Loading...
2017 Second Quarter Investment Review F-+ [IJ V � a m O N � a O o Z O N .� 4. m > O � � O or a � -a E `~ o a� •� O a > > 0 cn L O N E O Q u M a Y +J N � m L yJ �i N 5 7 � 41 iJ D W Q Q is E (6 u N Eh N L _2' O H d Q E N O �J u CN ]C +.+ C � U7 :2 > 'D N s N — o0@� 0 L o- m j O M 2 U N E � 7 � f6 i N O m N H c!� cn on M N c� USA N N r A u N 4-J 4-J V) N �L a--J C: u N ctj V N 3 a � N �> � o OIA �' .� N a C N 4-J O > Cu V O o m O — E N LL- a z H C!1 M cu V � O O � 0 N 4� N to cu o � u o .n o n P .o .o o M M o ¢ ¢ ¢ ¢ ¢ F•y Vl S �O V 7 m M M P Mc NO cd N Z Z Z Z Z r M of Yl O N i9 I- c6 ^ z Z z Z z -- ■ O UOU x! N N M M O .O N I� n O O O A M P p N � v L r � V O O O vl O �O P M O m I� M O O n M .O m .O O C N N M m M 0 7 N �O N M L9 I� ^ L9 M LL� O O O O N N Vl M r O N N M p N m N � vl O O O m m O N C m M O O m m CO N N M N M M P P �O N M M M m O O I- T � � � 2 N S N M N M M P P �O N � � M O M N m L9 O O O N _ O O O 3 a v _ a v ^ Q.m x to 4 ^ c i L L LL Y m m N T i� v v v 2 —o oL m = p N >O o � • p x 2 z x �, U J m w o o v o m w w o w m H m m > � Lr! M �. 'R N P V P OM P n P T M P N N n O M OM �(Ml O P S P •O a+ L O N 00 1� M M M M M M P P N N O O N V 0 7 Q O QJ O u 4J 0O m N O � 0 'R N � M 'O m V M � O m � V P N L9 M n i!) 7 N S S N a a m 0 V 7 0 P �O V m N M N 0 I� OM vl M n O W N N .O un m 0 0 0 v 0 0 v 0 � v vun P 0 I� M N 7 I� P 1� m n 7 O I� � P 1� r` ? n N N O � � � N P O m 0 �O M 1� N M 7 M .O N S 7 P m N M S M • V V O .O 7 �D M M M M V N 7 N V O N v 0 0 D m O vl O n M m N � N_ G� loss� O O v O O Q 0 0 M M M 0 6 6 V O O O v O 0 0 0 v 0 ®®® v M aX w C C S � m U V � -9 :E C ^ ^ H N � U! O t0 i0 m i ®NN V y p p U! QJ L J p N H d -E m y - N O ^ � w - m E m c H H .G f y p e c .L, lo —` o`o w ,� g • E m m m 6 d Ln m y L o ? L S v J N 3 3 LD U v a 72 L v d J p on on o m a n n m a E v w c 11 c c v a t7 > m �a l7 > o m m m m m m u r c c m O aj 5 E o 0 0u u uo 0 0 u m m m N m m m • L o ocL OEM W u O Q a E E C O a 0 0 0 N N N Q g a J J J J J J W O Co a 3 w w w w o Q N N N N N N N N w E E E E E E E �` o of ¢ > > > > > > > > > H 9 0 0 0 o 0 0 0 0 o o : a f f f p v� z � � w w w � w w w m m m m m m m m m m m u u � LL N O aJ N F o p v C O w N X ru a3> O N m � _ L c v C O E 2 > a N u o w +� bA fO Q o (�] O vi L L 0 -0 bb2 v c N .� q0 v1 N C m u .0 L C j. N O 7 Y i • Y O 30 '� L 76 O iLn U '(p 0 aJ O C N C_ M N C O V bA cu yj 1 N C s _� O U C c Q U N 7 O C C Y (O O OO -0 4-; d C Y V7 V L N w N — M � i+ f0 O C yj N 7 u '6 N i o °c° v -°y� y c aci u u Y � �••� yN., N O a) — c u C N �+ ° a) C t "a cu Y CU Y o 0 V w bf O al N (O p N t O O O N o E c n m o y O c OO •� a•+ � c a E E N L CL > v c ca api bD v+ p c o io v c p v a ` V1 u pp > b0 +� .� a) N > N N al N cu p to C N ai b0 a +� v N b0 c - C > LL o > ai CU c t m O c6 O al b0 *' c� O cu N [2 O O �,• N ca N al - — U a� E V1 C tu O ate.+ N "6 2 LL C t L - _ N L a) -6 EO m - u Lm by N v N O N T '� 3 > aVi 3 Y N > c 7 bOD a� U v f0 a c 'p u C o ° N to N (D y0 "6 7 C N O 6 C C C OU 7 CU — t m U a, >• f0 3 N 'N N N 3 C �' a) — 1 O `1 O w m ' O T 00 aJL > :t:! oU ca F n C oo cC u m 0) -0 C c N Q i m (6 N m N o w c N "o C al p }, U f` ; Q NNp' V1 E > b0 C N ° 'a N N N w C u -O ,O M 4+ - a; v E u (u > -q a o c °' c Y v L 'E w Y N E o s >- Q � o a C vi -a O Y -a C O W C C -0 p C +O+ ° =' N N ° }' Q ` N O 4J Y C O N C O N a`+ ra O T p > C C cu — Y al O -0 N O a �+ vl m u �+ (6 U a) u N ++ +' N ; C N N c pin —M C E C C-"p Y0 N a o ao '°ou u 0 o o E $ n ° 3 L > v c o ° u E o w c N Q U C — ° Y V Y � (U — L • O N C C > a) w �` O .� l0 C CU •b 'a •N al C m w a•+ - L i+ _> N 0 0 > U app w ai v 'l t n E t c m p o x o cu v o a W O uu o YQcu - u E +' (11), 'a b0 0 m W Y N 0 a? cca 't Q dc0 U `T `i c ° °' � mal vbD N i U C - v s O a a W > co E a`i w e v o +' c p E O rL6 rL6 Y v `� o cu E n m o 2- o u c '- �bo v m .L' CL v f0 o v Q. O 4. :i > N n b0 -p c i p v p O O t O @ Q t E N m m X O O E to t @ aa) @ ° co >, u c— >. "6 `� :_+ Y " N O0 L N L E C Q C (6 N b0 W E y0 N Y 7 N C E U y al N Q O O N v o ° ca v bA t +' N > ao 7 n o .3 v - E > pn E u c o c E c v co Y > ro , ^ v o a m cm ++ C as N .2 v > s E v+' v C O m a v v r aO+ a`i C t v C lu > v t 3 (6 N -6 N C fa C �- a1 u N N C VI C N i U U N cu a1 ,0, = C '� r•+ c6 Q al O E t cu — C N C y =MEMO 'p p 3 S9 u n C O n v n o c c p cco z E > v Y o- v 3 v L Ll OA v+'i C fa t N O C cr U W '^ > ++ t ` al 4' t Q L rp U u E U v > v bn N c o s b0 0 v v o '� v v ° '� aEi N O Ulf rp c c > E b°�n c +� � o f °' o �i bD c c � n U c 3 u S c 3 v v 0 a •ica N .O N 0 .� $ ° > 0 c 'b-N° Su N E c E N Y N T II LOO E o m Q n w fO p CL a o O • • O C Q u o + > > N v N v t c v v cL.� E Y 0 v 3 v L O 0 0 E r+ , N "a C -p C "6 `� (U O C — O L O "6 N cu 0 4J CL ai m E o v u v o n 0 Y cu � c > E x c _ h b0 ° 7 (6 > fL0 ' y a 3 N Q ++ "a N > a"' N m m N co E > v o 'T p o 'bD °' o s co E u v VNO Ln O > O V N Q iw w 6 al ° E �o cu T c Q p N t p O X of o > N al u E }>+ N ai a }>+ O p y Y> O > w .E ;E •v c cCo A l C <i Y T > O V Q a..� N a1 m "6 V v N N C V — al N 'L ° i 3 c W■ r c�6 N T c cL M 'O' a) a+ o '> f� L "rS E f` L t bA a� a.., �p t On 0 a _w 0) n1 cr Y al C +�+ t a (a b0 (b O` Y a) 7 Y N Y C ° Ln O.fl- Z > W N cc O W Q U Cu) a+ 1 CL 0 U N 0 C • • • • O tE+J o u N (a v N C • E E t o c U w �• Qj O O w • a c O o m u =MEMO Q O • • o v v u c 6 L OO v O � >> o c ° {A O � ` • • 3 � 00m c C O u m o a O • E 3' (u a O O N -p 1t 1t K K X 1t K X a ii' • OZ L O C Ln QJ C p ba m 0 V 0 N o v 130 O V1 Q cu 3 m 00 O L N N O N O- O N v o N �� me o of O v m vEi U)CU U ^ ca -°0 > > V N N N N 0 V C L c , v v N O N N "a Y N 'a+ Y fL0 C "a N Q bD f0 C U • V7 v E vYi v -0 o Y u w c m Y w v c ° o Y C m o a ++ Q a+' v ro a) 0) di c p o p v v m F ,n N m '0.- 0 V a C u o21 E v a>i ) O c E �' ca v b°1n 0 U Y _i u J J 0 0 bA % U bA r+ a) ca > 0 by Q > cu ` E G LU j Unv*' c v is w (D s o U c 2 c a) Z cuw u CO Z t6 O Cr cn cn o o E v X N U) V Ln p U) V) O E O y ai O c o u 4• a w D 5 z z w oc LL > > > > 5 2 > > z w z Q a W 0 >< C LAN 0 N (11 L 0 C Q � C N O L aJ =3u•j p 3 V] N an C N (a E N O O Q t L aJ N O N u N O Q 4- dJ X C C: .76 a..+ N O o L aJ O C U v ,G p ai E ,n fC (a 0 N N aJ D O Q O +_+ L C aJ C }' N t a) N + E co + tin aJ p to 0 cNo U ` U tw C 3 � t 3 aJ two O v� •C cLo O o 4-1a aJ 4 c t D E aJ •^-' E a L L � pF J OO E � EL C -4.1 QLn p .+ L C: u tx0 O fyC r-I a)fu U '(a m L o MO 4� C i E _ M 4-1CL +1 -4-1 O O ca aJ O 'p O + CO N Q 4-1 jL U Q C_ 4 O n3 E O O > O +�+ aJ >- p i - _ C w a) lD aJ — U N Cr6 ca L (6 U i C f6 > S M 4L aJ i to E H aO�+ Q N aJ QJ 3 = L t O C E •L c } ^ E v o o 3 N Q -0 > y v u 'OC NC L N oN F E aJ v +1 C o O 4� t4OO U > bW O o, N aJ U Y N . 4co aJ H 0 3 C 41 O v (f) U E wa1 C "ta .� 4- 4.1 'L o tw Q � I � L � p -O O p n3 N aL- 4-1 C p aJ bb O Ln 3 3 O QJ O O N L O U ++ O E o � N Q) O C o O ON -a c O Q OJ Oo O O aL- u 0 3 O C aJ OJ N Mo aN' aJ l Q0 N f6 L O o cCo + Q) C41 > a 4-1 L' mo o oayio °o O O E t4� U 4- N p o C C: Z O0 a v► hLA E �; aJ Ln az u > t � ca 1 v C 1 Q >- M ' C N +_' O L E liA C a i C U t C o C -W a) W •ia _U L C aJ 3 3 Ln � O L liA � ++ •� aJ r aJ C N O L QJ C L 1 tw 'a >O W O Ol Ln C L N Q •N N L aJ O cC + O ca CO aJ O N aJ L N O O L C -O +� Ln E aJ Ln C X_ aJ O (a 4a i .O = aJ f L o tL0 i � N L E O Y L Cr M p N N > j o vOi N N O EO E v ca L o v, a 0 co L c i Q ) C _� (6 E O N N N ca � Q L 3 C O Q a-+ O � L 3 (n a) N N C O C ca aJ -0 U o N ++ aJ t -0 QJ v M > m Q c_J u 3 1 v v � v, L N C aJ C -tC v :Ea, m E _ Ln 4-1 to H 4. o O N m o a i aJ � v o f u �' t c 3 E Q aJ C E 3 -O y N N U +�+ N 'O C -+ f6 U O () i �c aJ 76 NLn 4-1 3o C n3 N co o > i E aJ v A U N aJ a1 -0 N W QJ 4- p C r/ C N 0 0 o N F Q p o v .E Q a N o C N �O E � O O C aJ N ai aJ O Ln O C -C N cn o o E L > vpi U n3 -0 F- is 2 -0 H o D W _0 O ::E C7 I I I C7 I I I LL I I I _ 5 CO5. M C sailipowwoD o Y � M O bD co C N � x M� spuog jedioiunw ajai � w — sPuo9 PPLA AH axi, 10 N w v .v a } H M w t ` ^ N spuog aao:) sn4-1 rq v a � a ° spuog sn-uoN Ln m � Y � - a 4. ~ z -p a� d v a O 0 t 06 slamaew guigaaw] s c V 0 v - M D] a) '° CQJ °' C: o — 21 aoaj `6 Oi 'ppadojana4 Sn-uoN v a E VI O -2 u on W coCM = D] v 4-f o dei agael Sn o 'D o v O 0 O/ Maj° gym CL 3E .5 o v L H L!9 ?CD -0 a-+ s�{�olS legolJ n on a v ai a Ln ai Lno 0 ft O O O O CO O u NED CE = U N Qj 7 3 � L aj X 3 Q 3 Z L0 u L U ro + a1 � Q- -O OvOi � y YI �G N ++ N N f0 aJ N Q C t fa C L aJ _� p _ in N L E O O -c u L p 4' 4- Q aJ a C O E 3 O O (V tl C: a) O } L O O -O N N f0 C �G 4. 3 '� In O _ E a1 v� O a) O O O °c o Q O �' f6 �, _ 5, E L o a1 4' t aJ to a.o c 'O �eA } v ni 4. L C N C O � +-' (��6C �c tL0 t -0 O } 4 N a1 } 3 O M a) aJ N L O L L O (a W cr U ate-+ LO (a V 0 N a1 � (0 a) E N t L N v N O Qa—+ co V 4.1 4, L O_ c +-� t ai D O a� t 4.1 E 4� ::Ea—+ W p x ra c co t w Q Q ra E 0 V) c.7 o E s tw w -°O � 3 = 3 ° 0 c s u E F-� ti C) N Cc) T- C) N LO T- C) N N E U) o a N O LL T a O i N o a 'M N NtA -°ia y i r � r O Ny °° .