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H r C H U 0] Z H V a a Oa � 0^ � a � 4— a�o Ln Ln Ln tu O O w we E O^ $ W W H CA LLI V O Q s W H 4-- IA 0 Q Z O N ti41 ti F� 7 CI] V 4-J w� 4� 4-J V L Vctj _ N w� 4- 0 BlackRock Global Long/Short Credit Benchmark 1: BofAML USD LIBOR 3 Mon CM Return Date:3/31/2017 Instl Benchmark 2:BofAML US Treasury Bill 3 Mon TR USD Portfolio Date:3/31/2017 Category: US Fund Long-Short Credit Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 1.09 1.28 115 2016 -0.72 1.13 1.73 1.40 3.58 113 2015 1.74 -0.57 -1.62 -0.52 -1.00 110 2014 1.14 1.31 -1.00 -0.50 0.92 108 2013 0.98 -0.04 0.90 1.85 3.74 105 2012 1.69 0.45 2.29 2.48 7.08 103 Trailing Returns 100 1 year 3 years 5 years 10 years 98 Risk-Adj Ret 5.01 0.90 2.51 2012 2013 2014 2015 2016 2017 Std Dev 0.42 2.15 2.09 Return 5.46 1.13 2.70 -BlackRock Global Long/Short Credit Instl 114.3 -BofAML USD LIBOR 3 Mon CM 102.0 Ret+/-Index 4.73 0.70 2.31YTD %Rank %Rank %Rank %Rank %Rank %Rank Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat BlackRock Global Long/Short Credit Instl 1.09 49 3.58 66 -1.00 39 0.92 53 3.74 46 7.08 76 The investment seeks absolute total returns over a complete BofAML USD LIBOR 3 Mon CM 0.23 74 0.66 92 0.23 23 0.23 68 0.29 78 0.51 100 market cycle.The fund invests at least 80%of its total assets in Median 1.09 4.66 -1.24 1.14 3.49 8.44 credit-related instruments.It may invest up to 20%of its total assets in equity instruments,including common stock,depositary Count 54 51 40 31 23 18 receipts,rights,warrants and other instruments whose price is linked to the value of common stock.The fund may invest in Asset Allocation Top 15 Holdings credit-related instruments rated below investment grade or Inv Bmk1 Portfolio deemed equivalent by fund management,which are commonly Shares Weighting% referred to as"junk bonds." Cash% 30.14 BlackRock Liquidity T-Fund Instl 379,271,559 9.47 Fees and Expenses US Equity% 0.37 US Treasury Bond 2.25% 93,870,300 -1.99 Max Front Load - Non-US Equity% 0.06 France(Govt Of)3% 48,800,000 -1.53 Bond% 63.50 US Treasury Bond 2.875% 61,174,000 1.50 Management Fee 0.89 Other% 5.92 US Treasury Note 1.375% 53,465,000 -1.34 Prospectus Gross Expense Ratio 2.09 US Treasury Note 2.25% 52,589,600 1.30 CN\I 12b-1 Fee Equity Style Portfolio Statistics US Treasury Note 1.625% 48,315,000 -1.17 Morningstar Equity Style Box'" P/E Ratio 17.49 Jpmorgan Chase Cap Xxiii FRN 50,000,000 1.08 Prospectus Net Expense Ratio 1.11 At&T 50,000,000 1.02 Deferred Load P/C Ratio 7.12 France(Govt Of)2.25% 25,700,000 -0.77 P/B Ratio France(Govt Of)0.25% 30,700,000 0.77 Morningstar Ratings ■ a Avg Mkt Cap(mill 9,420.69 Goldman Sachs Grp 3.75% 30,000,000 -0.76 Morningstar Rating Overall **** 3 J P Morgan Chase 6 Co Mtn Be 2.295% 30,000,000 -0.74 Charter Comms Oper 6.484% 25,000,000 0.74 Morningstar Rating 3 Yr *** value Blend Growth US Treasury Note 1.125% 27,624,800 0.69 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration -0.17 Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 85.79 Morningstar Return 0.94 2.56 Avg Credit Quality BB Greater Europe% 14.21 Morningstar Risk 0.04 0.04 Not Available Avg Coupon 4.79 Greater Asia% 0.00 Avg Risk It MPT Statistics Price 104.26 Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% 0.47 Std Dev 2.15 2.09 Credit Quality Consumer Cyclical% 66.16 Median 0.09 0.23 Inv Bmk1 Financial Services% 3.55 Sharpe Ratio 0.45 1.22 AAA% Real Estate% 0.00 Alpha -3.09 -1.84 AA% Consumer Defensive% 1.20 Beta 16.64 17.17 A% Healthcare% 6.82 R2 9.96 8.51 BBB% Utilities% 0.00 BB% Communication Services% 14.50 12 Mo Yield 0.00 Energy% 1.11 B% SEC Yield 2.46 B% Industrials% 3.54 Potential Capital Gains Exposure -6.61 Not Rated% Technology% 2.66 Operations Firm Name BlackRock Base Currency US Dollar Inception Date 9/30/2011 Manager Name Multiple Ticker BGCIX Fund Size 4,013,252,457 Manager Tenure(Years) 5.58 Minimum Initial Purchase 2,000,000 Investment Type Open-End Fund Prospectus Objective Growth and Income Closed to New Inv No Turnover Ratio% 253.00 Brandes International Small Cap Equity Benchmark 1:MSCI World Ex USA SMID NR USD Return Date:3/31/2017 Benchmark 2:S&P Developed Ex US Small NR USD Portfolio Date:3/31/2017 Category: US Fund Foreign Small/Mid Value Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/11/2012 to 3/31/2017 2017 6.29 7.06 180 2016 3.37 -2.82 5.71 1.23 7.50 160 2015 6.01 1.43 -3.66 4.39 8.14 2014 5.73 5.45 -6.60 -5.96 -2.07 140 2013 6.10 1.22 13.67 4.36 27.40 2012 15.62 -7.20 7.87 9.27 26.46 120 Trailing Returns 100 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 9.46 3.11 9.27 1.47 2012 2013 2014 2015 2016 2017 Std Dev 2.26 11.61 12.20 20.76 Return 10.54 4.60 11.02 6.51 -Brandies International Small Cap Equity 1 168.6 MSCI World Ex USA SMID NR USD 141.8 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 0.14 2.12 3.78 4.32 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Brandes International Small Cap Equity 1 6.29 75 7.50 16 _8.14 8 -2.07 13 27.40 28 26.46 19 The investment seeks long term capital appreciation.The fund invests at MSCI World Ex USA SMID NR USD 7.45 65 3.57 30 3.15 35 -3.57 30 23.16 60 17.04 97 least 80%of its net assets measured at the time of purchase in equity - securities issued by small capitalization companies located in at least Median 8.66 1.30 1.53 -6.13 23.92 21.53 three countries outside of the United States.The fund managers consider Count 58 57 54 47 40 34 a company to be a small capitalization company if it has a market _ capitalization(market value of publicly traded securities)of$5 billion or Asset Allocation Top 15 Holdings less at the time of purchase.Up to 30%of the fund's total assets, AL measured at the time of purchase,may be invested in securities of Portfolio companies located in emerging market countries(including frontier 1171/ Bmk1 Shares o market countries). o Weighting/o Cash/0 14.71 0.04 Morrison(Wm)Supermarkets PLC 17,015,273 3.07 Fees and Expenses US Equity% 0.00 Embraer SA 9,060,600 3.01 Non-US Equity% 83.17 C5C Group PLC 12,518,280 2.91 Max Front Load Bond% 0.00 0.00 Countrywide PLC 18,744,516 2.19 Management Fee 0.95 Reliance Infrastructure Ltd 4,164,040 2.19 Other% 2.13 0.47 MITIE Group PLC 12,427,717 2.07 N Prospectus Gross Expense Ratio 1.11 Equity Style Portfolio Statistics Sainsbury(J)PLC 10,390,076 2.06 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio 12.61 Draegerwerk AG 5 Co KGaA Pfd Shs-Non-voting 315,507 1.94 Prospectus Net Expense Ratio 1.13 Dorel Industries Inc Class B 1,301,301 1.86 Deferred Load P/C Ratio 6.15 Norbord Inc 1,057,021 1.80 P/B Ratio 0.82 De La Rue PLC 3,828,362 1.77 Morningstar Ratings a Avg Mkt Cap(mill 1,282.77 Kissei Pharmaceutical Co Ltd 1,101,200 1.74 ,t�r,t�r,t d Kato Sangyo Co Ltd 1,119,700 1.73 Morningstar Rating Overall Debenhams PLC 40,881,841 1.67 Morningstar Rating 3 Yr ***** value Rlend Grow h Komori Corp 2,145,600 1.66 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 17.42 10.43 Morningstar Return 4.41 10.86 5.88 Avg Credit Quality Greater Europe% 40.47 51.78 Morningstar Risk 1.30 1.59 4.41 Not Available Avg Coupon 8.50 Greater Asia% 42.11 37.79 Avg Risk It MPT Statistics Price 0.25 Sector Weightings _ Inv Bmkl 3 years 5 years 10 years Basic Materials% 3.13 13.59 Std Dev 11.61 12.20 20.76 Credit Quality Consumer Cyclical% 17.23 15.79 Median 0.39 0.66 0.46 Inv Bmk1 Financial Services% 7.39 11.69 Sharpe Ratio 0.43 0.91 0.38 AAA% Real Estate% 11.06 8.95 Alpha 2.36 4.41 4.35 AA% Consumer Defensive% 20.77 6.57 Beta 0.87 0.87 0.99 A% Healthcare% 7.77 5.80 R2 83.24 82.79 86.16 BBB% Utilities% 7.01 3.36 313% Communication Services% 5.18 1.91 12 Mo Yield 2.36 Energy B% 0.00 3.79 SEC Yield 1.24 B% Industrials% 13.88 19.15 Potential Capital Gains Exposure 5.34 Not Rated% Technology% 6.59 9.40 Operations ' Firm Name Brandes Base Currency US Dollar Inception Date 8/20/1996 Manager Name Ralph Birchmeier Ticker BISMX Fund Size 1,685,600,915 Manager Tenure(Years) 14.33 Minimum Initial Purchase 100,000 Investment Type Open-End Fund Prospectus Objective Small Company Closed to New Inv No Turnover Ratio% 21.00 DFA International Core Equity I Benchmark 1:MSCI ACWI Ex USA Value NR USD Return Date:3/31/2017 D FI EX Benchmark 2:MSCI World ex USA NR USD Portfolio Date:3/31/2017 Category: US Fund Foreign Large Value Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/11/2012 to 3/31/2017 2017 7.53 9.59 140 2016 -0.90 -0.92 7.69 -0.37 5.34 130 2015 4.13 2.60 -10.16 3.98 -0.21 2014 2.13 3.83 -7.22 -4.44 -5.98 120 2013 4.44 -1.57 13.14 6.13 23.43 110 2012 12.84 -8.63 7.09 7.54 18.74 100 Trailing Returns 90 - 1 year 3 years 5 years 10 years 80 - - Risk-Adj Ret 13.07 -0.20 4.71 -2.84 2012 2013 2014 2015 2016 2017 Std Dev 2.49 11.82 13.02 19.76 Return 14.31 1.33 6.66 1.90 -OFA International Core Equity 1 138.0 -(Loading...) 120.5 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 2.37 1.85 2.85 1.22 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat DFA International Core Equity 1 7.53 31 5.34 23 -0.21 29 -5.98 48 23.43 25 18.74 32 The investment seeks long-term capital appreciation.The MSCI ACWI Ex USA Value NR USD 6.68 67 8.92 12 -10.06 90 -5.10 38 15.04 85 16.97 56 fund purchases a broad and diverse group of securities of Median 7.18 1.76 -3.06 -6.16 21.50 17.23 non-U.S.companies in developed markets with a greater Count 312 296 272 248 216 207 emphasis on small capitalization and value companies as compared to their representation in the International Asset Allocation Top 15 Holdings Universe.As a non-fundamental policy,under normal Portfolio circumstances,it will invest at least 80%of its net assets Inv Bmkl Shares Weighting°/n in equity securities. Cash% 0.01 Nestle SA 2,417,067 0.91 Fees and Expenses US Equity% S+p500 Emini Fut Marl Xcme 20170317 69,750 0.84 Non-US Equity% Toyota Motor Corp 2,342,594 0.68 Max Front Load Bond% 0.00 Total SA 1,954,493 0.50 Management Fee 0.27 Other% 2.78 HSBC Holdings PLC ADR 2,337,116 0.48 Prospectus Gross Expense Ratio 0.30 BP PLC ADR 2,639,486 0.4E N Equity Style Portfolio Statistics Daimler AG 1,216,771 0.45 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio 16.65 Basf SE 767,626 0.37 Prospectus Net Expense Ratio 0.30 Royal Dutch Shell PLC ADR Class B 1,288,728 0.36 Deferred Load P/C Ratio 7.79 Royal Dutch Shell PLC ADR Class A 1,207,523 0.32 P/B Ratio 1.47 Novartis AG ADR 794,013 0.32 Morningstar Ratings Not Available Avg Mkt Cap(mill 8,096.06 Bank of Nova Scotia 936,853 0.28 Morningstar Rating Overall * t*,t Deutsche Telekom AG 3,149,758 0.28 Westpac Banking Corp 2,102,187 0.28 Morningstar Rating 3 Yr **** Royal Bank of Canada 699,021 0.26 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr **** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 10.94 Morningstar Return 1.14 6.51 1.29 Avg Credit Quality Greater Europe% 48.71 Morningstar Risk 1.34 1.80 4.13 Not Available Avg Coupon Greater Asia% 40.35 Avg i Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% 8.36 Std Dev 11.82 13.02 19.76 Credit Quality Consumer Cyclical% 9.49 Median -0.08 0.43 0.13 Inv Bmkl Financial Services% 38.59 Sharpe Ratio 0.15 0.55 0.17 AAA% Real Estate% 3.60 Alpha 1.67 3.05 1.23 AA% Consumer Defensive% 1.61 Beta 0.84 0.90 0.97 A% Healthcare% 3.41 R2 91.34 93.56 96.62 BBB% Utilities% 4.65 313% Communication Services% 5.89 12 Mo Yield 2.34 Energy% 9.85 B% SEC Yield B% Industrials 9.70 Potential Capital Gains Exposure 11.33 Not Rated% Technology% 4.85 Operations Firm Name Dimensional Fund Advisors Base Currency US Dollar Inception Date 9/15/2005 Manager Name Multiple Ticker DFIEX Fund Size 20,736,409,014 Manager Tenure(Years) 7.17 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Growth Closed to New Inv No Turnover Ratio% 2.00 DFA Short-Term Extended Quality I Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Return Date:3/31/2017 D FEQX Benchmark 2:BofAML US Corp£rGovt 1-5 Yr TR USD Portfolio Date:3/31/2017 Category: US Fund Short-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 0.80 1.18 110 2016 1.74 1.26 0.15 -1.08 2.06 108 2015 1.09 -0.20 0.67 -0.41 1.15 2014 0.66 0.75 -0.11 0.38 1.68 106 2013 0.35 -0.93 0.79 0.20 0.41 2012 1.35 0.57 1.49 0.17 3.63 104 Trailing Returns I 102 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 0.68 1.47 1.51 2012 2013 2014 2015 2016 2017 Std Dev 0.48 1.50 1.44 Return 1.12 1.68 1.67 -UFA Short-Term Extended Quality 1 108.6 BBgBarc US Govt/Credit 1-5 Yr TR USE) 106.7 Ret+/-Index 0.60 0.30 0.37YTD %Rank %Rank %Rank %Rank %Rank %Rank _ Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat DFA Short-Term Extended Quality) 0.80 19 2.06 39 1.15 4 1.68 19 0.41 48 3.63 53 The investment seeks to maximize total returns from the universe BBgBarc US Govt/Credit 1-5 Yr TR USD 0.57 52 1.56 59 0.97 9 1.42 28 0.28 53 2.24 81 of debt securities in which the Portfolio invests.As a non- Median 0.58 1.75 0.34 0.94 0.35 3.82 fundamental policy,under normal circumstances,the Portfolio will invest at least 80%of its net assets in