.31 (6) 0.56 15.02««««

4.79 0.83 3.64 5.22 7.52 14.17 0.42MSCI World/Real Estate NR USD 0.55 15.36

3.86 -1.06 2.87 3.96 6.44 13.46 0.36 1.39/2.56 0.49 15.39

4.69

Category Average

Asset Allocation 30/70

Conservative Portfolio (A81068CON) -0.93 2.64 4.68 4.64 (12/1/06) 0.7610/29/13 0.61N/A 5.18

1.74 -1.37 3.78 2.33 3.54 4.60 0.51Retirement Income 0.73 4.83





SAMPLE

Prepared for Sample Company 401(k) Plan

As of 3/31/2016



Inception

(Date)


3 Yr 5 Yr

Exp%

Added

To Plan

Fund

Score 5 Yr3 Yr


MStar

Rating

5.67


Moderate Portfolio (A81068MOD) -1.28 3.44 5.29 5.73 (3/1/05) 0.7210/29/13 0.53N/A 5.29 6.23

1.61 -1.55 4.29 3.62 4.66 5.91 0.62Target Date 2011-2015 0.67 7.18

1.77 -0.62 5.20 4.15 4.80 4.63 0.89 1.97/3.25 0.99 4.81

7.51

Category Average


Balanced Portfolio (A81068BAL) * -1.76 5.55 6.49 6.76 (3/1/05) 0.7310/29/13 0.50N/A 5.87 8.70

1.16 -2.58 4.08 4.69 5.50 7.77 0.62Target Date 2021-2025 0.62 9.24


9.48


Growth Portfolio (A81068GRO) -2.58 7.28 7.39 6.90 (3/1/05) 0.7310/29/13 0.35N/A 6.26 11.43

0.36 -4.05 4.53 5.77 6.24 10.49 0.58Target Date 2041-2045 0.56 12.04

0.87 -3.17 5.53 6.24 6.47 9.10 0.70 1.97/3.25 0.66 10.19

11.07

Category Average


Aggressive Portfolio (A81068AGG) -3.25 8.24 7.62 7.07 (3/1/05) 0.7710/29/13 0.29N/A 6.09 13.77

0.24 -3.89 0.00 6.17 6.50 10.64 0.61Target Date 2051+ 0.57 12.25





SAMPLE



When applicable, investment results and expense ratios reflect fee waivers and/or expense reimbursements, without which results would

have been lower and expense ratios higher. Please note that the following funds have contractual expense waivers:

Fund (Ticker)

Expense Waiver

Expiration Date Expense Waiver Type

Contractual7/31/16Wells Fargo Advantage Spec SmCp Val I (ESPNX)

Contractual4/30/16Fidelity Spartan 500 Index Inv (FUSEX)

Contractual12/31/16MFS Value R4 (MEIJX)

Contractual9/30/16MFS International Value R4 (MINHX)

Contractual10/29/16Touchstone Intl Small Cap Instl (TNSIX)




SAMPLE

A qualitative summary of the Plan’s investment options.

In order to best advise our clients, Sentinel holds more than 120 separate investment manager meetings per year. The information gathered during these interactions is weighed against the quantitative scores we place on investments in your plan and become part of our due diligence process and recommendations we make. We have automated the qualitative notes system so that our investment manager insights can be distributed more frequently to both our Plan Advisors and to you via Investment Notes.

At the forefront of the Investment Notes report are the investments that are on quantitative and/or qualitative watch followed by all other funds in the Plan’s investment lineup.

Please note that a fund on “Watch” is simply an indicator that the fund needs to be looked at closely as to the reasons why it appeared on watch. It is not necessarily an indicator for removal from the plan.

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SAMPLE

Investment NotesSample Company 401(k) Plan Notes from 10/1/2015 to 3/31/2016

QualitativeWatch

Score

FUND EVALUATION METHODOLOGY

The investment research process utilized by Sentinel Pension Advisors combines quantitative and qualitative methodologies.

Quantitative: Utilizing proprietary tools to analyze factors related to a fund’s return history, risk profile, expenses and other statistical factors vs. peer funds.

Qualitative: Analysis related to the fund’s philosophy, process, people, performance, and portfolio.

ASTON/Fairpointe Mid Cap N (CHTTX) 4.00

3/9/2016

• Headline news continued to hurt relative and absolute performance of the fund in January of 2016, but since the end of January, the

strategy feels that company specific information has been more influential in driving stock prices. During February, the fund outperformed its

mid blend peer group average by over 500 basis points, as holdings benefitted from better than expected earnings reports than were

predicted by the street.

