INVESTMENT REVIEWccrs.biz/wp-content/uploads/2017/11/Sample-Co-Q3-17.pdf · INVESTMENT REVIEW...

INVESTMENT REVIEW

Sample Co 401K

For the period ending09/30/17

For Plan Sponsor Use Only - Not for Use with Participants or the General Public.Pensionmark Financial Group, LLC ("Pensionmark") is an investment adviser registered under the Investment Advisers Act of 1940.Financial Advisors at Pensionmark may also be registered representatives of Pensionmark Securities, LLC (member SIPC), which isaffiliated with Pensionmark through common ownership.

Presented by: William Orr

http://www.sipc.org

TOPICS OF DISCUSSION

Plan Sponsor Use Only Sample Co 401K Investment Review | Period Ending 09/30/17

Executive Summary 4

Executive Summary of Investment Recommendations 5

Portfolio Review 6

Portfolio Diversification 7

Portfolio | Asset Allocation 8

Portfolio | Returns 11

Portfolio | Beta/Standard Deviation 12

Portfolio | Alpha 13

Portfolio | Sharpe Ratio 14

Portfolio | Information Ratio 15

Portfolio | Cumulative Performance 16

Portfolio | Weighted Fee Analysis 17

Investment Review - 100 point 19

Investment Scorecard | Current & Historical Scoring 20

Investment Scorecard | Criteria Data 22

Investment Scorecard | Criteria Scoring 27

Investment Scorecard | Investment Performance 30

Investment Fact Sheets - 100 point 33

Investment Fact Sheets 34

Glossary 58

Investment Scoring Methodology 59

TOPICS OF DISCUSSION


Investment Scoring Methodology | Glossary 60

Glossary of Investment Terms 61

EXECUTIVE SUMMARY

Sample Co 401K




http://www.sipc.org

EXECUTIVE SUMMARY


Investment Scoring Summary

Passing Watch Replace Not Scored Total

12 0 0 3 15

Investment Additions

Investment Name Status Morningstar Rating

No current investment additions

Investments on Watch

Investment Name Status Quarters Failing Criteria Morningstar Rating

No investments are currently on the watch list

Investment Targeted for Replacement

Investment Name Status Morningstar Rating

No investments are currently targeted for replacement

Remove : Watch : Addition :

Page | 5

PORTFOLIO REVIEW

Sample Co 401K




http://www.sipc.org

PORTFOLIO | DIVERSIFICATION


Value Blend Growth

Large

Vanguard 500 Index Investor

Medium

Vanguard Mid Cap Index Investor

Small

Vanguard Small Cap Index Inv

InternationalEquities Fixed Income

Vanguard Total World Stock Index Inv

Asset Allocation

State Street Target Retirement KState Street Target Retirement 2020 KState Street Target Retirement 2030 KState Street Target Retirement 2040 KState Street Target Retirement 2050 K

Fixed Income Cash/Stable Value

Putnam American Government Income YJanus Henderson Flexible Bond TVanguard Total Bond Market Index Inv

Federated Capital Preservation IP

Other


Asset classes are defined as broad, distinct types of investments that behave similarly and are subject to most of the same market forces. When evaluating the diversification of assetsin the investment portfolio, it is an important factor in assessing risk and return.

Page | 7

PORTFOLIO | ASSET ALLOCATION


Historical Allocation

Stable ValueIntermediate GovernmentIntermediate-Term BondTarget-Date RetirementTarget-Date 2020Target-Date 2030Target-Date 2040Target-Date 2050Large BlendMid-Cap BlendSmall BlendWorld Large Stock

100%

80%

60%

40%

20%

0%

Q3 2017Q2 2017Q1 2017Q4 2016Q3 2016Q2 2016Q1 2016Q4 2015

Page | 8



Investment Name 09/30/2017 Balance % of Plan 06/30/2017 Balance % Change

Stable Value

Federated Capital Preservation IP $13,258.00 13.80% $0.00 0.00%

Intermediate Government

Putnam American Government Income Y $12,258.00 12.76% $0.00 0.00%

Intermediate-Term Bond

Janus Henderson Flexible Bond T $11,258.00 11.72% $0.00 0.00%

Vanguard Total Bond Market Index Inv $10,258.00 10.68% $0.00 0.00%

Target-Date Retirement

State Street Target Retirement K $9,258.00 9.64% $0.00 0.00%

Target-Date 2020

State Street Target Retirement 2020 K $8,258.00 8.60% $0.00 0.00%

Target-Date 2030


Target-Date 2040


Target-Date 2050


Large Blend

Vanguard 500 Index Investor $4,258.00 4.43% $0.00 0.00%

Mid-Cap Blend

Vanguard Mid Cap Index Investor $3,258.00 3.39% $0.00 0.00%

Page | 9



Investment Name 09/30/2017 Balance % of Plan 06/30/2017 Balance % Change

Small Blend

Vanguard Small Cap Index Inv $2,258.00 2.35% $0.00 0.00%

World Large Stock

Vanguard Total World Stock Index Inv $1,258.00 1.31% $0.00 0.00%

Forfeitures

Forfeitures $500.00 0.52% $0.00 0.00%

Participant Loans

Participant Loans $1,200.00 1.25% $0.00 0.00%

Total: $96,054.00 $0.00 0.00%


Denotes potential addition or replacement option(s). Option(s) are subject to final approval as platforms may discontinue option availability.

Page | 10

PORTFOLIO | RETURNS


Annualized Returns

Peer Group AverageBenchmark IndexCurrent Lineup

Ret

urn

8

7

6

5

4

3

2

1

010 Years5 Years3 Years1 YearYTD

Calendar Year Returns


Ret

urn

8

7

6

5

4

3

2

1

0

-1YTD20162015201420132012

Trailing Returns

YTD 1 Year 3 Years 5 Years 10 Years NetExp.Ratio

Current Lineup 6.95 6.38 4.42 3.80 3.67 0.33

Benchmark Index 6.50 6.03 4.33 3.57 3.02 NA

Peer Group Average 6.55 6.30 4.26 3.61 3.28 0.82

Calendar Year Returns

2012 2013 2014 2015 2016 YTD NetExp.Ratio

Current Lineup 3.82 3.32 3.86 -0.49 5.20 6.95 0.33

Benchmark Index 3.15 2.80 3.38 -0.55 5.56 6.50 NA

Peer Group Average 3.93 2.98 3.59 -0.60 5.23 6.55 0.82

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The performance quoted reflects the reinvestment ofdividends and capital gains and is net of all expenses. To obtain current month-end performance information, please call 888-201-5488.

The Benchmark Index is constructed utilizing the underlying indexes of the Plan's investment options weighted in proportion to the asset allocation of the Plan. The underlying indexes are illustrated on thestandardized performance pages of the report.

Page | 11

PORTFOLIO | BETA/STANDARD DEVIATION


Annualized Beta

Peer Group AverageCurrent Lineup

Bet

a

2

1

010 Years5 Years3 Years1 Year

Annualized Standard Deviation


Std

Dev

5

4

3

2

1


Trailing Beta

1 Year 3 Years 5 Years 10 Years

Current Lineup 1.03 1.04 1.03 1.07

Peer Group Average 0.92 0.99 1.00 1.07

Trailing Standard Deviation


Current Lineup 2.39 3.86 3.13 3.05

Benchmark Index 2.31 3.71 3.03 2.79


Calendar Year Beta

2012 2013 2014 2015 2016

Current Lineup 0.96 0.96 0.98 1.08 1.00

Peer Group Average 1.08 1.08 1.01 1.03 0.95

Calendar Year Standard Deviation

2012 2013 2014 2015 2016

Current Lineup 1.19 1.63 1.91 4.74 4.31

Benchmark Index 1.23 1.67 1.94 4.38 4.30

Peer Group Average 1.35 1.81 1.96 4.52 4.12

Page | 12

PORTFOLIO | ALPHA


Annualized Alpha


Alp

ha

1

0

-110 Years5 Years3 Years1 Year

Calendar Year Alpha


Alp

ha

1

0

-120162015201420132012

Trailing Alpha


Current Lineup 0.16 -0.04 0.14 0.46

Peer Group Average 0.68 -0.03 0.06 0.09

Calendar Year Alpha

2012 2013 2014 2015 2016

Current Lineup 0.78 0.61 0.53 0.12 -0.33

Peer Group Average 0.50 -0.03 0.18 -0.02 -0.07

Page | 13

PORTFOLIO | SHARPE RATIO


Annualized Sharpe Ratio


Sha

rpe

Rat

io

3

2

1


Calendar Year Sharpe Ratio


Sha

rpe

Rat

io

4

3

2

1

0

-120162015201420132012

Trailing Sharpe Ratio


Current Lineup 2.36 1.06 1.15 1.03

Benchmark Index 2.30 1.08 1.11 0.90


Calendar Year Sharpe Ratio

2012 2013 2014 2015 2016

Current Lineup 3.03 1.97 1.98 -0.09 1.13

Benchmark Index 2.41 1.61 1.71 -0.12 1.21

Peer Group Average 2.77 1.59 1.79 -0.12 1.19

Page | 14

PORTFOLIO | INFORMATION RATIO


Rolling Information Ratio(Trailing 3 Year)


