fiduciary monitoring report - unified trust · sample # fiduciary monitoring report 2353 alexandria...

SAMPLE #

FIDUCIARY MONITORING REPORT

2353 Alexandria Drive, Suite 100Lexington, KY 40504

866.680.7000 859.296.0880 fax

SAMPLE PLAN Quarter Ending MM/DD/YYYY

3 A Message from Our Founder

4 Notes for your Fiduciary Monitoring Report

5 Executive Summary

6 Investment Balances

7 Fund Summary

8 Replacement Fund Reports

9 Investment Category Analysis

10 Performance

11 - 13 Financial Market Review

14 Benchmarks

15 Model Portfolio Performance Comparison

16 Summary of Model Portfolio Holdings

17 - 18 Investment Disclosure Required By DOL Reg § 2550.408b-2

19 Fund Menu

20 - 30 Fund Reports

31 CEFEX Information

32 - 33 Fiduciary Process

34 Downside Risk Statistics Glossary

35 Disclosures

Table of Contents

For most of us, our retirement benefit will be the single largest purchase we make in our lifetime, far exceeding the cost of purchasing a home or paying for education. As Americans we tend to ‘borrow’ for most large purchases in the form of mortgages, loans, etc., yet the one thing we can’t ‘borrow’ for is retirement. We must plan and save for retirement.

Recent industry studies found that 75% of plan participants spend less than eight hours a year managing their retirement plan (half spend one hour or less) and only 25% of participants are on track to have an adequate benefit at retirement. The problem is that most retirement plans put too much responsibility on the employee. Few individuals know how to set a goal, join the plan, save more money as time goes on, invest sensibly, and monitor his or her outlook. Let’s face it, most participants are not financial experts, yet currently their success depends solely on their ability to make expert-like decisions.

I often like to say that people don’t want to learn how to build a watch; they just want to know what time it is. The same can be said about retirement planning. Most people don’t want or have the time to learn how to become a financial expert; they simply want a ‘trusted’ financial expert to do it for them. This is where your advisor and Unified Trust enter into the equation.

Together, we deliver a holistic solution that combines effective defaults, highly personalized on-site service and prudent investment management. When you work with Unified Trust, you can ‘trust’ that all of the right things are being done to help you achieve your goals. As one of only a handful of national independent trust companies in the country today, we fully accept our role as discretionary trustee which simply means that we are legally required to always act in your best interest and to always do so using a prudent expert standard of care. It means your goals are our goals!

Sincerely,

Gregory W. Kasten, MD, MBA, CFP®, CPC, AIFA®

President and CEO

Unified Trust Company

A Message from Our Founder

Our goal is to take something difficult, planning for retirement, and make it easy.

Notes for your Fiduciary Monitoring Report

The following pages of this document are your Fiduciary Monitoring Report for the quarter ending MMMM dd, yyyy.

This report examines your asset allocation and account performance. It also provides due diligence detail for each individual fund you currently hold and includes each fund's corresponding Unified Fiduciary Monitoring Index® (UFMI®) score.

Your report also contains the fund's returns over the various time periods and compares those returns to their corresponding benchmark. Your account performance information is included in this report as well and we have compared your results to a matched benchmark. We feel this information is an important component in analyzing your account's total performance.

Unified Trust Company has created the UFMI® fund evaluation process based upon our propietary research and ranking system. The UFMI® fiduciary scores range from 1 to 100, with a score of 1 being in the top 1%, a score of 10 being in the top 10%, etc.

We are pleased to report to you that on a dollar weighted basis, 97% of your funds have an acceptable fiduciary score.

Your overall dollar-weighted UFMI ® fiduciary score is 13.

T. Rowe Price Equity Income Replace

You have the following fund(s) on the Watch or Replacement List:

Your Financial Advisor:

Sample Contact

Sample Address

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Executive Summary

Plan Name: SAMPLE PLAN

As of: M/D/YYYY

Investment Balances

Fund Name

Investment Category Balance

% ofPlan

UFMI Score Qtr 1 Yr Notes

UTC Stable Value Trust Stable Value $3,147,651.03 33.2 0 0.62% 2.44%

Dodge and Cox Income Fund Intermediate-Term Bond $589,123.26 6.2 8 -1.19% 0.97%

Vanguard Int Term Treasury Intermediate Government $57,642.95 0.6 20 -1.07% 2.36%

UTC WPS Target Risk - Conv 1 Volatility Managed 8 $892.25 0.0 0 -0.81% 1.92%

UTC WPG Target Risk - Grth 1 Volatility Managed 12 $1,059,147.94 11.2 0 -0.39% -1.30%

Vanguard Wellington Moderate Allocation $188,443.76 2.0 4 -0.54% 3.48%

Fidelity Contra Fund Large Growth $484,717.66 5.1 27 1.00% 10.29%

Columbia Large Cap Index Z Large Blend $1,304,314.94 13.8 11 0.22% 7.18%

T. Rowe Price Equity Income Large Value $330,006.94 3.5 42 -0.57% -0.34% Replacement List

Artisan MidCap Growth Fund Mid-Cap Growth $306,553.91 3.2 24 1.61% 8.96%

Columbia Mid Cap Index Z Mid-Cap Blend $548,939.37 5.8 11 -1.12% 6.20%

Vanguard Selected Value Mid-Cap Value $279,591.23 3.0 9 1.15% 1.16%

Vanguard SmCp Gr Idx Small Growth $137,990.40 1.5 9 0.27% 6.30%

DFA US Small Cap I Small Blend $243,938.84 2.6 1 0.38% 5.76%

DFA US Targeted Value Small Value $252,211.02 2.7 4 0.05% 1.37%

Europacific Growth Fund - R5 Foreign Stock $456,781.05 4.8 5 1.10% 0.93%

American Beacon Intl Equity Instl Foreign Large Value $4.46 0.0 1 1.44% -3.88%

Virtus Emerging Markets Opportunity I Diversified Emerging Mkts $31,703.54 0.3 14 -1.39% -3.57%

T. Rowe Price Real Estate Real Estate $52,404.55 0.6 3 -9.89% 5.32%

Other Assets: $0.00 0.0

Cash Balance: $0.00 0.0

Total: $9,472,059.09

Weighted Average UFMI 13

Fund Summary

Watch List 0

Replacement List 1

Plan Sponsor Action Required

Weighted Average UFMI® Score 13

The Watch List shows any fund with a failing UFMI® Score for the current quarter. In your plan, a failing score is greater than 40.

Any entry in this list indicates the fund is no longer in the top 40% of the investment category or peer group.

The Replacement List shows any fund that has been on the Watch List forthis quarter and the previous quarter. Funds on this list will be replaced witha successful fund in the same investment category. A special ReplacementFund report will print after this page for each fund on this list.

For Funds on the Replacement List, please follow the Trustee's instructions for fund replacement, including prompt distribution of any required communications with participants (notices and detailed instructions are sent electronically to the Plan Administrator).

For funds on the Watch List, confer with your Plan Advisor now concerning any feedback or preferences you wish to pass on to Unified Trust. Note that the time for such a feedback is during the "watch" period, as replacements are implemented as soon as practical once a fund appears on the Replacement List.

The Weighted Average UFMI® Score for your plan is each fund's score weighted by the percentage of assets for each fund. It provides an overall snapshot of the total asset quality in your plan.

There were no funds with a failing score this quarter only.

Failing Fund Needing Replacement: T. Rowe Price Equity Income

New Fund: DFA US Large Cap Value I

The following funds have a failing score for the last two quarters:

*** Replacement Fund ***

DFA US Large Cap Value I

Current UFMI® Score: 3 Fund ProfileInvestment Category

Fund Performance vs. Category Median Large Value

Investment Objective

The investment seeks long-term capital appreciation. The U.S. Large Cap Value Portfolio is a Feeder Portfolio and pursues its objective by investing substantially all of its assets in its corresponding Master fund, The U.S. Large Cap Value Series (the "U.S. Large Cap Value Series") of The DFA Investment Trust Company (the "Trust"), which has the same investment objective and policies as the U.S. Large Cap Value Portfolio. As a non-fundamental policy, under normal circumstances, the U.S. Large Cap Value Series will invest at least 80% of its net assets in securities of large cap U.S. companies.