fixed income Count 502 493 454 422 398 346 securities considered to be investment grade quality.In addition, the Portfolio is authorized to invest more than 25%of its total Asset Allocation Top 15 Holdings assets in U.S.Treasury bonds,bills and notes,and obligations of Inv Bmk1Portfolio federal agencies and instrumentalities. Shares Weighting% 9 9 Cash% Ge Cap Intl Fdg 2.342% 99,970,000 2.03 US Equity% Oracle 1.9% 87,577,000 1.73 Fees and Expenses o Neder Waterscha sbank Sr Unsecured Res 03/19 1.875 53,652,000 1.08 Non-US Equity/n P 9 Max Front Load Bond Ontario Prov Cda 2.5% 49,530,000 1.01 Management Fee 0.20 Cisco Sys 2.2% 49,100,000 0.99 Other% FNMA 3.096% 48,451,000 0.97N Prospectus Gross Expense Ratio 0.22 Equity Style Portfolio Statistics Exxon Mobil 2.222% 45,395,000 0.92 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio Apple 2.1% 40,000,000 0.81 Prospectus Net Expense Ratio 0.22 Australia 6 New Zeala Bkg 2.25% 40,154,000 0.81 Deferred Load P/C Ratio Rabobank Nederland Ny 2.25% 38,949,000 0.79 P/B Ratio Commonwealth Bk Australia 2.3% 38,525,000 0.78 Morningstar Ratings Not Available Avg Mkt Cap(mill Quebec Prov Cda 2.375% 38,000,000 0.77 9 9 Morningstar Rating Overall **** Bk Of Nova Scotia 2.45% 37,679,000 0.76 Chevron Corp New 2.419% 37,151,000 0.75 Morningstar Rating 3 Yr **** European Inv[Bk 1.375% 38,000,000 0.74 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 2.80 Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity 2.94 Americas% Morningstar Return 1.49 1.53 Avg Credit Quality A Greater Europe% Morningstar Risk 0.02 0.02 Not Available Greater Asia% Avg Coupon 2.58 Avg Risk It MPT Statistics Price 101.12 Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% Std Dev 1.50 1.44 Credit Quality Consumer Cyclical% Median 0.13 0.15 Inv Bmk1 Financial Services% Sharpe Ratio 0.99 1.06 AAA% Real Estate% Alpha 0.22 0.22 AA% Consumer Defensive% Beta 1.07 1.13 A% Healthcare% R2 92.38 93.02 BBB% Utilities% BB% Communication Services% 12 Mo Yield 1.77 Energy% B% SEC Yield 1.95 B% Industrials% Potential Capital Gains Exposure -0.13 Not Rated% Technology% Operations Firm Name Dimensional Fund Advisors Base Currency US Dollar Inception Date 3/4/2009 Manager Name David A.Plecha Ticker DFEGX Fund Size 5,201,074,834 Manager Tenure(Years) 8.08 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Corporate Bond-High Quality Closed to New Inv No Turnover Ratio% 25.00 DoubleLine Total Return Bond I Benchmark 1: BBgBarc US Agg Bond TR USD Return Date:3/31/2017 D BLTX Benchmark 2:BBgBarc US Agg Bond TR USD Portfolio Date:3/31/2017 Category: US Fund Intermediate-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:4/1/2012 to 3/31/2017 2017 1.05 1.81 125 2016 1.75 1.44 0.83 -1.83 2.17 120 2015 1.62 -0.51 1.68 -0.47 2.32 2014 2.40 2.05 0.75 1.39 6.73 115 2013 1.27 -1.59 0.64 -0.28 0.02 2012 2.96 1.65 3.48 0.79 9.16 110 Trailing Returns 105 1 year 3 years 5 years 10 years 100 Risk-AdjRet 0.99 3.03 3.43 2012 2013 2014 2015 2016 2017 Std Day 0.63 2.01 2.34 Return 1.46 3.26 3.64 -DoubleLine Total Return Bond 1 119.6 BBgBarc US Agg Bond TR USD 112.2 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 1.02 0.58 1.30 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat DoubleLine Total Return Bond 1 _1.05 45 2.17 79 2.32 1 6.73 11 0.02 12 9.16 14 The investment seeks to maximize total return.The advisor BBgBarc US Agg Bond TR USD 0.82 72 2.65 61 0.55 21 5.97 29 -2.02 64 4.21 83 intends to invest at least 80%of the fund's net assets(plus the Median 1.02 2.96 -0.01 5.53 -1.64 6.60 amount of borrowings for investment purposes(in bonds.Bonds include bonds,debt securities,and other fixed income Count 999 944 872 835 797 732 instruments issued by governmental or private-sector entities. Under normal circumstances,the advisor intends to invest more Asset Allocation Top 15 Holdings - than 50%of the fund's net assets in residential and commercial Portfolio mortgage-backed securities. Inv _ Bmk1 Shares Weighting% Cash% 5.98 US Treasury Note 1.625% 1,325,000,000 2.38 Fees and Expenses US Equity% 0.00 US Treasury Note 2% 700,000,000 1.28 Non-US Equity% 0.00 FHLMC 3% 691,806,771 1.26 Max Front Load Bond% 93.92 FHLMC 3% 639,681,450 1.17 Management Fee 0.40 US Treasury Note 518,485,000 0.97 Other% 0.10 Prospectus Gross Expense Ratio 0.47 FHLMC 3% 508,094,687 0.93 N Equity Style Portfolio Statistics FHLMC 3% 426,647,008 0.78 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio FNMA 3% 376,978,583 0.69 Prospectus Net Expense Ratio 0.47 Morgan Stanley lnstlLqudty Govtlnstl 357,624,431 0.66 Deferred Load P/C Ratio Fidelity®Inv MM Fds Government 1 357,624,431 0.66 P/B Ratio BlackRock Liquidity FedFund Instl 357,624,431 0.66 Morningstar Ratings Not Available Avg Mkt Cap(mill FNMA 3% 331,624,424 0.61 Morningstar Rating Overall FNMA 3% 284,322,481 0.54 Securitized Mtg Asset Ln Tr 2015-1 144A 372,044,017 0.52 Morningstar Rating 3 Yr FHLMC 0.36% 280,430,633 0.51 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics _ Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 3.98 3 years 5 years 10 years cQ ° Inv Bmk1 Avg Eff Maturity 5.69 Americas/o Morningstar Return 3.07 3.49 Greater Europe% � Avg Credit Quality BB Morningstar Risk 0.04 0.06 Q Greater Asia% _ Avg Coupon 3.55 _ CD Avg Price 97.08 Sector Weightings Risk It MPT Statistics g 0 Inv Bmk1 3 years 5 years 10 years Ltd Mad Ext Basic Materials% Std Day 2.01 2.34 Credit Quality Consumer Cyclical% Median 0.21 0.29 Inv Bmk1 Financial Services% Sharpe Ratio 1.51 1.48 AAA% Real Estate% Alpha 1.42 1.89 AA% Consumer Defensive% Beta 0.65 0.71 A% Healthcare% R2 89.25 76.30 BBB% Utilities% BB% Communication Services% 12 Mo Yield 3.74 Energy% B% SEC Yield 3.69 B% Industrials% Potential Capital Gains Exposure -4.65 Not Rated% Technology% Operations Firm Name DoubleLine Base Currency US Dollar Inception Date 4/6/2010 Manager Name Multiple Ticker DBLTX Fund Size 53,783,041,120 Manager Tenure(Years) 7.00 Minimum Initial Purchase 100,000 Investment Type Open-End Fund Prospectus Objective Government Bond-General Closed to New Inv No Turnover Ratio% 15.00 Eaton Vance Atlanta Capital SMI D-Cap Benchmark 1: Russell Mid Cap Growth TR USD Return Date:3/31/2017 Benchmark 2:Russell 2500 TR USD Portfolio Date:3/31/2017 Category: US Fund Mid-Cap Growth Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 5.28 6.18 200 2016 3.32 3.36 1.59 2.51 11.21 180 2015 6.03 2.96 -6.43 7.44 9.74 160 2014 -1.78 2.85 -3.53 7.92 5.17 2013 13.25 2.18 7.67 9.20 36.06 140 2012 10.73 -4.23 4.12 3.48 14.26 120 - Trailing Returns 100 1 year 3 years 5 years 10 years 80 - Risk-Adj Ret 12.02 9.57 12.20 7.82 2012 2013 2014 2015 2016 2017 Std Dev 2.62 11.71 10.88 16.82 Return 13.32 11.22 13.66 11.67 Eaton Vance Atlanta Capital SMID-Cap 1 189.7 -Russell Mid Cap Growth TR USD 175.9 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 0.74 3.34 1.71 3.54 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Eaton Vance Atlanta Capital SMID-Cap 1 5.28 86_11.21 16 9.74 1 5.17 74 36.06 43 14.26 55 The investment seeks long-term capital growth.Under Russell Mid Cap Growth TR USD 6.89 60 7.33 31 -0.20 47 11.90 13 35.74 47 15.81 35 normal circumstances,the fund invests at least 80%of its Median 7.16 5.37 -0.52 7.46 35.46 14.63 net assets(plus any borrowings for investment purposes) Count 633 606 586 558 513 479 in small-to mid-cap stocks(the"80%Policy").The portfolio managers generally consider small-to mid-cap companies Asset Allocation Top 15 Holdings to be those companies having market capitalizations within - the range of companies comprising the Russell 2500 TM Inv Bmk1 Shares Portfolio Index. Cash% Weighting% Markel Corp 422,351 4.68 Fees and Expenses US Equity% Teleflex Inc 1,881,866 4.07 Non-US Equity% Ansyslnc 3,165,497 3.82 Max Front Load Bond SEI Investments Co 5,661,765 3.22 Management Fee 0.83 Other Dentsply Sirona Inc 3,938,316 2.83 Prospectus Gross Expense Ratio 0.96 Bio-Rad Laboratories Inc 1,231,302 2.71 N 12b-1 Fee Equity Style Portfolio Statistics JB Hunt Transport Services Inc 2,387,242 2.65 Morningstar Equity Style Box'" P/E Ratio 28.69 Affiliated Managers Group Inc 1,343,738 2.55 Prospectus Net Expense Ratio 0.96 Manhattan Associates Inc 4,434,988 2.52 Deferred Load P/C Ratio 18.16 Fair Isaac Corp 1,671,417 2.46 P/B Ratio 3.71 IDEX Corp 2,335,698 2.44 Morningstar Ratings Not Available Avg Mkt Cap(mill 6,778.41 COW Corp 3,655,443 2.44 Morningstar Rating Overall Blackbaud Inc 2,878,519 2.33 Sally Beauty Holdings Inc 9,366,025 2.32 Morningstar Rating 3 Yr Jack Henry 6 Associates Inc 2,148,409 2.28 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% Morningstar Return 11.01 13.50 11.01 Avg Credit Quality Greater Europe% Morningstar Risk 1.45 1.30 3.19 Not Available Avg Coupon Greater Asia% Av Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% Std Dev 11.71 10.88 16.82 Credit Quality Consumer Cyclical% Median 0.96 1.37 1.71 Inv Bmk1 Financial Services% Sharpe Ratio 0.95 1.22 0.71 AAA% Real Estate% Alpha 3.95 3.32 4.28 AA% Consumer Defensive% Beta 0.89 0.84 0.85 A% Healthcare% R2 81.19 80.14 85.26 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.00 Energy% B% SEC Yield B% Industrials% Potential Capital Gains Exposure 31.46 Not Rated% Technology% Operations , Firm Name Eaton Vance Base Currency US Dollar Inception Date 4/30/2002 Manager Name Charles B.Reed Ticker EISMX Fund Size 9,067,627,401 Manager Tenure(Years) 15.00 Minimum Initial Purchase 250,000 Investment Type Open-End Fund Prospectus Objective Growth Closed to New Inv Yes Turnover Ratio% 17.00 Federated Strategic Value Dividend Benchmark 1: Russell 1000 Value TR USD Return Date:3/31/2017 Instl Benchmark 2:SEW 500 TR USD Portfolio Date:3/31/2017 Category: US Fund Large Value Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 5.33 5.67 200 2016 7.97 6.77 -2.92 -1.37 10.39 180 2015 0.31 -0.59 -1.54 5.79 3.87 160 2014 3.90 8.57 -2.69 1.61 11.54 2013 9.42 1.52 2.84 6.73 21.93 140 2012 1.15 4.02 3.37 -1.69 6.92 120 - Trailing Returns 100 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 6.51 7.83 10.53 3.15 2012 2013 2014 2015 2016 2017 Std Dev 2.52 9.88 9.60 12.37 Return 7.68 9.04 11.67 5.45 -Federated Strategic Value Dividend Instl 173.6 Russell 1000 Value TR USD 185.3 Ret+/-Index 11.54 0.37 1.46 0.48 YTD Rank Cat 2016 Cat%Rank 2015 %Rank Cat 2014 %Rank Cat 2013 Cat%Rank 2012 %Rank Cat Federated Strategic Value Dividend Instl 5.33 9 10.39 89 3.87 _ 1 11.54 37 21.93 96 6.92 97 The investment seeks income and long-term capital appreciation.The Russell 1000 Value TR USD 3.27 64 17.34 22 -3.83 54 13.45 12 32.53 40 17.51 22 fund pursues its investment objective by investing primarily in high - dividend-paying common stocks with dividend growth potential.Its Median 3.67 14.26 -3.59 10.85 31.69 14.89 security selection process involves screening and prioritizing stocks based Count 1,240 1,186 1,090 1,027 958 887 on appropriate quantitative statistics.Those companies that rank as highly attractive in the screening process are closely scrutinized for Asset Allocation Top 15 Holdings inclusion in the portfolio using bottom-up fundamental proprietary research.The fund may use derivative contracts,such as forward Portfolio contracts,to manage or hedge the fund's currency exposure. Inv Bmk1 Shares Weighting% Cash AT&Tlnc 17,505,134 5.27 Fees and Expenses Ell US Equity% Verizon Communications Inc 13,726,141 5.18 Non-US Equity% Altria Group Inc 9,903,441 4.74 Max Front Load Bond AbbVie Inc 10,657,200 4.72 Management Fee 0.75 Other Sanofi SA 7,960,812 4.55 Prospectus Gross Expense Ratio 0.94 Philip Morris International Inc 7,010,178 4.54 N 12b-1 Fee Equity Style Portfolio Statistics McDonald's Corp 4,751,255 4.09 Morningstar Equity Style Box'" P/E Ratio 22.16 Vodafone Group PLC 231,509,989 4.03 Prospectus Net Expense Ratio 0.81 BCE Inc 13,019,710 3.98 Deferred Load P/C Ratio 10.86 Southern Co 11,338,068 3.94 P/B Ratio 2.74 Duke Energy Corp 6,768,259 3.72 Morningstar Ratings Not Available Avg Mkt Cap(mill 88,617.68 Coca-Cola Co 12,494,450 3.66 Morningstar Rating Overall *,t*,t Procter 5 Gamble Co 5,897,105 3.51 National Grid PLC 38,812,919 3.21 Morningstar Rating 3 Yr **** Crown Castle International Corp 5,179,100 3.18 Morningstar Rating 5 Yr *** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr **** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% Morningstar Return 8.84 11.51 4.82 Avg Credit Quality Greater Europe% Morningstar Risk 1.00 0.98 1.67 Not Available Avg Coupon Greater Asia% Risk It MPT Statistics Price Sector Weightings ' Avg Inv Bmkl 3 years 5 years 10 years Basic Materials% Std Dev 9.88 9.60 12.37 Credit Quality Consumer Cyclical% Median 0.71 0.86 0.83 Inv Bmk1 Financial Services% Sharpe Ratio 0.91 1.19 0.44 AAA% Real Estate% Alpha 4.45 4.01 1.49 AA% Consumer Defensive% Beta 0.52 0.58 0.62 A% Healthcare% R2 30.83 40.03 64.42 BBB% Utilities% BB% Communication Services% 12 Mo Yield 3.02 Energy% B% SEC Yield 3.17 B% Industrials% Potential Capital Gains Exposure 14.33 