� O O 29 y N O LO O LO O LO O LO O o a A, o W LO � It It � C7 or) Cl) Cl) 0° � v o i 3 , suoilliq ui y O •� V v 4-1 o > p c co a Ln w Ln an ao a� t N C 'p cn O } C N } f 6 O o L � a � '� 2 L � VI V s 3 Q Q ON O m vi Y O _0 > 4O H CU C: > 4 CU Q CU 3 CU (a i m cc O.i •rim c U p U L C t U O t), fa U 0 C Mo � C m Y (V (V (J O V Q O m " O U N o Q tZ O: 4+ CU U � O C � U U 00 f6 vi O Q N CU Q Q O N O O M (IJ CU U O O N O -p CU L Q LCL v v a� o _ CU p CU co CU VLnM � V� L Q07 F= N 4J c c w ° � 3 = o " bLO o 1 V u] Q � o 09x 00 cz � � v c Y �pl RO ccL lf1 ai G 0 0� I� 10 LlJ = N N `n U v O N ate+ N .0 D n .0 �. CA d! ° 2 c a U ) N I ^W '� O W L o (� o °O O N c +a+ }' ■ o cxO ckn 060 N L, N i ckn 16u 'x of L t� ax a V1 c 3 o w wLn w H u a Q d W u u o o O cd N N YH rn U V) io Q p U o D ND O J N U a � ° H p "D = J ° w 3 S a� w Q c Q� o a •� > w E T `_ � a-J w E o N c c 0 � o y ` a o Z N / o 0 E +O L Om 0 O .2 0p ri L O Q i 4 N s N v L O L CL -se N L N O O O 0 Z L X 0 ° ao ° L u u v a � O O N N N U N L 4, L N L 4N O 3 O N c 0 L y p Q M +N- N "q N 4L�q U l�/ �OO p L 4q pq N i O rN N O N (0 N �+ '� c c L Q) r-I ::E N �4 4U N L to L N N p V CL 0 c Q tw C � N 40 0 W a0 a� � C o U O v L N O N O L C L l0 L L O, Y U an � v rn s v ra v u t L v L Q L 3 p +a) w c � 0 N v p E s U N v v L - (0 0 W c� c L LE " U U f0 U CO N 3 yp,, t N 4 c c O (6 N Q G C1A w N 4. N N N cr (0 v ° Nm � \ ) � � ] / ) \ � N \ 3k = a, & 7 E \ /\ 2 $ § + Qj k + + � r j % \ k ~ y r 1010, M_ r,4 § § e § � o G LL « ms @ � \ k� £ \ ■ � % { � � \ � \ k � f »j k / a wc t � ƒ � 'ZZ / L. :3 � � \ \ 2 « an E c \ u_ 8 3 0 $ E \ 7 E �_ D o a- 0 a \ � ± ? u tA \ ) \ 5 k § / \ B / \ $ Q � 0 7 m 2 a § a« § 6 « « or f\ 2 § Q y J « m a\ j u %• ° % o 2 / k 12 / an / \ 0 ] } ) � > .� \ \ \ \ 7 ƒ ƒ f &» e 2 , E a 4A OF \ ( \ / CL \ 5CL k / ) % _ / a . } \ / \ m .� \ / / \ 4-J2 V- § ƒ \ 3 @ « £ m • C ± mom / / � \ > ƒ '\ k k \ j § § [ 0 \ R 6 2 % � 7 / y 7 S / \ a / Qj u / ® k § \ / /7 ) / /a2 / ■ \ v k « � % % a 2 $ § z / $ / © 7 2 y « o . \ / o v % \ # \ (/ § / 0 2 & [ / 7Eg2 o % § 2 : 3 « u � ° ° E ° � { � � _ = e u y o 2 § § Z X: (D @) \ / '/ / LL / k % k § / $ 2 ƒt 2 29 > � o = caaj u� spuog sn-uoN U z = gym 00 3 aia :^ M — > \^� Vl L ai 1 U •^ L^ aA a Asl sn w Q A' M m .V Ux1 cu C }+ a N aA m Asl sn a-+ M mmN CA +� cco O M5. a cn • pappo 51aow a m aaj o 4. tO t� t N m t a on t y 4, o M spuog lediaiunw 3 0 OIQ0 a CAE Qm O U ~ m U O C � °00 a &A M saIL)JodJo' "a 6 a ,a 3 ° x L � � � y LL N no � E i aio •^ 00 >O H OD •� PlaLk u5LH X IA � OJ � � = >� v A� �n W oo -a ro ao M y m y y Q! ' N spuog aao:) sn OJ t°cr � v � _ v � a Q O C x o � SE ca cav Z •AA^'' O �O N N Y :9 Z mem o Qj L � � 0 7 o Ln 4-J _ O L N N � ate5 -+ O CA C is � D C � N C i L L O� CA tN 3 �N N -O E O O W -0 C L N to i +� CO O p O •� L N CLn Otxo L N N N Q N 0 Ln Ln Ln 0 mo O N N cL6 C N 3 C t L C C O O L O Y u o N o O N a C N N L N •� O N (0 fa N Z c0 41 N � � � C � =) N � N N f6 : N L a-+ L c0 4J L L O F v � o L 40 v � °1 � `- a 41 ° �aCN WNcc 4- E c . m(00 O G L Lcli cn In a v co aL3 mo " m ?2o � o Z U 0 C c 'O cr N E4 1 7 \1 M 3 au au oc a� a� �-4 G G ov % % , / § �o w w w W ) a @ e ao = w 41 : » Cy, L 5 ? % Lr; w ¥ ¥ e d a ® f / / % / 2 Ln /\ �< � \ i �C: yLnE 3 / 7 \ 7 7 § § § Uk W _ w N N c o m 41 & § (U § 8 Q k G J Q % $ $ 00 ( / a Ln a B \-Gu \ ® m 2 G G G % , R % % Ln _ o § ' § d d t § k » ° Ln r / / a \ ra § N % q q ) { § QNO � § k 9 9 2 co @ - k § d d s � k — / ■ � § ) ) � \ � Ni ) 2 / 3 > . & « Ix § § f V $ j R E N ) A / c 6 § o 0 ± D 4 ) m 4 \ \ 2 co C: \ O C \ k ~ Q) ) \ j 4 k & 0 § % ƒ £ £ 7 u \ > \ § \ \ \ \ ® ® § § § § § ® - c p m 8 8 0 0 0 0 0 z ƒ J ) ƒ ) / R ƒ « w d & U ( o > - \ k ) § 2 § ] § 0 \ e LL z L H c!� _ cn vE 0 N V V � C C M - O V � L V 1� N M M CO o cz OJ M LnN M - `O i N �O 10 pM. d C M M I-, N Ln 0% C V O O N c yr v � c N - C L Q r ro N O� L c O on w C C C V Q f O w N o C .O -Z, Q ` c `L° a 'o a v 0- a, w on L C �--� Y L o y C ° v 3 H a° H CL � LO t v z 00 eo O 00 00 .0 N Ln r�4 O ^ - M O� V N N V O In - CO N M O N C V} VT VT L} th L} VY (6 d C O - �Vf C L 4Q a %- (a N u 3 ami y an m t c E � V I 3 ONO w d -C 4-JO 4-J c wLJ 3 '0o Qa wc p Z COa-o oo C> o y p W on U Q z H c!� H G O CS tl ^ N W M 0 N �.cx 00 Z V1 N 12 E L OO L N (71 Ln M M N CO `� N N N N M M N N T M �- r N y +�+ �9 N C>\ , M Ln , CO V' , N - W O j, Ln OO 10 Ln CA W N n Ln N N r" W r" vi �- �- Ln U N O O n N N p V Li- J cc E � L en Ln 10 0, _ O L Ln O� O ' � �p O N a M CT O N Oj Ill N Lr; U M Ln Ln �1 n CO Ln M CI. X n Ln C C a N E R 41 _ o O �• N O� _ .� M M M �O Ch M N N �p N O > L �• M d• O M W a, N d' M �o M O Ln M O W M 6 co K CA r< N r< CO - 4' N M iC N C C N fac N fa � L O M O R N4 O O M O Ln V' CO M CO O M C7` O N Z 00 In C LL O O� Ln - Ch O, N Ln O co M o. M d• Ln W W N N N �p N f d �- ^ �O W O O N Ln Lr; Ln Ct.N v; d• N d• O n O N M r N N r N N N N N r N N N M 00 V N ^ N v. H fa O ^ �- � Ln Ln N Ln z. co CA p� �O p 'TC>\ Ln O p p �O 0 Ip ry O Ln Lr! M a R O CA OO C>\ ^ M 00 O 00 U �q O3 O N M u'f Ln N M N O M M O N nj Ll- fa 41 x ` y O M M N M CT p N u'1 CT p ^ N O ^ O N_ M N n C N 'p Lr! "I. o' M N CL, O M W d' co CO Q U Li CD w O L y tTM .p C7` O o. O el• Ln � n ^ n 0' W O O� ^ M aO N L W n IO Lff �9 O M M O N N M N M N N � O� N v N Z N N M M 7 R M M Ln V' N N M !h N n co �6 O O 10 10 M Ln 10 co 00 Ln lC CA M M ^ lc N +-� O 10 OO n IT co Ln N N O -Y =I C7% CO IT O Ln M M O I M W � V a .y L � a 0 � t U v v � c a ox, LA aj D v o = r 3 �, n 0a on a W n w 0 3 j S o x _ o u Z o L O l7 7 =L+ O LL y x T F- ++ Ln e•^ Qj C3 •" N 30 ` X 7 a N Q S > > N p -0 E ms-' t6 1,-, Lu ° OCL d O L O Qj tiaO � O O O m O O, 4J Z H to Z Ln o n o n v N > a a ! 0. W a, O v a o � n m a �a CO LL. Cr t#j U 0, U Ln U N N N Lp 0� V 0j u 0� 7 V W Ln OD QUI o � LO LO W W Ln !zr O a Z ^ J JZn J N to to C C CLU - - - H Cl) H j Ln O C N Ln Ln Ll V) N N _- �O V) N N H 00 L Q) L N O N 00 Zo 00u N 'p V Li- J O E � L O0 O 4— > X a N N N N 7 N Q =p y LnC: a Q) E R 41 H ^ O N N N V' 7 7 N �p N L C cu >' N N N N N M N y cu M L fa C: N N N V O L N N �O H fa v -v � v G N 0, N Ln N O` M O" N M O N ^ r-, Mm M O E X L a0 H OL U" n rn n ^ O a C ^ N 00 N O' N Ln 0 ^ N N M Q +0+ N N N N N .- N w O N y 00 Ln a 10 Ln O Ln N O 00 M Q. N M 00 00 W Lr 00 O OI N lC 10 O, N 'Y N 00 N N L v ^' tri. tr� W � V a C fa ° .y Ea 0 c c $ a E m m L Q Qj v Q w m C3 C3 +3an CC �✓ N N on oon n dI J d r G � an Q d on ZZ �0 Q Q Q o Q Q o a J � to �p o �p c og v �, �o L o o O 0 c o] ZE y o] Li cn 21 v^ c m Z }, dI M G 6np) R to s' dl M E M ° ° 0 ° O v o 0, a L a Q o c a mE m -Q d o N L L O Y " E L L O CO r.. � O � 0p O �] U X m U m O m U L U Z Li Z Vf H Cl) 1� O O n rn u, O O M W CL O O O O O O O O .O .0 .O ry l!'1 n 00 OJ 10 O p V J O O p: O O O V J O1 O T O 'Op 'O p O O p 00 p T O � O = O a` O O C C O O O O O O .- O C 7 y N N N O O art O N p l!'1 ^_ T O W p co O rn O M O 00 V O O CD O M O N O M O O O Q) M N M N C co 0 O 00 O n W Lj 00 00 X n M N v M N N a a W N n M ^ 11 1 O 0 > �2 r �M l!'f LL'f L r r r r � N CU V N 1� p W C; Lr; V M rn O T N L IA u'f N.0 O t- D` Oz 00 C) d N DA i CO C f01 M I-co O ry M V O� 0J ^ M N N OZ Q V O (�,J N N ry N ry N N N ry N L I � VA 00 T O u9 M Vl 1� D\ 'DM p .D O N O� 1� 00 i7 E �0 M M 0` r- O W O� 1� M T N M M M N M V M V Q M Ol 1� ul v 7 1� Ln O ry M N O ^ 11'f C Y N DO r �? OZ O M o "Z O �o M N I�ff u'f Of M M lO O M O 00 N n D` G� M O Cl! %D 00 10 00 10 M N # # # # # # # # M N C 00 v 2 aL+ W L ° ::Eo 9 m o On on M j a M a J J [�) k.jon vEi c 6 E u WN C E Vf 'O_ '� l6 O anE an "a� "a� W w v 00 •IA fa w N C: Xa > w o t o a W - V L CD CD n N > on n w > a--� Y - o oy _ > W a n V7 E � E u y 5- M m m `° J 3 � w N C �+-� O E U cCL a 6) O L y n y E a w 6 n v 3 m �7 O 9 a O C E y6 0 > 0 3 Z •^ Q 0 O- lwL lr O R L O N C L �6 tn6 3 O 0 �" o f �" aw a v o Inc o d t7 � 3 a a 6+ V a O O o E Z o vVi w o '6 w n a o n c a > o v w v N w 'av N 'a v N n a m O c W W c c v W V 3 _, V c c O N NCL V O rv�i V rv�i o CL �/t L v� �y l.� a/1 E Z3 E � m D_ O f6 L O O S^_ o � � vi H C �n C w cr J }n cl� H Cl) V O Lfl O u'f 1- N O O W N �n O u'f V O N N - S O O O O O O O O O O ,1 l�tl V L(�j W W 00 cn C O ll'f N 000 N V N �6 O 00 O O O O, a, N N N M V M ry ^ O N N O O O O V O O O DO O C �f'f P V O `0 O ^ O O O O C O 10 O O O O O O M O p O O O �l O O O L1 C O M O W O O O _m n O � p p C W OM n O N M O O 0 0 V cs N O O O N - O O O O O N O O O O V N v 7 M M 2 E L W of L O 1� 00 00 •_ V 0 O OOf x a co T 10 a '0 1� N ry n o^p COn 0 > M C N ll'f V N O O N p O p L .C: ^ v N L O, a co In O `0 O 41 00 O� N N In a - O, 1- n � DA C C 10 ry u'f ll'f .O ^ O O N ^ Cl �p .0 �p O M M �' C I� W �`l O �0 In Cl C M !r 41 o O p O O p V L 00 M M 00 N 00 1 1- N00 P NO In R T � Ol M P C, N N M N ^ V M N M M M O O O p M p O p c" N I� M u'1 u'f N 10 N V 1" a` - O N 00 O ^ O M IO ry in O 1n W f\ M N M O, W O O O 00 M O M 10 10 7 u'1 N 1- O 00 M Ol O W In M V 11, 00 N or O O M Llf I� N u'f I� 19 19 •^ M M (y O N N ^ O O O O O OOf O V an 41 # #tkn 41 4K 4K 4K # 41 4K 4K 4K # # # wca 0 m O O L! C m0 E m m m V T > > v v o �^ tckn tin on on E E y y v o an v v s r o N C C to VI J X A, ~ W a xx o ?S oxo > a LU u U °Z° a u� m p m C to 0 U- p T O V C (6 cc a-J i x o Vo v C c$ u p mo L N t dLO Z3an ^ 0 > > on o o cc a E E y, c o 0 ::E •� � N W O C > a c00 C o m ~ H " N J � O N }, � 7 > to J Y Y N V �+ ., ` V r6 0 On m (o m Q V > N O S N N O Y N Q L L N j j O Q Y a N C Vf O C X C N �n N to y O O a.