Time Period: 10/31/2015 to 09/30/2017

Info

rmat

ion

Rat

io (

arith

)

1.5

1

0.5

0

-0.5 09 17

08 17

07 17

06 17

05 17

04 17

03 17

02 17

01 17

12 16

11 16

10 16

09 16

08 16

07 16

06 16

05 16

04 16

03 16

02 16

01 16

12 15

11 15

10 15

Annualized Information Ratios


Info

rmat

ion

Rat

io (

arith

)

2

1

0

-110 Years5 Years3 Years1 Year

Rolling Information Ratio (Rolling - 3 Year)

YTD 1 Year 3 Years 5 Years 10 Years

Current Lineup 0.22 0.24 0.99 1.32 1.34

Peer Group Average -0.20 -0.18 0.41 0.76 0.72

Calendar Year Information Ratio

2012 2013 2014 2015 2016

Current Lineup 3.44 2.32 2.75 0.12 -1.01

Peer Group Average 4.00 0.88 1.17 -0.10 -0.57

Trailing Information Ratio


Current Lineup 1.68 0.25 0.70 1.03

Peer Group Average 0.98 -0.17 0.12 0.48

Page | 15

PORTFOLIO | CUMULATIVE PERFORMANCE


Time period : September 2007 - September 2017

Plan CategoryBenchmark IndexCurrent Lineup

Gro

wth

of $

100

153

147

140

133

126

119

112

105

98

91

84

09/201701/201601/201401/201201/201009/2007

Growth of $100 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicativeof future performance.

1 YR 3 YR 5 YR 10 YR

Current Lineup 6.38% 13.87% 20.52% 43.46%

Benchmark Index 6.03% 13.55% 19.17% 34.68%

Plan Category 6.30% 13.32% 19.41% 38.12%

Page | 16

PORTFOLIO | WEIGHTED FEE ANALYSIS


Total Plan Assets Weighted InvestmentCost

Weighted InvestmentExpense

$94,354.00 $310.99 0.33%

Investment 2017-09-30 Balance % of Total Plan Fund Expense Weighted Cost

Stable Value

Federated Capital Preservation IP $13,258.00 13.80% 0.51% $67.62


Putnam American Government Income Y - PATYX $12,258.00 12.76% 0.69% $84.58


Janus Henderson Flexible Bond T - JAFIX $11,258.00 11.72% 0.69% $77.68

Vanguard Total Bond Market Index Inv - VBMFX $10,258.00 10.68% 0.15% $15.39


State Street Target Retirement K - SSFOX $9,258.00 9.64% 0.13% $12.04

Target-Date 2020

State Street Target Retirement 2020 K - SSBOX $8,258.00 8.60% 0.13% $10.74

Target-Date 2030

State Street Target Retirement 2030 K - SSBYX $7,258.00 7.56% 0.13% $9.44

Target-Date 2040

State Street Target Retirement 2040 K - SSCQX $6,258.00 6.52% 0.13% $8.14

Target-Date 2050

State Street Target Retirement 2050 K - SSDLX $5,258.00 5.47% 0.13% $6.84

Page | 17

PORTFOLIO | WEIGHTED FEE ANALYSIS


Investment 2017-09-30 Balance % of Total Plan Fund Expense Weighted Cost

Large Blend

Vanguard 500 Index Investor - VFINX $4,258.00 4.43% 0.14% $5.96

Mid-Cap Blend

Vanguard Mid Cap Index Investor - VIMSX $3,258.00 3.39% 0.18% $5.86

Small Blend

Vanguard Small Cap Index Inv - NAESX $2,258.00 2.35% 0.18% $4.06

World Large Stock

Vanguard Total World Stock Index Inv - VTWSX $1,258.00 1.31% 0.21% $2.64



Page | 18

INVESTMENT REVIEW - 100 POINT

Sample Co 401K




http://www.sipc.org

INVESTMENT SCORECARD | CURRENT & HISTORICAL SCORING


Investment NameCurrentStatus

Assets % of Plan Q2/17 Q1/17 Q4/16 Q3/16 Q2/16 Q1/16 Q4/15


Putnam American Government Income Y - PATYX 78 $12,258.00 12.76% 77 74 70 72 72 70 86


Janus Henderson Flexible Bond T - JAFIX 74 $11,258.00 11.72% 72 72 74 80 80 83 95

Vanguard Total Bond Market Index Inv - VBMFX 92 $10,258.00 10.68% 92 100 100 100 100 100 100


State Street Target Retirement K - SSFOX 80 $9,258.00 9.64% 68 72 72 72 77 77 77

Target-Date 2020

State Street Target Retirement 2020 K - SSBOX 83 $8,258.00 8.60% 72 72 77 77 72 72 68

Target-Date 2030

State Street Target Retirement 2030 K - SSBYX 90 $7,258.00 7.56% 72 72 77 77 77 72 68

Target-Date 2040

State Street Target Retirement 2040 K - SSCQX 81 $6,258.00 6.52% 68 68 77 77 77 72 68

Target-Date 2050

State Street Target Retirement 2050 K - SSDLX 78 $5,258.00 5.47% 68 72 77 77 72 72 63

Large Blend

Vanguard 500 Index Investor - VFINX 100 $4,258.00 4.43% 100 100 100 100 100 100 100

Mid-Cap Blend

Vanguard Mid Cap Index Investor - VIMSX 100 $3,258.00 3.39% 100 100 100 100 100 88 100

Small Blend

Vanguard Small Cap Index Inv - NAESX 100 $2,258.00 2.35% 100 100 100 100 100 100 88

Page | 20

INVESTMENT SCORECARD | CURRENT & HISTORICAL SCORING


Investment NameCurrentStatus

Assets % of Plan Q2/17 Q1/17 Q4/16 Q3/16 Q2/16 Q1/16 Q4/15

World Large Stock

Vanguard Total World Stock Index Inv - VTWSX 84 $1,258.00 1.31% 84 92 92 100 100 100 100



Page | 21

INVESTMENT SCORECARD | CRITERIA DATA


Investment Name IPSScore

Return1Yr

Return3Yr

Return5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

StyleConsistency

(RBSA)

Up/DownCapture

5Yr


Putnam American Government Income Y -PATYX 78

-0.33%(31)

0.84%(84)

1.11%(44)

0.30(80)

0.48(24)

-0.54(77)

0.07(44)

10.34(36)

0.69%(45)

9.25(24)

1.36(10)

BBgBarc US Govt Interm TR USD -0.66% 1.58% 1.01% 0.57 0.40 - - - - - -

Morningstar Intermediate Government -0.85% 1.49% 0.93% 0.54 0.31 -0.09 -0.09 9.55 0.84% 20.23 1.04


Janus Henderson Flexible Bond T - JAFIX 740.52%(59)

2.26%(66)

2.22%(45)

0.75(63)

0.77(36)

-0.72(75)

0.23(38)

10.34(41)

0.69%(50)

22.92(82)

1.11(39)

BBgBarc US Agg Bond TR USD 0.07% 2.71% 2.06% 0.84 0.66 - - - - - -

Morningstar Intermediate-Term Bond 0.86% 2.51% 2.15% 0.82 0.69 -0.36 -0.12 9.86 0.77% 15.09 1.30




Page | 22



Index Funds


TrackingError1Yr

TrackingError3Yr

TrackingError5Yr

ExpenseRatio

AUM Expenseadj.1Yr

Outperf.Index

Expenseadj.3Yr

Outperf.Index

Expenseadj.5Yr

Outperf.Index


Vanguard Total Bond Market Index Inv -VBMFX 92

0.31%(16)

0.27%(6)

0.25%(4)

0.15%(4)

$189,795,615,927-0.08%

(78)2.67%(41)

2.01%(58)

BBgBarc US Agg Float Adj TR USD - - - - - 0.06% 2.72% 2.07%

Morningstar Intermediate-Term Bond 0.68% 1.13% 1.09% 0.77% - - - -

Large Blend

Vanguard 500 Index Investor - VFINX 1000.01%

(2)0.01%

(2)0.01%

(2)0.14%

(6)$350,318,481,732

18.60%(37)