Not Rated% Technology% Operations - Firm Name Federated Base Currency US Dollar Inception Date 3/30/2005 Manager Name Daniel Paris Ticker SVAIX Fund Size 13,918,967,533 Manager Tenure(Years) 10.50 Minimum Initial Purchase 1,000,000 Investment Type Open-End Fund Prospectus Objective Equity-Income Closed to New Inv No Turnover Ratio% 21.00 Federated Treasury Obligations Instl Benchmark 1:BofAML USD LIBOR 3 Mon CM Return Date:3/31/2017 TO LXX Category: US Fund Money Market-Taxable Portfolio Date:3/31/2017 Performance Investment Growth L 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 0.11 0.14 103 2016 0.04 0.05 0.05 0.06 0.19 2015 0.00 0.00 0.00 0.01 0.01 102 2014 0.00 0.00 0.00 0.00 0.01 102 2013 0.00 0.00 0.00 0.00 0.01 2012 0.00 0.00 0.00 0.00 0.01 101 Trailing Returns 101 1 year 3 years 5 years 10 years 100 Risk-Adj Ret -0.15 -0.08 -0.07 -0.04 2012 2013 2014 2015 2016 2017 Std Dev 0.01 0.04 0.03 0.37 Return 0.26 0.11 0.07 0.56 -Federated Treasury Obligations Instl 100.3 -BofAML USD LIBOR 3 Mon CM 102.0 Ret+/-Index 0.47 0.32 0.33 0.61 YTD Cat Rank 2016 Cat%Rank 2015 Cat%Rank 2014 %Rank Cat 2013 %Rank Cat 2012 %Rank Cat Federated Treasury Obligations Instl 0.11 15 0.19 19 0.01 31 0.01 33 0.01 38 0.01 34 The investment seeks to provide current income BofAML USD LIBOR 3 Mon CM 0.23 1 0.66 1 0.23 1 0.23 1 0.29 1 0.51 1 consistent with stability of principal.The fund invests in a Median 0.04 0.04 0.01 0.01 0.01 0.01 portfolio of U.S.Treasury securities maturing in 397 days Count 580 524 501 483 478 470 or less and repurchase agreements collateralized fully by U.S.Treasury securities.It will invest its assets so that at Asset Allocation Top 15 Holdings least 80%of its net assets(plus any borrowings for investment purposes)are invested in Treasury Inv Bmk1 SharesPortfolioWeighting% investments.The fund may also hold cash. Cash% 82.25 Royal Bank Of Canada.790%Dated 3/31/2017 Due 4/3/2017 1,100,000,000 3.43 Fees and Expenses US Equity% 0.00 nbs Securi0es Inc..790%Dated 3/31/2017 Due 4/3/2017 550,000,000 1.71 Non-US Equity% 0,00 Merrill Lynch Pierce Fenner 6 Smith Inc.B30%Dated 3/31/2017 Due 4/3/2017 500,000,000 1.56 Max Front Load Bond% 11.91 Prudential Insurance Co.Of America B60%Dated 3/31/2017 Due 4/3/2017 494,795,000 1.54 Management Fee 0.20 Bnp Paribas So.590%Dated 1/4/2017 Due 4/11/2017 475,000,000 1.48 Other% 5.84 Bnp Paribas So.890%Dated 3/2/2017 Due 7/31/2017 475,000,000 1.48 N Prospectus Gross Expense Ratio 0.29 Equity Style Portfolio Statistics Societe Generale Paris.7BO%Dated 3/31/2017Due 4p/2017 475,000,000 1.48 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio Bank Of Montreal.550%Dated 1/25/2017 Due 4/21/2017 470,000,000 1.47 Prospectus Net Expense Ratio 0.20 Citigroup Global Markets Inc..7BO%Dated 3/30/2017 Due 4/6/2017 450,000,000 1.40 Deferred Load P/C Ratio Ing Financial Markets Llc.7B0%Dated 3/31/2017Due 4/3/2017 400,000,000 1.25 P/B Ratio Citigroup Global Markets Inc..B00%Dated 3/31/2017 Due 4/3/2017 400,000,000 1.25 Morningstar Ratings Not Available Avg Mkt Cap(mil) Bnp Paribas So.800%Dated 3/31/2017 Due 4/3/2017 400,000,000 1.25 9 9 Morningstar Rating Overall Wells Fargo Securities Dc.780%Dated 3/17/2017 Due 5/16/2017 360,000,000 1.12 Goldman Sachs b Co..770%Dated 3/24/2017 Due 4/28/2017 250,000,000 0.78 Morningstar Rating 3Yr Citibank NaN-York.B00%Dated 3/31/2017Due 4/3/2017 250,000,000 0.78 Morningstar Rating 5 Yr Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration _ Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% Morningstar Return -0.08 -0.07 -0.04 Avg Credit Quality Greater Europe% Morningstar Risk 0.00 0.00 0.00 Not Available Avg Coupon Greater Asia% Av Risk It MPT Statistics g Price Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% Std Dev 0.04 0.03 0.37 Credit Quality Consumer Cyclical% Median 0.00 0.00 0.00 Inv Bmk1 Financial Services% Sharpe Ratio -3.29 -3.77 -0.93 AAA% Real Estate% Alpha -0.10 -0.08 -0.07 AA% Consumer Defensive% Beta 0.06 0.03 0.06 A% Healthcare% R2 1.10 0.24 16.79 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.26 Energy% B% SEC Yield B% Industrials% Potential Capital Gains Exposure 0.00 Not Rated% Technology% Operations - Firm Name Federated Base Currency US Dollar Inception Date 12/12/1989 Manager Name Management Team Ticker TOIXX Fund Size 31,937,794,925 Manager Tenure(Years) 10.58 Minimum Initial Purchase 500,000 Investment Type Money Market Fund Prospectus Objective Money Mkt-Treasury Closed to New Inv No Turnover Ratio% iShares Russell 1000 Growth Benchmark 1: Russell 1000 Growth TR USD Return Date:3/31/2017 IWF Benchmark 2:Russell 1000 Growth TR USD Portfolio Date:3/31/2017 Category: US Fund Large Growth Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:4/1/2012 to 3/31/2017 2017 8.85 10.24 200 2016 0.70 0.57 4.54 0.98 6.92 180 2015 3.79 0.08 -5.33 7.26 5.48 160 2014 1.08 5.07 1.44 4.74 12.84 2013 9.49 2.02 8.05 10.36 33.19 140 2012 14.61 -4.06 6.05 -1.36 15.03 120 Trailing Returns 100 mesa 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 14.52 9.60 11.72 5.58 2012 2013 2014 2015 2016 2017 Std Dev 2.14 11.02 10.61 15.53 Return 15.56 11.07 13.11 8.94 -iShares Russell 1000 Growth 185.2 -Russell 1000 Growth TR USD 186.9 Ret+/-Index 0.19 0.20 0.21 0.19 YTD Rank Cat 2016 %Rank Cat 2015 Cat%Rank 2014 Cat%Rank 2013 %Rank Cat 2012 %Rank Cat iShares Russell 1000 Growth 8.85 50 6.92 32 5.48 45 12.84 83 33.19 62 15.03 58 The investment seeks to track the investment results of the Russell Russell 1000 Growth TR USD 8.91 46 7.08 22 5.67 37 13.05 76 33.48 55 15.26 50 10000 Growth Index,which measures the performance of large-and mid-capitalization growth sectors of the U.S.equity market.The fund Median 8.85 6.72 5.38 14.47 33.95 15.85 generally invests at least 90%of its assets in securities of the underlying Count 39 32 30 25 22 20 index and in depositary receipts representing securities of the underlying index.It may invest the remainder of its assets in certain futures,options Asset Allocation ow- ' Top 15 Holdings - and swap contracts,cash and cash equivalents,as well as in securities not included in the underlying index,but which the advisor believes will Portfolio help the fund track the underlying index. Inv Bmk1 Shares o Cash% 0.13 Weighting/n Apple Inc 15,115,626 6.33 Fees and Expenses US Equity% 99.00 Microsoft Corp 22,804,197 4.38 Non-US Equity% 0.86 Amazon.com Inc 1,170,976 3.03 Max Front Load Bond% 0.00 Facebook Inc A 6,755,900 2.80 Management Fee 0.20 Other% 0.00 Alphabet Inc A 883,897 2.18 Prospectus Gross Expense Ratio 0.20 Alphabet Inc C 893,367 2.16 rC)i 12b-1 Fee Equity Style Portfolio Statistics Walt Disney Co 4,884,859 1.61 Morningstar Equity Style Box'" P/E Ratio 23.66 The Home Depot Inc 3,746,146 1.60 Prospectus Net Expense Ratio 0.20 Visa Inc Class A 5,736,793 1.49 Deferred Load ■ P/C Ratio 15.15 Comcast Corp Class A 13,421,191 1.47 P/B Ratio 5.63 UnitedHealth Group Inc 2,843,656 1.36 Morningstar Ratings a Avg Mkt Cap(mill 75,143.98 PepsiCo Inc 3,782,749 1.23 Morningstar Rating Overall * t*,t 3 Altria Group Inc 5,889,135 1.23 Coca-Cola Co 8,772,807 1.09 Morningstar Rating 3 Yr **** value Blend Growth Amgen Inc 2,261,436 1.08 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr **** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 99.14 Morningstar Return 10.87 12.95 8.30 Avg Credit Quality Greater Europe% 0.02 Morningstar Risk 1.27 1.23 2.72 Not Available Avg Coupon Greater Asia% 0.85 Risk It MPT Statistics � Avg Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% 3.18 Std Dev 11.02 10.61 15.53 Credit Quality Consumer Cyclical% 19.11 Median 0.42 1.28 1.23 Inv Bmk1 Financial Services% 5.97 Sharpe Ratio 0.99 1.21 0.59 AAA% Real Estate% 1.95 Alpha -0.17 -0.17 -0.16 AA% Consumer Defensive% 9.01 Beta 1.00 1.00 1.00 A% Healthcare% 16.37 R2 100.00 100.00 100.00 BBB% Utilities% 0.03 BB% Communication Services% 3.94 12 Mo Yield 1.29 Energy% 0.50 B% SEC Yield B% Industrials% 12.02 Potential Capital Gains Exposure 22.38 Not Rated% Technology% 27.93 Operations Firm Name iShares Base Currency US Dollar Inception Date 5/22/2000 Manager Name Multiple Ticker IWF Fund Size 35,027,193,314 Manager Tenure(Years) 9.25 Minimum Initial Purchase Investment Type Exchange-Traded Fund Prospectus Objective Growth Closed to New Inv No Turnover Ratio% 16.00 iShares Russell 1000 Value Benchmark 1: Russell 1000 Value TR USD Return Date:3/31/2017 IWD Benchmark 2:Russell 1000 Value TR USD Portfolio Date:3/31/2017 Category: US Fund Large Value Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:4/1/2012 to 3/31/2017 2017 3.22 3.19 200 2016 1.60 4.51 3.43 6.61 17.09 180 2015 -0.76 0.07 -8.40 5.60 -3.95 160 2014 2.97 5.04 -0.24 4.92 13.21 2013 12.22 3.14 3.90 9.92 32.18 140 2012 11.05 -2.22 6.44 1.48 17.28 120 - - Trailing Returns 100 - 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 17.96 7.12 11.53 2.28 2012 2013 2014 2015 2016 2017 Std Dev 2.03 10.56 10.52 16.12 Return 18.96 8.47 12.91 5.77 -iShares Russell 1000 Value 183.5 Russell 1000 Value TR USD 185.3 Ret+/-Index 0.26 0.20 0.22 0.16 YTD Rank Cat 2016 Cat%Rank 2015 Cat%Rank 2014 Cat%Rank 2013 %Rank Cat 2012 %Rank Cat iShares Russell 1000 Value 3.22 70 17.09 53 -3.95 78 13.21 37 32.18 44 17.28 28 The investment seeks to track the investment results of the Russell Russell 1000 Value TR USD 3.27 60 17.34 44 -3.83 74 13.45 29 32.53 35 17.51 13 10000 Value Index(the"underlying index"),which measures the performance of large-and mid-capitalization value sectors of the U.S. Median 3.73 17.17 -2.38 12.55 31.79 13.14 equity market.The fund generally invests at least 90%of its assets in Count 68 61 51 45 40 33 securities of the underlying index and in depositary receipts representing securities of the underlying index.It may invest the remainder of its Asset Allocation . Top 15 Holdings - assets in certain futures,options and swap contracts,cash and cash _ equivalents,as well as in securities not included in the underlying index, Inv Bmk1 Portfolio but which the advisor believes will help the fund track the underlying Shares Weighting index. Cash% 0.23 Exxon Mobil Corp 13,519,864 3.04 Fees and Expenses US Equity% 98.84 JPMorgan Chase&Co 11,802,324 2.84 Non-US Equity% 0.93 Berkshire Hathaway Inc B 6,131,041 2.80 Max Front Load Bond% 0.00 Johnson&Johnson 7,367,388 2.51 Management Fee 0.20 Other% 0.00 AT&T Inc 19,974,518 2.27 Prospectus Gross Expense Ratio 0.20 Wells Fargo&Co 14,814,713 2.26 c� 12b-1 Fee Equity Style Portfolio Statistics Bank of America Corporation 33,321,890 2.15 Morningstar Equity Style Box'" P/E Ratio 19.08 Procter&Gamble Co 8,297,899 2.04 Prospectus Net Expense Ratio 0.20 General Electric Co 22,774,917 1.86 Deferred Load ■ P/C Ratio 10.70 Chevron Corp 6,094,852 1.79 P/B Ratio 1.97 Pfizer Inc 18,117,655 1.70 Morningstar Ratings a Avg Mkt Cap(mill 58,015.39 Merck&Co Inc 8,981,665 1.56 Morningstar Rating Overall yr,tyr,t 3 Cisco Systems Inc 16,318,227 1.51 Citigroup Inc 8,991,044 1.47 Morningstar Rating 3 Yr **** Value Blend Growth Philip Morris International Inc 4,485,908 1.39 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics f Regional Exposure Morningstar Rating 10 Yr *** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 99.25 Morningstar Return 8.27 12.75 5.15 Avg Credit Quality Greater Europe% 0.70 Morningstar Risk 1.15 1.21 2.86 Not Available Avg Coupon Greater Asia% 0.05 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% 3.21 Std Dev 10.56 10.52 16.12 Credit Quality Consumer Cyclical% 4.35 Median 0.79 1.31 1.15 Inv Bmk1 Financial Services% 26.11 Sharpe Ratio 0.81 1.20 0.39 AAA% Real Estate% 4.64 Alpha -0.18 -0.18 -0.14 AA% Consumer Defensive% 8.78 Beta 1.00 1.00 1.00 A% Healthcare% 10.86 R2 100.00 100.00 100.00 BBB% Utilities% 6.18 BB% Communication Services% 3.93 12 Mo Yield 2.17 Energy% 12.24 B% SEC Yield B% Industrials 9.59 Potential Capital Gains Exposure 13.51 Not Rated% Technology% 10.11 Operations Firm Name iShares Base Currency US Dollar Inception Date 5/22/2000 Manager Name Multiple Ticker IWO Fund Size 36,941,117,957 Manager Tenure(Years) 9.25 Minimum Initial Purchase Investment Type Exchange-Traded Fund Prospectus Objective Growth Closed to New Inv No Turnover Ratio% 16.00 JPMorgan Mid Cap Value L Benchmark 1: Russell Mid Cap TR USD Return Date:3/31/2017 FLMVX Benchmark 2:Russell Mid Cap Value TR USD Portfolio Date:3/31/2017 Category: US Fund Mid-Cap Blend Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 3.96 4.89 200 2016 3.92 2.52 2.96 4.50 14.62 180 2015 3.69 -1.97 -7.28 3.62 -2.35 160 2014 3.19 4.83 -1.68 8.27 15.14 2013 12.61 2.35 5.39 8.66 31.99 140 2012 11.12 -0.57 6.06 2.81 20.48 120 Trailing Returns I 1 100 I 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 13.67 7.73 12.66 5.07 2012 2013 2014 2015 2016 2017 Std Dev 2.10 10.62 9.95 15.77 Return 14.67 9.09 13.91 8.57 -JPMorgan Mid Cap Value L 191.7 -Russell Mid Cap TR USD 185.0 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 2.36 0.61 0.82 0.63 YTD Cat 2016_ Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat JPMorgan Mid Cap Value L 3.96 51 14.62 53 -2.35 30 15.14 5 31.99_ 69 20.48 18 The investment seeks growth from capital appreciation.Under Russell Mid Cap TR USD 5.15 20 13.80 _59 -2.44 _33 13.22 13 34.76 43 17.28 46 normal circumstances,the fund invests at least 80%of its assets Median 3.99 14.99 -3.18 9.21 33.88 17.17 in equity securities of mid cap companies."Assets"means net assets,plus the amount of borrowings for investment purposes. Count 447 396 365 353 337 315 Mid cap companies are companies with market capitalizations equal to those within the universe of the Russell Midcap Value Asset Allocation Top 15 Holdings Index and/or between$1 billion and$20 billion at the time of Inv Bmk1 Portfolio purchase. Shares Weighting% Cash JPMorgan US Government MMkt Instl 757,256,088 4.18 Fees and Expenses US Equity% Energen Corp 6,745,552 1.95 Non-US Equity% Mohawk Industries Inc 1,527,973 1.91 Max Front Load Bond Loews Corp 7,120,719 1.85 Management Fee 0.65 Other EQT Corp 5,317,100 1.76 Prospectus Gross Expense Ratio 0.95 M&T Bank Corp 1,904,796 1.75 rNi 12b-1 Fee Equity Style Portfolio Statistics Xcel Energy Inc 6,061,590 1.46 Morningstar Equity Style Box'" P/E Ratio 21.74 WestRock Co A 4,844,410 1.44 Prospectus Net Expense Ratio 0.75 SunTrust Banks Inc 4,325,929 1.42 Deferred Load P/C Ratio 10.51 Edison International 3,200,038 1.41 P/B Ratio 2.32 CMS Energy Corp 5,712,567 1.40 Morningstar Ratings Not Available Avg Mkt Cap(mill 12,995.90 Fifth Third Bancorp 9,224,965 1.40 Morningstar Rating Overall Newell Brands Inc 5,069,643 1.37 Synopsyslnc 3,409,376 1.34 Morningstar Rating 3 Yr Expedia Inc 2,036,996 1.34 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics ME - Regional Exposure Morningstar Rating 10 Yr ,t**** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% Morningstar Return 8.89 13.74 7.93 Avg Credit Quality Greater Europe% Morningstar Risk 1.16 1.08 2.85 Not Available Avg Coupon Greater Asia% Avg Price - Risk It MPT Statistics Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials Std Dev 10.62 9.95 15.77 Credit Quality Consumer Cyclical% Median 0.81 1.08 1.14 Inv Bmk1 Financial Services% Sharpe Ratio 0.86 1.35 0.56 AAA% Real Estate% Alpha 1.23 2.28 1.42 AA% Consumer Defensive% Beta 0.91 0.87 0.86 A% Healthcare% R2 94.97 92.99 96.12 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.79 Energy% B% SEC Yield B% Industrials% Potential Capital Gains Exposure 32.68 Not Rated% Technology% Operations Firm Name JPMorgan Base Currency US Dollar Inception Date 11/13/1997 Manager Name Jonathan K.L.Simon Ticker FLMVX Fund Size 18,248,977,583 Manager Tenure(Years) 19.42 Minimum Initial Purchase 3,000,000 Investment Type Open-End Fund Prospectus Objective Growth Closed to New Inv Yes Turnover Ratio% 20.00 MFS Research International I Benchmark 1:MSCI ACWI Ex USA NR USD Return Date:3/31/2017 MRSIX Benchmark 2:MSCI EAFE GR USD Portfolio Date:3/31/2017 Category: US Fund Foreign Large Blend Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 7.43 10.48 130 2016 -3.64 0.45 5.62 -3.04 -0.89 123 2015 5.78 1.30 -10.89 2.91 -1.75 115 - 2014 -0.49 3.49 -5.68 -3.99 -6.75 2013 4.00 -0.55 10.56 4.00 18.92 108 V - V 2012 11.07 -6.89 6.76 5.94 16.98 100 Trailing Returns M 93 - 1 year 3 years 5 years 10 years 85 4 - Risk-Adj Ret 9.51 -2.13 2.30 -3.09 2012 2013 2014 2015 2016 2017 Std Day 2.13 11.52 12.53 18.70 Return 10.51 -0.66 4.09 1.22 -MFS Research International 1 122.2 MSCI ACWI Ex USA NR USD 123.8 Ret+/-Index 2.63 1.22 0.27 0.14 YTD Rank Cat 2016 %Rank Cat 2015 Cat%Rank 2014 Cat%Rank 2013 %Rank Cat 2012 %Rank Cat MFS Research International 1 7.43 69 -0.89 72 -1.75 59 -6.75 76 18.92 60 16.98 64 The investment seeks capital appreciation.The fund normally MSCI ACWI Ex USA NR USD 7.86 43 4.50 13 -5.66 87 -3.87 26 15.29 81 16.83 65 invests its assets primarily in foreign equity securities,including Median 7.75 0.70 -1.16 -5.48 20.04 17.78 emerging market equity securities.Equity securities include common stocks and other securities that represent an ownership Count 738 684 598 557 539 508 interest(or right to acquire an ownership interest)in a company or other issuer.It may invest a large percentage of the fund's Asset Allocation I Top 15 Holdings . I assets in issuers in a single country,a small number of countries, Inv Bmk1 Portfolio or a particular geographic region. Shares Weighting% Cash% 0.00 Nestle SA 3,001,335 3.41 Fees and Expenses US Equity% Novartis AG 2,615,699 3.14 Non-US Equity% Roche Holding AG Dividend Right Cert. 819,696 3.07 Max Front Load Bond 0.00 Bayer AG 1,348,997 2.28 Management Fee 0.72 Other% 0.13 Schneider Electric SE 1,845,707 1.92 Prospectus Gross Expense Ratio 0.87 AIA Group Ltd 18,208,400 1.77 ce) 12b-1 Fee Equity Style Portfolio Statistics KDDI Corp 4,194,700 1.69 Morningstar Equity Style Box'" P/E Ratio 20.15 UBS Group AG 7,017,589 1.66 Prospectus Net Expense Ratio 0.87 Reckitt Benckiser Group PLC 1,158,219 1.62 Deferred Load P/C Ratio 11.43 Danone SA 1,585,186 1.62 P/B Ratio 2.09 Linde AG 617,731 1.54 Morningstar Ratings Not Available Avg Mkt Cap(mill 30,085.28 RELX NV 5,583,316 1.52 Morningstar Rating Overall ,t*,t Akzo Nobel NV 1,458,786 1.50 BP PLC 16,693,864 1.47 Morningstar Rating 3 Yr ** Santen Pharmaceutical Co Ltd 6,596,200 1.45 Morningstar Rating 5 Yr ** Fixed Income Style Portfolio Statistics _ Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 10.91 Morningstar Return -0.84 3.94 0.62 Avg Credit Quality Greater Europe% 47.04 Morningstar Risk 1.29 1.64 3.70 Not Available Avg Coupon Greater Asia% 42.05 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% 8.54 Std Day 11.52 12.53 18.70 Credit Quality Consumer Cyclical% 11.13 Median 0.52 0.60 0.53 Inv Bmk1 Financial Services% 23.07 Sharpe Ratio -0.02 0.37 0.13 AAA% Real Estate% 3.46 Alpha -1.19 0.01 -0.12 AA% Consumer Defensive% 9.95 Beta 0.89 0.94 0.96 A% Healthcare% 7.89 R2 90.73 93.40 96.49 BBB% Utilities% 3.19 BB% Communication Services% 4.75 12 Mo Yield 1.83 Energy% 6.71 B% SEC Yield B% Industrials 10.82 Potential Capital Gains Exposure -4.38 Not Rated% Technology% 10.48 Operations Firm Name MFS Base Currency US Dollar Inception Date 1/2/1997 Manager Name Multiple Ticker MRSIX Fund Size 6,798,007,481 Manager Tenure(Years) 11.92 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Foreign Stock Closed to New Inv No Turnover Ratio% 40.00 Oppenheimer Developing Markets Y Benchmark 1:MSCI EM NR USD Return Date:3/31/2017 0 DVYX Benchmark 2:MSCI EM NR USD Portfolio Date:3/31/2017 Category: US Fund Diversified Emerging Mkts Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 11.04 12.95 130 2016 3.07 0.71 8.80 -5.11 7.17 123 2015 -1.28 0.81 -17.28 4.67 -13.84 115 2014 -1.73 7.88 -3.52 -6.69 -4.55 108 - 2013 0.17 -3.95 8.94 3.69 8.68 100 2012 14.91 -5.86 7.18 4.61 21.29 93 Trailing Returns .111111 85 1 year 3 years 5 years 10 years 78 Risk-Adj Ret 14.06 -2.45 0.01 -0.40 2012 2013 2014 2015 2016 2017 Std Dev 2.69 14.87 14.66 22.05 Return 15.46 -0.14 2.34 5.39 Oppenheimer Developing Markets Y 112.3 MSCI EM NR USD 104.1 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 1.76 1.31 1.53 2.67 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012_ Cat Oppenheimer Developing Markets Y 11.04 67 7.17 57 -13.84 50 -4.55 71 8.68 16 21.29 24 The investment seeks capital appreciation.The fund mainly invests in MSCI EM NR USD 11.45 59 11.19 30 -14.92 60 -2.19 42 -2.60 62 18.22 62 common stacks of issuers in developing and emerging markets - throughout the world and at times it may invest up to 100%of its total Median 12.05 8.36 -13.84 -2.90 -1.14 19.03 assets in foreign securities.Under normal market conditions,it will invest Count 800 736 659 552 459 394 at least 80%of its net assets,plus borrowings for investment purposes, in equity securities of issuers whose principal activities are in a Asset Allocation Top 15 Holdings developing market,i.e.are in a developing market or are economically tied to a developing market country.The fund will invest in at least three Inv Bmk1 Portfolio developing markets. Shares Weighting% Cash% 2.83 0.02 Alibaba Group Holding Ltd ADR 17,035,480 5.79 Fees and Expenses US Equity% 0.76 Tencent Holdings Ltd 56,541,510 4.96 Non-US Equity% 90.82 Taiwan Semiconductor Manufacturing Co Ltd 242,282,429 4.89 Max Front Load Bond% 0.00 0.00 Housing Development Finance Corp Ltd 67,269,951 4.55 Management Fee 0.78 Other% 5.59 0.24 NOVATEK JSC GDR 7,626,383 3.26 Prospectus Gross Expense Ratio 1.07 Magnit PJSC 5,743,699 2.96 M Equity Style Portfolio Statistics Oppenheimer Institutional Govt MM E 887,647,597 2.93 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio 20.35 Infosys Ltd 54,293,808 2.72 Prospectus Net Expense Ratio 1.07 Master China Series 1 44,604,357 2.61 Deferred Load ■ P/C Ratio 13.95 AIA Group Ltd 111,489,000 2.32 P/B Ratio 2.97 Baidu Inc ADR 3,669,364 2.11 Morningstar Ratings a Avg Mkt Cap(mill 27,572.94 BMF Bovespa SA Bolsa Valores Marc Fut 97,663,248 1.97 Morningstar Rating Overall **** 3 Ctrip.com International Ltd ADR 12,248,623 1.92 d LVMH Moet Hennessy Louis Vuitton SE 2,674,559 1.77 Morningstar Rating 3 Yr *** value Blend Growth Zee Entertainment Enterprises Ltd 65,978,899 1.66 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics ' W Regional Exposure Morningstar Rating 10 Yr ,t**** Morningstar Fixed Income Style Box'" Avg Eff Duration - Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 15.60 13.40 Morningstar Return -0.33 2.19 4.77 Avg Credit Quality Greater Europe% 23.51 15.03 Morningstar Risk 2.13 2.18 5.17 Not Available Avg Coupon Greater Asia% 60.90 71.58 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% 4.10 7.93 Std Dev 14.87 14.66 22.05 Credit Quality Consumer Cyclical% 24.48 11.32 Median -0.26 0.14 0.26 Inv Bmk1 Financial Services% 22.72 23.93 Sharpe Ratio 0.05 0.22 0.32 AAA% 0.00 Real Estate% 2.63 2.65 Alpha -1.20 1.60 2.64 AA% 0.00 Consumer Defensive% 14.07 6.82 Beta 0.87 0.90 0.91 A% 0.00 Healthcare% 4.86 2.35 R2 89.14 88.36 94.56 BBB% 0.00 Utilities% 0.00 2.88 BB% 0.00 Communication Services% 0.00 5.66 12 Mo Yield 0.47 . 000 Energy B% 3.50 6.93 SEC Yield g% 0.00 Industrials% 5.11 5.08 Potential Capital Gains Exposure 12.42 Not Rated% 100.00 Technology% 18.53 24.46 Operations Firm Name OppenheimerFunds Base Currency US Dollar Inception Date 9/7/2005 Manager Name Justin M.Leverenz Ticker ODVYX Fund Size 32,216,865,119 Manager Tenure(Years) 9.92 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Diversified Emerging Markets Closed to New Inv Yes Turnover Ratio% 18.00 Perkins Small Cap Value I Benchmark 1: Russell 2000 Value TR USD Return Date:3/31/2017 �S��X Benchmark 2:Russell 2000 Value TR USD Portfolio Date:3/31/2017 Category: US Fund Small Value Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 1.80 2.20 200 2016 3.84 3.43 6.79 10.26 26.45 180 2015 3.23 -0.40 -8.04 3.05 -2.56 160 2014 2.10 3.04 -4.69 7.13 7.42 2013 11.26 1.20 5.32 9.49 29.82 140 2012 8.19 -4.26 2.65 2.64 9.13 120 - Trailing Returns 1 100 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 22.41 8.00 10.50 2012 2013 2014 2015 2016 2017 Std Dev 2.90 12.01 11.26 Return 23.97 9.69 12.03 -Perkins Small Cap Value 1 176.4 Russell 2000 Value TR USD 180.6 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 5.40 2.06 0.52 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Perkins Small Cap Value 1 1.80 21 26.45 44 -2.56 10 7.42 7 29.82 92 9.13 94 The investment seeks capital appreciation.The fund pursues its Russell 2000 Value TR USD -0.13 60 31.74 9 -7.47 69 4.22 48 34.52 65 18.05 33 investment objective by investing primarily in the common stocks of small _1 - - companies whose stack prices are believed to be undervalued by the Median 0.24 25.84 -6.10 4.18 36.40 15.91 fund's portfolio managers.It invests,under normal circumstances,at Count 412 385 361 331 311 299 least 80%of its net assets(plus any borrowings for investment purposes) in equity securities of small companies whose market capitalization,at Asset Allocation Top 15 Holdingsorw the time of initial purchase,is less than the 12-month average of the _ maximum market capitalization for companies included in the Russell Portfolio 20000 Value Index.The fund may invest up to 20%of its net assets in Inv Bmk1 Shares Weighting cash or similar investments. Cash UniFirst Corp 578,879 3.38 Fees and Expenses US Equity% Banner Corp 1,379,776 3.13 - Non-US Equity% Cedar Fair LP 1,046,919 2.73 Max Front Load Bond Compass Minerals International Inc 744,823 2.37 Management Fee 0.84 Other The Hanover Insurance Group Inc 610,775 2.26 Prospectus Gross Expense Ratio 0.99 Prosperity Bancshares Inc 700,664 2.05 ani 12b-1 Fee Equity Style Portfolio Statistics MGM Growth Properties LLC A 1,786,539 1.84 Morningstar Equity Style Box'" P/E Ratio 21.91 First Hawaiian Inc 1,284,598 1.82 Prospectus Net Expense Ratio 0.99 FCB Financial Holdings Inc Class A 907,895 1.76 Deferred Load P/C Ratio 12.12 Black Hills Corp 704,421 1.76 P/B Ratio 2.08 Columbia Banking System Inc 