Fund Performance History as of M/DD/YYYY

DFA US Large Cap Value I

Category Median

Difference vs. Category

Percent Rank in Category

Qtr 1 Yr 3 Yr 5 Yr

1.47% 3.83% 20.77% 18.33%

-0.14% 3.61% 16.08% 15.21%

1.61% 0.22% 4.69% 3.12%

47 2 2

Peer Group Risk Comparison Analysis *DN Risk Index™Downside ProbabilityActive Sortino Rank

See Reference page 1 for an explanation of these figures

* Rank 1 = Best and 100 = Worst

Supplemental Fund DataAverage 4-Quarter UFMI ScoreFund Assets in MillionsTickerStyle Drift in Past 4 QuartersAnnual Portfolio TurnoverFund Expense Ratio

56.9%11.335

3$15,706DFLVXNo19%0.27%

*The performance data displayed on this report represents past performance and does not guarantee future results. The investment return and principal will fluctuate and an investor’s shares, when sold, may be worth more or less than their original cost.

Investment Category Analysis

Investment Category Fund Name Balance

Pct of Assets

Pct of Category

UFMI Score Notes

Stable Value Category Assets: $ 3,147,651.03 Pct of Total Assets: 33.2%

UTC Stable Value Trust $ 3,147,651.03 33.2% 100.0% 0

Intermediate-Term Bond Category Assets: $ 589,123.26 Pct of Total Assets: 6.2%

Dodge and Cox Income Fund $ 589,123.26 6.2% 100.0% 8

Intermediate Government Category Assets: $ 57,642.95 Pct of Total Assets: 0.6%

Vanguard Int Term Treasury $ 57,642.95 0.6% 100.0% 20

Volatility Managed 8 Category Assets: $ 892.25 Pct of Total Assets: 0.0%

UTC WPS Target Risk - Conv 1 $ 892.25 0.0% 100.0% 0

Volatility Managed 12 Category Assets: $ 1,059,147.94 Pct of Total Assets: 11.2%

UTC WPG Target Risk - Grth 1 $ 1,059,147.94 11.2% 100.0% 0

Moderate Allocation Category Assets: $ 188,443.76 Pct of Total Assets: 2.0%

Vanguard Wellington $ 188,443.76 2.0% 100.0% 4

Large Growth Category Assets: $ 484,717.66 Pct of Total Assets: 5.1%

Fidelity Contra Fund $ 484,717.66 5.1% 100.0% 27

Large Blend Category Assets: $ 1,304,314.94 Pct of Total Assets: 13.8%

Columbia Large Cap Index Z $ 1,304,314.94 13.8% 100.0% 11

Large Value Category Assets: $ 330,006.94 Pct of Total Assets: 3.5%

T. Rowe Price Equity Income $ 330,006.94 3.5% 100.0% 42 Replacement List

Mid-Cap Growth Category Assets: $ 306,553.91 Pct of Total Assets: 3.2%

Artisan MidCap Growth Fund $ 306,553.91 3.2% 100.0% 24

Mid-Cap Blend Category Assets: $ 548,939.37 Pct of Total Assets: 5.8%

Columbia Mid Cap Index Z $ 548,939.37 5.8% 100.0% 11

Mid-Cap Value Category Assets: $ 279,591.23 Pct of Total Assets: 3.0%

Vanguard Selected Value $ 279,591.23 3.0% 100.0% 9

Small Growth Category Assets: $ 137,990.40 Pct of Total Assets: 1.5%

Vanguard SmCp Gr Idx $ 137,990.40 1.5% 100.0% 9

Small Blend Category Assets: $ 243,938.84 Pct of Total Assets: 2.6%

DFA US Small Cap I $ 243,938.84 2.6% 100.0% 1

Small Value Category Assets: $ 252,211.02 Pct of Total Assets: 2.7%

DFA US Targeted Value $ 252,211.02 2.7% 100.0% 4

Foreign Stock Category Assets: $ 456,781.05 Pct of Total Assets: 4.8%

Europacific Growth Fund - R5 $ 456,781.05 4.8% 100.0% 5

Foreign Large Value Category Assets: $ 4.46 Pct of Total Assets: 0.0%

American Beacon Intl Equity Instl $ 4.46 0.0% 100.0% 1

Diversified Emerging Mkts Category Assets: $ 31,703.54 Pct of Total Assets: 0.3%

Virtus Emerging Markets Opportunity I $ 31,703.54 0.3% 100.0% 14

Real Estate Category Assets: $ 52,404.55 Pct of Total Assets: 0.6%

T. Rowe Price Real Estate $ 52,404.55 0.6% 100.0% 3

Performance

SAMPLE PLAN

Market Value at End of Quarter $ 9,472,059.09Portfolio Dollar Gain/Loss History

$ 20,621.17

$ 197,626.62

$ 283,813.27

$ 2,189,605.51

$ 3,162,964.13

Current Quarter

Year To Date

Past Year

Past 3 Years

Past 5 Years

How We Calculate Your Investment Return

We calculate your investment return by first determining your net dollar gain for each quarterly time period. If you add or subtract money during the quarter, the net dollar gain calculation automatically takes the cash flow into consideration to give the correct net dollar gain. We next divide the net dollar gain figure by your adjusted beginning balance. Your adjusted beginning balance is your beginning balance at the start of the quarter adjusted by any cash flow during the quarter. If you add or withdraw dollars during the quarter they are proportionally added back to the beginning balance based on when the transaction occurred during the quarter. No fees paid by the plan are included in this calculation. To obtain average annual returns over longer time periods we geometrically link all of your individual quarterly returns. Your benchmark is based upon your asset allocation at the beginning of the current quarter.

The Unifed Success Pathway ®

The Unified Success Pathway applies the "Three A's" of Retirement Success: Adequate Savings, Asset Allocation and Asset Quality. An intensive approach to participant success that combines effective defaults, on-site service and managed portfolios.

Advanced Fiduciary Process

Plan fiduciaries, not participants, control the asset quality, and Unified Trust's fiduciary best practices process for selecting, monitoring and replacing plan investments has received nationwide attention for high quality and transparency.

Portfolio Performance vs. Benchmark Index Mix

Portfolio Performance History as of MM/DD/YYYY

Client Benchmark Blended Idx Difference vs. Benchmark

CURR QTR 0.22% 0.00% 0.22%YTD 2.17% 1.61% 0.55%1 YR 3.15% 3.27% -0.12%3 YR 10.14% 9.52% 0.62%5 YR 10.18% 9.48% 0.70%

Equity Blend Benchmark

The Equity Blend is a 65/9/6% mix of US Large, Mid + Small Cap equities represented by the S+P 500, 400 and 600 Indexes respectively, plus a 20% Foreign equity represented by the MSCI EAFE Index.

59%

Fixed Income Benchmark is the Barclays Aggregate Bond Index 9%

Stable Value Benchmark is a 50/50 mix of the indexes listed below:

Barclays US Treasury Bill 3-6 Month Yield IndexBarclays US Treasury 1-3 Year Index

Note: Your historical benchmarks have been adjusted going back to the first quarter of 2006 if needed.

32%

FINANCIAL MARKET REVIEW

FINANCIAL MARKET PERFORMANCEThis quarter, equity returns have slowed down and bonds have sold off and delivered negative total returns. The S&P 500, consisting of large cap US stocks, returned +0.28% in the second quarter and the Barclays Aggregate US Bond Market Index lost – 1.68%. The chart below shows the performance of various asset classes for the first six months of the year through mmmm dd, yyyy. This shouldn’t concern the long-term investor.

