ABC Company Plan Planillustrator For the period 01/01/2010 to 12/31/2010. Table of Contents

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3 Table of Contents Section I Section II Section III Section IV Section V Section VI Plan Design Page 2 Plan Demographics Page 4 Capital Market Review Page 32 Core Fund Review Page 37 Glossary Page 70 Disclosures Page 76 Copyright 2008, Matrix Settlement & Clearance Services, LLC

4 Section I Plan Design Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 2

5 Section I Plan Design Plan Name: Plan Year End: Eligibility: Plan Number: Maximum Deferral Percentage: Open Enrollment: Employer Vesting: Loans: Hardships: Default Investment Option: 12/ [0] % Monthly 6YrGraded Yes Yes No Plan Advisor : Joan Smith Advisor Company Name W. Dakota Ave Floor 2 MAITLAND, FL jsmith@advisorcompany.com (248) Beginning Balance as of 01/01/2010: $12,951, Ending Balance as of 12/31/2010: $15,822, The preceding summary of plan terms is provided for quick reference in the context of a periodic review of the investments and certain aspects of the operation of the named retirement plan. It is not intended to communicate plan provisions to participants or beneficiaries, to amend or modify the plan, or otherwise form a part of the plan. If the summary conflicts with the terms of the plan, the terms of the plan will be followed. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 3

6 Section II Plan Demographics Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 4

7 Section II Plan Demographics Cash Flow Summary Cash Inflow Contributions $1,183, Dividends $327, Loan Repayments $72, Interest on Loans $9, Total Cash Inflow $1,592, Cash Outflow Loan Withdrawals ($144,144.00) Withdrawals ($370,264.50) Fees ($10,838.74) Total Cash Outflow ($525,247.24) Net Cash Flow $1,067, Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 5

8 Section II Plan Demographics Net Flow - Contributions by Fund (sorted alphabetically) (sorted by asset value) AllianceBern Global Thematic Gr R $24,470 Columbia Acorn International Z $55,595 Columbia Mid Cap Value Z $11,987 Columbia Small Cap Index Z $8,375 First American Mid Cap Index Y $15,737 Gabelli Small Cap Growth I $31,563 GAMCO Global Telecommunications I $6,189 GAMCO Gold I $62,067 GAMCO Growth I $36,018 GAMCO Westwood Balanced I $53,532 GAMCO Westwood Equity I $66,808 Goldman Sachs Mid Cap Value Instl $1,038 Invesco Charter I $24,247 Invesco Diversified Dividend Instl $46,088 Invesco European Growth R $13,124 JHancock Balanced R5 $252,364 Pioneer Bond Y $107,981 Pioneer Select Mid Cap Growth Y $48,839 Pioneer Y $16,235 Putnam High Yield Y $38,023 Putnam International Capital Opp Y $22,248 TAKEOVER CASH FND #1 $0 Templeton Instl Foreign Eq Ser Service $20,137 Thornburg International Value R5 $80,433 Vanguard Prime Money Market Inv $88,773 Victory Fund for Income R $35,418 JHancock Balanced R5 Pioneer Bond Y Vanguard Prime Money Market Inv Thornburg International Value R5 GAMCO Westwood Equity I GAMCO Gold I Columbia Acorn International Z GAMCO Westwood Balanced I Pioneer Select Mid Cap Growth Y Invesco Diversified Dividend Instl Putnam High Yield Y GAMCO Growth I Victory Fund for Income R Gabelli Small Cap Growth I AllianceBern Global Thematic Gr R Invesco Charter I Putnam International Capital Opp Y Templeton Instl Foreign Eq Ser Srvc Pioneer Y First American Mid Cap Index Y Invesco European Growth R Columbia Mid Cap Value Z Columbia Small Cap Index Z GAMCO Global Telecommunications I Goldman Sachs Mid Cap Value Instl TAKEOVER CASH FND #1 0K 40K 80K 120K 160K 200K 240K 280K Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 6

9 Section II Plan Demographics Net Flow - Exchanges by Fund (sorted alphabetically) (sorted by asset value) AllianceBern Global Thematic Gr R $118,010 Columbia Acorn International Z $126,906 Columbia Mid Cap Value Z ($101,111) Columbia Small Cap Index Z $12,617 First American Mid Cap Index Y $44,116 Gabelli Small Cap Growth I ($254,923) GAMCO Global Telecommunications I ($17,955) GAMCO Gold I ($325,244) GAMCO Growth I ($468,664) GAMCO Westwood Balanced I ($214,536) GAMCO Westwood Equity I ($60,877) Goldman Sachs Mid Cap Value Instl $136,946 Invesco Charter I $216,317 Invesco Diversified Dividend Instl $165,835 Invesco European Growth R ($427) JHancock Balanced R5 ($726,483) Pioneer Bond Y $493,248 Pioneer Select Mid Cap Growth Y $25,897 Pioneer Y $192,903 Putnam High Yield Y ($34,794) Putnam International Capital Opp Y $129,549 TAKEOVER CASH FND #1 $0 Templeton Instl Foreign Eq Ser Service ($4,528) Thornburg International Value R5 $471,033 Vanguard Prime Money Market Inv $172,967 Victory Fund for Income R $146,928 Pioneer Bond Y Thornburg International Value R5 Invesco Charter I Pioneer Y Vanguard Prime Money Market Inv Invesco Diversified Dividend Instl Victory Fund for Income R Goldman Sachs Mid Cap Value Instl Putnam International Capital Opp Y Columbia Acorn International Z AllianceBern Global Thematic Gr R First American Mid Cap Index Y Pioneer Select Mid Cap Growth Y Columbia Small Cap Index Z TAKEOVER CASH FND #1 Invesco European Growth R Templeton Instl Foreign Eq Ser Srvc GAMCO Global Telecommunications I Putnam High Yield Y GAMCO Westwood Equity I Columbia Mid Cap Value Z GAMCO Westwood Balanced I Gabelli Small Cap Growth I GAMCO Gold I GAMCO Growth I JHancock Balanced R5-800K -600K -400K -200K 0K 200K 400K 600K Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 7

10 Section II Plan Demographics Contributions by Source Source Amount EMPLOYER PROFIT SHARING $431, EMPLOYER MATCH $291, EMPLOYEE 401(K) $459, EMPLOYEE ROLLOVER $ Total $1,183, Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 8

11 Section II Plan Demographics Withdrawals by Fund (sorted alphabetically) Fund Withdrawals AllianceBern Global Thematic Gr R $0 Columbia Acorn International Z $0 Columbia Mid Cap Value Z $0 Columbia Small Cap Index Z $0 First American Mid Cap Index Y $0 Gabelli Small Cap Growth I $25,456 GAMCO Global Telecommunications I $0 GAMCO Gold I $20,828 GAMCO Growth I $73,628 GAMCO Westwood Balanced I $28,472 GAMCO Westwood Equity I $22,690 Goldman Sachs Mid Cap Value Instl $0 Invesco Charter I $0 Invesco Diversified Dividend Instl $0 Invesco European Growth R $0 JHancock Balanced R5 $71,501 Pioneer Bond Y $88 Pioneer Select Mid Cap Growth Y $3,661 Pioneer Y $785 Putnam High Yield Y $1,198 Putnam International Capital Opp Y $0 TAKEOVER CASH FND #1 $0 Templeton Instl Foreign Eq Ser Srvc $0 Thornburg International Value R5 $360 Vanguard Prime Money Market Inv $118,145 Victory Fund for Income R $33 Vanguard Prime Money Market Inv GAMCO Growth I JHancock Balanced R5 GAMCO Westwood Balanced I Gabelli Small Cap Growth I GAMCO Westwood Equity I GAMCO Gold I Pioneer Select Mid Cap Growth Y Putnam High Yield Y Pioneer Y Thornburg International Value R5 Pioneer Bond Y Victory Fund for Income R AllianceBern Global Thematic Gr R Columbia Acorn International Z Columbia Mid Cap Value Z Columbia Small Cap Index Z First American Mid Cap Index Y GAMCO Global Telecommunications I Goldman Sachs Mid Cap Value Instl Invesco Charter I Invesco Diversified Dividend Instl Invesco European Growth R Putnam International Capital Opp Y TAKEOVER CASH FND #1 Templeton Instl Foreign Eq Ser Srvc (sorted by asset value) 0K 20K 40K 60K 80K 100K 120K Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 9

12 Section II Plan Demographics Plan Trends Total Plan Assets Average Account Balance $15,822, $85, % 4.00% 6.77% 13.98% 14.49% 30.87% 29.90% US Stock 30.87% Balanced 29.90% International Stock 14.49% Taxable Bond 13.98% Cash 6.77% Alternative 4.00% Undefined 0.00% Total: % US Stock Contributions Contribution % Total Assets Asset % Total Participants Columbia Mid Cap Value Z $11, % $ % 0 Columbia Small Cap Index Z $8, % $117, % 11 First American Mid Cap Index Y $15, % $147, % 20 Gabelli Small Cap Growth I $31, % $1,419, % 74 GAMCO Global Telecommunications I $6, % $56, % 9 GAMCO Growth I $36, % $723, % 53 GAMCO Westwood Equity I $66, % $667, % 60 Goldman Sachs Mid Cap Value Instl $1, % $142, % 43 Invesco Charter I $24, % $459, % 27 Invesco Diversified Dividend Instl $46, % $521, % 61 Pioneer Select Mid Cap Growth Y $48, % $343, % 55 Pioneer Y $16, % $285, % 49 US Stock Totals $313, % $4,883, % Balanced GAMCO Westwood Balanced I $53, % $1,502, % 56 JHancock Balanced R5 $252, % $3,227, % 92 Balanced Totals $305, % $4,730, % International Stock AllianceBern Global Thematic Gr R $24, % $308, % 18 Columbia Acorn International Z $55, % $603, % 43 Invesco European Growth R $13, % $126, % 12 Putnam International Capital Opp Y $22, % $243, % 16 Templeton Instl Foreign Eq Ser Service $20, % $34, % 7 Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 10

13 Section II Plan Demographics Plan Trends (cont) Contributions Contribution % Total Assets Asset % Total Participants Thornburg International Value R5 $80, % $976, % 81 International Stock Totals $216, % $2,292, % Taxable Bond Pioneer Bond Y $107, % $1,289, % 83 Putnam High Yield Y $38, % $362, % 30 Victory Fund for Income R $35, % $559, % 63 Taxable Bond Totals $181, % $2,211, % Cash Vanguard Prime Money Market Inv $88, % $1,070, % 30 Cash Totals $88, % $1,070, % Alternative GAMCO Gold I $62, % $633, % 60 Alternative Totals $62, % $633, % Undefined TAKEOVER CASH FND #1 $ % $ % 3 Undefined Totals $ % $ % Plan Totals $1,167, % $15,822, % Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 11

14 Section II Plan Demographics Participant Counts and Balances by Status Participants Balances Status Participants Beneficiary w/balance 8 Eligible/Contributing 158 Eligible/Not contributing 27 Hardship suspension 1 Ineligible/Age & Service Rmts 4 Terminated 21 Status Balance Beneficiary w/balance $29, Eligible/Contributing $15,142, Eligible/Not contributing $345, Hardship suspension $10, Ineligible/Age & Service Rmts $1.93 Terminated $294, Total 219 Total $15,822, Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 12

15 Section II Plan Demographics Asset Allocation by Age Band Plan's Asset Allocation, by Age Band Under & Over Unknown 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% US Stock Balanced International Stock Taxable Bond Cash Alternative Undefined Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 13

16 Section II Plan Demographics Average Balances by Age Band (Thousands of Dollars) < $10 $10 - $24.9 $25 - $49.9 $50 - $99.9 $100 - $149.9 $150 - $249.9 > $250 Number of Participants Age Bands Under & Over Unknown Total Participants Balance $151,933 $1,607,461 $3,081,168 $6,707,449 $4,259,300 $15,143 $15,822,455 Average Balance $7,997 $40,187 $68,470 $117,675 $185,187 $7,572 $85,067 Under & Over Unknown $0 $40,000 $80,000 $120,000 $160,000 $200,000 Average Balances Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 14