958,486 1.74 Morningstar Ratings Not Available Avg Mkt Cap(mill 2,352.21 Cal-Maine Foods Inc 936,562 1.68 Morningstar Rating Overall Simpson Manufacturing Co Inc 935,510 1.66 Sun Communities Inc 531,040 1.65 Morningstar Rating 3 Yr _ Independent Bank Corp 575,890 1.65 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics _ Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% Morningstar Return 9.48 11.87 Avg Credit Quality Greater Europe% Morningstar Risk 1.48 1.37 Not Available Avg Coupon Greater Asia% Av Risk It MPT Statistics g Price Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% Std Dev 12.01 11.26 Credit Quality Consumer Cyclical% Median 0.92 1.22 Inv Bmk1 Financial Services% Sharpe Ratio 0.82 1.06 AAA% Real Estate% Alpha 3.52 2.10 AA% Consumer Defensive% Beta 0.75 0.77 A% Healthcare% R2 93.03 92.29 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.52 Energy% B% SEC Yield B% Industrials% Potential Capital Gains Exposure 14.72 Not Rated% Technology% Operations Firm Name Janus Base Currency US Dollar Inception Date 7/6/2009 Manager Name Robert Hunter Perkins Ticker JSCOX Fund Size 2,610,259,872 Manager Tenure(Years) 32.17 Minimum Initial Purchase 1,000,000 Investment Type Open-End Fund Prospectus Objective Small Company Closed to New Inv No Turnover Ratio% 84.00 PIMCO Investment Grade COCA Bd InStI Benchmark 1: BBgBarc US Corp IG TR USD Return Date:3/31/2017 PIGIX Benchmark 2:BBgBarc US Credit TR USD Portfolio Date:3/31/2017 Category: US Fund Corporate Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 2.40 3.52 135 2016 3.33 3.96 2.30 -2.64 6.99 130 2015 3.08 -2.22 -0.51 0.00 0.28 125 - 2014 3.09 3.41 0.29 1.73 8.76 120 2013 1.19 -4.29 0.85 0.65 -1.69 115 2012 3.54 3.86 4.56 2.28 14.99 110 Trailing Returns 105 Moll 1 year 3 years 5 years 10 years 100 - Risk-Adj Ret 5.38 4.66 5.10 6.45 2012 2013 2014 2015 2016 2017 Std Dev 1.32 4.35 4.54 5.89 Return 6.03 5.04 5.46 7.45 -PIMC0 Investment Grade Corp Bd Instl 130.5 BBgBarc US Corp IG TR USD 121.4 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 2.72 1.39 1.50 2.01 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat PIMCO Investment Grade Corp Bd Instl 2.40 1 6.99 40 0.28 16 8.76 8_ -1.69 75 14.99 4 The investment seeks maximum total return,consistent with preservation BBgBarc US Corp IG TR USD 1.22 73 6.11 54 -0.68 37 7.46 33 -1.53 74 9.82 64 of capital and prudent investment management.The fund normally -- invests at least 80%of its assets in a divershed portfolio of investment Median 1.40 6.43 -1.21 6.67 0.51 10.72 grade corporate fixed income securities of varying maturities,which may Count 193 168 155 151 137 125 be represented by forwards or derivatives such as options,futures contracts or swap agreements.It may invest up to 30%of its total assets Asset Allocation Top 15 Holdings - in securities denominated in foreign currencies,and may invest beyond _ this limit in U.S.dollar-denominated securities of foreign issuers. Inv Bmk1Portfolio Shares Weighting% Cash% Cdx Ig27 5y Ice 1,077,550,000 11.14 Fees and Expenses US Equity% US 10 Year Note(CBT)Marl 831,100,000 10.52 Non-US Equity% Fin Fut Euro$Cme(Wht)12/18/17 4,098,000,000 -10.27 Max Front Load Bond Pimco Fds 69,595,301 7.00 Management Fee 0.50 Cdx Ig26 5y Ice 573,000,000 5.93 Other% Cdx Ig25 5y Ice 367,500,000 3.80 M Prospectus Gross Expense Ratio 0.53 Equity Style Portfolio Statistics IRS USD 2.91000 08/20/18-1Y(GRN)CME Pay 352,100,000 -3.62 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio US Treasury Bond 2.25% 366,971,000 3.14 Prospectus Net Expense Ratio 0.50 FNMA 299,180,000 3.12 Deferred Load P/C Ratio Fin Fut Euro$Cme(Red)03/19/18 1,157,000,000 -2.90 P/B Ratio FNMA 252,720,000 2.63 Morningstar Ratings Not Available Avg Mkt Cap(mil) 1.83 IRS USD 1.75000 12/21/16-10Y LCH_Pay 199,610,000 -1.92 9 9 Morningstar Rating Overall US Treasury Bond 3.375% 175,750,000 1.90 IRS USD 1.30000 05/06/16-1Y(WHT)CME Pay 173,000,000 -1.76 Morningstar Rating 3 Yr IRS GBP 0.75000 03/15/17-10Y CME_Pay 166,318,419 -1.61 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 6.34 Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity 10.88 Americas% Morningstar Return 4.85 5.31 6.82 Avg Credit Quality Greater Europe% Morningstar Risk 0.19 0.22 0.37 Not Available Greater Asia% Avg Coupon 3.52 Avg Risk It MPT Statistics MMMW Price 100.11 Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% Std Dev 4.35 4.54 5.89 Credit Quality Consumer Cyclical% Median 0.45 0.51 0.76 Inv Bmk1 Financial Services% Sharpe Ratio 1.11 1.17 1.15 AAA% Real Estate% Alpha 1.42 1.39 2.38 AA% Consumer Defensive% Beta 0.98 1.02 0.90 A% Healthcare% R2 87.11 87.62 85.76 BBB% Utilities% BB% Communication Services% 12 Mo Yield 3.82 Energy% B% SEC Yield 3.22 B% Industrials% Potential Capital Gains Exposure 1.81 Not Rated% Technology% Operations Firm Name Pimco Base Currency US Dollar Inception Date 4/28/2000 Manager Name Mark R.Kiesel Ticker PIGIX Fund Size 10,239,029,603 Manager Tenure(Years) 14.42 Minimum Initial Purchase 1,000,000 Investment Type Open-End Fund Prospectus Objective Corporate Bond-General Closed to New Inv No Turnover Ratio% 87.00 RidgeWorth Seix Floating Rate Hi Inc I Benchmark 1:W/LSTA Leveraged Loan TR Return Date:3/31/2017 SAMBX Benchmark 2:Credit Suisse Leveraged Loan USD Portfolio Date:3/31/2017 Category: US Fund Bank Loan Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 1.14 1.54 130 2016 2.06 3.35 3.09 2.20 11.14 125 2015 2.41 0.84 -1.81 -2.53 -1.17 120 2014 1.05 1.13 -0.59 -0.77 0.81 115 - 2013 2.02 0.02 1.22 1.82 5.15 110 2012 3.34 0.67 3.00 1.78 9.07 105 Trailing Returns _ 100 1 year 3 years 5 years 10 years 95 Risk-Adj Ret 9.62 3.17 4.21 3.02 2012 2013 2014 2015 2016 2017 Std Dev 0.63 3.50 2.94 6.70 Return 10.13 3.49 4.44 4.14 -RidgeWorth Seix Floating Rate Hi Inc 1 124.3 S&P/LSTA Leveraged Loan TR 125.1 Ret+/-Index 0.41 0.08 0.13 0.41 YTD Rank Cat 2016 %Rank Cat 2015 Cat%Rank 2014 Cat%Rank 2013 %Rank Cat 2012 %Rank Cat RidgeWorth Seix Floating Rate Hi Inc 1 1.14 36 11.14 24 -1.17 47 0.81 38 5.15 51 9.07 48 The investment seeks a high level of current income.The S8P/LSTA Leveraged Loan TR 1.15 36 10.16 36 -0.69 40 1.60 8 5.29 44 9.66 31 fund normally invests at least 80%of its net assets(plus Median 0.95 9.05 -1.24 0.52 5.16 8.92 any borrowings for investment purposes)in short duration Count 230 218 205 202 166 154 fixed income securities.It may invest up to 20%of its total assets in senior loans made to non-U.S.borrowers Asset Allocation Top 15 Holdings ANY- provided that no more than 5%of the portfolio's loans are non-U.S.dollar denominated.The fund may also engage in Inv Bmk1 Shares Portfolio Weighting% certain hedging transactions. Cash% 11.48 Harland Clarke Holdings Corp.Term Loan 136 97,827,801 1.52 Fees and Expenses US Equity% 0.18 Energy Transfer Equity L P Senior Secured Term Loan 86,605,000 1.33 Non-US Equity% 0.00 Argo Secd Fin B V Term Loan E 84,360,000 1.30 Max Front Load Bond% 79.05 Hilton Worldwide Fin uc Term Loan 81,418,555 1.27 Management Fee 0.41 Level 3 Financing Inc Tranche B 2024 78,145,000 1.21 Other% 9.29 Prospectus Gross Expense Ratio 0.62 Caesars Entertainment Operatin Extended Term Loan B6 64,549,680 1.15 M Equity Style Portfolio Statistics Sprint Communications Inc.List Lien Term Loan B 68,885,000 1.06 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio Incas Us Fin uc 2022 Term Loan 67,936,607 1.05 Prospectus Net Expense Ratio 0.62 Clear Channel Communications Term Loan E 72,072,285 0.95 Deferred Load P/C Ratio Change Healthcare Hldgs Inc Term Loan B 56,760,000 0.88 P/B Ratio Asurion Llc Second lien 54,556,489 0.85 Morningstar Ratings Not Available Avg Mkt Cap(mill 4,261.09 Dell Intl DC Term Loan A2 52,141,625 0.80 Morningstar Rating Overall Chs/Community Health Sys Inc Incremental 2021 Term H Loans 51,557,321 0.78 �F�r�F�r�t Glp Ling Llc Term Loan A 50,066,294 0.76 Morningstar Rating 3 Yr **** Valeant Pharmaceuticals Int.Term Loan B F1 48,879,670 0.76 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics ' Regional Exposure Morningstar Rating 10 Yr ,t*,t** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity 4.10 Americas% 100.00 Morningstar Return 3.29 4.30 3.53 Avg Credit Quality B Greater Europe% 0.00 Morningstar Risk 0.12 0.09 0.51 Not Available Avg Coupon 1.34 Greater Asia% 0.00 Risk It MPT Statistics T Avg Price Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% 0.00 Std Dev 3.50 2.94 6.70 Credit Quality Consumer Cyclical% 0.00 Median 0.36 0.39 0.48 Inv Bmk1 Financial Services% 0.00 Sharpe Ratio 0.95 1.45 0.55 AAA% Real Estate% 0.00 Alpha -0.64 -0.74 0.37 AA% Consumer Defensive% 0.00 Beta 1.17 1.14 0.79 A% Healthcare% 0.00 R2 96.56 95.45 93.67 BBB% Utilities% 58.43 313% Communication Services% 3.44 12 Mo Yield 4.68 Energy% 38.13 B% SEC Yield 3.96 B% Industrials% 0.00 Potential Capital Gains Exposure -4.57 Not Rated% Technology% 0.00 Operations Firm Name RidgeWorth Base Currency US Dollar Inception Date 3/1/2006 Manager Name George Goudelias Ticker SAMBX Fund Size 6,015,086,610 Manager Tenure(Years) 11.08 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Income Closed to New Inv No Turnover Ratio% 33.00 RidgeWorth Seix Total Return Bond I Benchmark 1: BBgBarc US Agg Bond TR USD Return Date:3/31/2017 SAMFX Benchmark 2:BBgBarc US Agg Bond TR USD Portfolio Date:3/31/2017 Category: US Fund Intermediate-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 1.10 1.76 115 2016 2.64 2.75 0.42 -2.66 3.09 113 2015 1.56 -1.77 1.07 -0.63 0.19 110 2014 2.44 2.29 0.00 1.52 6.38 2013 -0.36 -2.50 0.28 -0.47 -3.04 108 2012 0.55 2.02 1.98 0.33 4.96 105 Trailing Returns V I 103 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 1.00 2.45 2.13 4.07 2012 2013 2014 2015 2016 2017 Std Dev 1.00 3.11 3.00 3.44 Return 1.53 2.73 2.37 4.81 -RidgeWorth Seix Total Return Bond 1 112.4 BBgBarc US Agg Bond TR USD 112.2 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 1.09 0.05 0.03 0.54 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat RidgeWorth Seix Total Return Bond 1 1.10 40 3.09 47 0.19 40 6.38 18 -3.04 92 4.96 76 The investment seeks to maximize long term total return through a BBgBarc US Agg Bond TR USD 0.82 72 2.65 61 0.55 21 5.97 29 -2.02 64 4.21 83 combination of current income and capital appreciation,consistent with - - capital preservation.The fund invests in various types of income- Median 1.02 2.96 -0.01 5.53 -1.64 6.60 producing debt securities including mortgage-and asset-backed Count 999 944 872 835 797 732 securities,government and agency obligations,corporate obligations and floating rate loans.It normally invests at least 80%of its net assets(plus Asset Allocation ' Top 15 Holdings any borrowings for investment purposes)in fixed income securities.The fund may invest up to 20%of its net assets in below investment grade, Inv Bmk1Portfolio high yield debt obligations. Shares Weighting% Cash% 3.29 US Treasury Note 1.625% 147,049,000 15.01 -Fees and Expenses US Equity% 0.00 US Treasury Note 0.75% 71,083,000 7.15 Non-US Equity% 0.00 US Treasury Note 2.25% 55,777,000 5.62 Max Front Load Bond% 96.71 State Str Instl Inv[TrTreas Mmkt Fd Inst 29,913,948 3.05 Management Fee 0.24 US Treasury Bond 2.875% 26,333,000 2.61 Other% 0.00 US Treasury Bond 24,993,214 2.50 Co Prospectus Gross Expense Ratio 0.45 - Equity Style Portfolio Statistics US Treasury Note 2% 21,708,000 2.23 12b-1 Fee US Treasury Note 1.375% 19,176,000 1.95 Morningstar Equity Style Box'" p/E Ratio Prospectus Net Expense Ratio 0.45 United Mexican States 8.5% 300,444,200 1.68 Deferred Load P/C Ratio Argentina Rep 7.5% 13,690,000 1.49 P/B Ratio Pp7d7ecsl Cds Usd R F 5.00000 Pp7d7ecsl fee Sovereign 12,500,000 1.35 Morningstar Ratings r Avg Mkt Cap(mill Not Available Pp7d7ecsl Cds UsdPV03meventPp7d7ecsl_proSovereign 12,500,000 -1.28 Morningstar Rating Overall FNMA 4% 10,991,198 1.18 *,t*,t Republic Of Argentina Bonds 09/18 21.2 149,950,000 1.05 Morningstar Rating 3 Yr **** Royal Bk Scotland Grp 3.875% 10,209,000 1.03 Morningstar Rating 5 Yr *** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr **** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity 8.18 Americas% Morningstar Return 2.54 2.22 4.19 Avg Credit Quality BBB Greater Europe% Morningstar Risk 0.10 0.09 0.12 Not Available Greater Asia% Avg Coupon 3.14 Avg Risk It MPT Statistics Price 97.59 Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% Std Dev 3.11 3.00 3.44 Credit Quality Consumer Cyclical% Median 0.13 0.13 0.26 Inv Bmk1 Financial Services% Sharpe Ratio 0.82 0.75 1.21 AAA% Real Estate% Alpha -0.03 0.00 0.54 AA% Consumer Defensive% Beta 1.03 1.02 0.99 A% Healthcare% R2 95.43 95.57 90.38 BBB% Utilities% BB% Communication Services% 12 Mo Yield 2.21 Energy% B% SEC Yield 2.89 B% Industrials% Potential Capital Gains Exposure -0.92 Not Rated% Technology% Operations Firm Name RidgeWorth Base Currency US Dollar Inception Date 12/30/1997 Manager Name Perry Troisi Ticker SAMFX Fund Size 970,235,368 Manager Tenure(Years) 15.25 