Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
Mesirow Financial POLICE Report®
identifies current and potential issues for investment options on the Mesirow Financial Elite List:
Performance – ranks all investment options against their appropriate peers
Organization – tracks personnel, ownership, adviser/sub-adviser changes
Legal Issues – discloses lawsuits, settlements or regulatory issues
Investment Policy – identifies changes in strategy and/or operations
Consistent Style – evaluates consistency in investment style
Expense – compares fees to a peer group average to assess competitiveness
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
Overview of Mesirow Financial POLICE Report®
The Mesirow Financial POLICE Report is a proprietary watch list which identifies current and potential issues for investment options on the Mesirow Financial Elite List in the
following six categories: Performance, Organizational issues, Legal issues, Investment policy, Consistent investment style and Expense. Inclusion in the Mesirow Financial
POLICE Report may not necessarily indicate fiduciary coverage for a particular investment option will terminate due to the issue(s) cited. Investment options are added to, and
remain on, the Mesirow Financial POLICE Report while concerns are being monitored. They are removed from the Mesirow Financial POLICE Report when the issues have been
sufficiently resolved. If an issue is not sufficiently resolved during the monitoring period, the investment option may be removed from fiduciary coverage.
Overview of Contents
Summary:
Lists investment options on the Mesirow Financial Elite List that are being monitored for issues in one or more of the six categories described above
Investment Options Removed from Mesirow Financial Elite List This Quarter:
Identifies investment options that have been removed from the Mesirow Financial Elite List and no longer qualify for Mesirow Financial's fiduciary coverage due to prolonged
issues in one or more of the six categories
Investment Options Added to Mesirow Financial POLICE Report This Quarter:
Identifies investment options with current or potential issues that were added to the Mesirow Financial POLICE Report in the current quarter
Investment Options Removed from Mesirow Financial POLICE Report This Quarter:
Identifies investment options that have experienced consistent improvements over three consecutive quarters and no longer need to be monitored on the Mesirow Financial
POLICE Report
Morningstar Category and Mesirow Financial Asset Class Changes This Quarter:
Identifies investment options that have experienced a change in Morningstar Category and/or Mesirow Financial Asset Class in the current quarter. The changes indicated in this
section would not impact an investment option's Mesirow Financial Elite List status. However, the changes may impact an investment option's Mesirow Financial Core Asset
Class status. To qualify for fiduciary coverage, Plan Sponsors must select and maintain at least one investment option from the Mesirow Financial Elite List in each of the
following Core Asset Classes: Large Cap Domestic Equity; Small Cap Domestic Equity; Large Cap Foreign Equity, Domestic Bonds, and Cash Equivalents/ Principal FocusedExtended Duration. Plan Sponsors may choose as many investment options as they would like in the Supplemental Asset Classes.
Complete Mesirow Financial POLICE Report:
Includes investment options on the Mesirow Financial Elite List that are being monitored—both newly added investment options and carry-overs from previous quarters
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
First Quarter 2014
All information is through 03/31/2014
SUMMARY
* INVESTMENT OPTION NAME
AllianzGI NFJ Dividend Value
American Century One Choice 2015
American Century One Choice 2020
American Century One Choice 2025
American Century One Choice 2030
American Century One Choice 2035
American Century One Choice 2040
American Century One Choice 2045
American Century One Choice 2050
American Century One Choice 2055
American Century One Choice In Ret
American Century Ultra
American Century Value
BlackRock Equity Dividend
* Columbia Diversified Equity Income
Columbia Mid Cap Value
Fidelity Advisor Dividend Growth
Franklin Growth
Goldman Sachs Growth Opportunities
Invesco Charter
Invesco Small Cap Equity
JPMorgan Mid Cap Growth
Keeley Small Cap Value
MassMutual MSCI EAFE Intl Idx
MFS New Discovery
Mutual Beacon
Nuveen Mid Cap Growth Opps
* Nuveen Mid Cap Index
* Nuveen Small Cap Index
Nuveen Small Cap Select
* Oppenheimer Discovery
Oppenheimer Global Strategic Inc
Oppenheimer Rising Dividends
Premier Cap Appreciation
Premier Core Bond
*This investment option is not available to new plans.