17 Section II Plan Demographics Average Balances by Age Band and Fund Age Bands Average Balance Per Age Band Under & Over Unknown AllianceBern Global Thematic Gr R $2,686 $15,299 $9,035 $23,658 $35,620 $0 Columbia Acorn International Z $662 $8,922 $5,964 $12,256 $62,064 $0 Columbia Mid Cap Value Z $0 $0 $0 $0 $0 $0 Columbia Small Cap Index Z $0 $12,663 $396 $9,814 $13,161 $0 First American Mid Cap Index Y $268 $3,929 $6,928 $12,358 $535 $0 Gabelli Small Cap Growth I $1,550 $6,054 $12,289 $35,517 $21,258 $0 GAMCO Global Telecommunications I $1,952 $3,420 $19,311 $9,729 $0 $0 GAMCO Gold I $3,255 $10,107 $12,363 $6,989 $30,150 $0 GAMCO Growth I $1,056 $11,974 $11,595 $17,253 $19,345 $0 GAMCO Westwood Balanced I $841 $5,219 $11,765 $30,453 $68,326 $0 GAMCO Westwood Equity I $2,831 $8,262 $14,497 $12,433 $0 $0 Goldman Sachs Mid Cap Value Instl $1,442 $1,085 $1,955 $8,875 $0 $0 Invesco Charter I $0 $1,465 $6,693 $33,534 $16,372 $0 Invesco Diversified Dividend Instl $2,402 $4,793 $9,265 $11,238 $522 $0 Invesco European Growth R $357 $5,912 $535 $14,387 $26,227 $0 JHancock Balanced R5 $1,274 $14,289 $30,405 $33,343 $116,698 $15,141 Pioneer Bond Y $990 $5,983 $10,112 $34,204 $19,990 $0 Pioneer Select Mid Cap Growth Y $1,674 $6,693 $2,735 $9,176 $15,985 $0 Pioneer Y $856 $2,496 $4,729 $12,742 $527 $0 Putnam High Yield Y $345 $3,439 $11,067 $17,935 $11,708 $0 Putnam International Capital Opp Y $680 $6,455 $7,454 $3,070 $89,901 $0 TAKEOVER CASH FND #1 $3 $0 $6 $26 $0 $0 Templeton Instl Foreign Eq Ser Srvc $0 $2,501 $13,573 $1,250 $0 $0 Thornburg International Value R5 $2,492 $7,906 $10,171 $21,514 $6,270 $0 Vanguard Prime Money Market Inv $244 $2,718 $22,663 $25,947 $72,148 $2 Victory Fund for Income R $287 $2,024 $2,829 $10,356 $40,238 $0 Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 15

18 Section II Plan Demographics Average Balances by Age Band and Fund (cont) AllianceBern Global Thematic Gr R Columbia Acorn International Z Columbia Mid Cap Value Z Columbia Small Cap Index Z First American Mid Cap Index Y Gabelli Small Cap Growth I GAMCO Global Telecommunications I GAMCO Gold I GAMCO Growth I GAMCO Westwood Balanced I GAMCO Westwood Equity I Goldman Sachs Mid Cap Value Instl Invesco Charter I Invesco Diversified Dividend Instl Invesco European Growth R JHancock Balanced R5 Pioneer Bond Y Pioneer Select Mid Cap Growth Y Pioneer Y Putnam High Yield Y Putnam International Capital Opp Y TAKEOVER CASH FND #1 Templeton Instl Foreign Eq Ser Service Thornburg International Value R5 Vanguard Prime Money Market Inv Victory Fund for Income R $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 Under & Over Unknown Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 16

19 Section II Plan Demographics Average Investment Elections by Fund (sorted alphabetically) (sorted by value) Fund Percentage** AllianceBern Global Thematic Gr R 2% Columbia Acorn International Z 5% Columbia Mid Cap Value Z 0% Columbia Small Cap Index Z 1% First American Mid Cap Index Y 2% Gabelli Small Cap Growth I 3% GAMCO Global Telecommunications I 1% GAMCO Gold I 7% GAMCO Growth I 3% GAMCO Westwood Balanced I 3% GAMCO Westwood Equity I 3% Goldman Sachs Mid Cap Value Instl 2% Invesco Charter I 3% Invesco Diversified Dividend Instl 9% Invesco European Growth R 1% JHancock Balanced R5 7% Pioneer Bond Y 12% Pioneer Select Mid Cap Growth Y 4% Pioneer Y 5% Putnam High Yield Y 3% Putnam International Capital Opp Y 2% TAKEOVER CASH FND #1 0% Templeton Instl Foreign Eq Ser Service 1% Thornburg International Value R5 11% Vanguard Prime Money Market Inv 7% Victory Fund for Income R 4% (**) Percentages reflect investment elections for active participants only. Total percentages may not equal 100%. Pioneer Bond Y Thornburg International Value R5 Invesco Diversified Dividend Instl JHancock Balanced R5 Vanguard Prime Money Market Inv GAMCO Gold I Pioneer Y Columbia Acorn International Z Pioneer Select Mid Cap Growth Y Victory Fund for Income R GAMCO Growth I Putnam High Yield Y Gabelli Small Cap Growth I GAMCO Westwood Balanced I GAMCO Westwood Equity I Invesco Charter I AllianceBern Global Thematic Gr R Putnam International Capital Opp Y Goldman Sachs Mid Cap Value Instl First American Mid Cap Index Y Columbia Small Cap Index Z Invesco European Growth R GAMCO Global Telecommunications I Templeton Instl Foreign Eq Ser Srvc Columbia Mid Cap Value Z TAKEOVER CASH FND #1 0% 2% 4% 6% 8% 10% 12% Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 17

20 Section II Plan Demographics Average Investment Elections by Age Band and Fund Age Bands Average Balance Per Age Band ** Under & Over Unknown AllianceBern Global Thematic Gr R 0.45% 0.90% 0.31% 0.58% 0.24% 0.00% Columbia Acorn International Z 0.24% 1.25% 0.91% 1.89% 0.68% 0.00% Columbia Mid Cap Value Z 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Columbia Small Cap Index Z 0.00% 0.55% 0.07% 0.52% 0.08% 0.00% First American Mid Cap Index Y 0.21% 0.27% 0.48% 0.77% 0.03% 0.00% Gabelli Small Cap Growth I 0.30% 0.85% 0.43% 0.93% 0.46% 0.00% GAMCO Global Telecommunications I 0.21% 0.45% 0.10% 0.13% 0.00% 0.00% GAMCO Gold I 1.08% 1.97% 1.82% 1.03% 0.70% 0.00% GAMCO Growth I 0.00% 1.99% 0.70% 0.55% 0.00% 0.00% GAMCO Westwood Balanced I 0.10% 0.50% 0.10% 1.37% 0.66% 0.00% GAMCO Westwood Equity I 0.18% 0.74% 0.93% 0.79% 0.00% 0.00% Goldman Sachs Mid Cap Value Instl 0.35% 0.27% 0.91% 0.45% 0.00% 0.00% Invesco Charter I 0.00% 0.52% 0.71% 0.72% 0.56% 0.00% Invesco Diversified Dividend Instl 0.44% 1.90% 3.63% 3.15% 0.10% 0.00% Invesco European Growth R 0.17% 0.48% 0.00% 0.20% 0.08% 0.00% JHancock Balanced R5 0.22% 0.93% 2.08% 3.05% 1.05% 0.00% Pioneer Bond Y 0.59% 1.63% 3.96% 3.71% 1.90% 0.00% Pioneer Select Mid Cap Growth Y 0.80% 1.13% 0.60% 1.19% 0.16% 0.00% Pioneer Y 0.69% 1.06% 1.72% 1.71% 0.03% 0.00% Putnam High Yield Y 0.17% 0.29% 1.00% 1.28% 0.41% 0.00% Putnam International Capital Opp Y 0.24% 0.50% 0.42% 0.42% 0.56% 0.00% TAKEOVER CASH FND #1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Templeton Instl Foreign Eq Ser Srvc 0.00% 0.03% 0.38% 0.35% 0.00% 0.00% Thornburg International Value R5 0.83% 2.73% 4.21% 2.88% 0.41% 0.00% Vanguard Prime Money Market Inv 0.28% 0.30% 1.42% 2.39% 2.36% 0.00% Victory Fund for Income R 0.12% 0.47% 0.94% 1.41% 0.71% 0.00% (**) Percentages reflect investment elections for active participants only. Total percentages may not equal 100%. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 18

21 Section II Plan Demographics Average Investment Elections by Age Band and Fund (cont) AllianceBern Global Thematic Gr R Columbia Acorn International Z Columbia Mid Cap Value Z Columbia Small Cap Index Z First American Mid Cap Index Y Gabelli Small Cap Growth I GAMCO Global Telecommunications I GAMCO Gold I GAMCO Growth I GAMCO Westwood Balanced I GAMCO Westwood Equity I Goldman Sachs Mid Cap Value Instl Invesco Charter I Invesco Diversified Dividend Instl Invesco European Growth R JHancock Balanced R5 Pioneer Bond Y Pioneer Select Mid Cap Growth Y Pioneer Y Putnam High Yield Y Putnam International Capital Opp Y TAKEOVER CASH FND #1 Templeton Instl Foreign Eq Ser Service Thornburg International Value R5 Vanguard Prime Money Market Inv Victory Fund for Income R 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Under & Over Unknown Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 19

22 Section II Plan Demographics Participants and Number of Funds Held Number of Funds Held Participants 1 Fund 9.84% 2 Funds 10.36% 3 Funds 6.74% 4 Funds 11.40% 5 or more Funds 61.66% Total % Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 20

23 Section II Plan Demographics Participation Rates by Age Band Age Bands Number of: Under & Over Unknown Total Eligible Employees Participating Employees % of Participating Employees 37.93% 85.71% 89.36% 90.74% 86.96% 0.00% 79.80% Under & Over Unknown Total Participation Rates The national average for participation is between 75-80%. The chart provides you with the percentage of participation in your plan. It also identifies a participation rate by age groups Eligible Participating Source: Deloitte Consulting, LLP (k) Benchmarking Survey Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 21

24 Section II Plan Demographics Average Deferral Percentage by Age Band Age Bands Average per Age Band Under & Over Unknown % Deferred 1.18% 1.36% 2.05% 1.71% 0.90% 0.00% Average 1.58% Under & Over Unknown Average 0.0% 0.4% 0.8% 1.2% 1.6% 2.0% 2.4% % Deferred Average Annual Deferral Elective deferral contributions are a major (and in many cases, the primary) component of retirement savings for most participants. The age at which participants begin to defer also is important. The chart and graph break down deferral percentages by age group. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 22

25 Section II Plan Demographics Average Number of Funds by Age Band Age Bands Average per Age Band Under & Over Unknown Number of Funds Average 4.89 Under & Over Unknown Average Average Number of Funds Average Number of Funds by Age Bands Diversification (while not a fail safe) limits exposure to market fluctuations. Understanding and implementing proper diversification among available investment options also optimizes the risk/reward balance. The chart and graph show the average number of funds by age group. It is an important indicator of whether participants, as a group, are adequately diversified. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 23

26 Section II Plan Demographics Average Contribution by Age Band Age Bands Average Per Age Band Under & Over Unknown Contribution $3, $5, $6, $8, $11, $0.00 Average $7, Under & Over Unknown Average $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Contribution Average Contribution by Age Bands Elective deferral contributions are a major (and in many cases, the primary) component of retirement savings for most participants. Preparing for retirement takes years of contributions and those contributions need to be substantial enough to accumulate an account balance to provide a secure retirement. This chart and graph illustrates what the average contribution is among your participants. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 24

27 Section II Plan Demographics Allocation by Asset Class Asset Class Fund Market Value Percentage US Stock Communications Large Blend Large Growth Large Value Mid-Cap Blend Mid-Cap Growth Mid-Cap Value Small Blend Balanced Moderate Allocation International Stock Europe Stock Foreign Large Blend Foreign Large Value Foreign Small/Mid Growth Foreign Small/Mid Value World Stock Taxable Bond High Yield Bond Intermediate-Term Bond Short Government Cash Money Market - Taxable Alternative Equity Precious Metals GAMCO Glbl Telecommunications I $56, % GAMCO Westwood Equity I $667, % Invesco Charter I $459, % Pioneer Y $285, % GAMCO Growth I $723, % Invesco Diversified Div Instl $521, % First American Mid Cap Index Y $147, % Pioneer Select Mid Cap Growth Y $343, % Columbia Mid Cap Value Z $ % Goldman Sachs Mid Cap Val Instl $142, % Columbia Small Cap Index Z $117, % Gabelli Small Cap Growth I $1,419, % GAMCO Westwood Balanced I $1,502, % JHancock Balanced R5 $3,227, % Invesco European Growth R $126, % Thornburg International Value R5 $976, % Templeton Instl Foreign Eq Ser Srvc $34, % Columbia Acorn International Z $603, % Putnam Intl Capital Opp Y $243, % AllianceBern Glbl Thematic Gr R $308, % Putnam High Yield Y $362, % Pioneer Bond Y $1,289, % Victory Fund for Income R $559, % Vanguard Prime Money Market Inv $1,070, % GAMCO Gold I $633, % 14.49% 29.90% 13.98% 6.77% 4.00% 0.00% 30.87% US Stock Balanced International Stock Taxable Bond Cash Alternative Undefined Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 25