• On February 29, 2016, subadvisor Fairpointe Capital LLC added Brian Washkowiak as the fund’s fourth portfolio manager. Washkowiak

joined Fairpointe in early 2015, and was an analyst on an earlier version of this fund from 1999 to 2002, when he worked with lead manager

Thyra Zerhusen at a prior firm.

• Portfolio decisions for the fund are consensus based and the process will not change with the team addition. As an example of their team

based approach when assessing a stock, the entire team of generalists meeting with company management was cited by the strategy.

• Also on February 29, 2016, the fund reopened to new investors after soft closing in October 2013. The fund had experienced some

redemptions and assets declined with volatility in the market, which precipitated the fund reopening.

• Fund assets under management peaked in June of 2014 at approximately $6 billion. The fund currently has close to $3.7 billion in aum.

1/4/2016

• During Q4 2015, the fund returned over 5%, outperforming both the mid blend peer group average and the S&P Mid Cap 400 Index by

close to 250 basis points. The fund also outperformed the Russell MidCap Index during the quarter. Despite the strong finish to the year, the

fund was down over 10% during calendar year 2015, underperforming all of the aforementioned benchmarks, and ranking in the bottom

quartile of its peer group.

• Underperformance for the year versus the S&P Mid Cap 400 Index was impacted by poor stock selection in the materials and technology

sectors. An underweight to financials also detracted.

• During the fourth quarter, performance was mixed with 17 stocks up more than 10% and 6 stocks down more than 10%.

• Three stocks were added to the portfolio, while Con-way, a trucking company and long-time holding of the portfolio was eliminated after

being acquired at a premium. This was the third take-over in the portfolio during 2015.

• The consumer discretionary and technology sectors are the two largest absolute weighting in the fund, making up over 53% of the portfolio

as of 12/31/15.

• The fund is looking for opportunities to add to holdings that are undervalued when they see evidence that revenue or earnings growth

potential is greater than currently expected.

N/A: No FundScoreWatch (<5)Acceptable (5-8.75)Superior (9-10)Fund Scores:Qualitative WatchKey Indicators Legend:

81068-001

SAMPLE

Fund Notes From 10/1/2015 to 3/31/2016Sample Company 401(k) Plan

ScoreQualitativeWatch

11/2/2015

• Fund performance was strong on a relative and absolute basis in October of 2015, as the fund was up over 5% for the month versus the

average mid blend peer of 3.39%. The fund is still on pace to rank in the bottom quartile of peers for the calendar year, but did rank in the

top half of peers the prior two calendar years.

• The strategy does take a long-term approach to investing and the average holding period for stocks in the portfolio is 5-years. The strategy

has admittedly been early with some of their positions in the energy sector. They have also stated that they have not been afraid to add to

some of the bigger positions in the portfolio that have lagged over the past year.

• Management of the fund believes the portfolio is attractively valued and well positioned. The portfolio’s price/revenue ratio of 0.6 is the

lowest ratio in 16 years, and less than half of the S&P 500 ratio as of 9/30/15.

• In their view, this attractive valuation combined with better balance sheets may lead to additional takeover activity. Mid-cap companies

experience more takeover activity than large caps, and the fund’s portfolio has had a higher incidence of company takeovers than the S&P

400.

Loomis Sayles Bond Instl (LSBDX) 4.50

1/1/2016

• The Fund underperformed the Barclays US Government/Credit Index and Morningstar multisector bond category for Q415 and calendar

year 2015.

• In terms of exposure at the end of the quarter, the Fund had 28% exposed to high yield credits, followed by non-US dollar denominated and

investment grade credits. The Fund can invest up to 20% of its assets in equities. At the end of the quarter, the Fund held 8% in equities. The

index does not hold any high yield credit, but mostly investment grade credit and US Treasuries. Average credit quality was higher than the

index with an average BB rating.

• The Fund maintained 68% in underlying US dollar exposure, followed by the Canadian dollar at 13%.

• At the end of Q415, the Fund held 645 issues, had an average duration of 4.47 years, total assets of $16.9 billion, and a cash balance of

1.4%.

10/1/2015

• The Fund underperformed the Barclays U.S. Govt/Credit Index and Morningstar multisector bond category for Q315 and year to date. This

was primarily due to outside of benchmark exposures in high yield industrials, convertibles, and non-U.S. dollar denominated securities.

• The largest sector of exposure was to the high yield sector (28%), followed by non-U.S. dollar exposure (17%), and investment grade credit

(15%). Currency and countrty distribution was centered on U.S. dollar exposure at 72% and 68%, respectively, followed by exposure to the

Canadian Loon (11%) and country of Canada (12%).