PERFORMANCE
WATCH
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
WATCH
WATCH
PASS
PASS
PASS
PASS
WATCH
WATCH
PASS
WATCH
PASS
PASS
PASS
PASS
PASS
PASS
WATCH
PASS
WATCH
WATCH
WATCH
PASS
ORGANIZATION
PASS
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
PASS
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
PASS
PASS
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
WATCH
PASS
WATCH
WATCH
LEGAL
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
INVESTMENT POLICY
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
WATCH
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
CONSISTENT STYLE
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
EXPENSE
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
3
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
SUMMARY
* INVESTMENT OPTION NAME
Premier Diversified Bond
Premier Main Street
* Premier Money Market (Babson)
Premier Short-Duration Bond
RetireSMART Growth
RidgeWorth Mid-Cap Value Equity
Select Diversified Value
Select Focused Value
Select Growth Opportunities
Select PIMCO Total Ret
Select Small Company Gr
Select Small Company Value
Select Strategic Bond
Templeton Growth
*This investment option is not available to new plans.
PERFORMANCE
PASS
PASS
PASS
PASS
WATCH
PASS
PASS
PASS
PASS
WATCH
WATCH
WATCH
PASS
PASS
ORGANIZATION
WATCH
WATCH
WATCH
WATCH
PASS
WATCH
WATCH
WATCH
WATCH
PASS
WATCH
PASS
WATCH
WATCH
LEGAL
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
INVESTMENT POLICY
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
CONSISTENT STYLE
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
EXPENSE
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
PASS
4
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
First Quarter 2014
All information is through 03/31/2014
INVESTMENT OPTIONS REMOVED FROM ELITE LIST THIS QUARTER
*
INVESTMENT OPTION NAME
MORNINGSTAR
CATEGORY
MONITOR ISSUE
SUMMARY OF ISSUE
DATE REMOVED
ACTIONS
None
*This investment option is not available to new plans.
5
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
First Quarter 2014
All information is through 03/31/2014
INVESTMENT OPTIONS ADDED TO THE MESIROW FINANCIAL POLICE REPORT THIS QUARTER
*
INVESTMENT OPTION NAME
American Century Value
MORNINGSTAR
CATEGORY
Large Value
Franklin Growth
SUMMARY OF ISSUE
DATE
Organization
Effective April 2014, Chad Baumler is no longer a
manager on this strategy and is replaced by
Brian Woglom. Woglom joins existing managers
Kevin Toney, Michael Liss, and Philip Davidson.
Effective February 2013, Baumler was promoted
to portfolio manager.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Large Growth
Organization
Effective April 6, 2014, Serena Vinton and
Conrad Herrmann are the two managers of this
investment option. Jerry Palmieri, who had been
the lead manager since 1965, died at age 85. In
October 2008, Serena Vinton was added as a comanager to the team of Palieri and Herrman in
preparation for the lead manager's role.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Invesco Charter
Large Blend
Organization
Effective April 2014, Tyler Dann II is no longer a
manager on this strategy. Ronald Sloan and
Brian Nelson remain as co-managers.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Invesco Small Cap Equity
Small Blend
Performance
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
Mar-14
Monitor for performance improvements over
three consecutive quarters since date added.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
JPMorgan Mid Cap Growth
*This investment option is not available to new plans.
Mid-Cap Growth
MONITOR ISSUE
Investment Policy
PrecisionAlpha® and Risk, and 1-, 3- and 5-year
trailing returns.
Effective June 10, 2014, pending shareholder
approval, this investment option's objective
changes. Pursuant to its new investment
objective, the investment option seeks growth of
capital. Prior to the change, the investment
option sought growth of capital and secondarily,
current income by investing primarily in equity
securities.
