product analysis 1q18 - littleton public schools · fund information rolling 3 year return and...

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PRODUCT ANALYSIS 1Q18

Littleton Public Schools

Wendy Dominguez, MBA

Elizabeth Stemper, AIF®, QPFC

Peter Mustian

FUND INFORMATION

ROLLING 3 YEAR RETURN AND PERCENTILE RANKINGS

PEER GROUP ANALYSIS - IM U.S. Large Cap Value Equity (MF)

CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS

RISK VS. RETURN (5 YEARS*)

*If less than 5 years, data is since inception of fund share class.

Investment Strategy:The Fund invests primarily in adiversified portfolio of common stocks.In selecting investments, the Fundinvests in companies that, in Dodge &Cox’s opinion, appear to be temporarilyundervalued by the stock market buthave a favorable outlook for long-termgrowth. The Fund focuses on theunderlying financial condition andprospects of individual companies,including future earnings, cash flow anddividends. Various other factors,including financial strength, economiccondition, competitive advantage,quality of the business franchise andthe reputation, experience andcompetence of a company'smanagement are weighed againstvaluation in selecting individualsecurities.

Innovest's Assessment:Dodge & Cox’s collaborative,fundamental research approach isexpected to generate shareholder valueover full market cycles and whenmarkets reward the firm’s contrarianstyle. Conversely, performance maysuffer during periods driven by moremacroeconomic events, or a disregardfor company specific valuation andfundamentals.

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Dodge & Cox Stock -1.75 (21) -1.75 (21) 10.76 (33) 10.88 (2) 13.34 (1) 12.69 (2) 8.90 (14)¢£

S&P 500 Value -3.57 (90) -3.57 (90) 7.69 (71) 8.40 (34) 10.87 (36) 10.85 (31) 7.42 (52)��

Median -2.47 -2.47 9.23 7.67 10.43 10.26 7.45

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)

3.0 6.0 9.0 12.0 15.0Risk (Standard Deviation %)

Return StandardDeviation

Dodge & Cox Stock 13.34 11.63¢£

S&P 500 Value 10.87 10.05��

Median 10.43 10.55¾

FundFamily :

Dodge & Cox

Fund Inception : 01/04/1965PortfolioManager :

Team Managed

TotalAssets :

$74,760 Million

Turnover : 16%

2017 2016 2015 2014 2013 2012 2011Dodge & Cox Stock 18.33 (25) 21.28 (3) -4.49 (61) 10.40 (64) 40.55 (1) 22.01 (4) -4.08 (69)S&P 500 Value 15.36 (62) 17.40 (22) -3.13 (33) 12.36 (20) 31.99 (56) 17.68 (26) -0.48 (33)IM U.S. Large Cap Value Equity (MF) Median 16.41 14.12 -3.87 10.90 32.38 15.79 -2.32

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Dodge & Cox Stock 10.88 (2) 9.44 (5) 9.51 (19) 18.20 (4) 16.72 (3) 11.64 (30) 23.89 (15)S&P 500 Value 8.40 (34) 8.88 (10) 9.45 (20) 15.34 (45) 13.96 (41) 12.12 (20) 23.18 (18)IM U.S. Large Cap Value Equity (MF) Median 7.67 7.31 8.15 15.12 13.43 10.62 20.52

Dodge & Cox Stock 03/31/18

2

SECTOR ALLOCATION

STYLE MAP (01/01/79 - 03/31/18)

SECTOR PERFORMANCE

TOP 10 HOLDINGSPORTFOLIO CHARACTERISTICS

UP/DOWN CAPTURE (04/01/13 - 03/31/18)

TOTAL SECTOR ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Schwab (Charles) Corp 4.08 0.00 1.86Capital One Financial Corp. 3.74 0.44 -3.36Wells Fargo & Co 3.66 2.17 -13.10Bank of America Corp 3.61 1.40 1.98Microsoft Corp 3.16 0.00 7.19Comcast Corp 3.10 0.75 -14.35Charter Communications Inc 2.84 0.00 -7.36Alphabet Inc 2.83 0.00 -1.40Time Warner Inc 2.67 0.69 3.85JPMorgan Chase & Co 2.65 3.55 3.36

% of Portfolio 32.34 9.00

Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $137,691 $126,434Median Mkt. Cap $M $49,961 $19,726Price/Earnings ratio 16.97 16.53Price/Book ratio 2.46 2.285 Yr. EPS Growth Rate (%) 7.82 8.92Current Yield (%) 1.92 2.58Beta (5 Years, Monthly) 1.08 1.00% in Int'l Securities 15.86 4.45Active Share 80.43 N/ANumber of Stocks 66 389

Dodge & Cox Stock S&P 500 Value

0.0 10.0 20.0 30.0 40.0

UtilitiesTelecommunication Services

Real EstateMaterials

Information TechnologyIndustrials

Health CareFinancials

EnergyConsumer Staples

Consumer Discretionary

0.01.5

0.01.0

18.45.1

22.428.5

7.80.5

14.8

5.04.1

2.84.4

6.89.910.2

25.111.9

11.08.8

Dodge & Cox Stock

0.0 0.3 0.6 0.9-0.3-0.6

0.00.0

0.10.1

0.60.10.1

-0.10.5

0.40.1

Dodge & Cox Stock S&P 500 Value

0.0 6.0 12.0-6.0-12.0-18.0

0.0-12.5

0.0-6.0

3.3-3.2

-2.5-2.5

-0.7-9.4

-2.5

-3.5-7.5-7.4

-5.35.2

-4.4-2.1-1.9

-5.9-7.6

-3.0

Style History Mar-2018 Average Style Exposure

Cap

italiz

atio

n

Manager Style

Large Cap Growth

Small Cap GrowthSmall Cap Value

Large Cap Value

Dodge & Cox Stock

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Dodge & Cox Stock 03/31/18

3

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Large Cap Core Equity (MF)




Investment Strategy:The core of this Fund's strategy issimple: It buys and holds the stocksthat make up the S&P 500 Index. TheFund attempts to add value on themargins by opportunistically buyingfutures contracts, among othertechniques, and actively tries to reducetrading costs.

-10.0

-5.0

0.0

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20.0

25.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard 500 Index -0.77 (44) -0.77 (44) 13.95 (41) 10.75 (15) 13.27 (15) 12.67 (13) 9.49 (18)¢£

S&P 500 Index -0.76 (43) -0.76 (43) 13.99 (40) 10.78 (14) 13.31 (14) 12.71 (12) 9.49 (18)��

Median -1.11 -1.11 13.31 9.25 12.05 11.44 8.51

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)



Vanguard 500 Index 13.27 9.78¢£

S&P 500 Index 13.31 9.78��

Median 12.05 10.02¾

FundFamily :

Vanguard GroupInc


Butler/Louie

TotalAssets :

$242,271 Million

Turnover : 4%

2017 2016 2015 2014 2013 2012 2011Vanguard 500 Index 21.79 (36) 11.93 (25) 1.36 (29) 13.64 (15) 32.33 (40) 15.96 (41) 2.08 (23)S&P 500 Index 21.83 (36) 11.96 (25) 1.38 (29) 13.69 (15) 32.39 (39) 16.00 (40) 2.11 (23)IM U.S. Large Cap Core Equity (MF) Median 20.84 9.98 -0.22 11.35 31.80 15.41 -0.57

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Vanguard 500 Index 10.75 (15) 10.34 (10) 11.78 (14) 16.07 (24) 14.62 (26) 12.65 (16) 23.43 (20)S&P 500 Index 10.78 (14) 10.37 (10) 11.82 (14) 16.11 (24) 14.66 (25) 12.67 (16) 23.42 (20)IM U.S. Large Cap Core Equity (MF) Median 9.25 8.53 10.05 14.92 13.44 11.07 21.39

Vanguard 500 Index 03/31/18

4

SECTOR ALLOCATION

STYLE MAP (12/01/00 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Apple Inc 3.78 3.78 -0.46Microsoft Corp 3.12 3.12 7.19Amazon.com Inc 2.59 2.59 23.76Facebook Inc 1.70 1.70 -9.45JPMorgan Chase & Co 1.68 1.68 3.36Berkshire Hathaway Inc 1.63 1.71 0.64Johnson & Johnson 1.53 1.53 -7.70Exxon Mobil Corp 1.41 1.41 -9.89Alphabet Inc 1.40 1.40 -1.40Alphabet Inc 1.38 1.38 -1.54



Vanguard 500 Index S&P 500 Index

0.0 8.0 16.0 24.0 32.0







2.82.02.72.9

24.410.2

13.814.9

5.87.9

12.5

2.82.02.73.0

24.410.2

13.814.9

5.97.9

12.5

Vanguard 500 Index

0.0 0.1-0.1-0.2

0.00.00.00.0

0.00.0

0.00.00.00.00.0

Vanguard 500 Index S&P 500 Index

0.0 3.0 6.0 9.0-3.0-6.0-9.0-12.0

-3.3-7.5

-5.0-5.5

3.6-1.6

-1.3-0.9

-5.9-7.1

3.1

-3.3-7.5

-5.0-5.5

3.6-1.6-1.3

-0.9-5.9

-7.13.1


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard 500 Index

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard 500 Index 03/31/18

5

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Large Cap Growth Equity (MF)




Investment Strategy:The fund seeks large cap companiesthat are growing revenues faster thanthe S&P 500 average and have durablegrowth prospects driven by strongbalance sheets, strong R&Dcapabilities, and defensible franchises.Mr. Segalas also prefers revenuegrowth resulting from strong increasesin unit sales. In addition, because Mr.Segalas is willing to pay a premium forstrong growth prospects, the fund'svaluation metrics tend to be aboveaverage.

Innovest's Assessment:The fund will tend to outperform duringperiods of average earnings growthbecause portfolio companies will bemore apt to experience earnings growththat exceeds the average. In contrast,during periods when earnings for mostcompanies are contracting, the fundmay underperform the benchmark.Likewise, the fund may underperformwhen strong fundamental value isrewarded and secondary growthmeasurements are overlooked.

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Harbor Cap Apprec 4.32 (26) 4.32 (26) 28.79 (7) 14.02 (10) 17.24 (7) 14.84 (9) 11.92 (12)¢£

S&P 500 Growth 1.93 (68) 1.93 (68) 19.69 (72) 12.66 (28) 15.37 (29) 14.32 (14) 11.35 (21)��

Median 2.82 2.82 21.55 11.44 14.51 12.72 10.11

0.0

4.0

8.0

12.0

16.0

20.0

24.0

Ret

urn

(%)



Harbor Cap Apprec 17.24 12.55¢£

S&P 500 Growth 15.37 10.35��

Median 14.51 11.33¾

FundFamily :

Harbor CapitalAdvisors Inc


Segalas/McCarragher

TotalAssets :

$24,396 Million

Turnover : 52%

2017 2016 2015 2014 2013 2012 2011Harbor Cap Apprec 36.59 (6) -1.07 (78) 10.99 (6) 9.93 (57) 37.66 (17) 15.69 (42) 0.61 (25)S&P 500 Growth 27.44 (69) 6.89 (9) 5.52 (51) 14.89 (5) 32.75 (63) 14.61 (53) 4.65 (4)IM U.S. Large Cap Growth Equity (MF) Median 29.36 1.89 5.63 10.46 33.95 14.79 -1.85

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Harbor Cap Apprec 14.02 (10) 10.17 (29) 14.08 (13) 15.78 (35) 15.22 (12) 10.55 (50) 24.02 (35)S&P 500 Growth 12.66 (28) 11.53 (8) 13.96 (15) 16.85 (17) 15.39 (11) 13.31 (8) 23.76 (38)IM U.S. Large Cap Growth Equity (MF) Median 11.44 9.25 11.76 15.01 12.93 10.55 22.95

Harbor Cap Apprec 03/31/18

6

SECTOR ALLOCATION

STYLE MAP (01/01/88 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Amazon.com Inc 5.66 4.90 23.76Apple Inc 4.28 7.17 -0.46Microsoft Corp 4.03 5.92 7.19Alibaba Group Holding Ltd 4.01 0.00 6.44Netflix Inc 4.00 1.08 53.86Tencent Holdings LTD 3.47 0.00 0.48Mastercard Inc 3.28 1.36 15.91Visa Inc 3.13 1.82 5.09Boeing Co 3.10 1.53 11.76Facebook Inc 2.97 3.23 -9.45



Harbor Cap Apprec S&P 500 Growth

0.0 15.0 30.0 45.0 60.0 75.0

UtilitiesReal Estate

MaterialsInformation Technology

IndustrialsHealth Care

FinancialsEnergy

Consumer StaplesConsumer Discretionary

Cash

0.00.51.1

51.27.3

9.63.7

1.44.5

20.60.0

0.72.7

1.640.7

10.517.2

5.50.3

5.015.9

0.0

Harbor Cap Apprec

0.0 0.5 1.0 1.5 2.0-0.5-1.0

0.00.1

-0.21.3

-0.10.1

-0.10.0

0.51.1

0.0

Harbor Cap Apprec S&P 500 Growth

0.0 15.0 30.0-15.0-30.0-45.0

0.0-0.3

-27.25.5

-0.8-1.8

1.40.1

4.110.8

0.4

-1.7-2.6

-6.23.3

0.9-0.9

3.1-5.8-6.1

6.50.0


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Harbor Cap Apprec

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Harbor Cap Apprec 03/31/18

7

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Mid Cap Value Equity (MF)




Investment Strategy:This fund focuses on mid-sizedcompanies. BHMW looks for stocksthat have below-average prices inrelation to such financial measures asearnings and book value. DS&Cemploys a strict bottom-up approach,investing in stocks of out-of-favorcompanies selling at discounts to bookvalue. Pzena seeks to buy goodbusinesses at low prices, focusingexclusively on companies that areunderperforming their historicallydemonstrated earnings power.