10.80%(11)

14.20%(17)

S&P 500 TR USD - - - - - 18.61% 10.81% 14.22%

Morningstar Large Blend 2.39% 2.67% 2.47% 0.94% - - - -

Mid-Cap Blend

Vanguard Mid Cap Index Investor - VIMSX 1000.03%

(2)0.04%

(2)0.08%

(2)0.18%

(7)$89,058,968,704

15.34%(56)

9.77%(27)

14.42%(12)

CRSP US Mid Cap TR USD - - - - - 15.33% 9.77% 14.45%

Morningstar Mid-Cap Blend 4.93% 4.72% 4.34% 1.06% - - - -

Small Blend

Vanguard Small Cap Index Inv - NAESX 1000.03%

(2)0.03%

(2)0.30%

(2)0.18%

(5)$79,837,976,964

17.39%(67)

10.48%(51)

13.97%(32)

CRSP US Small Cap TR USD - - - - - 17.33% 10.41% 14.12%

Morningstar Small Blend 4.95% 4.74% 4.31% 1.16% - - - -

World Large Stock

Vanguard Total World Stock Index Inv -VTWSX 84

4.48%(41)

4.15%(8)

3.89%(2)

0.21%(2)

$13,502,144,22319.00%

(38)8.10%(36)

10.81%(42)

Page | 23




TrackingError1Yr

TrackingError3Yr

TrackingError5Yr

ExpenseRatio

AUM Expenseadj.1Yr

Outperf.Index

Expenseadj.3Yr

Outperf.Index

Expenseadj.5Yr

Outperf.Index

FTSE Global All Cap ex US TR USD - - - - - 19.72% 5.56% 7.77%

Morningstar World Large Stock 5.08% 5.88% 5.65% 1.19% - - - -




Page | 24



Target Date Funds


Return1Yr

Return3Yr

Return5Yr

MaxDrawDown5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

Up/DownCapture

5Yr


State Street Target Retirement K - SSFOX 805.98%(47)

4.05%(41)

- -0.96(43)

-0.36(29)

-3.00(74)

0.13%(3)

-

Morningstar Lifetime Mod Incm TR USD 5.37% 3.77% 4.29% - 0.94 1.06 - - - - -

Morningstar Target-Date Retirement 5.69% 3.68% 4.08% 5.05 0.89 0.99 0.02 -0.06 6.96 0.81% 0.98

Target-Date 2020

State Street Target Retirement 2020 K -SSBOX 83

9.42%(46)

5.70%(28)

- -0.89(44)

-0.41(21)

-3.00(73)

0.13%(3)

-

Morningstar Lifetime Mod 2020 TR USD 8.34% 5.28% 6.82% - 0.91 1.18 - - - - -

Morningstar Target-Date 2020 8.62% 4.97% 6.16% 6.88 0.86 1.08 -0.11 -0.30 6.45 0.83% 0.98

Target-Date 2030

State Street Target Retirement 2030 K -SSBYX 90

13.14%(44)

7.15%(22)

- -0.91(22)

-0.54(14)

-3.00(73)

0.13%(3)

-



Target-Date 2040

State Street Target Retirement 2040 K -SSCQX 81

15.29%(56)

7.74%(29)

- -0.87(23)

-0.23(27)

-3.00(73)

0.13%(3)

-



Target-Date 2050

State Street Target Retirement 2050 K -SSDLX 78

16.07%(61)

7.84%(37)

- -0.86(31)

-0.22(33)

-3.00(72)

0.13%(3)

-


Page | 25




Return1Yr

Return3Yr

Return5Yr

MaxDrawDown5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

Up/DownCapture

5Yr

Morningstar Target-Date 2050 15.82% 7.45% 9.63% 11.76 0.81 1.07 0.03 -0.12 6.02 0.89% 1.02




Page | 26

INVESTMENT SCORECARD | CRITERIA SCORING



Return1Yr

Return3Yr

Return5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

StyleConsistency

(RBSA)

Up/DownCapture

5Yr


Putnam American Government Income Y -PATYX 78


Janus Henderson Flexible Bond T - JAFIX 74




Page | 27



Index Funds


TrackingError1Yr

TrackingError3Yr

TrackingError5Yr

ExpenseRatio

AUM Expenseadj.1Yr

Outperf.Index

Expenseadj.3Yr

Outperf.Index

Expenseadj.5Yr

Outperf.Index


Vanguard Total Bond Market Index Inv - VBMFX 92

Large Blend

Vanguard 500 Index Investor - VFINX 100

Mid-Cap Blend

Vanguard Mid Cap Index Investor - VIMSX 100

Small Blend

Vanguard Small Cap Index Inv - NAESX 100

World Large Stock

Vanguard Total World Stock Index Inv - VTWSX 84




Page | 28



Target Date Funds


Return1Yr

Return3Yr

Return5Yr

MaxDrawDown5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

Up/DownCapture

5Yr


State Street Target Retirement K - SSFOX 80 - - - - -

Target-Date 2020

State Street Target Retirement 2020 K -SSBOX 83 - - - - -

Target-Date 2030

State Street Target Retirement 2030 K -SSBYX 90 - - - - -

Target-Date 2040

State Street Target Retirement 2040 K -SSCQX 81 - - - - -

Target-Date 2050

State Street Target Retirement 2050 K -SSDLX 78 - - - - -




Page | 29

INVESTMENT SCORECARD | INVESTMENT PERFORMANCE


Investment Name

Annualized Returns Calendar Year Returns

LastQtr YTD 1 Year 3 Year 5Year

10Year ITD

InceptionDate 2016 2015 2014 2013 2012

Stable Value

Federated Capital Preservation IP 0.36% 1.01% 1.34% 1.10% 1.08% 2.07% 2.50% 08/01/1986 1.16% 0.91% 0.84% 1.15% 1.65%

USTREAS T-Bill Sec Mkt 3 Mon 0.25% 0.50% 0.57% 0.26% 0.19% 0.45% - - 0.25% 0.03% 0.04% 0.07% 0.08%

Morningstar US SA Stable Value 0.38% 1.11% 1.48% 1.41% 1.36% 2.16% - - 1.42% 1.35% 1.23% 1.31% 1.75%


Putnam American Government Income Y 0.47% 1.86% (0.33%) 0.84% 1.11% 4.29% 5.86% 03/01/1985 0.43% (0.52%) 4.43% (0.30%) 2.50%

BBgBarc US Govt Interm TR USD 0.34% 1.55% (0.66%) 1.58% 1.01% 3.08% - - 1.05% 1.18% 2.52% (1.25%) 1.73%

Morningstar Intermediate Government 0.51% 1.70% (0.85%) 1.49% 0.93% 3.34% - - 0.91% 0.58% 4.73% (2.84%) 2.62%


Janus Henderson Flexible Bond T 0.82% 3.37% 0.52% 2.26% 2.22% 5.31% 6.72% 07/07/1987 2.42% 0.09% 4.72% (0.17%) 7.90%

BBgBarc US Agg Bond TR USD 0.85% 3.14% 0.07% 2.71% 2.06% 4.27% - - 2.65% 0.55% 5.97% (2.02%) 4.21%

Morningstar Intermediate-Term Bond 0.88% 3.47% 0.86% 2.51% 2.15% 4.15% - - 3.25% (0.24%) 5.31% (1.38%) 6.68%

Vanguard Total Bond Market Index Inv 0.70% 3.07% (0.23%) 2.52% 1.86% 4.11% 6.01% 12/11/1986 2.50% 0.30% 5.76% (2.26%) 4.05%

BBgBarc US Agg Float Adj TR USD 0.83% 3.21% 0.06% 2.72% 2.07% - - - 2.75% 0.44% 5.85% (1.97%) 4.32%



State Street Target Retirement K 2.08% 6.73% 5.98% 4.05% - - 4.05% 09/30/2014 5.24% (0.42%) - - -

Morningstar Lifetime Mod Incm TR USD 2.16% 6.07% 5.37% 3.77% 4.29% - - - 5.98% (1.30%) 4.09% 6.45% 8.78%

Morningstar Target-Date Retirement 2.05% 6.55% 5.69% 3.68% 4.08% 3.68% - - 5.11% (1.45%) 4.12% 5.58% 8.59%

Page | 30



Investment Name



10Year ITD

InceptionDate 2016 2015 2014 2013 2012

Target-Date 2020

State Street Target Retirement 2020 K 3.01% 9.82% 9.42% 5.70% - - 5.70% 09/30/2014 7.41% (1.56%) - - -