ACTIONS
6
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
INVESTMENT OPTIONS ADDED TO THE MESIROW FINANCIAL POLICE REPORT THIS QUARTER
*
INVESTMENT OPTION NAME
MORNINGSTAR
CATEGORY
Mid-Cap Growth
SUMMARY OF ISSUE
DATE
Organization
On April 14, 2014, it was announced that TIAACREF will acquire Nuveen Investments and will
operate as a separate subsidiary. John Amboian
will remain the CEO of Nuveen Investments, and
Nuveen's current leadership and key investment
teams are anticipated to remain in place. The
transaction is expected to be complete by yearend 2014.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
* Nuveen Mid Cap Index
Mid-Cap Blend
Organization
On April 14, 2014, it was announced that TIAACREF will acquire Nuveen Investments and will
operate as a separate subsidiary. John Amboian
will remain the CEO of Nuveen Investments, and
Nuveen's current leadership and key investment
teams are anticipated to remain in place. The
transaction is expected to be complete by yearend 2014.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
* Nuveen Small Cap Index
Small Blend
Organization
On April 14, 2014, it was announced that TIAACREF will acquire Nuveen Investments and will
operate as a separate subsidiary. John Amboian
will remain the CEO of Nuveen Investments, and
Nuveen's current leadership and key investment
teams are anticipated to remain in place. The
transaction is expected to be complete by yearend 2014.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
* Oppenheimer Discovery
Small Growth
Organization
Effective February 28, 2014, Ash Shal was
promoted to co-manager. Shal joins Ronald
Zibelli, Jr., who serves as lead manager.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Nuveen Mid Cap Growth Opps
*This investment option is not available to new plans.
MONITOR ISSUE
ACTIONS
7
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
INVESTMENT OPTIONS ADDED TO THE MESIROW FINANCIAL POLICE REPORT THIS QUARTER
*
INVESTMENT OPTION NAME
Premier Main Street
MORNINGSTAR
CATEGORY
Large Blend
Select Focused Value
SUMMARY OF ISSUE
DATE
Organization
Effective February 28, 2014, Paul Larson joined
Manind Govil and Benjamin Ram as co-portfolio
manager of this investment option subadvised
by OFI Global Institutional, Inc.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Large Blend
Organization
Mar-14
Select Growth Opportunities
Large Growth
Organization
Effective April 1, 2014, Michael Mangan
departed the team, leaving Robert Levy as the
sole manager.
Effective February 18, 2014,subadvisor Delaware
Investments and its Focus Growth team, led by
Jeff Van Harte, announced a venture called
Jackson Square Partners. The new firm is jointly
owned by members of the Focus Growth team
and Delaware Investments. The transaction is
expected to close in late April 2014.
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Select PIMCO Total Ret
Intermediate-Term Bond
Performance
Mar-14
Monitor for performance improvements over
three consecutive quarters since date added.
Select Strategic Bond
Intermediate-Term Bond
Organization
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective March 31, 2014, Kenneth Leech
replaced Stephen Walsh. The other managers are
Carl Eichstaedt, Mark Lindbloom, Keith Gardner
and Michael Buchanan.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
*This investment option is not available to new plans.
MONITOR ISSUE
Mar-14
ACTIONS
8
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
First Quarter 2014
All information is through 03/31/2014
INVESTMENT OPTIONS REMOVED FROM POLICE REPORT THIS QUARTER
*
INVESTMENT OPTION NAME
Capital Preservation
MORNINGSTAR
CATEGORY
Stable Value
Mutual Shares
SUMMARY OF ISSUE
DATE
ACTIONS
Organization
Effective June 30, 2013, Mary Wilson-Kibbe
retires. Dave Nagle assumes her responsibilities
and is the lead portfolio manager of the team.
Mar-13
Removed from Mesirow Financial POLICE
Report following completion of monitoring
period of organizational change.
Large Value
Performance
Jun-13
Removed from Mesirow Financial POLICE
Report due to performance improvement
for three consecutive quarters.
Oakmark Equity & Income
Aggressive Allocation
Organization
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective April 17, 2013, research analysts Colin
Hudson, Edward Wojciechowski, and Matthew
Logan became co-managers. They join existing
manager Clyde McGregor, who has been at the
helm since inception. McGregor co-managed the
investment option with Edward Studzinski from
2000 to January 2012, when Studzinski retired.
Dec-11
Removed from Mesirow Financial POLICE
Report following completion of monitoring
period of organizational change.
Oppenheimer International Bond
World Bond
Organization
Effective January 28, 2013, Hemant Baijal was
promoted to co-manager. He joins existing
managers Art Steinmetz and Sara Zervos.
