Quarterly Investment Review...Quarterly Investment Review I Executive Summary Page 1 II Total Plan...

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Fairfax County Public Schools | First Quarter 2019

Quarterly Investment Review

I Executive Summary Page 1

II Total Plan Page 12

III U.S. Fixed Income Page 14

IV Target Date 2

V U.S. Equity Page 47

VI International Equity Page 64

VII Market Environment Page 69

VIII Fee Analysis Page 81

IX Appendix Page 83

Table of Contents

Executive Summary

Page 1

Aon Happenings

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Did you know?

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readiness of American workers,

“The Real Deal.”1 Key findings

include:

Only 1 in 3 workers will have

saved enough to retire

comfortably by age 67

70 is the age at which the

median employee is expected

to be financially ready to retire

11.1 is the multiple of pay at an

age 67 retirement the average

employee needs to maintain

their standard of living in

retirement

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from both employer

contributions and employee

savings, the average employee

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at age 67

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Thought Leadership Highlights

Current Topics of Interest

First Quarter 2019 Market Review and Outlook Link

Newsletters: Pathways Newsletter for Retirement Plans | CIO Newsletter | Connections Newsletter for Non-Profits | Legal Consulting and Compliance Newsletter

White Papers

All Investors: Cyber Risk Exposure from Third-party Asset Managers Link

All Investors: Global Invested Capital Markets Link

All Investors: Key Considerations for Responsible Investing Initiatives Link

All Investors: What is Different about this Commercial Real Estate Cycle? Link

All Investors: Bank Capital Relief Link

All Investors: Debating Active vs. Passive Link

All Investors: Making Portfolios More Fee-Efficient Link

All Investors: The Real Deal Link

All Investors ex-DC: Alternative Premia, Alternative Price Link

All investors ex-DC: Direct Lending: An Investment Opportunity Within Private Debt Link

All Investors ex-DC: When Opportunity Knocks Again: Ideas for Incorporating Opportunistic Flexibility Into Asset Allocation Link

All Investors ex-DC: Why Diversify Now? Link

DC: DC Case Study Improving Participant Experience Link

DC: Government, Education, and Utility Sectors Could be fit for an ‘Aggressive’ Target Date Fund Glide Path Link

DC: How to Offer 403(b) Participants a Secure Retirement Income Link

DC: Living the Dream: Aon DC and Financial Wellbeing Employee Survey 2018 Link

DC: Why Target Date Funds Should be Lower Risk for Populations without Defined Benefit Plans Link

Health Care: Managing Health Care Reserves: Aligning Operating Assets with Broader Organizational Goals Link

Non-Profit: Key Components of Effective Investment Policy Statements for Non-Profit Organizations Link

Private DB: Retiree Lump Sum Windows Back on the Table - Navigating Risk Management Options (webinar replay) Link

Thought Leadership Hub


Opinions, estimates, forecasts, and statements on financial market trends that are based on current market conditions constitute our judgment and are

subject to change without notice. The views and strategies described may not be suitable for all investors. References to specific securities, asset

classes, and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations.

Page 3

https://retirement-investment-insights.aon.com/market-outlook/global-market-review-and-outlook-first-quarter-2019

https://retirement-investment-insights.aon.com/defined-benefit/pathways-newsletter-winter-2019-final-02-14-2019-stamped

https://retirement-investment-insights.aon.com/non-profit/aon-connections-april-2019-newsletter?utm_source=email&utm_medium=consultant&utm_campaign=0082-ri-inv-connectionsnewsletter&utm_content=emaillink1

https://retirement-investment-insights.aon.com/non-profit/aon-connections-april-2019-newsletter?utm_source=email&utm_medium=consultant&utm_campaign=0082-ri-inv-connectionsnewsletter&utm_content=emaillink1

https://www.aon.com/getmedia/73a7fe7e-b27b-4e91-8a2b-c77964689fe5/legal-consulting-and-compliance-2019-Q1-Newsletter.aspx

https://retirement-investment-insights.aon.com/defined-benefit/aon-cyber-risks-for-asset-managers-whitepaper

https://retirement-investment-insights.aon.com/non-profit/aon-global-invested-capital-market-whitepaper

https://retirement-investment-insights.aon.com/responsible-investing/aon-key-considerations-responsible-investing-whitepaper

https://retirement-investment-insights.aon.com/retirement-investment-insights/what-is-different-about-this-commercial-real-estate-cycle

https://retirement-investment-insights.aon.com/non-profit/bank-capital-relief-idf-paper-10-2018

https://retirement-investment-insights.aon.com/defined-benefit/debating-active-vs-passive

https://retirementandinvestmentblog.aon.com/getattachment/a5b5d9c8-7420-47ec-aab3-32a9762d4199/Aon_White_Paper_Making_Portfolios_More_Fee-Efficient_Final.pdf.aspx

http://www.aon.com/retirement-readiness-savings-income-adequacy-the-real-deal/index.html

https://retirementandinvestmentblog.aon.com/getattachment/a655d325-044b-4329-9cef-040a8a5abc66/AlternativePremia_201707-(conclusion).pdf.aspx

https://retirement-investment-insights.aon.com/non-profit/direct-lending

https://retirement-investment-insights.aon.com/defined-benefit/aon-opportunity-allocation-whitepaper

https://retirement-investment-insights.aon.com/cfo/why-diversify-now

https://retirement-investment-insights.aon.com/defined-contribution/aon-simplifying-a-401k-plan-improves-participant-experience-case-study

https://retirement-investment-insights.aon.com/i-am-a/target-date-funds-tdf-glide-paths-for-employees-of-govts-edu-util-final-2-19

https://retirement-investment-insights.aon.com/defined-contribution/aon-how-to-offer-403-b-participants-a-secure-retirement-income-article

https://retirement-investment-insights.aon.com/retirement-investment-insights/9926-aon-dc-pensions-report-us-2018-st12-jh

https://retirement-investment-insights.aon.com/i-am-a/target-date-funds-tdf-glide-paths-for-employees-of-without-pensions-final-2-19

https://retirementandinvestmentblog.aon.com/getattachment/7f37d0a7-bb1a-4ab6-9516-f08472a87350/Managing-Health-Care-Reserves_Final_20170628.pdf.aspx

https://retirement-investment-insights.aon.com/non-profit/aon-ri-ips-for-non-profits-wp-052018-final

https://retirement-investment-insights.aon.com/retirement-investment-insights/aon-lump-sum-webinar


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Market Highlights

13.6%14.6%

10.0% 9.9%

2.9%4.6%

7.9% 7.3%6.3%

9.5%

2.0%

-3.7%

-7.4%

4.5%6.2%

4.6%5.9%

-5.3%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

S&P 500 Russell 2000 MSCI EAFE MSCI EmergingMarkets

BloombergBarclays U.S.

Aggregate


Long Gov't

BloombergBarclays U.S.Long Credit

BloombergBarclays U.S. High

Yield

BloombergCommodity Index

SHORT TERM RETURNSAS OF 03/31/2019

First Quarter 2019 One-Year

Source: Russell, MSCI, Bloomberg Barclays, Bloomberg

10.9%

7.1%

2.3%3.7% 2.7%

5.4% 5.4% 4.7%

-8.9%

15.9% 15.4%

9.0% 8.9%

3.8%5.2%

9.0%11.3%

-2.6%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

S&P 500 Russell 2000 MSCI EAFE MSCI EmergingMarkets


Aggregate


Long Gov't

BloombergBarclays U.S.Long Credit

BloombergBarclays U.S. High

Yield

BloombergCommodity Index

LONG TERM ANNUALIZED RETURNSAS OF 03/31/2019

Five-Year Ten-Year

Source: Russell, MSCI, Bloomberg Barclays, Bloomberg

Page 4


Market Highlights

First Quarter 1-Year 3-Year1 5-Year1 10-Year1

Equity

MSCI All Country World IMI 12.29% 1.89% 10.58% 6.33% 12.27%

MSCI All Country World 12.18% 2.60% 10.67% 6.45% 11.98%

Dow Jones U.S. Total Stock Market 14.04% 8.66% 13.45% 10.29% 16.01%

Russell 3000 14.04% 8.77% 13.48% 10.36% 16.00%

S&P 500 13.65% 9.50% 13.51% 10.91% 15.92%

Russell 2000 14.58% 2.05% 12.92% 7.05% 15.36%

MSCI All Country World ex-U.S. IMI 10.30% -4.96% 7.94% 2.66% 9.20%

MSCI All Country World ex-U.S. 10.31% -4.22% 8.09% 2.57% 8.85%

MSCI EAFE 9.98% -3.71% 7.27% 2.33% 8.96%

MSCI EAFE (Local Currency) 10.59% 2.83% 8.53% 5.98% 9.75%

MSCI Emerging Markets 9.92% -7.41% 10.68% 3.68% 8.94%Fixed Income

Bloomberg Barclays Global Aggregate 2.20% -0.38% 1.49% 1.04% 3.05%

Bloomberg Barclays U.S. Aggregate 2.94% 4.48% 2.03% 2.74% 3.77%

Bloomberg Barclays U.S. Long Gov't 4.64% 6.20% 1.54% 5.43% 5.19%

Bloomberg Barclays U.S. Long Credit 7.86% 4.58% 5.21% 5.38% 9.00%

Bloomberg Barclays U.S. Long Gov't/Credit 6.45% 5.24% 3.75% 5.35% 7.23%

Bloomberg Barclays U.S. TIPS 3.19% 2.70% 1.70% 1.94% 3.41%

Bloomberg Barclays U.S. High Yield 7.26% 5.93% 8.56% 4.68% 11.26%

Bloomberg Barclays Global Treasury ex U.S. 1.39% -3.81% 0.91% 0.09% 2.18%

JP Morgan EMBI Global (Emerging Markets) 6.59% 3.52% 5.20% 4.80% 8.12%

Commodities

Bloomberg Commodity Index 6.32% -5.25% 2.22% -8.92% -2.56%

Goldman Sachs Commodity Index 14.97% -3.04% 6.18% -12.61% -3.37%

Hedge Funds

HFRI Fund-Weighted Composite25.88% 0.90% 5.12% 3.06% 5.48%

HFRI Fund of Funds2 4.99% 0.49% 4.05% 2.27% 3.58%Real Estate

NAREIT U.S. Equity REITS 16.33% 20.86% 6.13% 9.12% 18.28%

NCREIF NFI - ODCE 1.42% 7.52% 7.97% 10.17% 8.74%

FTSE Global Core Infrastructure Index 14.30% 17.72% 11.34% 8.69% 12.92%Private Equity

Burgiss Private iQ Global Private Equity3 0.00% 17.51% 12.00% 13.67% 9.75%

MSCI Indices show net total returns. All other indices show gross total returns.1 Periods are annualized.2 Latest 5 months of HFR data are estimated by HFR and may change in the future.3 Burgiss Private iQ Global Private Equity data is as at June 30, 2018

Returns of the Major Capital Markets

Period Ending 03/31/2019

Page 5

Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

Total 457(b) Plan 229,229.79 100.00

U.S. Fixed Income 49,450.51 21.57

Great West Portfolio Fund 32,669.69 14.25 0.48 1.95 1.95 1.95 1.89 2.16

90 Day U.S. Treasury Bill 0.60 2.12 1.17 0.73 0.54 0.41

Stable Value Institutional Peer Group 0.52 2.02 1.74 1.62 1.62 1.90

PIMCO Total Return Adm 16,478.55 7.19 2.73 (86) 3.58 (87) 2.53 (34) 2.60 (61) 2.71 (43) 4.58 (45)

Blmbg. Barc. U.S. Aggregate 2.94 (76) 4.48 (23) 2.03 (65) 2.74 (43) 2.48 (64) 3.77 (73)

PIMCO Inflation Response MultiAsst Inst 302.27 0.13 5.42 (78) 1.63 (52) 5.00 (73) 2.07 (79) 1.51 (93) -

PIMCO IRMA Benchmark 4.57 (84) 1.23 (59) 2.37 (94) -0.02 (93) -0.31 (97) 3.69 (95)

Target Date 27,535.00 12.01

T. Rowe Price Retirement I 2005 I 681.01 0.30 6.64 (35) 3.68 (31) 6.05 (19) - - -

T. Rowe Price Retirement 2005* 6.56 (38) 3.54 (34) 5.93 (21) 4.47 (18) 5.43 (24) 8.55 (14)

T. Rowe Price Retirement 2005 Index 6.27 (44) 4.42 (21) 5.75 (24) 4.61 (14) 5.42 (24) 7.83 (31)




T. Rowe Price Retirement I 2015 I 1,583.80 0.69 7.85 (1) 3.71 (36) 7.34 (6) - - -






Fairfax County Public Schools

Asset Allocation & Performance

As of March 31, 2019

*Alternate share class shown to illustrate performance history.