Morningstar Lifetime Mod 2020 TR USD 2.98% 8.94% 8.34% 5.28% 6.82% - - - 7.66% (1.88%) 5.87% 12.98% 12.53%

Morningstar Target-Date 2020 2.80% 8.95% 8.62% 4.97% 6.16% 3.90% - - 6.24% (1.47%) 4.90% 11.58% 11.77%

Target-Date 2030




Target-Date 2040




Target-Date 2050




Large Blend

Vanguard 500 Index Investor 4.45% 14.12% 18.46% 10.66% 14.06% 7.31% 11.02% 08/31/1976 11.82% 1.25% 13.51% 32.18% 15.82%

S&P 500 TR USD 4.48% 14.24% 18.61% 10.81% 14.22% 7.44% - - 11.96% 1.38% 13.69% 32.39% 16.00%

Page | 31



Investment Name



10Year ITD

InceptionDate 2016 2015 2014 2013 2012

Morningstar Large Blend 4.25% 13.32% 17.71% 9.02% 12.95% 6.49% - - 10.43% (0.73%) 11.52% 32.27% 15.33%

Mid-Cap Blend

Vanguard Mid Cap Index Investor 3.41% 12.78% 15.16% 9.59% 14.24% 7.80% 9.95% 05/21/1998 11.07% (1.46%) 13.60% 35.00% 15.80%

CRSP US Mid Cap TR USD 3.43% 12.92% 15.33% 9.77% 14.45% 7.89% - - 11.25% (1.28%) 13.83% 35.27% 16.69%

Morningstar Mid-Cap Blend 3.32% 9.89% 15.69% 7.80% 12.67% 6.74% - - 14.04% (4.49%) 8.68% 35.32% 17.17%

Small Blend

Vanguard Small Cap Index Inv 4.54% 10.50% 17.21% 10.30% 13.79% 8.44% 10.96% 10/03/1960 18.17% (3.78%) 7.37% 37.62% 18.04%

CRSP US Small Cap TR USD 4.58% 10.59% 17.33% 10.41% 14.12% 8.94% - - 18.26% (3.68%) 7.54% 38.48% 18.59%

Morningstar Small Blend 5.02% 8.42% 18.73% 9.93% 12.65% 7.04% - - 20.75% (5.29%) 4.06% 37.96% 15.58%

World Large Stock

Vanguard Total World Stock Index Inv 5.24% 17.47% 18.79% 7.89% 10.60% - 6.11% 06/24/2008 8.67% (2.02%) 3.92% 22.79% 17.15%

FTSE Global All Cap ex US TR USD 6.09% 21.22% 19.72% 5.56% 7.77% - - - 5.04% (4.03%) (3.12%) 15.90% 17.92%

Morningstar World Large Stock 4.70% 18.30% 17.70% 7.18% 10.37% 4.01% - - 4.89% (0.75%) 3.08% 25.67% 16.00%




Page | 32

INVESTMENT FACT SHEETS - 100 POINT

Sample Co 401K




http://www.sipc.org

PUTNAM AMERICAN GOVERNMENT INCOME Y | FUND FACT SHEET


IPS ScoreReturn1Yr

Return3Yr

Return5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

StyleConsistency(RBSA)

Up/DownCapture5Yr

78Passing

Criteria Scoring -0.33% 0.84% 1.11% 0.30 0.48 -0.54 0.07 10.34 0.69% 9.25 1.36

Peer Group Scoring -0.85% 1.49% 0.93% 0.54 0.31 -0.09 -0.09 9.55 0.84% 20.23 1.04

Criteria Peer Ranking 31 84 44 80 24 77 44 36 45 24 10

Investment Strategy

The investment seeks high current income with preservation of capital as its secondary objective. The fund invests mainly in bonds and securitized debt instruments (such as mortgage-backedinvestments) that are obligations of the U.S. government, its agencies and instrumentalities and accordingly are backed by the full faith and credit of the United States (e.g., U.S. Treasury bonds and GinnieMae mortgage-backed bonds) or by only the credit of a federal agency or government-sponsored entity, and that have short-to long-term maturities. It invests at least 80% of its net assets in U.S.government securities.

Manager Vs Benchmark Performance

5

4

3

2

1

0

-110 Years5 Years3 Years1 YearYTD

3

2

1

0

-1

-2

-3

-4

-55 Years3 Years1 YearYTD

5

4

3

2

1

0

-1

-22013201420152016YTD

10

5

0

-5

-1020122013201420152016YTD

Putnam American Government Income Y BBgBarc US Govt Interm TR USD

Investment Name


Last Qtr YTD 1 Year 3 Year 5Year 10 Year ITD Inception Date 2016 2015 2014 2013 2012

Putnam American Government Income Y 0.47% 1.86% (0.33%) 0.84% 1.11% 4.29% 5.86% 03/01/1985 0.43% (0.52%) 4.43% (0.30%) 2.50%

BBgBarc US Govt Interm TR USD 0.34% 1.55% (0.66%) 1.58% 1.01% 3.08% - - 1.05% 1.18% 2.52% (1.25%) 1.73%

Morningstar Intermediate Government 0.51% 1.70% (0.85%) 1.49% 0.93% 3.34% - - 0.91% 0.58% 4.73% (2.84%) 2.62%

Morningstar Rating: ****

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The performance quoted reflects the reinvestment ofdividends and capital gains and is net of all expenses. To obtain current month-end performance information, please call 888-201-5488.Peer groups based on Morningstar category. Fund rankings are based on trailing total returns, including reinvestment of dividends and capital gains. Funds are ranked between 1 and 100, with 1 being thetop percentile and 100 being the bottom percentile. The ranking is for the indicated share class; other share classes may have a different performance ranking.

Page | 34

PUTNAM AMERICAN GOVERNMENT INCOME Y | FUND FACT SHEET


Asset Allocation

Other (0.04%)

Convertible Bond (0.00%)

Preferred Bond (0.00%)

Foreign Bond (0.00%)

Domestic Bond (99.96%)

Foreign Stock (0.00%)

Domestic Stock (0.00%)

Cash (0.00%)

Maturity Distribution

Fund

Less than 1 Yr 0.08

1 to 3 Yrs 0.01

3 to 5 Yrs 0.10

5 to 7 Yrs 8.78

7 to 10 Yrs 0.11

10 Yrs or more 90.92

Regional Distribution

United States 100.00

Sector Distribution

Fund Index

Government 22.47 -

Corporate - -

Securitized 77.52 -

Municipal - -

Cash & Equivalents - -

Other 0.01 -

Credit Quality

Fund Index

AAA 100.00 -

AA 0.00 -

A 0.00 -

BBB 0.00 -

BB 0.00 -

B 0.00 -

Below B 0.00 -

Not Rated 0.00 -

Style Analysis

Mor

tgag

es -

Cor

p/G

ov 2

1

0

-1

-2

Corporate - Government

210-1-2

1

0

-1

-1 10

Govt.BondsCorp.Bonds

Mortgages

Risk/Return vs Peer GroupS

tand

ard

Dev

iatio

n

5

4

3

2

1

010 years5 years3 years1 yearYTD

Sha

rpe

Rat

io

2

1

0

-1

-210 years5 years3 years1 yearYTD

Info

rmat

ion

Rat

io

2

1

0

-1


Putnam American Government Income Y BBgBarc US Govt Interm TR USD

Fund Basics

Ticker PATYX

Category Intermediate Government

Net Assets(This Class $mn) 398 m

Net Assets(All Classes $mn) -

Manager Michael Salm

Manager Tenure 10.34

Fund Inception Mar 01,1985

Avg Maturity 11.62

Avg Duration 5.99

Fee And Expenses

Expense Ratio 0.66

Gross Expense Ratio 0.66

Prospectus Net Expense Ratio 0.69

Prospectus Gross ExpenseRatio

0.69

Actual 12b1 0.00

Management Fee 0.39

Top 10 Holdings (%)

US Treasury Bond 4.5% 13.92


FNMA 4.79


Fannie Mae Single Famil... 3.82

Fed Natl Mort Assc 3.5% 3.30

FNMA -3.13

FHLMC 3.5% 2.82

FNMA CMO 2.74

Ginnie Mae Jumbos TBA 3... 2.25

Cumulative Performance

Time Period: 01/30/2012 - 09/30/2017

Gro

wth

of $

100

1161131111081051029996949188

09/1701/1707/1601/1607/1501/1507/1401/1407/1309/12

Putnam American Government Income Y

BBgBarc US Govt Interm TR USD

Growth of $100 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested.It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

Page | 35

JANUS HENDERSON FLEXIBLE BOND T | FUND FACT SHEET


IPS ScoreReturn1Yr

Return3Yr

Return5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

StyleConsistency(RBSA)

Up/DownCapture5Yr

74Passing

Criteria Scoring 0.52% 2.26% 2.22% 0.75 0.77 -0.72 0.23 10.34 0.69% 22.92 1.11

Peer Group Scoring 0.86% 2.51% 2.15% 0.82 0.69 -0.36 -0.12 9.86 0.77% 15.09 1.30

Criteria Peer Ranking 59 66 45 63 36 75 38 41 50 82 39

Investment Strategy

The investment seeks maximum total return, consistent with preservation of capital. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Bondsinclude, but are not limited to, government notes and bonds, corporate bonds, convertible bonds, commercial and residential mortgage-backed securities, and zero-coupon bonds. It will invest at least 65%of its assets in investment grade debt securities. The fund will limit its investment in high-yield/high-risk bonds, also known as 'junk' bonds, to 35% or less of its net assets.