Jun-13
Removed from Mesirow Financial POLICE
Report following completion of monitoring
period of organizational change.
Premier Small Cap Opps
Small Blend
Investment Policy
Effective April 29, 2013, along with a name
change, this investment option's primary
benchmark changed from Russell 2500 Index to
Russell 2000 Index to closely represent the new
investment strategy. The investment option now
invests at least 80% of assets in the market
capitalization range of the Russell 2000 Index.
Further, the management team typically uses
fundamental research to select securities, deemphasizing the use of quantitative models.
Jun-13
Removed from Mesirow Financial POLICE
Report following completion of monitoring
period of investment policy change.
*This investment option is not available to new plans.
MONITOR ISSUE
9
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
INVESTMENT OPTIONS REMOVED FROM POLICE REPORT THIS QUARTER
*
INVESTMENT OPTION NAME
Wells Fargo Advantage Intl Value
*This investment option is not available to new plans.
MORNINGSTAR
CATEGORY
Foreign Large Value
MONITOR ISSUE
Organization
SUMMARY OF ISSUE
DATE
ACTIONS
Effective April 15, 2013, Gary Lisenbee is no
longer a co-portfolio manager of this investment
option. Jeffrey Peck is now the sole manager.
Mar-13
Removed from Mesirow Financial POLICE
Report following completion of monitoring
period of organizational change.
10
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
First Quarter 2014
All information is through 03/31/2014
MORNINGSTAR CATEGORY AND MESIROW FINANCIAL ASSET CLASS CHANGES
*
INVESTMENT OPTION NAME
PREVIOUS MORNINGSTAR
CATEGORY
PREVIOUS MESIROW
FINANCIAL ASSET CLASS
NEW MORNINGSTAR
CATEGORY
NEW MESIROW FINANCIAL
ASSET CLASS
ACTIONS
None
*This investment option is not available to new plans.
11
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
First Quarter 2014
All information is through 03/31/2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
AllianzGI NFJ Dividend Value
MORNINGSTAR
CATEGORY
Large Value
MONITOR ISSUE
Performance
SUMMARY OF ISSUE
DATE
ACTIONS
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective December 2013, a co-CIO structure
was implemented naming Dave MacEwen and
Victor Zhang as co-CIOs. Zhang and MacEwen
are jointly leading the investment management
function and oversight of all asset allocation
products. Effective April 2013, Enrique Chang,
former CIO, is no longer a named manager on
the American Century asset allocation strategies.
He left the firm in September and the four
remaining managers consist of Radu Gabudean,
a new addition to the team, along with Scott
Wilson, Scott Wittman, and Rich Weiss.
Effective April 2012, Irina Torelli is no longer
part of the asset allocation team at American
Century.
Sep-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Mar-12
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
American Century One Choice Target Date Suite Target Date Suite
(all investment options in suite)
Organization
American Century Ultra
Large Growth
Organization
Effective August 5, 2013, Jeff Bourke was
promoted to co-manager on this strategy. He
joins Keith Lee and Michael Li.
Sep-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
American Century Value
Large Value
Organization
Effective April 2014, Chad Baumler is no longer a
manager on this strategy and is replaced by
Brian Woglom. Woglom joins existing managers
Kevin Toney, Michael Liss, and Philip Davidson.
Effective February 2013, Baumler was promoted
to portfolio manager.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
*This investment option is not available to new plans.
12
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
BlackRock Equity Dividend
MORNINGSTAR
CATEGORY
Large Value
Performance
Columbia Diversified Equity Income
Large Value
Performance
* Columbia Diversified Equity Income
Large Value
Organization
Columbia Mid Cap Value
Mid-Cap Value
Organization
Fidelity Advisor Dividend Growth
Large Blend
Organization
*This investment option is not available to new plans.
MONITOR ISSUE
SUMMARY OF ISSUE
DATE
ACTIONS
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective October 9, 2013, Russell Bloomfield
joined Hugh Mullin as co-manager. Effective July
8, 2013, Hugh Mullin assumed the role of sole
portfolio manager replacing the team of Paul
Stocking, Steven Schroll and Dean Ramos.
Effective February 28, 2013, Laton Spahr is no
longer a co-portfolio manager of this investment
option. Paul Stocking and Steven Schroll
remained as co-managers along with new team
member Dean Ramos.