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Multisector Bond Closed to New Inv No Turnover Ratio% 181.00 T. Rowe Price QM US Small-Cap Gr Eq Benchmark 1: Russell 2000 Growth TR USD Return Date:3/31/2017 PRDSX Benchmark 2:MSCI US Small Cap Growth GR USD Portfolio Date:3/31/2017 Category: US Fund Small Growth Performance r Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:4/11/2012 to 3/31/2017 2017 6.68 7.76 200 2016 -2.26 3.86 5.67 3.76 11.31 180 2015 8.21 1.01 -10.41 4.50 2.33 2014 -0.40 3.05 -2.92 6.76 6.38 160 2013 12.56 3.26 13.52 9.28 44.19 140 2012 14.05 -5.39 5.76 1.38 15.69 120 T Trailing Returns 100 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 19.96 6.96 11.57 5.85 2012 2013 2014 2015 2016 2017 Std Dev 2.84 13.44 12.92 19.02 Return 21.49 9.08 13.59 10.61 -T.Rowe Price OM US Small-Cap Gr Eq 189.1 -Russell 2000 Growth TR USD 177.0 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 1.55 2.36 1.48 2.55 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat T.Rowe Price QM US Small-Cap Gr Eq 6.68 32 11.31 44 2.33 12 _6.38 19 44.19 32 15.69 28 The investment seeks long-term growth of capital.The Russell 2000 Growth TR USD 5.35 54 11.32 44 -1.38 37 _5.60 25 43.30 38 14.59 44 fund will normally invest at least 80%of its net assets Median 5.63 10.43 -2.37 3.02 41.30 14.09 (including any borrowings for investment purposes)in Count 680 650 618 581 550 512 equity securities issued by small-cap U.S.growth companies.While most assets will typically be invested in Asset Allocation Top 15 Holdings U.S.equity securities,the fund may invest up to 10%of its -not assets in foreign stocks,including securities of Inv Bmkl Shares Portfolio emerging market issuers. Cash% 4.78 - Weighting% Vail Resorts Inc 212,030 0.99 Fees and Expenses US Equity% 94.61 Burlington Stores Inc 416,200 0.99 Non-US Equity% 0.61 Toro Co 627,900 0.96 Max Front Load Bond% 0.00 Domino's Pizza Inc 198,787 0.89 Management Fee 0.64 Other% 0.00 MarketAxess Holdings Inc 194,000 0.89 Prospectus Gross Expense Ratio 0.82 Coherent Inc 164,130 0.82 ce)i 12b-1 Fee 0.00 Equity Style Portfolio Statistics Cognex Corp 395,900 0.81 Morningstar Equity Style Box'" P/E Ratio 25.50 Teledyne Technologies Inc 256,930 0.79 Prospectus Net Expense Ratio 0.82 Pool Corp 255,800 0.75 Deferred Load P/C Ratio 14.65 Berry Global Group Inc 627,800 0.74 P/B Ratio 4.17 Casey's General Stores Inc 270,900 0.74 Morningstar Ratings a Avg Mkt Cap(mil) 3,820.86 John Bean Technologies Corp 343,800 0.74 Morningstar Rating Overall ,tyr,tyr,t d T.Rowe Price Reserve Investment 28,968,184 0.71 Maximus Inc 457,600 0.69 Morningstar Rating 3 Yr **** Value Blend Growth Murphy USA Inc 377,500 0.68 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics _ Regional Exposure Morningstar Rating 10 Yr ***** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 99.97 Morningstar Return 8.87 13.43 9.95 Avg Credit Quality Greater Europe% 0.00 Morningstar Risk 1.91 1.86 4.10 Not Available Avg Coupon Greater Asia% 0.03 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% 4.32 Std Dev 13.44 12.92 19.02 Credit Quality Consumer Cyclical% 15.09 Median 0.74 1.14 1.54 Inv Bmk1 Financial Services% 6.54 Sharpe Ratio 0.70 1.04 0.60 AAA% Real Estate% 4.39 Alpha 3.33 3.16 2.86 AA% Consumer Defensive% 5.82 Beta 0.79 0.83 0.91 A% Healthcare% 20.29 R2 95.93 95.16 96.99 BBB% Utilities% 0.27 BB% Communication Services% 0.65 12 Mo Yield 0.00 Energy% 3.93 B% SEC Yield B% Industrials% 18.85 Potential Capital Gains Exposure 20.38 Not Rated% Technology% 19.86 Operations Firm Name T.Rowe Price Base Currency US Dollar Inception Date 6/30/1997 Manager Name Sudhir Nanda Ticker PRDSX Fund Size 3,936,418,985 Manager Tenure(Years) 10.50 Minimum Initial Purchase 2,500 Investment Type Open-End Fund Prospectus Objective Small Company Closed to New Inv No Turnover Ratio% 10.10 T. Rowe Price Real Estate Benchmark 1:SBP United States REIT TR USD Return Date:3/31/2017 TRREX Benchmark 2:Wilshire US RESI TR USD Portfolio Date:3/31/2017 Category: US Fund Real Estate Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:4/1/2012 to 3/31/2017 2017 -1.26 0.08 180 2016 4.26 4.64 -0.99 -1.85 6.03 2015 5.55 -9.89 2.66 7.31 4.78 160 1 2014 10.00 6.51 -3.05 14.23 29.75 140 2013 5.90 -0.85 -2.34 0.72 3.28 2012 12.53 2.40 0.15 1.41 17.03 120 Trailing Returns 100 1 year 3 years 5 years 10 years 80 Risk-Adj Ret -1.35 6.72 6.84 -4.10 2012 2013 2014 2015 2016 2017 Std Day 3.54 14.14 13.31 26.30 Return 0.42 8.97 8.86 4.26 -T.Rowe Price Real Estate 152.9 -S&P United States REITTR USD 159.0 Ret+/-Index 2.22 0.89 0.86 0.33 YTD Rank Cat 2016 Cat%Rank 2015 %Rank Cat 2014 %Rank Cat 2013 Cat%Rank 2012 %Rank Cat T.Rowe Price Real Estate -1.26 95 6.03 49 4.78 7 29.75 47 3.28 15 17.03 44 The investment seeks long-term growth through a combination of S&P United States REIT TR USD 0.58 46 8.49 16 2.54 61 30.26 34 2.40 29 17.99 25 capital appreciation and current income.The fund normally Median 0.51 6.00 3.00 29.52 1.70 16.82 invests at least 80%of its net assets(including any borrowings for investment purposes(in the equity securities of real estate Count 245 240 227 215 200 192 companies.It is likely to maintain a significant portion of assets in real estate investment trusts(REITs).REITs pool money to invest Asset Allocation Top 15 Holdings in properties(equity REITs)or mortgages(mortgage REITs).The Inv Bmk1 Portfolio fund generally invests in equity REITs. Shares Weighting% Cash% 4.58 0.00 Simon Property Group Inc 2,413,300 6.46 Fees and Expenses US Equity% 95.42 99.20 AvalonBay Communities Inc 2,029,400 5.80 Max Front Load Non-US Equity% 0.00 0.04 Equity Residential 5,214,100 5.05 Bond% 0.00 0.00 Prologis Inc 6,056,300 4.89 Management Fee 0.59 Other% 0.00 0.76 T.Rowe Price Reserve Investment 294,393,254 4.58 Prospectus Gross Expense Ratio 0.76 Essex Property Trust Inc 1,186,942 4.28 v 12b-1 Fee 0.00 Equity Style Portfolio Statistics Public Storage 1,212,700 4.13 Morningstar Equity Style Box'" P/E Ratio 23.74 GGP Inc 11,243,800 4.06 Prospectus Net Expense Ratio 0.76 Regency Centers Corp 3,722,292 3.85 Deferred Load P/C Ratio SL Green Realty Corp 2,192,500 3.64 P/B Ratio 2.52 Douglas Emmett Inc 5,852,900 3.50 Morningstar Ratings Avg Mkt Cap(mil) 11,508.63 Camden Property Trust 2,729,000 3.42 Morningstar Rating Overall Macerich Co 3,195,100 3.20 Boston Properties Inc 1,358,000 2.80 Morningstar Rating 3 Yr *** value Rlend 0rowth OCT Industrial Trust Inc 3,705,525 2.78 Morningstar Rating 5 Yr *** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr *** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 100.00 100.00 Morningstar Return 8.76 8.70 3.64 Avg Credit Quality Greater Europe% 0.00 0.00 Morningstar Risk 2.04 1.86 7.74 Not Available Avg Coupon Greater Asia% 0.00 0.00 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% 1.42 0.00 Std Day 14.14 13.31 26.30 Credit Quality Consumer Cyclical% 1.58 0.00 Median 1.08 1.08 1.12 Inv Bmk1 Financial Services% 0.00 0.00 Sharpe Ratio 0.66 0.69 0.27 AAA% Real Estate% 97.00 98.89 Alpha -0.17 -0.16 -0.32 AA% Consumer Defensive% 0.00 0.00 Beta 0.92 0.93 1.01 A% Healthcare% 0.00 0.00 R2 98.09 97.74 98.61 BBB% Utilities% 0.00 0.00 gg% Communication Services% 0.00 0.00 12 Mo Yield 2.39 Energy B% 0.00 0.00 SEC Yield g% Industrials% 0.00 1.11 Potential Capital Gains Exposure 31.70 Not Rated% Technology% 0.00 0.00 Operations Firm Name T.Rowe Price Base Currency US Dollar Inception Date 10/31/1997 Manager Name David M.Lee Ticker TRREX Fund Size 6,454,722,337 Manager Tenure(Years) 19.50 Minimum Initial Purchase 2,500 Investment Type Open-End Fund Prospectus Objective Specialty-Real Estate Closed to New Inv No Turnover Ratio% 6.10 Vanguard Institutional Index I Benchmark 1: Russell 1000 TR USD Return Date:3/31/2017 U�N�X Benchmark 2:S&P 500 TR USD Portfolio Date:3/31/2017 Category: US Fund Large Blend Performance r Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:4/1/2012 to 3/31/2017 2017 6.05 6.68 200 2016 1.34 2.45 3.85 3.82 11.93 180 2015 0.94 0.28 -6.45 7.05 1.37 160 2014 1.79 5.23 1.12 4.93 13.65 2013 10.60 2.91 5.23 10.50 32.35 140 2012 12.58 -2.75 6.35 -0.39 15.98 120 Trailing Returns 1 100 1 year 3 years 5 years 10 years 80 - Risk-Adj Ret 16.25 9.01 11.97 4.28 2012 2013 2014 2015 2016 2017 Std Dev 1.80 10.41 10.20 15.29 Return 17.13 10.34 13.27 7.51 Vanguard Institutional Index 1 186.5 -Russell 1000 TR USD 186.4 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 0.29 0.36 0.01 0.07 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Vanguard Institutional Index 1 6.05 29 11.93 25 1.37 20 13.65 17 32.35 43 15.98 38 The investment seeks to track the performance of a benchmark index Russell 1000 TR USD 6.03 31 12.05 23 0.92 29 13.24 25 33.11 34 16.42 29 that measures the investment return of large-capitalization stocks.The - fund employs an indexing investment approach designed to track the Median 5.72 10.49 -0.34 11.77 31.99 15.53' performance of the Standard&Poor's500 Index,a widely recognized Count 1,402 1,316 1,250 1,192 1,127 1,059 benchmark of U.S.stock market performance that is dominated by the stocks of large U.S.companies.The advisor attempts to replicate the Asset Allocation ' Top 15 Holdings ' target index by investing all,or substantially all,of its assets in the stocks that make up the index,holding each stock in approximately the same Inv Bmk1 Portfolio proportion as its weighting in the index. Shares Weighting% Cash% 0.29 Apple Inc 57,346,721 3.71 Fees and Expenses US Equity% 98.83 Microsoft Corp 84,466,000 2.50 - - Max Front Load Non-US Equity% 0.89 Amazon.com Inc 4,329,146 1.73 Bond% 0.00 Exxon Mobil Carp 45,324,467 1.67 Management Fee 0.04 Other% 0.00 Johnson&Johnson 29,658,991 1.66 Prospectus Gross Expense Ratio 0.04 Facebook Inc A 25,743,811 1.65 v 12b-1 Fee Equity Style Portfolio Statistics JPMorgan Chase&Co 39,044,379 1.54 Morningstar Equity Style Box'" P/E Ratio 21.26 Berkshire Hathaway Inc B 19,622,264 1.47 Prospectus Net Expense Ratio 0.04 ■ General Electric Co 95,370,165 1.28 Deferred Load P/C Ratio 13.13 AT&T Inc 67,133,293 1.25 P/B Ratio 2.98 Alphabet Inc A 3,247,788 1.24 Morningstar Ratings a Avg Mkt Cap(mill 85,611.66 Wells Fargo&Co 49,222,507 1.23 Morningstar Rating Overall ,tyr,tyr,t d Alphabet Inc C 3,230,101 1.21 Bank of America Corporation 109,584,777 1.16 Morningstar Rating 3 Yr ***** value Blend Growth Procter&Gamble Co 27,945,031 1.13 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 99.11 Morningstar Return 10.14 13.11 6.88 Avg Credit Quality Greater Europe% 0.39 Morningstar Risk 1.13 1.14 2.59 Not Available Avg Coupon Greater Asia% 0.50 Risk It MPT Statistics ' Avg Price Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% 2.90 Std Dev 10.41 10.20 15.29 Credit Quality Consumer Cyclical% 11.05 Median 0.56 1.32 1.29 Inv Bmk1 Financial Services% 16.05 Sharpe Ratio 0.98 1.26 0.51 AAA% Real Estate% 2.35 Alpha 0.44 0.14 0.04 AA% Consumer Defensive% 9.39 Beta 0.99 0.99 0.98 A% Healthcare% 14.22 R2 99.64 99.61 99.78 BBB% Utilities% 3.19 BB% Communication Services% 4.10 12 Mo Yield 1.98 Energy% 6.58 B% SEC Yield 2.00 B% Industrials% 10.36 Potential Capital Gains Exposure 38.46 Not Rated% Technology% 19.80 Operations Firm Name Vanguard Base Currency US Dollar Inception Date 7/31/1990 Manager Name Donald M.Butler Ticker VINIX Fund Size 222,543,106,989 Manager Tenure(Years) 16.33 Minimum Initial Purchase 5,000,000 Investment Type Open-End Fund Prospectus Objective Growth and Income Closed to New Inv No Turnover Ratio% 5.00 Vanguard Short-Term Bond ETF Benchmark 1: BBgBarc US Govt/Credit 1-5 Yr TR USD Return Date:3/31/2017 BSU Benchmark 2:BBgBarc US 1-5Y GovCredit FIAdj TR USD Portfolio Date:3/31/2017 Category: US Fund Short-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:4/1/2012 to 3/31/2017 2017 0.56 0.94 108 2016 1.60 0.92 0.01 -1.10 1.42 2015 0.94 -0.06 0.63 -0.59 0.92 106 f 2014 0.41 0.60 -0.07 0.37 1.32 2013 0.27 -0.80 0.65 0.07 0.17 104 2012 0.43 0.54 0.84 0.15 1.98 102 Trailing Returns 1 year 3 years 5 years 10 years 100 Risk-Adj Ret -0.06 1.06 1.03 2012 2013 2014 2015 2016 2017 Std Dev 0.45 1.37 1.26 Return 0.38 1.27 1.19 -Vanguard Short-Term Bond FTF 106.1 BBgBarc US Govt/Credit 1-5 Yr TB USD 106.7 Ret+/-Index -0.14 -0.10 -0.11YTD %Rank %Rank %Rank %Rank %Rank %Rank Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Vanguard Short-Term Bond ETF 0.56 86 1.42 100 0.92 73 1.32 57 0.17 75 1.98 100 The investment seeks to track the performance of a market-weighted BBgBarc US Govt/Credit 1-5 Yr TR USD 0.57 75 1.56 92 0.97 67 1.42 38 0.28 60 2.24 75 bond index with a short term dollarweightedaverage maturity.The fund employs an indexing investment approach designed to track the Median 0.67 2.22 1.17 1.34 1.03 3.46 performance of the Bloomberg Barclays U.S.1-5 Year Government/Credit Count 16 14 12 8 5 4 Float Adjusted Index.This index includes all medium and larger issues of U.S.government,investment-grade corporate,and investment-grade Asset Allocation Top 15 Holdings international dollar-denominated bonds