• At the end of the quarter, average duration was 4.3 years, total net assets were $19.6 billion including 535 bond issues and 16 stocks.

BlackRock Strategic Income Opps Instl (BSIIX) 9.25

2/1/2016


81068-001

SAMPLE



• The Fund outperformed the Barclays US Aggregate Bond Index and Morningstar nontraditional bond category for Q415 and calendar year

2015.

• The Fund's long US duration position and an allocation to US high yield detracted from performance, as did its overlay strategies. The Fund's

allocation to US investment grade credit, structured products, and US municipals aided performance. Management maintained a

preference for US investment grade financials, US municipals, and selective emerging markets.

• In currencies, the Fund closed its short Australian dollar versus a US dollar position and decreased the short euro against the US dollar

position.

• At the end of the quarter, the Fund had $31 billion in assets, effective duration of 1.34 years, and 2,235 holdings. The largest sector

allocations were made to derivatives, i.e., futures, options, and swap contacts, followed by cash, then physical Treasuries and Treasury

futures.

10/1/2015

• The Fund underperformed the Barclays U.S. Universal Index for Q315 and year to date. In comparison to the Morningstar nontraditional

bond category, the Fund outpeformed for both periods. In terms of structure, exposure to European and Asian credit along with U.S. high

yield hurt quarterly peformance.

• Over the last three months, the managers focused on maintaining highly liquid positions and added U.S. and European duration. Areas that

helped peformance included U.S. municipals and exposure to European peripheries. With credit spreads rising globally, the Fund's exposure

to European and Asian credit, U.S. high yield, and overall macro themes adversely impacted performance.

• Due to what the managers see as global uncertainties, they reduced front end short positions on the U.S. yield curve. They also added

duration with 5 -year bonds as a hedge if rates decline further. Long exposure to the U.S. dollar declined along with allocation to securitized

assets due to the Fed's monetary uncertainty. Top holdings at the end of the quarter were Treasuries and government backed mortgages.

• Duration at the end of the quarter was 0.65 years, the Fund held nearly 2,000 holdings, and the size of the Fund was $32 billion. Cash

totalled 33% and the largest rated positions were in AAA investment grade holdings followed by BBB positions.

Eagle Small Cap Growth R5 (HSRSX) 7.75

12/31/2015

• Fund performance ranked in the top third of small growth peers for the second consecutive calendar year ending 12/31/15. During the

fourth quarter, the fund’s 4.39% return for its A shares (HRSCX) slightly outperformed the 4.32% return of the Russell 2000 Growth index and also

outperformed the 2.84% return for the average small growth peer.

• A rebound in the health care sector, which makes up the fund’s largest absolute allocation, benefitted the fund during the quarter, with

two of the fund’s top five contributors falling within biotechnology.

• Per Morningstar as of 12/31/15, the fund has 39.54% of the portfolio allocated to medium sized companies, versus 26.34% for the category

average. Conversely, the fund also has 15.06% allocated to micro companies, versus only 3.31% for the category average. Overall, the

fund’s average market cap is above both the peer group average and its benchmark.

Fidelity Spartan® 500 Index Inv (FUSEX) N/A

1/4/2016

• The fund closely aligns with the S&P on a number of metrics, including market cap, price multiples, long-term earnings, and growth

measurements (sales, cash flow, and book value growth).


81068-001

SAMPLE



Fidelity Spartan® Extended Mkt Index Inv (FSEMX) N/A

12/31/2015

• Passively run low expense option that closely tracks the Dow Jones U.S. Completion Total Stock Market Index, which is made up of more

than 3,300 stocks divided almost equally between small- and mid-cap names.

Fidelity Spartan® International Idx Inv (FSIIX) N/A

2/29/2016

• The fund uses statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price/earnings

(P/E) ratio, price/book (P/B) ratio, earnings growth, and country weightings to attempt to replicate the returns of the MSCI EAFE Index. It will

also lend securities to earn income for the fund.

MFS® International Value R4 (MINHX) 10.00

1/1/2016

• The Fund outperformed the MSCI EAFE Value index and Morningstar foreign large blend category for Q415 and calendar year 2015.

• At the end of the quarter, the Fund was overweight to consumer staples, technology, and special products & services compared to the

index. It was underweight financial services, utilities & communications, energy, and autos & housing.

• Regionally, the Fund was overweight to North America yet primarily underweight to the UK and asia/pacific ex Japan. The index held no

North American issues at the end of Q4.

