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11 <br />material change in investment strategy, Managers, and other pertinent information potentially affecting <br />performance of the Trust. <br />The Advisor shall compare the investment results on a quarterly basis to appropriate peer universe <br />benchmarks, as well as market indices in both equity and fixed income markets. Examples of <br />benchmarks and indexes that will be used include the Russell 3000 Index for broad U.S. equity strategies; <br />S&P 500 Index for large cap U.S. equities, Russell 2000 Index for small cap U.S. equities, MSCI ACWI <br />ex-U.S. Index for broad based non-U.S. equity strategies, MSCI Europe, Australasia, and Far East <br />(EAFE) Index for developed markets international equities, ICE BofA 1-3 Year Govt/Credit Index for <br />fixed income securities, and the U.S. 91 Day T-bill for cash equivalents. The Russell 3000 Index will <br />be used to benchmark the U.S. equities portfolio; the MSCI ACWI ex-U.S. Index will be used to <br />benchmark the non-U.S. equities portfolio; the ICE BofA 1-3 Year Govt/Credit Index will be used to <br />benchmark the fixed income portfolio. The categories “Other” will be benchmarked against appropriate <br />indices depending on the specific characteristics of the strategies and funds used. <br />Voting of Proxies <br />The Administrator recognizes that proxies are a significant and valuable tool in corporate governance. <br />The voting rights of individual stocks held in separate accounts or collective, common, or pooled funds <br />will be exercised by the investment managers in accordance with their own proxy voting policies. The <br />voting rights of funds will be exercised by the Advisor. <br />Page 134 of 658