6

5

4

3

2

1


876543210

-1-2-3-4

5 Years3 Years1 YearYTD

76543210

-1-2-3

2013201420152016YTD

15

10

5

0

-520122013201420152016YTD

Janus Henderson Flexible Bond T BBgBarc US Agg Bond TR USD

Investment Name



Janus Henderson Flexible Bond T 0.82% 3.37% 0.52% 2.26% 2.22% 5.31% 6.72% 07/07/1987 2.42% 0.09% 4.72% (0.17%) 7.90%

BBgBarc US Agg Bond TR USD 0.85% 3.14% 0.07% 2.71% 2.06% 4.27% - - 2.65% 0.55% 5.97% (2.02%) 4.21%




Page | 36

JANUS HENDERSON FLEXIBLE BOND T | FUND FACT SHEET


Asset Allocation

Other (2.97%)







Cash (1.68%)


Fund

Less than 1 Yr 2.05

1 to 3 Yrs 2.91

3 to 5 Yrs 13.14

5 to 7 Yrs 14.30

7 to 10 Yrs 26.36



United States 92.38

United Kingdom 1.70

Netherlands 1.42

Canada 0.95

Cayman Islands 0.70

British Virgin Islands 0.68

Ireland 0.64

France 0.45

Luxembourg 0.34

Jersey 0.25

Sector Distribution

Fund Index

Government 16.55 59.25

Corporate 48.69 35.92

Securitized 33.02 3.96

Municipal - 0.00

Cash & Equivalents 1.74 0.00

Other - -

Credit Quality

Fund Index

AAA 16.59 -

AA 24.89 -

A 7.56 -

BBB 38.23 -

BB 7.59 -

B 2.23 -

Below B 0.00 -

Not Rated 2.91 -

Style Analysis

Mor

tgag

es -

Cor

p/G

ov 2

1

0

-1

-2


210-1-2

1

0

-1

-1 10


Mortgages

Risk/Return vs Peer Group

Sta

ndar

d D

evia

tion

5

4

3

2

1


Sha

rpe

Rat

io

4

3

2

1

0


Info

rmat

ion

Rat

io

543210

-1-2-3


Janus Henderson Flexible Bond T BBgBarc US Agg Bond TR USD

Fund Basics

Ticker JAFIX

Category Intermediate-Term Bond

Net Assets(This Class $mn) 8,773 m


Manager Darrell Watters


Fund Inception Jul 07,1987

Avg Maturity 8.87

Avg Duration 5.91

Fee And Expenses

Expense Ratio 0.69




0.69

Actual 12b1 0.00

Management Fee 0.40

Top 10 Holdings (%)

US Treasury Note 2% 3.06


US Treasury Note 2.25% 2.33




US Treasury Bond 3% 0.88


FNMA 3.403% 0.68



Time Period: 01/30/2012 - 09/30/2017

Gro

wth

of $

100

12211911511210810510198949187

09/1701/1707/1601/1607/1501/1507/1401/1407/1309/12

Janus Henderson Flexible Bond T

BBgBarc US Agg Bond TR USD


Page | 37

VANGUARD TOTAL BOND MARKET INDEX INV | FUND FACT SHEET


IPS ScoreTrackingError1Yr

TrackingError3Yr

TrackingError5Yr

ExpenseRatio

AUM

Expenseadj.1YrOutperf.Index



92Passing

Criteria Scoring 0.31% 0.27% 0.25% 0.15% $189,795,615,927 -0.08% 2.67% 2.01%

Peer Group Scoring 0.68% 1.13% 1.09% 0.77% - - - -

Criteria Peer Ranking 16 6 4 4 189795615927 78 41 58

Investment Strategy

The investment seeks the performance of Bloomberg Barclays U.S. Aggregate Float Adjusted Index. Bloomberg Barclays U.S. Aggregate Float Adjusted Index represents a wide spectrum of public,investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backedsecurities-all with maturities of more than 1 year. All of its investments will be selected through the sampling process, and at least 80% of its assets will be invested in bonds held in the index.


5

4

3

2

1

0

-110 Years5 Years3 Years1 YearYTD

876543210

-1-2-3-4

5 Years3 Years1 YearYTD

76543210

-1-2-3

2013201420152016YTD

15

10

5

0

-520122013201420152016YTD

Vanguard Total Bond Market Index Inv BBgBarc US Agg Float Adj TR USD

Investment Name



Vanguard Total Bond Market Index Inv 0.70% 3.07% (0.23%) 2.52% 1.86% 4.11% 6.01% 12/11/1986 2.50% 0.30% 5.76% (2.26%) 4.05%

BBgBarc US Agg Float Adj TR USD 0.83% 3.21% 0.06% 2.72% 2.07% - - - 2.75% 0.44% 5.85% (1.97%) 4.32%


Morningstar Rating: ***


Page | 38

VANGUARD TOTAL BOND MARKET INDEX INV | FUND FACT SHEET


Asset Allocation

Other (0.00%)







Cash (2.20%)


Fund

Less than 1 Yr 0.11

1 to 3 Yrs 21.39

3 to 5 Yrs 17.14

5 to 7 Yrs 11.15

7 to 10 Yrs 11.27



United States 90.35

Supranational 1.75

Canada 1.39

United Kingdom 0.96

Germany 0.81

Mexico 0.66

Netherlands 0.56

Australia 0.45

Japan 0.44

Ireland 0.34

Sector Distribution

Fund Index

Government 45.20 -

Corporate 27.96 -

Securitized 23.99 -

Municipal - -

Cash & Equivalents 2.20 -

Other 0.65 -

Credit Quality

Fund Index

AAA 69.34 -

AA 4.02 -

A 11.69 -

BBB 14.95 -

BB 0.00 -

B 0.00 -

Below B 0.00 -

Not Rated 0.00 -

Style Analysis

Mor

tgag

es -

Cor

p/G

ov 2

1

0

-1

-2


210-1-2

1

0

-1

-1 10


Mortgages


Sta

ndar

d D

evia

tion

5

4

3

2

1


Sha

rpe

Rat

io

4

3

2

1

0


Info

rmat

ion

Rat

io

543210

-1-2-3

5 years3 years1 yearYTD

Vanguard Total Bond Market Index Inv BBgBarc US Agg Float Adj TR USD

Fund Basics

Ticker VBMFX

Category Intermediate-Term Bond



Manager Joshua Barrickman

Manager Tenure 4.59

Fund Inception Dec 11,1986

Avg Maturity 8.30

Avg Duration 6.09

Fee And Expenses

Expense Ratio 0.15




0.15

Actual 12b1 0.00

Management Fee 0.12

Top 10 Holdings (%)












Time Period: 01/30/2012 - 09/30/2017

Gro

wth

of $

100

12112111811411110810410197949187

09/1701/1707/1601/1607/1501/1507/1401/1407/1309/12

Vanguard Total Bond Market Index Inv

BBgBarc US Agg Float Adj TR USD


Page | 39

STATE STREET TARGET RETIREMENT K | FUND FACT SHEET


IPS ScoreReturn1Yr

Return3Yr

Return5Yr

MaxDrawDown5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

Up/DownCapture5Yr

80Passing

Criteria Scoring 5.98% 4.05% - - 0.96 - 0.36 - 3.00 0.13% -

Peer Group Scoring 5.69% 3.68% 4.08% 5.05 0.89 0.99 0.02 -0.06 6.96 0.81% 0.98

Criteria Peer Ranking 47 41 - - 43 - 29 - 74 3 -

Investment Strategy

The investment seeks current income and, secondarily, capital growth. SSGA Funds Management, Inc. (the 'Adviser' or 'SSGA FM') manages the Target Retirement Fund using a proprietary assetallocation strategy. The fund is a 'fund of funds' that invests in a combination of mutual funds and ETFs sponsored by the Adviser or its affiliates ('underlying funds'). Its assets are allocated amongunderlying funds according to a target asset allocation strategy that emphasizes fixed income, but also includes a smaller allocation to equity and certain other asset classes.