• In terms of performance attribution in Q4, stock picks and the overall allocation in basic materials, consumer staples, and technology were

the most positive while autos & housing, and financial services were the biggest detractors. Stock selection in basic materials and technology

helped, along with overweight positions and stock selection in consumer staples. Hurting performance was the underweight position and

stock selection in autos & housing and picks in financials.

• At the end of the quarter, the Fund had $25.1 billion in assets, 101 holdings, weighted average market cap of $43.9 billion, and cash of 3%.

10/1/2015

• The Fund outperformed the MSCI EAFE Value Index and Morningstar foreign large blend category for Q315 and year to date.

• Positive stock selection came from picks in special products and services, financials, and technology. Negative stock selection occurred in

consumer staples, utilities and communication. Positive sector allocation primarily derived from exposure to consumer staples. Negative

sector exposure occurred in utilities and communications, technology, and special products and services.

• In terms of regional exposure and compared to the index, the Fund heavily underweighted the U.K., and Asia/Pacific ex Japan at the end

of Q315 by a combined 15%, while the Fund allocated 11% to North America versus an index that typically has no direct exposure to the

region. Japan, the U.K., Sweden and Germany were the four largest individual country weights.

• At the end of the quarter, the Fund held 97 issues, had $24 billion in assets, and a weighted average market cap of $46.6 billion.

MFS® Value R4 (MEIJX) 10.00

1/4/2016


81068-001

SAMPLE



• For the full year, the MFS Value Fund R4 share class (MEIJX) had a slightly negative return, but outperformed the Russell 1000 Value Index

and large value category average return by over 300 basis points.

• During Q4, the fund returned 5.6%, outperforming the large value category average return of 4.73%, while slightly lagging the Russell 1000

Value Index return of 5.64%.

• Detractors versus its benchmark during the quarter included stock selection in the technology and industrial goods & services sectors. An

underweight to the technology sector was also a headwind. Conversely, fund performance benefitted from stock selection in the financial

services sector, and an underweight to the utilities & communications sector.

• As of December 31, 2015, the portfolio’s largest relative exposures versus the Russell 1000 Value remain its overweight to the consumer

staples sector and an underweight to the utilities & communications and technology sectors.

10/9/2015

• There was no place to hide in the third quarter of 2015. On a relative basis, the fund’s close to -7% return outperformed the -8.39% return for

the Russell 1000 Value Index and -8.42% return for the average large value peer during Q3 2015.

• Being underweight energy did help relative performance during the quarter versus its benchmark. In addition, stock selection in consumer

staples was a notable contributor to relative performance in Q3. Conversely, an underweight to REITs and utilities hurt relative performance

versus its benchmark during the quarter. The fund does have near 27% in financials, which is slightly overweight the non-REIT portion of the

financial sector in the benchmark. Banking stocks is one area they have focused on within financials.

• The strategy welcomed the increased dispersion in sector performance that has been occurring in equity markets. This has created buying

opportunities and August 26th was one of the largest trading days in the history of the fund. The strategy bought three new energy names for

the portfolio, taking advantage of the wider valuation dispersion among sectors. While still underweight energy, it no longer is the largest

underweight in the fund. Within energy, the fund likes companies that are more service intensive and have strong free cash flows.

Oppenheimer International Growth Y (OIGYX) 10.00

1/1/2016

• The Fund outperformed the MSCI AC World ex US Index and Morningstar foreign large growth category for Q415 and calendar year 2015.

• Stock selection added value in health care, materials, and telecom services. Picks in consumer discretionary and industrials detracted from

performance. The Fund was hurt by its underweight allocations to consumer discretionary and industrials.

• The Fund outperformed the index most in Switzerland, Germany and France. It underperformed in Japan, Thailand, and Australia.

• At the end of Q4, the Fund held 104 issues, weighted average market cap of $28 billion, assets of $21.5 billlion, and cash of nearly 2%.

10/1/2015

• The Fund outperformed the MSCI ACWI ex U.S. Index and Morningstar foreign large growth category for Q315 and year to date.

• Stock selection in the consumer discretionary, information technology and health care sectors helped performance while picks in industrials

and consumer staples hurt.

• In regards to country exposure, the Fund outperformed with picks in Spain and Canada. An overweighting to the index in Switzerland was

also positive. Specific stock selections in Mexico and India detracted along with underweightings to the index in Italy and Belgium.

• At the end of the quarter, the Fund held 106 issues, $19.3 billion in assets, and had a weighted median market cap of $13.6 billion (versus

$27 billion for the index.)