Innovest's Assessment:The combination of three distinctive, yetcomplementary, approaches tovaluation, stock selection, and portfolioconstruction enhances diversificationwhile maintaining the fund’s valuecharacter. Two of the managersspecifically seek out of favor companiestrading at price discounts relative tohistorical norms. The success of thestrategy will depend heavily on theteam’s ability to effectively judgepositive catalysts for valuation change.

-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Select Value -4.32 (94) -4.32 (94) 8.12 (27) 8.10 (20) 11.43 (12) 11.20 (10) 10.32 (14)¢£

Russell Midcap Value Index -2.50 (70) -2.50 (70) 6.50 (53) 7.23 (31) 11.11 (19) 11.21 (10) 9.81 (29)��

Median -1.98 -1.98 6.58 6.16 9.98 9.85 8.89

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

(%)



Vanguard Select Value 11.43 11.30¢£

Russell Midcap Value Index 11.11 10.18��

Median 9.98 10.93¾

FundFamily :

Vanguard GroupInc


Team Managed

TotalAssets :

$10,613 Million

Turnover : 22%

2017 2016 2015 2014 2013 2012 2011Vanguard Select Value 19.51 (5) 16.34 (62) -3.80 (31) 6.36 (88) 42.04 (5) 15.25 (73) 0.82 (10)Russell MCV Index 13.34 (43) 20.00 (33) -4.78 (45) 14.75 (8) 33.46 (68) 18.51 (21) -1.38 (35)IM U.S. MCV Equity (MF) 12.55 17.12 -5.61 10.33 35.16 16.69 -3.16

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Vanguard Select Value 8.10 (20) 7.22 (50) 9.35 (29) 16.95 (53) 16.42 (8) 13.19 (52) 25.71 (55)Russell MCV Index 7.23 (31) 8.94 (14) 9.88 (17) 18.60 (19) 15.17 (31) 14.96 (10) 29.18 (12)IM U.S. MCV Equity (MF) 6.16 7.22 8.49 17.03 14.11 13.23 25.96

Vanguard Select Value 03/31/18

8

SECTOR ALLOCATION

STYLE MAP (03/01/96 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Micron Technology Inc. 3.69 0.00 26.80Willis Towers Watson plc 2.50 0.49 1.40AerCap Holdings NV 2.28 0.00 -3.59KeyCorp 2.20 0.54 -2.59Cigna Corp 2.18 0.00 -17.39Microchip Technology Inc 2.04 0.00 4.40Spirit Aerosystems Holdings Inc 1.99 0.25 -3.96Stanley Black & Decker Inc 1.96 0.54 -9.35Owens Corning 1.86 0.23 -12.33Capital One Financial Corp. 1.82 0.00 -3.36



Vanguard Select Value Russell MCV Index

0.0 10.0 20.0 30.0 40.0






Consumer DiscretionaryCash

3.70.0

1.36.7

11.918.1

6.626.8

8.81.4

14.70.0

10.00.5

13.55.76.5

12.26.6

20.88.0

4.012.2

0.0

Vanguard Select Value

0.0 0.6 1.2-0.6-1.2-1.8

-0.10.0

0.5-0.3

0.5-1.3

-0.80.7

-0.60.2

-0.80.0

Vanguard Select Value Russell MCV Index

0.0 8.0 16.0-8.0-16.0-24.0

-3.40.0

-12.3-7.6

7.2-10.8

-13.72.7

-11.54.0

-8.30.1

-2.21.7

-7.3-4.1

7.3-4.1

-2.10.8

-5.4-4.5

-2.90.0


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Select Value

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Select Value 03/31/18

9

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Mid Cap Core Equity (MF)




Investment Strategy:The Fund tracks the CRSP US Mid CapIndex. The CRSP US Mid Cap Indextargets inclusion of the U.S. companiesthat fall between the top 70%-80% ofinvestable market capitalization. Theindex includes securities traded onNYSE, NYSE Market, NASDAQ orARCA.

-10.0

-5.0

0.0

5.0

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Ret

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YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Mid-Cap Index -0.01 (22) -0.01 (22) 12.19 (26) 7.75 (37) 12.11 (14) 11.14 (18) 9.99 (23)¢£

CRSP U.S. Mid Cap Index 0.03 (21) 0.03 (21) 12.36 (24) 7.90 (32) 12.31 (11) 11.55 (11) 9.96 (23)��

Median -1.20 -1.20 9.21 6.65 10.42 9.67 8.80

0.0

3.0

6.0

9.0

12.0

15.0

Ret

urn

(%)

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


Vanguard Mid-Cap Index 12.11 10.30¢£

CRSP U.S. Mid Cap Index 12.31 10.29��

Median 10.42 10.90¾

FundFamily :

Vanguard GroupInc


Butler/Johnson

TotalAssets :

$3,936 Million

Turnover : 15%

2017 2016 2015 2014 2013 2012 2011Vanguard Mid-Cap Index 19.12 (20) 11.07 (81) -1.46 (27) 13.60 (12) 35.00 (49) 15.80 (49) -2.11 (34)CRSP U.S. Md Cp Idx 19.30 (17) 11.25 (78) -1.28 (23) 13.83 (10) 35.27 (45) 16.70 (39) -1.79 (30)IM U.S. Mid Cap Core Equity (MF) Median 15.60 14.90 -3.18 8.99 34.77 15.71 -3.36

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Vanguard Mid-Cap Index 7.75 (37) 8.55 (21) 10.63 (15) 17.76 (25) 13.44 (35) 13.90 (29) 28.72 (18)CRSP U.S. Md Cp Idx 7.90 (32) 8.73 (16) 10.84 (11) 18.18 (17) 14.17 (22) 14.62 (17) 28.60 (19)IM U.S. Mid Cap Core Equity (MF) Median 6.65 7.06 8.50 16.05 12.60 12.61 24.95

Vanguard Mid-Cap Index 03/31/18

10

SECTOR ALLOCATION

STYLE MAP (06/01/98 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Fiserv Inc. 0.76 0.75 8.76Edwards Lifesciences Corp 0.74 0.74 23.79Roper Technologies Inc 0.73 0.73 8.54ServiceNow Inc 0.73 0.72 26.89Autodesk Inc. 0.70 0.70 19.79Western Digital Corp 0.70 0.70 16.66Red Hat Inc 0.67 0.67 24.49Amphenol Corp 0.67 0.67 -1.70Moody's Corp. 0.67 0.66 9.56M&T Bank Corp 0.63 0.63 8.24



Vanguard Mid-Cap Index CRSP U.S. Md Cp Idx

0.0 8.0 16.0 24.0







4.70.6

6.96.2

18.613.2

9.115.0

5.24.2

16.3

4.60.6

7.06.2

18.713.1

8.915.0

5.34.2

16.2

Vanguard Mid-Cap Index

0.0 0.1-0.1-0.2

0.00.0

0.00.0

0.00.0

0.00.0

0.00.00.0

Vanguard Mid-Cap Index CRSP U.S. Md Cp Idx

0.0 5.0 10.0 15.0-5.0-10.0

-3.3-1.2

-5.4-6.0

8.0-0.1

1.01.5

-4.7-0.4

-2.9

-3.3-1.2

-5.4-6.0

8.0-0.1

1.01.5

-4.7-0.4

-3.0


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Mid-Cap Index

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Mid-Cap Index 03/31/18

11

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Mid Cap Growth Equity (MF)




Investment Strategy:The fund's management focuses onwhat it deems "smart growth"companies - those with sustainablegrowth and high returns on investedcapital. Businesses that reinvest cashflows to generate organic growth areespecially favored by the fund'smanagement. The fund seeks outcompanies that have long-term growthstories causing the portfolio to have arelatively low turnover and a broaderopportunity set than funds that demandshorter-term results.

Innovest's Assessment:This strategy is likely to outperform itspeers and the index in down markets,with a downside capture ratio of 92%relative to the Russell Mid Cap Growthindex. In addition, given its frequentoverweight to tech and healthcarestocks, it tends to perform better whenthese sectors are in favor. In contrast,the fund may underperform duringlower quality rallies.

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Janus Hend Enterprise 4.93 (17) 4.93 (17) 23.90 (19) 12.88 (3) 15.57 (5) 13.71 (3) N/A¢£

Russell Midcap Growth Index 2.17 (64) 2.17 (64) 19.74 (49) 9.17 (44) 13.31 (29) 11.92 (25) 10.61 (25)��

Median 2.95 2.95 19.59 8.64 12.23 10.70 9.48

0.0

4.0

8.0

12.0

16.0

20.0

Ret

urn

(%)



Janus Hend Enterprise 15.57 9.61¢£

Russell Midcap Growth Index 13.31 10.80��

Median 12.23 11.36¾

FundFamily :

Janus CapitalManagement LLC


Demain/Wheaton

TotalAssets :

$5,107 Million

Turnover : 10%

2017 2016 2015 2014 2013 2012 2011Janus Hend Enterprise 26.53 (33) 12.08 (6) 3.49 (12) 12.01 (9) 30.86 (77) 17.83 (14) -1.65 (32)Russell MC Growth Idx 25.27 (43) 7.33 (29) -0.20 (45) 11.90 (10) 35.74 (46) 15.81 (32) -1.65 (32)IM U.S. Mid Cap Growth Equity (MF) Median 24.73 5.06 -0.73 7.09 35.43 14.40 -4.29

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Janus Hend Enterprise 12.88 (3) 10.89 (2) 12.51 (6) 17.39 (16) 13.31 (24) 14.65 (20) N/ARussell MC Growth Idx 9.17 (44) 7.88 (23) 10.99 (17) 17.41 (16) 13.52 (20) 14.23 (25) 29.16 (13)IM U.S. Mid Cap Growth Equity (MF) Median 8.64 5.98 8.37 15.21 11.73 12.79 26.14

Janus Hend Enterprise 03/31/18

12

SECTOR ALLOCATION

STYLE MAP (08/01/09 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)TD AMERITRADE Holding Corp 2.77 0.49 16.29Sensata Tech 2.48 0.14 1.41TE Connectivity Ltd 2.40 0.00 5.53Microchip Technology Inc 2.33 0.66 4.40SS&C Tech. Holdings Inc 2.22 0.27 32.70Constellation Software Inc 2.16 0.00 11.62ON Semiconductor Corp 2.05 0.30 16.81WEX Inc 1.93 0.15 10.90Cimpress NV 1.92 0.00 29.05National Instruments Corp 1.91 0.13 22.08



Janus Hend Enterprise Russell MC Growth Idx

0.0 15.0 30.0 45.0 60.0







0.00.0

3.91.5

39.217.218.7

9.10.40.0

10.2

0.00.2

3.16.2

28.717.1

13.57.2

2.44.2

17.3

Janus Hend Enterprise

0.0 0.6 1.2 1.8 2.4-0.6-1.2

0.00.0

-0.20.4

1.70.9

-0.30.4

0.20.0

0.1

Janus Hend Enterprise Russell MC Growth Idx

0.0 8.0 16.0-8.0-16.0-24.0

0.00.0

-6.9-12.9

10.36.2

3.18.4

-12.50.0

-4.6

7.3-7.2

-4.1-7.4

7.30.8

5.54.7

-6.92.2

-2.2


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Janus Hend Enterprise

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Janus Hend Enterprise 03/31/18

13

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Small Cap Value Equity (MF)




Investment Strategy:DFA uses a quantitative structuredapproach to asset class investing.Their investment philosophy is deeplyrooted in the belief that investors arerewarded for the levels of risk taken.Managers structure their portfolios todeliver the return premiums of the smallcap value asset class in a highlyefficient manner. DFA's philosophy inregard to the small cap risk factor hasremained consistent since inception.Refinements to the strategy areevaluated on an ongoing basis and areintroduced upon approval from theInvestment Committee.