28 Section II Plan Demographics Allocation by Asset Class (cont) Asset Class Fund Market Value Percentage Undefined Undefined TAKEOVER CASH FND #1 $ % Plan Total $15,822, % Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 26

29 Section II Plan Demographics Fund Diversification by Age Band Funds Held by Age Band Asset Class Under & Over Unknown US Stock GAMCO Global Telecommunications I Communications GAMCO Westwood Equity I Large Blend Invesco Charter I Large Blend Pioneer Y Large Blend GAMCO Growth I Large Growth Invesco Diversified Dividend Instl Large Value First American Mid Cap Index Y Mid-Cap Blend Pioneer Select Mid Cap Growth Y Mid-Cap Growth Columbia Mid Cap Value Z Mid-Cap Value Goldman Sachs Mid Cap Value Instl Mid-Cap Value Columbia Small Cap Index Z Small Blend Gabelli Small Cap Growth I Small Blend Balanced GAMCO Westwood Balanced I Moderate Allocation JHancock Balanced R5 Moderate Allocation International Stock Invesco European Growth R Europe Stock Thornburg International Value R5 Foreign Large Blend Templeton Instl Foreign Eq Ser Service Foreign Large Value Columbia Acorn International Z Foreign Small/Mid Growth Putnam International Capital Opp Y Foreign Small/Mid Value AllianceBern Global Thematic Gr R World Stock Taxable Bond Putnam High Yield Y High Yield Bond Pioneer Bond Y Intermediate-Term Bond Victory Fund for Income R Short Government Cash Vanguard Prime Money Market Inv Money Market - Taxable Alternative Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 27

30 Section II Plan Demographics Fund Diversification by Age Band (cont) Funds Held by Age Band Asset Class Under & Over Unknown GAMCO Gold I Equity Precious Metals Undefined TAKEOVER CASH FND #1 Undefined Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 28

31 Section II Plan Demographics New and Outstanding Loans # Part % Part with Active Loans Total Loan Amt Avg Loan Amt Avg Bal Remain Bal Remain Avg Length (Years) Oustanding Loans % $257, $11, $8, $195, Active Loans % $257, $11, $8, $195, New Loans % $0.00 $0.00 $0.00 $ Average Loan Balances Oustanding Loans New Loans 0K 2K 4K 6K 8K 10K 12K Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 29

32 Section II Plan Demographics Average Loan Balance by Age Band Age Bands Average Per Age Band Under & Over Unknown Average Account Balance $ 13, $ 44, $ 73, $ 136, $ 212, $ 0.00 $ 100, Loan Balance $ 1, $ 2, $ 3, $ 3, $ 0.00 $ 0.00 $ 2, % Loan / Account Balance 7.74% 4.90% 5.29% 2.76% 0.00% 0.00% 2.96% Under & Over Unknown Average $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 Average Acct Balance Average Loan Balance Average Loan Balance Loans are a popular feature. The knowledge that deferrals may be borrowed back if needed, may encourage otherwise hesitant eligible employees to contribute. There is an opportunity cost associated with borrowing from retirement savings. The chart and graph provides information of plan loan utilization by age group. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 30

33 Section II Plan Demographics Paticipant Web Site Statistics The chart below displays the number of logins and web hits (i.e. number of times a page is selected) for the reporting time period January 2010 February 2010 March 2010 April 2010 May 2010 June 2010 July 2010 August 2010 September 2010 October 2010 November 2010 December 2010 Month Logins Hits January February March April May June July August September October November December Total 548 2,145 Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 31

34 Section III Capital Market Review Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 32

35 Section III Capital Market Review Financial Markets and Economic Analysis, Fourth Quarter 2010 Perspective: Lessons learned in 2010 and their application in 2011 It is a psychologically fascinating characteristic of ours that makes us want to reflect upon, and subsequently pigeonhole, each calendar year, as if the striking of midnight on the 31st of December created an impermeable barrier for our financial and personal lives. The financial crisis of 2008 spilled over into the first part of 2009, and it is highly likely that the current four month equity market rally that was sparked in September, will spillover well into But 2010 has come to a close, and performance must be measured for the year (and the resulting incentive compensation totted up) and placed in context, and the lessons learned should be highlighted. One lesson we have learned repeatedly over the past three years is global financial crises spark significant interest in U.S. Treasuries as the safe haven for those seeking to hide from any specific market risk. The dollar remains the primary reserve currency in the world, and this was hugely beneficial to the U.S. economy during the past few years as the repeated flight to quality pushed Treasury yields to generational lows, which aided cash strapped businesses and the Government alike, once the markets unfroze. There remains a significant amount of uncertainty around the stability of several members of the Eurozone, and another debt crisis similar to those in Greece and Ireland this year could impact the U.S. once again. Lesson number two for the year: contrarian positioning can be highly rewarding for those investors who can stand the volatility. In eight of the first 11 months of 2010, investors poured more than $20 billion into taxable bond funds and an estimated $220 billion dollars in total over that same 11 months.[1] Over that same period investors reduced their holdings of domestic equity funds by $68.6 billion.[2] But, over the course of the year the Barclays Aggregate was up just 6.5%, about average for the last 10 years, while the domestic equity market was up 15% to nearly 30% depending on the market cap, a level reached only three times in the past decade is the opening measure for the song that is the next decade. The first decade of this century has frequently been referred to as the lost decade within the investment community, highlighting the limited gains in the face of two bear markets. Of all of the questions that face investors, and indeed the world, perhaps the most pressing and defining question to be answered is: Can we learn from our past mistakes, recognize the warning signs we have seen before and avoid the pitfalls that inevitably lay before us? How we adapt and forge ahead with that knowledge may well define our success financially as well as personally. Domestic Equity Markets Overview [3] October started the fourth quarter off with a bang following on the heels of the sharp rally in September. November was mixed as the market s momentum in the large cap space slowed in the aftermath of the elections and some slightly weaker economic data. The small cap market slowed not at all, churning out a healthy 3.5% return for the Russell 2000 Index. But the candle was really lit in the final month of the year as optimism around the holiday retail season and marginally improved economic news sparked a sharp rally. December accounted for more than half of the quarter s return for the large cap indexes, slightly less than half for the mid- and small-cap indexes. Continuing the trend we have seen for most of the year, the small cap indexes sharply outperformed large caps, and growth outperformed value from a style standpoint. The Russell 2000 Growth Index was up 17.1% for the quarter and 29.1% for the year to lead the domestic indexes, while the laggard was the Russell 1000 Value Index up 10.5% in the final quarter and 15.5% for the year. The dramatic recovery of the mid and small cap indexes over the past two years has pushed the longer term trailing performance back into positive territory, though certainly well below the level (particularly on a real return basis) that would seem reasonable for the level of risk being assumed. The Russell 2000 Index has a five year trailing performance of 4.5% per year and a 10-year trailing performance of 6.3% per year. Much worse are the numbers for the large cap indexes as the Russell 1000 is up just 2.6% per year over the last five years and 1.8% over the last 10. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 33

36 One of the major issues that continues to worry the asset managers we ve spoken to this year is the growing gap in valuation levels between the highest quality companies and the lowest quality companies (typically defined by the S&P ratings), which continued to widen in the fourth quarter. While it is expected that lower rated companies carry lower P/E multiples to compensate for the inherent risk, these multiples have moved out past the historic norms (pushed by the risk on trade for most of the year) while multiples for the highest rated companies continue to be below their historic averages. This is a condition that was seen in the dot com era of 1999 and early 2000 as well, and to a lesser degree, during the run up in If these lower quality companies are being priced to perfection, 2011 earnings comparisons could pave a rocky road. Domestic Equity Returns - Major Market Style Indexes (as of 12/31/2010) Russell 1000 Russell 1000 Growth Russell 1000 Value Russell 2000 Russell 2000 Growth Russell 2000 Value Russell Midcap -5% 0% 5% 10% 15% 20% 25% 30% Q One - Year Three - Year Five - Year International Markets Summary [4] Section III Capital Market Review The International indexes were positive during the final quarter of the year, though the broader indicators underperformed the U.S. market. The Russell Developed ex-u.s. Index was up 7.4% during the quarter while the Emerging Markets Index was up 9.8%, both in dollar terms. The fourth quarter performance left most of the regional indexes slightly behind the domestic indexes for the year as well. Among the developed countries Canada and Japan were the leaders for the quarter and, unsurprisingly, Greece and Spain posted substantial losses during the quarter. Among the emerging markets countries Taiwan, Peru and Mexico had the largest gains (all more than 16.5% in dollar terms) for the quarter while Hungary and Columbia finished with significant losses. Similar to the domestic markets, the international markets were led by the Energy and Materials sectors, while the more defensive Telecom and Utilities sectors were the laggards. The currency impact was decidedly mixed in the quarter as the dollar weakened significantly against most of the Asian currencies, especially in Taiwan, but strengthened slightly against the Euro and many northern European currencies. Many of the managers we spoke to during the quarter believe the emerging markets, the big story of 2010, are priced nearly to perfection. At the same time, these same managers are maintaining their emerging market exposures as the sole source of significant economic growth for the coming year. Europe and Japan are at the other end of the spectrum, with seemingly attractive valuations but few prospects for growth. The major themes in the international and emerging equity markets remain largely unchanged in the third quarter, namely a negative outlook on most of continental Europe and Japan and an overweight to the emerging markets as the likely driver of global economic growth over the coming months. However, the emerging market valuations have gotten generically rich and many managers are looking for better opportunities in developed market companies with high levels of revenues derived from the emerging markets. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 34

37 Fixed Income Summary [5] Treasury Yield Curve (as of 12/31/2010) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 3-month Bill 6-month Bill 1-year Note 2-year Note 3-year Note 5-year Note 7-year Note One Year Ago Last Quarter Today 10-year Bond 20-year Bond 30-year Bond The domestic fixed income markets closed 2010 on a down note, as the yield curve shifted dramatically upwards in November and December. Marginally positive economic data, higher issuance and lower demand combined to push prices down and yields higher. In a reversal of the previous two quarters, the yield curve steepened dramatically with the 2-10 year spread widening 58 basis points. The losses in the bond markets were especially steep at the long end of the curve, where yields rose 65 basis points on the 30-Year Treasury, and the Barclays Treasury 20+ Year Index fell 9.3%, cutting the year s return in half. Treasuries fared the worst in the quarter (-2.6%), though the returns in the Industrial (-2.1%) and Utility sectors (-2.5%) of the corporate market were down nearly as much. Bucking the trend was the MBS Index, which actually had a gain for the quarter due to a large positive return in October and smaller losses in November and Section III Capital Market Review December. Despite the losses for the segment in the final quarter, returns for the investment grade market were well ahead of expectations for the calendar year, particularly given the average forecast last January for higher rates in the first half of the year. Slower than expected economic growth in the first half of the year combined with the European sovereign debt crisis in May (and the subsequent flight to Treasuries), provided a good cushion and ultimately mid to high single digit returns for the asset class. All of which leaves the asset class in roughly the same position as 12 months ago: very low current yields, high probability of rising rates in the coming year and very low expectations for total return. The non-investment grade market enjoyed another strong quarter with the Barclays High Yield index up 3.2% for the quarter and 15.1% for the year. The average option adjusted spread on the index fell nearly 1% over the course of the quarter. Both the third and fourth quarter saw increased investor appetite within the non-investment grade sector, as reasonable valuations and faint signs of economic recovery appeared to highlight positive future prospects for these issues. The municipal market was struck harder in the fourth quarter than the taxable market, as the Barclays Municipal Index was down 1.9% in December alone and 4.2% for the quarter. The dramatic results were due to a combination of factors both market oriented as well as a few technical issues. The municipal market was affected by the same issues impacting the taxable market, namely the marginally better economic data generically pushing interest rates higher. However, the major impact to the market was a dramatic shift in the supply/demand fundamentals particularly in November and December. California s budget was settled later than usual, and the state came to market with several very large new issues in November. At the same time, a number of other states came to market with new issuance in an attempt to tap the BAB market before the program expired at the end of the year. Both of these factors collided with dramatically lower retail interest in the asset class as investors moved strongly into the equity markets after the third quarter rebound and continued strong results in October. Among the investment grade issues, longer maturities and lower credit qualities suffered greater losses. The Barclays High Yield Muni Index was down just 3.9%, 20 basis points less than the investment grade index, for the quarter aided by its much higher current yield. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 35