The drama unfolding in Greece has distracted the financial markets’ attention away from the positive domestic economic data released in mmmm. Unemployment held steady at 5.5% in May, not far above the 5% - 5.2% level the Fed considers “full employment.” Once reached, wage growth can be expected to accelerate. Real wages are 2% higher than this time last year and inflation remains below the Fed’s target of 2%. Housing demand is showing strength but household spending is tepid. There is room for improvement in business investing while the strong US dollar is negatively impacting net exports. On balance, the Fed is running out of excuses to maintain a Fed Funds target rate of 0% – 0.25% and will be under more pressure to modestly raise the rate at one of the upcoming FOMC meetings.

One or two small rate increases that are telegraphed shouldn’t necessarily be cause for concern for investors. Corporate profit margins remain at or near record levels and balance sheets are strong. Continued improvement in economic conditions will benefit most corporations even if costs increased modestly. Concerns about rate increases, Greece and the bear market in China contributed to weak equity returns for mmmm as nearly all domestic and international stock indices we monitor finished the month lower. Fortunately, 2nd quarter and year-to-date returns were modestly positive with emerging markets stocks and small-caps showing the biggest gains. Forecasts for improved economic growth in the 2nd half of the year could help.

ECONOMIC OUTLOOKArguably, the most important key economic and financial market indicator to follow is the likelihood of the United States entering into a national recession. One leading probability indicator is the “slope” of the interest rate curve. The difference between long-term and short-term interest rates (the slope of the yield curve) has borne a consistent negative relationship with subsequent economic activity United States with a lead time of 4 to 6 quarters. These data are carefully followed and published by the United States Federal Reserve Banks (“FRED” or Federal Reserve Economic Data). The measures of yield curve most frequently employed are based on the differences between the interest rates of Treasury securities, for instance the 10-year Treasury bond compared to the 3-month Treasury bill.

The yield curve has predicted essentially every US recession since 1950 with only one false signal, which was preceded by a credit crunch and significant slowdown in 1967. There is also evidence that the predictive relationship exists in other countries, notably Germany, Canada and the United Kingdom. The current spread is +2.18%. As you can see in the nearby chart, recessions, which are highlighted in gray bars, tend to only occur when the spread is reduced to 0% or even turns negative (red line).

The Federal Reserve publishes the likelihood of recession over the next 12 months, shown in the nearby chart. The current likelihood of recession, published by the Federal Reserve Economic Data published, is just 1.7%, a very low probability of recession. Unified Trust recommends that investors maintain diversified portfolios with risk and reward characteristics consistent with their long-term goals. Market volatility may increase in the short-term, but long-term investing is a steady process.

Benchmarks

Benchmark Investment Category QTR YTD 1 YR 3 YR 5 YR 10 YR

Stable Value Composite Stable Value 0.08 0.35 0.47 0.36 0.45 1.93Barclays US Treasury Bill 3-6 Month Money Market 0.01 0.02 0.04 0.06 0.08 1.33Barclays 1-5 Yr Govt/Cred Short-Term Bond -0.02 0.90 1.32 1.07 1.64 3.23Barclays 1-3 Treasury Short Government 0.14 0.68 0.90 0.66 0.83 2.53Barclays US Aggregate Intermediate-Term Bond -1.68 -0.10 1.86 1.83 3.35 4.44Barclays 5-10 Treasury Intermediate Government -0.95 0.96 2.65 1.10 3.10 4.57Barclays US Treasury US TIPS TR USD Inflation-Protected Bond -1.06 0.34 -1.73 -0.76 3.29 4.13BarCap Global Aggregate World Bond -1.18 -3.08 -7.09 -0.81 2.07 3.54Russell 1000 Growth Large Growth 0.12 3.96 10.56 17.99 18.59 9.10Standard & Poor's 500 Large Blend 0.28 1.23 7.42 17.31 17.34 7.89Russell 1000 Value Large Value 0.11 -0.61 4.13 17.34 16.50 7.05Russell Midcap Growth Mid-Cap Growth -1.14 4.18 9.45 19.24 18.69 9.69Standard & Poor's Midcap 400 Mid-Cap Blend -1.06 4.20 6.40 18.60 17.82 9.74Russell Midcap Value Mid-Cap Value -1.97 0.41 3.67 19.13 17.73 8.89Russell 2000 Growth Small Growth 1.98 8.74 12.34 20.11 19.33 9.86Standard & Poor's Smallcap 600 Small Blend 0.19 4.16 6.72 18.81 18.44 9.28Russell 2000 Value Small Value -1.20 0.76 0.78 15.50 14.81 6.87MSCI Eafe Ndtr_D Foreign Stock 0.62 5.52 -4.22 11.97 9.54 5.12MSCI EAFE Value Foreign Large Value 0.22 4.11 -7.09 11.80 8.93 4.37MSCI EAFE Small Cap Foreign Small/Mid Value 4.34 10.15 -0.77 15.69 12.40 6.59MSCI EM Diversified Emerging Mkts 0.69 2.95 -5.12 3.71 3.68 8.11MSCI World World Stock 0.31 2.63 1.43 14.27 13.10 6.38FTSE NAREIT All REITs TR Real Estate -8.93 -5.24 3.75 8.98 14.14 6.41S&P GSCI Commodities Broad Basket 8.73 -0.21 -36.81 -10.71 -4.33 -6.250% Equity Blend* / 100% Fixed Blend** Ultra Conservative 100 -0.80 0.12 1.16 1.10 1.90 3.1820% Equity Blend* / 80% Fixed Blend** Conservative 20 80 -0.60 0.61 1.92 4.17 4.70 4.0640% Equity Blend* / 60% Fixed Blend** Balanced 40 60 -0.39 1.09 2.68 7.24 7.50 4.9460% Equity Blend* / 40% Fixed Blend** Balanced 60 40 -0.19 1.57 3.44 10.31 10.29 5.8380% Equity Blend* / 20% Fixed Blend** Aggressive 80 20 0.02 2.05 4.20 13.38 13.09 6.71100% Equity Blend* / 0% Fixed Blend** Ultra Aggressive 100 0.22 2.53 4.96 16.45 15.89 7.59

Equity Blend* is a blend of securities consisting of 65% US Large Cap, 9% Mid-Cap and 6% Small Cap equities represented by the S&P 500, 400 and 600 Indexes respectively, plus a 20% Foreign equity represented by the MSCI EAFE Index.

Fixed Blend** is a blend of three indexes consisting of 50% Barclays Aggregate Bond, 25% Barclays US Treasury Bill 3-6 Month Yield and 25% Barclays US Treasury Bill 1-3 Year.

Model Portfolio Performance Comparison

Model Portfolio Performance Quarter Avg 1 Yr Avg 3 Yr Avg 5 Yr

Benchmark Return Return Return Return

Ultra Conservative 100 Portfolio -0.28 1.71 2.84 3.48

0% Equity Blend* / 100% Fixed Blend** -0.80 1.16 1.10 1.90

Performance Above Benchmark 0.52 0.55 1.74 1.58

Conservative 20 80 Portfolio -0.39 2.29 5.33 5.88



Balanced 40 60 Portfolio -0.29 3.02 8.09 8.43



Balanced 60 40 Portfolio -0.32 3.52 10.44 10.71


Performance Above Benchmark -0.13 0.08 0.13 0.42

Aggressive 80 20 Portfolio -0.31 4.22 13.01 13.16

80% Equity Blend* / 20% Fixed Blend** 0.02 4.20 13.38 13.09

Performance Above Benchmark -0.33 0.02 -0.37 0.07

Ultra Aggressive 100 Portfolio -0.28 5.11 15.71 15.72

100% Equity Blend* / 0% Fixed Blend** 0.22 4.96 16.45 15.89

Performance Above Benchmark -0.50 0.15 -0.74 -0.17

Equity Blend* is a blend of securities consisting of 65% US Large Cap, 9% Mid-Cap and 6% Small Cap equities represented by the S&P 500, 400 and 600 Indexes respectively, plus a 20% Foreign equity represented by the MSCI EAFE Index.

