Core Income Enrollment Booklet

Premise Capital Frontier Advantage Managed Portfolios Qualified Default Investment Alternative (QDIA)

Objectives Frontier Advantage portfolios blend the strengths of traditional strategic allocation and the tenets of Modern Portfolio Theory with tactical management and real-time decision-making. Our dynamic portfolio strategy, Frontier Based Tactical™ is designed to evolve and adapt to the ever-changing landscape of the financial markets and provide you with a fully diversified portfolio at all times. There are times to ride along with a buy- and-hold approach and there are times to tactically take risk off the table. We have seamlessly blended the two approaches. Our Frontier Advantage Portfolios™ have the goal of participating in the upward trends in the markets while limiting exposure to declining markets, all within the range of Equity Participation chosen by your risk profile.

Aggressive Growth

Growth

Moderate Growth

Conservative Growth

Conservative

Our Approach We begin with a strategic allocation for each model based on advanced portfolio theory. We then apply our algorithms with tactical shifts that either overweight or underweight the exposure to each asset class depending on current return expectations. This creates a new efficient frontier with forward-looking expectations. At the same time we make a second level of tactical shifts along that efficient frontier to adjust the overall level of risk for each model.

Moderate Growth seeks to provide a balance between capital growth and current income with capital growth as its primary investment objective. The portfolio invests with a target allocation of 60 percent in equity classes and is intended to stay in the range of 30 percent to 70 percent. It is designed for investors who have a moderate risk tolerance and have a moderate time horizon with minimal liquidity requirements. Age range: 45 - 59. Conservative Growth seeks to provide a balance between current income and capital growth with current income as its primary investment objective. The portfolio invests in a core component of fixed income with a target allocation of 40 percent in equity classes and is intended to stay in the range of 20 percent to 50 percent. It is designed for investors who have a moderate to low risk tolerance and have a short- term to moderate-term time horizon with minimal liquidity requirements. Age range: 60 - 69. Conservative seeks to provide current income with long- term capital growth as a secondary objective. The portfolio invests the majority of the assets in fixed income with a target allocation of 20 percent in equity classes. Equities are intended to stay in the range of 0 percent to 30 percent. It is designed for investors who have a low risk tolerance and have a short-term time horizon with liquidity requirements. Age range: 70 and older.

Our Portfolios Aggressive Growth seeks to provide maximum capital growth. The fully allocated portfolio invests primarily all of the assets in equities with a small portion in fixed income. The portfolio has a target equity allocation of 80 percent and is intended to stay in the range of 40 percent to 90 percent. It is designed for investors who have a significantly high risk tolerance and have a long- term time horizon with no liquidity requirements. Age range: 29 and under. Growth seeks to provide long-term capital growth with current income as a secondary objective. Generally, the portfolio invests the majority of the assets in equities with a minority in fixed income. The portfolio has a target equity allocation of 70 percent and is intended to stay in the range of 35 percent to 80 percent. It is designed for investors who have a high risk tolerance and have a long-term time horizon with little to no liquidity requirements. Age range: 30 - 44.

There is no assurance the objectives of the portfolios will be met. Each Participant should weigh factors other than age, such as risk tolerance, individual investment portfolios, and future objectives for retirement savings when choosing an investment objective. Age ranges are used to migrate portfolios to the next objective when participants are defaulted to the Plan’s QDIA. Investment returns and principal value of an investment will fluctuate; therefore, there is a potential for a gain or loss of principal.