Innovest's Assessment:Dimensional is likely to outperformwhen smaller capitalization securitiesare in vogue. Investors must endureperiods where risk has itsconsequences; however, causing thestrategy to underperform during periodswhen smaller companies are out-of-favor.

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

DFA US Small Cap Val -2.34 (43) -2.34 (43) 6.13 (65) 6.51 (57) 9.90 (48) 9.49 (33) 9.20 (32)¢£

Russell 2000 Value Index -2.64 (48) -2.64 (48) 5.13 (67) 7.87 (42) 9.96 (48) 9.42 (33) 8.61 (51)��

Median -2.71 -2.71 7.86 7.04 9.48 9.01 8.62

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

(%)



DFA US Small Cap Val 9.90 14.64¢£

Russell 2000 Value Index 9.96 13.77��

Median 9.48 14.73¾

FundFamily :

Dimensional FundAdvisors LP


Team Managed

TotalAssets :

$14,755 Million

Turnover : 24%

2017 2016 2015 2014 2013 2012 2011DFA US Small Cap Val 7.21 (59) 28.26 (57) -7.81 (54) 3.48 (46) 42.38 (22) 21.72 (11) -7.55 (76)Russell 2000 Val Idx 7.84 (55) 31.74 (21) -7.47 (53) 4.22 (37) 34.52 (54) 18.05 (29) -5.50 (64)IM U.S. Small Cap Value Equity (MF) Median 8.46 29.23 -7.33 3.12 35.18 15.39 -2.83

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

DFA US Small Cap Val 6.51 (57) 6.05 (51) 6.84 (34) 17.46 (8) 14.23 (23) 14.40 (20) 30.44 (31)Russell 2000 Val Idx 7.87 (42) 7.62 (30) 5.73 (53) 14.79 (32) 12.74 (54) 12.12 (59) 25.36 (82)IM U.S. Small Cap Value Equity (MF) Median 7.04 6.26 5.82 13.80 12.84 12.44 27.79

DFA US Small Cap Val 03/31/18

14

SECTOR ALLOCATION

STYLE MAP (04/01/93 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Hanover Insurance 0.98 0.00 9.59CACI International Inc. 0.88 0.38 14.36Cree Inc. 0.87 0.40 8.54Aaron's Inc 0.84 0.30 17.02PBF Energy Inc 0.83 0.00 -3.43Wintrust Financial Corp. 0.82 0.49 4.71Darling Ingredients Inc 0.75 0.29 -4.58GATX Corp. 0.73 0.27 10.90Delek US Holdings Inc 0.73 0.33 17.11MKS Instruments Inc 0.73 0.00 22.58


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $2,195 $2,045Median Mkt. Cap $M $564 $742Price/Earnings ratio 16.63 17.69Price/Book ratio 1.60 1.735 Yr. EPS Growth Rate (%) 7.25 6.25Current Yield (%) 1.33 1.94Beta (5 Years, Monthly) 1.04 1.00% in Int'l Securities 4.61 3.49Active Share 55.60 N/ANumber of Stocks 1,028 1,398

DFA US Small Cap Val Russell 2000 Val Idx

0.0 10.0 20.0 30.0 40.0







0.01.0

0.15.8

13.718.1

4.726.6

9.84.4

15.8

6.30.5

9.94.5

8.912.2

6.630.8

6.62.7

10.9

DFA US Small Cap Val

0.0 0.3 0.6 0.9-0.3-0.6-0.9

0.20.1

0.6-0.2

0.1-0.1

-0.4-0.1

0.20.0

0.1

DFA US Small Cap Val Russell 2000 Val Idx

0.0 5.0 10.0-5.0-10.0-15.0

-3.10.9

-1.7-7.3

-1.8-2.5

0.20.6

-7.0-5.7

-1.8

-5.9-10.7

-8.4-5.2

-2.7-1.5

5.50.5

-10.6-6.8

-2.0


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

DFA US Small Cap Val

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

DFA US Small Cap Val 03/31/18

15

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Small Cap Core Equity (MF)




Investment Strategy:This fund tracks the CRSP U.S. SmallCap Index, which is comprised of U.S.companies that fall between the bottom2%-15% of the investable marketcapitalization. There is no lower limit inmarket capitalization, other than what isspecified by investability screens.

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Sm Cp Idx -0.21 (31) -0.21 (31) 11.82 (34) 8.06 (50) 11.66 (38) 10.96 (28) 10.72 (14)¢£

CRSP U.S. Small Cap TR Index -0.22 (32) -0.22 (32) 11.80 (34) 8.03 (52) 11.65 (39) 11.12 (26) 11.13 (8)��

Median -0.66 -0.66 10.58 8.05 10.62 9.98 8.89

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)



Vanguard Sm Cp Idx 11.66 11.98¢£

CRSP U.S. Small Cap TR Index 11.65 11.98��

Median 10.62 13.77¾

FundFamily :

Vanguard GroupInc


Coleman/O'Reilly

TotalAssets :

$33,437 Million

Turnover : 14%

2017 2016 2015 2014 2013 2012 2011Vanguard Sm Cp Idx 16.24 (14) 18.30 (67) -3.64 (37) 7.50 (9) 37.81 (40) 18.24 (16) -2.69 (33)CRSP U.S. Sm Cp Idx 16.24 (14) 18.26 (67) -3.68 (38) 7.54 (8) 38.48 (37) 18.59 (14) -1.85 (23)IM U.S. Small Cap Core Equity (MF) Median 12.03 20.57 -4.42 3.53 36.11 13.58 -4.62

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Vanguard Sm Cp Idx 8.06 (50) 7.41 (28) 8.51 (19) 17.57 (13) 14.33 (22) 14.83 (14) 30.36 (13)CRSP U.S. Sm Cp Idx 8.03 (52) 7.39 (28) 8.51 (19) 17.78 (12) 14.75 (18) 15.57 (9) 31.39 (8)IM U.S. Small Cap Core Equity (MF) Median 8.05 6.00 6.55 14.94 11.94 11.77 25.86

Vanguard Sm Cp Idx 03/31/18

16

SECTOR ALLOCATION

STYLE MAP (12/01/00 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)IDEX Corporation 0.31 0.31 8.28CDW Corp 0.31 0.31 1.48Copart Inc 0.30 0.30 17.92TransUnion 0.30 0.30 3.31ON Semiconductor Corp 0.30 0.30 16.81Old Dominion Freight Line 0.29 0.29 11.83Steel Dynamics Inc 0.28 0.28 2.98Leidos Holdings Inc 0.28 0.28 1.76Keysight Technologies Inc 0.28 0.28 25.94Spirit Aerosystems Holdings Inc 0.27 0.27 -3.96


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $4,607 $4,608Median Mkt. Cap $M $2,264 $2,290Price/Earnings ratio 20.13 20.13Price/Book ratio 2.66 2.665 Yr. EPS Growth Rate (%) 13.60 13.64Current Yield (%) 1.54 1.54Beta (5 Years, Monthly) 1.00 1.00% in Int'l Securities 3.07 3.07Active Share 0.18 N/ANumber of Stocks 1,426 1,402

Vanguard Sm Cp Idx CRSP U.S. Sm Cp Idx

0.0 6.0 12.0 18.0 24.0







3.90.4

9.55.9

17.516.5

11.914.3

4.73.2

12.4

3.90.4

9.55.9

17.316.5

11.914.2

4.73.2

12.5

Vanguard Sm Cp Idx

0.0 0.1-0.1-0.2

0.00.0

0.00.0

0.00.0

0.00.00.0

0.00.0

Vanguard Sm Cp Idx CRSP U.S. Sm Cp Idx

0.0 6.0 12.0 18.0-6.0-12.0-18.0

-3.2-3.4

-8.3-4.6

8.1-2.1

6.41.3

-9.0-2.7-2.6

-3.2-3.3

-8.3-4.5

8.2-2.1

6.41.3

-9.0-2.6-2.7


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Vanguard Sm Cp Idx

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Sm Cp Idx 03/31/18

17

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Small Cap Growth Equity (MF)




Investment Strategy:The Small Cap Opportunitiesinvestment team sees its mission asfinding unrecognized value before theconsensus does. The team engages infundamental research, leveraging eachmember's sector and industryexperience. At the same time, theyidentify secular and cyclical macro-economic themes that they expect todrive growth within different sectors.The investment team also emphasizesmeeting with the management teams ofinvestment candidates. Finally, theteam rigorously analyzes companycash flow statements, evaluating thecompany's ability to generate cash andreinvest in future growth opportunities.

Innovest's Assessment:Given that the portfolio is well-diversified and hues close to thebenchmark's sector weightings, relativeperformance should rarely fluctuatesignificantly. Still, the focus oncompanies that generate cash flows forreinvestment may result in some lagduring lower quality growth rallies. Thestrategy should also protect relativelywell in down markets.

-12.0

-4.0

4.0

12.0

20.0

28.0

36.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Voya:SmCp Opptys -0.55 (70) -0.55 (70) 10.49 (76) 7.32 (42) 10.78 (51) 10.65 (36) 10.46 (42)¢£

Russell 2000 Grwth Idx 2.30 (33) 2.30 (33) 18.63 (31) 8.77 (31) 12.90 (24) 11.29 (28) 10.95 (32)��

Median 0.86 0.86 11.97 6.77 10.87 9.56 10.26

0.0

4.0

8.0

12.0

16.0

20.0

Ret

urn

(%)



Voya:SmCp Opptys 10.78 13.41¢£

Russell 2000 Grwth Idx 12.90 14.31��

Median 10.87 15.86¾

FundFamily :

Voya InvestmentsLLC


Hasso/Basset

TotalAssets :

$191 Million

Turnover : 79%

2017 2016 2015 2014 2013 2012 2011Voya:SmCp Opptys 18.00 (47) 12.39 (45) -1.55 (28) 4.91 (16) 37.46 (79) 14.80 (24) 0.26 (8)Russell 2000 Grwth Idx 22.17 (38) 11.32 (58) -1.38 (27) 5.60 (8) 43.30 (45) 14.59 (25) -2.91 (26)IM U.S. Small Cap Growth Equity (MF) Median 17.62 11.66 -3.45 0.65 42.56 11.77 -5.05

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Voya:SmCp Opptys 7.32 (42) 7.09 (19) 7.05 (25) 15.58 (24) 14.38 (17) 15.78 (12) 31.30 (14)Russell 2000 Grwth Idx 8.77 (31) 6.72 (21) 7.91 (14) 17.74 (8) 13.61 (25) 14.75 (25) 28.36 (36)IM U.S. Small Cap Growth Equity (MF) Median 6.77 4.14 4.74 13.97 11.99 12.46 27.18

Voya:SmCp Opptys 03/31/18

18

SECTOR ALLOCATION

STYLE MAP (07/01/95 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)iShares Russell 2000 Growth ETF 2.35 0.00 2.23Nektar Therapeutics 1.52 1.44 77.93Encompass Health Corp 1.48 0.51 16.21Proofpoint Inc 1.39 0.45 27.97Knight-Swift Trans Holds 1.35 0.52 5.37Chemed Corp 1.23 0.39 12.40EPAM Systems Inc 1.23 0.51 6.60HealthEquity Inc 1.22 0.27 29.75Allegiant Travel Co 1.21 0.20 11.98Fair Isaac Corp 1.20 0.45 10.56


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $3,568 $2,960Median Mkt. Cap $M $2,474 $1,024Price/Earnings ratio 22.93 23.46Price/Book ratio 3.58 4.125 Yr. EPS Growth Rate (%) 13.73 16.19Current Yield (%) 0.85 0.70Beta (5 Years, Monthly) 0.92 1.00% in Int'l Securities 0.92 1.97Active Share 75.34 N/ANumber of Stocks 144 1,188

Voya:SmCp Opptys Russell 2000 Grwth Idx

0.0 8.0 16.0 24.0 32.0


Real EstateOther



FinancialsEnergy


0.02.02.52.3

6.620.9

17.822.6

6.31.51.1

16.3

0.71.0

3.20.0

4.624.4

18.024.4

6.11.3

2.613.7

Voya:SmCp Opptys

0.0 0.5 1.0-0.5-1.0-1.5-2.0

0.10.1

-0.20.0

-0.1-0.4

0.0-1.3

-0.3-0.1

0.2-1.1

Voya:SmCp Opptys Russell 2000 Grwth Idx

0.0 10.0 20.0-10.0-20.0-30.0

0.03.4

-15.82.2

-0.79.8

-3.61.0

-1.9-18.2

8.4-8.5

-10.6-1.7

-7.40.0

-0.610.1

-3.46.3

2.4-15.3

-4.1-3.1


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

Voya:SmCp Opptys

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Voya:SmCp Opptys 03/31/18

19

FUND INFORMATION


PEER GROUP ANALYSIS - IM International Large Cap Value Equity (MF)




Investment Strategy:The fund seeks undervalued securitiesprimarily in developed countries anddivides assets among three value-oriented subadvisors. The CausewayCapital team focuses on dividend andearnings yields. Lazard’s team focuseson dividend and earnings yields.Templeton's management team seeksstocks that are cheap relative to theirassets or earnings. American Beacontightly restricts the fund’s exposure toemerging market investments.