+ V vl O RZ3 OD - O M O M Q V > Q V l7 l� � Y N "O V 4,+ V o N y c v o u u V u N y v Vl d, v Y .N=-� J N w O y a E VI S pon H Y �pie� C r` C a L N C G E 10 l.J dl EO C Q O c y O QJ / J U- J to C m > V In 0 > O_ m O > D 00 c0 Z m m H c!� o o 0 0 0 0 0 0 �R o o �R o 6 0 0 0 0 M 7 N7 7O Ln .O O O 00 V M n N O 00 O C O O O O O O O O 0 0 0 7O O O O O M N O O - V1 It Ol N h O M T V Ln Ln I., Ln M a` N 0000 00 M W M N N Ill M �O �O T O N C, V W �O N p O O, M h IO p O M M V Ln In IO T Ln M In Ln O c00 It Cl � M ' 00 M M O O v G O T N N 00 a` n O 00 n00 %0N N a` 'D M L C NLn �O M O N Ln pM N 00 N 10 1 M M N N N N LO N 00 N N U N N p V VF VT L} VT L} VT N VT L} VT L} V} L} VT V} VT th VT V} VT V} L} V} VT N N N N C 7 L L O O3E o 0 0 0 0 0 3E o 0 3E o 3E o 3E o 3E o \ o '.R o �O L O N p T M O M T O O O M O Ln O Ln O Ln Ln 0 0 0 0 In Ln GO M ^ 00 M M N N V Ln S O N6 LM+1 `6 V Ln N N M O nj N a 10 r r r C CU = a °' N Ln P, ^ 10 O n a, Ln 10 M Ln m Ln W 10 M a, M .O M O, MM f6 O, co Ln Ln a` M M n W OlN t+1 Ln N 00 W .O 00 N O' ClN .O � I� n It 00 't Ln T N N O a` 'o n v 't00 N O � > Ol O co M O Ln Mm O N V M N Ln N10 10 M N Ol O N L .0 V V N M M n N M 00 M 10 n M M N N N N r N N `v N Q) m Q) LO Ln v .^ o U- V 7 N WO CO C 'O X W OL — Q } m m 0 N F O X — a H O! W Q> m CO LU U $ O — `n rao 7 `° r0 v Y cc d "O C ° O C l7 V W O E r''6 `n m CO Lon L Ln O l7 R > a ro ro v R N E a H `� O m on On ^ ro 0 O v O O V a N N V OJ O W 0! r6 N "E v V y N C 4J J C X0 on Gl v v o o c = o a v E m° �°, v ' ' :� 6 M> o N +-' N H N 72 Qj U 4J O U L W U C a.+ OJ O! O ° O 7 L T = Ln c v a c `o vii E N — > H N X c O l7 y�j H o W N C C N O_ C C L OJ y C,- CL 9 N Q �-+ f6 nJ �C Gl � L C OJ L6 U t 4J L 7 a H a 0 2 �., v a H r i v X C L ° L a Ln L O Ln a+ d LU V LJ R i 6 C LO V O a C Cf . i C y 30 I,L ° °; N 7 J H S `L° y v on V O � C c ra a W Of m on V on X v m o N c N .� C c L. Q W M r C:)- L" v rC0 v C0 c .v c ,'a, v i� 76 L. v LO LO d C: 01 LL L 0 0 � W > w N o m .� o � ~ 0 �°, > 3 a o > 3 > Ln co Z CO W a a. COi � U ti b O H a o a M � � a a � W O O C •y a � a U O � m 4, V a O L- 0 O Q Z N � � � w O k v 0 O Oh E4 1 7 \1 V •rim N •rim L 4� V _ N V c� LA (1) MEMO •rim 4- 0 O LL BlackRock Global Long/Short Credit Benchmark 1: BofAML USD LIBOR 3 Mon CM Return Date:6/30/2017 Instl Benchmark 2:BofAML US Treasury Bill 3 Mon TR USD Portfolio Date:6/30/2017 Category: US Fund Long-Short Credit Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 1.09 0.68 2.17 115 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 2013 0.98 -0.04 0.90 1.85 3.74 108 - 2012 1.69 0.45 2.29 2.48 7.08 105 Trailing Returns 103 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 4.37 0.62 2.52 2012 2013 2014 2015 2016 2017 Std Dev 0.39 2.13 2.07 Return 4.99 0.93 2.75 -BlackRock Global Long/Short Credit Instl 114.5 -BofAML USD LIBOR 3 Mon CM 102.2 Ret+/-Index 4.15 0.42 2.33YTD %Rank %Rank %Rank %Rank %Rank %Rank Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat BlackRock Global Long/Short Credit Instl 1.78 62 3.58 70 -1.00 42 0.92 59 3.74 40 7.08 86 The investment seeks absolute total returns over a complete BofAML USD LIBOR 3 Mon CM 0.50 86 0.66 97 0.23 25 0.23 75 0.29 76 0.51 100 market cycle.The fund invests at least 80%of its total assets in Median 2.15 4.74 -1.21 1.78 2.99 8.54 credit-related instruments.It may invest up to 20%of its total assets in equity instruments,including common stock,depositary Count 51 48 37 28 21 16 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 Bmkl Portfolio deemed equivalent by fund management,which are commonly Shares Weighting% referred to as"junk bonds." Cash% 28.09 US Treasury Note 1.75% 116,471,000 -2.90 Fees and Expenses US Equity% 0.75 US Treasury Note 2.25% 71,233,400 -1.79 Max Front Load - Non-US Equity% 0.48 US Treasury Note 2.375% 60,374,400 1.52 Bond% 62.42 US Treasury Note 2°/n 55,525,000 -1.38 Management Fee 0.89 Other% 8.26 Western Digital 10.5% 40,294,000 1.22 Prospectus Gross Expense Ratio 2.09 At&T 50,000,000 1.06 N 12b-1 Fee Equity Style Portfolio Statistics Royal Bk Scotland Grp FRN 40,000,000 1.01 Morningstar Equity Style Box'" P/E Ratio 9.15 Centurylink)Level 3 Communication)TI-B 37,679,000 0.93 Prospectus Net Expense Ratio 1.11 Cvs Health 5.125% 30,000,000 -0.88 Deferred Load P/C Ratio 9.96 Verizon Comms 5.5% 30,000,000 0.83 P/B Ratio 1.57 Neptune Finco 144A 10.125% 26,034,000 0.78 Morningstar Ratings ■ Avg Mkt Cap(mill 10,380.84 Hsbc Hldgs Cv FRN 30,000,000 0.78 Morningstar Rating Overall **** 3 Jpmorgan Chase Cap Xxiii FRN 33,798,000 0.78 J P Morgan Chase 6 Co Mtn Be 2.295% 30,000,000 -0.75 Morningstar Rating 3 Yr *** Value Blend Growth State Str FRN 31,890,000 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 -0.17 Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 60.77 Morningstar Return 0.66 2.56 Avg Credit Quality BB Greater Europe% 39.24 Morningstar Risk 0.04 0.04 Not Available Avg Coupon 5.08 Greater Asia% 0.00 Avg Risk It MPT Statistics Price 116.71 Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% 0.00 Std Dev 2.13 2.07 Credit Quality Consumer Cyclical% 29.08 Median 0.05 0.26 Inv Bmk1 Financial Services% 4.24 Sharpe Ratio 0.32 1.24 AAA% Real Estate% 33.90 Alpha -3.16 -1.83 AA% Consumer Defensive% 0.01 Beta 16.17 18.06 A% Healthcare% 1.57 R2 10.64 9.90 BBB% Utilities% 0.00 BB% Communication Services% 5.15 12 Mo Yield 0.00 Energy% 7.25 B% SEC Yield 2.62 B% Industrials% 0.00 Potential Capital Gains Exposure -5.88 Not Rated% Technology% 18.79 Operations Firm Name BlackRock Base Currency US Dollar Inception Date 9/30/2011 Manager Name Multiple Ticker BGCIX Fund Size 4,027,505,939 Manager Tenure(Years) 5.83 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 DFA International Core Equity I Benchmark 1:MSCI ACWI Ex USA NR USD Return Date:6/30/2017 D FI EX Benchmark 2:MSCI World ex USA NR USD Portfolio Date:6/30/2017 Category: US Fund Foreign Large Blend Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 7.53 6.38 17.26 180 2016 -0.90 -0.92 7.69 -0.37 5.34 2015 4.13 2.60 -10.16 3.98 -0.21 160 2014 2.13 3.83 -7.22 -4.44 -5.98 140 2013 4.44 -1.57 13.14 6.13 23.43 2012 12.84 -8.63 7.09 7.54 18.74 120 Trailing Returns 100 - 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 21.50 0.51 8.37 -2.70 2012 2013 2014 2015 2016 2017 Std Dev 2.00 11.96 11.43 19.74 Return 22.73 2.16 9.95 1.93 -OFA International Core Equity 1 160.7 MSCI ACWI Ex USA NR USD 141.7 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 2.28 1.35 2.73 0.81 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat DFA International Core Equity 1 14.39 59 5.34 8 -0.21 34 -5.98 59 23.43 14 18.74 33 The investment seeks long-term capital appreciation.The MSCI ACWI Ex USA NR USD 14.10 67 4.50 13 -5.66 87 -3.87 24 15.29 80 16.83 64 fund purchases a broad and diverse group of securities of Median 14.61 0.77 -1.20 -5.55 20.00 17.74 non-U.S.companies in developed markets with a greater Count 730 677 594 556 538 509 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 Bmk1 Shares Weighting°/n in equity securities. Cash% 0.00 Nestle SA 2,417,067 0.94 Fees and Expenses US Equity% S+p500 Emini Fut Jun17 Xcme 20170616 78,500 0.86 Non-US Equity% Toyota Motor Corp 2,458,894 0.60 Max Front Load Bond% 0.00 HSBC Holdings PLC ADR 2,915,549 0.58 Management Fee 0.27 Daimler AG 1,412,894 0.47 Other% 0.11 Prospectus Gross Expense Ratio 0.30 BP PLC ADR 2,474,425 0.41 N Equity Style Portfolio Statistics Total SA 1,563,437 0.37 12b-1 Fee - Morningstar Equity Style Box'" p/E Ratio 16.84 BNP Paribas 1,100,687 0.35 Prospectus Net Expense Ratio 0.30 Novartis AG ADR 935,984 0.35 Deferred Load P/C Ratio 8.02 Basf SE 772,900 0.33 P/B Ratio 1.49 Royal Dutch Shell PLC ADR Class B 1,245,058 0.32 Morningstar Ratings Not Available Avg Mkt Cap(mill 8,675.63 Deutsche Telekom AG 3,467,541 0.31 Morningstar Rating Overall * t*,t Royal Dutch Shell PLC ADR Class A 1,148,264 0.28 BHP Billiton Ltd 3,495,060 0.28 Morningstar Rating 3 Yr **** Banco Santander SA 8,636,362 0.26 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics qu Regional Exposure 71111111111111111 Morningstar Rating 10 Yr **** Morningstar Fixed Income Style Box'" Avg Eff Duration Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity Americas% 10.38 Morningstar Return 1.89 9.75 1.43 Avg Credit Quality Greater Europe% 47.33 Morningstar Risk 1.38 1.38 4.14 Not Available Avg Coupon Greater Asia% 42.29 Risk It MPT Statistics MMMMMW Avg Price Sector Weightings M Inv Bmkl 3 years 5 years 10 years Basic Materials% 8.06 Std Dev 11.96 11.43 19.74 Credit Quality Consumer Cyclical% 11.10 Median -0.08 0.67 0.16 Inv Bmk1 Financial Services% 23.04 Sharpe Ratio 0.21 0.87 0.17 AAA% 0.00 Real Estate% 3.45 Alpha 1.36 2.83 0.87 AA% 0.00 Consumer Defensive% 10.05 Beta 0.93 0.96 1.01 A% 0.00 Healthcare% 7.96 R2 94.44 93.85 96.62 BBB% 0.00 Utilities% 3.14 313% 0.00 Communication Services% 4.66 12 Mo Yield 2.25 0.00 Energy% 6.23 B% SEC Yield B% Industrials 0.00 11.06 Potential Capital Gains Exposure 14.91 Not Rated% 100.00 Technology% 11.24 Operations Firm Name Dimensional Fund Advisors Base Currency US Dollar Inception Date 9/15/2005 Manager Name Multiple Ticker DFIEX Fund Size 23,310,533,641 Manager Tenure(Years) 7.42 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:6/30/2017 D FEQX