Page 6




Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years




















T. Rowe Price Retirement 2055* 12.27 (25) 3.32 (35) 10.95 (10) 7.47 (8) 9.62 (9) 13.68 (-)

T. Rowe Price Retirement 2055 Index 11.94 (48) 5.02 (1) 11.08 (7) 7.68 (5) 9.67 (8) 13.11 (-)


Page 7




Allocation

MarketValue($000)

%

Performance(%)

1Quarter

1Year

3Years

5Years

7Years

10Years

U.S. Equity 130,561.46 56.96

iShares S&P 500 Index 35,604.71 15.53 13.63 (31) 9.49 (10) 13.48 (13) 10.87 (7) 12.78 (17) 15.83 (15)

S&P 500 Index 13.65 (15) 9.50 (6) 13.51 (5) 10.91 (1) 12.85 (1) 15.92 (1)

Dodge & Cox Stock 27,571.91 12.03 10.29 (95) 4.31 (89) 14.10 (16) 8.65 (75) 12.97 (15) 16.14 (14)

S&P 500 Index 13.65 (37) 9.50 (30) 13.51 (28) 10.91 (19) 12.85 (19) 15.92 (21)

Russell 1000 Value Index 11.93 (83) 5.67 (82) 10.45 (88) 7.72 (88) 11.14 (72) 14.52 (64)

Vanguard Mid Cap Index 35,668.20 15.56 16.78 (37) 6.00 (44) 11.60 (51) 8.86 (38) 11.80 (34) 16.68 (19)

Vanguard Spliced Mid Cap Index 16.79 (37) 5.99 (44) 11.63 (50) 8.89 (37) 11.83 (32) 16.72 (18)

Baron Growth Inst 31,716.63 13.84 21.67 (18) 15.57 (11) 16.92 (25) 9.94 (50) 13.25 (33) -

Baron Growth Rtl* 21.60 (18) 15.27 (13) 16.62 (29) 9.66 (55) 12.96 (37) 16.63 (33)

Russell Midcap Growth Index 19.62 (42) 11.51 (34) 15.06 (46) 10.89 (30) 12.97 (37) 17.60 (10)

International Equity 19,597.78 8.55

Artisan International Inv 19,597.78 8.55 10.32 (58) -1.96 (19) 6.49 (63) 2.45 (40) 6.03 (21) 10.24 (16)

MSCI EAFE Index (Net) 9.98 (66) -3.71 (38) 7.27 (41) 2.33 (44) 5.63 (28) 8.96 (37)

MSCI AC World ex USA Index (Net) 10.31 (58) -4.22 (42) 8.09 (26) 2.57 (37) 4.72 (64) 8.85 (38)


Page 8

2018 2018 2017 2016 2015 2014 2013 2012 2011 2010

U.S. Fixed Income

Great West Portfolio Fund 1.95 1.95 1.95 1.98 2.00 1.86 1.53 2.11 2.55 2.67

90 Day U.S. Treasury Bill 2.12 1.87 0.86 0.25 0.03 0.04 0.05 0.08 0.08 0.13

Stable Value Institutional Peer Group 2.02 1.94 1.64 1.48 1.45 1.38 1.52 1.93 2.36 2.79

PIMCO Total Return Adm 3.58 (87) -0.51 (53) 4.87 (7) 2.34 (81) 0.47 (39) 4.43 (81) -2.16 (72) 10.10 (3) 3.91 (95) 8.57 (17)

Blmbg. Barc. U.S. Aggregate 4.48 (23) 0.01 (19) 3.54 (62) 2.65 (64) 0.55 (30) 5.97 (32) -2.02 (64) 4.21 (77) 7.84 (15) 6.54 (69)

IM U.S. Broad Market Core Fixed Income (MF) Median 4.29 -0.48 3.80 2.96 0.35 5.76 -1.64 6.06 6.98 7.24

PIMCO Inflation Response MultiAsst Inst 1.63 (52) -3.71 (24) 8.59 (75) 10.53 (20) -6.77 (78) 1.57 (73) -9.29 (100) 9.56 (64) - -

PIMCO IRMA Benchmark 1.23 (59) -3.86 (25) 5.08 (91) 6.76 (48) -7.47 (82) -0.34 (82) -8.89 (100) 6.58 (84) 4.56 (11) 12.98 (45)

IM Flexible Portfolio (MF) Median 1.72 -6.73 12.75 6.53 -3.27 3.80 12.10 11.02 -1.69 12.37

Target Date

T. Rowe Price Retirement I 2005 I 3.68 (31) -3.12 (44) 10.74 (19) 6.69 (30) - - - - - -

T. Rowe Price Retirement 2005* 3.54 (34) -3.26 (50) 10.67 (20) 6.72 (30) -0.75 (39) 4.72 (40) 9.74 (24) 11.35 (16) 1.43 (66) 11.51 (18)

T. Rowe Price Retirement 2005 Index 4.42 (21) -2.58 (24) 10.12 (26) 5.84 (45) -0.10 (20) 5.48 (25) 9.86 (23) 9.52 (41) 2.38 (44) 10.22 (42)

IM Mixed-Asset Target Alloc Consv (MF) Median 3.22 -3.28 8.83 5.58 -1.13 4.21 7.55 9.04 2.10 9.94


T. Rowe Price Retirement 2010* 3.61 (30) -3.61 (67) 11.66 (13) 7.11 (11) -0.76 (63) 4.99 (23) 11.93 (8) 12.44 (6) 0.54 (55) 12.70 (4)


IM Mixed-Asset Target 2010 (MF) Median 3.46 -3.44 10.39 6.22 -0.63 4.49 9.24 9.64 0.90 10.88


T. Rowe Price Retirement 2015* 3.63 (37) -4.17 (64) 13.34 (12) 7.31 (14) -0.58 (36) 5.37 (32) 15.18 (2) 13.81 (1) -0.32 (81) 13.79 (4)









T. Rowe Price Retirement 2025 Index 4.93 (4) -5.00 (42) 16.68 (11) 8.21 (9) -0.56 (34) 7.06 (9) 20.01 (4) 14.00 (22) -0.22 (25) 14.12 (26)

IM Mixed-Asset Target 2025 (MF) Median 3.37 -5.27 15.23 7.19 -0.95 5.52 16.08 13.27 -1.05 13.67






T. Rowe Price Retirement 2035* 3.39 (41) -6.87 (45) 20.88 (9) 7.64 (66) 0.13 (4) 6.07 (38) 24.86 (3) 17.35 (1) -3.26 (61) 16.34 (1)




Calendar Year Performance


Returns for periods greater than one year are annualized.Returns are expressed as percentages.*Alternate share class shown to illustrate performance history.

Page 9


Calendar Year Performance


2018 2018 2017 2016 2015 2014 2013 2012 2011 2010














T. Rowe Price Retirement 2055* 3.32 (35) -7.62 (23) 22.33 (20) 7.73 (73) 0.18 (4) 6.18 (40) 25.86 (13) 17.60 (1) -3.35 (16) 16.41 (-)

T. Rowe Price Retirement 2055 Index 5.02 (1) -6.96 (5) 21.02 (65) 9.70 (14) -0.98 (45) 7.43 (11) 24.73 (31) 15.66 (60) -1.46 (1) 15.17 (-)

IM Mixed-Asset Target 2055 (MF) Median 3.06 -8.28 21.51 8.53 -1.26 5.70 23.17 15.73 -4.33 -

U.S. Equity

iShares S&P 500 Index 9.49 (10) -4.38 (7) 21.77 (19) 11.92 (19) 1.35 (19) 13.61 (14) 32.21 (28) 15.84 (33) 1.98 (41) 14.92 (36)

S&P 500 Index 9.50 (6) -4.38 (7) 21.83 (3) 11.96 (8) 1.38 (7) 13.69 (1) 32.39 (3) 16.00 (3) 2.11 (8) 15.06 (1)

IM S&P 500 Index (MF) Median 9.34 -4.55 21.64 11.79 1.23 13.47 32.11 15.77 1.96 14.82

Dodge & Cox Stock 4.31 (89) -7.07 (79) 18.33 (81) 21.28 (1) -4.49 (94) 10.40 (73) 40.55 (1) 22.01 (2) -4.08 (90) 13.49 (55)

S&P 500 Index 9.50 (30) -4.38 (33) 21.83 (40) 11.96 (28) 1.38 (37) 13.69 (22) 32.39 (45) 16.00 (41) 2.11 (27) 15.06 (34)

Russell 1000 Value Index 5.67 (82) -8.27 (89) 13.66 (97) 17.34 (4) -3.83 (93) 13.45 (23) 32.53 (43) 17.51 (18) 0.39 (53) 15.51 (30)

IM U.S. Large Cap Core Equity (MF) Median 8.58 -5.16 21.28 10.35 0.70 11.89 32.14 15.39 0.65 13.90

Vanguard Mid Cap Index 6.00 (44) -9.24 (49) 19.29 (48) 11.23 (56) -1.33 (41) 13.78 (9) 35.17 (51) 16.01 (44) -1.96 (41) 25.67 (31)

Vanguard Spliced Mid Cap Index 5.99 (44) -9.22 (49) 19.30 (48) 11.25 (56) -1.28 (40) 13.83 (9) 35.21 (51) 16.04 (43) -1.91 (39) 25.69 (31)

IM U.S. Mid Cap Equity (MF) Median 5.02 -9.73 18.74 12.12 -2.40 8.04 35.22 15.35 -3.28 23.83

Baron Growth Inst 15.57 (11) -2.67 (28) 27.35 (30) 6.31 (44) -4.06 (83) 4.66 (78) 38.69 (23) 16.74 (20) 1.51 (12) 24.32 (53)

Baron Growth Rtl* 15.27 (13) -2.92 (30) 27.04 (31) 6.04 (49) -4.31 (85) 4.40 (79) 38.32 (25) 16.43 (24) 1.24 (14) 24.01 (55)

Russell Midcap Growth Index 11.51 (34) -4.75 (49) 25.27 (45) 7.33 (35) -0.20 (52) 11.90 (12) 35.74 (47) 15.81 (33) -1.65 (34) 26.38 (38)

IM U.S. Mid Cap Growth Equity (MF) Median 9.68 -4.85 24.84 5.76 0.10 7.37 35.61 14.40 -3.36 24.38

International Equity

Artisan International Inv -1.96 (19) -10.86 (14) 31.02 (16) -9.66 (100) -3.85 (80) -0.97 (12) 25.18 (7) 25.39 (4) -7.26 (19) 5.91 (67)

MSCI EAFE Index (Net) -3.71 (38) -13.79 (38) 25.03 (57) 1.00 (50) -0.81 (47) -4.90 (45) 22.78 (14) 17.32 (67) -12.14 (51) 7.75 (52)

MSCI AC World ex USA Index (Net) -4.22 (42) -14.20 (42) 27.19 (39) 4.50 (17) -5.66 (85) -3.87 (28) 15.29 (81) 16.83 (70) -13.71 (75) 11.15 (24)

IM International Large Cap Equity (MF) Median -4.86 -14.91 25.92 0.98 -1.33 -5.01 20.52 19.13 -11.99 7.88

Returns for periods greater than one year are annualized.Returns are expressed as percentages.*Alternate share class shown to illustrate performance history.

Page 10

Great West Portfolio Fund PIMCO Total Return Adm PIMCO Inflation Response MultiAsst Inst

T. Rowe Price Ret 2005* T. Rowe Price Ret 2010* T. Rowe Price Ret 2015*



T. Rowe Price Ret 2055* iShares S&P 500 Index Dodge & Cox Stock

Vanguard Mid Cap Index Baron Growth Inst Artisan International Inv

-6.0

-3.0

0.0

3.0

6.0

9.0

12.0

15.0

18.0

21.0

An

nu

aliz

ed

Re

turn

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0Annualized Standard Deviation


Risk Profile

3 Years Ending March 31, 2019


Page 11

Total Plan

Page 12

March 31, 2019 : $229,229,795 December 31, 2018 : $205,938,924

Market Value($M)

Allocation(%)

U.S. Fixed Income 49.5 21.6¢£

T. Rowe Price Retirement I Series 27.5 12.0¢£

U.S. Equity 130.6 57.0¢£

International Equity 19.6 8.5¢£

Loan Fund 1.8 0.8¢£

Forfeiture Account 0.3 0.1¢£

Market Value($M)

Allocation(%)

U.S. Fixed Income 49.3 23.9¢£

T. Rowe Price Retirement I Series 23.8 11.5¢£

U.S. Equity 112.6 54.7¢£

International Equity 17.9 8.7¢£

Loan Fund 1.7 0.8¢£

Forfeiture Account 0.6 0.3¢£

Fairfax County Public Schools Total Plan

Asset Allocation by Asset Class


Page 13

U.S. Fixed Income

Page 14

Return Summary

Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception

Account Information


PIMCO Total Return Adm Performance Summary

PIMCO Total Return Adm

PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

0.0

2.0

4.0

6.0

8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

2.9 2.9

4.5

2.0

2.7

3.8

2.7 2.7

3.6

2.5 2.6

4.6

Product Name : PIMCO:Tot Rtn;Admn (PTRAX)

Fund Family : PIMCO

Ticker : PTRAX

Peer Group : IM U.S. Broad Market Core Fixed Income (MF)

Benchmark : Blmbg. Barc. U.S. Aggregate

Fund Inception : 09/08/1994

Portfolio Manager : Mather/Kiesel/Worah

Total Assets : $2,014.20 Million

Total Assets Date : 03/31/2019

Gross Expense : 0.80%

Net Expense : 0.80%

Turnover : 635%

Quarterly Out Performance Quarterly Under Performance

0.0%

2.0%

-2.0 %

-4.0 %

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19

PIMCO Total Return Adm Benchmark

0.90

1.00

1.10

1.20

1.30

9/94 12/96 3/99 6/01 9/03 12/05 3/08 6/10 9/12 12/14 3/17 3/19

1.16

Page 15


Peer Group Analysis


IM U.S. Broad Market Core Fixed Income (MF)

-1.0

-0.1

0.8

1.7

2.6

3.5

4.4

5.3

6.2

7.1

8.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

PIMCO Total Return Adm 2.73 (86) 2.73 (86) 3.58 (87) 2.53 (34) 2.60 (61) 4.58 (45)¢

Blmbg. Barc. U.S. Aggregate 2.94 (76) 2.94 (76) 4.48 (23) 2.03 (65) 2.74 (43) 3.77 (73)�

5th Percentile 3.91 3.91 4.94 3.34 3.22 5.95

1st Quartile 3.56 3.56 4.47 2.68 2.86 5.14

Median 3.26 3.26 4.29 2.26 2.67 4.42

3rd Quartile 2.95 2.95 3.91 1.94 2.38 3.70

95th Percentile 2.14 2.14 2.98 1.39 1.85 2.90

Page 16

5 Years Historical Statistics

Rolling 5 Years Standard DeviationAnnualized Return vs. Annualized Standard Deviation

5 Years


PIMCO Total Return Adm Risk Profile


PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

0.0

0.7

1.4

2.1

2.8

3.5

4.2

4.9

5.6

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19PIMCO Total Return Adm Blmbg. Barc. U.S. Aggregate

FTSE 3 Month T-Bill

-0.6

0.0

0.6

1.2

1.8

2.4

3.0

3.6

Re

turn

(%)

0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio

R-SquaredSharpeRatio

Alpha Beta ReturnStandardDeviation

ActualCorrelation

PIMCO Total Return Adm -0.14 1.36 -0.10 0.79 0.64 0.09 0.92 2.60 2.94 0.89

Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 0.71 0.00 1.00 2.74 2.86 1.00