Fixed Blend** is a blend of three indexes consisting of 50% Barclays Aggregate Bond, 25% Barclays US Treasury Bill 3-6 Month Yield and 25% Barclays US Treasury Bill 1-3 Year.

All indexes are listed on the previous page.

Summary of Model Portfolio Holdings

Fund Allocations By Model Portfolio

Ultra Conservative 100 Portfolio

100%Fixed

0%Equity

Conservative 20/80 Portfolio Balanced 40/60 Portfolio

80%Fixed

60%Fixed

20%Equity

40%Equity

Balanced 60/40 Portfolio Aggressive 80/20 Portfolio Ultra Aggressive 100 Portfolio

40%Fixed

20%Fixed

0%Fixed

60%Equity

80%Equity

100%Equity

Ticker Investment Category Security Name 0/100 20/80 40/60 60/40 80/20 100/0

UTCSV Stable Value UTC Stable Value Trust 50.0% 40.0% 30.0% 20.0% 10.0% 0.0%

DODIX Intermediate-Term Bond Dodge and Cox Income Fund 50.0% 40.0% 30.0% 20.0% 10.0% 0.0%

FCNTX Large Growth Fidelity Contra Fund 0.0% 3.0% 5.0% 7.0% 9.0% 11.0%

NINDX Large Blend Columbia Large Cap Index Z 0.0% 6.0% 14.0% 22.0% 32.0% 43.0%

PRFDX Large Value T. Rowe Price Equity Income 0.0% 5.0% 8.0% 11.0% 12.0% 13.0%

ARTMX Mid-Cap Growth Artisan MidCap Growth Fund 0.0% 0.0% 1.0% 1.0% 1.0% 2.0%

NMPAX Mid-Cap Blend Columbia Mid Cap Index Z 0.0% 1.0% 3.0% 4.0% 5.0% 6.0%

VASVX Mid-Cap Value Vanguard Selected Value 0.0% 1.0% 1.0% 2.0% 3.0% 4.0%

DFSTX Small Blend DFA US Small Cap I 0.0% 0.0% 1.0% 1.0% 1.0% 1.0%

DFFVX Small Value DFA US Targeted Value 0.0% 0.0% 1.0% 1.0% 2.0% 2.0%

RERFX Foreign Stock Europacific Growth Fund - R5 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

HIEMX Diversified Emerging Mkts Virtus Emerging Markets Opportunity I 0.0% 0.0% 0.0% 2.0% 3.0% 3.0%

TRREX Real Estate T. Rowe Price Real Estate 0.0% 2.0% 2.0% 3.0% 4.0% 5.0%

Fund Name/ Investment Expense Ratio* Revenue Shareholder- Average Annual Returns Since InceptionBenchmark Category As a % Per $1000 Share Type Fees* 1 Year 5 Year 10 Year Return/Date

UTC Stable Value Trust Stable Value 0.65% 6.50 0.25% 2.44% 2.65% 3.47% 3.86%

Stable Value Composite 0.47% 0.45% 1.93% 06/01/2001

Dodge and Cox Income Fund Intermediate-Term Bond 0.44% 4.40 0.08% 0.97% 4.31% 5.12% 7.10%

Barclays US Aggregate 1.86% 3.35% 4.44% 01/03/1989

Vanguard Int Term Treasury Intermediate Government 0.20% 2.00 0.00% 2.36% 2.91% 4.50% 6.14%

Barclays 5-10 Treasury 2.65% 3.10% 4.57% 10/28/1991

UTC WPS Target Risk - Conv 1 Volatility Managed 8 0.25% 2.50 0.00% 1.92% 7.70%

40% Equity Blend / 60% Fixed Blend 2.68% 7.50% 4.94% 11/02/2012

UTC WPS Target Risk - Mod 1 Volatility Managed 10 0.19% 1.90 0.00% 1.10% 9.77%


UTC WPG Target Risk - Grth 1 Volatility Managed 12 0.19% 1.90 0.00% -1.30% 10.12%


Vanguard Wellington Moderate Allocation 0.26% 2.60 0.00% 3.48% 12.07% 7.88% 8.23%


Fidelity Contra Fund Large Growth 0.64% 6.40 0.00% 10.29% 17.11% 9.85% 12.50%

Russell 1000 Growth 10.56% 18.59% 9.10% 05/17/1967

Columbia Large Cap Index Z Large Blend 0.20% 2.00 0.10% 7.18% 17.12% 7.74% 9.03%

Standard & Poor's 500 7.42% 17.34% 7.89% 12/15/1993

T. Rowe Price Equity Income Large Value 0.66% 6.60 0.15% -0.34% 14.30% 6.69% 10.93%

Russell 1000 Value 4.13% 16.50% 7.05% 10/31/1985

Artisan MidCap Growth Fund Mid-Cap Growth 1.20% 12.00 0.35% 8.96% 19.29% 11.16% 14.21%

Russell Midcap Growth 9.45% 18.69% 9.69% 06/27/1997

Columbia Mid Cap Index Z Mid-Cap Blend 0.20% 2.00 0.10% 6.20% 17.60% 9.60% 8.72%

Standard & Poor's Midcap 400 6.40% 17.82% 9.74% 03/31/2000

Vanguard Selected Value Mid-Cap Value 0.41% 4.10 0.00% 1.16% 17.12% 8.73% 9.20%

Russell Midcap Value 3.67% 17.73% 8.89% 02/15/1996

Vanguard SmCp Gr Idx Small Growth 0.23% 2.30 0.00% 6.30% 18.63% 10.11% 8.79%

Russell 2000 Growth 12.34% 19.33% 9.86% 05/21/1998

DFA US Small Cap I Small Blend 0.37% 3.70 0.00% 5.76% 18.45% 9.43% 10.86%

Standard & Poor's Smallcap 600 6.72% 18.44% 9.28% 03/19/1992

DFA US Targeted Value Small Value 0.37% 3.70 0.00% 1.37% 17.45% 8.55% 12.21%

Russell 2000 Value 0.78% 14.81% 6.87% 02/23/2000

Europacific Growth Fund - R5 Foreign Stock 0.53% 5.30 0.05% 0.93% 10.07% 7.66% 8.30%

MSCI Eafe Ndtr_D -4.22% 9.54% 5.12% 05/15/2002

American Beacon Intl Equity Instl Foreign Large Value 0.70% 7.00 0.00% -3.88% 10.42% 5.56% 7.76%

MSCI EAFE Value -7.09% 8.93% 4.37% 08/07/1991

Virtus Emerging Markets Opportunity I Diversified Emerging Mkts 1.30% 13.00 0.25% -3.57% 7.33% 10.51% 7.17%

MSCI EM -5.12% 3.68% 8.11% 10/20/1997

T. Rowe Price Real Estate Real Estate 0.76% 7.60 0.25% 5.32% 14.54% 7.13% 9.98%

FTSE NAREIT All REITs TR 3.75% 14.14% 6.41% 10/31/1997

PIMCO Commodity Real Ret Strat Admin Commodities Broad Basket 0.99% 9.90 0.25% -26.29% -2.49% -1.40% 1.90%

S&P GSCI -36.81% -4.33% -6.25% 02/14/2003

Fund Investment Information as of MMMM dd, yyyy

Investment DisclosureRequired by DOL Regulation § 2550.408b-2

Fund Name/ Investment Expense Ratio* Revenue Shareholder- Average Annual Returns Since InceptionBenchmark Category As a % Per $1000 Share** Type Fees*** 1 Year 5 Year 10 Year Return/Date

Ultra Conservative 100 Model Portfolio 0.55% 5.50 0.17% 1.71% 3.48%

0% Equity Blend / 100% Fixed Blend 1.16% 1.90%

Conservative 20 80 Model Portfolio 0.53% 5.30 0.15% 2.29% 5.88%


Balanced 40 60 Model Portfolio 0.51% 5.10 0.14% 3.02% 8.43%


Balanced 60 40 Model Portfolio 0.50% 5.00 0.13% 3.52% 10.71%


Aggressive 80 20 Model Portfolio 0.47% 4.70 0.11% 4.22% 13.16%


Ultra Aggressive 100 Model Portfolio 0.44% 4.40 0.10% 5.11% 15.72%


* Expense Ratio is the fund's Annual Report Net Expense Ratio which is the percentage of fund assets used to pay for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. The expense ratio is obtained from the Annual Report - an audited trailing perspective.

