To: Judicature Plans Select Funds Venue Participants

To: Judicature Plans Select Funds Venue Participants From: Bruce Weisseg for the Plans' Trustees Re: Fund Replacement ? Money Market Fund Category Date: August 20, 2016 Page: 1 of 1

This memo, which is intended for all participants in the Firm's Judicature Plans' Select Funds Venue, explains the Trustees' decision to replace one of the Venue's existing funds. As explained in more detail below, the Trustees have taken this action based on the recommendation of the Plans' independent investment consultant.

Comprehensive information on all Select Venue Funds (prospectus, financial statements, quarterly fund fact sheets) is available on the Plans' website page: bgl/secure/select_funds_info.html. That web page also includes guidance to customize your Plan account's risk profile using the Select Funds Venue. You must always remember that past performance does not guarantee future results.

Summary: ? The Vanguard Prime Money Market Fund (VMMXX) will be replaced by the Vanguard Treasury Money Market Fund (VUSXX). The replacement is designed to be a 1-to-1 exchange across funds of very similar strategies.

? Direct all questions to the Plans' Third-Party Plan Administrator at info@

? There will be no fees to any individual participant as a result of the replacement or as a result of their decision to utilize the new fund in their Plan account investment mix.

? As with all Select Funds Venue options, VUSXX represents the lowest expense ratio share class available to the Plan from the fund's distributor. Furthermore, its annual operating expense ratio of 0.09% is lower than 95% of all taxable money market funds currently tracked by MorningstarTM.

? In the absence of any action by you, the automatic default replacement process is: On October 3rd, all positions existing in VMMXX will be transferred to VUSXX. The first payroll deduction purchases into the replacement fund will be with the October 15th payroll deposit. Effective October 15th, participants who have directed contributions and/or loan repayments into VMMXX will automatically have those purchases re-directed into VUSXX.

? Alternatively, you may re-direct future purchases to, and/or current balances in, VMMXX to Select Venue funds other than this direct VMMXX-to-VUSXX replacement by submitting (for future purchases) a SELECT FUNDS Future Contributions Investment Form at any time and/or (for current balances) a SELECT FUNDS Balance Remix Form no later than September 19th. Both forms are available at bgl under the Participant Login / Plan Forms tabs. Specific fund balance transfer instructions sent via e-mail to info@ will also be accepted.

What led to the investment consultant's recommendation?

This replacement is in response to Securities and Exchange Commission ("SEC") "Money Market Reform" rules that become effective October 14. These rules created a new classification of money market funds by focusing on liquidity and pricing issues caused when redemptions of money market funds jump due to panic selling during times of severe market stress. In such circumstances, a money market fund manager could be forced to sell their fund's investments at distressed prices thereby undermining the solvency of the fund at a fixed share value (NAV) of $1/share for investors that choose to stay. The SEC's rules essentially split money market funds relevant to retirement plans into two categories: "Government" and "Prime." Government funds will maintain a fixed $1/share value with no restrictions or fees allowed on withdrawal requests. To reinforce this stability, at least 99.5% of a "Government" fund's investments must be supported by the full faith and credit of the U.S. government. A "Prime" fund's NAV will be allowed to "float" from $1/share. "Prime" funds will also be able to impose withdrawal restrictions and/or fees to impede withdrawals. "Prime" funds will thereby be allowed to continue to invest in the broader range of ultra-short-term securities including investments NOT guaranteed by the U.S. government. In general, less risky securities produce lower returns.

In offering a money market option in the Select Funds Venue, the Plans' Trustees have always sought to provide Plan participants an ultra-conservative investment alternative that seeks to: preserve principal by maintaining a share price of $1, preserve daily liquidity by never imposing a withdrawal restriction or fee, and (secondarily) to provide interest income.

As its name implies, under the new SEC rules the Vanguard Prime Money Market Fund (VMMXX) will no longer fit the Trustees' objectives as stated above for the Plans' Select Funds Venue's money market option.

The Plans' new money market option, (VUSXX) Vanguard's Treasury Money Market Fund, is a "Government" fund that seeks to provide current income, albeit very possibly at a slightly lower rate than its predecessor "Prime" fund, while maintaining daily liquidity at a stable $1 NAV, and never imposing withdrawal fees.

Fact Sheet | June 30, 2016

Vanguard Treasury Money Market Fund

Money market fund

Overall risk level

Low

High

12345

Total net assets

$10,523 MM

Expense ratio as of 12/14/15

0.09%

Ticker symbol VUSXX

Inception date

12/14/92

Fund number

0011

Investment objective Vanguard Treasury Money Market Fund seeks to provide current income while maintaining liquidity and a stable share price of $1.

Investment strategy The fund invests solely in high-quality, short-term money market securities whose interest and principal payments are backed by the full faith and credit of the U.S. government. Under normal circumstances, at least 80% of the fund's assets will be invested in U.S. Treasury securities; the remainder of the assets may be invested in securities issued by U.S. governmental agencies. The fund maintains a dollar weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. Under the new money market reforms, government money market funds are required to invest at least 99.5% of their total assets in cash, government securities, and/or repurchase agreements that are collateralized solely by government securities or cash (collectively, government securities). The fund generally invests 100% of its assets in government securities and therefore will satisfy the 99.5% requirement for designation as a government money market fund.

Benchmark iMoneyNet MFR Treasury Funds Avg

Growth of a $10,000 investment : January 31, 2006--December 31, 2015

$11,201 Fund as of 12/31/15

$10,913 Benchmark as of 12/31/15

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Annual returns

Fund Benchmark

2006 4.71 4.04

2007 4.76 3.99

2008 2.10 1.13

2009 0.25 0.01

2010 0.01 0.00

2011 0.02 0.00

2012 0.02 0.00

2013 0.01 0.00

2014 0.01 0.00

2015 0.02 0.00

Total returns

Periods Ended June 30, 2016

Quarter

Year to Date One Year Three Years Five Years

Ten Years

Fund Benchmark

0.06% 0.00%

0.12% 0.00%

0.13% 0.00%

0.05% 0.00%

0.04% 0.00%

0.97% 0.72%

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns will fluctuate. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month end, visit our website at performance. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.

iMoneyNet MFR Treasury Funds Avg: Derived from data provided by iMoneyNet, Inc.

F0011R 062016

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