FTSE 3 Month T-Bill -2.03 2.85 -0.71 0.00 N/A 0.71 0.01 0.72 0.23 0.07

Page 17

Return Summary


Account Information


PIMCO Inflation Response MultiAsst Inst Performance Summary

PIMCO Inflation Response MultiAsst Inst


PIMCO IRMA Benchmark

0.0

3.0

6.0

9.0

-3.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

4.6 4.6

1.2

2.4

0.0

3.7

5.4 5.4

1.6

5.0

2.1

Product Name : PIMCO:Infl Rsp MA;Inst (PIRMX)

Fund Family : PIMCO

Ticker : PIRMX

Peer Group : IM Flexible Portfolio (MF)

Benchmark : PIMCO IRMA Benchmark


Portfolio Manager : Worah/Johnson/Banet

Total Assets : $998.50 Million



Net Expense : 1.22%

Turnover : 242%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 PIMCO Inflation Response MultiAsst Inst

Benchmark

0.96

1.04

1.12

1.20

1.28

8/11 5/12 2/13 11/13 8/14 5/15 2/16 11/16 8/17 5/18 3/19

1.15

Page 18


Peer Group Analysis


IM Flexible Portfolio (MF)

-16.0

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

PIMCO Inflation Response MultiAsst Inst 5.42 (78) 5.42 (78) 1.63 (52) 5.00 (73) 2.07 (79) N/A¢

PIMCO IRMA Benchmark 4.57 (84) 4.57 (84) 1.23 (59) 2.37 (94) -0.02 (93) 3.69 (95)�

5th Percentile 11.84 11.84 7.56 10.37 6.87 12.92

1st Quartile 9.89 9.89 4.05 7.57 5.07 10.86

Median 7.94 7.94 1.72 6.19 4.02 8.82

3rd Quartile 5.98 5.98 -0.34 4.86 2.53 7.68

95th Percentile 2.28 2.28 -6.02 2.09 -1.20 3.04

Page 19


Rolling 1 Year Standard DeviationAnnualized Return vs. Annualized Standard Deviation

5 Years


PIMCO Inflation Response MultiAsst Inst Risk Profile




0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19PIMCO Inflation Response MultiAsst Inst


FTSE 3 Month T-Bill

-1.6

-0.8

0.0

0.8

1.6

2.4

3.2

Re

turn

(%)

0.0 2.0 4.0 6.0 8.0 10.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

PIMCO Inflation Response MultiAsst Inst 2.12 2.11 1.01 0.90 0.25 2.13 1.14 2.07 6.15 0.95

PIMCO IRMA Benchmark 0.00 0.00 N/A 1.00 -0.12 0.00 1.00 -0.02 5.10 1.00

FTSE 3 Month T-Bill 0.61 5.08 0.12 0.02 N/A 0.72 0.01 0.72 0.23 0.12

Page 20


Mutual Fund Attributes


Asset Allocation As of 12/31/2018

0.0% 50.0% 100.0% 150.0% 200.0%-50.0 %-100.0 %

Cash

Other

Convertibles

Equities

Fixed Income

-26.6 %

-15.3 %

0.0%

10.1%

131.9%

Fund Characteristics As of 12/31/2018

Total Securities 569

Avg. Market Cap $19,587.32 Million

P/E 38.25

P/B 4.67

Div. Yield 3.82%

Annual EPS 4.87

5Yr EPS 12.34

3Yr EPS Growth 17.65

Top Ten Securities As of 12/31/2018

PIMCO EM Currency and Sh-Tr Inv 10.94 %

PIMCO Senior Floating Rate Fund;Inst 2.03 %

Simon Property Group Inc ORD 0.77 %

USG Corp ORD 0.53 %

Prologis Inc ORD 0.49 %

Equity Residential ORD 0.47 %

Public Storage ORD 0.42 %

AvalonBay Communities Inc ORD 0.41 %

Sun Communities Inc ORD 0.40 %

Ventas Inc ORD 0.40 %

Page 21

Target Date

Page 22

Target Allocation: T. Rowe Price Retirement Funds

0%

20%

40%

60%

80%

100%

TargetBalanced

Target2005

Target2010

Target2015

Target2020

Target2025

Target2030

Target2035

Target2040

Target2045

Target2050

Target2055

Target2060

Fixed Income U.S. Equity Non-U.S. Equity Real Assets

Page 23

Target Allocation: T. Rowe Price Retirement Funds

Balanced 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060

Fixed Income 61.5% 65.0% 59.5% 52.5% 43.0% 34.5% 26.5% 20.0% 15.0% 11.5% 11.5% 11.5% 11.5%

T. Rowe Price Dynamic Global Bond Fund 3.2% 4.6% 4.3% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.1% 1.1% 1.1% 1.1%

T. Rowe Price Emerging Markets Bond Fund 3.9% 5.7% 5.2% 4.7% 4.0% 3.2% 2.4% 1.8% 1.1% 0.7% 0.7% 0.7% 0.7%

T. Rowe Price Floating Rate Fund 1.0% 1.5% 1.3% 1.2% 1.0% 0.9% 0.7% 0.5% 0.3% 0.2% 0.2% 0.2% 0.2%

T. Rowe Price High Yield Fund 1.8% 2.7% 2.4% 2.1% 1.7% 1.3% 0.9% 0.6% 0.3% 0.1% 0.1% 0.1% 0.1%

T. Rowe Price International Bond Fund 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

T. Rowe Price International Bond Fund (USD Hedged) 4.3% 6.2% 5.8% 5.4% 4.8% 4.1% 3.3% 2.7% 2.0% 1.5% 1.5% 1.5% 1.5%

T. Rowe Price Limited Duration Inflation Focused Bond

Fund 29.8% 18.8% 16.3% 12.8% 7.8% 4.3% 1.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

T. Rowe Price New Income Fund 14.7% 21.5% 20.1% 18.4% 16.3% 14.0% 11.4% 9.2% 6.9% 5.3% 5.3% 5.3% 5.3%

T. Rowe Price U.S. Treasury Long-Term Fund 2.8% 4.0% 4.0% 3.9% 3.8% 3.7% 3.4% 3.1% 2.7% 2.3% 2.3% 2.3% 2.3%

T. Rowe Price U.S. Treasury Money Fund 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%

U.S. Equity 25.3% 23.0% 26.6% 31.2% 37.5% 43.1% 48.3% 52.6% 55.9% 58.2% 58.2% 58.2% 58.2%

T. Rowe Price Equity Index 500 Fund 18.8% 17.1% 19.8% 17.4% 16.8% 14.3% 11.7% 9.7% 7.6% 6.5% 6.5% 6.5% 6.5%

T. Rowe Price Growth Stock Fund 0.0% 0.0% 0.0% 2.9% 5.6% 8.9% 12.1% 14.7% 17.1% 18.5% 18.5% 18.5% 18.5%

T. Rowe Price Mid-Cap Growth Fund 1.7% 1.6% 1.8% 2.1% 2.5% 2.9% 3.3% 3.6% 3.8% 4.0% 4.0% 4.0% 4.0%

T. Rowe Price Mid-Cap Value Fund 1.6% 1.5% 1.7% 2.0% 2.4% 2.8% 3.1% 3.4% 3.6% 3.8% 3.8% 3.8% 3.8%

T. Rowe Price New Horizons Fund 1.1% 1.0% 1.1% 1.4% 1.6% 1.9% 2.1% 2.3% 2.4% 2.5% 2.5% 2.5% 2.5%

T. Rowe Price Small -Cap Stock Fund 1.1% 1.0% 1.1% 1.3% 1.6% 1.8% 2.0% 2.2% 2.3% 2.4% 2.4% 2.4% 2.4%

T. Rowe Price Small-Cap Value Fund 1.0% 0.9% 1.1% 1.3% 1.5% 1.7% 1.9% 2.1% 2.2% 2.3% 2.3% 2.3% 2.3%

T. Rowe Price Value Fund 0.0% 0.0% 0.0% 2.9% 5.5% 8.8% 12.0% 14.6% 16.9% 18.3% 18.3% 18.3% 18.3%

Non-U.S. Equity 12.3% 11.2% 13.0% 15.2% 18.3% 21.0% 23.5% 25.6% 27.2% 28.3% 28.3% 28.3% 28.3%

T. Rowe Price Emerging Markets Stock Fund 2.0% 1.9% 2.1% 2.5% 3.0% 3.5% 3.9% 4.2% 4.5% 4.7% 4.7% 4.7% 4.7%

T. Rowe Price International Stock Fund 3.2% 2.9% 3.4% 4.0% 4.8% 5.5% 6.2% 6.7% 7.1% 7.4% 7.4% 7.4% 7.4%

T. Rowe Price International Value Equity Fund 3.5% 3.2% 3.7% 4.3% 5.1% 5.9% 6.6% 7.2% 7.6% 8.0% 8.0% 8.0% 8.0%

T. Rowe Price Overseas Stock Fund 3.6% 3.3% 3.8% 4.5% 5.3% 6.1% 6.9% 7.5% 8.0% 8.3% 8.3% 8.3% 8.3%

Real Assets 0.9% 0.8% 0.9% 1.1% 1.3% 1.5% 1.7% 1.8% 1.9% 2.0% 2.0% 2.0% 2.0%

T. Rowe Price Real Assets Fund 0.9% 0.8% 0.9% 1.1% 1.3% 1.5% 1.7% 1.8% 1.9% 2.0% 2.0% 2.0% 2.0%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Page 24

Return Summary


Account Information


T. Rowe Price Retirement I 2005 I Performance Summary

T. Rowe Price Retirement I 2005 I


TRP Retirement 2005 Index

0.0

3.0

6.0

9.0

12.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

6.3 6.3

4.4

5.8

4.6

7.8

6.6 6.6

3.7

6.0

Product Name : T Rowe Price Ret:I2005;I (TRPFX)

Fund Family : T Rowe Price Associates Inc

Ticker : TRPFX

Peer Group : IM Mixed-Asset Target Alloc Consv (MF)

Benchmark : TRP Retirement 2005 Index


Portfolio Manager : Clark/Lee




Net Expense : 0.40%

Turnover : 55%


0.0%

0.6%

1.2%

-0.6 %

-1.2 %

-1.8 %

12/15 6/16 12/16 6/17 12/17 6/18 12/18 3/19 T. Rowe Price Retirement I 2005 I

Benchmark

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

1.01

Page 25





0.0% 50.0% 100.0%-50.0 %

Other

Convertibles

Cash

Equities

Fixed Income

-1.2 %

0.0%

1.6%

32.4%

67.3%


Total Securities 21


P/E 8.43

P/B 1.88

Div. Yield 0.85%

Annual EPS 7.75

5Yr EPS 3.85

3Yr EPS Growth 4.12


T Rowe Price New Income Fund;I 21.89 %

T Rowe Price Limited Duration Inflation 19.27 %

T Rowe Price Equity Index 500 Fund;I 16.01 %

T Rowe Price International Bond 6.53 %

T Rowe Price Emerging Markets Bond 5.81 %

T Rowe Price Dynamic Global Bond 4.78 %

T Rowe Price US Treasury Long-Term 4.11 %

T Rowe Price Overseas Stock Fund;I 3.08 %

T Rowe Price International Value 3.02 %

T Rowe Price International Stock 2.79 %

Sector/Quality Allocation As of 12/31/2018

0.0% 4.0% 8.0% 12.0% 16.0%

Financials

Information Technology

Health Care

Industrials

Consumer Discretionary

Consumer Staples

Energy

Materials

Utilities

Telecommunication Services

6.9%

5.1%

4.2%

4.2%

4.0%

3.0%

1.8%

1.4%

0.9%

0.7%

Page 26

Return Summary


Account Information






0.0

4.0

8.0

12.0

16.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

6.9 6.9

4.5

6.3

5.0

8.8

7.2 7.2

3.8

6.6

Product Name : T Rowe Price Ret:I2010;I (TRPAX)


Ticker : TRPAX

Peer Group : IM Mixed-Asset Target 2010 (MF)







Net Expense : 0.39%

Turnover : 50%


0.0%

0.5%

1.0%

-0.5 %

-1.0 %

-1.5 %


Benchmark

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

1.01

Page 27





0.0% 25.0% 50.0% 75.0% 100.0%-25.0 %

Other

Convertibles

Cash

Equities

Fixed Income

-1.2 %

0.0%

1.6%

37.7%

61.9%


Total Securities 21


P/E 9.82

P/B 2.19

Div. Yield 0.99%

Annual EPS 9.02

5Yr EPS 4.49

3Yr EPS Growth 4.80













0.0% 4.0% 8.0% 12.0% 16.0%

Financials


Health Care

Industrials


Consumer Staples

Energy

Materials

Utilities


8.0%

5.9%

4.8%

4.8%

4.7%

3.5%

2.1%

1.6%

1.1%

0.8%

Page 28

Return Summary


Account Information






0.0

4.0

8.0

12.0

16.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

7.6 7.6

4.6

7.2

5.5

9.8

7.9 7.9

3.7

7.3

Product Name : T Rowe Price Ret:I2015;I (TRFGX)


Ticker : TRFGX








Net Expense : 0.43%

Turnover : 50%


0.0%

0.6%

1.2%

-0.6 %

-1.2 %


Benchmark

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

1.01

Page 29





0.0% 25.0% 50.0% 75.0% 100.0%-25.0 %

Other

Convertibles

Cash

Equities

Fixed Income

-1.2 %

0.0%

1.8%

44.5%

54.9%


Total Securities 23


P/E 11.70

P/B 2.55

Div. Yield 1.16%

Annual EPS 10.87

5Yr EPS 5.42

3Yr EPS Growth 5.86













0.0% 5.0% 10.0% 15.0% 20.0%

Financials


Health Care

Industrials


Consumer Staples

Energy

Materials

Utilities


9.4%

6.9%

5.8%

5.7%

5.6%

4.1%

2.4%

1.8%

1.4%

1.0%

Page 30

Return Summary


Account Information






0.0

4.0

8.0

12.0

16.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

8.6 8.6

4.8

8.2

6.1

10.8

8.9 8.9

3.7

8.4

Product Name : T Rowe Price Ret:I2020;I (TRBRX)