Benchmark 2:BofAML US Corp£rGovt 1-5 Yr TR USD Portfolio Date:6/30/2017 Category: US Fund Short-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 0.80 0.74 1.92 110 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 1 102 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 0.01 1.39 1.50 2012 2013 2014 2015 2016 2017 Std Dev 0.40 1.49 1.45 Return 0.60 1.68 1.70 -UFA Short-Term Extended Quality 1 108.8 BBgBarc US Govt/Credit 1-5 Yr TR USD 106.6 Ret+/-Index 0.49 0.33 0.41YTD %Rank %Rank %Rank %Rank %Rank %Rank Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat DFA Short-Term Extended Quality) 1.55 21 2.06 39 1.15 5 1.68 18 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 1.14 47 1.56 59 0.97 9 1.42 27 0.28 53 2.24 81 of debt securities in which the Portfolio invests.As a non- Median 1.10 1.75 0.34 0.93 0.35 3.83 fundamental policy,under normal circumstances,the Portfolio will invest at least 80%of its net assets in fixed income Count 502 493 455 421 397 347 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 Bmk1Shares Portfolio federal agencies and instrumentalities. Weighting% 9 9 Cash% Ge Cap Intl Fdg 2.342% 99,970,000 1.92 Fees and Expenses US Equity% Oracle 1.9% 97,577,000 1.85 Non-US Equity% Quebec Prov Cda 3.5% 53,000,000 1.06 Max Front Load Bond/°o Neder Waterschapsbank Sr Unsecured Regs 03/19 1.875 53,652,000 1.03 Management Fee 0.20 Ontario Prov Cda 2.5% 49,530,000 0.96 Other% Cisco Sys 2.2% 49,100,000 0.94 N Prospectus Gross Expense Ratio 0.22 Equity Style Portfolio Statistics FNMA 3.096% 48,451,000 0.92 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio Exxon Mobil 2.222% 45,395,000 0.87 Prospectus Net Expense Ratio 0.22 Quebec Prov Cda 2.375% 40,718,000 0.79 Deferred Load P/C Ratio Apple 2.1% 40,000,000 0.77 P/B Ratio Australia 6 New Zeala Bkg 2.25% 40,154,000 0.77 Morningstar Ratings Not Available Avg Mkt Cap(mill Toyota Motor Credit 1.9% 40,243,000 0.76 9 9 Morningstar Rating Overall *,t*,t Commonwealth Bk Australia 2.3% 38,525,000 0.74 Bk Of Nova Scotia 2.45% 37,679,000 0.72 Morningstar Rating 3 Yr **** Chevron Corp New 2.419% 37,151,000 0.72 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics ■ Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 2.73 Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity 2.88 Americas% Morningstar Return 1.41 1.52 Avg Credit Quality A Greater Europe% Morningstar Risk 0.02 0.02 Not Available Greater Asia% Avg Coupon 2.59 Avg Risk It MPT Statistics Price 101.49 Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% Std Dev 1.49 1.45 Credit Quality Consumer Cyclical% Median 0.13 0.16 Inv Bmk1 Financial Services% Sharpe Ratio 0.95 1.05 AAA% Real Estate% Alpha 0.25 0.26 AA% Consumer Defensive% Beta 1.07 1.13 A% Healthcare% R2 92.20 93.31 BBB% Utilities% BB% Communication Services% 12 Mo Yield 1.80 Energy% B% SEC Yield 1.79 B% Industrials% Potential Capital Gains Exposure 0.12 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 5,479,296,533 Manager Tenure(Years) 8.33 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Corporate Bond-High Quality Closed to New Inv No Turnover Ratio% 25.00 Eaton Vance Atlanta Capital SMI D-Cap Benchmark 1: Russell Mid Cap Growth TR USD Return Date:6/30/2017 Benchmark 2:Russell 2500 TR USD Portfolio Date:6/30/2017 Category: US Fund Mid-Cap Growth Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 5.28 5.05 12.71 220 2016 3.32 3.36 1.59 2.51 11.21 200 2015 6.03 2.96 -6.43 7.44 9.74 180 2014 -1.78 2.85 -3.53 7.92 5.17 160 - 2013 13.25 2.18 7.67 9.20 36.06 2012 10.73 -4.23 4.12 3.48 14.26 140 120 Trailing Returns _ 100 1 1 year 3 years 5 years 10 years 80 Risk-AdjRet 13.71 10.28 14.33 7.96 2012 2013 2014 2015 2016 2017 Std Dev 2.55 11.63 10.56 16.76 Return 15.17 12.01 15.78 11.68 Eaton Vance Atlanta Capital SMID-Cap 1 208.1 -Russell Mid Cap Growth TR USD 194.2 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 1.87 4.18 1.59 3.81 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Eaton Vance Atlanta Capital SMID-Cap 1 10.59 72 11.21 15 9.74 1 5.17 74 36.06 42 14.26 55 The investment seeks long-term capital growth.Under Russell Mid Cap Growth TR USD 11.40 63 7.33 30 -0.20 48 11.90 13 35.74 45 15.81 36 normal circumstances,the fund invests at least 80%of its Median 12.35 5.34 -0.38 7.51 35.35 14.67 net assets(plus any borrowings for investment purposes) Count 619 592 572 545 502 472 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 4.34 Fees and Expenses US Equity% Ansys Inc 3,165,497 4.20 Non-US Equity% Teleflex Inc 1,881,866 3.96 Max Front Load Bond SEI Investments Co 5,661,765 2.98 Management Fee 0.83 Other Bio-Rad Laboratories Inc 1,231,302 2.89 Prospectus Gross Expense Ratio 0.96 IDEX Corp 2,442,374 2.78 N 12b-1 Fee Equity Style Portfolio Statistics Dentsply Sirona Inc 3,938,316 2.63 Morningstar Equity Style Box" P/E Ratio 28.99 Blackbaud Inc 2,878,519 2.50 Prospectus Net Expense Ratio 0.96 Manhattan Associates Inc 5,017,586 2.47 Deferred Load P/C Ratio 18.31 TransUnion 5,323,714 2.45 P/B Ratio 3.74 Jack Henry 6 Associates Inc 2,148,409 2.40 Morningstar Ratings Not Available Avg Mkt Cap(mill 7,018.10 COW Corp 3,783,051 2.39 Morningstar Rating Overall Fair Isaac Corp 1,671,417 2.33 Carlisle Companies Inc 2,163,198 2.30 Morningstar Rating 3 Yr JB Hunt Transport Services Inc 2,558,320 2.30 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 11.72 15.57 11.13 Avg Credit Quality Greater Europe% Morningstar Risk 1.44 1.24 3.17 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 11.63 10.56 16.76 Credit Quality Consumer Cyclical% Median 1.19 1.48 1.71 Inv Bmk1 Financial Services% Sharpe Ratio 1.01 1.43 0.72 AAA% Real Estate% Alpha 4.68 3.32 4.51 AA% Consumer Defensive% Beta 0.89 0.86 0.85 A% Healthcare% R2 80.61 78.72 85.27 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.00 Energy% B% SEC Yield B% Industrials% Potential Capital Gains Exposure 34.22 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 9,791,248,387 Manager Tenure(Years) 15.25 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:6/30/2017 Instl Benchmark 2:SEW 500 TR USD Portfolio Date:6/30/2017 Category: US Fund Large Value Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:71112012 to 6/30/2017 2017 5.33 3.13 8.45 200 2016 7.97 6.77 -2.92 -1.37 10.39 2015 0.31 -0.59 -1.54 5.79 3.87 180 2014 3.90 8.57 -2.69 1.61 11.54 160 2013 9.42 1.52 2.84 6.73 21.93 2012 1.15 4.02 3.37 -1.69 6.92 140 Trailing Returns 120 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 2.77 5.93 10.32 3.48 2012 2013 2014 2015 2016 2017 Std Dev 2.40 9.83 9.43 12.35 Return 4.01 7.19 11.47 5.67 Federated Strategic Value Dividend Instl 172.1 Russell 1000 Value TR USD 192.0 Ret+/-Index 11.53 0.17 2.46 0.11 YTD Rank Cat 2016 Cat%Rank 2015 %Rank Cat 2014 %Rank Cat 2013 Cat%Rank 2012 %Rank Cat Federated Strategic Value Dividend Instl 8.62 7 10.39 90 3.87 1 11.54 38 21.93 97 6.92 98 The investment seeks income and long-term capital appreciation.The Russell 1000 Value TR USD 4.66 68 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 5.61 14.26 -3.58 10.87 31.65 14.91 security selection process involves screening and prioritizing stocks based Count 1,223 1,168 1,073 1,011 947 878 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 Philip Morris International Inc 6,495,178 5.16 Fees and Expenses Ell US Equity% AT&T Inc 17,505,134 5.12 Non-US Equity% Sanofi SA 7,960,812 5.07 Max Front Load Bond AbbVie Inc 10,657,200 4.89 Management Fee 0.75 Other Verizon Communications Inc 13,726,141 4.71 Prospectus Gross Expense Ratio 0.94 Altria Group Inc 8,953,441 4.50 co 12b-1 Fee Equity Style Portfolio Statistics Vodafone Group PLC 231,509,989 4.24 Morningstar Equity Style Box'" P/E Ratio 21.60 McDonald's Corp 4,471,255 4.08 Prospectus Net Expense Ratio 0.81 BCE Inc 12,684,710 3.95 Deferred Load P/C Ratio 11.18 Duke Energy Corp 6,768,259 3.91 P/B Ratio 2.64 Coca-Cola Co 12,494,450 3.73 Morningstar Ratings Not Available Avg Mkt Cap(mill 90,362.50 National Grid PLC 38,812,919 3.46 Morningstar Rating Overall ,t*,t Crown Castle International Corp 5,179,100 3.44 Dominion Resources Inc 5,972,695 3.26 Morningstar Rating 3 Yr **** Merck 5 Co Inc 7,193,010 3.22 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 6.91 11.27 5.15 Avg Credit Quality Greater Europe% Morningstar Risk 0.97 0.94 1.67 Not Available Avg Coupon Greater Asia% Avg _ Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% Std Dev 9.83 9.43 12.35 Credit Quality Consumer Cyclical% Median 0.31 0.71 0.73 Inv Bmk1 Financial Services% Sharpe Ratio 0.73 1.18 0.47 AAA% Real Estate% Alpha 3.49 3.63 1.98 AA% Consumer Defensive% Beta 0.50 0.56 0.61 A% Healthcare% R2 28.26 34.70 63.23 BBB% Utilities% BB% Communication Services% 12 Mo Yield 3.36 Energy% B% SEC Yield 3.44 B% Industrials% Potential Capital Gains Exposure 15.97 Not Rated% Technology% Operations _ Firm Name Federated Base Currency US Dollar Inception Date 3/30/2005 Manager Name Daniel Paris Ticker SVAIX Fund Size 14,162,959,515 Manager Tenure(Years) 10.75 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:6/30/2017 TO LXX Category: US Fund Money Market-Taxable Portfolio Date:6/30/2017 Performance Investment Growth ' AML 