that have maturities between 1 and 5 years and are publicly issued.All of its investments will be selected Inv Bmk1 Portfolio through the sampling process,and at least 80%of its assets will be Shares Weighting invested in bonds held in the index. Cash% 1.58 US Treasury Note 1.25% 746,971,300 1.49 Fees and Expenses US Equity% 0.00 US Treasury Note 1.375% 720,070,000 1.46 Max Front Load Non-US Equity% 0.00 CMT Market Liquidity Rate 7,030,711 1.44 Bond% 98.41 US Treasury Note 1.25% 708,951,000 1.42 Management Fee 0.08 US Treasury Note 1.5% 676,140,000 1.39 Other% 0.01 v n 679,798,000 1.35 Prospectus Gross Expense Ratio 0.09 US Treasury Note 1.125% 12b-1 Fee Equity Style Portfolio Statistics US Treasury Note 1.875% 658,705,000 1.34 Morningstar Equity Style Box'" P/E Ratio US Treasury Note 1.625% 656,725,000 1.34 Prospectus Net Expense Ratio 0.09 US Treasury Note 1.375% 650,203,000 1.32 Deferred Load P/C Ratio US Treasury Note 1.125% 651,437,500 1.29 P/B Ratio US Treasury Note 1.25% 603,363,500 1.24 Morningstar Ratings Not Available Avg Mkt Cap(mill US Treasury Note 1% 603,419,000 1.23 Morningstar Rating Overall ,tint US Treasury Note 1.375% 612,595,000 1.23 US Treasury Note 1.625% 568,473,800 1.16 Morningstar Rating 3 Yr *** US Treasury Note 1% 540,040,000 1.10 Morningstar Rating 5 Yr *** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 2.78 3 years 5 years 10 years cQ ° Inv Bmk1 Avg Eff Maturity 2.90 Americas/o Morningstar Return 1.08 1.04 Greater Europe°/n Avg Credit Quality AA Morningstar Risk 0.02 0.02 Q Greater Asia% _ Avg Coupon 1.98 CD Avg Price 100.47 Sector Weightings Risk It MPT Statistics g Inv Bmk1 3 years 5 years 10 years Ltd Mod Ext Basic Materials% Std Dev 1.37 1.26 Credit Quality Consumer Cyclical% Median 0.11 0.11 Inv Bmk1 Financial Services% Sharpe Ratio 0.79 0.83 AAA% 7017 Real Estate% Alpha -0.13 -0.13 AA% 5.55 Consumer Defensive% Beta 1.02 1.02 A% 11.57 Healthcare% R2 99.49 99.44 BBB% 12.71 Utilities% 12 Mo Yield 1.48 BB% 0.00 Communication Services% B% 0.00 Energy% SEC Yield 1.63 B% 0.00 Industrials% Potential Capital Gains Exposure -0.20 Not Rated% 0.00 Technology% Operations Firm Name Vanguard Base Currency US Dollar Inception Date 4/3/2007 Manager Name Joshua C.Barrickman Ticker BSV Fund Size 48,420,747,153 Manager Tenure(Years) 4.17 Minimum Initial Purchase Investment Type Exchange-Traded Fund Prospectus Objective Income Closed to New Inv No Turnover Ratio% 51.00 Vanguard Total Bond Market ETF Benchmark 1: BBgBarc US Agg Bond TR USD Return Date:3/31/2017 BND Benchmark 2:BBgBarc US Agg Float Adj TR USD Portfolio Date:3/31/2017 Category: US Fund Intermediate-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:4/1/2012 to 3/31/2017 2017 0.90 1.72 115 2016 3.12 2.33 0.43 -3.22 2.57 113 2015 1.65 -1.85 1.26 -0.64 0.39 110 2014 1.97 1.93 0.20 1.75 5.96 2013 -0.03 -2.43 0.57 -0.24 -2.14 108 2012 0.21 2.13 1.58 0.07 4.04 105 - - Trailing Returns 1 103 1 year 3 years 5 years 10 years 100 Risk-Adj Ret -0.18 2.29 2.02 2012 2013 2014 2015 2016 2017 Std Dev 1.06 3.15 3.05 Return 0.36 2.58 2.26 -Vanguard Total Bond Market ETF 111.8 BBgBarc US Agg Bond TR USD 112.2 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 0.08 0.10 0.08 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Vanguard Total Bond Market ETF 0.90 56 2.57 61 0.39 69 5.96 42 -2.14 67 4.04 40 The investment seeks the performance of a broad,market-weighted bond BBgBarc US Agg Bond TR USD 0.82 58 2.65 53 0.55 47 5.97 39 -2.02 54 4.21 28 index.The fund employs an indexing investment approach designed to - track the performance of the Bloomberg Barclays U.S.Aggregate Float Median 0.92 2.77 0.50 5.93 -2.01 3.94 Adjusted Index.This index represents a wide spectrum of public, Count 26 19 17 13 13 11 investment-grade,taxable,fixed income securities in the United States- including government,corporate,and international dollar-denominated Asset Allocation Top 15 Holdings bonds,as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year.All of its investments will be selected Inv Bmk1 Portfolio through the sampling process,and at least 80%of its assets will be _ Shares Weighting% invested in bonds held in the index. Cash% 1.92 US Treasury Note 2.125% 976,901,500 0.53 Fees and Expenses US Equity% 0.00 US Treasury Note 3.625% 883,472,000 0.52 Max Front Load Non-US Equity% 0.00 US Treasury Note 2.625% 851,934,000 0.49 Bond% 98.06 US Treasury Note 1°/n 856,917,000 0.47 Management Fee 0.04 US Treasury Note 1.75% 832,958,000 0.45 Other% 0.02 v Prospectus Gross Expense Ratio 0.06 US Treasury Note 2.25°/n 750,907,000 0.41 12b-1 Fee Equity Style Portfolio Statistics US Treasury Note 1% 735,920,000 0.41 Morningstar Equity Style Box'" P/E Ratio US Treasury Note 1.25% 709,298,000 0.39 Prospectus Net Expense Ratio 0.06 US Treasury Note 1% 682,325,000 0.38 Deferred Load P/C Ratio US Treasury Note 3.375% 640,633,000 0.37 P/B Ratio US Treasury Note 2.5% 657,918,000 0.37 Morningstar Ratings Not Available Avg Mkt Cap(mill US Treasury Note 1.625% 689,709,500 0.36 Morningstar Rating Overall **,t US Treasury Note 0.75% 644,537,000 0.35 US Treasury Note 3.5% 601,005,000 0.35 Morningstar Rating 3 Yr *** US Treasury Note 3.125% 605,334,000 0.35 Morningstar Rating 5 Yr *** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 6.09 3 years 5 years 10 years cQ ° Inv Bmk1 Avg Eff Maturity 8.30 Americas/o Morningstar Return 2.39 2.12Greater Europe°/n Avg Credit Quality AA Morningstar Risk 0.10 0.09 Q Greater Asia% _ Avg Coupon 3.10 Risk It MPT Statistics CD Avg Price 103.19 Sector Weightings � Inv Bmkl 3 years 5 years 10 years Ltd Mod Ext Basic Materials% Std Dev 3.15 3.05 Credit Quality Consumer Cyclical% Median 0.14 0.11 Inv Bmk1 Financial Services% Sharpe Ratio 0.76 0.70 AAA% 68.64 Real Estate% Alpha -0.26 -0.19 AA% 4.58 Consumer Defensive% Beta 1.07 1.05 A% 11.68 Healthcare% R2 99.40 99.41 BBB% 15.10 Utilities% 12 Mo Yield 2.44 BB% 0.00 Communication Services% B% 0.00 Energy% SEC Yield 2.42 B% 0.00 Industrials% Potential Capital Gains Exposure 0.66 Not Rated% 0.00 Technology% Operations Firm Name Vanguard Base Currency US Dollar Inception Date 4/3/2007 Manager Name Joshua C.Barrickman Ticker BND Fund Size 177,875,195,971 Manager Tenure(Years) 4.17 Minimum Initial Purchase Investment Type Exchange-Traded Fund Prospectus Objective Income Closed to New Inv No Turnover Ratio% 61.00 Western Asset Core Plus Bond I Benchmark 1: BBgBarc US Agg Bond TR USD Return Date:3/31/2017 WACPX Benchmark 2:BBgBarc US Agg Bond TR USD Portfolio Date:3/31/2017 Category: US Fund Intermediate-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Otr 4th Gtr Year Time Period:4/1/2012 to 3/31/2017 2017 1.91 2.89 125 2016 2.59 2.91 1.58 -2.29 4.79 120 2015 2.18 -1.80 0.72 0.24 1.31 2014 2.78 2.84 0.35 1.52 7.68 115 2013 0.55 -2.64 0.64 0.41 -1.07 2012 2.17 2.33 2.90 0.80 8.44 110 Trailing Returns 105 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 3.51 3.96 3.86 4.61 2012 2013 2014 2015 2016 2017 Std Dev 1.11 3.27 3.22 5.67 Return 4.08 4.26 4.11 5.58 -Western Asset Care Plus Bond 1 122.3 -BBgBarc US Agg Bond TR USD 112.2 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 3.64 1.58 1.78 1.31 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Western Asset Core Plus Bond 1 1.91 4 4.79 12 1.31 6 7.68 3 -1.07 32 8.44 22 The investment seeks to maximize total return,consistent with prudent BBgBarc US Agg Bond TR USD 0.82 72 2.65 61 0.55 21 5.97 29 -2.02 64 4.21 83 investment management and liquidity needs.The fund invests in a - - portfolio of fixed income securities of various maturities and,under Median 1.02 2.96 -0.01 5.53 -1.64 6.60 normal market conditions,will invest at least 80%of its net assets in Count 999 944 872 835 797 732 debt and fixed income securities.Although the fund may invest in securities of any maturity,it will normally maintain a dollarweightedAsset Allocation Top 15 Holdings average effective duration within 30%of the average duration of the domestic bond market as a whole as estimated by the fund's Portfolio subadvisers.The fund may invest up to 20%of its total assets in non-U.S. Inv Bmkl Shares o dollar denominated securities. Cash% o Weighting/o 0.35 US Treasury Bond 3 h 496,760,000 2.76 Fees and Expenses US Equity% 0.17 US Treasury Bond 3.375% 411,835,000 2.46 Non-US Equity% 0.00 Ginnie Mae Jumbos TBA 3.5%2047-04-01 427,400,000 2.45 Max Front Load Bond/0° 95.13 US Treasury Bond 3.75% 315,280,000 2.01 Management Fee 0.40 Freddie Mac Gold Single Family TBA 3%2047-04-01 355,600,000 1.95 Other% 4.47 FNMA 330,200,000 1.91 Prospectus Gross Expense Ratio 0.52 Equity Style Portfolio Statistics US Treasury Note 330,860,000 1.90 12b-1 Fee U Morningstar Equity Style Box'" p/E Ratio S Treasury Bond 2.875% 342,050,000 1.86 Prospectus Net Expense Ratio 0.45 Ginnie Mae Jumbos TBA 3%2047-04-01 304,000,000 1.70 Deferred Load P/C Ratio US Treasury Bond 3% 282,340,000 1.57 P/B Ratio FHLMC 3.5% 212,400,000 1.20 Morningstar Ratings Avg Mkt Cap(mill FNMA 189,480,000 1.04 Morningstar Rating Overall ,tyr,tyr,t ■ 71 2 US Treasury Note 186,520,000 1.02 US Treasury Note 2.125% 168,920,000 0.93 Morningstar Rating 3 Yr ***** value Blend Growth US Treasury Note 2.25% 165,820,000 0.93 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics ■ Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 6.63 - 3 years 5 years 10 years cQ ° Inv Bmk1 Avg Eff Maturity 10.88 Americas/o Morningstar Return 4.07 3.97 4.96 Greater Europe% � Avg Credit Quality BB Morningstar Risk 0.11 0.11 0.34 Q Greater Asia% Avg Coupon 3.96 . CD Sector Weightings Risk It MPT Statistics ' Avg Price Inv Bmk1 3 years 5 years 10 years Ltd Mad Ext Basic Materials% Std Dev 3.27 3.22 5.67 Credit Quality Consumer Cyclical% Median 0.40 0.40 0.51 Inv Bmk1 Financial Services% Sharpe Ratio 1.24 1.23 0.87 AAA% 48.90 Real Estate% Alpha 1.53 1.67 0.94 AA% 4.78 Consumer Defensive% Beta 1.00 1.03 1.11 A% 15.25 Healthcare% R2 81.50 85.42 41.16 BBB% 11.03 Utilities% 12 Mo Yield 3.70 BB% 7.18 Communication Services% B% 4.01 Energy% SEC Yield 3.16 B% 3.82 Industrials% Potential Capital Gains Exposure -1.05 Not Rated% 5.02 Technology% Operations Firm Name Legg Mason Base Currency US Dollar Inception Date 7/8/1998 Manager Name Carl L.Eichstaedt Ticker WACPX Fund Size 18,572,794,473 Manager Tenure(Years) 18.75 Minimum Initial Purchase 1,000,000 Investment Type Open-End Fund Prospectus Objective Corporate Bond-General Closed to New Inv No Turnover Ratio% 97.00 F� 7 CI] x Ln CL CL A< l Ik Village of North Palm Beach GENERAL EMPLOYEES' TRUST FUND Investment Policy Statement I. PURPOSE OF INVESTMENT POLICY STATEMENT The Pension Board of Trustees, as named fiduciaries maintains that an important determinant of future investment returns is the expression and periodic review of the Fund's investment objectives. To that end, the Trustees have adopted this statement of Investment Policy and direct that it apply to all assets under their control. In fulfilling their fiduciary responsibility, the Trustees recognize that the retirement system is an essential vehicle for providing income benefits to retired participants or their beneficiaries. The Board also recognizes that the obligations of the Fund are long-term and that investment policy should be made with a view toward performance and return over a number of years. The general investment objective, then, is to obtain a reasonable total rate of return - defined as interest and dividend income plus realized and unrealized capital gains or losses - commensurate with the Prudent Investor Rule and any other applicable statute. Reasonable consistency of return and protection of assets against the inroads of inflation are paramount. However, the volatility of interest rates and securities markets make it necessary to judge results within the context of several years rather than over short periods of two years or less. The Pension Board of Trustees will employ professional Investment Management firms to invest the assets of the fund. Within the parameters allowed in schedule A of this IPS, the Investment Managers have full discretion, including security selection, sector weightings and investment style. The Trustees, in performing their investment duties shall comply with the fiduciary standards set forth in Employee Retirement Income Security Act of 1974 (ERISA) at 29 U.S.C. s. 1104(a) (1) (A) — (C). In case of conflict with other provisions of law authorizing investments,the investment and fiduciary standards set forth in this section shall prevail. II. TARGET ALLOCATIONS In order to provide for a diversified portfolio, the Board has engaged Investment Management firm(s), with target investment allocations as provided for on Schedule A, attached hereto. The manager(s) is solely responsible for the assets and allocation of their mandate only and shall abide by any subordinate investment policy assigned to the manager attached hereto. Village of North Palm Beach General Employees'Retirement Trust Fund - 1 - I III. INVESTMENT PERFORMANCE OBJECTIVES The following performance measures will be used as objective criteria for evaluating effectiveness of the investment managers. A. Total Fund Performance 1. The performance of the Total Fund will be measured for rolling three and five year periods. These periods are considered sufficient to accommodate the market cycles experienced with investments. The performance of this portfolio will be compared to the return of a hybrid index comprised of 45% S&P 500, 15% MSCI ACWI ex US, 40% Barclays Aggregate Bond Index. 