Ticker : TRBRX








Net Expense : 0.47%

Turnover : 39%


0.0%

0.7%

1.4%

-0.7 %

-1.4 %

-2.1 %


Benchmark

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

1.00

Page 31





0.0% 25.0% 50.0% 75.0%-25.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-1.2 %

0.0%

1.9%

45.4%

53.9%


Total Securities 23


P/E 14.26

P/B 3.06

Div. Yield 1.40%

Annual EPS 13.34

5Yr EPS 6.67

3Yr EPS Growth 7.24





T Rowe Price Value Fund;I 5.42 %

T Rowe Price Growth Stock Fund;I 5.40 %







0.0% 6.0% 12.0% 18.0% 24.0%

Financials


Health Care

Industrials


Consumer Staples

Energy

Materials

Utilities


11.4%

8.3%

7.1%

6.8%

6.8%

5.0%

2.9%

2.2%

1.8%

1.1%

Page 32

Return Summary


Account Information






0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

9.5 9.5

4.9

9.0

6.6

11.6

9.8 9.8

3.6

9.2

Product Name : T Rowe Price Ret:I2025;I (TRPHX)


Ticker : TRPHX








Net Expense : 0.50%

Turnover : 36%


0.0%

0.9%

1.8%

-0.9 %

-1.8 %

-2.7 %


Benchmark

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

1.00

Page 33





0.0% 50.0% 100.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-1.2 %

0.0%

2.0%

36.8%

62.3%


Total Securities 23


P/E 16.57

P/B 3.50

Div. Yield 1.61%

Annual EPS 15.61

5Yr EPS 7.82

3Yr EPS Growth 8.53













0.0% 8.0% 16.0% 24.0% 32.0%

Financials


Health Care


Industrials

Consumer Staples

Energy

Materials

Utilities


13.1%

9.5%

8.3%

7.9%

7.8%

5.8%

3.3%

2.5%

2.1%

1.3%

Page 34

Return Summary


Account Information






0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

10.3 10.3

5.0

9.8

7.0

12.3

10.6 10.6

3.6

9.9

Product Name : T Rowe Price Ret:I2030;I (TRPCX)


Ticker : TRPCX








Net Expense : 0.53%

Turnover : 34%


0.0%

2.0%

-2.0 %

-4.0 %


Benchmark

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

1.00

Page 35





0.0% 50.0% 100.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-1.2 %

0.0%

2.0%

28.8%

70.3%


Total Securities 23


P/E 18.78

P/B 3.92

Div. Yield 1.81%

Annual EPS 17.79

5Yr EPS 8.93

3Yr EPS Growth 9.78









T Rowe Price Emerging Markets Stock 3.81 %




0.0% 8.0% 16.0% 24.0% 32.0%

Financials


Health Care


Industrials

Consumer Staples

Energy

Materials

Utilities


14.8%

10.7%

9.4%

9.0%

8.8%

6.6%

3.7%

2.8%

2.5%

1.5%

Page 36

Return Summary


Account Information






0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

11.0 11.0

5.0

10.4

7.3

12.8

11.4 11.4

3.5

10.5

Product Name : T Rowe Price Ret:I2035;I (TRPJX)


Ticker : TRPJX








Net Expense : 0.56%

Turnover : 30%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

1.00

Page 37





0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-1.1 %

0.0%

2.1%

22.1%

76.9%


Total Securities 22


P/E 20.59

P/B 4.27

Div. Yield 1.98%

Annual EPS 19.58

5Yr EPS 9.84











T Rowe Price Mid-Cap Growth Fund;I 3.54 %

T Rowe Price Mid-Cap Value Fund;I 3.21 %


0.0% 10.0% 20.0% 30.0% 40.0%

Financials


Health Care


Industrials

Consumer Staples

Energy

Materials

Utilities


16.1%

11.6%

10.3%

9.8%

9.6%

7.2%

4.0%

3.1%

2.8%

1.6%

Page 38

Return Summary


Account Information






0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

11.6 11.6

5.1

10.9

7.6

13.111.9 11.9

3.5

10.9

Product Name : T Rowe Price Ret:I2040;I (TRPDX)


Ticker : TRPDX








Net Expense : 0.58%

Turnover : 27%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

0.99

Page 39





0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-1.0 %

0.0%

2.2%

16.8%

82.1%


Total Securities 22


P/E 22.04

P/B 4.54

Div. Yield 2.10%

Annual EPS 21.02

5Yr EPS 10.58














0.0% 10.0% 20.0% 30.0% 40.0%

Financials


Health Care


Industrials

Consumer Staples

Energy

Materials

Utilities


17.2%

12.4%

11.1%

10.5%

10.2%

7.7%

4.2%

3.3%

3.0%

1.7%

Page 40

Return Summary


Account Information






0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

11.9 11.9

5.0

11.1

7.7

13.112.3 12.3

3.4

11.1

Product Name : T Rowe Price Ret:I2045;I (TRPKX)


Ticker : TRPKX








Net Expense : 0.59%

Turnover : 25%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

0.99

Page 41





0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-0.4 %

0.0%

1.9%

13.1%

85.4%


Total Securities 22


P/E 24.83

P/B 5.16

Div. Yield 2.02%

Annual EPS 21.56

5Yr EPS 10.98














0.0% 10.0% 20.0% 30.0% 40.0%

Financials


Health Care


Industrials

Consumer Staples

Energy

Materials

Utilities


17.9%

12.0%

11.6%

11.3%

10.5%

8.7%

4.5%

3.4%

3.1%

1.7%

Page 42

Return Summary


Account Information






0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

11.9 11.9

5.0

11.1

7.7

13.112.3 12.3

3.4

11.1

Product Name : T Rowe Price Ret:I2050;I (TRPMX)


Ticker : TRPMX








Net Expense : 0.59%

Turnover : 24%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

1.04

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

0.99

Page 43





0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-1.0 %

0.0%

2.2%

13.3%

85.5%


Total Securities 22


P/E 22.98

P/B 4.71

Div. Yield 2.19%

Annual EPS 21.95

5Yr EPS 11.05














0.0% 10.0% 20.0% 30.0% 40.0%

Financials


Health Care


Industrials

Consumer Staples

Energy

Materials

Utilities


17.9%

12.9%

11.6%

11.0%

10.6%

8.0%

4.4%

3.4%

3.2%

1.7%

Page 44

Return Summary


Account Information






0.0

5.0

10.0

15.0

20.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

11.9 11.9

5.0

11.1

7.7

13.112.2 12.2

3.4

11.1

Product Name : T Rowe Price Ret:I2055;I (TRPNX)


Ticker : TRPNX








Net Expense : 0.59%

Turnover : 24%


0.0%

2.0%

4.0%

-2.0 %

-4.0 %


Benchmark

0.96

0.98

1.00

1.02

9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19

0.99

Page 45





0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Cash

Fixed Income

Equities

-0.4 %

0.0%

1.9%

13.2%

85.4%


Total Securities 22


P/E 24.83

P/B 5.15

Div. Yield 2.02%

Annual EPS 21.56

5Yr EPS 10.97














0.0% 10.0% 20.0% 30.0% 40.0%

Financials


Health Care


Industrials

Consumer Staples

Energy

Materials

Utilities


18.0%

12.0%

11.6%

11.3%

10.6%

8.7%

4.5%

3.4%

3.1%

1.7%

Page 46

U.S. Equity

Page 47

Return Summary


Account Information


iShares S&P 500 Index Performance Summary

iShares S&P 500 Index

iShares S&P 500 Index S&P 500 Index

0.0

6.0

12.0

18.0

24.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

13.6 13.6

9.5

13.5

10.9

15.9

13.6 13.6

9.5

13.5

10.9

15.8

Product Name : BlackRock:IS S&P500;K (WFSPX)

Fund Family : BlackRock Inc

Ticker : WFSPX

Peer Group : IM S&P 500 Index (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Team Managed




Net Expense : 0.04%

Turnover : 12%


0.0%

0.1%

-0.1 %

-0.2 %

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19

iShares S&P 500 Index Benchmark

0.96

0.99

1.02

7/93 1/96 7/98 1/01 7/03 1/06 7/08 1/11 7/13 1/16 3/19

0.96

Page 48


Peer Group Analysis


IM S&P 500 Index (MF)

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0R

etu

rn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

iShares S&P 500 Index 13.63 (31) 13.63 (31) 9.49 (10) 13.48 (13) 10.87 (7) 15.83 (15)¢

S&P 500 Index 13.65 (15) 13.65 (15) 9.50 (6) 13.51 (5) 10.91 (1) 15.92 (1)�

5th Percentile 13.66 13.66 9.50 13.51 10.88 15.86

1st Quartile 13.64 13.64 9.45 13.44 10.84 15.79

Median 13.60 13.60 9.34 13.33 10.73 15.71

3rd Quartile 13.58 13.58 9.24 13.23 10.63 15.58

95th Percentile 13.48 13.48 8.94 12.93 10.32 15.31

Page 49



5 Years


iShares S&P 500 Index Risk Profile


iShares S&P 500 Index S&P 500 Index

0.0

3.0

6.0

9.0

12.0

15.0

18.0

21.0

24.0

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19iShares S&P 500 Index S&P 500 Index

FTSE 3 Month T-Bill

-6.0

-3.0

0.0

3.0

6.0

9.0

12.0

15.0

Re

turn

(%)

0.0 3.0 6.0 9.0 12.0 15.0 18.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

iShares S&P 500 Index -0.03 0.03 -1.20 1.00 0.92 -0.02 1.00 10.87 11.18 1.00

S&P 500 Index 0.00 0.00 N/A 1.00 0.92 0.00 1.00 10.91 11.19 1.00


Page 50





0.0% 50.0% 100.0% 150.0%-50.0 %

Cash

Fixed Income

Convertibles

Other

Equities

-0.6 %

0.0%

0.0%

1.4%

99.2%




P/E 25.23

P/B 6.77

Div. Yield 2.53%

Annual EPS 31.63

5Yr EPS 15.72



Microsoft Corp ORD 3.67 %

Apple Inc ORD 3.31 %

Amazon.com Inc ORD 2.86 %

Berkshire Hathaway Inc ORD 1.66 %

Facebook Inc ORD 1.65 %

Johnson & Johnson ORD 1.55 %

JPMorgan Chase & Co ORD 1.47 %

Alphabet Inc ORD 1 1.46 %

Alphabet Inc ORD 2 1.43 %

Exxon Mobil Corp ORD 1.42 %


0.0% 15.0% 30.0% 45.0%


Financials


Health Care

Industrials

Consumer Staples

Energy

Utilities

Materials


20.9%

18.2%

13.6%

13.2%

12.4%

7.7%

5.4%

3.2%

2.2%

2.0%

Page 51

Return Summary


Account Information


Dodge & Cox Stock Performance Summary

Dodge & Cox Stock

Dodge & Cox Stock S&P 500 Index

Russell 1000 Value Index

0.0

6.0

12.0

18.0

24.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

11.9 11.9

5.7

10.5

7.7

14.513.6 13.6

9.5

13.5

10.9

15.9

10.3 10.3

4.3

14.1

8.7

16.1

Product Name : Dodge & Cox Stock (DODGX)

Fund Family : Dodge & Cox

Ticker : DODGX

Peer Group : IM U.S. Large Cap Core Equity (MF)

Benchmark : S&P 500 Index


Portfolio Manager : Team Managed




Net Expense : 0.52%

Turnover : 20%


0.0%

5.0%

10.0%

15.0%

-5.0 %

-10.0 %

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19

Dodge & Cox Stock Benchmark

0.00

0.60

1.20

1.80

2.40

3.00

3/65 3/70 3/75 3/80 3/85 3/90 3/95 3/00 3/05 3/10 3/19

1.69

Page 52


Peer Group Analysis

Dodge & Cox Stock

IM U.S. Large Cap Core Equity (MF)

-4.0

-1.0

2.0

5.0

8.0

11.0

14.0

17.0

20.0

23.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Dodge & Cox Stock 10.29 (95) 10.29 (95) 4.31 (89) 14.10 (16) 8.65 (75) 16.14 (14)¢

S&P 500 Index 13.65 (37) 13.65 (37) 9.50 (30) 13.51 (28) 10.91 (19) 15.92 (21)�

5th Percentile 15.94 15.94 13.06 15.58 11.86 17.01

1st Quartile 14.00 14.00 9.83 13.64 10.72 15.79

Median 13.25 13.25 8.58 12.80 9.92 15.02

3rd Quartile 12.47 12.47 6.29 11.37 8.65 14.09

95th Percentile 10.26 10.26 2.16 8.36 6.50 12.27

Page 53



5 Years


Dodge & Cox Stock Risk Profile

Dodge & Cox Stock

Dodge & Cox Stock S&P 500 Index

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19Dodge & Cox Stock S&P 500 Index

FTSE 3 Month T-Bill

-6.0

-3.0

0.0

3.0

6.0

9.0

12.0

15.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Dodge & Cox Stock -1.86 4.96 -0.37 0.86 0.65 -2.63 1.07 8.65 12.96 0.93

S&P 500 Index 0.00 0.00 N/A 1.00 0.92 0.00 1.00 10.91 11.19 1.00


Page 54



Dodge & Cox Stock


0.0% 50.0% 100.0% 150.0%

Other

Convertibles

Fixed Income

Cash

Equities

0.0%

0.0%

0.2%

3.5%

96.3%


Total Securities 74


P/E 19.66

P/B 3.48

Div. Yield 2.80%

Annual EPS 18.33

5Yr EPS 7.70



Comcast Corp ORD 4.15 %

Wells Fargo & Co ORD 3.64 %

Charter Communications Inc ORD 3.18 %

Charles Schwab Corp ORD 3.14 %

Microsoft Corp ORD 3.11 %

Alphabet Inc ORD 2.95 %

Sanofi SA DR 2.79 %

Bank of America Corp ORD 2.73 %

Capital One Financial Corp ORD 2.72 %

Novartis AG DR 2.63 %


0.0% 15.0% 30.0% 45.0% 60.0%

Financials

Health Care



Energy

Industrials

Non Classified Equity


Consumer Staples

Materials

24.9%

18.9%

15.0%

14.5%

8.5%

8.2%

2.5%

1.7%

1.2%

0.9%

Page 55

Return Summary


Account Information


Vanguard Mid Cap Index Performance Summary

Vanguard Mid Cap Index


Vanguard Spliced Mid Cap Index

0.0

6.0

12.0

18.0

24.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

16.8 16.8

6.0

11.6

8.9

16.716.8 16.8

6.0

11.6

8.9

16.7

Product Name : Vanguard Md-Cp I;Inst (VMCIX)