** Revenue Sharing. Unified follows the Frost Model (set forth in the DOL Advisory Opinion 97-15A) of 100% fee recapture, whereby all revenue sharing payments it receives from the mutual funds or investment managers is used to offset Unified’s Fees dollar-for-dollar, with any excess being returned to the Plan.

*** Shareholder-type fees list any additional fees that may be charged directly to your investment and which are not already included in the total annual operating expenses of the investment option (e.g. redemption fees, contingent deferred sales charges, surrender charges, etc.). For a more complete description of the shareholder-type fees, please review the fund's prospectus which is available by accessing your account at www.unifiedtrust.com or upon request by contacting Unified Trust Company, N.A. Customer Service Center at 1-866-680-7000 (toll free) or 859-422-0350 M-F 9am-5pm ET.

Performance figures are those published by the underlying mutual funds or collective investment funds net of internal fund fees but not including external costs such as trustee fees, recordkeeping fees, or investment advisory fees. The actual performance of a client portfolio is dependent on the total fees deducted from the portfolio and the timing of cash flows in and out of the portfolio.

Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.

The cumulative effect of fees and expenses can substantially reduce the growth of a participant’s or beneficiary’s retirement account. Participants and beneficiaries can visit the Employee Benefit Security Administration’s Web site for an example demonstrating the long-term effect of fees and expenses. http://www.dol.gov/ebsa/publications/401k_employeel.html.

A glossary of terms to assist participants and beneficiaries in understanding the plan’s designated investment alternatives can be found at the website: http://www.investmentterms.com

Past performance does not guarantee how an investment will perform in the future.

Your investment in any of the funds could lose money. Investment products (including mutual funds) and insurance products involve risk and may lose value. Investment and insurance products are not FDIC insured or insured by any Federal government agency and are not deposits of, guaranteed or insured by Unified Trust.

© 2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund Investment Information as of MMMM dd, yyyy

Investment DisclosureRequired by DOL Regulation § 2550.408b-2

Investment Category Ticker Security Name UFMI®

Score1

Year3

Year5

Year10

YearExpense

RatioRevenue

Share

Stable ValueUTCSV UTC Stable Value Trust n/a 2.44% 2.45% 2.65% 3.47% 0.65% 0.25%

Intermediate-Term BondDODIX Dodge and Cox Income Fund 8 0.97% 3.22% 4.31% 5.12% 0.44% 0.08%

Intermediate GovernmentVFITX Vanguard Int Term Treasury 20 2.36% 0.88% 2.91% 4.50% 0.20% 0.00%

Volatility Managed 8WPC1F UTC WPS Target Risk - Conv 1 n/a 1.92% 0.25% 0.00%

Volatility Managed 10WPM1F UTC WPS Target Risk - Mod 1 n/a 1.10% 0.19% 0.00%

Volatility Managed 12WPG1F UTC WPG Target Risk - Grth 1 n/a -1.30% 0.19% 0.00%

Moderate AllocationVWELX Vanguard Wellington 4 3.48% 11.69% 12.07% 7.88% 0.26% 0.00%

Large GrowthFCNTX Fidelity Contra Fund 27 10.29% 17.42% 17.11% 9.85% 0.64% 0.00%

Large BlendNINDX Columbia Large Cap Index Z 11 7.18% 17.06% 17.12% 7.74% 0.20% 0.10%

Large ValuePRFDX T. Rowe Price Equity Income 42 -0.34% 14.14% 14.30% 6.69% 0.66% 0.15%

Mid-Cap GrowthARTMX Artisan MidCap Growth Fund 24 8.96% 17.93% 19.29% 11.16% 1.20% 0.35%

Mid-Cap BlendNMPAX Columbia Mid Cap Index Z 11 6.20% 18.36% 17.60% 9.60% 0.20% 0.10%

Mid-Cap ValueVASVX Vanguard Selected Value 9 1.16% 19.00% 17.12% 8.73% 0.41% 0.00%

Small GrowthVISGX Vanguard SmCp Gr Idx 9 6.30% 17.93% 18.63% 10.11% 0.23% 0.00%

Small BlendDFSTX DFA US Small Cap I 1 5.76% 19.24% 18.45% 9.43% 0.37% 0.00%

Small ValueDFFVX DFA US Targeted Value 4 1.37% 19.81% 17.45% 8.55% 0.37% 0.00%

Foreign StockRERFX Europacific Growth Fund - R5 5 0.93% 12.65% 10.07% 7.66% 0.53% 0.05%

Foreign Large ValueAAIEX American Beacon Intl Equity Instl 1 -3.88% 12.83% 10.42% 5.56% 0.70% 0.00%

Diversified Emerging MktsHIEMX Virtus Emerging Markets Opportunity I 14 -3.57% 3.07% 7.33% 10.51% 1.30% 0.25%

Real EstateTRREX T. Rowe Price Real Estate 3 5.32% 8.98% 14.54% 7.13% 0.76% 0.25%

Commodities Broad BasketPCRRX PIMCO Commodity Real Ret Strat Admin n/a -26.29% -10.04% -2.49% -1.40% 0.99% 0.25%

Average 0.51% 0.09%

Fund Menu

Plan Name: SAMPLE PLANInvestment Selections and Returns as of MMMM dd, yyyy

UTC Stable Value TrustCategory: Stable Value UFMI®: n/a Data as of: MM/DD/YYObjective Supplemental Fund DataThe Stable Value Trust seeks stability of principal and a high level of current income consistent with a 2-3 year average maturity. The trust is a tax-exempt trust invested primarily in investment contracts issued by insurance companies, high grade bonds, commercial bank deposits, and similar types of fixed-principal investments.

TickerFund Assets (millions)Avg 4-Quater UFMI®:

Style Drift:Expense Ratio:

Turnover Ratio:Revenue Share:

UTCSV$490

n/aNo

0.65%0%

0.25%

Fund Performance vs. Category Median Performance Statistics Category RankQuarter1 Year3 Year5 Year

Risk StatisticsDN Risk Index

Downside DeviationActive Sortino

0.62%2.44%2.45%2.65%

n/an/an/a

Percentile Rank

Dodge and Cox Income FundCategory: Intermediate-Term Bond UFMI®: 8 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks a high and stable rate of current income, consistent with long-term preservation of capital. The fund invests in a diversified portfolio of high-quality bonds and other debt securities. Normally, the fund will invest at least 80% of its total assets in the following categories: debt obligations issued or guaranteed by the U.S. government, its agencies or GSEs; investment-grade debt securities; unrated securities if deemed to be of investment-grade quality by Dodge & Cox; and bankers' acceptances, bank certificates of deposit, repurchase agreements, and commercial paper.




DODIX$44,500

10No

0.44%27%

0.08%




-1.19%0.97%3.22%4.31%

150.13%

7.6

1727

61

1614

Percentile Rank

Vanguard Int Term TreasuryCategory: Intermediate Government UFMI®: 20 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks to provide a moderate and sustainable level of current income. The fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. It is expected to maintain a dollar-weighted average maturity of 5 to 10 years.




VFITX$5,677

20No

0.20%63%

0.00%




-1.07%2.36%0.88%2.91%

570.53%

0.0

12

1757

5758

Percentile Rank

UTC WPS Target Risk - Conv 1Category: Volatility Managed 8 UFMI®: n/a Data as of: MM/DD/YYObjective Supplemental Fund DataThis investment seeks capital growth and income consistent with the Fund’s current asset allocation of 50% equity allocation and 50% fixed income allocation. The Fund invests in a combination of exchange traded funds that track broad market exposures, exchange traded futures contracts, and money market assets. The Fund utilizes Milliman Inc. as a sub-advisor to overlay a risk management technique designed to manage volatility and capital protect the fund against severe market declines. A general perspective is for the fund to participate in 65% to 80% of the growth (equity market increases) of the underlying portfolio and only 20%-35% of the loss (equity market decline) of the portfolio.