Innovest Assessment:Due to its strict value mandate, the fundgenerates its best return premium overa passive benchmark during slightlyrising, stable or declining markets. Thefund has a tendency to underperformversus its benchmark when emergingmarkets are in favor due to itsminimized emerging markets exposure.

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Am Beacon Intl -1.87 (76) -1.87 (76) 14.52 (27) 4.65 (42) 6.42 (15) 5.20 (19) 3.17 (15)¢£

MSCI EAFE Value Idx -2.03 (77) -2.03 (77) 12.19 (89) 4.29 (64) 5.78 (46) 4.44 (48) 1.97 (43)��

Median -1.49 -1.49 13.34 4.49 5.56 4.33 1.81

3.2

4.0

4.8

5.6

6.4

7.2

8.0

Ret

urn

(%)



Am Beacon Intl 6.42 11.72¢£

MSCI EAFE Value Idx 5.78 12.66��

Median 5.56 11.81¾

FundFamily :

American BeaconAdvisors Inc


Team Managed

TotalAssets :

$1,709 Million

Turnover : 32%

2017 2016 2015 2014 2013 2012 2011Am Beacon Intl 24.81 (36) 0.30 (84) -1.78 (19) -7.00 (37) 24.56 (11) 21.50 (7) -11.54 (24)MSCI EAFE Val Idx 21.44 (83) 5.02 (3) -5.68 (89) -5.39 (15) 22.95 (16) 17.69 (43) -12.17 (32)IM International Large Cap Value Equity (MF) Median 23.93 1.68 -2.97 -9.08 21.36 17.23 -13.36

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Am Beacon Intl 4.65 (42) -0.76 (33) 2.48 (17) 9.80 (1) 8.41 (21) 5.15 (13) 17.93 (16)MSCI EAFE Val Idx 4.29 (64) -0.61 (29) 0.59 (60) 9.03 (20) 7.16 (34) 3.45 (61) 16.50 (36)IM International Large Cap Value Equity (MF) Median 4.49 -1.05 0.88 7.33 6.01 3.51 16.09

Am Beacon Intl 03/31/18

20

REGION ALLOCATION

STYLE MAP (09/01/10 - 03/31/18)

REGION PERFORMANCE


TOTAL SECTOR ATTRIBUTION (01/01/18 - 03/31/18)

TOTAL REGION ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)NOVARTIS AG 2.45 0.00 N/ABritish American Tobacco 2.28 0.00 -12.17PRUDENTIAL PLC 2.19 0.00 N/ABP PLC 1.76 1.19 -3.43Barclays PLC 1.68 0.44 6.49Royal Dutch Shell PLC 1.67 1.64 -4.44Volkswagen AG 1.52 0.09 -1.10SAP AG 1.49 0.00 -6.70Kddi Corp 1.48 0.64 4.46Shire PLC 1.47 0.00 -4.38


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $60,169 $69,185Median Mkt. Cap $M $29,883 $10,964Price/Earnings ratio 13.28 12.83Price/Book ratio 1.93 1.535 Yr. EPS Growth Rate (%) 6.52 6.87Current Yield (%) 2.49 4.37Beta (5 Years, Monthly) 0.89 1.00% in Emerging Market 2.04 N/AActive Share 80.12 N/ANumber of Stocks 166 484

Am Beacon Intl MSCI EAFE Val Idx

0.0 15.0 30.0 45.0 60.0

United KingdomPacific ex Japan

Other

North AmericaMiddle East

Japan

Europe ex UKEM Asia

24.4

4.6

1.0

4.6

0.5

16.8

46.0

2.0

16.5

11.1

0.5

0.0

0.5

24.2

47.1

0.0

Am Beacon Intl

0.0 0.3 0.6 0.9-0.3-0.6

-0.2

0.5

0.1

-0.3

0.0

0.1

-0.2

-0.1

Am Beacon Intl MSCI EAFE Val Idx

0.0 8.0 16.0-8.0-16.0

-3.4

-0.5

9.6

-8.2

-9.8

1.0

-1.4

-7.3

-3.6

-5.6

0.7

0.0

-7.2

-0.3

-0.8

0.0


Cap

italiz

atio

n

Manager Style

MSCI EAFE Growth Index

MSCI Emerging Markets IndexMSCI EAFE Small Cap

MSCI EAFE Value Index

0.0 0.3 0.6 0.9 1.2 1.5-0.3-0.6







-0.1-0.1

0.0-0.1-0.1-0.1-0.1

0.8-0.1

-0.20.0

Am Beacon Intl 03/31/18

21

FUND INFORMATION


PEER GROUP ANALYSIS - IM International Equity (MF)




Investment Strategy:This fund aims to track the FTSEGlobal All Cap ex USA. Until August2008, it was a fund of funds made up ofVanguard's three regional index funds:Vanguard European Stock Index,Vanguard Pacific Stock Index andVanguard Emerging Markets StockIndex. However, it is graduallychanging to a more typical formatwhere it will invest directly in stocks. Itdoes not hedge its currency exposure. -20.0

-10.0

0.0

10.0

20.0

30.0

40.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Tot Intl Stk -0.47 (59) -0.47 (59) 16.96 (61) 6.84 (51) 6.33 (52) 4.60 (57) 2.78 (57)¢£

FTSE Global ex USA All Cap Ind. -1.09 (75) -1.09 (75) 17.05 (60) 7.09 (48) 6.73 (43) 4.94 (50) 3.51 (42)��

Median -0.07 -0.07 18.28 6.85 6.39 4.92 3.08

-10.0

-5.0

0.0

5.0

10.0

15.0

Ret

urn

(%)

0.0 10.0 20.0 30.0Risk (Standard Deviation %)


Vanguard Tot Intl Stk 6.33 11.44¢£

FTSE Global ex USA All Cap Ind. 6.73 11.65��

Median 6.39 11.91¾

FundFamily :

Vanguard GroupInc


Perre/Franquin

TotalAssets :

$123,909 Million

Turnover : 3%

2017 2016 2015 2014 2013 2012 2011Vanguard Tot Intl Stk 27.40 (58) 4.65 (34) -4.37 (56) -4.24 (47) 15.04 (57) 18.14 (55) -14.56 (48)FTSE Global ex USA All Cap Index 27.77 (56) 5.04 (32) -4.03 (55) -3.12 (37) 15.90 (54) 17.92 (57) -14.03 (43)IM International Equity (MF) Median 28.74 1.77 -2.78 -4.47 17.44 18.60 -14.87

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Vanguard Tot Intl Stk 6.84 (51) 1.02 (47) 0.74 (56) 6.55 (58) 4.35 (60) 4.35 (58) 18.64 (50)FTSE Global ex USA All Cap Index 7.09 (48) 1.45 (39) 1.35 (50) 7.11 (52) 4.68 (56) 5.18 (45) 20.61 (37)IM International Equity (MF) Median 6.85 0.83 1.30 7.30 5.25 4.84 18.62

Vanguard Tot Intl Stk 03/31/18

22


STYLE MAP (01/01/03 - 03/31/18)

SECTOR ALLOCATION

ASSET ALLOCATION

REGION ALLOCATION

TOP 5 COUNTRIES

UP/DOWN CAPTURE (04/01/13 - 03/31/18)

Vanguard Market Liquidity Fund 2.29 %Tencent Holdings Ltd ORD 1.14 %Nestle SA ORD 0.96 %Samsung Electronics Co Ltd ORD 0.80 %HSBC Holdings PLC ORD 0.77 %Taiwan Semiconductor Manufacturing 0.75 %Novartis AG ORD 0.72 %Toyota Motor Corp ORD 0.68 %Roche Holding AG Par 0.62 %Royal Dutch Shell PLC ORD 0.58 %

Total Securities 6,226Avg. Market Cap $60,355 MillionP/E 21.46P/B 3.14Div. Yield 2.83%Annual EPS 23.115Yr EPS 9.863Yr EPS Growth 10.41

0.0% 50.0% 100.0% 150.0%

Convertibles

Cash

Other

Fixed Income

Equities

0.0%

0.2%

0.8%

2.2%

96.8%

Japan 17.34 %United Kingdom 9.80 %Canada 6.11 %Germany 6.05 %France 5.93 %

3 Years 5 Yearsvs. FTSE Global ex USA All Cap IndexBeta 0.94 0.97

Vanguard Tot Intl Stk FTSE Global ex USA All Cap Index

0.0 5.0 10.0 15.0 20.0 25.0 30.0

OtherUtilities

Telecommunication ServicesReal Estate



FinancialsEnergy


Vanguard Tot Intl Stk FTSE Global ex USA All Cap Index

0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0

OtherFrontier Markets

Middle EastUnited Kingdom

Europe ex UKJapan

Pacific ex JapanEM Mid East+Africa

North AmericaEM Latin America

EM EuropeEM Asia


Cap

italiz

atio

n

Manager Style




Vanguard Tot Intl Stk

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Tot Intl Stk 03/31/18

23

FUND INFORMATION


PEER GROUP ANALYSIS - IM International Large Cap Growth Equity (MF)




Investment Strategy:This fund's managers are focused onlong term capital growth. They primarilyinvest in common stocks of Europeanand Pacific Basin issuers that haveprospects of above average capitalappreciation. The managers may usecash to moderate volatility, typicallyholding 5-10% of fund assets in cash.The Fund usually has a stake inemerging-markets companies and willsometimes hold preferred stock andconvertible debt.

Innovest's Assessment:The fund’s propensity to focus intenselyon bottom-up, fundamental factors canlead to periods of underperformancewhen the market is less concernedabout company fundamentals and moredriven by thematic and macroeconomicfactors. Additionally, the fund is likely tolag when highly cyclical stocks andlower quality companies significantlyoutperform the overall market. Finally,the fund’s immense asset base is likelyto present some challenges in thefund’s ability to build meaningfulpositions in smaller companies and toopportunistically trade in less liquidmarkets.