Fund Family : Vanguard Group Inc

Ticker : VMCIX

Peer Group : IM U.S. Mid Cap Equity (MF)

Benchmark : Vanguard Spliced Mid Cap Index


Portfolio Manager : Butler/Johnson




Net Expense : 0.04%

Turnover : 16%


0.0%

0.1%

-0.1 %

-0.2 %

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19

Vanguard Mid Cap Index Benchmark

0.98

1.00

1.02

1.04

1.06

5/98 5/00 5/02 5/04 5/06 5/08 5/10 5/12 5/14 5/16 3/19

1.03

Page 56


Peer Group Analysis


IM U.S. Mid Cap Equity (MF)

-16.0

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Vanguard Mid Cap Index 16.78 (37) 16.78 (37) 6.00 (44) 11.60 (51) 8.86 (38) 16.68 (19)¢

Vanguard Spliced Mid Cap Index 16.79 (37) 16.79 (37) 5.99 (44) 11.63 (50) 8.89 (37) 16.72 (18)�

5th Percentile 23.18 23.18 15.49 19.79 12.46 17.63

1st Quartile 18.52 18.52 9.25 14.46 9.70 16.50

Median 15.70 15.70 5.02 11.61 7.63 15.46

3rd Quartile 13.73 13.73 0.20 8.89 5.82 14.11

95th Percentile 11.00 11.00 -4.22 5.89 2.90 11.65

Page 57



5 Years


Vanguard Mid Cap Index Risk Profile




0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19Vanguard Mid Cap Index


FTSE 3 Month T-Bill

-3.0

0.0

3.0

6.0

9.0

12.0

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Vanguard Mid Cap Index -0.02 0.05 -0.51 1.00 0.69 -0.02 1.00 8.86 12.31 1.00

Vanguard Spliced Mid Cap Index 0.00 0.00 N/A 1.00 0.70 0.00 1.00 8.89 12.32 1.00


Page 58





0.0% 50.0% 100.0% 150.0%

Other

Convertibles

Fixed Income

Cash

Equities

0.0%

0.0%

0.0%

0.8%

99.2%




P/E 29.08

P/B 5.65

Div. Yield 2.39%

Annual EPS 27.02

5Yr EPS 12.24



Autodesk Inc ORD 0.85 %

Edwards Lifesciences Corp ORD 0.84 %

Fiserv Inc ORD 0.80 %

Roper Technologies Inc ORD 0.79 %

Red Hat Inc ORD 0.77 %

Xilinx Inc ORD 0.75 %

Worldpay Inc ORD 0.69 %

Amphenol Corp ORD 0.67 %

Moody's Corp ORD 0.67 %

ONEOK Inc ORD 0.63 %


0.0% 10.0% 20.0% 30.0% 40.0%

Financials

Industrials



Consumer Staples

Health Care

Utilities

Energy

Materials


19.8%

19.1%

16.2%

10.6%

9.3%

8.8%

5.9%

5.1%

3.5%

0.5%

Page 59

Return Summary


Account Information


Baron Growth Inst Performance Summary

Baron Growth Inst

Baron Growth Inst

Russell Midcap Growth Index

0.0

8.0

16.0

24.0

32.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

19.6 19.6

11.5

15.1

10.9

17.6

21.7 21.7

15.616.9

9.9

Product Name : Baron Growth;Inst (BGRIX)

Fund Family : Baron Funds

Ticker : BGRIX

Peer Group : IM U.S. Mid Cap Growth Equity (MF)

Benchmark : Russell Midcap Growth Index


Portfolio Manager : Baron/Rosenberg




Net Expense : 1.03%

Turnover : 3%


0.0%

4.0%

8.0%

12.0%

-4.0 %

-8.0 %

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19

Baron Growth Inst Benchmark

0.77

0.84

0.91

0.98

1.05

1.12

5/09 5/10 5/11 5/12 5/13 5/14 5/15 5/16 5/17 5/18 3/19

0.96

Page 60

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

38.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Baron Growth Inst 21.67 (18) 21.67 (18) 15.57 (11) 16.92 (25) 9.94 (50) N/A¢

Baron Growth Rtl* 21.60 (18) 21.60 (18) 15.27 (13) 16.62 (29) 9.66 (55) 16.63 (33)�

Russell Midcap Growth Index 19.62 (42) 19.62 (42) 11.51 (34) 15.06 (46) 10.89 (30) 17.60 (10)p

5th Percentile 25.02 25.02 18.39 21.95 13.32 18.32

1st Quartile 20.69 20.69 12.82 16.92 11.19 16.95

Median 19.11 19.11 9.68 14.70 9.89 16.10

3rd Quartile 16.83 16.83 7.50 13.17 8.50 15.21

95th Percentile 13.19 13.19 0.93 9.87 5.36 12.75

Baron Growth Inst

Peer Group Analysis


IM U.S. Small Cap Growth Equity (MF)

*Alternate share class shown for a historical perspective.

Page 61



5 Years


Baron Growth Inst Risk Profile

Baron Growth Inst

Baron Growth Inst Russell Midcap Growth Index

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19

Baron Growth Inst

Russell Midcap Growth Index

FTSE 3 Month T-Bill

-4.0

0.0

4.0

8.0

12.0

16.0

Re

turn

(%)

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0Risk (Standard Deviation %)

ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Baron Growth Inst -0.71 4.96 -0.14 0.88 0.69 -0.86 1.01 9.94 14.32 0.94

Russell Midcap Growth Index 0.00 0.00 N/A 1.00 0.79 0.00 1.00 10.89 13.26 1.00


Page 62



Baron Growth Inst


0.0% 50.0% 100.0% 150.0%-50.0 %

Cash

Fixed Income

Convertibles

Other

Equities

-0.2 %

0.0%

0.0%

1.8%

98.5%


Total Securities 62


P/E 35.67

P/B 7.28

Div. Yield 2.35%

Annual EPS 17.81

5Yr EPS 23.67



Vail Resorts Inc ORD 8.11 %

CoStar Group Inc ORD 5.28 %

Gartner Inc ORD 5.27 %

Arch Capital Group Ltd ORD 5.07 %

MSCI Inc ORD 4.87 %

FactSet Research Systems Inc ORD 4.58 %

Choice Hotels International Inc 3.93 %

ANSYS Inc ORD 3.93 %

IDEXX Laboratories Inc ORD 3.88 %

Bright Horizons Family Solutions 3.51 %


0.0% 20.0% 40.0% 60.0% 80.0%


Financials


Industrials

Health Care


Consumer Staples

Utilities


30.8%

25.0%

18.7%

11.2%

8.2%

3.0%

1.2%

0.4%

0.1%

Page 63

International Equity

Page 64

Return Summary


Account Information


Artisan International Inv Performance Summary

Artisan International Inv


MSCI EAFE Index (Net)

MSCI AC World ex USA Index (Net)

0.0

8.0

16.0

24.0

-8.0

-16.0

Re

turn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

10.3 10.3

-4.2

8.1

2.6

8.910.0 10.0

-3.7

7.3

2.3

9.010.3 10.3

-2.0

6.5

2.5

10.2

Product Name : Artisan:Internatl;Inv (ARTIX)

Fund Family : Artisan Partners LP

Ticker : ARTIX

Peer Group : IM International Large Cap Equity (MF)

Benchmark : MSCI EAFE Index (Net)


Portfolio Manager : Yockey/Euretig/Hamker




Net Expense : 1.18%

Turnover : 55%


0.0%

6.0%

12.0%

-6.0 %

-12.0 %

-18.0 %

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19

Artisan International Inv Benchmark

0.00

0.80

1.60

2.40

3.20

12/95 3/98 6/00 9/02 12/04 3/07 6/09 9/11 12/13 3/16 3/19

2.40

Page 65


Peer Group Analysis


IM International Large Cap Equity (MF)

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0R

etu

rn

1Quarter

YearTo

Date

1Year

3Years

5Years

10Years

Artisan International Inv 10.32 (58) 10.32 (58) -1.96 (19) 6.49 (63) 2.45 (40) 10.24 (16)¢

MSCI EAFE Index (Net) 9.98 (66) 9.98 (66) -3.71 (38) 7.27 (41) 2.33 (44) 8.96 (37)�

5th Percentile 14.60 14.60 1.98 10.58 6.53 11.18

1st Quartile 12.57 12.57 -2.75 8.20 3.00 9.77

Median 11.04 11.04 -4.86 6.84 2.15 8.33

3rd Quartile 9.72 9.72 -6.66 6.02 1.29 7.83

95th Percentile 7.93 7.93 -9.83 3.50 -0.13 5.62

Page 66



5 Years


Artisan International Inv Risk Profile


Artisan International Inv MSCI EAFE Index (Net)

0.0

4.0

8.0

12.0

16.0

20.0

24.0

28.0

6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19Artisan International Inv MSCI EAFE Index (Net)

FTSE 3 Month T-Bill

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Re

turn

(%)


ActiveReturn

TrackingError

InformationRatio



ActualCorrelation

Artisan International Inv 0.13 4.99 0.03 0.83 0.20 0.38 0.92 2.45 11.84 0.91

MSCI EAFE Index (Net) 0.00 0.00 N/A 1.00 0.19 0.00 1.00 2.33 11.77 1.00


Page 67





0.0% 50.0% 100.0% 150.0%

Other

Convertibles

Cash

Fixed Income

Equities

0.0%

0.0%

0.7%

2.2%

97.1%


Total Securities 75


P/E 23.09

P/B 4.10

Div. Yield 2.85%

Annual EPS 30.16

5Yr EPS 13.92



Linde PLC ORD 6.67 %

Deutsche Boerse AG ORD 6.11 %

Wirecard AG ORD 4.88 %

Medtronic PLC ORD 4.25 %

Nestle SA ORD 3.79 %

Airbus SE ORD 3.45 %

Deutsche Post AG ORD 3.18 %

AIA Group Ltd ORD 3.18 %

ING Groep NV ORD 3.03 %

Aon PLC ORD 2.85 %

Regional Allocation As of 12/31/2018

0.0% 50.0% 100.0% 150.0%

Other

Emg. MidEast, Africa, Europe

North America

Emerging Asia

Emerging Latin America

Pacific Basin

Europe

1.0%

1.3%

2.9%

3.7%

4.5%

7.0%

79.6%

Page 68

Market Environment

Page 69


Global Equity Markets

Concerns of slowing global growth and trade wars partially eased in the first quarter of 2019, bolstering global equities in the process. In local currency terms, the MSCI AC World Investable Market Index returned 12.3% – not quite fully offsetting the previous quarter's decline.

Rising oil prices and encouraging performance from Canadian Financials and Energy, combined with a strengthening of the Canadian dollar against the U.S. dollar resulted in the Canadian equity market being the strongest performer (USD terms) over the quarter.

Japanese and European (ex-UK) equities were predominantly boosted by valuation multiple expansion. This came despite deteriorating economic dataflow, with Japanese and eurozone PMIs moving into contractionary territory, weak industrial production and falling inflation.

Strong sterling performance over the quarter on the back of increased possibility of a “no deal” Brexit scenario boosted UK equity market returns in USD terms. In local currency terms, however, UK equities largely lagged other markets.

12.3%10.3%

14.0%12.3%

6.7%

15.2%

11.5%10.5%

12.3%

9.7%

1.9%

-5.0%

8.3%

-1.1%

-8.6%

2.5%

11.5%

-5.9%

3.3%

-8.0%-10%

-5%

0%

5%

10%

15%

20%

ACWI IMI 45.3%ACWI ex-U.S.

IMI

54.7%USA IMI

5.3%UK IMI

7.7%Japan IMI

3.1%Canada IMI

0.2%Israel IMI

13.7%Europe ex-UK

IMI

3.9%Pacific ex-Japan

IMI

11.5%Emerging

Markets IMI

GLOBAL MSCI IMI INDEX RETURNS (USD)AS OF 03/31/2019 First Quarter 2019 One-Year

Source: MSCI

Page 70


Global Equity Markets

The two exhibits on this slide illustrate the percentage that each country/region represents of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively.

USA54.7%

UK5.3%

Canada3.1%

Pacific ex-Japan3.9%

Japan7.7%

Europe ex-UK

13.7%

Israel0.2%

Latin America1.4%

Asia8.6%

Eastern Europe, Middle East &

Africa1.6%

Emerging Markets11.5%

MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2019

Source: MSCI

UK11.8%

Canada6.8%

Pacific ex-Japan8.5%

Japan16.9%

Europe ex-UK30.2%

Israel0.5%

Latin America3.0%

Asia18.9%

Eastern Europe,

Middle East & Africa

3.4%

Emerging Markets25.4%

MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2019

Source: MSCI

Page 71


U.S. Equity Markets

With concerns of a slower U.S. economy abating and more promising steps to some U.S.-China trade reconciliation, it is unsurprising that drivers of the U.S. equity market upturn came from sectors traditionally thought to be cyclical or, at least, sensitive to the economic environment. The Dow Jones Total Stock Market Index rose by 14.0% over the quarter with the majority of the strong performance coming earlier in the quarter. The Russell 3000 Index rose 14.0% during the first quarter and 8.8% over the one-year period.

All sectors generated positive returns over the quarter. In particular, Technology (19.3%) and Producer Durables (17.6%) were the best performing sectors in Q1 2019.

Performance was positive across the market capitalization spectrum over the quarter. In general, large cap stocks underperformed both medium and small cap stocks over the quarter. Growth stocks outperformed their Value counterparts in Q1 2019; a continuation of a longer-lasting trend where Value stocks have lagged their Growth stock equivalents significantly over the last twelve months.