WPC1Fn/an/aNo

0.25%30%

0.00%




-0.81%1.92%

n/an/a

n/an/an/a

Percentile Rank

UTC WPS Target Risk - Mod 1Category: Volatility Managed 10 UFMI®: n/a Data as of: MM/DD/YYObjective Supplemental Fund DataThis investment seeks capital growth and income consistent with the Fund’s current asset allocation of 70% equity allocation and 30% fixed income allocation. The Fund invests in a combination of exchange traded funds that track broad market exposures, exchange traded futures contracts, and money market assets. The Fund utilizes Milliman Inc. as a sub-advisor to overlay a risk management technique designed to manage volatility and capital protect the fund against sever market declines. A general perspective is for the fund to participate in 65% to 80% of the growth (equity market increases) of the underlying portfolio and only 20%-35% of the loss (equity market decline) of the portfolio.




WPM1Fn/an/aNo

0.19%34%

0.00%




-0.39%1.10%

n/an/a

n/an/an/a

Percentile Rank

UTC WPG Target Risk - Grth 1Category: Volatility Managed 12 UFMI®: n/a Data as of: MM/DD/YYObjective Supplemental Fund DataThis investment seeks capital growth and income consistent with the Fund’s current asset allocation of 85% equity allocation and 15% fixed income allocation. The Fund invests in a combination of exchange traded funds that track broad market exposures, exchange traded futures contracts, and money market assets. The Fund utilizes Milliman Inc. as a sub-advisor to overlay a risk management technique designed to manage volatility and capital protect the fund against severe market declines. A general perspective is for the fund to participate in 65% to 80% of the growth (equity market increases) of the underlying portfolio and only 20%-35% of the loss (equity market decline) of the portfolio.




WPG1Fn/an/aNo

0.19%22%

0.00%




-0.39%-1.30%

n/an/a

n/an/an/a

Percentile Rank

Vanguard WellingtonCategory: Moderate Allocation UFMI®: 4 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks to provide long-term capital appreciation and moderate current income. The fund invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying common stocks of established large companies. The remaining 30% to 40% of the fund's assets are invested mainly in fixed income securities that the advisor believes will generate a moderate level of current income. These securities include investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, and mortgage-backed securities.




VWELX$88,973

3No

0.26%71%

0.00%




-0.54%3.48%

11.69%12.07%

190.56%

2.8

1911

28

2226

Percentile Rank

Fidelity Contra FundCategory: Large Growth UFMI®: 27 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks capital appreciation. The fund normally invests primarily in common stocks. It invests in securities of companies whose value the advisor believes is not fully recognized by the public. The fund invests in domestic and foreign issuers. It invests in either "growth" stocks or "value" stocks or both. The fund uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions to select investments.




FCNTX$111,797

16No

0.64%45%

0.00%




1.00%10.29%17.42%17.11%

540.97%

0.3

44

5055

2052

Percentile Rank

Columbia Large Cap Index ZCategory: Large Blend UFMI®: 11 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks total return before fees and expenses that corresponds to the total return of the Standard & Poor's (S&P) 500® Index. Under normal circumstances, the fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in common stocks that comprise the S&P 500 Index (the index). In seeking to match the performance of the index, the Investment Manager attempts to allocate the fund's assets among common stocks in approximately the same weightings as the index. The fund may invest in derivatives, consisting of stock index futures, as substitutes for the underlying securities in the index.




NINDX$3,622

6No

0.20%5%

0.10%




0.22%7.18%

17.06%17.12%

420.42%

0.7

304427

1736

Percentile Rank

T. Rowe Price Equity IncomeCategory: Large Value UFMI®: 42 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks a high level of dividend income and long-term capital growth primarily through investments in stocks. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in common stocks, with an emphasis on large-capitalization stocks that have a strong track record of paying dividends or that are believed to be undervalued. It generally seeks investments in large-capitalization companies and the fund's yield, which reflects the level of dividends paid by the fund, is expected to normally exceed the yield of the S&P 500 Stock Index.




PRFDX$28,286

35No

0.66%10%

0.15%




-0.57%-0.34%14.14%14.30%

772.23%

-0.4

7571

89

6372

Percentile Rank

Artisan MidCap Growth FundCategory: Mid-Cap Growth UFMI®: 24 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks maximum long-term capital growth. The fund normally invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of medium-sized companies. It defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallest company in the Russell Midcap® Index and less than three times the weighted average market capitalization of companies in the index.




ARTMX$9,640

33No

1.20%55%

0.35%




1.61%8.96%

17.93%19.29%

432.92%

0.2

1141

51

4467

Percentile Rank

Columbia Mid Cap Index ZCategory: Mid-Cap Blend UFMI®: 11 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks total return before fees and expenses that corresponds to the total return of the Standard & Poor's (S&P) MidCap 400® Index. The fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in common stocks that comprise the S&P MidCap 400 Index. In seeking to match the performance of the index, the Investment Manager attempts to allocate the fund's assets among common stocks in approximately the same weightings as the index. It attempts to achieve at least a 95% correlation between the performance of the index and the fund's investment results, before fees and expenses.




NMPAX$3,894

9No

0.20%13%

0.10%




-1.12%6.20%

18.36%17.60%

450.90%

0.3

314628

1539

Percentile Rank

Vanguard Selected ValueCategory: Mid-Cap Value UFMI®: 9 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks long-term capital appreciation and income. The fund invests mainly in the stocks of mid-size U.S. companies, choosing stocks considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and are trading at prices that the advisor feels are below average in relation to measures such as earnings and book value. These stocks often have above-average dividend yields. It uses multiple investment advisors.




VASVX$10,127

17No

0.41%18%

0.00%




1.15%1.16%

19.00%17.12%

342.14%

0.4

3236

75

3956

Percentile Rank

Vanguard SmCp Gr IdxCategory: Small Growth UFMI®: 9 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Growth Index, a broadly diversified index of growth stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.




VISGX$17,179

5No

0.23%26%

0.00%




0.27%6.30%

17.93%18.63%

542.14%

0.0

3753

77

3454

Percentile Rank

DFA US Small Cap ICategory: Small Blend UFMI®: 1 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks long-term capital appreciation. The fund, using a market capitalization weighted approach, purchases a broad and diverse group of readily marketable securities of U.S. small cap companies. A company's market capitalization is the number of its shares outstanding times its price per share. In general, the higher the relative market capitalization of the U.S. small cap company, the greater its representation in the Portfolio.




DFSTX$10,720

1No

0.37%9%

0.00%




0.38%5.76%

19.24%18.45%

30.11%

19.2

2014

43

11

Percentile Rank

DFA US Targeted ValueCategory: Small Value UFMI®: 4 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks long-term capital appreciation. The U.S. Targeted Value Portfolio, using a market capitalization weighted approach, purchases a broad and diverse group of the readily marketable securities of U.S. small and mid cap companies that the Advisor determines to be value stocks. The U.S. Targeted Value Portfolio may use derivatives, such as futures contracts and options on futures contracts for U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio.




DFFVX$6,856

3No

0.37%10%

0.00%




0.05%1.37%

19.81%17.45%

81.11%

3.0

48

54

2111

Percentile Rank

Europacific Growth Fund - R5Category: Foreign Stock UFMI®: 5 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks long-term growth of capital. The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. It normally invests at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets.