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

32.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Amer Funds EuPc 1.03 (12) 1.03 (12) 21.18 (10) 7.93 (13) 8.80 (5) 6.67 (8) N/A¢£

MSCI EAFE Growth Index (Net) -1.04 (59) -1.04 (59) 17.51 (43) 6.73 (42) 7.14 (32) 6.11 (26) 3.44 (56)��

Median -0.70 -0.70 16.10 6.33 6.36 5.48 3.68

0.0

2.0

4.0

6.0

8.0

10.0

Ret

urn

(%)



Amer Funds EuPc 8.80 10.83¢£

MSCI EAFE Growth Index (Net) 7.14 11.43��

Median 6.36 11.20¾

FundFamily :

American Funds


Team Managed

TotalAssets :

$68,835 Million

Turnover : 36%

2017 2016 2015 2014 2013 2012 2011Amer Funds EuPc 31.17 (19) 1.01 (27) -0.48 (54) -2.29 (18) 20.58 (19) 19.64 (37) -13.31 (49)MSCI EAFE Gr Idx Net 28.86 (48) -3.04 (79) 4.09 (8) -4.43 (43) 22.55 (10) 16.86 (70) -12.11 (38)IM International Large Cap Growth Equity (MF) Median 28.48 -0.15 -0.39 -4.75 18.69 19.05 -13.35

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Amer Funds EuPc 7.93 (13) 2.17 (25) 3.62 (16) 9.95 (5) 6.74 (33) 5.15 (48) N/AMSCI EAFE Gr Idx Net 6.73 (42) 1.50 (43) 3.80 (14) 8.96 (25) 7.22 (27) 6.47 (37) 17.74 (42)IM International Large Cap Growth Equity (MF) Median 6.33 1.12 2.43 7.94 6.34 5.03 17.24

Amer Funds EuPc 03/31/18

24

REGION ALLOCATION

STYLE MAP (06/01/09 - 03/31/18)

REGION PERFORMANCE


TOTAL SECTOR ATTRIBUTION (01/01/18 - 03/31/18)

TOTAL REGION ATTRIBUTION

PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)AIA Group Ltd 2.86 1.37 -0.77European Aeronautic 2.53 0.90 15.96British American Tobacco 2.42 1.78 -12.17Alibaba Group Holding Ltd 2.35 0.00 6.44Taiwan Semiconductor 2.28 0.00 9.61Nintendo Co Ltd 2.19 0.67 21.67H D F C Bank Ltd 2.09 0.00 -1.22Reliance Industries Ltd 2.07 0.00 -6.02Softbank Group Corp 1.84 0.83 -5.21ASML Holding NV 1.83 1.03 13.21


Portfolio BenchmarkWtd. Avg. Mkt. Cap $M $83,851 $51,194Median Mkt. Cap $M $22,869 $11,734Price/Earnings ratio 15.05 17.01Price/Book ratio 2.77 2.715 Yr. EPS Growth Rate (%) 15.46 12.26Current Yield (%) 1.48 2.18Beta (5 Years, Monthly) 0.90 1.00% in Emerging Market 27.79 N/AActive Share 76.39 N/ANumber of Stocks 262 541

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 15.0 30.0 45.0 60.0 75.0

United KingdomPacific ex Japan

OtherNorth America

Middle EastJapan

Frontier MarketsEurope ex UK

EM Mid East+AfricaEM Latin America

EM EuropeEM Asia

10.210.1

0.74.5

0.415.1

0.430.0

1.33.3

0.923.1

13.011.9

0.50.00.4

24.20.0

50.00.00.00.00.0

Amer Funds EuPc

0.0 0.4 0.8 1.2 1.6-0.4-0.8

0.10.5

0.0-0.3

0.0-0.1

0.11.0

-0.20.4

0.10.4

Amer Funds EuPc MSCI EAFE Gr Idx Net

0.0 10.0 20.0-10.0-20.0

-2.62.6

-4.7-6.6

-9.83.7

13.31.9

-12.611.2

8.90.8

-3.6-1.9-1.4

0.0-2.7

2.40.0

-1.30.00.00.00.0


Cap

italiz

atio

n

Manager Style




0.0 0.4 0.8 1.2 1.6-0.4-0.8







0.4-0.1

0.00.2

1.10.7

0.00.2

-0.10.0

-0.4

Amer Funds EuPc 03/31/18

25

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF)




Investment Strategy:The core tenant of MetWest’s fixedincome philosophy is a disciplinedimplementation of their value-basedprocess. The “value” concept is thatregardless of factor (duration, yieldcurve, sector selection, or issue) thestrategic decisions, and buy and selldecisions should be determined bywhether the factor or security is cheapor rich to fair value. Further, theirinvestment approach is designed totake advantage of the fact that fixedincome pricing is extremely volatile inthe short run, but over the long term thepricing risks tend to mean revert.Hence, they tend to only overweightinterest rates, yield curve, credit /spread risk when prices move out ofline with the long term fundamentals.

Innovest Assessment:The fund is expected to outperformwhen its sector allocation and securityselection in undervalued or undersponsored assets move towardmanagement’s view of intrinsic value.The strategy will underperform whenmarket psychology and investorsentiment cause temporary dislocationsleading to mispriced securities. Theseshort-term disruptions should lead tolong-term opportunities.

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Met West:Total Return -1.30 (26) -1.30 (26) 1.17 (46) 1.14 (46) 2.03 (22) 3.76 (6) 5.34 (1)¢£

BC Aggregate Idx -1.46 (46) -1.46 (46) 1.20 (45) 1.20 (40) 1.82 (35) 2.92 (46) 3.63 (54)��

Median -1.48 -1.48 1.11 1.10 1.64 2.87 3.70

-1.8

-0.9

0.0

0.9

1.8

2.7

3.6

Ret

urn

(%)



Met West:Total Return 2.03 2.75¢£

BC Aggregate Idx 1.82 2.91��

Median 1.64 2.94¾

FundFamily :

Metropolitan WestAsset ManagementLLC


Team Managed

TotalAssets :

$47,518 Million

Turnover : 313%

2017 2016 2015 2014 2013 2012 2011Met West:Total Return 3.43 (58) 2.46 (70) 0.29 (35) 5.99 (25) 0.50 (2) 11.55 (1) 5.52 (81)Blmbg. Barc. U.S. Aggregate Index 3.54 (52) 2.65 (61) 0.55 (18) 5.97 (26) -2.02 (53) 4.21 (81) 7.84 (11)IM U.S. Broad Market Core Fixed Income (MF) Median 3.58 2.85 0.00 5.55 -1.98 5.99 6.65

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Met West:Total Return 1.14 (46) 2.57 (39) 2.69 (8) 5.45 (2) 5.86 (2) 8.51 (1) 12.25 (9)Blmbg. Barc. U.S. Aggregate Index 1.20 (40) 2.68 (29) 2.50 (13) 3.10 (54) 3.75 (56) 5.52 (63) 6.83 (80)IM U.S. Broad Market Core Fixed Income (MF) Median 1.10 2.43 1.99 3.19 3.85 5.89 9.01

Met West:Total Return 03/31/18

26

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (04/01/00 - 03/31/18)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (04/01/13 - 03/31/18)

GNMA and Other Mtg Backed 38.06 %Corporate Notes/Bonds 31.27 %Government Agency Securities 22.78 %Asset Backed Securities 5.16 %

Avg. Coupon 3.13 %Nominal Maturity 7.06 YearsEffective Maturity N/ADuration 5.68 YearsSEC 30 Day Yield 3.85Avg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%

Convertibles

Equities

Other

Cash

Fixed Income

0.0%

0.0%

0.0%

2.7%

97.3%

0.0% 20.0% 40.0% 60.0% 80.0%

Government/AAAA Rated

BBB RatedAA Rated

CCC, CC AND C rated

BB AND B RatedD Rated

Not RatedEquities/Other

62.4%

17.2%

11.3%

3.8%

2.6%

2.5%

0.1%

0.0%

0.0%

0.0% 8.0% 16.0% 24.0% 32.0% 40.0%

>30Yrs

20-30Yrs

Other

10-20Yrs

1-3Yrs

3-5Yrs

<1Yr

5-10Yrs

0.0%

0.0%

0.0%

2.2%

17.2%

22.8%

26.6%

31.2%

Style History Mar-2018

Average Style Exposure

Cap

italiz

atio

n

Manager Style

Barclays Capital Long Term Govt Bond

Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index

Barclays Capital 1-5 Yr Gov

Met West:Total Return

50.0

75.0

100.0

125.0

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Met West:Total Return 03/31/18

27

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Broad Market Core Fixed Income (MF)




Investment Strategy:The investment seeks to track theperformance of a broad, market-weighted bond index. The fund investsby sampling the index. It invests atleast 80% of assets in bonds held in theindex. The fund maintains a dollar-weighted average maturity consistentwith that of the index, ranging between5 and 10 years.

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Tot Bd -1.47 (48) -1.47 (48) 1.11 (50) 1.12 (49) 1.73 (43) 2.86 (51) 3.57 (58)¢£

BC Aggregate Idx -1.46 (46) -1.46 (46) 1.20 (45) 1.20 (40) 1.82 (35) 2.92 (46) 3.63 (54)��

Median -1.48 -1.48 1.11 1.10 1.64 2.87 3.70

-1.8

-0.9

0.0

0.9

1.8

2.7

3.6

Ret

urn

(%)



Vanguard Tot Bd 1.73 3.03¢£

BC Aggregate Idx 1.82 2.91��

Median 1.64 2.94¾

FundFamily :

Vanguard GroupInc


Joshua C.Barrickman

TotalAssets :

$82,910 Million

Turnover : 61%

2017 2016 2015 2014 2013 2012 2011Vanguard Tot Bd 3.56 (52) 2.60 (63) 0.40 (28) 5.89 (31) -2.14 (58) 4.15 (82) 7.69 (14)Blmbg. Barc. U.S. Aggregate Index 3.54 (52) 2.65 (61) 0.55 (18) 5.97 (26) -2.02 (53) 4.21 (81) 7.84 (11)IM U.S. Broad Market Core Fixed Income (MF) Median 3.58 2.85 0.00 5.55 -1.98 5.99 6.65

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

Vanguard Tot Bd 1.12 (49) 2.60 (37) 2.38 (23) 3.04 (59) 3.71 (59) 5.49 (65) 6.72 (83)Blmbg. Barc. U.S. Aggregate Index 1.20 (40) 2.68 (29) 2.50 (13) 3.10 (54) 3.75 (56) 5.52 (63) 6.83 (80)IM U.S. Broad Market Core Fixed Income (MF) Median 1.10 2.43 1.99 3.19 3.85 5.89 9.01

Vanguard Tot Bd 03/31/18

28

TOP SECTOR ALLOCATIONSPORTFOLIO CHARACTERISTICS

STYLE MAP (12/01/01 - 03/31/18)

QUALITY ALLOCATION

ASSET ALLOCATION

MATURITY DISTRIBUTION

UP/DOWN CAPTURE (04/01/13 - 03/31/18)

Treasury Notes/Bonds 39.93 %Corporate Notes/Bonds 31.13 %GNMA and Other Mtg Backed 23.33 %Government Agency Securities 2.53 %US$ Denominated Fgn. Gvt. 1.70 %Asset Backed Securities 0.58 %Fgn. Currency Denominated Bonds 0.01 %

Avg. Coupon 3.07 %Nominal Maturity N/AEffective Maturity 8.31 YearsDuration 6.01 YearsSEC 30 Day Yield 2.65Avg. Credit Quality AA

0.0% 50.0% 100.0% 150.0%-50.0 %

Other

Convertibles

Equities

Cash

Fixed Income

-1.7 %

0.0%

0.0%

2.5%

99.2%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Government/AAA

BBB Rated

A Rated

AA Rated

BB AND B Rated

Foreign Securities

Equities/Other

71.1%

12.9%

12.7%

5.0%

0.0%

0.0%

0.0% 15.0% 30.0% 45.0% 60.0%-15.0 %

Other

>30Yrs

<1Yr

10-20Yrs

20-30Yrs

3-5Yrs

1-3Yrs

5-10Yrs

-1.7 %

0.7%

2.5%

4.0%

13.0%

20.5%

22.0%

39.1%

Style History Mar-2018

Average Style Exposure

Cap

italiz

atio

n

Manager Style

Barclays Capital Long Term Govt Bond

Barclays Capital Long U.S. CreditBarclays Capital U.S. Credit 1-5 Year Index

Barclays Capital 1-5 Yr Gov

Vanguard Tot Bd

50.0

75.0

100.0

125.0

150.0U

p C

aptu

re

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

Vanguard Tot Bd 03/31/18

29

THIS PAGE LEFT INTENTIONALLY BLANK

30

90.49%

5.18%

4.33%

TIAA Traditional Account

Medium Grade

High Yield

Corporate & Government Bonds and

Structured Finance

Financial Strength Ratings

TIAA

Fitch

Moody's

Standard & Poor's

AAA

Aa1

AA+

A.M. Best A++

Portfolio Quality:

Investment Grade

Organization:TIAA (Teachers Insurance and Annuity Association of America) began in 1918 as a stock U.S. life insurance company to help meet the financial needs of plan sponsors and participants in the academic, medical, governmental, research and cultural fields. In 1952, a companion organization, the College Retirement Equities Fund was created to allow participants to invest in equities in order to diversify their retirement funds. Today, TIAA-CREF is a financial services organization and leading private provider of retirement benefits nationwide.