8

7

6

5

4

3

2

1


109876543210

3 Years1 YearYTD

876543210

-1-2

2013201420152016YTD

10

5

0

-520152016YTD

State Street Target Retirement K Morningstar Lifetime Mod Incm TR USD

Investment Name



State Street Target Retirement K 2.08% 6.73% 5.98% 4.05% - - 4.05% 09/30/2014 5.24% (0.42%) - - -

Morningstar Lifetime Mod Incm TR USD 2.16% 6.07% 5.37% 3.77% 4.29% - - - 5.98% (1.30%) 4.09% 6.45% 8.78%

Morningstar Target-Date Retirement 2.05% 6.55% 5.69% 3.68% 4.08% 3.68% - - 5.11% (1.45%) 4.12% 5.58% 8.59%



Page | 40

STATE STREET TARGET RETIREMENT K | FUND FACT SHEET


Historical Glidepath

Time Period: 10/31/2014 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13

Stock Bond Cash Other

Equity Regional Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13

North America % Latin America % United Kingdom %

Europe dev % Europe emrg % Africa/Middle East %

Asia %

Sector Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13

Technology Communication Services Consumer Cyclical

Consumer Defensive Other

Bond Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13

Domestic Bond Foreign Bond Preferred Bond

Convertible Bond Other


Sta

ndar

d D

evia

tion

876543210


Sha

rpe

Rat

io

7

6

5

4

3

2

1

03 years1 yearYTD

Info

rmat

ion

Rat

io

76543210

-13 years1 yearYTD


Fund Basics

Ticker SSFOX

Category Target-Date Retirement


Net Assets(All Classes $mn) 0 m

Manager Charles McGinn

Manager Tenure 3.00

Fund Inception Sep 30,2014

Fee And Expenses

Expense Ratio -0.04




0.81

Actual 12b1 0.00

Management Fee 0.05


Time Period: 10/31/2014 - 09/30/2017

Gro

wth

of $

100

12311911611210910510298959288

09/1701/1707/1601/1607/1509/14


Growth of $100 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account salescharges or the effect of taxes. Results are not indicative of future performance.

Page | 41

STATE STREET TARGET RETIREMENT 2020 K | FUND FACT SHEET


IPS ScoreReturn1Yr

Return3Yr

Return5Yr

MaxDrawDown5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

Up/DownCapture5Yr

83Passing


Peer Group Scoring 8.62% 4.97% 6.16% 6.88 0.86 1.08 -0.11 -0.30 6.45 0.83% 0.98


Investment Strategy

The investment seeks capital growth and income over the long term. The fund is a 'fund of funds' that invests in a combination of mutual funds and ETFs sponsored by the Adviser or its affiliates (the'underlying funds'). The underlying funds may invest in a wide variety of asset classes, including equity and fixed-income securities of issuers anywhere in the world, including emerging marketsinvestments, and including, among others, high yield, commodity, and real estate investments.


11109876543210


131211109876543210

3 Years1 YearYTD

1614121086420

-2-4

2013201420152016YTD

20

10

0

-1020152016YTD

State Street Target Retirement 2020 K Morningstar Lifetime Mod 2020 TR USD

Investment Name








Page | 42




Time Period: 10/31/2014 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13



Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Asia %

Sector Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Bond Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13




Sta

ndar

d D

evia

tion

131211109876543210


Sha

rpe

Rat

io

876543210

3 years1 yearYTD

Info

rmat

ion

Rat

io

6543210

-1-2

3 years1 yearYTD


Fund Basics

Ticker SSBOX

Category Target-Date 2020




Manager Tenure 3.00


Fee And Expenses

Expense Ratio 0.01



Prospectus Gross Expense Ratio 0.35

Actual 12b1 0.00

Management Fee 0.05


Time Period: 10/31/2014 - 09/30/2017

Gro

wth

of $

100

12812812412011611210810399959187

09/1701/1707/1601/1607/1509/14



Page | 43



IPS ScoreReturn1Yr

Return3Yr

Return5Yr

MaxDrawDown5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

Up/DownCapture5Yr

90Passing




Investment Strategy

The investment seeks capital growth and income over the long term. SSGA Funds Management, Inc. (the 'Adviser' or 'SSGA FM') manages the Target Retirement 2030 Fund using a proprietary assetallocation strategy. The fund is a 'fund of funds' that invests in a combination of mutual funds and ETFs sponsored by the Adviser or its affiliates ('underlying funds'). It is intended for investors expecting toretire around the year 2030 and likely to stop making new investments in the fund at that time.


1514131211109876543210


18

16

14

12

10

8

6

4

2

03 Years1 YearYTD

2220181614121086420

-2-4

2013201420152016YTD

20

10

0

-1020152016YTD


Investment Name








Page | 44




Time Period: 10/31/2014 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13



Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Asia %

Sector Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Bond Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13




Sta

ndar

d D

evia

tion

1614121086420


Sha

rpe

Rat

io

876543210

3 years1 yearYTD

Info

rmat

ion

Rat

io

5

4

3

2

1

0

-13 years1 yearYTD


Fund Basics

Ticker SSBYX





Manager Tenure 3.00


Fee And Expenses

Expense Ratio 0.05




Actual 12b1 0.00

Management Fee 0.05


Time Period: 10/31/2014 - 09/30/2017

Gro

wth

of $

100

133128123119114109104100959085

09/1701/1707/1601/1607/1509/14



Page | 45



IPS ScoreReturn1Yr

Return3Yr

Return5Yr

MaxDrawDown5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

Up/DownCapture5Yr

81Passing




Investment Strategy



18

16

14

12

10

8

6

4

2


20181614121086420

3 Years1 YearYTD

30

25

20

15

10

5

0

-52013201420152016YTD

20

10

0

-1020152016YTD


Investment Name








Page | 46




Time Period: 10/31/2014 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13



Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Asia %

Sector Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Bond Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13




Sta

ndar

d D

evia

tion

181614121086420


Sha

rpe

Rat

io

876543210

3 years1 yearYTD

Info

rmat

ion

Rat

io

3

2

1

0

-13 years1 yearYTD


Fund Basics

Ticker SSCQX





Manager Tenure 3.00


Fee And Expenses

Expense Ratio 0.05




Actual 12b1 0.00

Management Fee 0.05


Time Period: 10/31/2014 - 09/30/2017

Gro

wth

of $

100

13513012512011410910499948983

09/1701/1707/1601/1607/1509/14



Page | 47



IPS ScoreReturn1Yr

Return3Yr

Return5Yr

MaxDrawDown5Yr

Sharpe3Yr

Sharpe5Yr

InfoRatio3Yr

InfoRatio5Yr

ManagerTenure

ExpenseRatio

Up/DownCapture5Yr

78Passing


Peer Group Scoring 15.82% 7.45% 9.63% 11.76 0.81 1.07 0.03 -0.12 6.02 0.89% 1.02


Investment Strategy



20181614121086420


20181614121086420

3 Years1 YearYTD

30

25

20

15

10

5

0

-52013201420152016YTD

20

10

0

-1020152016YTD


Investment Name








Page | 48




Time Period: 10/31/2014 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13



Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Asia %

Sector Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Bond Distribution

Time Period: 10/31/2014 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13




Sta

ndar

d D

evia

tion

181614121086420


Sha

rpe

Rat

io

876543210

3 years1 yearYTD

Info

rmat

ion

Rat

io

6

5

4

3

2

1

0

-13 years1 yearYTD


Fund Basics

Ticker SSDLX





Manager Tenure 3.00


Fee And Expenses

Expense Ratio 0.05




Actual 12b1 0.00

Management Fee 0.05


Time Period: 10/31/2014 - 09/30/2017

Gro

wth

of $

100

13513012512011410910498938883

09/1701/1707/1601/1607/1509/14



Page | 49

VANGUARD 500 INDEX INVESTOR | FUND FACT SHEET



TrackingError3Yr

TrackingError5Yr

ExpenseRatio

AUM




100Passing

Criteria Scoring 0.01% 0.01% 0.01% 0.14% $350,318,481,732 18.60% 10.80% 14.20%



Investment Strategy

The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed totrack the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attemptsto replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.