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 0.11 0.17 0.32 103 2016 0.04 0.05 0.05 0.06 0.19 1 102 2015 0.00 0.00 0.00 0.01 0.01 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 -0.20 -0.10 -0.08 -0.04 2012 2013 2014 2015 2016 2017 Std Dev 0.02 0.06 0.05 0.31 Return 0.38 0.16 0.10 0.45 -Federated Treasury Obligations Instl 100.5 -BofAML USD LIBOR 3 Mon CM 102.2 Ret+/-Index 0.47 0.34 0.33 0.61 YTD Rank 2016 %Rank %Rank %Rank %Rank %Rank Cat _ Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Federated Treasury Obligations Instl 0.27 15 0.19_ 19 0.01 31 0.01 32 0.01 37 0.01 34 The investment seeks to provide current income BofAML USD LIBOR 3 Mon CM 0.50 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 0.14 0.04 0.01 0.01 0.01 0.01 portfolio of U.S.Treasury securities maturing in 397 days Count 579 525 502 484 479 471 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°/n Royal Bank Of Canada.790%Dated 3/31/2017 Due 4/3/2017 1,100,000,000 3.43 Fees and Expenses US Equity% Fins SecuriOes 1-390%Dated 3/31/2017 Due 4/3/2017 550,000,000 1.71 Non-US Equity% 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 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% Prospectus Gross Expense Ratio 0.29 Societe Generale Paris.7BO%Dated 3/31/2017 Due 4p/2017 475,000,000 1.48 N Equity Style Portfolio Statistics Bnp Paribas So.890%Dated 3/2/2017 Due 7/31/2017 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 Dc.7B0%Dated 3/31/2017 Due 4/3/2017 400,000,000 1.25 P/13 Ratio Bnp Paribas So.800%Dated 3/31/2017 Due 4/3/2017 400,000,000 1.25 Morningstar Ratings Not Available Avg Mkt Cap(mil) CitigroupGlobal Markets Inc..B00%Dated 3/31/2017Due 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 6 Co..770%Dated 3/24/2017 Due 4/28/2017 250,000,000 0.78 Morningstar Rating 3 Yr Goldman Sachs 6 Co..500%Dated 3/31/2017 Due 4/3/1017 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 -0.10 -0.08 -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 0.06 0.05 0.31 Credit Quality Consumer Cyclical% Median 0.01 0.00 0.00 Inv Bmk1 Financial Services% Sharpe Ratio -3.61 -3.60 -1.05 AAA% Real Estate% Alpha -0.14 -0.11 -0.08 AA% Consumer Defensive% Beta 0.14 0.10 0.06 A% Healthcare% R2 4.81 2.40 17.10 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.38 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 33,774,318,714 Manager Tenure(Years) 10.83 Minimum Initial Purchase 500,000 Investment Type Money Market Fund Prospectus Objective Money Mkt-Treasury Closed to New Inv No Turnover Ratio% iShares MSCI EAFE Small-Cap ETF Benchmark 1:MSCI World Ex USA SMID NR USD Return Date:6/30/2017 S�Z Benchmark 2:MSCI EAFE Small Cap NR USD Portfolio Date:6/30/2017 Category: US Fund Foreign Small/Mid Blend Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 7.96 8.10 19.84 200 2016 -0.56 -2.57 8.83 -2.87 2.42 180 2015 5.37 4.30 -6.81 6.58 9.16 2014 3.06 2.20 -7.94 -2.05 -5.02 160 2013 9.06 -2.96 15.34 5.86 29.22 2012 14.80 -8.63 7.69 6.10 19.85 140 Trailing Returns 120 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 21.63 3.76 11.17 2012 2013 2014 2015 2016 2017 Std Day 2.79 12.32 11.63 Return 23.37 5.57 12.84 -iShares MSCI EAFE Small-Cap ETF 183.0 MSCI World Ex USA SMID NR USD 166.1 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 2.88 2.06 2.17 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat iShares MSCI EAFE Small-Cap ETF 16.70 15 2.42 85 9.16 1 -5.02 50 29.22 1 19.85 1 The investment seeks to track the investment results of the MSCI MSCI World Ex USA SMID NR USD 14.95 38 3.57 62 3.15 60 -3.57 1 23.16 25 17.04 75 EAFE Small Cap Index composed of small-capitalization Median 14.68 5.20 5.12 -5.02 21.87 18.31 developed market equities,excluding the U.S.and Canada.The fund generally will invest at least 90%of its assets in the Count 8 8 5 5 4 4 component securities of the underlying index and in investments that have economic characteristics that are substantially identical Asset Allocation Top 15 Holdings to the component securities of the underlying index.The index Inv Bmkl Portfolio represents the small-cap segment of the MSCI EAFE IMI Index. Shares Weighting% Cash% 0.62 0.01 Teleperformance SE 225,627 0.35 Fees and Expenses US Equity% 0.65 Wirecard AG 454,096 0.35 Non-US Equity% 98.28 Smurfit Kappa Group PLC 836,417 0.31 Max Front Load Bond% 0.00 0.00 Informa PLC 2,917,047 0.30 Management Fee 0.40 Other% 0.45 0.53 Rentokil Initial PLC 6,948,298 0.30 00 Prospectus Gross Expense Ratio 0.40 Micro Focus International PLC 821,404 0.29 C*4 12b-1 Fee Equity Style Portfolio Statistics MTU Aero Engines AG 163,503 0.28 Morningstar Equity Style Box'" P/E Ratio 16.85 Fisher 6 Paykel Healthcare Corp Ltd 2,628,281 0.26 Prospectus Net Expense Ratio 0.40 Halma PLC 1,535,241 0.26 Deferred Load P/C Ratio 9.25 LEG Immobilien AG 232,560 0.26 P/B Ratio 1.58 Melrose Industries PLC 6,789,650 0.26 Morningstar Ratings ■ Avg Mkt Cap(mill 2,071.96 Orpea SA 186,524 0.25 Morningstar Rating Overall **** 3 Clariant AG 936,870 0.25 Rightmove PLC 372,362 0.25 Morningstar Rating 3 Yr **** value Blend Growth Temenos Group AG 226,328 0.24 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% 0.83 9.63 Morningstar Return 5.29 12.64 Avg Credit Quality Greater Europe% 57.84 53.24 Morningstar Risk 1.53 1.47 Not Available Avg Coupon Greater Asia% 41.33 37.13 Avg Price Sector Weightings 0 Risk It MPT Statistics W g Inv Bmk1 3 years 5 years 10 years Basic Materials% 9.65 13.29 Std Day 12.32 11.63 Credit Quality Consumer Cyclical% 16.34 15.37 Median 0.18 0.94 Inv Bmk1 Financial Services% 11.65 11.84 Sharpe Ratio 0.48 1.09 AAA% Real Estate% 9.96 8.74 Alpha 2.04 1.96 AA% Consumer Defensive% 7.36 6.77 Beta 0.98 1.00 A% Healthcare% 6.95 5.80 R2 96.94 96.67 BBB% Utilities% 1.99 3.05 gg% Communication Services% 1.28 1.94 12 Mo Yield 2.63 Energy B% 2.01 3.44 SEC Yield g% Industrials% 20.84 19.89 Potential Capital Gains Exposure 14.28 Not Rated% Technology% 11.97 9.86 Operations Firm Name iShares Base Currency US Dollar Inception Date 12/10/2007 Manager Name Multiple Ticker SCZ Fund Size 8,667,229,060 Manager Tenure(Years) 9.50 Minimum Initial Purchase Investment Type Exchange-Traded Fund Prospectus Objective Small Company Closed to New Inv No Turnover Ratio% 17.00 iShares Russell 1000 Growth ETF Benchmark 1: Russell 1000 Growth TR USD Return Date:6/30/2017 IWF Benchmark 2:Russell 1000 Growth TR USD Portfolio Date:6/30/2017 Category: US Fund Large Growth Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:7/1/2012 to 6/30/2017 2017 8.85 4.61 17.68 220 2016 0.70 0.57 4.54 0.98 6.92 200 2015 3.79 0.08 -5.33 7.26 5.48 180 - 2014 1.08 5.07 1.44 4.74 12.84 2013 9.49 2.02 8.05 10.36 33.19 160 2012 14.61 -4.06 6.05 -1.36 15.03 140 Trailing Returns 120 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 18.98 9.36 13.76 5.49 2012 2013 2014 2015 2016 2017 Std Dev 2.05 11.01 10.07 15.46 Return 20.21 10.91 15.09 8.72 -iShares Russell 1000 Growth ETF 201.9 -Russell 1000 Growth TR USD 203.8 Ret+/-Index 0.21 0.19 0.22 0.19 YTD Cat Rank 2016 %Rank Cat 2015 Cat%Rank 2014 %Rank Cat 2013 Cat%Rank 2012 %Rank Cat iShares Russell 1000 Growth ETF 13.87 51 6.92 _25 5.48 39 12.84_ 85 33.19 60 15.03 56 The investment seeks to track the investment results of the Russell Russell 1000 Growth TR USD 13.99 42 7.08 18 5.67 34 13.05 77 33.48 52 15.26 47 10000 Growth Index,which measures the performance of large-and - - - mid-capitalization growth sectors of the U.S.equity market.The fund Median 13.88 6.40 5.33 14.27 33.93 15.10 generally invests at least 90%of its assets in securities of the underlying Count 36 29 27 22 21 19 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 Top 15 Holdings '!T 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% 0.27 /n Weighting Apple Inc 16,211,126 6.60 Fees and Expenses US Equity% 98.55 Microsoft Corp 23,303,549 4.54 Non-US Equity% 1.18 Amazon.com Inc 1,234,430 3.38 Max Front Load Bond% 0.00 Facebook Inc A 7,251,555 3.10 Management Fee 0.20 Other% 0.00 Alphabet Inc A 924,726 2.43 Prospectus Gross Expense Ratio 0.20 Alphabet Inc C 939,401 2.41 N 12b-1 Fee Equity Style Portfolio Statistics The Home Depot Inc 3,733,276 1.62 Morningstar Equity Style Box'" P/E Ratio 25.52 UnitedHealth Group Inc 2,978,442 1.56 Prospectus Net Expense Ratio 0.20 Visa Inc Class A 5,740,356 1.52 Deferred Load ■ P/C Ratio 16.10 Comcast Corp Class A 13,535,127 1.49 P/B Ratio 6.27 Altria Group Inc 6,003,553 1.26 Morningstar Ratings a Avg Mkt Cap(mill 81,760.87 PepsiCo Inc 3,861,053 1.26 Morningstar Rating Overall * t*,t 3 Coca-Cola Co 8,929,273 1.13 - McDonald's Corp 2,535,141 1.10 Morningstar Rating 3 Yr **** value Blend Growth 3M Co 1,801,440 1.06 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% 98.82 Morningstar Return 10.62 14.88 8.18 Avg Credit Quality Greater Europe% 0.01 Morningstar Risk 1.26 1.12 2.69 Not Available Avg Coupon Greater Asia% 1.17 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% 3.33 Std Dev 11.01 10.07 15.46 Credit Quality Consumer Cyclical% 17.20 Median 0.42 1.36 1.23 Inv Bmk1 Financial Services% 6.68 Sharpe Ratio 0.97 1.44 0.59 AAA% Real Estate% 1.70 Alpha -0.17 -0.17 -0.16 AA% Consumer Defensive% 7.86 Beta 1.00 1.00 1.00 A% Healthcare% 