Product Description:

The TIAA Traditional Annuity is a guaranteed annuity account providing participants crediting rates for accumulating and payout rates and guarrantees are supported by the TIAA General Account. The TIAA General Account invests in a broadly diversified portfolio to pursue superior long-term returns for the account while providing the stability and liquididty needed to support the guaranteed annuity products.

Public Fixed Income63%

Private Fixed Income15%

Natural Resources

4%

Real Estate 4%

Commercial Mortgage

11%

Private Equity3%

TIAA GENERAL ACCOUNT DIVERSIFICATION

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

6/1

/20

06

9/1

/20

06

12

/1/2

00

6

3/1

/20

07

6/1

/20

07

9/1

/20

07

12

/1/2

00

7

3/1

/20

08

6/1

/20

08

9/1

/20

08

12

/1/2

00

8

3/1

/20

09

6/1

/20

09

9/1

/20

09

12

/1/2

00

9

3/1

/20

10

6/1

/20

10

9/1

/20

10

12

/1/2

01

0

3/1

/20

11

6/1

/20

11

9/1

/20

11

12

/1/2

01

1

3/1

/20

12

6/1

/20

12

9/1

/20

12

12

/1/2

01

2

3/1

/20

13

6/1

/20

13

9/1

/20

13

12

/1/2

01

3

3/1

/20

14

6/1

/20

14

9/1

/20

14

12

/1/2

01

4

3/1

/20

15

6/1

/20

15

9/1

/20

15

12

/1/2

01

5

3/1

/20

16

6/1

/20

16

9/1

/20

16

12

/1/2

01

6

3/1

/20

17

6/1

/20

17

9/1

/20

17

12

/1/2

01

7

CREDITING RATE HISTORY

Retirement Choice Retirement Choice Plus RA-GRA GSRA

31

FUND INFORMATION


PEER GROUP ANALYSIS - IM U.S. Multi-Cap Core Equity (MF)




Investment Style:The fund seeks a favorable long-termtotal return that reflects the investmentperformance of the overall U.S. stockmarket while giving specialconsideration to certain social criteria.The evaluation process favorscompanies that are strong stewards ofthe environment; devoted to servinglocal communities; committed to higherlabor standards; dedicated to producinghigh-quality and safe products; andthose managed in an exemplary orethical manner.

-10.0

-4.0

2.0

8.0

14.0

20.0

26.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

TIAA-CREF:Soc Ch Eq -0.21 (33) -0.21 (33) 14.83 (28) 9.88 (22) 12.05 (44) 11.73 (34) 9.35 (25)¢£

S&P 500 Index -0.76 (56) -0.76 (56) 13.99 (37) 10.78 (6) 13.31 (16) 12.71 (10) 9.49 (22)��

Median -0.64 -0.64 13.02 8.34 11.76 10.90 8.35

0.0

3.0

6.0

9.0

12.0

15.0

18.0

Ret

urn

(%)



TIAA-CREF:Soc Ch Eq 12.05 9.96¢£

S&P 500 Index 13.31 9.78��

Median 11.76 10.24¾

FundFamily :

TIAA-CREF


Campagna/Liao

TotalAssets :

$2,235 Million

Turnover : 14%

2017 2016 2015 2014 2013 2012 2011TIAA-CREF:Soc Ch Eq 20.93 13.51 -2.39 11.25 34.32 14.05 -0.05S&P 500 Index 21.83 11.96 1.38 13.69 32.39 16.00 2.11

3Years

EndingMar-2018

3Years

EndingMar-2017

3Years

EndingMar-2016

3Years

EndingMar-2015

3Years

EndingMar-2014

3Years

EndingMar-2013

3Years

EndingMar-2012

TIAA-CREF:Soc Ch Eq 9.88 8.36 9.44 15.50 14.17 12.27 23.95S&P 500 Index 10.78 10.37 11.82 16.11 14.66 12.67 23.42

TIAA-CREF:Soc Ch Eq 03/31/18

32

SECTOR ALLOCATION

STYLE MAP (08/01/99 - 03/31/18)

SECTOR PERFORMANCE


UP/DOWN CAPTURE (04/01/13 - 03/31/18)


PortfolioWeight

(%)

BenchmarkWeight

(%)

QuarterlyReturn

(%)Microsoft Corp 3.04 3.12 7.19Johnson & Johnson 1.78 1.53 -7.70Alphabet Inc 1.40 1.40 -1.40Alphabet Inc 1.39 1.38 -1.54Intel Corp 1.35 1.08 13.58Cisco Systems Inc 1.30 0.92 12.82Procter & Gamble Co (The) 1.26 0.89 -13.05Verizon Communications Inc 1.18 0.88 -8.62Coca-Cola Co (The) 1.13 0.74 -4.50Mastercard Inc 1.12 0.72 15.91



TIAA-CREF:Soc Ch Eq S&P 500 Index

0.0 8.0 16.0 24.0 32.0







2.71.7

3.63.6

22.911.5

12.616.3

5.77.0

12.4

2.82.02.73.0

24.410.2

13.814.9

5.97.9

12.5

TIAA-CREF:Soc Ch Eq

0.0 0.2 0.4 0.6-0.2-0.4-0.6

-0.10.0

0.00.1

0.4-0.1

0.20.3

0.10.1

-0.2

TIAA-CREF:Soc Ch Eq S&P 500 Index

0.0 4.0 8.0 12.0-4.0-8.0-12.0

-5.9-8.2

-4.9-2.8

5.7-2.5

0.00.9

-4.6-6.9

1.3

-3.3-7.5

-5.0-5.5

3.6-1.6-1.3-0.9

-5.9-7.1

3.1


Cap

italiz

atio

n

Manager Style

Large Cap Growth


Large Cap Value

TIAA-CREF:Soc Ch Eq

50.0

75.0

100.0

125.0

150.0

Up

Cap

ture

50.0 70.0 90.0 110.0 130.0 150.0Down Capture

TIAA-CREF:Soc Ch Eq 03/31/18

33

Funds

of

Funds

Number of

Funds/

Holdings

Open

Architecture

(%)

Sub-

Advisors

Used

% Active

ManagersMax % Equity

% Equity at

Target-DateMin % Equity

Age at Glide Path

End

Y 5 0% N N/A 90% 50% 30% 72

Vanguard Median Asset ClassIncome 0.13% 0.87% Large Blend

2015 0.14% 0.73% Foreign Large Blend2020 0.14% 0.81% Intermediate-Term Bond2025 0.14% 0.79% World Bond2030 0.15% 0.84% Inflation-Protected Bond2035 0.15% 0.81%2040 0.16% 0.85%

2045 0.16% 0.82%

2050 0.16% 0.85%2055 0.16% 0.82%2060 0.16% 0.82%

•• Vanguard Total Intl Stock Index Inv

Vanguard Total Intl Bd Idx InvestorVanguard Shrt-Term Infl-Prot Sec Idx Inv

•••

FundVanguard Total Stock Mkt Idx Inv

Vanguard Total Bond Mkt II Idx Inv

U.S. Mid CapU.S. Small Cap

EXPENSES - INVESTOR SHARES

•

Vanguard Target Date Funds

GLIDE PATHCOMPOSITION

ASSET CLASS SUMMARY

U.S. Large Cap

Top Holdings

International Equity

U.S. Fixed IncomeU.S. TIPS

REITsCommodities

•

•Emerging Markets Equity

High Yield Fixed Income

International Fixed Income

Emerging Markets Debt

Organization:Founded in 1975, Vanguard’s total AUM has eclipsed the $3 trillion mark across more than 240 mutual funds. The foundation of Vanguard’s investment methodology is based around low-cost indexed mutual funds. Vanguard made several changes to the management overseeing this target-date series in early 2016. Day-to-day activities are now overseen William Coleman and Walter Nejman.

Glide Path Rationale: With approximately 50% equity exposure in the 2015 Target Retirement Fund, Vanguard’s target date suite is moderately aggressive in comparison to its peers (equity exposure ranges from 70% to 20% across the industry, with the average around45%). The allocation in this target date suite is managed until sevenyears after retirement, at which point the glide path becomes static with an allocation of 30% equity and 70% fixed income.

Composition of Funds: Each of the Vanguard Target Retirement Funds invests in a mix of the firm’s broadest proprietary index funds. 100% of the underlying funds are passively managed, predominantly across four index funds (Total Stock Market Index, Total International Stock Index, Total Bond Market II Index, and Total International Bond Index), and the series introduces an allocation to the Vanguard Inflation Protected Securities Index five years prior to the target retirement date. The broad underlying index funds provide exposure to more than 9.500 equity securities and more than 12,700 fixed income securities.

34

PEER GROUP ANALYSIS - IM Mixed-Asset Target Today (MF)



ASSET ALLOCATION UP/DOWN CAPTURE (04/01/13 - 03/31/18)


-4.0

-1.0

2.0

5.0

8.0

11.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret Inc -0.50 (10) -0.50 (10) 5.35 (45) 3.68 (29) 4.33 (29) 5.07 (18) 4.93 (27)¢£

Vanguard Target Income Composite Index -0.52 (13) -0.52 (13) 5.56 (42) 3.86 (26) 4.53 (26) 5.22 (15) 5.03 (21)��

Median -0.93 -0.93 5.06 3.28 3.62 4.20 4.39

0.0

1.5

3.0

4.5

6.0

Ret

urn

(%)

1.4 2.1 2.8 3.5 4.2 4.9 5.6 6.3Risk (Standard Deviation %)

ReturnStandardDeviation

Vanguard Target Ret Inc 4.33 3.55¢£

Vanguard Target Income Composite Index 4.53 3.55��

Median 3.62 4.29¾

2017 2016 2015 2014 2013 2012 2011

Vanguard Target Ret Inc 8.47 (59) 5.25 (44) -0.17 (9) 5.54 (10) 5.87 (36) 8.23 (64) 5.25 (9)Vanguard Target Income Composite Index 8.68 (53) 5.35 (37) 0.13 (3) 5.76 (8) 6.03 (35) 8.42 (60) 5.30 (8)IM Mixed-Asset Target Today (MF) Median 8.83 5.06 -1.37 3.87 5.29 8.84 2.78

0.0% 25.0% 50.0% 75.0% 100.0%

Convertibles

Other

Cash

Equities

Fixed Income

0.0%

0.1%

0.6%

29.8%

69.6%

Vanguard Target Ret Inc

50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture

Vanguard Target Ret Inc 03/31/18

35

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2020 (MF)





-4.0

0.0

4.0

8.0

12.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret 2020 -0.57 (25) -0.57 (25) 8.95 (11) 5.65 (10) 7.26 (5) 7.23 (7) 6.22 (5)¢£

Vanguard Target 2020 Composite Index -0.63 (30) -0.63 (30) 9.14 (8) 5.84 (6) 7.47 (3) 7.46 (3) 6.36 (3)��

Median -0.87 -0.87 7.64 4.70 5.73 5.83 5.09

0.0

1.5

3.0

4.5

6.0

7.5

9.0

Ret

urn

(%)



Vanguard Target Ret 2020 7.26 5.99¢£

Vanguard Target 2020 Composite Index 7.47 6.04��

Median 5.73 5.62¾

2017 2016 2015 2014 2013 2012 2011

Vanguard Target Ret 2020 14.08 (14) 6.95 (30) -0.68 (24) 7.12 (1) 15.85 (19) 12.35 (37) 0.60 (33)Vanguard Target 2020 Composite Index 14.22 (11) 7.17 (24) -0.40 (14) 7.37 (1) 16.21 (14) 12.47 (36) 0.99 (26)IM Mixed-Asset Target 2020 (MF) Median 12.63 6.31 -1.44 4.72 11.84 11.53 -0.43

0.0% 20.0% 40.0% 60.0% 80.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.1%

0.6%

45.6%

53.7%

Vanguard Target Ret 2020

50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture

Vanguard Target Ret 2020 03/31/18

36






-8.0

-4.0

0.0

4.0

8.0

12.0

16.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median -0.81 -0.81 10.60 6.07 7.34 7.09 5.76

2.0

4.0

6.0

8.0

10.0

Ret

urn

(%)