14.0%

10.8%

15.1%14.4%

19.6%

11.9%

17.1%

8.8%7.1%

13.2%

2.9%

11.5%

0.2%

3.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Russell3000

31.0%LargeValue

36.1%Large

Growth

14.9%MediumValue

11.0%MediumGrowth

3.4%SmallValue

3.7%Small

Growth

RUSSELL STYLE RETURNS AS OF 03/31/2019

First Quarter 2019

One-Year

Source: Russell Indexes

14.0%

19.3%

8.7%

14.4%

9.8%

16.6%

12.8%

17.6%

12.5%10.2%

8.8%

13.8%15.1%

11.6%

6.8%

-0.4%-2.1%

4.4% 3.6%

15.7%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Russell3000

21.4%Technology

13.9%Healthcare

14.4%Cons. Disc

5.7%Cons.

Staples

5.1%Energy

3.4%Materials &Processing

10.5%ProducerDurables

20.4%FinancialServices

5.1%Utilities

RUSSELL GICS SECTOR RETURNS AS AT 03/31/2019 First Quarter 2019

One-Year

Source: Russell Indexes

Page 72


U.S. Fixed Income Markets

The Bloomberg Barclays U.S. Aggregate Bond Index rose by 2.9% over the quarter. Corporate bonds were the best performers, returning 5.1% whilst ABS bonds underperformed with a return of 1.5%.

Performance was positive across all credit grades. High yield bonds rose the most at 7.3%. Within investment grade bonds, Baa bonds outperformed with a return of 5.8%.

Long-maturity bonds outperformed intermediate and short-maturity bonds over the quarter. Long-maturity bonds returned 6.4% while short-maturity bonds returned only 1.2% in Q1 2019.

2.9%2.1%

5.1%

2.2%

1.5%

3.2%

4.5%4.2%

4.9%4.4%

3.7%

5.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

BarclaysAgg. Bond

42.3%Govt

25.9%Corp.

29.1%MBS

0.5%ABS

2.1%CMBS

BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTOR AS OF 03/31/2019

First Quarter 2019

One-Year

Source: FactSet

1.2%

2.1%2.6%

3.1%

6.4%

3.0%

4.2%4.8%

5.1% 5.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

1-3 Yr. 3-5 Yr. 5-7 Yr. 7-10 Yr. >10 Yr.

BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURITY AS OF 03/31/2019

First Quarter 2019

One-Year

Source: FactSet

2.2%

3.4%

4.6%

5.8%

7.3%

4.3%4.9% 4.8% 5.0%

5.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Aaa Aa A Baa High Yield

BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 03/31/2019

First Quarter 2019

One-Year

Source: FactSet

Page 73


U.S. Fixed Income Markets

The U.S. nominal yield curve shifted downwards over the quarter with yields falling across all maturities. The U.S. treasury yield curve flattened significantly in Q1. The difference between three-month and ten-year U.S. treasury yields (a key measure of the U.S. yield curve watched by the Fed and seen as an indicator of a coming recession) turned negative for the first time since August 2007.

The 10-year U.S. Treasury yield ended the quarter at 2.41%, 28bps lower than at the start of the quarter in which the US Federal Reserve (Fed) decided to pause after hiking interest rates over the past year. Projected rate hikes for 2019 have been abandoned and pushed back later to 2020. Moreover, September is now earmarked as the end of the Fed's balance sheet tightening, while the pace of quantitative tightening will halve from May onwards (from $30bn to $15bn).

The 10-year TIPS yield fell by 45bps over the quarter and ended the period at 0.53%.

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0 5 10 15 20 25 30

Maturity (Years)

U.S. TREASURY YIELD CURVE

3/31/2018

12/31/2018

3/31/2019

Source: U.S. Department of Treasury

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Mar 09 Mar 11 Mar 13 Mar 15 Mar 17 Mar 19

U.S. 10-YEAR TREASURY AND TIPS YIELDS

10Y TIPS Yield

10Y Treasury Yield

Source: U.S. Department of Treasury

Page 74


European Fixed Income Markets

Bond spreads over 10-year German bunds generally fell across the eurozone (except for Italy).The European Central Bank (ECB) pushed back its interest rate to 2020 at the earliest. The ECB announced the third iteration of the Targeted Long-Term Refinancing Operations (TLTRO), aimed at encouraging bank supply of credit. This comes just one quarter after the ECB ended its quantitative easing programme.

German government bund yields fell by 31bps to -0.07% over the quarter with the yields falling below zero for the first time in two years after the country’s manufacturing sector dived deeper into contraction territory. Italian government bond yields fell by 25bps to 2.49% over the quarter. Both Fitch and Moody’s credit rating agencies kept their ratings unchanged for Italian sovereign bonds at BBB and Baa3 respectively, easing fears of a downgrade expected by some market participants.

Portuguese government bond yields fell by 46bps to a record low of 1.25%, as Standard and Poor’s upgraded the country’s credit rating to BBB.

Greek government bond yields fell by 62bps to 3.73% over the quarter which saw the successful release of the country's first new bond issuance since it exited its third bailout programme in August 2018.

0%

5%

10%

15%

20%

25%

30%

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

EUROZONE PERIPHERAL BOND SPREADS(10-YEAR SPREADS OVER GERMAN BUNDS)

Spain ItalyPortugal GreeceIreland

Source: FactSet

Page 75


Credit Spreads

Against a backdrop of improving risk appetite, credit spreads over U.S. Treasuries generally narrowed over the quarter.

Broadly retracing the prior quarter’s credit spread widening, High Yield bond spreads narrowed significantly in Q1 2019, decreasing by 135bps. This was followed by Global Emerging Markets bonds spreads, which narrowed by 47bps.

Spread (bps) 3/31/2019 12/31/2018 3/31/2018 Quarterly Change (bps) 1-Year Change (bps)

U.S. Aggregate 44 54 41 -10 3

Long Gov't 1 2 1 -1 0

Long Credit 172 200 148 -28 24

Long Gov't/Credit 99 113 88 -14 11

MBS 35 35 29 0 6

CMBS 69 86 67 -17 2

ABS 39 53 48 -14 -9

Corporate 119 153 109 -34 10

High Yield 391 526 354 -135 37

Global Emerging Markets 283 330 230 -47 53

Source: FactSet, B loomberg Barclays

Page 76


Currency

The U.S. dollar had a mixed performance against major currencies over the quarter and ended marginally lower as it fell 0.4% on a trade-weighted basis over the quarter. U.S. dollar appreciated against euro and yen but depreciated against sterling and Canadian dollar.

In the UK, it became clear over the quarter that a "no deal" Brexit scenario does not seem to have parliamentary backing, prompting sterling to find firmer footing. Sterling appreciated by 2.3% against the U.S. dollar.

Alongside a more dovish ECB and a weaker economic outlook, the euro notably underperformed, falling against all major currencies. In particular, the euro depreciated by 1.8% against the U.S. dollar.

85

90

95

100

105

110

115

120

Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19

TRADE WEIGHTED U.S. DOLLAR INDEX(1973 = 100)

Source: Federal Reserve

85

95

105

115

125

135

Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19

U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 03/31/2013

EUR/USD

GBP/USD

JPY/USD

Source: Factset

StrongerDollar

WeakerDollar

Page 77


Commodities

Commodities rose over the quarter which saw the Bloomberg Commodity Index return 6.3%.

Energy was the best performing sector over the quarter with a return of 15.9% as crude oil prices rose sharply. The cut in OPEC's crude oil production, as well as an unexpected fall in U.S. inventories, more than offset the potentially dampening effect on commodity demand from weakening economic growth and trade. The price of Brent crude oil rose by 27.1% to $68/bbl. and WTI crude oil spot prices rose by 32.4% to $60/bbl.

Agriculture (-3.2%) was the worst performing sector in Q1 2019. Within the Agriculture sector, Softs rose by 0.4% whilst Grains fell by 5.8%.

6.3%

2.3%

15.9%

12.8%

0.0%

-3.2%

0.4%

-5.8%

4.7%

-5.3%

-7.6%

-0.5%

-3.1%

-4.0%

-16.3%

-13.2%

-16.9%

14.4%

-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0%

Bloomberg Commodity Index

Ex-Energy

Energy

Industrial Metals

Prec. Metals

Agric.

Softs

Grains

Livestock

COMMODITY RETURNS AS OF 03/31/2019

First Quarter 2019

One-Year

Source: Bloomberg

Page 78


Hedge Fund Markets Overview

Hedge fund performance was positive across all strategies in the first quarter.

Over the quarter, Equity Hedge and Emerging Markets strategies were the best performers with returns of 7.9% and 7.8%, Conversely, Distressed-Restructuring and Global Macro were the worst performers, returning 3.3% and 2.9% respectively.

HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 5.9% and 5.0% respectively.

5.4%

2.6%

7.8%

7.5%

4.2%

3.2%

4.0%

5.7%

4.6%

1.4%

0.0%

-0.2%

-5.2%

1.9%

1.2%

3.0%

0.7%

0.1%

-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

Fixed Income/Convertible Arb.

Global Macro

Equity Hedge

Emerging Markets

Event-Driven

Distressed-Restructuring

Relative Value

Fund-Weighted Composite Index

Fund of Funds Composite Index

HEDGE FUND PERFORMANCE AS OF 03/31/2019

First Quarter

One-Year

Note: Latest 5 months of HFR data are estimated by HFR and may change in the future.Source: HFR

Page 79


U.S. Commercial Real Estate Markets

Sources: RCA, AON 12/31/2018

U.S. Core real estate returned 1.42%* over the first quarter, equating to 7.5% total gross return year-over-year, including a 4.2%income return. Debt mark to market was a drag on the quarterly return as a result of declining interest rates. Net income growth isexpected to be the larger driver of the total return on a go forward basis given the current point of the real estate cycle.

Global property markets, as measured by the FTSE EPRA/NAREIT Global Developed Real Estate Index, returned 14.9% (USD) inaggregate during the first quarter. Sector strength was largely attributed to a broader equity market rally due to an abrupt shift inmonetary policy across major economies. The EU restarted QE just 2 months after ceasing the program, and the US Fedcommunicated a general pause from increasing rates for 2019. REIT market performance was driven by Asia Pacific (15.6% USD),North America (16.0% USD) and Europe (12.2% USD). The U.S. REIT markets (FTSE NAREIT Equity REITs Index) gained 16.3%in the first quarter. U.S. 10-year Treasury bond yield fell to 2.41%, after hitting highs over 3% in 2018. the movement was supportiveto REIT share prices. Similarly, the German 10-year bond yield fell from .24% back to -0.07% at the end of the quarter.

According to RCA through February 2019, the U.S. property market has experienced price growth of 6.3% year-over-year acrossmajor sectors. In addition, transaction volume was down 4% over the same period.

Return expectations have normalized, with go forward expectations in line with historical norms. Declining interest rates have led toa rally across various asset classes. According to Preqin, there remains a record amount of dry powder ($326 billion) in closed-endvehicles seeking real estate exposure, which should continue to lend support to valuations and liquidity in the commercial real estatemarket.

*Indicates preliminary NFI-ODCE data gross of fees

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

CAP RATES BY SECTOR

Office Industrial Retail Apartment

1.4%

7.5% 8.0%

10.2%8.7%

16.3%

20.9%

6.1%

9.1%

18.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

First Quarter2019

1-Year 3-Years 5-Years 10-Years

PRIVATE VS. PUBLIC REAL ESTATE RETURNSAS OF 3/31/2019

Private (NFI-ODCE Gross)* Public (NAREIT Gross)

*Second quarter returns are preliminarySources: NCREIF, Factset

Page 80

Fee Analysis

Page 81

Fairfax County Public Schools As of March 31, 2019

Peer Group $ Weighted $ WeightedMedian Median Average Average Difference2

U.S FIXED INCOMEGreat West Portfolio Fund Stable Value 0.89% 0.47% N/A 0.47% N/A N/APIMCO Total Return Adm U.S. Broad Market Core Fixed Income 0.69% 0.48% 0.42% 0.53% 0.35% 0.16%PIMCO Inflation Response MultiAsst Inst Flexible Portfolio 0.71% 1.00% 1.00% 1.19% 0.97% 0.00%TARGET DATET. Rowe Price Retirement I 2005 I Mixed-Asset Target Today (Active) 0.40% 0.55% 0.52% 0.56% 0.53% -0.16%T. Rowe Price Retirement I 2010 I Mixed-Asset Target 2010 (Active) 0.39% 0.40% 0.54% 0.43% 0.48% -0.04%T. Rowe Price Retirement I 2015 I Mixed-Asset Target 2015 (Active) 0.43% 0.46% 0.57% 0.49% 0.49% -0.06%T. Rowe Price Retirement I 2020 I Mixed-Asset Target 2020 (Active) 0.47% 0.55% 0.61% 0.56% 0.52% -0.09%T. Rowe Price Retirement I 2025 I Mixed-Asset Target 2025 (Active) 0.50% 0.52% 0.64% 0.56% 0.59% -0.06%T. Rowe Price Retirement I 2030 I Mixed-Asset Target 2030 (Active) 0.53% 0.55% 0.58% 0.58% 0.57% -0.05%T. Rowe Price Retirement I 2035 I Mixed-Asset Target 2035 (Active) 0.56% 0.61% 0.58% 0.71% 0.57% -0.15%T. Rowe Price Retirement I 2040 I Mixed-Asset Target 2040 (Active) 0.58% 0.60% 0.67% 0.67% 0.61% -0.09%T. Rowe Price Retirement I 2045 I Mixed-Asset Target 2045 (Active) 0.59% 0.57% 0.59% 0.59% 0.58% 0.00%T. Rowe Price Retirement I 2050 I Mixed-Asset Target 2050 (Active) 0.59% 0.58% 0.59% 0.62% 0.60% -0.03%T. Rowe Price Retirement I 2055 I Mixed-Asset Target 2055 (Active) 0.59% 0.58% 0.59% 0.60% 0.59% -0.01%U.S. EQUITYiShares S&P 500 Index S&P 500 Index (Passive) 0.04% 0.20% 0.04% 0.27% 0.04% -0.23%Dodge & Cox Stock U.S. Large Cap Core Equity 0.52% 0.73% 0.31% 0.80% 0.42% -0.28%Vanguard Mid Cap Index U.S. Mid Cap Core Equity (Passive) 0.04% 0.09% 0.05% 0.21% 0.05% -0.17%Baron Growth Inst U.S. Mid Cap Growth Equity 1.03% 0.91% 0.71% 0.93% 0.76% 0.10%INTERNATIONAL EQUITYArtisan International Inv International Equity All 1.18% 0.91% 0.63% 0.94% 0.66% 0.24%

2 Difference column represents the difference between the fund's expense ratio and the Peer Group's average expense ratio.