2220181614121086420


454035302520151050


40

35

30

25

20

15

10

5

02013201420152016YTD

40

20

0

-2020122013201420152016YTD

Vanguard 500 Index Investor S&P 500 TR USD

Investment Name



Vanguard 500 Index Investor 4.45% 14.12% 18.46% 10.66% 14.06% 7.31% 11.02% 08/31/1976 11.82% 1.25% 13.51% 32.18% 15.82%

S&P 500 TR USD 4.48% 14.24% 18.61% 10.81% 14.22% 7.44% - - 11.96% 1.38% 13.69% 32.39% 16.00%

Morningstar Large Blend 4.25% 13.32% 17.71% 9.02% 12.95% 6.49% - - 10.43% (0.73%) 11.52% 32.27% 15.33%



Page | 50

VANGUARD 500 INDEX INVESTOR | FUND FACT SHEET


Portfolio Composition

Time Period: 10/30/2012 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13


Bond Distribution

Time Period: 10/30/2012 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13




Time Period: 10/30/2012 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Asia %

Sector Distribution

Time Period: 10/30/2012 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13



Style Analysis

Sm

all -

Lar

ge

2

1

0

-1

-2

Value - Growth

210-1-2

1

0

-1

-1 10

Small GrowthSmall Value

Mid GrowthMid Value

Top GrowthTop Value


Sta

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d D

evia

tion

181614121086420


Sha

rpe

Rat

io

6

5

4

3

2

1


Info

rmat

ion

Rat

io

210

-1-2-3-4-5-6-7-8-9

-10-11-12


Vanguard 500 Index Investor S&P 500 TR USD

Fund Basics

Ticker VFINX

Category Large Blend



Manager Donald Butler

Manager Tenure 1.42

Fund Inception Aug 31,1976

Fee And Expenses

Expense Ratio 0.14




0.14

Actual 12b1 0.00

Management Fee 0.12

Top 10 Holdings (%)

Apple Inc 4.02

Microsoft Corp 2.71

Facebook Inc A 1.91

Amazon.com Inc 1.83

Johnson & Johnson 1.68

Berkshire Hathaway Inc B 1.54

Exxon Mobil Corp 1.52

JPMorgan Chase & Co 1.52

Alphabet Inc A 1.34

Alphabet Inc C 1.32


Time Period: 01/30/2012 - 09/30/2017

Gro

wth

of $

100

20419318117015814613512311110088

09/1701/1707/1601/1607/1501/1507/1401/1407/1309/12

Vanguard 500 Index Investor

S&P 500 TR USD


Page | 51

VANGUARD MID CAP INDEX INVESTOR | FUND FACT SHEET



TrackingError3Yr

TrackingError5Yr

ExpenseRatio

AUM




100Passing




Investment Strategy

The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The fund employs an indexing investment approach designed totrack the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. The advisor attempts to replicate the target index by investing all, or substantiallyall, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.


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16

14

12

10

8

6

4

2


30

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20

15

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Vanguard Mid Cap Index Investor CRSP US Mid Cap TR USD

Investment Name



Vanguard Mid Cap Index Investor 3.41% 12.78% 15.16% 9.59% 14.24% 7.80% 9.95% 05/21/1998 11.07% (1.46%) 13.60% 35.00% 15.80%

CRSP US Mid Cap TR USD 3.43% 12.92% 15.33% 9.77% 14.45% 7.89% - - 11.25% (1.28%) 13.83% 35.27% 16.69%

Morningstar Mid-Cap Blend 3.32% 9.89% 15.69% 7.80% 12.67% 6.74% - - 14.04% (4.49%) 8.68% 35.32% 17.17%



Page | 52

VANGUARD MID CAP INDEX INVESTOR | FUND FACT SHEET



Time Period: 10/30/2012 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13


Bond Distribution

Time Period: 10/30/2012 - 09/30/2017

100

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40

20

0

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Time Period: 10/30/2012 - 09/30/2017

100

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40

20

0

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Asia %

Sector Distribution

Time Period: 10/30/2012 - 09/30/2017

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09/1703/1703/1603/1503/1403/13



Style Analysis

Sm

all -

Lar

ge

2

1

0

-1

-2

Value - Growth

210-1-2

1

0

-1

-1 10


Mid GrowthMid Value

Top GrowthTop Value


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d D

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tion

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io

4

3

2

1


Info

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210

-1-2-3-4-5-6-7


Vanguard Mid Cap Index Investor CRSP US Mid Cap TR USD

Fund Basics

Ticker VIMSX

Category Mid-Cap Blend



Manager Donald Butler


Fund Inception May 21,1998

Fee And Expenses

Expense Ratio 0.18




0.18

Actual 12b1 0.00

Management Fee 0.15

Top 10 Holdings (%)

Lam Research Corp 0.75

Fiserv Inc 0.74

Western Digital Corp 0.72

Amphenol Corp Class A 0.69

Edwards Lifesciences Corp 0.67

Incyte Corp 0.67

Autodesk Inc 0.67

Roper Technologies Inc 0.66

Newell Brands Inc 0.66

C.R. Bard Inc 0.65


Time Period: 01/30/2012 - 09/30/2017

Gro

wth

of $

100

20619518317115914813612411210189

09/1701/1707/1601/1607/1501/1507/1401/1407/1309/12

Vanguard Mid Cap Index Investor

CRSP US Mid Cap TR USD


Page | 53

VANGUARD SMALL CAP INDEX INV | FUND FACT SHEET



TrackingError3Yr

TrackingError5Yr

ExpenseRatio

AUM




100Passing




Investment Strategy

The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The fund employs an indexing investment approach designed totrack the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all,of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.


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Vanguard Small Cap Index Inv CRSP US Small Cap TR USD

Investment Name



Vanguard Small Cap Index Inv 4.54% 10.50% 17.21% 10.30% 13.79% 8.44% 10.96% 10/03/1960 18.17% (3.78%) 7.37% 37.62% 18.04%

CRSP US Small Cap TR USD 4.58% 10.59% 17.33% 10.41% 14.12% 8.94% - - 18.26% (3.68%) 7.54% 38.48% 18.59%

Morningstar Small Blend 5.02% 8.42% 18.73% 9.93% 12.65% 7.04% - - 20.75% (5.29%) 4.06% 37.96% 15.58%



Page | 54

VANGUARD SMALL CAP INDEX INV | FUND FACT SHEET



Time Period: 10/30/2012 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13


Bond Distribution

Time Period: 10/30/2012 - 09/30/2017

100

80

60

40

20

0

09/1703/1703/1603/1503/1403/13




Time Period: 10/30/2012 - 09/30/2017

100

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40

20

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09/1703/1703/1603/1503/1403/13



Asia %

Sector Distribution

Time Period: 10/30/2012 - 09/30/2017

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20

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09/1703/1703/1603/1503/1403/13



Style Analysis

Sm

all -

Lar

ge

2

1

0

-1

-2

Value - Growth

210-1-2

1

0

-1

-1 10


Mid GrowthMid Value

Top GrowthTop Value


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Info

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-1

-2

-3

-4


Vanguard Small Cap Index Inv CRSP US Small Cap TR USD

Fund Basics

Ticker NAESX

Category Small Blend



Manager Gerard O’Reilly

Manager Tenure 1.42

Fund Inception Oct 03,1960

Fee And Expenses

Expense Ratio 0.18




0.18

Actual 12b1 0.00

Management Fee 0.15

Top 10 Holdings (%)

CBOE Holdings Inc 0.34

Cadence Design Systems Inc 0.33

Packaging Corp of America 0.32

Take-Two Interactive So... 0.30

CDW Corp 0.30

Atmos Energy Corp 0.28

CoStar Group Inc 0.28

Teleflex Inc 0.28

Broadridge Financial So... 0.27

Vail Resorts Inc 0.27


Time Period: 01/30/2012 - 09/30/2017

Gro

wth

of $

100

20419218116915814613512311210089

09/1701/1707/1601/1607/1501/1507/1401/1407/1309/12

Vanguard Small Cap Index Inv

CRSP US Small Cap TR USD


Page | 55

VANGUARD TOTAL WORLD STOCK INDEX INV | FUND FACT SHEET



TrackingError3Yr

TrackingError5Yr

ExpenseRatio

AUM




84Passing




Investment Strategy

The investment seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets around the world. The fundemploys an indexing investment approach designed to track the performance of the FTSE Global All Cap Index, a float-adjusted, market-capitalization-weighted index designed to measure the marketperformance of large-, mid-, and small-capitalization stocks of companies located around the world. The index included 7,707 stocks of companies located in 49 countries, including both developed andemerging markets.