Median 7.34 7.48¾

2017 2016 2015 2014 2013 2012 2011

Vanguard Target Ret 2030 17.52 (34) 7.85 (34) -1.03 (29) 7.17 (6) 20.49 (28) 14.24 (40) -1.27 (23)Vanguard Target 2030 Composite Index 17.66 (30) 8.11 (26) -0.79 (23) 7.51 (3) 20.88 (25) 14.31 (39) -0.89 (18)IM Mixed-Asset Target 2030 (MF) Median 16.91 7.31 -1.61 5.18 17.87 13.71 -2.56

0.0% 25.0% 50.0% 75.0% 100.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

0.5%

29.5%

69.8%


50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture


37






-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median -0.68 -0.68 12.54 6.98 8.45 7.86 6.21

2.0

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)

6.3 7.0 7.7 8.4 9.1 9.8 10.5Risk (Standard Deviation %)




Median 8.45 8.61¾

2017 2016 2015 2014 2013 2012 2011


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

0.5%

14.9%

84.5%


50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture


38






-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years



Median -0.66 -0.66 13.33 7.34 8.99 8.20 6.50

2.0

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)

7.5 8.0 8.5 9.0 9.5 10.0 10.5Risk (Standard Deviation %)




Median 8.99 9.03¾

2017 2016 2015 2014 2013 2012 2011


0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

0.5%

10.8%

88.5%


50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture


39

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2055+ (MF)





-5.0

0.0

5.0

10.0

15.0

20.0

Ret

urn

LastQuarter

YearTo Date

1Year

3Years

5Years

7Years

10Years

Vanguard Target Ret 2060 -0.58 (50) -0.58 (50) 13.68 (49) 8.05 (36) 9.85 (21) N/A N/A¢£

Vanguard Target 2060 Composite Index -0.70 (60) -0.70 (60) 13.82 (42) 8.31 (24) 10.12 (13) N/A N/A��

Median -0.59 -0.59 13.65 7.74 9.19 8.49 N/A

4.0

6.0

8.0

10.0

12.0

Ret

urn

(%)





Median 9.19 9.09¾

2017 2016 2015 2014 2013 2012 2011

Vanguard Target Ret 2060 21.39 (42) 8.84 (28) -1.68 (51) 7.16 (17) 24.35 (36) N/A N/AVanguard Target 2060 Composite Index 21.55 (36) 9.13 (23) -1.25 (39) 7.61 (13) 24.79 (30) 15.58 (51) N/AIM Mixed-Asset Target 2055+ (MF) Median 21.23 8.12 -1.64 5.45 23.24 15.58 -4.66

0.0% 50.0% 100.0% 150.0%

Convertibles

Other

Cash

Fixed Income

Equities

0.0%

0.2%

0.5%

10.8%

88.5%


50.0

75.0

100.0

125.0

150.0

Up

Ca

ptu

re

50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0Down Capture


40

Glossary

Active Share measures the percentage of a product’s holdings that differ from the product’s benchmark index, based on portfolio weightings. An Active Share of 60% or higher is generally considered to be active management and less than 20% is generally considered to be passive management. Active Share allows investors to distinguish between products that do and do not engage in a large amount of stock selection. Products with high Active Share may experience significant deviation from the performance of benchmarks over time.

Alpha measures a portfolio’s return in excess of the market return adjusted for risk. It is a measure of the manager’s contribution to performance with reference to security selection. A positive alpha indicates that a portfolio was positively rewarded for the residual risk that was taken for that level of market exposure.

Beta measures the sensitivity of rates of portfolio return to movements in the market. A portfolio’s beta measures the expected change in return per 1% change in the return on the market. If the beta of a portfolio is 1.5, a 1 percent increase in the return of the market will result, on average, in a 1.5 percent increase in the return on the portfolio. The converse would also be true.

Dividend Yield - The total amount of dividends paid out for a stock over the preceding twelve months divided by the closing price of a share of the common stock.

Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.

Duration - A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

Forecasted Long-Term Earnings Growth - This growth rate is a measure of a company’s expected long-term success in generating future year-over-year earnings growth. This growth rate is a market value weighted average of the consensus (mean) analysts’ long-term earnings growth rate forecast for each company in the portfolio. The definition of long-term varies by analyst but is limited to a 3-8 year range. This value is expressed as the expected average annual growth of earnings in percent.

Information Ratio measures the excess return per unit of residual “non market” risk in a portfolio. The ratio is equal to the Alpha divided by the Residual Risk.

Market Capitalization - The market value of a company’s outstanding shares of common stock at a specific point in time, computed as the product of the number of outstanding shares times the stock’s closing price per share.

P/E ratio relates the price of the stock to the per-share earnings of the company. A high P/E generally indicates that the market will pay more to obtain the company because it has confidence in the company’s ability to increase its earnings. Conversely, a low P/E indicates that the market has less confidence that the company’s earnings will increase, and therefore will not pay as much for its stock. In most cases a fund with a high average P/E ratio has paid a premium for stocks that have a high potential for increased earnings. If the fund’s average P/E ratio is low, the manager may believe that the stocks have an overlooked or undervalued potential for appreciation.

P/B ratio of a company relates the per-share market price of the company’s stock to its per-share book value, the historical accounting value of the company’s tangible assets. A high P/B ratio indicates that the price of the stock exceeds the actual worth of the company’s assets. A low P/B ratio would indicate that the stock is a bargain, priced below what the company’s assets could be worth if liquidated.

P/CF ratio compares the total market value of the portfolio to the portfolio’s share of the underlying stocks’ earnings (or book value, cash flow, sales or dividends).

R-Squared indicates the extent to which the variability of the portfolio returns is explained by market action. It can also be thought of as measuring the diversification relative to the appropriate benchmark. An R-Squared value of .75 indicates that 75% of the fluctuation in a portfolio return is explained by market action. An R-Squared of 1.0 indicates that a portfolio’s returns are entirely related to the market and it is not influenced by other factors. An R-Squared of zero indicates that no relationship exists between the portfolio’s return and the market.

Residual Risk is the unsystematic risk of a fund, or the portion of the total risk unique to the manager and not related to the overall market. This reflects the “bets” which the manager places in that particular asset class. These bets reflect emphasis in particular sectors, maturities (for bonds), or other issue specific factors which the manager considers a good investment opportunity. Diversification of the portfolio will reduce the residual risk of that portfolio.

Sharpe Ratio is a measure of risk-adjusted return. It is calculated by subtracting the risk -free return (90 day T-Bills) from the portfolio return and dividing the resulting “excess return” by the portfolio’s total risk level (standard deviation). The result is a measure of returned gained per unit of total risk taken.

Standard Deviation is a statistical measure of portfolio risk. It reflects the average deviation of observations from their sample mean. Stand ard Deviation is used as an estimate of risk since it measures how wide the range of returns typically is. The wider the typical range of returns, the higher the standard deviation of returns, and the higher the portfolio risk. If returns are normally distributed (i.e. as a bell shaped curve distribution) then approximately 66% of 2/3 of the returns would occur within plus or minus one standard deviation of the sample mean.

Style Exposure Chart indicates a portfolio’s exposure to a particular capitalization (large, medium or small) and style (value or growth). Based on Sharpe’s return based style analysis, a style map will attempt to correlate a manager to a particular style of investing (i.e. Large Cap Growth).

Turnover Ratio - This is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.

Up Capture Ratio - The Up Capture Ratio is a measure of the Investment’s compound return when the Benchmark was up divided by the Benchmark’s co mpound return when the Benchmark was up. The greater the value, the better.

Down Capture Ratio - The Down Capture Ratio is a measure of the Investment’s compound return when the Benchmark was down divided by the Benchmark’s compound return when the Benchmark was down. The smaller the value, the better.

41

Organization Asset BasePct. Owned by Employees CurrentBoutique vs. Institutional Growth of AUMRecent Changes in Ownership Capacity ConstraintsManagement Investment in Firm’s Products Soft ClosedSpecialized vs. All in One Re-opening of Products

People PerformanceSize of Team Short Term vs. Benchmark and Style GroupStructure of Team Long Term vs. Benchmark and Style GroupExperience of Team Consistency – Relative/Absolute/Risk AdjustedTurnover of Key MembersGrowth of Team with Assets

Philosophy/Process ExpensesStyle Consistency (Growth/Value, Market Cap) Cost vs. CompetitorsDomestic/Int’l drift

Examples of things that would cause concern resulting in a YELLOW or RED box include but not limited to:

6) EXPENSES - A fund or product that is substantially above the median expense ratio or management fee would be a cause for concern.

Fund Analysis Overview Key

1) ORGANIZATION - A change in ownership whereby it is unclear what the structure of the new organization will be, how will key personnel be compensated, and what type of employment contracts are in place to keep key decision makers.

2) PEOPLE - A change in portfolio manager would be a cause for concern. We would assess the new talent taking over. Is the new portfolio manager a current member of the team or is it someone new from outside the group or organization.

3) PHILOSOPHY/PROCESS - A change in portfolio characteristics would be a cause for concern. For example, if a growth style manager suddenly starts investing in value names during a value rally or if a small cap portfolio was migrating into midcap names due to asset growth.

4) ASSET BASE - A small cap fund with more than $3 billion in assets would be a cause for concern or a fund that continues to add assets as it becomes clear the portfolio management team can not handle the inflows. A sign of this would be a large increase in the cash position of the portfolio.

5) PERFORMANCE - A product that fails to outperform either the index and/or the median manager on a consistent basis (at least 50% of the time) would be a cause for concern. Short term and long term performance is considered both on an absolute basis and relative basis in addition to risk-adjusted measures.

Each of the 6 criteria are evaluated on an individual basis and subjective based on Innovest’s assessment. Below are examples of the many factors under each category we consider when making an assessment.

42

Disclaimer

Past performance is no guarantee of future results. Investing involves the risk of loss. The material herein has been prepared for informational purposes only and is not intended to provide, and should not be relied on for investment, tax, accounting, or legal advice. No representation is being made as to whether any investment product, strategy, or security is suitable or appropriate for an investor’s particular circumstances. Assumptions, opinions, and forecasts herein constitute our judgment and are subject to change without notice. Innovest is an independent Registered Investment Adviser registered with the Securities and Exchange Commission. This document may also contain returns and valuations from outside sources. While the information contained herein is believed to be true and accurate, Innovest assumes no responsibility for the accuracy of these valuations or return methodologies. The preceding statistical analysis was prepared by Innovest Portfolio Solutions LLC with data provided by Investment Metrics (IM), Lipper and Morningstar, Inc. All Rights Reserved. The investment products discussed are not insured by the FDIC and involve investment risk including the possible loss of all principal. Note: Actual client mutual fund returns are reflected on the table of returns page. Fund pages subsequent to the table of returns reflect the representative mutual fund with the longest track record and may not be the actual share class held by the client. Copyright 2017, Standard & Poor’s Financial Services LLC. Reproduction of S&P Index Services in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Index Services (2017) Copyright MSCI 2017. Unpublished. All Rights Reserved. This information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any or its affiliates or any other person involved in or related to compiling, computing or creating this information makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and MSCI, its affiliates and each such other person hereby expressly disclaim all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating this information have any liability for any direct, indirect, special, incidental, punitive, consequential or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.

43

Jumbles of N

umbers

Without setting your life goals, saving and

investing can seem like a bunch of disconnected

facts and figures

For many investors, the process of m

onitoring progress to retirem

ent can seem to sw

irl around a bunch of num

bers: portfolio performance, m

arket index returns and portfolio rebalancing percentages, to nam

e a few.

These are important figures to keep in m

ind, but they m

iss a key critical element: how

you go about defining and prioritizing your unique life goals, and then tracking your progress tow

ard them. H

ere are five w

ays to make sure that the num

bers don’t sidetrack you from

what’s really im

portant — living

the personally enriching life you have imagined for

yourself.

Start with the big picture. The w

ay you view your

long-term financial picture generally can be

segmented into three goal “buckets:” your needs

(think housing, health care), wants (hobbies, travel)

and wishes (fishing boat, new

outdoor kitchen).

Be specific. What goals are m

ost important to you?

To pay down debt? To provide college educations

for your children and grandchildren? To take up a new

passion? Once you’ve identified your goals, put

a specific price tag on them. Just as w

ith The Price is R

ight TV gam

e show, the closer you get to the actual

retail price of your goals, the better. Then, rank them

in order of importance. For exam

ple, is taking a trip once a year m

ore important than entertaining friends

and family every w

eekend?