Fund NameFund's

Expense Ratio

1 All information, unless noted otherwise, was created using Morningstar audited expense ratio data as of December 31, 2018. Since mutual fund expense ratios do not change frequently, AHIC believes this study to be a relevant comparison for up to a year, at which time the data will be updated. For complete information on AHIC methodologies and additional information on the expense ratio distributions, contact your AHIC consultant. Mutual fund expense peer groups were constructed by Investment Metrics, and are consistent with the peer groups shown in other exhibits comparing performance, risk-metrics and a multitude of other characteristics.

3 In lieu of an expense ratio, Great West assumes a margin of 89 basis points on the Portfolio Fund. This reflects the gross investment yield of the assets minus the crediting rate and cost of maintaining regulatory capital requirements.

6 Combines multiple Investment Metrics peer groups.

5 Mixed Asset peer groups utilize prospectus net expense ratio information due to the nature of the asset classand common use of a Fund of Fund structure.

4 Stable value fund average calculated using Hueler Universe data for a mandate size of $1 million in assets.

7 Please note that this is the net expense ratio excluding interest expense. Interest expense can result from portfolio investment transactions and is not paid to PIMCO.

Cost Analysis

Expense Ratio Peer Group Data1

Page 82

Appendix

Page 83

Glossary of Investment Terms and Concepts

Active Returns Measures the average excess return of the portfolio relative to a benchmark. The excess return is annualized. The higher the active return, the better the portfolio’s performance versus the benchmark. Alpha Measures nonsystematic return, or the return that cannot be attributed to the market. Thus, it can be thought of as how the manager performed if the market had no gain or loss. A positive alpha implies that the manager has added value to the return of the portfolio over that of the market. Average Credit Quality An average of all the credit-quality positions for the fund or underlying fund’s bond holdings. The credit quality levels range from AAA (highest) to D (lowest). Average Maturity Average maturity is the weighted average of the dates on which the bonds held in the portfolio become due and are to be paid off. Average Weighted Coupon A weighted average of the coupons for all bond holdings in the fund or underlying fund’s portfolio. This figure is generated by weighing each bond’s rate of interest to its relative size in the portfolio. Bloomberg Barclays U.S. Aggregate Bond Index This includes all publicly issued, non-convertible domestic debt of the US Government and all its agencies, all investment-grade corporate debt and all mortgage-backed securities. The minimum maturity is one year, but there is no maximum maturity. The bonds must have at least $250 million par amount outstanding. Bloomberg Barclays U.S. Government/Credit Bond Index Is made up of the Bloomberg Barclays U.S. Government and Bloomberg Barclays U.S. Capital Credit Indices. All issues are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $250 million.

Bloomberg Barclays U.S. Government/Credit Intermediate Index A measure of the movement of approximately 2,800 bonds from the Bloomberg Barclays U.S. Government/Credit index with maturities between 1 and 9.99 years. The total return calculated for the index consists of price appreciation/depreciation and income as a percentage of the original investment. Bloomberg Barclays U.S. Government/Credit Long Index A measure of the movement of bonds from the Bloomberg Barclays U.S. Government/Credit index with maturities greater than 9.99 years. The total return calculated for the index consists of price appreciation/depreciation and income as a percentage of the original investment. Beta Measures the risk level of the manager. Beta measures the systematic risk, or the return that is attributable to market movements. A beta equal to one indicates a risk level equivalent to the market. Higher betas are associated with higher risk levels, while lower betas are associated with lower risk levels. Bottom-Up A methodical approach to investing in which investors search for outstanding performance of individual stocks before considering the impact of economic trends. Companies are identified from research reports, stock screens, personal knowledge of the products and services, and other resources. The bottom-up approach assumes that individual companies can do well, even in an industry or sector that is not performing well. Commingled Account The collective investment of the assets of several institutional clients, usually through an investment manager allowing for broader and more efficient investing.

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Consumer Price Index (CPI) A measure of the average change in prices over time of a fixed group of goods and services. The CPI is published by the Bureau of Labor Statistics in the Department of Labor and is released monthly. It is widely used as a cost-of-living benchmark. Correlation Statistical measure of the degree to which the movements of two variables are related, ranging from 1 to -1. For asset allocation purposes, mixing two assets with a correlation less than 1 results in a benefit of diversification because the two assets do not behave in exactly the same manner. Core Investment Style An investment approach that managers utilize by reviewing the entire universe of growth and value stocks within a market capitalization range, then choosing a combination of the most attractive of either type to create a blended portfolio with a style that is neither a pure value nor a pure growth. Core portfolio characteristics including P/E ratio, P/B ratio, and dividend yield that typically lie between growth and value portfolios. Coupon The interest on a debt security, e.g., a bond, the issuer promises to pay to the holder until maturity, expressed as an annual percentage of the security’s face value. For example, a bond with a 10% coupon will pay $10 per $100 of the face amount per year. Current Yield The annual interest on a bond divided by the market price. If a $1,000 bond was bought at $800 and the annual income from the bond was $100, the current yield is $100 divided by $800, or 12½%. Dow Jones Industrial Average Computed by summing the prices of the stocks of 30 companies and then dividing that total by a value which has been adjusted over the years so that the index is not affected by stock splits.

Downside Risk Estimate that a security will decline in value and the extent of the decline, taking into account the total range of factors affecting market price. Duration Measure of the price change of a bond to a change in its yield to maturity. It summarizes, in a single number, the characteristics that cause bond prices to change in response to a change in interest rates. The price of a bond with a duration of three years will rise by approximately 3% for each 1% decrease in its yield to maturity. That price will decrease 3% for each 1% increase in the bond’s yield. Price changes for two different bonds can be compared using duration. A bond with a duration of six years will exhibit twice the percentage price change of a bond with a three year duration. The actual calculation of a bond’s duration is somewhat complicated, but the idea behind the calculation is straightforward. The first step is to measure the time interval until receipt for each cash flow (coupon and principal payments) from a bond. The second step is to compute a weighted average of these time intervals. Each time interval is measured by the present value of that cash flow. This weighted average is the duration of the bond measured in years. Excess Risk A measure of the standard deviation of a portfolio’s performance relative to the risk free return, represented by 90-Day T-Bills. Expense Ratio A figure that represents the percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except for brokerage costs and sales charges.

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Fundamental Analysis A method of analyzing the balance sheet and income statement of a company in order to forecast its future stock price movements. Analysts consider the company’s past records of assets, earnings, sales, products, management, and markets in predicting future trends in these indicators of a company’s success or failure. Growth Stock Stock of a company which is growing earnings and/or revenue faster than its industry or the overall market and is expected to continue to show high levels of profit growth and P/E multiples. Such a company usually pays little or no dividends, preferring to use the income to finance further expansion. Generally, these stocks are contrasted with value stocks that trade at lower P/E multiples. Information Ratio The information ratio is a measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return. Large Cap “Large cap” refers to stock with a large capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Large cap stocks typically have at least $5 billion in outstanding market value. Long-Term Earnings Growth The long-term perspective earnings growth rate is the asset-weighted average of the long-term perspective earning growth rates of all the domestic stocks in the fund’s portfolio as of the date of the portfolio. Each portfolio holding is weighted by the percentage of domestic equity assets it represents, so that largest positions have proportionately greater influence on the fund’s aggregate long-term earnings growth rate. Long-term prospective earnings growth rates for stocks are provided by a third party stock data vendor.

Market Capitalization The value of a corporation as determined by the market price of its issued and outstanding common stock, calculated by multiplying the number of outstanding shares by the current market price of a share. Market capitalization may also refer to the total current value of the holdings of a mutual fund. Maturity Refers to the date at which a debt instrument is due and payable. A bond due to mature on January 1, 2010 will return the bondholder’s principal and final interest payment when it reaches maturity on that date. Median Market Capitalization The median market capitalization of the companies in a fund’s portfolio. Half of the fund’s money is invested in the stocks of companies larger than the median market capitalization, and half is invested in smaller issuers. Mid Cap “Mid cap” refers to stock with a medium capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Mid cap stocks typically have between $1 and $10 billion in outstanding market value. MSCI - EAFE Europe, Australia and Far East Equity Index, calculated by the Morgan Stanley Capital International group. The index acts as a benchmark for managers of international stock portfolios. Mutual Fund A fund operated by an investment company that raises money from shareholders and invests it in stocks, bonds, options, futures, currencies, or money market securities. Mutual funds offer investors the advantages of diversification and professional management. Shares are redeemable on demand at net asset value by shareholders, who share equally in the gains and losses generated by the fund.

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Price/Book Ratio This is the weighted average of the price/book ratios of all stocks in a fund’s portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per share book value (negative book values are excluded). Price/Earnings Ratio This is the weighted average of the price/earnings ratios of all stocks in a fund’s portfolio. The P/E ratio of a stock is obtained by dividing the current price of the stock by its trailing 12 months’ earnings per share. Quartile Universe Comparison These graphs depict the performance of the fund versus its peer group for the periods listed. Each floating bar represents the universe group’s performance over the selected time period. For each period, there is a high, low, median, and first and third quartile point. R-Squared Statistic A statistic that measures the reliability of alpha and beta in explaining the return of a manager as a linear function of the market. Higher R-squared values indicate more reliable alpha and beta statistics and are useful in assessing a manager’s investment style. ROE (Return on Equity) The amount, expressed as a percentage, earned on a company’s common stock investment for a given period. Return on equity tells commons stockholders how effectually their money is being employed. Risk Return Graph This graph is used to compare the performance and risk (standard deviation) of the fund against the performance and risk of an appropriate benchmark for a specific period of time.

Rolling Returns Bar Graph This graph shows the performance of a fund for a specific trailing period (quarterly), and for every three-month period going back for a set of previous periods. Russell 1000 Index A market index comprised of the highest-ranking 1,000 stocks in the Russell 3000 Index, representing about 90% of the Russell 3000 Index total market capitalization. Russell 1000 Growth Index This contains those Russell 1000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell 1000 Value Index This contains those Russell 1000 securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe. Russell 2000 Index A market index comprised of the 2,000 smallest companies in the Russell 3000 Index, representing approximately 10% of the Russell 3000 Index total market capitalization. Russell 2000 Growth Index This contains those Russell 2000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell 2000 Value Index This contains those Russell 2000 securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe.

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Russell Midcap Index This contains the 800 smallest companies in the Russell 1000 Index, representing approximately 25% of the Russell 1000 Index total market capitalization. Russell Midcap Growth Index This contains those Russell Midcap securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields, and higher forecasted growth values than the Value universe. Russell Midcap Value Index This contains those Russell Midcap securities with a lower-than-average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, higher dividend yields, and lower forecasted growth values than the Growth universe. Sector A particular group of stocks, usually found in one industry or a combination of industries, such as airline or railroad stocks. Separate Account An account established by an investment manager for investment of a specific client’s assets and maintained exclusively for such assets. Sharpe Ratio This is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. In general, the higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. The Sharpe ratio is calculated by dividing the fund’s annual excess return by the fund’s annualized standard deviation. Small Cap “Small cap” refers to stock with a small capitalization, which is calculated by multiplying the number of outstanding shares times the price of the shares. Small cap stocks typically have up to $1 billion in outstanding market value.

Standard & Poor’s Index (S&P 500) Covers 400 industrial, 40 utility, 20 transportation, and 40 financial companies of the US markets (mostly NYSE issues). The index represents about 75% of NYSE market capitalization. It is a capitalization-weighted index calculated on a total return basis with dividends reinvested. Standard Deviation A statistical gauge of risk which measures the spread of the difference of returns from their average. The more a portfolio’s returns vary from its average, the higher the standard deviation. Top-Down A methodical approach to investing in which investors consider current trends in the overall economy, and next selects the industries and then companies that should benefit from such trends. For example, if inflation stays low consumers’ spending power will be enhanced; investors may be attracted to retailing companies with the best earnings prospects in the near-term. If rapid inflation is expected, investors might look at the mining industry and then try to determine which particular gold, copper or other mining company might benefit from a rising trend in prices. The opposite approach to top-down investing is a bottom-up method. Tracking Error The deviation of a dependent variable (i.e. an investment portfolio) with respect to a reference function (i.e. a benchmark index). Turnover Ratio This is a measure of the fund’s trading activity that is calculated by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly assets. The resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year. Universe These are composites of managers that share a common investment style and provide a peer analysis of how the fund is performing relative to other investments in the same asset and style category

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Up/Down Capture The up and down capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form a new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously. Value Stock A stock that is considered to be a good investment at a desirable price, based on fundamental analysis, such as its P/B and its P/E, among other criteria. Generally, these stocks are contrasted with growth stocks that trade at higher P/E multiples.

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Benchmark Descriptions

Bloomberg Barclays Corporate High Yield Bond Index - An index that covers the USD-dominated, non- investment grade, fixed rate, taxable corporate bond market. Debt issues from emerging market countries are excluded. Securities are classified as high-yield if the middle rating is Ba1/BB+ or below.

Bloomberg Barclays Emerging Markets Index - An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets.

Bloomberg Barclays Global Aggregate - Provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

Bloomberg Barclays Global Treasury Ex-US - The Barclays Global Treasury ex US Index is a subset of the flagship Global Treasury Index that does not have any exposure toUS debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies.

Bloomberg Barclays Inflation Index - Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market.

Bloomberg Barclays Universal Index - A market value-weighted index which is the union of the U.S. Aggregate Index, U.S. High Yield Corporate Index, Eurodollar Index, U.S. Emerging Markets Index and the CMBS High Yield Index. The Index is appropriate for core plus fixed income mandates.