Prudential Global Real Estate Z (PURZX) 8.25


81068-001

SAMPLE



1/1/2016

• The Fund lagged the S&P Developed Property index for Q415 yet beat the Morningstar global real estate category for the quarter and

calendar year 2015.

• North American and European exposure was relatively neutral to performance for the quarter. Canadian and UK exposure hurt

performance while Asia Pacific region was the largest drag on performance, especially selections in Japan and Hong Kong.

• Stock selection in the US, particularly the specialty and retail sectors helped. Picks in Germany did not. An underweight to the specialty

sector and overweights to storage and residential sectors also aided performance. Stock selection in hotels, offices, and residential area

were negative. An underweight position to the triple net sector also detracted.

• At the end of Q415, the Fund had an average weighted market cap of $13.9 billion, $3.2 billion in assets, and 113 holdings.

10/1/2015

• The Fund outperformed the S&P Developed Property Index and Morningstar global real estate category for Q315 and year to date. As a

whole, REITs ended the quarter trading at a 9% discount to their underlying real estate value, while the historical premium has averaged 2%.

• Half of the Fund assets were in U.S. issues, followed by Japan at 14%. The Fund's largest sector weights were in diversified properties (26%),

followed by retail (25%), and office space (15%). Positive attribution primarily came from exposure to hotel and diversified properties.

• The Fund held 121 positions, had $3.5 billion in assets, and an average weighted market cap of $13.7 billion at the end of the quarter.

T. Rowe Price Blue Chip Growth (TRBCX) 9.75

11/2/2015

• Year-to-date through 10/31/15, the fund ranks in the top decile of the large growth peer group. Similarly, the fund has ranked in the top

decile of its peer group over the trailing 1-, 3-, and 5-years ending 10/31/15.

• Over the trailing year, the fund’s in excess of 13% return has outperformed the Russell 1000 Growth Index by nearly 400 basis points. Strong

stock selection and an overweight to the consumer discretionary sector was the biggest contributor to absolute and relative performance.

Stock selection in the technology, materials and industrials sectors also helped relative performance versus the benchmark. Top holding (as of

9/30/15) Amazon.com has been a standout performer for the portfolio, as the company has experienced revenue growth that has

exceeded expectations and margins have expanded.

• Stock selection and an overweight to the health care sector has been the biggest hindrance to relative performance over the past year.

Within health care, biotechnology company Biogen has been a notable detractor to more recent performance.

Touchstone Intl Small Cap Instl (TNSIX) 8.75

1/1/2016


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• The Fund, subadvised by Copper Rock Capital Partners, underperformed the S&P Developed ex US Small Cap index for Q415, yet

outperformed for calendar year 2015. The Fund underperformed the Foreign Mid/Small Stock category for Q4, yet bested it for 2015.

• The top countries of exposure at the end of the quarter were Japan (27%, overweight to the index), and the UK (17%, equal to the index.)

The Fund's top sectors were financials, industrials, and consumer discretionary. All of these sectors were underweight to the index.

• Broad based stock selection contributed to the Fund's relative performance led by picks in materials, financials, and consumer staples.

Stock selection in industrials, information technology, and consumer discretionary sectors detracted from performance.

• Regionally, the Fund maintained a market neutral position to Continental Europe and was slightly overweight the U.K. relative to the index.

Stock selection in the U.K. and Germany contributed the most to performance, while Japan detracted. The Fund’s underweight to Canada

contributed to returns while exposure to emerging markets hurt in general.

• At the end of the quarter, the Fund held 96 issues, had a weighted average market cap of $2.7 billion, and assets of $344 million.

10/1/2015

• The Fund outperformed the S&P Developed ex US Small Cap Index for Q315 and year to date. In terms of the Morningstar foreign small/mid

cap growth category, the Fund slightly underperformed for the quarter yet solidly outperformed year to date.

• Performance across sectors was mixed. Stock selection in health care was a positve influence while selections in information technology

detracted. General exposure to certain commodity based sectors, such as industrials, materials, and energy, also negatively impacted

performance. Financials and consumer discretionary stocks were the largest sectors.

• Underweighting Canada to the index along with the overall stock selection in Continental Europe provided positive attribution.

Overweighting Japan and the U.K., the two largest countries in the Fund, also helped while certain individual stock selection in these areas

hurt.

• At the end of the quarter, the Fund totaled $314 million in assets, 94 holdings, 2% in cash, and a median market cap weight of $1.2 billion.

