Identifying the proper manager(s) involves a systematic comprehensive process...

• Selection should be based on the criteria established by the fund's Investment Policy Statement.
• A manager's style and risk level are as important as the level of return.
• We have developed our own unique systematic method for research to ensure the most appropriate managers are considered for each placement. We believe our process is the best way to select a manager. Factors we review when selecting money managers include:

__* Investment Team
__* Investment Administration
__* Investment Decision Process
__* Past Performance
__* Risk Profile Expenses
__* Investment Strategy
__* Portfolio Characteristics
__* Flexibility of Management Style
__* Status of Organization

• Fiduciaries must exercise due diligence in the final selection process.
• Selection must be impartial and in the best interests of the fund.