Bloomberg Barclays U.S. Aggregate Bond Index - A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 million or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market.

Bloomberg Barclays U.S. Government/Credit Index - A subcomponent of the Barclays Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high quality corporate bonds with an outstanding par value of $250 million or greater and at least one year of maturity remaining.

Bloomberg Barclays U.S. Government Index - A market value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.

Bloomberg Barclays U.S. High Yield Index - An index composed of non-investment grade corporate debt denominated in U.S. dollars. The issues have to have an outstanding par value of $150 million or greater and at least one year of maturity remaining.

Bloomberg Barclays U.S. Intermediate Aggregate Bond Index - A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related and asset-backed securities with one to ten years to maturity and an outstanding par value of $250 million or greater.

Bloomberg Barclays U.S. Intermediate Government Bond Index - An unmanaged index considered representative of intermediate- term fixed-income obligations issued by the U.S. treasury, government agencies and quasi-federal corporations.

Bloomberg Barclays U.S. Intermediate Government/Credit Index - A market-value weighted index consisting of U.S. government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 million or greater.

Bloomberg Barclays U.S. Intermediate Treasury - An unmanaged index considered representative of intermediate-term fixed- income obligations issued by the U.S. treasury.

Bloomberg Barclays U.S. Long Credit Bond Index - An unmanaged index considered representative of long-term fixed-income obligations issued by U.S. corporate, specified foreign debentures, and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered.

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Bloomberg Barclays U.S. Long Gov’t/Credit Index - The Barclays Capital U.S. Government/ Credit Bond Index measures performance of U.S. dollar denominated U.S. treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible.

Bloomberg Barclays U.S. Long Government Bond Index - An unmanaged index considered representative of long-term fixed- income obligations issued by the U.S. treasury, government agencies and quasi-federal corporations.

Bloomberg Barclays U.S. TIPS - A market value-weighted index consisting of U.S. Treasury Inflation Protected Securities with one or more years remaining until maturity with total outstanding issue size of $500m or more.

Bloomberg Barclays U.S. Treasury 20-30 Year STRIPS Index - A subcomponent of the Barclays Aggregate Index, this benchmark includes long-term treasury STRIPS.

Bloomberg Commodity Index - Consists of 22 exchange-traded futures on physical commodities, which are weighted to account for economic significance and market liquidity. Performance is calculated on an excess return basis and reflects commodity future price movements.

BofA Merrill Lynch 3 Month Treasury Bill - An index that measures the average return of the last three-month U.S. Treasury Bill issues.

BofA Merrill Lynch High Yield Master - A market capitalization-weighted index that tracks the performance of U.S. dollar- denominated, below investment grade corporate debt publicly issued in the U.S. domestic market.

Citigroup 90-Day T-Bill Index - An index that measures the average return of the last three-month U.S. Treasury Bill issues.

Credit Suisse Leveraged Loan Index - Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market.

CRSP US Large Cap Index - an index comprised of nearly 640 US large cap companies and includes securities traded on NYSE, NYSEMarket, NASDAQ, or ARCA, representing nearly 85% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December.

CRSP US Total Market Index - an index comprised of nearly 4,000 constituents across mega, large, small, and micro capitalizations and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 100% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December.

DJ U.S. Completion Total Stock Market Index - A capitalization-weighted index that consists of the stocks in the Dow Jones U.S. Total Stock Market Index less the stocks in the S&P 500 Stock Index.

DJ U.S. Total Stock Market Index - A capitalization-weighted stock index representing all domestic common stocks traded regularly on the organized exchanges. The index is the broadest measure of the aggregate domestic stock market and includes approximately 5,000 stocks.

FTSE 4Good U.S. Select Index - a socially responsible investment (SRI) index of US stocks that excludes companies with certain business activities such as weapons, tobacco, gambling, alcohol, nuclear power, and adult entertainment.

FTSE All-World ex-U.S. Index - A capitalization-weighted stock index representing 46 developed market countries and emerging market countries excluding the U.S.

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FTSE EPRA NAREIT Global ex-U.S. Index - Designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate.

FTSE Global All Cap ex US Index - a market-capitalization weighted index representing the performance of roughly 5350 large, mid and small cap companies in 46 Developed and Emerging markets worldwide, excluding the USA.

FTSE Global Core Infrastructure Index - Represents the performance of infrastructure and infrastructure-related securities companies in a set of industries that FTSE defines as being involved in infrastructure. The series is based on the FTSE Global Equity Index Series and both developed and emerging markets are included.

FTSE NAREIT U.S. Equity REITS - Free float adjusted, market capitalization weighted index of US based equity real estate investment trusts (REITs).

Goldman Sachs Commodity Index - A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures.

HFRI Fund-of-Fund Index - This index is equity-weighted including 800 constituents. It includes both domestic and offshore accounts and is valued in U.S. dollars. Only fund-of-fund products are included in the index that have at least $50 million under managements and have been actively trading for at least one year. All funds report net monthly returns.

HFRI Fund Weighted Composite Index - The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFRDatabase. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.

Hueler Stable Value Index - The Hueler Analytics Stable Value Pooled Fund Comparative Universe represents investment strategies of $96 billion in stable value assets, across 24 pooled funds, invested in contracts universe across a universe of 16 general account issuers and 14 synthetic wrap providers. The allocation of pooled fund assets is dominated by synthetic contracts issued by insurance companies and banks.

iMoneyNet All Taxable Money Funds Index - An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets.

iMoneyNet Money Fund Average - An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets.

J.P. Morgan EMBI Global Diversified - Comprised of dollar-denominated Brady bonds, traded loans and Eurobonds issued by emerging market sovereign and quasi-sovereign entities. The Diversified version limits the weights of the index countries by only including a specified portion of those countries' eligible current face amounts of debt outstanding, providing for a more even distribution of weights within the countries in the index.

MSCI All Country World ex-U.S. Index - A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S.

MSCI All Country World ex-U.S. Index IMI- A capitalization-weighted index of large, mid and small cap stocks representing 22 developed (excluding the United States) and 24 emerging market countries. The index is the broadest measure of the aggregate non-US stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States.

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MSCI All Country World ex-U.S. Small Cap Index - Covers all investable small cap securities with a market capitalization below that of the companies in the MSCI Standard Indices (excluding U.S.), and target approximately 14% of each market’s free-float adjusted market capitalization.

MSCI All Country World Index - A capitalization-weighted index of stocks representing 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America.

MSCI All Country World Index IMI - A capitalization-weighted index of large, mid and small cap stocks representing 23 developed and 24 emerging market countries. The index is the broadest measure of the aggregate global stock market, covering approximately 99% of the global equity investment opportunity set.

MSCI EAFE Growth Index - A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the growth-oriented companies.

MSCI EAFE Index - A capitalization-weighted index of stocks representing 22 developed countries in Europe, Australia, Asia, and the Far East.

MSCI EAFE Small Cap Index - A capitalization-weighted index of small cap stocks representing 23 developed country markets in Europe, Australia, Asia, and the Far East.

MSCI EAFE Value Index - A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the value-oriented companies.

MSCI Emerging Markets Index - A capitalization-weighted index of stocks representing 22 emerging country markets.

MSCI Emerging Markets Value Index - A capitalization-weighted index considered representative of value stocks across 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America.

MSCI U.S. Broad Market Index - A capitalization-weighted stock index that aggregates the MSCI U.S. Large Cap 300, Mid Cap 450, Small Cap 1,750 and Micro Cap Indices. This index represents approximately 99.5% of the capitalization of the U.S. Equity market and includes approximately 3,562 companies.

MSCI U.S. REIT Index - A broad index that fairly represents the equity REIT opportunity set with proper investability screens to ensure that the index is investable and replicable. The index represents approximately 85% of the U.S. REIT universe.

MSCI World Index - A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, representing 24 developed market country indices.

NCREIF Property Index - A capitalization-weighted index of privately owned investment grade income-producing properties representing approximately $269 billion in assets.

NFI ODCE Index - A capitalization weighted index comprised of open-end, Core funds investing in commercial real estate properties. The funds that constitute the index are subject to certain geographic and property type diversification requirements as well as leverage restrictions. The index reflects the impact of leverage on investment results. The returns shown in this report are net of management fees of the respective funds included in the index.

Rolling 3-year Constant Maturity Treasury Index - An index published by the Federal Reserve Board based on the monthly average yield of a range of Treasury securities, all adjusted to the equivalent of a three-year maturity.

Russell 1000 Growth Index - An index that measures the performance of those Russell 1000 companies with higher price-to- book ratios and higher I/B/E/S growth forecasts.

Russell 1000 Index - A capitalization-weighted index of the 1,000 largest publicly traded U.S. stocks by capitalization.

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Russell 1000 Value Index - An index that measures the performance of those stocks included in the Russell 1000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts.

Russell 2000 Growth Index - A capitalization-weighted index of those stocks in the Russell 2000 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts.

Russell 2000 Index - A capitalization-weighted index of the smallest 2,000 stocks in the Russell 3000 Index. The index excludes the largest- and smallest-capitalization issues in the domestic stock market.


Russell 2500 Growth Index - A capitalization-weighted index representing those companies within the Russell 2500 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts.

Russell 2500 Index - The Index is constructed by first identifying the 3,000 largest-capitalization U.S. stocks and ranking them by market capitalizations, choosing the bottom 2,500 names on the list.


Russell 3000 Growth Index - A capitalization-weighted index consisting of those Russell 3000 Index stocks that have higher price-to-book ratios and higher I/B/E/S earnings growth forecasts.

Russell 3000 Index - A capitalization-weighted index consisting of the 3,000 largest publicly traded U.S. stocks by capitalization. This index is a broad measure of the performance of the aggregate domestic equity market.

Russell 3000 Value Index - A capitalization-weighted index consisting of those Russell 3000 Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts.

Russell Mid Cap Growth Index - A capitalization-weighted index representing those stocks in the Russell MidCap Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts.

Russell Mid Cap Index - A capitalization-weighted index of the 800 smallest stocks in the Russell 1000 Index. This index is a broad measure of mid-capitalization stocks.

Russell Mid Cap Value Index - A capitalization-weighted index consisting of those Russell MidCap Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts.

S&P 500 Index - A capitalization-weighted index representing stocks chosen by Standard & Poor's, Inc. for their size, liquidity, stability and industry group representation. The companies in the S&P 500 Index are generally among the largest in their industries.

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S&P Completion Index -The S&P Completion Index is a sub-index of the S&P Total Market Index, including all stocks eligible for the S&P TMI and excluding all current constituents of the S&P 500. The index covers approximately 4,000 constituents, offering investors broad exposure to mid, small, and micro cap companies.

S&P Leverage Loan Index - A daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change.

S&P MidCap 400 Index - A market-capitalization-weighted index of stocks in all major industries in the mid-range of the U.S. stock market.

Wilshire REIT - A measure of the types of U.S. real estate securities that represent the ownership and operation of commercial or residential real estate. To be included in the index, a company must have a market capitalization of $200 million and have at least 75% of the total revenue derived from the ownership and operation of the real estate assets.

Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect our fees or expenses.

Past performance is no guarantee of future results.

Please feel free to contact us at [email protected] for more index information.

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Notes

Custom Benchmarks:

PIMCO IRMA Benchmark - The benchmark is a blend of 45% Bloomberg Barclays Global Inflation-Linked: U.S. TIPS Index, 20% Bloomberg Commodity Index Total Return, 15% JPMorgan Emerging Local Markets Index Plus, 10% Dow Jones U.S. Select REIT Index, 10% Dow Jones U.S. Gold Mining Index Vanguard Spliced Mid Cap Index - S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index through January 30, 2013; CRSP US Mid Cap Index thereafter. Notes:

The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time-weighted. Returns for periods longer than one year are annualized. Universe percentiles are based upon an ordering systems in which 1 is the best ranking and 100 is the worst. Due to rounding throughout the report, percentage totals displayed may not sum to 100%. Additionally, individual fund total in dollar terms may not sum to the plan total.

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Past performance is not necessarily indicative of future results.

Unless otherwise noted, performance returns presented reflect the respective fund’s performance as indicated. Returns may be presented on a before-fees basis (gross) or after-fees basis (net). After-fee performance is net of each respective sub-advisors’ investment management fees and include the reinvestment of dividends and interest as indicated onthe notes page within this report or on the asset allocation and performance summary pages. Actual returns may be reduced by AHIC’s investment advisory fees or other trustpayable expenses you may incur as a client. AHIC’s advisory fees are described in Form ADV Part 2A. Portfolio performance, characteristics and volatility also may differ from thebenchmark(s) shown.

The information contained herein is confidential and proprietary and provided for informational purposes only. It is not complete and does not contain certain material informationabout making investments in securities including important disclosures and risk factors. All securities transactions involve substantial risk of loss. Under no circumstances does theinformation in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments.

The data contained in these reports is compiled from statements provided by custodian(s), record-keeper(s), and/or other third-party data provider(s). This document is notintended to provide, and shall not be relied upon for, accounting and legal or tax advice. AHIC has not conducted additional audits and cannot warrant its accuracy orcompleteness. We urge you to carefully review all custodial statements and notify AHIC with any issues or questions you may have with respect to investment performance or anyother matter set forth herein.

The mutual fund information found in this report is provided by Thomson Reuters Lipper and AHIC cannot warrant its accuracy or timeliness. Thomson Reuters Lipper Global DataFeed provides comprehensive coverage of mutual fund information directly to Investment Metrics, AHIC’s performance reporting vendor, via the PARis performance reporting

platform. Thomson Reuters Lipper is the data provider chosen by Investment Metrics, and as such, AHIC has no direct relationship with Thomson Reuters Lipper.

Refer to Hedge Fund Research, Inc. www.hedgefundresearch.com for information on HFR indices.

FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSEInternational Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, ThePhilippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges"). All intellectual property rights in theFTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings orunderlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Aon Hewitt Investment Consulting, Inc. (“AHIC”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). AHIC is also registeredwith the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. The AHICADV Form Part 2A disclosure statement is available upon written request to:

Aon Hewitt Investment Consulting, Inc.200 East Randolph StreetSuite 1500Chicago, IL 60601

ATTN: AHIC Compliance Officer

Disclaimer

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