Wells Fargo Special Small Cap Value Inst (ESPNX) 10.00

1/15/2016

• The fund performed in line with the Russell 2000 Value Index for the 3-month period and outperformed for the 1-, 3-, 5-, and 10-year periods

that ended December 31, 2015. Performance vs. Morningstar peers is also in the top 30th percentile over these same time periods. During

Q4, the fund's I share class gained 3.07% vs. 2.02% for peers.

• The funds relative performance during the quarter was aided by favorable stock-selection results in several sectors. A key element of the

team's investment process is cash-flow analysis and investing in companies that can generate attractive cash-flow levels throughout a full

market cycle. Several portfolio holdings in various industries reported or took steps to improve cash flows, and as a result, their shares

outperformed.

• Stock selection in the health care sector was the top contributor to relative performance in Q4. Several health care holdings in various

industries contributed to performance and reported improved financial results, such as STERIS plc; Myriad Genetics, Inc.; and Owens & Minor,

Inc.

• The financials sector detracted from the funds relative performance largely due to stock selection in and an underweight to real estate

investment trusts (REITs).


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The analysis (1) is as of the date indicated and is subject to change based on market and other conditions; (2) is provided solely for informational purposes; (3) is not

warranted or represented to be correct, complete, or accurate; (4) should not be considered a solicitation to buy or offer to sell a security; and, (5) does not take into

account any investor’s particular investment objectives, strategies, tax status or investment horizon. The opinions and data provided are obtained from multiple sources

including, but not limited to, meetings and calls with fund company representatives, conferences and publicly available resources. The data contained herein: (1) may

not be copied or distributed; and, (2) is not warranted to be accurate, complete or timely. Past performance is no guarantee of future results. For any message reading

"Fund Added to Watch", the manager was recently added to the watch list for qualitative reasons.


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Defi nitions of investment terms and benchmarks.

In the next section you will fi nd a glossary of some most commonly used investment terms, peer group defi nitions and explanation of indices utilized.

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Fund Class DefinitionsInvestment Style Is the strategy employed to obtain its financial goals. BlendAn investment style incorporating a combination of growth and value stocks.GrowthAn investment style focusing on capital appreciation; these funds are marked by above average price-to-earnings ratios, price-to-book ratios, and three year earnings in comparison to other funds.ValueAn investment style focusing on stocks that are trading lower than fundamental value; these funds are marked by a higher than average dividend yield and below average price-to-earnings ratios, price-to-book ratios, and three year earnings in comparison to other funds.

Market Capitalization Number of outstanding shares multiplied by the price per individual share.Large CapRelatively high market capitalization, typically greater than $10 billion.Mid CapMarket capitalization normally falling between $2 and $10 billion.Small CapRelatively small market capitalization, typically less than $2 billion.

RegionDetermined by where a company lists its stock, as opposed to where a company may do business.Domestic or US FundsFunds whose assets are primarily invested within the United States.Emerging Markets FundsFunds whose assets are primarily invested in countries whose economies are progressing and may have higher growth, but also may be characterized by less strict accounting standards, greater geopolitical risk, and evolving infrastructure.Global FundsFunds whose assets are invested both within and outside the United States.

International FundsFunds whose assets are primarily invested outside of the Unites States.

General Definitions12(b)1 FeesA marketing or distribution fee on a mutual fund that is included in the total expense ratio figures; which reduces the funds’ returns. Brokers receive their compensation via 12b1 fees.

BrokerA person that charges a commission for executing buy or sell orders submitted by an investor. A broker must ensure that the investment is suitable but does not have any fiduciary responsibility.

ERISA Account (Revenue Recapture)A plan level account that captures excess income (12(b)1 fees, Service Fees) collected by the recordkeeper that can be used to pay eligible plan expenses or allocated to participants.

FiduciaryA fundamental obligation to provide suitable investment advice and always act in the clients’ best interests.

Lifecycle Fund (target-date)A mutual fund that maintains an asset allocation based on the age of the investor. As the investor gets closer to the “target-date” the fund becomes more conservative.

Lifestyle Fund (risk-based)A mutual fund that maintains an asset allocation based on the risk tolerance of the investor ; conservative, moderate, balanced, growth, aggressive.

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Named FiduciaryThe Plan document must name one or more fiduciaries with the duty and the power under ERISA to control, manage and administer the plan.

Qualified Default Investment Alternative (QDIA)Certain types of investment options, appropriate for long term retirement savings, a plan sponsor may use for contributions in the absence of direction from a plan participant. If a plan sponsor utilizes a QDIA they will not be liable for any loss that is result of the QDIA investment.

Registered Investment Advisor (RIA)A person or firm that, for compensation, provides advice, makes recommendations, issues reports and analyses on securities. A RIA has a fiduciary duty to his or her clients.