38 Footnotes: [1] Morningstar Fund Flows report [2] ibid [3] All index returns quoted from Russell Investment Group [4] All index return data and currency data is quoted from Russell Investment Group [5] All index return data is quoted from Barclays Capital [6]Barclay s U.S Treasury Index, Corporate (Industrials) Index, Corporate (Utilities) Index respectively Section III Capital Market Review Outlook 2011 opens with far more questions than answers. The split in control of Congress should preclude any significant regulatory changes, but the eventual impact of the current round of quantitative easing or the recent extension of the current tax rates is up for debate. The general consensus among the fixed income managers we have spoken to is for no action from the Fed at least through the first half of the year, if not well into the fourth quarter of However, the global markets may have a more significant impact on U.S. interest rates than the Fed. Another European debt crisis or perhaps a significant event in the Chinese economy could create another flight to quality and push the domestic yield curve lower. By the same logic, investor demand for higher real rates of return or more significant risk premium could push yields higher without any action from the Fed. On the equity side, a reasonably strong 18 month rally, particularly in a year when the average investor moved out of equities, brings the opportunity set for the equity market somewhat into question. A continuation of the relief rally of the second half of 2010 might run through the first half of the year, but eventually market participants will have to see improvements in economic growth, unemployment and global stability before pushing markets high enough to match 2010 s results. Source: Prima Capital. Opinions, estimates, forecasts and statements of financial market trends that are based on current market conditions constitute Prima s judgment and are subject to change without notice. We believe the information contained in this commentary has been obtained from sources that are reliable. This presentation is for informational purposes only and is not intended as an offer of solicitation with respect to the purchase or sale of any security. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 36

39 Section IV Core Fund Review The following section contains previously selected funds and is NOT FOR DISTRIBUTION TO PLAN PARTICIPANTS. The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company. The phone number for the mutual fund company can be found in Section IV of this report. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company. The phone number for the mutual fund company can be found in Section IV of this report. You should read the Prospectus carefully before choosing a Fund. Please see Section VI of this report for additional disclosures. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 37

40 Section IV Core Fund Review Fund Matrix AVERAGE ANNUAL TOTAL RETURN RISK PLAN ASSETS Fund Name Asset Class Total Ret YTD 1 year 3 year 5 year Period ending 12/31/ year Sharpe Ratio 3 Yr Alpha 3 Yr Std Dev 3 Yr Exp Ratio # of Participants Total Assets US Stock GAMCO Growth I Large Growth 10.41% 10.41% -4.40% 1.87% -1.77% n/a % 53 $723, Russell 1000 Growth Benchmark 16.71% 16.71% -0.47% 3.75% 0.02% n/a Invesco Diversified Div Instl Large Value 15.63% 15.63% 1.72% 4.35% n/a % 61 $521, Russell 1000 Value Benchmark 15.51% 15.51% -4.42% 1.28% 3.26% n/a Columbia Sm Cap Indx Z Small Blend 26.06% 26.06% 3.05% 4.60% 7.44% % 11 $117, Gabelli Sm Cap Gr I Small Blend 27.81% 27.81% 4.78% 8.01% 9.95% 0.29 n/a % 74 $1,419, Russell 2000 Benchmark 26.85% 26.85% 2.22% 4.47% 6.33% 0.05 n/a First AM Mid Cap Indx Y Mid-Cap Blend 26.02% 26.02% 3.32% 5.48% 6.67% % 20 $147, Russell Midcap Benchmark 25.47% 25.47% 1.05% 4.66% 6.54% 0.01 n/a Pioneer Select Mid Cap Gr Y Mid-Cap Growth 21.62% 21.62% 2.68% 6.54% 6.94% % 55 $343, Russell Midcap Growth Benchmark 26.38% 26.38% 0.97% 4.88% 3.12% 0.01 n/a Columbia Mid Cap Val Z Mid-Cap Value 23.21% 23.21% -1.59% 3.74% n/a % 0 $0.00 Goldman Sachs Mid Cap Val Instl Mid-Cap Value 24.85% 24.85% 1.85% 4.85% 9.46% % 43 $142, Russell Midcap Value Benchmark 24.75% 24.75% 1.01% 4.08% 8.07% 0.01 n/a GAMCO Glbl Telecommunications I Communications 11.38% 11.38% -6.08% 4.79% 2.48% n/a % 9 $56, GAMCO Westwood Eq I Large Blend 12.26% 12.26% -5.30% 2.44% 2.72% n/a % 60 $667, Invesco Charter I Large Blend 8.60% 8.60% 0.67% 5.34% 1.94% % 27 $459, Pioneer Y Large Blend 16.17% 16.17% -1.48% 3.27% 2.33% % 49 $285, S&P 500 Benchmark 15.06% 15.06% -2.86% 2.29% 1.41% n/a Balanced Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 38

41 Section IV Core Fund Review Fund Matrix (cont) AVERAGE ANNUAL TOTAL RETURN RISK PLAN ASSETS Fund Name Asset Class Total Ret YTD 1 year 3 year 5 year Period ending 12/31/ year Sharpe Ratio 3 Yr Alpha 3 Yr Std Dev 3 Yr Exp Ratio # of Participants Total Assets GAMCO Westwood Bal I Moderate Allocation 9.41% 9.41% -0.84% 3.86% 3.99% n/a % 56 $1,502, JHancock Balanced R5 Moderate Allocation 11.59% 11.59% 1.28% 7.85% 4.93% 0.12 n/a % 92 $3,227, % S&P 500/ 40% BCI Aggregate Benchmark 12.13% 12.13% 1.14% 4.08% 3.53% 0.02 n/a International Stock AllianceBern Glbl Thematic Gr R World Stock 18.36% 18.36% 0.18% 5.47% -1.56% % 18 $308, Russell Developed Large Cap Benchmark 12.43% 12.43% -4.77% 2.53% 2.52% n/a Invesco European Gr R Europe Stock 12.12% 12.12% -6.59% 5.24% 6.71% % 12 $126, Thornburg Intl Val R5 Foreign Large Blend 14.08% 14.08% -4.27% 7.22% 8.26% % 81 $976, Russell Developed Large Cap ex N.A. Benchmark 8.39% 8.39% -6.64% 2.91% 3.80% n/a Templeton Instl Foreign Eq Ser Srvc Foreign Large Value 6.59% 6.59% -6.43% 4.62% 6.31% % 7 $34, Russell Developed Large Cap Val ex N.A. Benchmark 5.36% 5.36% -8.00% 1.56% n/a n/a Columbia Acorn Intl Z Foreign Sm/Mid Gr 22.70% 22.70% 0.08% 9.60% 9.32% % 43 $603, Putnam Intl Cap Opp Y Foreign Sm/Mid Value 18.98% 18.98% -1.15% 6.91% 6.70% % 16 $243, Russell Developed Small Cap ex N.A. Benchmark 20.37% 20.37% -2.66% 3.08% 8.76% n/a Taxable Bond Victory Fd for Inc R Short Government 6.52% 6.52% 5.97% 5.59% 4.78% % 63 $559, Barclays 1-3 Year Treasury Benchmark 2.40% 2.40% 3.26% 4.19% 3.95% 1.03 n/a 2.40 Pioneer Bond Y Interm-Term Bond 9.75% 9.75% 7.49% 6.58% 6.80% % 83 $1,289, Barclays Intermediate Aggregate Benchmark 6.15% 6.15% 5.82% 5.81% 5.66% 1.65 n/a 3.04 Putnam High Yield Y High Yield Bond 14.46% 14.46% 8.68% 7.75% 8.25% % 30 $362, Barclays US Corporate High Yield Benchmark 15.12% 15.12% 10.38% 8.91% 8.88% 0.46 n/a Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 39

42 Section IV Core Fund Review Fund Matrix (cont) AVERAGE ANNUAL TOTAL RETURN RISK PLAN ASSETS Fund Name Cash Asset Class Total Ret YTD 1 year 3 year 5 year Period ending 12/31/ year Sharpe Ratio 3 Yr Alpha 3 Yr Std Dev 3 Yr Exp Ratio # of Participants Vanguard Prime Money Mkt Inv Money Mkt - Taxable 0.06% 0.06% 1.11% 2.66% 2.41% % 30 $1,070, T-Bills - 3 Month Benchmark 0.13% 0.13% 0.79% 2.43% 2.38% 0.00 n/a 0.56 Alternative GAMCO Gold I Eq Precious Metals 36.09% 36.09% 14.03% 19.61% 26.23% 0.51 n/a % 60 $633, S&P 500 Benchmark 15.06% 15.06% -2.86% 2.29% 1.41% n/a Undefined TAKEOVER CASH FND #1 Undefined n/a n/a n/a n/a n/a n/a n/a n/a n/a 3 $34.52 Unknown Benchmark n/a n/a n/a n/a n/a n/a n/a n/a Total Assets Total Plan Assets $15,822, The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company. The phone number for the mutual fund company can be found in of this report. Please see of this report for additional disclosures. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company. The phone number for the mutual fund company can be found in of this report. You should read the Prospectus carefully before choosing a Fund. The performance data does not reflect the deduction of the sales load or fee, and that, if reflected, the load or fee would reduce the performance quoted. Please see of this report for additional benchmark information. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 40

43 Section IV Core Fund Review Fund Ranking by Quartile Percentile Rank for your plan's investment options, based on 1, 3, and 10-year annualized returns 1 Year (as of 12/31/2010) First Quartile - 9 funds Victory Fund for Income R 4% of 154 funds Pioneer Bond Y 16% of 1,164 funds Thornburg Intl Value R5 16% of 829 funds Pioneer Y 18% of 2,010 funds AllianceBern Glbl Thematic Gr R 19% of 865 funds Goldman Sachs Mid Cap Val Instl 20% of 420 funds First AM Mid Cap Index Y 22% of 433 funds Invesco Diversified Div Instl 22% of 1,240 funds Gabelli Small Cap Growth I 24% of 649 funds Second Quartile - 5 funds Invesco European Growth R 34% of 118 funds Columbia Mid Cap Value Z 38% of 420 funds Putnam High Yield Y 39% of 574 funds Columbia Acorn Intl Z 40% of 135 funds Columbia Small Cap Index Z 46% of 649 funds Third Quartile - 5 funds JHancock Balanced R5 57% of 1,074 funds Templeton Instl Foreign Eq Ser Srvc 58% of 364 funds Putnam Intl Capital Opp Y 69% of 66 funds Pioneer Select Mid Cap Gr Y 73% of 759 funds GAMCO Westwood Equity I 74% of 2,010 funds Fourth Quartile - 5 funds GAMCO Gold I 79% of 77 funds GAMCO Glbl Telecommunications I 87% of 47 funds GAMCO Westwood Balanced I 88% of 1,074 funds GAMCO Growth I 89% of 1,718 funds Invesco Charter I 94% of 2,010 funds 3 Year (as of 12/31/2010) First Quartile - 12 funds Invesco Diversified Div Instl Victory Fund for Income R Invesco Charter I AllianceBern Glbl Thematic Gr R First AM Mid Cap Index Y Gabelli Small Cap Growth I Pioneer Bond Y Thornburg Intl Value R5 Columbia Acorn Intl Z Pioneer Y Pioneer Select Mid Cap Gr Y Putnam High Yield Y Second Quartile - 7 funds JHancock Balanced R5 Goldman Sachs Mid Cap Val Instl Columbia Small Cap Index Z Invesco European Growth R Templeton Instl Foreign Eq Ser Srvc Putnam Intl Capital Opp Y GAMCO Glbl Telecommunications I Third Quartile - 2 funds GAMCO Gold I GAMCO Westwood Balanced I Fourth Quartile - 3 funds GAMCO Growth I Columbia Mid Cap Value Z GAMCO Westwood Equity I 3% of 1,120 funds 3% of 141 funds 6% of 1,753 funds 12% of 628 funds 15% of 373 funds 17% of 563 funds 18% of 1,026 funds 18% of 694 funds 19% of 118 funds 20% of 1,753 funds 23% of 677 funds 25% of 512 funds 27% of 930 funds 29% of 360 funds 33% of 563 funds 33% of 98 funds 35% of 286 funds 39% of 52 funds 50% of 39 funds 62% of 72 funds 74% of 930 funds 76% of 1,504 funds 85% of 360 funds 86% of 1,753 funds 10 Year (as of 12/31/2010) First Quartile - 11 funds Thornburg Intl Value R5 4% of 289 funds Pioneer Bond Y 8% of 560 funds Goldman Sachs Mid Cap Val Instl 9% of 98 funds Pioneer Select Mid Cap Gr Y 9% of 392 funds Victory Fund for Income R 9% of 112 funds GAMCO Glbl Telecommunications 11% of 29 funds JHancock Balanced R5 13% of 404 funds Templeton Instl Foreign Eq Ser Srv 16% of 128 funds Gabelli Small Cap Growth I 17% of 279 funds Putnam High Yield Y 17% of 291 funds GAMCO Westwood Equity I 25% of 802 funds Second Quartile - 8 funds Columbia Acorn Intl Z 28% of 52 funds Pioneer Y 30% of 802 funds Invesco European Growth R 31% of 67 funds GAMCO Westwood Balanced I 34% of 404 funds Invesco Charter I 36% of 802 funds First AM Mid Cap Index Y 37% of 171 funds Columbia Small Cap Index Z 40% of 279 funds GAMCO Gold I 42% of 39 funds Third Quartile - 1 funds Putnam Intl Capital Opp Y 68% of 29 funds Fourth Quartile - 2 funds GAMCO Growth I 85% of 787 funds AllianceBern Glbl Thematic Gr R 99% of 261 funds Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 41