Sep-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Dec-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Mar-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Effective July 1, 2013, Diane Sobin is added as a
co-manager of this investment option which was
co-managed by David Hoffman and Lori
Ensinger. Lori Ensinger is no longer part of the
team. David Hoffman and Lori Ensinger comanaged this investment option since May
2012.
Jun-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Effective January 1, 2014, Ramona Persaud
replaced Larry Rakers as manager of this
investment option.
Dec-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
13
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
Franklin Growth
MORNINGSTAR
CATEGORY
Large Growth
Goldman Sachs Growth Opportunities
SUMMARY OF ISSUE
DATE
ACTIONS
Organization
Effective April 6, 2014, Serena Vinton and
Conrad Herrmann are the two managers of this
investment option. Jerry Palmieri, who had been
the lead manager since 1965, died at age 85. In
October 2008, Serena Vinton was added as a comanager to the team of Palieri and Herrman in
preparation for the lead manager's role.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Mid-Cap Growth
Organization
Effective July 2013, Craig Glassner is now a
member of the management team for this
strategy. Effective April 2013, Scott Kolar is no
longer with the firm. Co-managers Steven Barry
and Jeffrey Rabinowitz remain to run this
strategy. Effective October 2011, David Shell and
Warren Fisher are no longer portfolio managers
on this investment option.
Mar-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Invesco Charter
Large Blend
Performance
Dec-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Invesco Charter
Large Blend
Organization
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective April 2014, Tyler Dann II is no longer a
manager on this strategy. Ronald Sloan and
Brian Nelson remain as co-managers.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Invesco Small Cap Equity
Small Blend
Performance
Mar-14
Monitor for performance improvements
over three consecutive quarters since date
added.
*This investment option is not available to new plans.
MONITOR ISSUE
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
14
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
JPMorgan Mid Cap Growth
MORNINGSTAR
CATEGORY
Mid-Cap Growth
Keeley Small Cap Value
SUMMARY OF ISSUE
DATE
ACTIONS
Investment Policy
Effective June 10, 2014, pending shareholder
approval, this investment option's objective
changes. Pursuant to its new investment
objective, the investment option seeks growth of
capital. Prior to the change, the investment
option sought growth of capital and secondarily,
current income by investing primarily in equity
securities.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Small Blend
Performance
Sep-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Keeley Small Cap Value
Small Blend
Organization
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective December 31, 2013, Kevin Chin joined
existing portfolio manager John L. Keeley, Jr. as
co-portfolio manager. Effective Jan. 31, 2011,
Brian Keeley was named assistant portfolio
manager for this investment option. He joins
lead manager John Keeley.
Dec-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
MassMutual MSCI EAFE Intl Idx
Foreign Large Blend
Organization
Effective October 31, 2013, Steven Santiccioli
replaces Shaun Murphy as portfolio manager.
Dec-13
MFS New Discovery
Small Growth
Organization
Effective December 2013, Michael Grossman
was promoted to co-manager. He joins long
time manager Thomas Wetherald.
Dec-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Mutual Beacon
Large Blend
Organization
Effective January 2, 2014, Aman Gupta joins
Mandan Hormozi and Christina Correa as comanager. Effective January 2011, Mandana
Hormozi was promoted from assistant portfolio
manager to portfolio manager. Mandana was an
assistant portfolio manager since 2009.
Christian Correa was the other portfolio manager
of this investment option.
Dec-13
*This investment option is not available to new plans.
MONITOR ISSUE
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
15
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
MORNINGSTAR
CATEGORY
Mid-Cap Growth
* Nuveen Mid Cap Index
* Nuveen Small Cap Index
Nuveen Mid Cap Growth Opps
Nuveen Small Cap Select
*This investment option is not available to new plans.
