PFE Advisors, LLC, is a wholly owned subsidiary of PFE Consultants, Inc. As a registered investment advisor in the Commonwealth of Massachusetts, PFE Advisors provides retainer-based investment counsel to clients with total assets exceeding $5 billion.

Trying Times Require a Trusted Advisor

Today's retirement plan fiduciaries must deal with a more complex investment environment than their predecessors. SEC and States Attorney General investigations of fund companies, brokerage firms and 401(k) service providers, and now the investment consultants who advise plans and their fiduciaries, raise serious questions about objectivity and independence. Couple these concerns with a dizzying array of investment options and products, from individual securities to commingled pools and mutual funds of every conceivable type, and it's not surprising that plan fiduciaries are turning to investment consultants who can assist them in meeting ERISA's "prudent expert" rule. Ultimately, the decision to retain a consultant is all about trust.

PFE's search and asset placement compensation philosophy is simple and unambiguous: Our ONLY compensation is from plan sponsors. We never accept compensation, in any form, from investment firms.

Why such a strong commitment to independence? It's simple--where money is involved, it is impossible to remain completely objective if your compensation is tied to the advice you give. We prefer to price our services competitively and let the end result speak for itself.

Investment Selection/Monitoring Process

Selecting investments for a retirement plan requires a number of process steps to ensure a quality and compliant conclusion. While PFE Advisors utilizes an extremely thorough proprietary process for selecting investment managers, our process is flexible enough to incorporate Committee member preferences.

For defined contribution plans, our process ensures review, analysis and if needed:

• Development of Committee Charter and Investment Policy to ensure search compliance and consistency
• Establishment of investment manager selection criteria
• Development of plan asset allocation risk/reward profiles
• Renegotiation of vendor agreements to accommodate least costly share class
• Development of transition plan and exit strategy for transferring assets

For defined benefit plans, we perform most of the process steps for defined contribution plans, complimented by the following:

• Asset/liability modeling and required actuarial return analysis
• Development of asset allocation (and risk/reward) profiles
• Development of manager universe (separate account, pooled, mutual fund, private equity, etc.)
• Trust and custody implications

Evaluating Investment Fund Performance

Some of the over 200 criteria used to evaluate managers include:

• Investment returns
• Style adherence since inception
• Expenses (deconstruction of ratios by share class)
• Fund firm ownership, regulatory compliance and sanctions (SEC, AG, or Class Action)
• Risk/reward statistics including industry ratings, category rankings, and MPT statistics

**Investment Advisory services provided by PFE Advisors, LLC

Important Consumer Disclosure

PFE Advisors, LLC a wholly owned subsidiary of PFE Consultants, Inc. d/b/a The PFE Group ("PFE Advisors") is a registered investment adviser located in Southborough, MA. PFE Advisors and its representatives are in compliance with the current registration requirements imposed upon registered investment advisers by those states in which PFE Advisors maintains clients. PFE Advisors may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. PFE Advisors' website is limited to the dissemination of general information regarding its investment advisory services to United States residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of PFE Advisors' website on the Internet should not be construed by any consumer and/or prospective client as PFE Advisors' solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Furthermore, information on this Internet site should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from PFE Advisors. Any subsequent, direct communication by PFE Advisors with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of PFE Advisors, please contact the United States Securities and Exchange Commission on their website at www.adviserinfo.sec.gov or the state securities law administrators for those states in which PFE Advisors is registered. A copy of PFE Advisors' current written disclosure statement discussing PFE Advisors' business operations, services, and fees is available from PFE Advisors upon written request. PFE Advisors does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to PFE Advisors' website or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

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