Stable ValueA fund that generally invests in shorter duration, high quality bonds and has insurance contracts in place to guarantee a minimum level of return.

“Through” PhilosophyA lifecycle fund that reaches its most conservative point at some point after the target retirement date.

“To” PhilosophyA lifecycle fund that reaches its most conservative point at the target retirement date.

Index Definitions for Selected Asset ClassesAllocation (Conservative, Moderate, Aggressive)DJ US Risk Series – A series of indices utilized as benchmarks for lifestyle funds. The indices are allocated to approximate 20%-100% (conservative – aggressive) of the level of risk of an all stock portfolio. The asset classes covered include domestic stocks, bonds, and cash.

Foreign Large BlendMSCI ACWI Ex USA NR USD – captures large, mid, and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 21 Emerging Markets countries.

Foreign Small/Mid GrowthMSCI EAFE Small Cap NR USD – A market capitalization weighted-index, capturing small cap exposure of 21 developed market countries, excluding US and Canada.

Intermediate Term-Bond and Nontraditional BondBarclays US Agg Bond TR USD – 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; these major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Large BlendS&P 500 TR USD – An unmanaged index of 500 common stocks primarily traded on the New York Stock Exchange, weighted by market capitalization; index performance includes the reinvestment of dividends and capital gains.

Large GrowthRussell 1000 Growth TR USD – A market capitalization-weighted index that measures the performance of those companies within the 1,000 largest companies of the Russell 3000 Index that have higher price-to-book ratios and higher forecasted growth values.

Large ValueRussell 1000 Value TR USD – a market capitalization-weighted index that measures the performance of those companies within the 1,000 largest companies of the Russell 3000 Index that have lower price-to-book ratios and lower expected growth values.

Mid-Cap BlendRussell Mid Cap TR USD – a market capitalization-weighted index that measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 30% of the total market capitalization of the Russell 1000 Index.

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Multisector BondBarclays US Universal TR USD – primarily comprised of the Barclays US Aggregate Bond Index, but also contains high yield, Eurodollar, and emerging markets securities.

Small BlendRussell 2000 TR USD – A market capitalization-weighted index that 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.

Target DateDJ Target Date Series – A series of indices utilized as benchmarks for lifecycle funds. The indices adjust their asset allocations over time to become more conservative as the target date approaches. The asset classes covered include global stocks, global bonds, and cash.

Investment Term DefinitionsBenchmarkThe index against which funds within a category are compared.

ConcentratedDescribes an investment that is dominated by a single or few sectors or low number of securities and is sensitive to the risk of those few exposures.

CorrelationMeasures the degree to which two variables (i.e. two investments, an investment and a benchmark) move in a similar direction. A correlation of 1 indicates the variables moved together, in the same direction 100% of the time, whereas a correlation of -1 indicates variables moved in opposite directions at 100% of the time. A correlation of 0 indicates there is no relationship between the two variables. Correlation captures only directionality; not magnitude. * These statistics may be calculated versus a benchmark or a peer group. For purposes of this glossary, these metrics are calculated versus category peers.

Credit QualityA rating that measures the probability a bond will default. High quality bonds with lower default probabilities are considered investment grade; these bonds will often pay lower yields because they have a lower level of risk. Lower quality bonds, sometimes referred to as “junk bonds” have a higher probability of default; these bonds will often pay higher yields to compensate for the additional risk.

DiversifiedDescribes an investment that has a variety of exposures (number of securities or sectors) that serve to lower idiosyncratic risk, or the risk that can any one exposure will have a large negative impact on the portfolio.

DurationMeasures the sensitivity of fixed-income securities to changes in interest rates; there is an inverse relationship between the prices of securities and direction of interest rates.

Fundamental AnalysisValuation of stocks based on fundamental factors, such as company earnings and growth prospects, to determine a company’s underlying worth and potential for growth.

Gross ExpenseThe percentage of a fund’s assets paid for operating expenses and management fees as stated by the fund’s most recent prospectus, exclusive of fee waivers and expense reimbursements.

IndexA statistical measure of the changes in a portfolio representing a market. The Standard & Poor’s 500 is the most well-known index, which measures the overall change in the value of the 500 stocks of the largest firms in the U.S.

Manager Tenure (Longest): Number of years the current manager has been the portfolio manager for the fund. For funds with more than one manager, the tenure of the manager who has been with the fund the longest is used.

Net ExpenseThe percentage of a fund’s assets paid for operating expenses and management fees as stated by the fund’s most recent prospectus, inclusive of fee waivers and expense reimbursements.