MONITOR ISSUE
SUMMARY OF ISSUE
DATE
ACTIONS
Organization
On April 14, 2014, it was announced that TIAACREF will acquire Nuveen Investments and will
operate as a separate subsidiary. John Amboian
will remain the CEO of Nuveen Investments, and
Nuveen's current leadership and key investment
teams are anticipated to remain in place. The
transaction is expected to be complete by yearend 2014.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Mid-Cap Blend
Organization
On April 14, 2014, it was announced that TIAACREF will acquire Nuveen Investments and will
operate as a separate subsidiary. John Amboian
will remain the CEO of Nuveen Investments, and
Nuveen's current leadership and key investment
teams are anticipated to remain in place. The
transaction is expected to be complete by yearend 2014.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Small Blend
Organization
On April 14, 2014, it was announced that TIAACREF will acquire Nuveen Investments and will
operate as a separate subsidiary. John Amboian
will remain the CEO of Nuveen Investments, and
Nuveen's current leadership and key investment
teams are anticipated to remain in place. The
transaction is expected to be complete by yearend 2014.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Small Growth
Performance
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Jun-13
Monitor for performance improvements
over three consecutive quarters since date
added.
16
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
SUMMARY OF ISSUE
DATE
ACTIONS
Organization
On April 14, 2014, it was announced that TIAACREF will acquire Nuveen Investments and will
operate as a separate subsidiary. John Amboian
will remain the CEO of Nuveen Investments, and
Nuveen's current leadership and key investment
teams are anticipated to remain in place. The
transaction is expected to be complete by yearend 2014. Effective August 26, 2013, Gregory
Ryan replaced Allen Steinkof as a portfolio
manager. He joins Mark Traster existing comanager of the strategy.
Sep-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Small Growth
Organization
Effective February 28, 2014, Ash Shal was
promoted to co-manager. Shal joins Ronald
Zibelli, Jr., who serves as lead manager.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Oppenheimer Global Strategic Inc
Multisector Bond
Performance
Dec-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Oppenheimer Global Strategic Inc
Multisector Bond
Organization
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective January 28, 2013, Jack Brown replaced
Joseph Welsh as co-manager of this investment
option. Brown joins existing managers Art
Steinmetz, Krishna Memani, and Sara Zervos.
Mar-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Oppenheimer Rising Dividends
Large Blend
Performance
Sep-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Premier Cap Appreciation
Large Growth
Performance
Mar-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Nuveen Small Cap Select
* Oppenheimer Discovery
*This investment option is not available to new plans.
MORNINGSTAR
CATEGORY
Small Growth
MONITOR ISSUE
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
17
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
Premier Cap Appreciation
MORNINGSTAR
CATEGORY
Large Growth
Organization
Premier Core Bond
Intermediate-Term Bond
Premier Diversified Bond
Premier Main Street
* Premier Money Market (Babson)
*This investment option is not available to new plans.
MONITOR ISSUE
SUMMARY OF ISSUE
DATE
ACTIONS
Effective May 16, 2014, this investment option
liquidates. Effective May 31, 2013, Julie M. Van
Cleave is no longer a co-portfolio manager of
this investment option subadvised by
OppenheimerFunds, Inc. Michael Kotlarz is now
the sole manager.
Jun-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Organization
Effective July 1, 2013, Mary Wilson-Kibbe is no
longer part of the management team at subadvisor Babson Capital. David Nagle, William
Awad, Charles Sanford and Douglas Trevallion
remain as portfolio managers.
Sep-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Intermediate-Term Bond
Organization
Effective July 1, 2013, Mary Wilson-Kibbe is no
longer part of the management team at subadvisor Babson Capital. David Nagle, William
Awad, Charles Sanford and Sean Feeley remain
as portfolio managers. Effective September 27,
2011, co-portfolio manager Jill Fields left the
team. Sean Feeley replaced her as a co-portfolio
manager on the five member management team
led by Mary Wilson Kibbe.
Sep-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Large Blend
Organization
Effective February 28, 2014, Paul Larson joined
Manind Govil and Benjamin Ram as co-portfolio
manager of this investment option subadvised
by OFI Global Institutional, Inc.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Money Market
Organization
Effective July 1, 2013, Mary Wilson-Kibbe is no
longer part of the management team at subadvisor Babson Capital. Scott Simler and Scott
Riecke remain as portfolio managers.