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Vanguard Total World Stock Index Inv FTSE Global All Cap ex US TR USD

Investment Name



Vanguard Total World Stock Index Inv 5.24% 17.47% 18.79% 7.89% 10.60% - 6.11% 06/24/2008 8.67% (2.02%) 3.92% 22.79% 17.15%

FTSE Global All Cap ex US TR USD 6.09% 21.22% 19.72% 5.56% 7.77% - - - 5.04% (4.03%) (3.12%) 15.90% 17.92%

Morningstar World Large Stock 4.70% 18.30% 17.70% 7.18% 10.37% 4.01% - - 4.89% (0.75%) 3.08% 25.67% 16.00%



Page | 56

VANGUARD TOTAL WORLD STOCK INDEX INV | FUND FACT SHEET



Time Period: 10/30/2012 - 09/30/2017

100%

80%

60%

40%

20%

0%

09/1703/1703/1603/1503/1403/13


Bond Distribution

Time Period: 10/30/2012 - 09/30/2017

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40

20

0

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Asia %

Sector Distribution

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Style Analysis

EPA

C -

Nor

th A

mer

ica 2

1

0

-1

-2

Asia - Europe

210-1-2

1

0

-1

-1 10

North America

EuropeAsia Pacific


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876543210

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Info

rmat

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Rat

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3

2

1

0

-1

-2

-35 years3 years1 yearYTD

Vanguard Total World Stock Index Inv FTSE Global All Cap ex US TR USD

Fund Basics

Ticker VTWSX

Category World Large Stock



Manager Christine Franquin

Manager Tenure 4.59

Fund Inception Jun 24,2008

Fee And Expenses

Expense Ratio 0.21




0.21

Actual 12b1 0.00

Management Fee 0.17

Top 10 Holdings (%)

Apple Inc 1.75

Microsoft Corp 1.14

Facebook Inc A 0.82

Amazon.com Inc 0.79

Johnson & Johnson 0.73

Exxon Mobil Corp 0.66

JPMorgan Chase & Co 0.65

Alphabet Inc A 0.60

Alphabet Inc C 0.56

Nestle SA 0.54


Time Period: 01/30/2012 - 09/30/2017

Gro

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of $

100

1751671581501411331241151079890

09/1701/1707/1601/1607/1501/1507/1401/1407/1309/12

Vanguard Total World Stock Index Inv

FTSE Global All Cap ex US TR USD


Page | 57

GLOSSARY

Sample Co 401K




http://www.sipc.org

INVESTMENT SCORING METHODOLOGY


Investments are reviewed on 12 distinct criteriawhich are weighted as follows:-17% toward style consistency-33% toward performance-33% toward risk/return metrics-17% toward qualitative factors.Each criteria is evaluated as "Pass/Fail". A fundthat does not have at least 7 criteria passing willbe identified as an investment on watch.Any investment on watch for four consecutivereview periods, or for six of the previous eightreview periods will be targeted for replacement.

** Five years, or longest timeframe if track record is less than five years. Track Record indicates the number of years a fund has been in existence. A net expense ratio reflects theactual expenses that have been paid by the fund and reflects any voluntary waivers, reductions from brokerage service arrangements and any other expense offset arrangements.

Page | 59

INVESTMENT SCORING METHODOLOGY | GLOSSARY


Style Consistency (Holdings) When selecting an investment, you want to know that it has provided a relatively "true" exposure to the category in which it falls. Topass, an investment must have a style consistency score of less than 29 which implies that the divergence of an investmentportfolio from its stated investment style or objective as measured by the consistency from the Morningstar category is minimal.

Style Drift (Returns)[5-Year R-Squared]

When selecting an investment, you want to know how correlated the investment's returns are with its benchmark index. To pass,aninvestment must have passing value of R2 that implies that the investment's return moves in the same direction as the index 80%or more of the time.

Sharpe Ratio Only used in analysis of target date investments. Style consistency is expected and therefore, not a useful statistic to evaluate. Forthese funds, instead of style drift, we use the Sharpe ratio. If the Sharpe ratio is greater than the category average, the investmentpasses.

1 Year Return3 Year Return5 Year Return

When selecting an investment, you want to know that it has demonstrated an ability to outperform relative to its peers. To pass, aninvestment's total return must greater than the peer group median which implies that the investment has outperformed more thanhalf of other investments in its same category.The investment can potentially receive 1 point for each time period: 1-, 3-, and 5-years.

5 Year Upside/DownsideCapture

When selecting an investment, you want to know that it "captures" more than 100% of market returns in up markets and helps"cushion" the loss in down markets by capturing less than 100% of the fall. A ratio of greater than 1 implies that the investmentcaptures more when the market is up than when it is down and will result in a passing score.

3 Year Information Ratio5 Year Information Ratio

When selecting an investment, you want to know how its returns compare to the index and to the amount of risk it took togenerate those returns.An Information Ratio greater than 0 implies that the investment outperformed its benchmark index and willresult in a passing score.

3 Year Beta5 Year Beta

When selecting an investment, you want to know how much risk the manager takes on relative to their benchmark index. You wantmanagers to take some risk—as you need to take some risk to generate decent returns—but, not so much risk that it is egregious.A Beta of 1 means that the manager is taking on the same level of risk as the benchmark index. To pass, an investment must havea Beta between 0.75 and 1.15 which implies that the manager is taking on risk that is between 75% and 115% of the benchmarkindex.

Manager Tenure When selecting an investment, you want to know that the track record being reviewed is primarily one from the currentmanagement team. A tenure greater than the category average will result in a passing score and implies that the manager hasbeen on the investment team for a relatively long period of time

Expense Ratio When selecting an investment, you want to know how much it costs as total fees reduce the total return captured by theinvestor.To pass, investments must have an expense ratio less than the category average which implies that the fund charges nomore than the average of all others that fall into the same Category

Page | 60

GLOSSARY OF INVESTMENT TERMS


ALPHA

Measures risk-adjusted performance, factoring in the risk due to the specific manager rather than the overall market. A high value for alpha implies that the managerhas performed better than would have been expected, given its beta (volatility). In contrast, a negative alpha indicates the manager has under performed, given theexpectations established by beta.

WHY IT'S IMPORTANT

Alpha can be used to directly measure the value added or subtracted by a manager. Alpha depends on two factors: (1) the assumption that market risk, asmeasured by beta, is the only risk measure necessary, and (2) the strength of the linear relationship between the manager and the index, as it has been measuredby R-Squared. In addition, a negative alpha can sometimes result from the additional expenses that are present in a manager's returns as compared to thebenchmark index.

BETA

Shows the volatility of a manager as compared to the volatility of the benchmark; specifically, the performance the fund, or portfolio has experienced in a givenperiod of time as the index moved 1% up or down. A beta above 1 is more volatile than the index, while a beta below 1 is less volatile.

WHY IT'S IMPORTANT

Beta can be used to show how sensitive a manager is to movements in the markets. It is important to note that a low beta for a manager does not necessarily implythat the manager has a low level of volatility. A low beta signifies only that the manager's market-related risk is low. (Standard deviation is a measure of a fund'sabsolute volatility.) R-Squared is a necessary statistic to factor into the equation because it reflects the percentage of a manager's movements that are explained bymovements in its benchmark index, and thus whether it is an appropriate benchmark.

STANDARD DEVIATION

The statistical measurement of dispersion of returns spread around their historical average, or in other words, how widely a fund's or portfolio's returns varied over acertain period or time.

WHY IT'S IMPORTANT

Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given investment. When a fund orportfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility.

SHARPE RATIO

A risk-adjusted measure developed by William F. Sharpe, calculated using standard deviation and excess return to determine reward per unit of risk -the higher theSharpe ratio, the better the manager's historical risk-adjusted performance.

WHY IT'S IMPORTANT

Sharpe ratio is a measure of investment efficiency expressed as the amount of return earned per unit of associated risk. It can be used to compare two managersdirectly on how much excess return each manager achieved for a certain level of risk.

Page | 61

GLOSSARY OF INVESTMENT TERMS


INFORMATION RATIO

Is determined by taking the annualized excess return over a benchmark and dividing it by the standard deviation of excess return (tracking error). This measurerelates the magnitude and consistency with which an investment outperformed its benchmark. The higher the information ratio, the better.

WHY IT'S IMPORTANT

The information ratio is a risk-adjusted measure, which captures excess or active returns and relates them to excess or active risk. The information ratio is used as away to compare more-and less-aggressive managers at the same time. A convenient way to think of the information ratio is a measure of how well one wasrewarded for each incremental "unit" of risk. The information ratio can be a very valuable tool in evaluating a manager's ability to add incremental value relative toincremental risk. This tool is only valuable, however, when the benchmark is carefully chosen and appropriate.

Page | 62



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