Match “m

ust haves” and “nice to haves” to your incom

e. Basic needs take priority: you need housing, food and health care. If your investm

ents, Social Security and other sources of incom

e can cover your basic needs, you can begin to focus on w

ants and w

ishes. One of the values that a financial advisor

can bring you is to facilitate goals-based planning discussions, and providing tools to help you visualize how

your investments and savings can help you

achieve those objectives.

Be flexible. Unless you have perfect self-aw

areness, you probably w

on’t be able to afford all your wants

and wishes. It’s relatively easy to scale back som

e of them

to achieve greater balance among your goals,

assets and future income.

Ow

n your future. Money is sim

ply a tool that, used correctly, w

ill give you the freedom to pursue your

goals. The value and satisfaction you derive from your

wealth is m

ore a function of how you see yourself

living a meaningful life, and having the flexibility to

adjust as your life changes.

When planning for the future, it som

etimes can be

tempting to focus on perform

ance returns and growth

in account balances. But numbers can just as easily

distract you from the life purpose that your savings

and investing enable. By paying greater attention to how

you are progressing to your goals, rather than sim

ply the yardstick used to measure them

, you reaffirm

the eternal wisdom

that life comes first,

money second.

Sprin

g 2018

1

It’s not simp

ly a matter of w

orking hard

er; it’s much

more ab

out using your non-financial skills and

talents in new

ways to b

ring you p

rosperity and

a greater

sense of personal satisfaction. H

ere are five tips to

follow w

hen seeking b

alance in your finances.

Access to m

oney is not evenly distrib

uted. Take

the time to und

erstand cred

it scoring and

how it

can affect your ability to g

et lower-cost m

oney —

in terms of low

er credit card

rates, auto financing and

more. C

redit scores are d

riven off your paym

ent history. If you p

ay off your credit card

s and other b

ills on tim

e, you will b

enefit from a hig

her credit score.

But paying

late has a negative effect on your score

that could result in your p

aying m

ore for mortg

ages

and other b

ig-ticket item

s. Hom

e ownership

has long b

een a way for p

eople to b

uild a nest eg

g. Even if the

tax incentives may not b

e as comp

elling as they once

were, ow

ning a hom

e is a form of forced

savings that

can build

significantly over tim

e.

Think like a business ow

ner. Your greatest asset

is your ability to m

ake an income from

your uniq

ue talents. Thinking like an entrep

reneur —

even if you have a regular job

— is a critical w

ay to survive in the 21st century, w

hen the only certainty is chang

e. At w

ork, do you routinely look for new

p

roblem

s to solve? Are you w

illing to take on new

challeng

es? As you find

opp

ortunities to app

ly your uniq

ue talent and skills, you are reinforcing

your value to the org

anization. Good

will and

flexibility g

o a long w

ay to creating a career p

ath that you may never have

imag

ined for yourself.

Build w

ork and non-w

ork relationships. Your

ability to b

e successful dep

ends on how

well

you build

relationships w

ith others. These are the folks w

ho can refer you to the next great career

opp

ortunity, or a volunteer gig

that can bring

you g

reat personal satisfaction and

happ

iness. Rem

emb

er, relationship

-build

ing is d

ifferent from netw

orking.

Netw

orking is m

ostly about w

hat you can get from

others. R

elationship-b

uilding

is based

on what you

have to give others. A

nd d

on’t forget m

entoring as a

positive w

ay to give b

ack to your work and

non-work

comm

unities.

Be positive. “O

nce you replace neg

ative thoug

hts with p

ositive ones,” said W

illie N

elson, “you’ll start having p

ositive results.” Low

self-esteem or lack of confid

ence are two m

ajor reasons w

hy peop

le don’t achieve their g

oals. Being p

ositive is a self-reinforcing feed

back loop

. If you catch yourself g

etting d

iscouraged

about a financial or

personal setb

ack, turn it around.

Don’t neg

lect health and hap

piness! There’s

nothing m

ore imp

ortant than your good

health. H

aving lots of p

ossessions is not wealth. The

ancient philosop

hers have long arg

ued that true

wealth and

happ

iness stem from

an abund

ance of the sp

iritual, not the material. Be sure to take tim

e each d

ay for good

diet and

exercise, and learn to ap

preciate

that your total well-b

eing d

epend

s just as much on

these two p

illars as it does on your financial security.

Five Mo

ney Rules to

Live By

Evergreen p

rinciples fo

r finding

financial balance

12

3452

Pu

blish

ed

by In

no

ve

st Po

rtfolio

So

lutio

ns

4643 S. U

lster Stre

et, Su

ite 1

040 |

De

nve

r, CO

80237 |

303.6

94.1

900 |

ww

w.in

no

ve

stinc

.co

m

Pu

blish

ed

by In

no

ve

st Po

rtfolio

So

lutio

ns

4643 S. U

lster Stre

et, Su

ite 1

040 |

De

nve

r, CO

80237 |

303.6

94.1

900 |

ww

w.in

no

ve

stinc

.co

m

Wh

om

do

I call for h

elp?

Co

ntact TIA

A-C

REF fo

r the

follo

win

g:

> Balances

> Investm

ent changes>

Change personal info

800.842.2009w

ww

.tiaa-cref.org

The P

lan’s In

vestmen

t Co

nsu

ltant

Innovest Portfolio Solutions

4643 S. Ulster St., Suite 1040 D

enver, CO

80237

303.694.1900 | ww

w.innovestinc.com

The pie chart and accompanying data show

n for each portfolio illustrates the percentage allocated to each fund.

How

is the portfolio diversified?

Investment perform

ance results shown above represent past perform

ance and are not indicative of future results. Please read the

information contained in the applicable fund prospectuses carefully before investing m

oney.

Past P

erformance

Current A

ge:The age (today) of an average investor with tim

e horizon, risk level, and return expectations of the Conservative P

ortfolio.

Time H

orizon: Indicates the number of years (tim

e horizon) to the average retirement age of 65, w

hen the investor will begin spending the

money in their account, and the num

ber of years to assumed life expectancy of age 85.

Risk Level:The am

ount of expected risk in the Conservative P

ortfolio. Risk is m

easured by the potential loss over a 12-month period that

an investor might expect in the C

onservative Portfolio, and is calculated via a statistical process consistent w

ith 95% probability.

Low:-8%

to-14%

Expected R

eturn:The level of expected investment return from

the Conservative P

ortfolio. The range of returns shown below

indicatesthe potential gain that an investor m

ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return,

and is calculated using a statistical process to determine a range of probabilities.

Low:4%

to6%

Who typically uses this portfolio?

Understanding Y

our Professionally-M

anaged Portfolios

Portfolio A

llocation (%)


Current A

ge:over 60

Risk Level:

Low

Expected R

eturn:Low

Time H

orizon:

Years to A

ge 65:under 5

Years to A

ge 85:under 25

Expense R

atio (%) 0.26

Past P

erformance (%

)*

March 31, 2018 : $100

Dodge &

Cox S

tock (DO

DG

X)

7.0¢£

Vanguard 500 Index;A

dm (V

FIAX

)7.0

¢£

Harbor:C

ap Apprec;Inst (H

AC

AX

)7.0

¢£

Vanguard M

d-Cp Idx;A

dm (V

IMA

X)

4.5¢£

Vanguard S

m-C

p Idx;Adm

(VS

MA

X)

4.5¢£

Am

Beacon:Intl E

q;Inst (AA

IEX

)6.5

¢£

Am

erican Funds EuP

c;R6 (R

ER

GX

)6.5

¢£

Met W

est:Total Return;I (M

WTIX

)19.0

¢£

Vanguard Tot B

d;Adm

(VB

TLX)

19.0¢£

TIAA

Traditional19.0

¢£

LastQ

uarterY

TD1

Year

3Y

ears5

Years

10Y

earsLittleton P

ublic School C

onservative-0.32

-0.328.01

5.236.46

N/A

Littleton Public S

chools Conservative

03/31/18

*Innovest relies on 3rd party data for these returns.

**Returns using TIA

A Traditional A

nnuity - GR

A contract



How


Investment perform




oney.

Past P

erformance

Current A

ge:: The age (today) of an average investor w

ith time horizon, risk level, and return expectation of the M

oderate Portfolio.

Time H






Risk Level:The am

ount of expected risk in the Moderate P

ortfolio. Risk is m

easured by the potential loss over a 12-month period that an

investor might expect in the M

oderate Portfolio, and is calculated via a statistical process consistent w


Moderate:-13%

to -19%

Expected R

eturn: The level of expected investment return from

the Moderate P


indicates thepotential gain that an investor m

ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return, and

is calculated using a statistical process to determine a range of probabilities.

Moderate:5%

to 7%


Understanding Y


anaged Portfolios

Portfolio A

llocation (%)


Current A

ge:40

- 60

Risk Level:

Moderate

Expected R

eturn:M

oderate

Time H

orizon:

Years to A

ge 65:5 - 25

Years to A

ge 85:25 - 45

Past P

erformance (%

)*

Expense R

atio (%) 0.35

March 31, 2018 : $100

Dodge &

Cox S

tock (DO

DG

X)

13.0¢£


dm (V

FIAX

)13.0

¢£

Harbor:C

ap Apprec;Inst (H

AC

AX

)13.0

¢£

Vanguard M

d-Cp Idx;A

dm (V

IMA

X)

8.0¢£

Vanguard S

m-C

p Idx;Adm

(VS

MA

X)

8.0¢£

Am

Beacon:Intl E

q;Inst (AA

IEX

)12.0

¢£

Am

erican Funds EuP

c;R6 (R

ER

GX

)12.0

¢£

Met W


WTIX

)7.0

¢£

Vanguard Tot B

d;Adm

(VB

TLX)

7.0¢£

TIAA

Traditional7.0

¢£

LastQ

uarterY

TD1

Year

3Y

ears5

Years

10Y

earsLittleton P

ublic School M

oderate-0.02

-0.0213.37

7.909.79

N/A

Littleton Public S

chools Moderate

03/31/18

*Innovest relies on 3rd party data for these returns.

**Returns using TIA

A Traditional A

nnuity - GR

A contract



How


Investment perform




oney.

Past P

erformance

Current A

ge:: The age (today) of an average investor w

ith time horizon, risk level, and return expectation of the A

ggressive Portfolio.

Time H






Risk Level:The am

ount of expected risk in the Aggressive P

ortfolio. Risk is m

easured by the potential loss over a 12-month period that an

investor might expect in the A

ggressive Portfolio, and is calculated via a statistical process consistent w


High:-17%

to -23%

Expected R

eturn: The level of expected investment return from

the Aggressive P


indicates thepotential gain that an investor m

ight expect each year, on average, over a 5-year period. This is also referred to as the "mean" return, and

is calculated using a statistical process to determine a range of probabilities.

High:6%

to 8%


Understanding Y


anaged Portfolios

Portfolio A

llocation (%)


Current A

ge:30

- 50

Risk Level:

High

Expected R

eturn:H

igh

Time H

orizon:

Years to A

ge 65:15 - 35

Years to A

ge 85:35 - 55

Past P

erformance (%

)*

Expense R

atio (%) 0.39

March 31, 2018 : $100

Dodge &

Cox S

tock (DO

DG

X)

16.0¢£


dm (V

FIAX

)15.0

¢£

Harbor:C

ap Apprec;Inst (H

AC

AX

)16.0

¢£

Vanguard M

d-Cp Idx;A

dm (V

IMA

X)

9.5¢£

Vanguard S

m-C

p Idx;Adm

(VS

MA

X)

9.5¢£

Am

Beacon:Intl E

q;Inst (AA

IEX

)14.5

¢£

Am

erican Funds EuP

c;R6 (R

ER

GX

)14.5

¢£

Met W


WTIX

)1.5

¢£

Vanguard Tot B

d;Adm

(VB

TLX)

1.5¢£

TIAA

Traditional2.0

¢£

LastQ

uarterY

TD1

Year

3Y

ears5

Years

10Y

earsLittleton P

ublic School A

ggressive0.13

0.1315.87

9.1011.33

N/A

Littleton Public S

chools Aggressive

03/31/18

*Innovest relies on 3rd party data for these returns.**R

eturns using TIAA

Traditional Annuity - G

RA

contract

product analysis 1q18 - littleton public schools · fund information rolling 3 year return and...

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