Sep-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
18
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
Premier Short-Duration Bond
MORNINGSTAR
CATEGORY
Short-Term Bond
RetireSMART Growth
SUMMARY OF ISSUE
DATE
ACTIONS
Organization
Effective December 31, 2013, Williman Awad
joined the portfolio management team. Effective
July 1, 2013, Mary Wilson-Kibbe is no longer
part of the management team at sub-advisor
Babson Capital. David Nagle, Ronald Desautels,
Charles Sanford and Douglas Trevallion remain
as portfolio managers.
Sep-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Large Blend
Performance
Jun-13
Monitor for performance improvements
over three consecutive quarters since date
added.
RidgeWorth Mid-Cap Value Equity
Mid-Cap Value
Organization
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
On December 11, 2013, employees of
RidgeWorth Investments, in partnership with
Lightyear Capital, a leading private equity firm,
announced that they have entered into an
agreement to acquire RidgeWorth from SunTrust
Banks, Inc. This transaction is expected to close
in the second quarter of 2014.
Dec-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Select Diversified Value
Large Value
Organization
Effective September 30, 2013, James Carroll is
no longer part of the management team at subadvisor Loomis Salyes. Brandywine Global
Investment Management is the other subadvisor of this investment option.
Sep-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Select Focused Value
Large Blend
Organization
Mar-14
Select Growth Opportunities
Large Growth
Organization
Effective April 1, 2014, Michael Mangan
departed the team, leaving Robert Levy as the
sole manager.
Effective February 18, 2014,subadvisor Delaware
Investments and its Focus Growth team, led by
Jeff Van Harte, announced a venture called
Jackson Square Partners. The new firm is jointly
owned by members of the Focus Growth team
and Delaware Investments. The transaction is
expected to close in late April 2014.
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
*This investment option is not available to new plans.
MONITOR ISSUE
Mar-14
19
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
Select PIMCO Total Ret
MORNINGSTAR
CATEGORY
Intermediate-Term Bond
Performance
Select Small Company Gr
Small Growth
Performance
Select Small Company Gr
Small Growth
Organization
Select Small Company Value
Small Blend
Performance
Select Strategic Bond
Intermediate-Term Bond
Organization
*This investment option is not available to new plans.
MONITOR ISSUE
SUMMARY OF ISSUE
DATE
ACTIONS
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective September 17, 2013, Timberline Asset
Management is the sole subadvisor of this
investment option replacing Boston Company
Asset Management and Eagle Asset Managment.
Kenneth A. Korngiebel, CIO of Timberline
manages the portfolio. Effective May 10, 2013,
Hans von der Luft and Randall Watts, Jr are no
longer portfolio managers of this investment
option. Todd Wakefield and Rober Zeuthen
replace them at subadvisor Boston Company
Asset Management. There are no changes at the
other subadvisor Eagle Asset Management.
Mar-14
Monitor for performance improvements
over three consecutive quarters since date
added.
Dec-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Jun-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
4th quartile rank relative to category on at least 3
out of the 5 following performance criteria:
PrecisionAlpha and Risk, and 1-, 3- and 5-year
trailing returns.
Effective March 31, 2014, Kenneth Leech
replaced Stephen Walsh. The other managers are
Carl Eichstaedt, Mark Lindbloom, Keith Gardner
and Michael Buchanan.
Sep-13
Monitor for performance improvements
over three consecutive quarters since date
added.
Mar-14
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
20
Mesirow Financial POLICE Report® for Small Plan Platform - All Tiers
March 31, 2014
COMPLETE MESIROW FINANCIAL POLICE REPORT
*
INVESTMENT OPTION NAME
Templeton Growth
*This investment option is not available to new plans.
MORNINGSTAR
CATEGORY
World Stock
MONITOR ISSUE
Organization
SUMMARY OF ISSUE
DATE
ACTIONS
Effective January 1, 2014, Heather Arnold joins
the team. Effective June 28, 2013, Matthew
Nagle is no longer listed as a co-manager of this
investment option. Norm Boersma, Lisa Myers,
Tucker Scott and Jim Harper remain as comanagers. Effective March 31, 2011, Cindy
Sweeting is no longer part of the portfolio
management team. Norm Boersma took her
place. Effective August 2010, Matt Nagle and Jim
Harper were added as portfolio managers of this
investment option.
Jun-13
Monitor performance and strategy for three
quarters from the date the change was
implemented or finalized.
21
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