44 Section IV Core Fund Review Fund Ranking by Quartile (cont) 1 Year 3 Year 10 Year Rankings provided by Prima Capital Management, Inc. (Prima) are published on a quarterly basis. The category of each ranking for the funds above may be found in the Asset Class Coverage report. Prima's mutual fund universes start with all of the publicly traded mutual funds with more than 12 calendar quarters of performance history. Once per year, the entire universe (eliminating duplicate share classes) is regressed against all of the major indices, and each fund is assigned to one of the various asset classes (large growth, large value, international, etc.) based on rolling 3-year correlations. These universes are then manually reviewed to assure best placement. At the conclusion of this process, the fund is assigned to one asset class for the remainder of that calendar year. New funds are added on a quarterly basis as they pass the performance history threshold. The ranking information does not reflect the deduction of the Sales Load that may apply if the Fund shares were purchased outside the Plan and, if the Sales Load were reflected, a fund's ranking could be lower. Other share classes of these Funds may have different rankings even though they represent interests in the same portfolio. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 42

45 Section IV Core Fund Review Asset Class Coverage Asset Class Category Plans Investment Options US Stock Mid-Cap Value Goldman Sachs Mid Cap Value Instl Large Blend Invesco Charter I Communications GAMCO Global Telecommunications I Small Blend Gabelli Small Cap Growth I Mid-Cap Value Columbia Mid Cap Value Z Large Growth GAMCO Growth I Mid-Cap Growth Pioneer Select Mid Cap Growth Y Large Value Invesco Diversified Dividend Instl Large Blend GAMCO Westwood Equity I Small Blend Columbia Small Cap Index Z Mid-Cap Blend First American Mid Cap Index Y Large Blend Pioneer Y Balanced Moderate Allocation JHancock Balanced R5 GAMCO Westwood Balanced I International Stock World Stock AllianceBern Global Thematic Gr R Foreign Small/Mid Growth Columbia Acorn International Z Europe Stock Invesco European Growth R Foreign Small/Mid Value Putnam International Capital Opp Y Foreign Large Blend Thornburg International Value R5 Foreign Large Value Templeton Instl Foreign Eq Ser Service Taxable Bond Short Government Victory Fund for Income R High Yield Bond Putnam High Yield Y Intermediate-Term Bond Pioneer Bond Y Municipal Bond None None Cash Money Market - Taxable Vanguard Prime Money Market Inv Commodities None None Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 43

46 Section IV Core Fund Review Asset Class Coverage (cont) Asset Class Plans Investment Options Alternative Equity Precious Metals GAMCO Gold I Undefined Undefined TAKEOVER CASH FND #1 The above chart lists asset classes common to retirement plans. Not all plans include all asset classes. Which asset classes are appropriate for a particular plan must be determined based on the relevant facts and circumstances of each individual plan. Copyright 2008, Matrix Settlement & Clearance Services, LLC Page 44

47 AllianceBern Global Thematic Gr R Fund Overview as of 12/31/2010 Management Company AllianceBernstein Alliancebernstein Glb Thmtc Grh Fd, Inc Avenue Of The Americas New York, NY Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover ATERX $0.00 $76.88 None Joseph Carson,Vadim Zlotnikov 2 Yr(s) 11/03/2003 International Stock $1,281.2 Million Expense Ratio 1.62% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 20% 16% 12% 8% 4% 0% -4% -8% 1 Month AllianceBern Global Thematic Gr R Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell Developed Large Cap The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at AllianceBern Global Thematic Gr R Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Developed Large Cap Alpha: 6.13 Beta: 1.05 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.92 Std Dev: Asset Allocation as of 09/30/2010 Equity Other 1.35% Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Developed Large Cap Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Fixed 0.21% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Denbury Resources, Inc. 2.03% Monsanto Company 1.91% Schlumberger, Ltd. 1.75% Weyerhaeuser Company 1.70% Mitsubishi ADR 1.63% NetLogic Microsystems, Inc. 1.63% NGK Insulators, Ltd. 1.61% Impala Platinum Holdings 1.58% Nabors Industries, Ltd. 1.53% Freeport-McMoRan Copper & Gold B 1.52% Percent of Assets in Top Holdings 16.89% Sectors By Percent** as of 09/30/2010 Materials Financial Services Energy Software Health Care Consumer Goods Hardware Consumer Services Telecommunication Business Services Media 16.80% 10.10% 7.76% 7.50% 7.35% 4.78% 4.52% 4.43% 3.27% 3.20% ** Sector weightings based on Industry Classification Benchmark Industries 26.61% Growth of $10,000 Investment as of 12/31/ K 16K 14K 12K 10K 8K 6K 4K 2K 0K 4Q03 4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 AllianceBern Global Thematic Russell Developed Large Cap Gr R $14, $14, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 45

48 Columbia Acorn International Z Fund Overview as of 12/31/2010 Management Company Columbia Columbia Acorn Trust 227 W Monroe Ste 3000 Chicago, IL Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover ACINX $2, $40.92 None P. Egan,Louis Mendes 11 Yr(s) 09/23/1992 International Stock $6,094.4 Million Expense Ratio 0.99% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 24% 20% 16% 12% 8% 4% 0% -4% 1 Month Columbia Acorn International Z Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell Developed Small Cap ex N.A. The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Columbia Acorn International Z Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Developed Small Cap ex N.A. Alpha: 2.79 Beta: 0.99 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.98 Std Dev: Asset Allocation as of 10/31/2010 Equity Cash 4.19% Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Developed Small Cap ex N.A Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Other 3.48% Top 10 Holdings as of 10/31/2010 Holding Name Percent of TNA Olam International Limited 1.58% Naspers, Ltd. 1.53% Localiza Rent A Car S.A. 1.43% Hexagon AB 1.35% Kansai Paint Co. Ltd. 1.24% Serco Group PLC 1.17% Imtech 1.14% Intertek Group PLC 1.05% Suzano Bahia Sul Papel e Celulose SA 0.95% Fugro 0.95% Percent of Assets in Top Holdings 12.39% Sectors By Percent** as of 10/31/2010 Materials Business Services Financial Services Consumer Services Health Care Consumer Goods Energy Media Utilities Hardware Software Telecommunication 14.11% 12.69% 9.54% 6.91% 6.66% 5.30% 2.74% 1.68% 1.45% 1.45% 0.98% 20.41% ** Sector weightings based on Industry Classification Benchmark Industries Growth of $10,000 Investment as of 12/31/ K 24K 20K 16K 12K 8K 4K 0K 4Q00 4Q01 4Q02 4Q03 4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 Columbia Acorn International Russell Developed Small Cap Z ex N.A. $24, $23, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 46

49 Columbia Mid Cap Value Z Fund Overview as of 12/31/2010 Management Company Columbia Columbia Funds Series Trust One Financial Center Boston, MA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover NAMAX $2, $13.46 None Noah Petrucci,Diane Sobin 9 Yr(s) 11/20/2001 US Stock $4,815.0 Million Expense Ratio 0.94% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 28% 24% 20% 16% 12% 8% 4% 0% -4% Columbia Mid Cap Value Z 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a n/a Russell Midcap Value The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Columbia Mid Cap Value Z Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Midcap Value Alpha: Beta: 0.97 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.99 Std Dev: Asset Allocation as of 10/31/2010 Equity Cash 2.22% Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Midcap Value Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Other 0.52% Top 10 Holdings as of 10/31/2010 Sectors By Percent** as of 10/31/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA Spectra Energy Corporation 1.89% Discover Financial Services 1.85% Parker Hannifin Corporation 1.71% Wisconsin Energy Corporation 1.66% Equity Residential 1.58% PPG Industries, Inc. 1.57% Sempra Energy 1.56% Lincoln National Corp. 1.55% Rayonier, Inc. 1.50% Peabody Energy Corporation 1.49% Percent of Assets in Top Holdings 16.36% Financial Services Materials Energy Consumer Goods Utilities Consumer Services Business Services Hardware Health Care Media Software Telecommunication Covertible 16.92% 11.11% 10.61% 9.91% 6.57% 4.26% 4.03% 3.19% 2.02% 1.45% 0.83% 0.27% ** Sector weightings based on Industry Classification Benchmark Industries 25.14% 24K 20K 16K 12K 8K 4K 0K 4Q01 4Q02 4Q03 Columbia Mid Cap Value Z 4Q04 4Q05 4Q06 4Q07 $19, $21, Q08 Russell Midcap Value 4Q09 4Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 47

50 Columbia Small Cap Index Z Fund Overview as of 12/31/2010 Management Company Columbia Columbia Funds Series Trust One Financial Center Boston, MA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover NMSCX $2, $17.28 None Alfred Alley III 1 Yr(s) 10/15/1996 US Stock $1,756.3 Million Expense Ratio 0.20% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 28% 24% 20% 16% 12% 8% 4% 0% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Columbia Small Cap Index Z Russell 2000 The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Columbia Small Cap Index Z Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell 2000 Alpha: 0.77 Beta: 0.97 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.99 Std Dev: Asset Allocation as of 10/31/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 2.07% Top 10 Holdings as of 10/31/2010 Sectors By Percent** as of 10/31/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA Russell 2000 Mini Index Ftrs Dec10 Icus 2.22% ishares S&P SmallCap 600 Index 0.92% SM Energy Co 0.57% East West Bancorp, Inc. 0.56% Oil States International, Inc. 0.55% Varian Semiconductor Equipment Associates, In 0.53% Biomed Realty Trust, Inc. 0.51% Polaris Industries, Inc. 0.51% Concur Technologies, Inc. 0.50% Cooper Companies 0.49% Percent of Assets in Top Holdings 7.36% Financial Services Materials Consumer Services Health Care Hardware Consumer Goods Business Services Software Energy Utilities Telecommunication Media 12.73% 10.71% 10.37% 9.53% 8.14% 7.57% 5.95% 4.62% 3.93% 2.73% 0.32% ** Sector weightings based on Industry Classification Benchmark Industries 17.81% 24K 20K 16K 12K 8K 4K 0K 4Q00 4Q01 4Q02 4Q03 Columbia Small Cap Index Z 4Q04 4Q05 4Q06 4Q07 Russell 2000 $20, $18, Q08 4Q09 4Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 48

51 First American Mid Cap Index Y Fund Overview as of 12/31/2010 Management Company First American First American Investment Funds Inc 800 Nicollet Mall Bc-mn-h04n Minneapolis, MN Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover FIMEX $0.00 $13.08 None Walter French,David Friar 9 Yr(s) 11/04/1999 US Stock $264.5 Million Expense Ratio 0.53% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 28% 24% 20% 16% 12% 8% 4% 0% 1 Month First American Mid Cap Index Y Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell Midcap The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at First American Mid Cap Index Y Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Midcap Alpha: 2.04 Beta: 0.94 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 1.00 Std Dev: Asset Allocation as of 09/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Midcap Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 8.70% Top 10 Holdings as of 09/30/2010 Sectors By Percent** as of 09/30/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA First American Prime Obligation Z 7.80% F5 Networks, Inc. 0.75% Newfield Exploration Company 0.70% Edwards Lifesciences 0.69% Lubrizol Corporation 0.66% Joy Global, Inc. 0.66% Netflix, Inc. 0.64% New York Community Bancorp, Inc. 0.64% Vertex Pharmaceuticals 0.63% Dollar Tree Stores, Inc. 0.58% Percent of Assets in Top Holdings 13.75% Financial Services Materials Health Care Consumer Services Consumer Goods Business Services Hardware Energy Utilities Software Telecommunication Media 9.54% 9.51% 9.10% 7.21% 6.01% 5.61% 4.68% 4.53% 2.19% 0.65% ** Sector weightings based on Industry Classification Benchmark Industries 17.85% 14.44% 20K 16K 12K 8K 4K 0K 4Q00 4Q01 4Q02 4Q03 4Q04 4Q05 4Q06 4Q07 First American Mid Cap Index Russell Midcap Y $19, $18, Q08 4Q09 4Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 49