RERFX$131,684

4No

0.53%28%

0.05%




1.10%0.93%

12.65%10.07%

250.75%

1.9

182838

1020

Percentile Rank

American Beacon Intl Equity InstlCategory: Foreign Large Value UFMI®: 1 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks and securities convertible into common stocks (collectively, "stocks") of issuers based in at least three different countries located outside the United States. It primarily invests in countries comprising the Morgan Stanley Capital International Europe Australasia Far East Index ("MSCI EAFE Index"). The MSCI EAFE Index is comprised of equity securities of companies from various industrial sectors whose primary trading markets are located outside the United States.




AAIEX$2,473

2No

0.70%23%

0.00%




1.44%-3.88%12.83%10.42%

120.61%

2.8

1615

26

79

Percentile Rank

Virtus Emerging Markets Opportunity ICategory: Diversified Emerging Mkts UFMI®: 14 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks capital appreciation. The fund offers investors exposure to emerging economies through well-established companies. Under normal circumstances, it invests at least 80% of its assets in equity securities or equity-linked instruments of issuers located in emerging markets countries; such issuers may be of any capitalization. Emerging markets countries generally include every nation in the world except the U.S., Canada, Japan, Australia, New Zealand and most nations located in Western Europe.




HIEMX$10,763

13No

1.30%28%

0.25%




-1.39%-3.57%3.07%7.33%

494.41%

-0.1

25

352

5384

Percentile Rank

T. Rowe Price Real EstateCategory: Real Estate UFMI®: 3 Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks long-term growth through a combination of capital appreciation and current income. The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in the equity securities of real estate companies. It is likely to maintain a significant portion of assets in real estate investment trusts (REITs). REITs pool money to invest in properties (equity REITs) or mortgages (mortgage REITs). The fund generally invests in equity REITs.




TRREX$5,161

5No

0.76%3%

0.25%




-9.89%5.32%8.98%

14.54%

150.49%

1.8

192012

2415

Percentile Rank

PIMCO Commodity Real Ret Strat AdminCategory: Commodities Broad Basket UFMI®: n/a Data as of: MM/DD/YYObjective Supplemental Fund DataThe investment seeks maximum real return, consistent with prudent investment management. The fund seeks to achieve its investment objective by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. It will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes.




PCRRX$9,497

n/aNo

0.99%123%

0.25%




4.80%-26.29%-10.04%-2.49%

n/an/an/a

36

6563

Percentile Rank

Unified Trust was the first trustee to be certified by CEFEX, Centre for Fiduciary Excellence, for fiduciary best practices. We were re-certified for discretionary investment services provided in a trust environment for trustee-directed and participant-directed plans and individual investors. This is the seventh consecutive year of our certification to these best practices.

The annual certification process involves a detailed assessment of operational data and procedures, followed by on-site interviews with key personnel. Unified Trust is registered at www.cefex.org, where the registration certificate can also be viewed at www.cefex.org/registeredCompanies.aspx.

“A fiduciary must be loyal to the client 100% of the time, and have no conflicts of interests,” said Dr. Gregory Kasten, the CEO of Unified Trust Company, NA. “In addition, the fiduciary must employ the prudent expert operating process.”

Unified Trust Company Was Again Re-Certified by CEFEX for Fiduciary Excellence

Why Does Unified Trust Continue To Hold Independent Fiduciary Certification?Investors and retirement plan sponsors are best served if their advisors always act in the best interest of the client. In an environment of increasing anxiety and litigation, trust in the asset manager is more important than ever. Stewards of retirement plans, foundations and trusts are looking for proof of their investment firm’s integrity and due diligence process.

The assessment is conducted by an independent CEFEX Analyst. The analyst has achieved the Accredited Investment Fiduciary Analyst® (AIFA®) designation from the Center for Fiduciary Studies, has extensive industry experience and has access to CEFEX subject matter experts as required.

Fiduciary Best Practices describe how an Investment Advisor assumes the responsibility for managing a client’s overall investment strategy: deciding on the client’s asset allocation, developing the client’s investment strategy, implementing the strategy with appropriate Investment Managers, avoiding conflicts of interest and monitoring the strategy on an ongoing basis.

The CEFEX Fiduciary Certification is an independent recognition that Unified Trust has day to day conformity of all Fiduciary Practices and Criteria. It implies that, as a fiduciary, Unified Trust can demonstrate adherence to the industry’s best practices, and is worthy to receive the public’s trust and business.

About CEFEX and fi360CEFEX is an independent rating and certification organization. CEFEX works closely with the investment community and the fiduciary industry to provide comprehensive assessments that measure risk and trust-worthiness of investment fiduciaries. fi360 helps its clients gather, grow, and protect assets through better investment and business decision-making. Their Prudent Practices for Investment Fiduciaries handbook series defines the details of an investment process that fulfills the major investment fiduciary responsibilities. fi360 also provides investment education and training programs that result in the Accredited Investment Fiduciary® (AIF®) and Accredited Investment Fiduciary Analyst® (AIFA®) professional designations and is the developer of web-based analytical and reporting software for fiduciaries and investment professionals. In addition, fi360 provides ongoing support to the investment community through resources such as a blog, quarterly webinars and an annual national conference.

According to the CEFEX general manager, Carlos Panksep, “Through independent assessment, the certification provides assurance to investors both institutional and individual, that Unified Trust Company has demonstrated adherence t the industry’s best fiduciary practices. This indicates that the firm’s interests are aligned with those of investors.” The Fiduciary Practices are substantiated by legislation, case law and regulatory opinion letters which includes the Employee Retirement Income Security Act (ERISA), Uniform Prudent Investor Act (UPIA), Uniform Prudent Management of Institutional Funds Act (UPMIFA), Uniform Management of Public Employees Retirement Systems Act (MPERS), and Investment Advisors Act of 1940. A complete list of the Fiduciary Practices is available at www.fi360.com.

http://www.cefex.org/registeredCompanies.aspx

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Unified Trust Historical Asset Weighted Performance

December 31, 2002 to MMMM dd, YYYY

Analysis

This analysis is a comparison of the quarterly dollar weighted performance of all of Unified Trust's qualified defined contribution plan assets versus either the Morningstar Moderate Allocation Category or respective Morningstar Category Average (at the individual fund level) since March 31, 2002, which is the earliest time period for which individual plan asset allocation data is available for Unified Trust. According to morningstar.com, Moderate Allocation funds typically have between 50% and 70% of assets in equities and the remainder in fixed income and cash. The dollar weighted equity allocation of Unified Trust's 401(k) clients have historically ranged between 50% and 70%, making the Moderate Allocation Category a reasonable proxy for Unified Trust’s composite equity allocation. Individual fund performance is determined by comparing the performance of Unified Trust's holdings to the performance of the respective Morningstar Category for each fund for each respective quarter on a rolling basis. The average percentile versus the Morningstar Moderate Allocation Category has been 41 and the average annual outperformance versus Category Averages has been 1.01%.

Disclosures

1. Past performance is no guarantee of future results. The investments are not FDIC insured. 2. Unified Trust's dollar weighted performance was calculated on a quarterly basis for all mutual funds and collective trusts

held by 401(k) participants. Self-directed assets were not included in the calculation. 3. Data obtained from Unified Trust Company mutual fund fiduciary database. Underlying raw data from Morningstar. 4. Copyright 2015 Unified Trust Company, NA All Rights Reserved.

Relative Asset Allocation Performance Investment Selection Outperformance

Unified Trust Historical Weighted Average Unified Fiduciary Monitoring Index® Scores

December 31, 2002 to MMMM dd, YYYY

Analysis

The goal of the Unified Fiduciary Monitoring Index® or UFMI®, our proprietary ranking system that assigns a percentile score to all managers in a peer group, is to identify the managers who are most likely to outperform peers next year. With the UFMI® all funds with available data within a given category are assigned a ranking 1 to 100, where 1 is best and 100 is worst. Only funds with UFMI® scores from 1-25 (representing the best 25% of funds per category) are included in a new plan. If a fund scores 41 or worse for two consecutive quarters it will be replaced. The data in support of the UFMI® show a consistent, strong correlation between the UFMI® score and the subsequent performance. The UFMI® has given us excellent results, but it is only the “first cut” in the selection process. Using the UFMI® we narrow the field to the top 25% of available managers in a peer group, and then make a final selection based on secondary criteria. The results of the UFMI® for all mutual funds are included below. The average long-term UFMI® score for Unified Trust's 401(k) plans has been 13.