2. On an absolute basis, it is expected that total return of the combined equity, fixed income, and cash portfolio, will equal or exceed the actuarial earnings assumption (7.5%). B. Equity Performance The combined equity portion of the portfolio, defined as common stocks and convertible bonds, is expected to perform at a rate at least equal to a blended benchmark consisiting of 75% S&P 500 Index and 25% MSCI ACWI ex US. Individual components of the equity portfolio will be compared as outlined in Schedule A. C. Fixed Income Performance The overall objective of the fixed income portion of the portfolio is to add stability, consistency and safety to the total fund. The fixed income portion of the portfolio, defined as fixed income is expected to perform at a rate at least equal to the Barclays Aggregate Bond Index. IV. INVESTMENT STANDARDS AND GUIDELINES Liquidity: The Fund's Manager(s) shall be kept informed on the liquidity requirements of the fund. The investment portfolio shall be structured in such a manner as to provide sufficient liquidity to pay obligations as they come due. To the extent possible, an attempt will be made to match investments maturities with known cash needs and anticipated cash-flow requiriements. Custodian: The trustees have a retained and will continue to retain a third party to be custodian of the Fund's assets. All securities shall be designated as an asset of the Fund, and no withdrawal of securities-in whole or part- shall be made from safekeeping except by an authorized member of the Trustees or the Trustees' designee. Securitiey transactions between a broker dealer and a custodian involving the purchase or sale of securities by tranfers of money or securities must be made on a "delivery vs. payment" basis, if applicable, to ensure that the custodian will have the money or security, as appropriate, in hand at the conclusion of the transaction. Village of North Palm Beach General Employees'Retirement Trust Fund -2 - I� f Bid requirement: The Trustees shall determine the approximate maturity date based on cash flow needs and market conditions, analyze and select one or more optimal types of investment, and competitively bid the security when feasible and appropriate. Except as otherwise required by law, the most economically advantageous bid must be selected. Risk and Diversification: The investments held by the fund shall be diversified to the extent practical to control the risk of loss resulting from over-concentration of assets in a specific maturity, issuer, instrument, dealer or bank which financial instruments are bought and sold. A. Authorized Investments All investments made or held in the fund shall be limited to: 1. Money market instruments and cash equivalents rated Al and or P1 by Standard and Poor's and Moody's. 2. Obligations issued by the United States Government or obligations guaranteed as to principal and interest by the United States Government or by an agency of the United States Government. 3. Foreign Securities, including: convertible bonds, convertible preferred issues and preferred stock. 4. Equities — including publically traded REITS, commodities, convertible bonds, convertible preferred issues and preferred stock. Convertible bonds, convertible preferred issues and preferred stock will be deemed as equity and shall not be held c to the rating standards of fixed income. Foreign security convertibles are limited to those that settle in U.S. dollars and are traded on one or more of the recognized national exchanges,NASDAQ or the OTC. 5. Bonds or other evidences of indebtedness, issued or guaranteed by a corporation organized under the laws of the United States, any state or organized territory of the United States or the District of Columbia, The issues are traded on one or more of the recognized national exchanges or over-the-counter (OTC) and shall hold a rating of Baa/BBB or above by Moody's and Standard and Poor's respectively, except that up to 20% of the fixed income portfolio may be held in securities that do not meet this criteria. The weighted average quality of the portfolio will be"A" or better and the effective duration of the portfolio shall be kept within +/-20% of Barclays Aggregate Index. 6. Commingled Stock, bond or money market funds whose investments are restricted to securities meeting the criteria outlined in Section IV, if possible. B. Limitations 1. Investment in equities shall not exceed 70%of the fund's assets at market value. Village of North Palm Beach General Employees'Retirement Trust Fund - 3 - i 2. Not more than 5% of the Fund's assets shall be invested in the common stock, capital stock or convertible stock of any one issuing company, nor shall the aggregate investment in any one issuing company exceed 5% of the outstanding capital stock of the company. 3. Foreign Securities including both equities and fixed income is limited to 20% of the total Fund's assets. 4. Investments in Real Estate are limited to real estate investment trusts (REITS) 5. The following investments are prohibited: a. Bonds issued by any state of municipality b. Futures c. Hedge Funds\Insurance annuities d. Internally managed assets e. Limited partnerships not listed on a national exchange f. Margin accounts g. Options h. Private equity i. Private mortgages j. Securities lending k. Any investment with no generally recognized market 6. Under Protecting Florida's Investment Act (PFIA), scrutinized companies published by the State Board of Administration, unless and indirect investment is unable to divest, as provided for in Florida Statutes. IV. COMMUNICATIONS A. On a monthly basis, the custodian shall supply an accounting statement that will include a summary of all receipts and disbursements and the cost and the market value of all assets. On an annual basis, the investment managers shall provide a written report affirming compliance with the security restrictions of Section IV above and a summary of common stock diversification and attendant schedules. B. In addition, the investment managers shall deliver each quarter a report detailing the Fund's performance, adherence to the investment policy, forecast of the market and economy, portfolio analysis and current assets of the Trust. Written reports shall be delivered to the Trustees within 60 days of the end of the quarter. A copy of the written report shall be submitted to the person designated by the City, and shall be available for public inspection. The investment managers will provide immediate written and telephone notice to the Trustees of any significant market related or non- market related event, specifically including, but not limited to, any deviation from the standards set forth in Section IV above. Village of North Palm Beach General Employees'Retirement Trust Fund -4 - i I i V. COMPLIANCE With each actuarial valuation, the Board of Trustees shall consult with the investment manager to determine the total expected annual rate of return for the current year, for each of the next several years and for the long term thereafter. This determination shall be filed promptly with the Department of Management Services, the plan's sponsor and the consulting actuary. VI. CRITERIA FOR INVESTMENT MANAGER REVIEW The Board wishes to adopt standards by which judgments of the ongoing performance of a portfolio manager may be made. If, at any time, any one of the following is breached, the portfolio manager will be warned of the Board's serious concern for the Fund's continued safety and performance. A. Cumulative rolling performance significantly below the target benchmark (rolling 3 and 5 years net of fees). B. Loss by the manager of any senior investment personnel. C. Any change in basic investment philosophy by the manager D. Failure to attain a majority vote of confidence by the Board of Trustees. E. Failure to observe the security quality restrictions of section IV. Nothing in this section shall limit or diminish the Trustees' right to terminate the manager at any time for any reason. VII. INTERNAL CONTROLS 0 The funds shall be governed by the Village's written internal controls and operational procedures, which shall be periodically reviewed by the fund's certified public accountant(CPA). VII. CONTINUING EDUCATION In fulfilling its fiduciary responsibility the Trustees acknowledge that continuing education is important. Therefore, all Trustees support the receipt of continuing education relating to investments and the Trustee's responsibilities. VII. FLORIDA STATUTES 112 AND APPLICABLE CITY ORDINANCES If, at any time, this document is found to be in conflict with Chapters 112, Florida Statutes, or the applicable Village Ordinances,the Statutes and Ordinances shall prevail. VIII. REVIEW AND AMENDMENTS It is the Trustees intention to review this document at least annually subsequent to the actuarial report and to amend this statement to reflect any changes in philosophy, objectives, or guidelines. In this regard, the money manager's interest in consistency in these matters is recognized and will.be taken into account when changes are being considered. If, at any time, the Investment Manager feels that the specific objectives defined herein cannot be met, or the guidelines constrict performance, the Trustees should be notified in writing. By initial and continuing acceptance of this Investment Policy Statement,the Investment Managers concur with the provisions of this document. Village of North Palm Beach General Employees'Retirement Trust Fund - 5 - i F Village of North Palm Beach GENERAL EMPLO ' RETIREMENT TRUST FUND By: Li�n 1 ai an, Board of Trustees Date: By: SunTQ7t Institutional llnv&ents Date. Village of North Palm Beach General Employees'Retirement Trust Fund - 6 - it i Schedule A k Asset Allocation Guidelines Asset Class Target% Range% Benchmark Total Equities 60% 40-70% 75%S&P 500125%MSCIACWI ex US Domestic Equities 45% 40-70% S&P 500 Index Large Cap Equities 35% 25-70% S&P 500 Index Mid Cap Equities 5% 0-10% Russell Mid Cap Index Small Cap Equities 5% 0-10% Russell 2000 Index Real Estate 0% 0-10% Wilshire REIT Index International 15% 0-20% MSCI ACWI ex US International Developed 10% 0-15% MSCI EAFE Index International Emerging 5% 0-10% MSCI Emerging Markets Index Alternatives 0% 0-10% Appropriate Category Index Commodities 0% 0-10% Dow Jones UBS Commodity Index Fixed Income 40% 25-60% Barclays Aggregate LO Cash Equivalents 0% 0-15% 91-day T-bills Policy Benchmark • 45%S&P 500, 15%MSCI ACWI ex US and 40% Barclays Aggregate Village of North Pal ea Retirement Trust Fund Y• Ch ' an, Board of Trustees Date: By: 0 clz,� S st Institutional estments Dat Village of North Paln Beach General Employees'Pension Fund -7- 2 £ d ^U) 4-� 7 2 £ \ E « / g « ) U) E m 2 / / E U) w = f § f \ / / b k \ E 0 L) ° Q § 2 / % ƒ � .T 7 ƒ U) § ¥ @ } 5 S / 0 _0 < ƒ / / ƒ _ _ M k \ \ = 2 k k (D _� ±_ ƒ 2 ) E E ) / ¢ E 7 « b X 2 3 ° % > m 3 S > ¢ E = 2 E E E '} E E o " m § k > ) - ) 2 o > E 2 E / / \ % / 2 \ k � £ ¢ .§ 7 -0 / Q /g f 06k ._ U) M = % § S % f 2 0 _E ./ % / � _� Fu / § @ ƒ E a o ) U ( k_ 2 \ 7 2 7 . . - ± (Dj L) \ _� § k 7 \ D E b t 6 § J f _� / \ E_ 3 U .T a § o § � q $ ) 2 co L k \ 0 m k § \ / U / 2 a / a E m d > $ c § cn = f f f y % ƒ E _ ƒ % 2 k \ / � % _\ § k Co / / \ 2 / L) E 2 « o - £ § @ � ® � � E / ƒ / k d / o m w 2 of % 7 a t a k § j \ 2 & / � E ƒ / _m k D E .2 / E = ,P § \ ¢ { E E '� E E m / f 3 7 k § L) � v L) \ 3 7 \ c f ƒ S = § % � \ / / \ / % ) m % \ % Q E ¥ o § g = 2 4-- 2 / \ \ / ƒ k c � Co / ° § km m o m § k 6 > 6 w E « 7 £ . £ Co cu 0 ) 2 0 2 d ƒ / k k \ 2 ¥ 2 3 a 2 .§ & g k k / co / } f /� / \ / E J ƒ D % \ / kco 10) k / L) \ co � / \ -0 U) § % ƒ ] ° - k \ C cu § m / .§ o r § \ k f 2 f ƒ E § / / f / § f Co / 3 § § -0 / / � 2 / $ I � § § ± c ƒ ƒ / E@ o E E / E 7 E C . % 0 0 7 \ / dj / 7 & 7 k 6 / 2 0 2 o f 2 0 ' / � ƒ 2 % 7 w ƒ f / § f o \ £ , , . = o P 2 i \ o .9 \ Co � \ % % k � m w 0- 0 co .� m m 2 m - e ± c m m U) X E O L U C Q C C U N >+ (0 L O O p � O '> a) a) U N p O C U) -O M O) U 0 -0 C C -0 0 C LM -0 �,L >% _ o a) 0 0 cv 0 O U) U) O co C 4) a) a) M p U C: C U U) U) U U O C U U O U O (6 U L C > p Y p Q C O p N O C C C C O >+'— 0 U UC cD U) �,- U) c0 U p a) cv >+ p O U c 0 O (� >+ U) — (D E � � D =3 C � c (6 x E O (0 U O U p C ui i E c `� C U U) 0 0 0 U _ a) co E U _ co > U U U) U U O O a) } .0 L - a) U) (D 0 .L v, > = c E ca C �--. 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