52 Gabelli Small Cap Growth I Fund Overview as of 12/31/2010 Management Company Gabelli Gabelli Equity Series Funds Inc One Corporate Center Rye, NY Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover GACIX $500, $34.19 None Mario Gabelli 19 Yr(s) 01/11/2008 US Stock $2,001.2 Million Expense Ratio 1.23% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 28% 24% 20% 16% 12% 8% 4% 0% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Gabelli Small Cap Growth I Russell 2000 The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Gabelli Small Cap Growth I Section IV Core Fund Review Risk Analysis (3 Year) Statistics measured against the fund's broad based index: Russell 2000 Alpha: Beta: Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in R-Squared: Std Dev: Asset Allocation as of 09/30/2010 Equity Cash 10.00% Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Other 0.26% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA SSL International PLC 1.67% Ferro Corporation 1.60% O'Reilly Automotive, Inc. 1.59% RPC, Inc. 1.35% Interpublic Group of Companies 1.13% Kaman Corporation A 1.02% CNH Global NV 0.96% GrafTech International, Inc. 0.93% Baldor Electric Company 0.90% BBA Aviation PLC 0.87% Percent of Assets in Top Holdings 12.02% Sectors By Percent** as of 09/30/2010 Materials Consumer Goods 13.27% Consumer Services 10.13% Media 6.65% Financial Services 6.13% Health Care 4.93% Utilities 4.20% Business Services 4.18% Telecommunication 2.95% Energy 2.89% Hardware 2.79% Software 1.26% Covertible 0.03% ** Sector weightings based on Industry Classification Benchmark Industries 25.81% Growth of $10,000 Investment as of 12/31/ K 12K 10K 8K 6K 4K 2K 0K 1Q08 Gabelli Small Cap Growth I 1Q09 1Q10 Russell 2000 $12, $11, You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 50

53 GAMCO Global Telecommunications I Fund Overview as of 12/31/2010 Management Company Gabelli One Corporate Center Rye, NY Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover GTTIX $500, $20.41 None Sergey Dluzhevskiy,Evan Miller 8 Yr(s) 01/11/2008 US Stock $153.0 Million Expense Ratio 1.44% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 16% 12% 8% 4% 0% -4% -8% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a GAMCO Global Telecommunications I S&P 500 The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) Statistics measured against the fund's broad based index: S&P 500 Alpha: Beta: Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in R-Squared: Std Dev: Asset Allocation as of 09/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Quarterly Performance Analysis (3 Year) as of 12/31/2010 GAMCO Global Telecommunications I S&P Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 0.47% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Rogers Communications Inc B 4.61% America Movil S.A.B. de C.V. ADR L 4.57% Telefonica, S.A. ADR 4.44% Directv 4.33% United States Cellular Corporation 3.50% Verizon Communications Inc. 3.18% Deutsche Telekom AG ADR 3.08% TeliaSonera AB 2.78% VimpelCom Ltd ADR 2.30% AT&T, Inc. 2.30% Percent of Assets in Top Holdings 35.09% Sectors By Percent** as of 09/30/2010 Telecommunication 72.72% Media 20.11% Materials 3.53% Financial Services 0.83% Business Services 0.48% Health Care 0.47% Utilities 0.39% Hardware 0.18% Software 0.03% ** Sector weightings based on Industry Classification Benchmark Industries Growth of $10,000 Investment as of 12/31/ K 10K 8K 6K 4K 2K 0K 1Q08 1Q09 GAMCO Global S&P 500 Telecommunications I $9, $10, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 51

54 GAMCO Gold I Fund Overview as of 12/31/2010 Management Company Gabelli One Corporate Center Rye, NY Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover GLDIX $500, $35.88 None Caesar Bryan 16 Yr(s) 01/11/2008 Alternative $723.5 Million Expense Ratio 1.21% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 40% 35% 30% 25% 20% 15% 10% -5% 0% 5% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a GAMCO Gold I S&P 500 The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) Statistics measured against the fund's broad based index: S&P 500 Alpha: Beta: Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in R-Squared: Std Dev: Asset Allocation as of 09/30/2010 Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time. Quarterly Performance Analysis (3 Year) as of 12/31/2010 GAMCO Gold I S&P Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Equity % Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Randgold Resources, Ltd. ADR 13.35% Newcrest Mining Limited 10.34% Agnico-Eagle Mines 7.08% Goldcorp, Inc. 6.38% Newmont Mining Corporation 5.50% Kinross Gold Corporation 4.95% Eldorado Gold Corp 4.55% Barrick Gold Corporation 4.48% Gold Fields Limited ADR 4.20% Fresnillo PLC 4.05% Percent of Assets in Top Holdings 64.88% Sectors By Percent** as of 09/30/2010 Materials % ** Sector weightings based on Industry Classification Benchmark Industries Growth of $10,000 Investment as of 12/31/ K 12K 10K 8K 6K 4K 2K 0K 1Q08 GAMCO Gold I 1Q09 S&P 500 $13, $10, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 52

55 GAMCO Growth I Fund Overview as of 12/31/2010 Management Company Gabelli One Corporate Center Rye, NY Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover GGCIX $500, $31.60 None Howard Ward 16 Yr(s) 01/11/2008 US Stock $531.3 Million Expense Ratio 1.28% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark GAMCO Growth I 20% 16% 12% 8% 4% 0% -4% -8% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell 1000 Growth The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) Statistics measured against the fund's broad based index: Russell 1000 Growth Alpha: Beta: Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in R-Squared: Std Dev: Asset Allocation as of 09/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Quarterly Performance Analysis (3 Year) as of 12/31/2010 GAMCO Growth I Russell 1000 Growth Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 0.28% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Apple, Inc. 5.22% Google, Inc. 5.09% Microsoft Corporation 3.76% Coca-Cola Company 3.54% PepsiCo, Inc. 3.35% Agnico-Eagle Mines 3.20% International Business Machines Corp 3.19% Newmont Mining Corporation 2.89% Hess Corporation 2.66% Eaton Corporation 2.53% Percent of Assets in Top Holdings 35.43% Sectors By Percent** as of 09/30/2010 Materials 29.41% Energy 16.72% Hardware Consumer Goods Telecommunication Financial Services Health Care Software Consumer Services 11.36% 10.77% 9.01% 5.79% 5.28% 4.48% 0.46% ** Sector weightings based on Industry Classification Benchmark Industries Growth of $10,000 Investment as of 12/31/ K 10K 8K 6K 4K 2K 0K 1Q08 1Q09 1Q10 GAMCO Growth I Russell 1000 Growth $9, $10, You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 53

56 GAMCO Westwood Balanced I Fund Overview as of 12/31/2010 Management Company Gabelli Westwood Funds One Corporate Center Rye, NY Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover WBBIX $500, $10.67 None Mark Freeman,Susan Byrne 19 Yr(s) 01/11/2008 Balanced $116.9 Million Expense Ratio 1.00% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 14% 12% 10% 8% 6% 4% 2% 0% -2% 1 Month GAMCO Westwood Balanced I Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a 60% S&P 500/ 40% BCI Aggregate The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at GAMCO Westwood Balanced I Section IV Core Fund Review Risk Analysis (3 Year) Statistics measured against the fund's broad based index: 60% S&P 500/ 40% BCI Aggregate Alpha: Beta: Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in R-Squared: Std Dev: Asset Allocation as of 09/30/2010 Equity Fixed Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % 59.69% 60% S&P 500/ 40% BCI Aggregate Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 6.27% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Dreyfus Treasury & Agency Csh Mgmt Instl 3.08% Johnson & Johnson 1.87% Pfizer Inc. 1.83% Wells Fargo Company 1.83% Chevron Corporation 1.80% J.P. Morgan Chase & Co. 1.76% FHLMC 5.25% 1.50% FNMA 5% 1.47% AT&T, Inc. 1.45% US Treasury Note 4% 1.42% Percent of Assets in Top Holdings 18.01% Top 15 Sectors By Percent** as of 09/30/2010 Financial Services Us Corporation US Agency Energy Health Care Materials US Treasury Consumer Services TIPS Telecommunication Utilities Media Hardware Consumer Goods Foreign Corporation 12.10% 11.68% 10.04% 8.56% 7.55% 6.70% 5.47% 4.37% 4.30% 3.88% 3.60% 3.59% 3.16% 3.05% 2.55% ** Sector weightings based on Industry Classification Benchmark Industries Growth of $10,000 Investment as of 12/31/ K 10K 8K 6K 4K 2K 0K 1Q08 1Q09 1Q10 GAMCO Westwood Balanced I 60% S&P 500/ 40% BCI Aggregate $10, $10, You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 54

57 GAMCO Westwood Equity I Fund Overview as of 12/31/2010 Management Company Gabelli Westwood Funds One Corporate Center Rye, NY Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover WEEIX $500, $8.97 Westwood Management Corp TX Susan Byrne 24 Yr(s) 01/11/2008 US Stock $106.9 Million Expense Ratio 1.32% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 16% 12% 8% 4% 0% -4% -8% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a GAMCO Westwood Equity I S&P 500 The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at GAMCO Westwood Equity I Section IV Core Fund Review Risk Analysis (3 Year) Statistics measured against the fund's broad based index: S&P 500 Alpha: Beta: Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in R-Squared: Std Dev: Asset Allocation as of 09/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % S&P Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 0.95% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Pfizer Inc. 3.07% Chevron Corporation 3.07% Johnson & Johnson 3.06% J.P. Morgan Chase & Co. 2.85% Wells Fargo Company 2.83% AT&T, Inc. 2.50% CVS Caremark Corporation 2.14% EQT Corp. 2.12% The Travelers Companies, Inc. 2.12% Philip Morris International Inc 2.11% Percent of Assets in Top Holdings 25.87% Sectors By Percent** as of 09/30/2010 Financial Services Energy Health Care Materials Consumer Services Telecommunication Media Utilities Consumer Goods Hardware Software Business Services 14.53% 12.17% 11.30% 7.23% 6.68% 6.10% 5.93% 5.02% 5.00% 3.02% 2.06% ** Sector weightings based on Industry Classification Benchmark Industries 20.00% Growth of $10,000 Investment as of 12/31/ K 10K 8K 6K 4K 2K 0K 1Q08 1Q09 GAMCO Westwood Equity I S&P 500 $9, $10, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 55

58 Goldman Sachs Mid Cap Value Instl Fund Overview as of 12/31/2010 Management Company Goldman Sachs Goldman Sachs Trust New York, NY Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover GSMCX $10,000, $36.15 None John Arege,Sean Butkus 3 Yr(s) 08/01/1995 US Stock $7,680.4 Million Expense Ratio 0.76% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 28% 24% 20% 16% 12% 8% 4% 0% 1 Month Goldman Sachs Mid Cap Value Instl Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell Midcap Value The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Midcap Value Alpha: 0.61 Beta: 0.89 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.95 Std Dev: Asset Allocation as of 09/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Quarterly Performance Analysis (3 Year) as of 12/31/2010 Goldman Sachs Mid Cap Value Instl Russell Midcap Value Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 1.40% Top 10 Holdings as of 09/30/2010 Sectors By Percent** as of 09/30/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA Newfield Exploration Company 2.65% Principal Financial Group 1.94% Range Resources Corporation 1.86% Everest Re Group, Ltd. 1.86% Biogen Idec, Inc. 1.76% W.R. Berkley Corporation 1.73% Xcel Energy, Inc. 1.73% SunTrust Banks, Inc. 1.65% DISH Network Corporation Class A 1.59% Aetna, Inc. 1.57% Percent of Assets in Top Holdings 18.34% Financial Services Consumer Goods Utilities Materials Energy Health Care Media Telecommunication Software Hardware Business Services Consumer Services 13.48% 12.67% 12.23% 9.48% 6.16% 4.71% 3.73% 2.74% 2.10% 2.01% 0.66% ** Sector weightings based on Industry Classification Benchmark Industries 28.62% 28K 24K 20K 16K 12K 8K 4K 0K 4Q00 4Q01 4Q02 4Q03 4Q04 4Q05 4Q06 4Q07 4Q08 Goldman Sachs Mid Cap Russell Midcap Value Value Instl $24, $21, Q09 4Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 56