13.38 R2 100.00 100.00 100.00 BBB% Utilities% 0.01 BB% Communication Services% 3.87 12 Mo Yield 1.23 Energy% 0.80 B% SEC Yield B% Industrials% 13.48 Potential Capital Gains Exposure 22.44 Not Rated% Technology% 31.70 Operations Firm Name iShares Base Currency US Dollar Inception Date 5/22/2000 Manager Name Multiple Ticker IWF Fund Size 36,509,034,412 Manager Tenure(Years) 9.50 Minimum Initial Purchase Investment Type Exchange-Traded Fund Prospectus Objective Growth Closed to New Inv No Turnover Ratio% 14.00 iShares Russell 1000 Value ETF Benchmark 1: Russell 1000 Value TR USD Return Date:6/30/2017 IWD Benchmark 2:Russell 1000 Value TR USD Portfolio Date:6/30/2017 Category: US Fund Large Value Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:7/1/2012 to 6/30/2017 2017 3.22 1.31 5.31 200 2016 1.60 4.51 3.43 6.61 17.09 180 2015 -0.76 0.07 -8.40 5.60 -3.95 2014 2.97 5.04 -0.24 4.92 13.21 160 2013 12.22 3.14 3.90 9.92 32.18 2012 11.05 -2.22 6.44 1.48 17.28 140 Trailing Returns 120 1 year 3 years 5 years 10 years 100 WL Risk-Adj Ret 14.11 5.77 12.43 2.05 2012 2013 2014 2015 2016 2017 Std Dev 2.11 10.52 9.88 16.04 Return 15.31 7.17 13.71 5.40 -iShares Russell 1000 Value ETF 190.1 Russell 1000 Value TR USD 192.0 Ret+/-Index 0.22 0.19 0.23 0.16 YTD Cat Rank 2016 %Rank Cat 2015 %Rank Cat 2014 Cat%Rank 2013 %Rank Cat 2012 %Rank Cat iShares Russell 1000 Value ETF 4.57 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 4.66 67 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 5.32 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 Bmkl Portfolio but which the advisor believes will help the fund track the underlying Shares Weighting index. Cash% 0.24 Exxon Mobil Corp 13,121,173 2.88 Fees and Expenses US Equity% 98.85 Berkshire Hathaway Inc B 5,953,487 2.74 Non-US Equity% 0.91 JPMorgan Chase&Co 10,944,600 2.72 Max Front Load Bond% 0.00 Johnson&Johnson 7,068,943 2.54 Management Fee 0.20 Other% 0.00 Wells Fargo&Co 13,900,471 2.09 Prospectus Gross Expense Ratio 0.20 Bank of America Corporation 30,820,996 2.03 r0i 12b-1 Fee Equity Style Portfolio Statistics AT&T Inc 19,039,330 1.95 Morningstar Equity Style Box'" P/E Ratio 18.17 Procter&Gamble Co 7,519,358 1.78 Prospectus Net Expense Ratio 0.20 Pfizer Inc 18,306,006 1.67 Deferred Load ■ P/C Ratio 10.54 Chevron Corp 5,849,621 1.66 P/B Ratio 1.96 General Electric Co 22,219,096 1.63 Morningstar Ratings a Avg Mkt Cap(mill 56,033.28 Citigroup Inc 8,525,009 1.55 Morningstar Rating Overall ,tyr,t 3 Philip Morris International Inc 4,370,417 1.40 Merck&Co Inc 8,006,895 1.40 Morningstar Rating 3 Yr *** Value Blend Growth Intel Corp 14,587,427 1.34 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% 99.15 Morningstar Return 6.89 13.50 4.89 Avg Credit Quality Greater Europe% 0.65 Morningstar Risk 1.12 1.07 2.83 Not Available Avg Coupon Greater Asia% 0.21 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% 3.07 Std Dev 10.52 9.88 16.04 Credit Quality Consumer Cyclical% 6.49 Median 0.65 1.31 1.06 Inv Bmk1 Financial Services% 25.10 Sharpe Ratio 0.69 1.34 0.38 AAA% Real Estate% 5.05 Alpha -0.17 -0.18 -0.14 AA% Consumer Defensive% 9.20 Beta 1.00 1.00 1.00 A% Healthcare% 14.87 R2 100.00 100.00 100.00 BBB% Utilities% 6.05 BB% Communication Services% 3.53 12 Mo Yield 2.14 Energy% 10.60 B% SEC Yield B% Industrials 8.24 Potential Capital Gains Exposure 11.03 Not Rated% Technology% 7.79 Operations ' Firm Name iShares Base Currency US Dollar Inception Date 5/22/2000 Manager Name Multiple Ticker IWO Fund Size 36,591,351,299 Manager Tenure(Years) 9.50 Minimum Initial Purchase Investment Type Exchange-Traded Fund Prospectus Objective Growth Closed to New Inv No Turnover Ratio% 13.00 Janus Henderson Small Cap Value I Benchmark 1: Russell 2000 Value TR USD Return Date:6/30/2017 �S��X Benchmark 2:Russell 2000 Value TR USD Portfolio Date:6/30/2017 Category: US Fund Small Value Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:71112012 to 6/30/2017 2017 1.80 2.21 4.27 200 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 ^ w 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 20.72 7.69 12.01 2012 2013 2014 2015 2016 2017 Std Dev 2.96 11.76 10.86 Return 22.50 9.39 13.50 -Janus Henderson Small Cap Value 1 188.4 Russell 2000 Value TR USD 187.4 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 2.35 2.37 0.11 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Janus Henderson Small Cap Value 1 4.05 7 26.45 44 -2.56 9 7.42 6 29.82 92 9.13 93 The investment seeks capital appreciation.The fund pursues its Russell 2000 Value TR USD 0.54 53 31.74 9 -7.47 68 4.22 48 34.52 65 18.05 35 investment objective by investing primarily in the common stocks of small companies whose stock prices are believed to be undervalued by the Median 0.71 25.95 -6.35 4.14 36.32 15.95 fund's portfolio managers.It invests,under normal circumstances,at Count 384 360 338 309 289 280 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 Holdings 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 617,160 3.34 Fees and Expenses US Equity% Banner Corp 1,436,135 3.06 - Non-US Equity% Cedar Fair LP 1,103,706 2.87 Max Front Load Bond Prosperity Bancshares Inc 891,982 2.38 Management Fee 0.84 Other First Hawaiian Inc 1,924,600 2.21 Prospectus Gross Expense Ratio 0.99 Black Hills Corp 848,603 2.16 c� 12b-1 Fee Equity Style Portfolio Statistics The Hanover Insurance Group Inc 615,091 2.12 Morningstar Equity Style Box- P/E Ratio 21.54 MGM Growth Properties LLC A 1,886,442 1.95 Prospectus Net Expense Ratio 0.99 Sally Beauty Holdings Inc 2,341,918 1.83 Deferred Load P/C Ratio 11.71 Mammoth Energy Services Inc 2,097,872 1.73 P/B Ratio 2.15 Heartland Express Inc 2,207,755 1.70 Morningstar Ratings Not Available Avg Mkt Cap(mill 2,395.30 Lincoln Electric Holdings Inc 508,863 1.69 Morningstar Rating Overall Columbia Banking System Inc 1,117,338 1.67 Independent Bank Corp 660,843 1.65 Morningstar Rating 3 Yr Sun Communities Inc 531,040 1.63 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics qu 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 9.10 13.29 Avg Credit Quality Greater Europe% Morningstar Risk 1.41 1.28 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 11.76 10.86 Credit Quality Consumer Cyclical% Median 0.60 1.22 Inv Bmk1 Financial Services% Sharpe Ratio 0.80 1.21 AAA% Real Estate% Alpha 3.74 2.95 AA% Consumer Defensive% Beta 0.74 0.76 A% Healthcare% R2 93.04 92.11 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.51 Energy% B% SEC Yield B% Industrials% Potential Capital Gains Exposure 15.66 Not Rated% Technology% Operations Firm Name Janus Henderson Base Currency US Dollar Inception Date 7/6/2009 Manager Name Robert Hunter Perkins Ticker JSCOX Fund Size 2,644,759,025 Manager Tenure(Years) 32.42 Minimum Initial Purchase 1,000,000 Investment Type Open-End Fund Prospectus Objective Small Company Closed to New Inv No Turnover Ratio% 84.00 JPMorgan Mid Cap Value L Benchmark 1: Russell Mid Cap TR USD Return Date:6/30/2017 FLMVX Benchmark 2:Russell Mid Cap Value TR USD Portfolio Date:6/30/2017 Category: US Fund Mid-Cap Blend Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/112012 to 6/30/2017 2017 3.96 2.27 7.58 200 2016 3.92 2.52 2.96 4.50 14.62 180 2015 3.69 -1.97 -7.28 3.62 -2.35 2014 3.19 4.83 -1.68 8.27 15.14 160 2013 12.61 2.35 5.39 8.66 31.99 2012 11.12 -0.57 6.06 2.81 20.48 140 - Trailing Returns 1 1 120 1 year 3 years 5 years 10 years 100 Risk-Adj Ret 13.20 6.79 13.32 5.00 2012 2013 2014 2015 2016 2017 Std Dev 2.12 10.52 9.65 15.71 Return 14.39 8.20 14.55 8.37 -JPMorgan Mid Cap Value L 197.2 -Russell Mid Cap TR USD 198.7 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 2.09 0.51 0.17 0.69 YTD Cat 2016_ Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat JPMorgan Mid Cap Value L 6.32 44 14.62 51 -2.35 29 15.14 5 31.99 70 20.48 18 The investment seeks growth from capital appreciation.Under Russell Mid Cap TR USD 7.99 18 13.80 _57 -2.44 32 13.22 13 34.76 43 17.28 46 normal circumstances,the fund invests at least 80%of its assets Median 6.03 14.76 -3.20 9.16 33.88 17.17 in equity securities of mid cap companies."Assets"means net assets,plus the amount of borrowings for investment purposes. Count 438 386 354 342 327 302 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 646,719,081 3.57 Fees and Expenses US Equity% Energen Corp 6,745,552 2.12 Non-US Equity% Mohawk Industries Inc 1,527,973 2.02 Max Front Load Bond Loews Corp 7,120,719 1.85 Management Fee 0.65 Other EQT Corp 5,640,555 1.72 Prospectus Gross Expense Ratio 0.95 M8T Bank Corp 1,904,796 1.64 rNi 12b-1 Fee Equity Style Portfolio Statistics Expedia Inc 2,036,996 1.62 Morningstar Equity Style Box'" P/E Ratio 19.85 Xcel Energy Inc 6,061,590 1.60 Prospectus Net Expense Ratio 0.75 CMS Energy Corp 5,920,881 1.55 Deferred Load P/C Ratio 10.51 Ball Corp 6,715,160 1.51 P/B Ratio 2.27 Edison International 3,345,590 1.50 Morningstar Ratings Not Available Avg Mkt Cap(mill 13,163.72 Newell Brands Inc 5,069,643 1.48 Morningstar Rating Overall WEC Energy Group Inc 4,063,176 1.41 Sempra Energy 2,098,460 1.35 Morningstar Rating 3 Yr WestRock Co A 4,483,517 1.35 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 Americas% Morningstar