Disclosures

1. Past performance is no guarantee of future results. The investments are not FDIC insured. 2. Unified Trust's dollar weighted performance was calculated on a quarterly basis for all mutual funds and collective

trusts held by 401(k) participants. Self-directed assets were not included in the calculation. 3. Data obtained from Unified Trust Company mutual fund fiduciary database. Underlying raw data from Morningstar. 4. Copyright 2015 Unified Trust Company, NA All Rights Reserved.

Weighted Historical UFMI® Score by Quarter Weighted Historical UFMI® Score by Decile

Downside Risk Statistics Glossary

Minimal Acceptable Return (“MAR”)If an investor requires a specific rate of return, any return below the minimum threshold would be unacceptable. This investment return floor, which serves as the dividing line between good and bad outcomes, is called the Minimum Acceptable Return (“MAR”). Unlike standard deviation, downside risk accommodates different views of risk. Institutional investors often view investment risk as the possibility of under performing the benchmark, whereas retail investors tend to regard risk in absolute terms as the possibility of loss. Investors can customize the downside risk calculation using their own MAR.

Downside Deviation RiskThis is sometimes called semi-deviation, or semi-variance below MAR. It can be thought of as the equivalent to the standard deviation of just bad results. Similar to the loss standard deviation except the downside deviation considers only returns that fall below a defined MAR rather than the arithmetic mean. Generally speaking our research has consistently demonstrated the downside risk will be greater when the MAR is an absolute number, such as 5% annual return, as compared to a relative number such as peer group performance.

Downside ProbabilityThis tells the user how often the returns violated the MAR. This is important, because in order to assess the likelihood of a bad outcome, it is necessary to know how often one occurred. Downside Probability answers the question: “Is an investment below the MAR 10% of the time or 50% of the time?” The opposite of Downside Probability is Upside Probability. Upside probability is how often the investment exceeded the MAR.

Average Under PerformanceIt indicates the average size of the unacceptable returns. This statistic helps an investor judge the severity of the average “bad” return. An investment that lost money twice as often as a second investment may still be preferable if it tended to lose far less than the second investment. Average Under Performance answers the question: “When an investment is below the MAR, is it 2% below or 20% on average?”

Downside Magnitude 99th PercentileThis is the estimated return at the ninety-ninth percentile on the downside. This is the worst-case scenario. An investment may lose money only occasionally, may average small losses when they do occur, and yet may prove unacceptable if the potential exists for huge losses. These statistics answer the question: “When an investment is below the MAR, what is the 99th percentile worst case scenario?”

Downside Magnitude 95th, 75th PercentilesThese are the returns at the ninety-fifth and seventy-fifth percentile on the downside. This is not the “worst-case scenario”, but since they are expected to occur 5% of the time and 25% of the time, they would typically be results that the risk adverse investor must be able to tolerate due to their frequency.

Active Sortino RatioThe accepted risk-adjusted return measurement is the annualized return of the manager minus the MAR, divided by the downside deviation risk. Similar to the Sharpe Ratio (which uses standard deviation), the Active Sortino Ratio measures how many units of active excess return were received per unit of downside risk experienced. However, it defines risk in a way more like the average investor thinks of risk. A positive (> 0) Active Sortino Ratio is good and a negative value (< 0) is undesirable.

DNRisk IndexSMA simple way to understand the concept of DNRisk IndexSM is via a comprehensive multi-dimensional risk scoring system. It was created by extensive Unified Trust Company research to simultaneously incorporate various downside risk measures such as downside deviation and downside probability. Mutual funds receive peer group adjusted scores based upon their investment category, between 1 and 100, where 1 represents the best scoring fund (in the top 1 percentile) and 100 represents the worst scoring fund. Generally speaking, funds scoring 1-25 are viewed as less risky.

In September 2005, Dr. Gregory W. Kasten was awarded first place at the prestigious Journal of Financial Planning Symposium “Call for Papers” with a revolutionary research paper that improves asset allocation for clients. The paper was entitled “Post-Modern Portfolio Theory” (“PMPT”) and was presented in San Diego and published in the September 2005 issue of the Journal of Financial Planning. The winning paper used Sortino Downside Risk Analysis to examine which mixes of various asset classes produced higher return and lower investor risk. Our novel approach to asset allocation can help improve your outcome.

Disclosure End Notes

1. Performance figures are those published by the underlying mutual funds or collective investment funds net of internal fund fees but not including external costs such as trustee fees, recordkeeping fees, or investment advisory fees. The actual performance of a client portfolio is dependent on the total fees deducted from the portfolio and the timing of cash flows in and out of the portfolio.

2. Category Average refers to the average performance for all investment managers in a specific investment category for which Unified Trust has statistical data.

3. To see the underlying sub-account fund performance in the 60:40 Asset Allocation CIF, please go to our website (www.unifiedtrust.com) and select the "60:40 Asset Allocation Newsletter" link under "Library".

4. The sources and data upon which the report is based are believed to be accurate and reliable, but Unified Trust does not warrant the accuracy or completeness of information and takes no responsibility for any errors and omissions contained herein.

5. The intent of all cost summaries is improved transparency of plan expenses. Costs illustrated are good faith estimates only and the actual total cost will depend on actual asset levels, plan asset allocation and services ultimately selected.

6. Individual mutual fund, collective fund performance data and fund comparison disclosures throughout the document are net of underlying fund expense ratios but gross of add- on expenses such as fees, TPA fees, or advisory fees. The performance histories reported are simply dollar-weighted, historical returns for the proposed funds and do not reflect the effects of rebalancing or fund replacements.

7. Managed or Model portfolio performance data throughout the document are net of underlying fund expense ratios but gross of add-on expenses such as Trustee fees, TPA fees, or advisory fees. The performance histories reported are asset weighted historical returns for the proposed allocations and funds. They do not reflect the effects of different asset allocations, rebalancing or fund replacements, and, therefore, are hypothetical reconstructed historical returns based on the current holdings of the particular Model portfolio. Some plan participants may have different model portfolio allocations.

8. Past performance and economic data presented is historical, and is not predictive or a guarantee of future results.

9. Revenue share is an estimate based on expected payments from all sources, including finders’ fees, 12(b)(1)’s, shareholder servicing fees, and sub-transfer agency fees. Actual payments are solely dependent on monies received from the fund families in accordance with revenue sharing contracts.

10. Unified Trust passes through 100% of all revenue sharing payments received to the Plan, less a trading fee cost for fund trading and revenue collection, but cannot guarantee what amounts, if any, will be collected. The trading fee is a charge levied and passed through to the plan by Unified Trust to offset trading and revenue collection costs.

11. Stable value fund cost disclosure: The net yield declared each quarter by Metropolitan Life Insurance Company is net of all underlying insurance company operating expenses, which may vary depending upon the total assets held in the fund. For a full copy of the stable value fund disclosures, please click on the stable value fund in the "Investment Profiles" section of the participant web site. You may also request a copy by calling the Customer Service Center at (866) 680-7000.

12. Speak with your Unified Trust representative concerning your personal situation, and always read the investment prospectus before investing. It is important that you understand that investment products (including securities and mutual funds) and insurance products involve risk and may lose value. Investment and insurance products are not FDIC insured or insured by any Federal government agency and are not deposits of, guaranteed or insured by Unified Trust.

13. Unified Trust does not provide tax, accounting or legal advice, and information presented about tax considerations is not intended as tax advice and should not be relied upon for the purpose of avoiding any tax penalties.

14. Clients should always review any planned financial transaction(s) or arrangement(s) that may have tax, accounting or legal implications with their personal, non-Unified Trust tax and legal professional advisors.

15. © 2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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