59 Invesco Charter I Fund Overview as of 12/31/2010 Management Company Invesco AIM Equity Funds 11 Greenway Plaza,Suite 100 Houston, TX Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover CHTVX $1,000, $16.60 Invesco Global Asset Mgmt (N.A.), Inc Tyler Dann II,Ronald Sloan 8 Yr(s) 07/30/1991 US Stock $5,488.3 Million Expense Ratio 0.80% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 16% 14% 12% 10% 8% 6% 4% -2% 0% 2% -4% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Invesco Charter I S&P 500 The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Invesco Charter I Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: S&P 500 Alpha: 2.79 Beta: 0.87 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.98 Std Dev: Asset Allocation as of 09/30/2010 Equity Cash Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % 79.76% S&P Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Other 0.11% Top 10 Holdings as of 09/30/2010 Sectors By Percent** as of 09/30/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA Invesco Treasurer's Ser Tr Prem Instl 10.07% Invesco Short Term Inv Liq Assets Instl 10.07% Kroger Company 3.35% Progressive Corporation 3.16% Symantec Corporation 2.59% Qualcomm, Inc. 2.52% American Express Company 2.42% Berkshire Hathaway Inc. A 2.39% CVS Caremark Corporation 2.33% Vodafone Group PLC 2.09% Percent of Assets in Top Holdings 40.99% Health Care Financial Services Materials Consumer Services Energy Telecommunication Software Hardware Business Services Consumer Goods Media Utilities 13.47% 12.34% 11.00% 9.16% 8.45% 8.19% 5.21% 4.32% 3.67% 2.21% 0.89% 0.87% ** Sector weightings based on Industry Classification Benchmark Industries 14K 12K 10K 8K 6K 4K 2K 0K 4Q00 4Q01 Invesco Charter I 4Q02 4Q03 4Q04 4Q05 4Q06 S&P 500 $12, $11, Q07 4Q08 4Q09 4Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 57

60 Invesco Diversified Dividend Instl Fund Overview as of 12/31/2010 Management Company Invesco AIM Equity Funds 11 Greenway Plaza,Suite 100 Houston, TX Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover DDFIX $1,000, $12.26 Invesco Global Asset Mgmt (N.A.), Inc Jonathan Harrington,Meggan Walsh 8 Yr(s) 10/25/2005 US Stock $2,029.0 Million Expense Ratio 0.70% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 16% 12% 8% 4% 0% -4% -8% 1 Month Invesco Diversified Dividend Instl Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a n/a Russell 1000 Value The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Invesco Diversified Dividend Instl Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell 1000 Value Alpha: 5.45 Beta: 0.88 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.98 Std Dev: Asset Allocation as of 09/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell 1000 Value Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 10.87% Top 10 Holdings as of 09/30/2010 Sectors By Percent** as of 09/30/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA Invesco Treasurer's Ser Tr Prem Instl 5.44% Invesco Short Term Inv Liq Assets Instl 5.44% Kimberly-Clark Corporation 2.55% Capital One Financial Corporation 2.43% Pentair, Inc. 2.36% SunTrust Banks, Inc. 2.30% Johnson Controls, Inc. 2.22% Fifth Third Bancorp 2.19% Automatic Data Processing 2.08% Marriott International, Inc. A 2.07% Percent of Assets in Top Holdings 29.08% Consumer Goods Financial Services Materials Consumer Services Health Care Utilities Energy Business Services Hardware Media Software Telecommunication 10.21% 7.26% 5.97% 4.56% 4.33% 1.62% 1.23% 0.73% 0.34% ** Sector weightings based on Industry Classification Benchmark Industries 18.85% 17.28% 16.76% 14K 12K 10K 8K 6K 4K 2K 0K 4Q05 4Q06 4Q07 4Q08 4Q09 Invesco Diversified Dividend Russell 1000 Value Instl $12, $10, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 58

61 Invesco European Growth R Fund Overview as of 12/31/2010 Management Company Invesco Aim International Mutual Funds 11 Greenway Plaza,Suite 100 Houston, TX Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover AEDRX $0.00 $30.65 Invesco Global Asset Mgmt (N.A.), Inc Richard Nield,Borge Endresen 8 Yr(s) 06/03/2002 International Stock $899.4 Million Expense Ratio 1.91% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 16% 12% 8% 4% 0% -4% -8% Invesco European Growth R 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell Developed Large Cap ex N.A. The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Invesco European Growth R Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Developed Large Cap ex N.A. Alpha: Beta: 0.95 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.98 Std Dev: Asset Allocation as of 09/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Developed Large Cap ex N.A Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 6.42% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Invesco Treasurer's Ser Tr Prem Instl 3.21% Invesco Short Term Inv Liq Assets Instl 3.21% Shire PLC 2.36% Haci Omer Sabanci Holding A.S. 2.32% Aryzta AG 2.32% Roche Holding AG 2.27% Nestle SA 2.17% Homeserve PLC 2.14% Imperial Tobacco Group PLC 2.03% Novo Nordisk A/S 2.00% Percent of Assets in Top Holdings 24.03% Sectors By Percent** as of 09/30/2010 Consumer Goods Materials Health Care Consumer Services Business Services Financial Services Energy Media Utilities Telecommunication Software 13.88% 10.65% 10.11% 9.67% 9.13% 8.86% 4.99% 3.24% 3.17% 0.82% ** Sector weightings based on Industry Classification Benchmark Industries 19.06% Growth of $10,000 Investment as of 12/31/ K 28K 24K 20K 16K 12K 8K 4K 0K 2Q02 2Q03 2Q04 2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 Invesco European Growth R Russell Developed Large Cap ex N.A. $24, $18, You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 59

62 JHancock Balanced R5 Fund Overview as of 12/31/2010 Management Company John Hancock 601 Congress Street Boston, MA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover JBAVX $0.00 $15.36 MFC Global Investment Mgmt (U.S.), LLC Timothy Malloy,Roger Hamilton 7 Yr(s) 09/05/2008 Balanced $1,216.3 Million Expense Ratio 0.93% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 14% 12% 10% 8% 6% 4% 2% 0% JHancock Balanced R5 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a 60% S&P 500/ 40% BCI Aggregate The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) Statistics measured against the fund's broad based index: 60% S&P 500/ 40% BCI Aggregate Alpha: Beta: Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in R-Squared: Std Dev: Asset Allocation as of 10/31/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fixed 35.52% JHancock Balanced R % S&P 500/ 40% BCI Aggregate Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash Other 5.21% 0.15% Top 10 Holdings as of 10/31/2010 Holding Name Percent of TNA Microsoft Corporation 3.84% Suncor Energy, Inc. 1.99% Qualcomm, Inc. 1.98% Google, Inc. 1.68% Dell, Inc. 1.61% Apple, Inc. 1.59% Hewlett-Packard Company 1.54% Barrick Gold Corporation 1.48% Denbury Resources, Inc. 1.45% US Treasury Note 2% 1.45% Percent of Assets in Top Holdings 18.61% Top 15 Sectors By Percent** as of 10/31/2010 Us Corporation Materials Energy US Treasury Financial Services Software Consumer Services Hardware Health Care Mortgage Passthru Telecommunication Consumer Goods Foreign Corporation Business Services US Agency 8.31% 7.92% 7.57% 7.37% 5.55% 4.84% 4.74% 4.47% 4.21% 3.98% 3.78% 3.37% 3.13% 2.05% ** Sector weightings based on Industry Classification Benchmark Industries 15.48% Growth of $10,000 Investment as of 12/31/ K 12K 10K 8K 6K 4K 2K 0K 3Q08 3Q09 3Q10 JHancock Balanced R5 60% S&P 500/ 40% BCI Aggregate $12, $11, You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 60

63 Pioneer Bond Y Fund Overview as of 12/31/2010 Management Company Pioneer Investments 60 State St 13th FL Boston, MA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover PICYX $5,000, $9.47 None Kenneth Taubes 12 Yr(s) 09/20/2001 Taxable Bond $1,207.5 Million Expense Ratio 0.61% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark Pioneer Bond Y 10% 8% 6% 4% 2% 0% -2% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Barclays Intermediate Aggregate The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Barclays Intermediate Aggregate Alpha: 2.75 Beta: 0.80 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.12 Std Dev: 5.14 Asset Allocation as of 11/30/2010 Fixed Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Quarterly Performance Analysis (3 Year) as of 12/31/2010 Pioneer Bond Y Barclays Intermediate Aggregate Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash Other Equity 7.84% 2.79% 0.04% Top 10 Holdings as of 11/30/2010 Quality Analysis as of 09/30/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA US Treasury Note (Fut) 2.49% US Treasury Note 2.25% US Treasury Bond 4.625% 0.95% US Treasury Note 2.75% 0.95% US Treasury Bond 4.5% 0.77% Goldman Sachs Cap Ii FRN 0.74% US Treasury Bond 4.5% 0.71% Wachovia Cmbs 2004-C14 CMO 4.368% 0.69% Forest City Enterprises Cv 0.68% US Treasury Bond 4.5% 0.63% Percent of Assets in Top Holdings 10.86% AAA Bonds AA Bonds A Bonds BBB Bonds BB Bonds Below B Bonds Not Rated Bonds B Bonds 3.87% 12.80% 24.33% 11.58% 1.10% 0.73% 5.04% 40.55% 20K 16K 12K 8K 4K 0K 3Q01 3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 Pioneer Bond Y Barclays Intermediate Aggregate $18, $15, Q09 3Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 61

64 Pioneer Select Mid Cap Growth Y Fund Overview as of 12/31/2010 Management Company Pioneer Investments 60 State St Boston, MA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover PMTYX $5,000, $18.17 None Kenneth Winston 1 Yr(s) 06/23/2004 US Stock $536.0 Million Expense Ratio 0.98% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 28% 24% 20% 16% 12% 8% 4% 0% 1 Month Pioneer Select Mid Cap Growth Y Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell Midcap Growth The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Midcap Growth Alpha: 1.64 Beta: 0.98 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.98 Std Dev: Asset Allocation as of 11/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Quarterly Performance Analysis (3 Year) as of 12/31/2010 Pioneer Select Mid Cap Growth Y Russell Midcap Growth Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash -0.04% Top 10 Holdings as of 11/30/2010 Holding Name Percent of TNA Guess Inc 1.91% LKQ Corporation 1.68% IHS, Inc. A 1.45% Urban Outfitters Inc. 1.31% Cooper Industries PLC. 1.31% BE Aerospace 1.29% Green Mountain Coffee Roasters, Inc. 1.29% CoStar Group, Inc. 1.25% Mexican Economic Development, Inc. ADR 1.24% Advance Auto Parts, Inc. 1.22% Percent of Assets in Top Holdings 13.95% Sectors By Percent** as of 11/30/2010 Consumer Services Software Materials Health Care Hardware Consumer Goods Financial Services Energy Business Services Telecommunication Media 15.43% 14.95% 14.31% 12.01% 10.57% 10.24% 7.49% 6.22% 2.93% 2.36% 0.42% ** Sector weightings based on Industry Classification Benchmark Industries Growth of $10,000 Investment as of 12/31/ K 16K 14K 12K 10K 8K 6K 4K 2K 0K 2Q04 2Q05 2Q06 2Q07 2Q08 2Q09 Pioneer Select Mid Cap Russell Midcap Growth Growth Y $16, $15, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 62

65 Pioneer Y Fund Overview as of 12/31/2010 Management Company Pioneer Investments 60 State St., 13th Floor Boston, MA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover PYODX $5,000, $41.09 None John Carey,Walter Hunnewell 24 Yr(s) 05/06/1999 US Stock $6,916.6 Million Expense Ratio 0.71% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 20% 16% 12% 8% 4% 0% -4% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Pioneer Y S&P 500 The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: S&P 500 Alpha: 1.36 Beta: 0.98 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.99 Std Dev: Asset Allocation as of 10/31/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Quarterly Performance Analysis (3 Year) as of 12/31/2010 Pioneer Y S&P Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 0.06% Top 10 Holdings as of 10/31/2010 Sectors By Percent** as of 10/31/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA Chevron Corporation 2.84% Norfolk Southern Corporation 2.75% Rio Tinto PLC 2.46% John Wiley & Sons, Inc. A 2.35% PACCAR, Inc 2.27% Chubb Corporation 2.12% Johnson Controls, Inc. 2.11% Target Corporation 1.85% Becton, Dickinson and Company 1.81% Hewlett-Packard Company 1.79% Percent of Assets in Top Holdings 22.35% Consumer Goods Materials Financial Services Energy Health Care Hardware Consumer Services Business Services Media Telecommunication Software Utilities 17.25% 15.24% 12.33% 10.98% 10.72% 7.93% 7.60% 6.69% 3.60% 3.35% 2.25% 1.37% ** Sector weightings based on Industry Classification Benchmark Industries 14K 12K 10K 8K 6K 4K 2K 0K 4Q00 Pioneer Y 4Q01 4Q02 4Q03 4Q04 4Q05 4Q06 S&P 500 $12, $11, Q07 4Q08 4Q09 4Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 63