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Price to Book RatioA company’s closing stock price divided by the most recent quarter’s book value per share.

Price to Earnings RatioA company’s share price divided by it’s earnings per share.

SectorAn area of the market or industry that shares like-characteristics.

Management Style DefinitionsAbsolute Return Oriented StrategiesFunds that employ trading strategies that allow them to seek to generate positive performance irrespective of market conditions. These funds may have a benchmark, but oftentimes don’t and they may be actively or passively managed.

Actively Managed StrategiesFunds that seek to profit from market inefficiencies, identifying mispriced securities. Strategies that aim to provide better performance or risk-adjusted performance versus a Benchmark as well as strategies that don’t have benchmarks are considered actively managed.

Passively Managed Strategies (Index Funds) Funds designed to imitate the performance of an index.

Statistical DefinitionsAlpha* A measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha indicates the portfolio has performed better than its beta would predict.

Annualized PerformanceA measure of performance that converts a return over given period of time into a yearly return. This measure is used to make returns from periods of differing lengths comparable.

Batting Average*

A measure of a manager’s ability to consistently beat the category peer group. It is calculated by dividing the number of months a manager beat or matched the category peer group by the total number of months in the period. For example, a manager who beats the category peer group half the time would a batting average of 50%.

Information Ratio*

A measure of the fund’s performance considering risk and return relative to the category peer group. Higher ratios indicate greater consistency of performance.

Relative PerformanceThe return that an asset achieves over a period of time compared to a benchmark.

Sharpe RatioA measure of excess return per unit of risk, as defined by standard deviation. A higher Sharpe Ratio suggests better risk-adjusted performance against the category peer group.

Up/Down Ratio*

Calculated by taking a fund’s Up Capture Ration and dividing by its Down Capture Ratio. This ratio measures the degree to which a given fund has outperformed-gained more or lost less than the category peer group average during periods of market strength and weakness.

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DisclosuresConsider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the investment company. A prospectus can be obtained by contacting your investment professional. The prospectus should be read carefully before investing.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate and 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 data quoted. Performance data current to the most recent month end is available by calling (888) 880-1330 or by visiting www.sentinelgroup.com and logging into your account.

The analysis (1) is as of the date indicated and is subject to change based on market and other conditions; (2) is provided solely for informational purposes; (3) is not warranted or represented to be correct, complete, or accurate; (4) should not be considered a solicitation to buy or offer to sell a security; and, (5) does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. The data source is Morningstar Direct. The data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and, (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Diversification neither assures a profit nor guarantees against a loss in a declining market.

Morningstar© Category Ratings™: Identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is less than three years old, the category is based on the life of the fund. ©2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar ; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar “star” mutual fund rating combines return and risk measures to form a comprehensive evaluation, shown for three-, five-, and 10-year time periods, when available. The overall star rating is a weighted average of these three time periods. Morningstar’s star rating is designed to express the relative attractiveness of a fund’s risk/reward profile. To determine a fund’s star rating for a given time period, the top 10% of its asset class (international equity, domestic equity, taxable bond, or municipal bond) receive 5 stars (highest); those falling in the next 22.5% receive 4 stars (above average); a place in the middle 35% earns 3 stars (neutral); those in the next 22.5%, receive 2 stars (below average); and the bottom 10% get 1 star (lowest).

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss, and the reinvestment of dividends and other income. Investors cannot invest directly in an index.

For clients with Lifestyle Portfolios managed by Sentinel Pension Advisors, returns and respective blended benchmarks are displayed. Portfolio returns are calculated by Sentinel Pension Advisors based on the monthly cash flows, fund investment performance and the linking of monthly return data to generate a performance record. The Blended Benchmark represents a custom index comprised of six broad-based indexes: Barclay’s 1-3 Yr Govt / Credit (Short-Term Fixed Income), Barclay’s Aggregate Bond (Intermediate-Term Fixed Income), Russell 1000 (U.S. Large Cap Equity), Russell 2500 (U.S. Mid /Small Cap Equity), MSCI ACWI ex USA (Foreign Large Cap Equity) and Morningstar Multialternative (Alternative Investments). Each model is assigned into a category corresponding to the actual asset mix of the individual Lifestyle allocation.

Securities offered through Sentinel Securities, Inc. 781-914-1400. Member FINRA & SIPC. Advisory services offered through Sentinel Pension Advisors, Inc., a SEC-registered investment advisory company.

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Documents

SAMPLEdesigned to improve fiduciary management FundScape ... · October 15, 2016 1.Prime and Municipal money market funds must re-establish as either retail or institutional funds