66 Putnam High Yield Y Fund Overview as of 12/31/2010 Management Company Putnam One Post Office Sq Mailstop A-14 Legal Department Boston, MA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover PHYYX $0.00 $7.64 Putnam Investments LLC Paul Scanlon,Norman Boucher 8 Yr(s) 12/31/1998 Taxable Bond $1,413.6 Million Expense Ratio 0.83% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark Putnam High Yield Y 16% 14% 12% 10% 8% 6% 4% 2% 0% 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Barclays US Corporate High Yield The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Putnam High Yield Y Barclays US Corporate High Yield Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Barclays US Corporate High Yield Alpha: Beta: 0.95 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.99 Std Dev: Asset Allocation as of 09/30/2010 Fixed Other Cash Equity 3.47% 3.18% 3.01% Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Top 10 Holdings as of 09/30/2010 Quality Analysis as of 09/30/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA Cit Grp 7% 0.73% Nrg Engy 7.375% 0.72% Legrand S A 8.5% 0.68% Cit Grp 7% 0.57% Txu Energy Tlb3 L % Lyondell Chem 11% 0.55% Ventas Rlty Ltd Partnership 9% 0.54% Cch Ii Llc / Cch Ii Cap 13.5% 0.53% Peabody Engy 7.375% 0.51% Freeport-Mcmoran Copper & Gold 8.375% 0.50% Percent of Assets in Top Holdings 5.89% AAA Bonds A Bonds BBB Bonds BB Bonds B Bonds Below B Bonds Not Rated Bonds 0.03% 0.21% 8.00% 13.93% 4.98% 29.84% 43.01% 24K 20K 16K 12K 8K 4K 0K 4Q00 4Q01 4Q02 4Q03 4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 Putnam High Yield Y Barclays US Corporate High Yield $22, $23, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 64

67 Putnam International Capital Opp Y Fund Overview as of 12/31/2010 Management Company Putnam One Post Office Square Mail Stop A 14 Boston, MA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover PIVYX $0.00 $35.68 Putnam Investments LLC Joseph Joseph,John McLanahan 11 Yr(s) 02/01/2000 International Stock $1,177.2 Million Expense Ratio 1.42% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 24% 20% 16% 12% 8% 4% 0% -4% 1 Month Putnam International Capital Opp Y Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell Developed Small Cap ex N.A. The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Putnam International Capital Opp Y Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Developed Small Cap ex N.A. Alpha: 2.81 Beta: 1.12 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.99 Std Dev: Asset Allocation as of 09/30/2010 Equity Cash 0.62% Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Developed Small Cap ex N.A Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Other 0.29% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Partners Group Holding 0.87% Banque Cantonale Vaudoise 0.87% Publicis Groupe 0.77% Shire PLC 0.77% Next PLC 0.68% Canaccord Financial Inc 0.66% Andritz AG 0.65% Georg Fischer AG 0.64% Recordati Ord 0.62% Nitto Denko Corporation 0.61% Percent of Assets in Top Holdings 7.14% Sectors By Percent** as of 09/30/2010 Materials Financial Services Consumer Goods Business Services Health Care Hardware Consumer Services Media Energy Software Telecommunication Utilities 15.87% 12.34% 8.35% 5.92% 5.57% 5.53% 5.03% 4.66% 2.46% 1.14% 1.12% ** Sector weightings based on Industry Classification Benchmark Industries 27.98% Growth of $10,000 Investment as of 12/31/ K 24K 20K 16K 12K 8K 4K 0K 4Q00 4Q01 4Q02 4Q03 4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 Putnam International Capital Russell Developed Small Cap Opp Y ex N.A. $19, $23, Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 65

68 Templeton Instl Foreign Eq Ser Service Fund Overview as of 12/31/2010 Management Company Franklin Templeton Investment Funds Broward Financial Centre 500 East Broward Blvd Ste 2100 Fort Lauderdale, FL Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover TFESX $50, $20.03 None Cindy Sweeting,Peter Nori 11 Yr(s) 09/18/2006 International Stock $6,467.5 Million Expense Ratio 0.95% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 10% 8% 6% 4% -2% 0% 2% -4% -6% -8% 1 Month Cumulative (%) Annualized (%) Quarter Templeton Instl Foreign Eq Ser Service Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a n/a Russell Developed Large Cap Value ex N.A. The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Templeton Instl Foreign Eq Ser Service Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Developed Large Cap Value ex N.A. Alpha: 0.54 Beta: 0.92 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.99 Std Dev: Asset Allocation as of 09/30/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Russell Developed Large Cap Value ex N.A Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 6.50% Top 10 Holdings as of 09/30/2010 Holding Name Percent of TNA Telefonica, S.A. ADR 2.33% Novartis AG 2.27% Housing Development Finance Corporation Ltd. 2.00% Unilever NV 1.96% DBS Group Holdings, Ltd. 1.92% Siemens AG 1.91% Samsung Electronics Co Ltd 1.84% Sanofi-Aventis 1.78% GlaxoSmithKline PLC 1.74% Telenor ASA 1.68% Percent of Assets in Top Holdings 19.43% Sectors By Percent** as of 09/30/2010 Financial Services Telecommunication Energy Materials Consumer Goods Health Care Hardware Business Services Utilities Media Software Consumer Services 19.77% 15.03% 11.24% 11.20% 8.97% 8.46% 4.38% 4.01% 3.06% 2.08% 2.04% 1.44% ** Sector weightings based on Industry Classification Benchmark Industries Growth of $10,000 Investment as of 12/31/ K 12K 10K 8K 6K 4K 2K 0K 3Q06 3Q07 3Q08 3Q09 3Q10 Templeton Instl Foreign Eq Russell Developed Large Cap Ser Service Value ex N.A. $10, $9, You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 66

69 Thornburg International Value R5 Fund Overview as of 12/31/2010 Management Company Thornburg 2300 North Ridgetop Road Santa Fe, NM Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover TIVRX $0.00 $28.60 None Lei Wang,William Fries 12 Yr(s) 02/01/2005 International Stock $24,019.5 Million Expense Ratio 0.99% Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 16% 12% 8% 4% 0% -4% -8% 1 Month Thornburg International Value R5 Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Russell Developed Large Cap ex N.A. The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Russell Developed Large Cap ex N.A. Alpha: 0.92 Beta: 0.86 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.98 Std Dev: Asset Allocation as of 10/31/2010 Equity Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Quarterly Performance Analysis (3 Year) as of 12/31/2010 Thornburg International Value R Russell Developed Large Cap ex N.A Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash Fixed 5.72% 0.59% Top 10 Holdings as of 10/31/2010 Holding Name Percent of TNA Volkswagen AG 2.74% Novo Nordisk A/S ADR 2.49% Novartis AG ADR 2.41% Hong Kong Exchanges and Clearing Ltd. 2.38% LVMH Moet Hennessy Louis Vuitton SA 2.37% Teva Pharmaceutical Industries, Ltd. ADR 2.34% Komatsu Ltd. 2.29% Sap AG ADR 2.25% British American Tobacco PLC ADR 2.18% Tesco PLC 2.14% Percent of Assets in Top Holdings 23.59% Sectors By Percent** as of 10/31/2010 Financial Services Consumer Goods Materials Health Care Consumer Services Energy Media Telecommunication Software Hardware Business Services Municipal 18.97% 15.05% 14.19% 11.62% 8.62% 7.84% 4.09% 3.25% 3.08% 3.00% 2.20% 0.59% ** Sector weightings based on Industry Classification Benchmark Industries Growth of $10,000 Investment as of 12/31/ K 16K 12K 8K 4K 0K 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 Thornburg International Value Russell Developed Large Cap R5 ex N.A. $16, $13, You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 67

70 Vanguard Prime Money Market Inv Fund Overview as of 12/31/2010 Management Company Vanguard Po Box 2600 V26 Valley Forge, PA Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover VMMXX $3, $1.00 None David Glocke 12 Yr(s) 06/04/1975 Cash $109,337.5 Million 294 Expense Ratio 0.23% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 6% 5% 4% 3% 2% 1% 0% 1 Month Vanguard Prime Money Market Inv Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a T-Bills - 3 Month The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Vanguard Prime Money Market Inv Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: T-Bills - 3 Month Alpha: 0.32 Beta: 0.00 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.77 Std Dev: 0.37 Asset Allocation as of 08/31/2010 Cash Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % T-Bills - 3 Month Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Fixed 6.23% Top 10 Holdings as of 08/31/2010 Quality Analysis Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA Federal Home Loan Mortgage Corp. 3.01% Federal National Mortgage Assn. 2.78% United States Treasury Bill0.160% 0.240% 2.60% Federal Home Loan Mortgage Corp. 2.30% Cash & Cash Equivalents 2.23% United States Treasury Bill 2.04% Federal National Mortgage Assn. 1.85% FHLB 0.25% 1.62% FHLB 0.25% 1.62% United States Treasury Bill 1.50% Percent of Assets in Top Holdings 21.55% Data is currently not available 14K 12K 10K 8K 6K 4K 2K 0K 4Q00 4Q01 4Q02 4Q03 4Q04 4Q05 4Q06 4Q07 Vanguard Prime Money T-Bills - 3 Month Market Inv $12, $12, Q08 4Q09 4Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 68

71 Victory Fund for Income R Fund Overview as of 12/31/2010 Management Company Victory Victory Portfolios 3435 Stelzer Rd, Suite 1000 Columbus, OH Ticker Std Min Investment Month End NAV (12/31/2010) Sub-Advisor Fund Manager Fund Manager Tenure Inception Date Asset Type Share Class Assets # of Securities Avg 12 Month Turnover GGIFX $2, $11.58 None Heidi Adelman 4 Yr(s) 09/16/1987 Taxable Bond $645.2 Million Expense Ratio 1.00% Quarterly Performance Analysis (3 Year) as of 12/31/2010 Fund Performance Analysis as of 12/31/2010 Fund Total Return Benchmark 7% 6% 5% 4% 3% 2% 1% 0% -1% Victory Fund for Income R 1 Month Cumulative (%) Annualized (%) Quarter Year 1 Year 3 Year 5 Year 10 Year Since Incept n/a Barclays 1-3 Year Treasury The performance information contained herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that your investment, when redeemed, may be worth more or less than their performance data quoted. Current performance may be higher or lower than the performance shown here. The most recent month-end performance information for the Fund may be obtained by contacting the mutual fund company at Victory Fund for Income R Section IV Core Fund Review Risk Analysis (3 Year) as of 12/31/2010 Statistics measured against the fund's broad based index: Barclays 1-3 Year Treasury Alpha: 4.04 Beta: 0.44 Alpha measures a manager's contribution to performance due to security selection or market timing to the relative broad based index. R-Squared: R-squared is a measure that indicates the extent to which fluctuations in portfolio returns are correlated with those of B e t a m e a s u r e s a porfolio's sensitivity to market movements in 0.45 Std Dev: 2.51 Asset Allocation as of 09/30/2010 Fixed Standard deviation is a measure of risk that guages the variability of actual returns from their expected values and the dispersion of these variations over time % Barclays 1-3 Year Treasury Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Best 3 Month Performance over last 3 Years Worst 3 Month Performance over last 3 Years Cash 3.78% Top 10 Holdings as of 09/30/2010 Quality Analysis as of 09/30/2010 Growth of $10,000 Investment as of 12/31/2010 Holding Name Percent of TNA United States Treas Bds 11.25% 26.82% GNMA 8% 4.89% GNMA 8% 3.27% GNMA 7.5% 3.05% GNMA 8.5% 2.48% GNMA 8% 2.44% GNMA 6.5% 2.37% GNMA CMO 7% 2.18% GNMA CMO 2.16% GNMA CMO 7% 2.16% Percent of Assets in Top Holdings 51.82% AAA Bonds K 14K 12K 10K 8K 6K 4K 2K 0K 4Q00 4Q01 4Q02 4Q03 Victory Fund for Income R 4Q04 4Q05 4Q06 $15, $14, Q07 4Q08 4Q09 Barclays 1-3 Year Treasury 4Q10 You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund's Prospectus, which can be obtained by contacting the mutual fund company at You should read the Prospectus carefully before choosing a Fund. SEE DISCLOSURE PAGE FOR ADDITIONAL INFORMATION. Page 69