Return 7.92 14.34 7.83 Avg Credit Quality Greater Europe% Morningstar Risk 1.12 1.02 2.83 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 10.52 9.65 15.71 Credit Quality Consumer Cyclical% Median 0.73 1.08 1.10 Inv Bmk1 Financial Services% Sharpe Ratio 0.78 1.44 0.56 AAA% Real Estate% Alpha 1.05 1.24 1.46 AA% Consumer Defensive% Beta 0.92 0.90 0.86 A% Healthcare% R2 94.76 93.31 96.08 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.77 Energy% B% SEC Yield B% Industrials% Potential Capital Gains Exposure 34.34 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 18,539,754,711 Manager Tenure(Years) 19.67 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:6/30/2017 MRSIX Benchmark 2:MSCI EAFE GR USD Portfolio Date:6/30/2017 Category: US Fund Foreign Large Blend Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:71112012 to 6/30/2017 2017 7.43 8.22 18.23 145 2016 -3.64 0.45 5.62 -3.04 -0.89 138 2015 5.78 1.30 -10.89 2.91 -1.75 130 - 2014 -0.49 3.49 -5.68 -3.99 -6.75 2013 4.00 -0.55 10.56 4.00 18.92 123 2012 11.07 -6.89 6.76 5.94 16.98 115 Trailing Returns M 108 1 year 3 years 5 years 10 years 100 1 - Risk-AdjRet 17.68 -0.82 5.72 -2.96 2012 2013 2014 2015 2016 2017 Std Day 2.32 11.93 11.33 18.73 Return 19.06 0.84 7.27 1.26 -MFS Research International 1 142.0 MSCI ACWI Ex USA NR USD 141.7 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 1.40 0.03 0.05 0.13 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat MFS Research International 1 16.26 15 -0.89 72 -1.75 59 -6.75 76 18.92 59 16.98 62 The investment seeks capital appreciation.The fund normally MSCI ACWI Ex USA NR USD 14.10 67 4.50 13 -5.66 87 -3.87 24 15.29 80 16.83 64 invests its assets primarily in foreign equity securities,including Median 14.61 0.77 -1.20 -5.55 20.00 17.74 emerging market equity securities.Equity securities include common stocks and other securities that represent an ownership Count 730 677 594 556 538 509 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 Top 15 Holdings 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 2,954,425 3.54 Fees and Expenses US Equity% Roche Holding AG Dividend Right Cert. 838,171 3.23 Non-US Equity% Bayer AG 1,504,999 2.80 Max Front Load Bond% 0.00 Novartis AG 1,926,456 2.21 Management Fee 0.72 Other% 0.11 Schneider Electric SE 1,816,859 1.96 Prospectus Gross Expense Ratio 0.87 UBS Group AG 8,090,937 1.80 ce) 12b-1 Fee Equity Style Portfolio Statistics AIA Group Ltd 17,923,600 1.78 Morningstar Equity Style Box- P/E Ratio 20.48 Reckitt Benckiser Group PLC 1,212,871 1.74 Prospectus Net Expense Ratio 0.87 Danone SA 1,600,933 1.70 Deferred Load P/C Ratio 10.67 Linde AG 608,076 1.63 P/B Ratio 2.18 KDDI Corp 4,129,200 1.62 Morningstar Ratings Not Available Avg Mkt Cap(mill 31,090.24 RELX NV 5,496,051 1.60 Morningstar Rating Overall Akzo Nobel NV 1,352,822 1.59 BNP Paribas 1,533,180 1.57 Morningstar Rating 3 Yr *** Cognizant Technology Solutions Corp A 1,520,954 1.43 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% 10.38 Morningstar Return 0.57 7.07 0.76 Avg Credit Quality Greater Europe% 47.33 Morningstar Risk 1.40 1.35 3.73 Not Available Avg Coupon Greater Asia% 42.29 Avg Risk It MPT Statistics Price Sector Weightings M Inv Bmkl 3 years 5 years 10 years Basic Materials% 8.06 Std Day 11.93 11.33 18.73 Credit Quality Consumer Cyclical% 11.10 Median 0.47 0.64 0.52 Inv Bmk1 Financial Services% 23.04 Sharpe Ratio 0.11 0.66 0.14 AAA% 0.00 Real Estate% 3.45 Alpha 0.09 0.50 0.15 AA% 0.00 Consumer Defensive% 10.05 Beta 0.91 0.94 0.96 A% 0.00 Healthcare% 7.96 R2 90.16 91.16 96.37 BBB% 0.00 Utilities% 3.14 BB% 0.00 Communication Services% 4.66 12 Mo Yield 1.69 0.00 Energy% 6.23 B% SEC Yield B% Industrials 0.00 11.06 Potential Capital Gains Exposure 2.79 Not Rated% 100.00 Technology% 11.24 Operations Firm Name MFS Base Currency US Dollar Inception Date 1/2/1997 Manager Name Multiple Ticker MRSIX Fund Size 7,257,350,729 Manager Tenure(Years) 12.17 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:6/30/2017 0 DVYX Benchmark 2:MSCI EM NR USD Portfolio Date:6/30/2017 Category: US Fund Diversified Emerging Mkts Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 11.04 6.93 23.87 138 - 2016 3.07 0.71 8.80 -5.11 7.17 130 2015 -1.28 0.81 -17.28 4.67 -13.84 123 - 2014 -1.73 7.88 -3.52 -6.69 -4.55 115 2013 0.17 -3.95 8.94 3.69 8.68 108 2012 14.91 -5.86 7.18 4.61 21.29 100 Trailing Returns JF 93 1 year 3 years 5 years 10 years 85 Risk-AdjRet 20.94 -2.77 2.85 -0.98 2012 2013 2014 2015 2016 2017 Std Dev 2.61 14.73 13.72 21.93 Return 22.58 -0.43 4.98 4.62 -Oppenheimer Developing Markets Y 127.5 MSCI EM NR USD 121.4 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 1.16 1.51 1.02 2.71 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012_ Cat Oppenheimer Developing Markets Y 18.74 52 7.17 56 -13.84 49 -4.55 71 8.68 16 21.29 24 The investment seeks capital appreciation.The fund mainly invests in MSCI EM NR USD 18.43 57 11.19 30 -14.92 60 -2.19 42 -2.60 61 18.22 63 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 18.95 8.48 -13.89 -2.92 -1.26 19.13 assets in foreign securities.Under normal market conditions,it will invest Count 785 721 644 540 447 384 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% 4.05 0.02 Tencent Holdings Ltd 56,541,510 5.76 Fees and Expenses US Equity% 0.74 Taiwan Semiconductor Manufacturing Co Ltd 287,172,429 5.74 Non-US Equity% 89.24 Alibaba Group Holding Ltd ADR 14,834,335 5.39 Max Front Load Bond% 0.00 0.00 Housing Development Finance Corp Ltd 65,521,155 4.73 Management Fee 0.78 Other% 5.97 0.17 Oppenheimer Institutional Govt MM E 1,060,590,223 3.15 Prospectus Gross Expense Ratio 1.07 Magnit PJSC 6,044,881 2.91 M Equity Style Portfolio Statistics IL AIA Group Ltd 135,311,200 2.85 12b-1 Fee Morningstar Equity Style Box'" P/E Ratio 20 77 Master China Series 1 44,610,996 2.79 Prospectus Net Expense Ratio 1.07 NOVATEK PJSC GDR 7,626,383 2.55 Deferred Load ■ P/C Ratio 15.26 Infosys Ltd 54,293,808 2.44 P/B Ratio 2.93 Kering SA 2,213,991 2.18 Morningstar Ratings a Avg Mkt Cap(mill 31,926.58 Ctrip.com International Ltd ADR 12,917,078 2.10 Morningstar Rating Overall **** d Glencore PLC 183,246,959 2.03 - NAVER Corp 760,129 1.70 Morningstar Rating 3 Yr *** value Blend Growth BMF Bovespa SA Bolsa Valores Marc Fut 97,663,248 1.65 Morningstar Rating 5 Yr **** Fixed Income Style Portfolio Statistics _ 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% 13.54 12.30 Morningstar Return -0.70 4.79 4.11 Avg Credit Quality Greater Europe% 24.31 14.57 Morningstar Risk 2.08 1.94 5.09 Not Available Avg Coupon Greater Asia% 62.15 73.13 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% 4.69 7.34 Std Dev 14.73 13.72 21.93 Credit Quality Consumer Cyclical% 26.13 11.82 Median -0.26 0.61 0.26 Inv Bmk1 Financial Services% 22.14 23.41 Sharpe Ratio 0.02 0.41 0.29 AAA% 0.00 Real Estate% 2.64 2.72 Alpha -1.42 1.42 2.62 AA% 0.00 Consumer Defensive% 12.10 6.76 Beta 0.87 0.89 0.91 A% 0.00 Healthcare% 5.39 2.34 R2 89.21 87.16 94.71 BBB% 0.00 Utilities% 0.00 2.64 BB% 0.00 Communication Services% 0.00 5.47 12 Mo Yield 0.44 . 000 Energy B% 2.95 6.23 SEC Yield g% 0.00 Industrials% 4.70 5.22 Potential Capital Gains Exposure 17.70 Not Rated% 100.00 Technology% 19.27 26.04 Operations _ Firm Name OppenheimerFunds Base Currency US Dollar Inception Date 9/7/2005 Manager Name Justin M.Leverenz Ticker ODVYX Fund Size 35,768,690,991 Manager Tenure(Years) 10.17 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Diversified Emerging Markets Closed to New Inv Yes Turnover Ratio% 18.00 PIMCO Investment Grade COCA Bd InStI Benchmark 1: BBgBarc US Corp IG TR USD Return Date:6/30/2017 PIGIX Benchmark 2:BBgBarc US Credit TR USD Portfolio Date:6/30/2017 Category: US Fund Corporate Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 2.40 2.71 6.10 130 2016 3.33 3.96 2.30 -2.64 6.99 125 2015 3.08 -2.22 -0.51 0.00 0.28 120 2014 3.09 3.41 0.29 1.73 8.76 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 1 year 3 years 5 years 10 years 100 1 Risk-AdjRet 3.98 4.35 4.82 7.01 2012 2013 2014 2015 2016 2017 Std Dev 1.21 4.29 4.51 5.84 Return 4.75 4.81 5.23 7,90 -PIMC0 Investment Grade Corp Bd Instl 129.0 BBgBarc US Corp IG TR USD 121.5 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 2.47 1.20 1.26 2.11 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat PIMCO Investment Grade Corp Bd Instl 5.17 7 6.99 40 0.28 15 8.76 8 -1.69 76 14.99 4 The investment seeks maximum total return,consistent with preservation BBgBarc US Corp IG TR USD 3.80 53 6.11 54 -0.68 37 7.46 33 -1.53 75 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 3.85 6.42 -1.21 6.67 -0.51 10.72 grade corporate fixed income securities of varying maturities,which may Count 190 165 153 149 135 123 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% Fin Fut Euro$Cme(Red)03/18/19 5,405,000,000 -12.88 Fees and Expenses US Equity% Cdx Ig27 5y Ice 1,199,050,000 11.88 Non-US Equity% US 10 Year Note(CBT)Junel7 840,300,000 10.19 Max Front Load Bond Fin Fut Euro$Cme(Red)12/17/18 2,979,000,000 -7.10 Management Fee 0.50 Cdx Ig26 5y Ice 402,000,000 3.99 Other% Cdx Ig25 5y Ice 349,000,000 3.46 M Prospectus Gross Expense Ratio 0.53 Equity Style Portfolio Statistics IRS USD 2.91000 08/20/18-1Y(RED)CME Pay 352,100,000 -3.46 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio Pimco Fds 28,745,842 2.77 Prospectus Net Expense Ratio 0.50 US Treasury Bond 2.875% 282,641,000 2.67 Deferred Load P/C Ratio Fin Fut Euro$Cme(Red)09/17/18 1,066,000,000 -2.54 P/B Ratio FNMA 238,000,000 2.36 Morningstar Ratings Not Available Avg Mkt Cap(mil) 1.47 IRS GBP 1.50000 09/20/17-10Y LCH_Pay 235,459,766 -2.34 9 9 Morningstar Rating Overall US Treasury Bond 3.375% 175,750,000 1.83 IRS USD 1.30000 05/06/16-1Y(WHT)CME Pay 173,000,000 -1.68 Morningstar Rating 3 Yr US Treasury Bond 2.5% 161,161,000 1.40 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics . Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 6.40 Inv Bmk1 3 years 5 years 10 years Avg Eff Maturity 10.87 Americas% Morningstar Return 4.53 5.04 7.37 Avg Credit Quality Greater Europe% Morningstar Risk 0.19 0.21 0.36 Not Available Greater Asia% Avg Coupon 3.54 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmkl 3 years 5 years 10 years Basic Materials% Std Dev 4.29 4.51 5.84 Credit Quality Consumer Cyclical% Median 0.43 0.49 0.88 Inv Bmk1 Financial Services% Sharpe Ratio 1.06 1.12 1.25 AAA% Real Estate% Alpha 1.24 1.19 2.54 AA% Consumer Defensive% Beta 0.98 1.01 0.89 A% Healthcare% R2 87.15 87.87 85.69 BBB% Utilities% BB% Communication Services% 12 Mo Yield 3.75 Energy% B% SEC Yield 3.06 B% Industrials% Potential Capital Gains Exposure 2.77 Not Rated% Technology% Operations qMW Firm Name Pimco Base Currency US Dollar Inception Date 4/28/2000 Manager Name Mark R.Kiesel Ticker PIGIX Fund Size 10,766,831,612 Manager Tenure(Years) 14.67 Minimum Initial Purchase 1,000,000 Investment Type Open-End Fund Prospectus Objective Corporate Bond-General Closed to New Inv No Turnover Ratio% 133.00 T. Rowe Price QM US Small-Cap Gr Eq Benchmark 1: Russell 2000 Growth TR USD Return Date:6/30/2017 PRDSX Benchmark 2:MSCI US Small Cap Growth GR USD Portfolio Date:6/30/2017 Category: US Fund Small Growth Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:71112012 to 6/30/2017 2017 6.68 3.77 13.29 220 2016 -2.26 3.86 5.67 3.76 11.31 200 2015 8.21 1.01 -10.41 4.50 2.33 180 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 Trailing Returns 100 - 1 year 3 years 5 years 10 years 80 Risk-Adj Ret 19.72 7.25 13.80 5.47 2012 2013 2014 2015 2016 2017 Std Dev 2.75 12.99 12.26 18.94 Return 21.38 9.33 15.71 10.06 �T.Rowe Price QM US Small-Cap Gr Eq 207.4 -Russell 2000 Growth TR USD 192.4 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 3.02 1.69 1.72 2.24 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat T.Rowe Price QM US Small-Cap Gr Eq 10.70 46 11.31 45 2.33 12_6.38 19 44.19 32 15.69 29 The investment seeks long-term growth of capital.The Russell 2000 Growth TR USD 9.97 51 11.32 45 -1.38 385.60 26 43.30 38 14.59 44 fund will normally invest at least 80%of its net assets Median 10.05 10.48 -2.29 3.07 41.20 14.14 (including any borrowings for investment purposes)in Count 683 644 610 572 543 505 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% Weighting% Vail Resorts Inc 212,030 0.99 Fees and Expenses US Equity% Burlington Stores Inc 416,200 0.99 Non-US Equity% Toro Co 627,900 0.96 Max Front Load Bond Domino's Pizza Inc 198,787 0.89 Management Fee 0.64 Other MarketAxess Holdings Inc 194,000 0.89 to Prospectus Gross Expense Ratio 0.81 Coherent Inc 164,130 0.82 ce) 12b-1 Fee 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 0.81 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 Not Available Avg Mkt Cap(mil) 3,820.86 John Bean Technologies Corp 343,800 0.74 Morningstar Rating Overall T.Rowe Price Reserve Investment 28,968,184 0.71 Maximus Inc 457,600 0.69 Morningstar Rating 3 Yr **** 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% Morningstar Return 9.04 15.49 9.52 Avg Credit Quality Greater Europe% Morningstar Risk 1.79 1.69 4.05 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 12.99 12.26 18.94 Credit Quality Consumer Cyclical% Median 0.74 1.22 1.48 Inv Bmk1 Financial Services% Sharpe Ratio 0.73 1.24 0.58 AAA% Real Estate% Alpha 2.90 3.81 2.59 AA% Consumer Defensive% Beta 0.79 0.81 0.91 A% Healthcare% R2 95.15 94.83 96.92 BBB% Utilities% BB% Communication Services% 12 Mo Yield 0.00 Energy% B% SEC Yield B% Industrials% Potential Capital Gains Exposure 22.16 Not Rated% Technology% Operations Firm Name T.Rowe Price Base Currency US Dollar Inception Date 6/30/1997 Manager Name Sudhir Nanda Ticker PRDSX Fund Size 4,444,819,914 Manager Tenure(Years) 10.75 Minimum Initial Purchase 2,500 Investment Type Open-End Fund Prospectus Objective Small Company Closed to New Inv No Turnover Ratio% 10.10 Vanguard Institutional Index I Benchmark 1: Russell 1000 TR USD Return Date:6/30/2017 U�N�X Benchmark 2:SEW 500 TR USD Portfolio Date:6/30/2017 Category: US Fund Large Blend Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:71112012 to 6/30/2017 2017 6.05 3.08 11.53 200 2016 1.34 2.45 3.85 3.82 11.93 180 2015 0.94 0.28 -6.45 7.05 1.37 2014 1.79 5.23 1.12 4.93 13.65 160 2013 10.60 2.91 5.23 10.50 32.35 2012 12.58 -2.75 6.35 -0.39 15.98 140 - Trailing Returns 1 120 1 year 3 years 5 years 10 years 100 1 Risk-Adj Ret 16.79 8.20 13.38 4.09 2012 2013 2014 2015 2016 2017 Std Dev 1.76 10.35 9.56 15.20 Return 17.86 9.59 14.60 7.18 Vanguard Institutional Index 1 197.7 -Russell 1000 TR USD 198.2 Ret+/-Index 0.17 0.33 0.07 0.11 YTD Rank Cat 2016 %Rank Cat 2015 Cat%Rank 2014 Cat%Rank 2013 %Rank Cat 2012 %Rank Cat Vanguard Institutional Index 1 9.32 29 11.93 26 1.37 20 13.65 17 32.35 44 15.98 40 The investment seeks to track the performance of a benchmark index Russell 1000 TR USD 9.27 30 12.05 24 0.92 30 13.24 25 33.11 35 16.42 30 that measures the investment return of large-capitalization stocks.The - fund employs an indexing investment approach designed to track the Median 8.78 10.49 -0.25 11.85 32.04 15.57 performance of the Standard&Poor's500 Index,a widely recognized Count 1,362 1,262 1,216 1,159 1,091 1,026 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 ow- 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% 0.41 Apple Inc 57,205,596 3.60 Fees and Expenses US Equity% 98.69 Microsoft Corp 84,707,687 2.55 - - Non-US Equity% 0.89 Amazon.com Inc 4,352,641 1.84 Max Front Load Bond% 0.01 Facebook Inc A 25,933,828 1.71 Management Fee 0.04 Other% 0.00 Johnson 6 Johnson 29,555,489 1.71 Prospectus Gross Expense Ratio 0.04 Exxon Mobil Corp 46,489,268 1.64 ami 12b-1 Fee Equity Style Portfolio Statistics JPMorgan Chase 6 Co 38,979,419 1.56 Morningstar Equity Style Box'" P/E Ratio 21.41 Berkshire Hathaway Inc B 19,701,658 1.46 Prospectus Net Expense Ratio 0.04 Alphabet Inc A 3,265,399 1.33 Deferred Load ■ P/C Ratio 13.12 Alphabet Inc C 3,273,771 1.30 P/B Ratio 3.01 Wells Fargo 6 Co 49,344,003 1.19 Morningstar Ratings Avg Mkt Cap(mill 87,812.76 Bank of America Corporation 109,184,348 1.16 Morningstar Rating Overall * t*,t 3 General Electric Co 95,545,504 1.13 AT&TInc 67,451,054 1.11 Morningstar Rating 3 Yr **** Value Blend Growth Procter 6 Gamble Co 28,060,059 1.07 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 9.30 14.39 6.66 Avg Credit Quality Greater Europe% 0.39 Morningstar Risk 1.11 1.01 2.56 Not Available Avg Coupon Greater Asia% 0.51 Avg Risk It MPT Statistics Price 99.67 Sector Weightings - Inv Bmk1 3 years 5 years 10 years Basic Materials% 2.89 Std Dev 10.35 9.56 15.20 Credit Quality Consumer Cyclical% 11.01 Median 0.50 1.32 1.18 Inv Bmk1 Financial Services% 16.33 Sharpe Ratio 0.91 1.46 0.50 AAA% Real Estate% 2.32 Alpha 0.39 0.09 0.01 AA% Consumer Defensive% 9.12 Beta 0.99 0.99 0.98 A% Healthcare% 14.80 R2 99.67 99.58 99.78 BBB% Utilities% 3.16 BB% Communication Services% 3.89 12 Mo Yield 1.95 Energy% 6.05 B% SEC Yield 1.97 B% Industrials% 10.55 Potential Capital Gains Exposure 39.99 Not Rated% Technology% 19.88 Operations Firm Name Vanguard Base Currency US Dollar Inception Date 7/31/1990 Manager Name Donald M.Butler Ticker VINIX Fund Size 228,905,668,706 Manager Tenure(Years) 16.58 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:6/30/2017 BSU Benchmark 2:BBgBarc US 1-5Y GovCredit FIAdj TR USD Portfolio Date:6/30/2017 Category: US Fund Short-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:7/1/2012 to 6/30/2017 2017 0.56 0.53 1.40 107 2016 1.60 0.92 0.01 -1.10 1.42 106 2015 0.94 -0.06 0.63 -0.59 0.92 105 2014 0.41 0.60 -0.07 0.37 1.32 104 2013 0.27 -0.80 0.65 0.07 0.17 v 103 2012 0.43 0.54 0.84 0.15 1.98 102 Trailing Returns 101 1 year 3 years 5 years 10 years 100 Risk-Adj Ret -0.59 0.96 0.98 2.36 2012 2013 2014 2015 2016 2017 Std Dev 0.37 1.37 1.26 1.86 Return 0.00 1.25 1.18 2,90 -Vanguard Short-Term Bond FTF 106.1 BBgBarc US Govt/Credit 1-5 Yr TR USD 106.6 Ret+/-Index 0.12 0.10 0.11 0.07 YTD Rank Cat 2016 Cat%Rank 2015 %Rank Cat 2014 %Rank Cat 2013 Cat%Rank 2012 %Rank Cat Vanguard Short-Term Bond ETF 1.09 88_ 1.42 100 0.92 78 1.32 70 0.17 60 1.98 100 The investment seeks to track the performance of Bloomberg Barclays BBgBarc US Govt/Credit 1-5 Yr TR USD 1.14 83 1.56 93 0.97 73 1.42 55 0.28 50 2.24 75 U.S.1-5 Year Government/Credit Float Adjusted Index.Bloomberg - Barclays U.S.1-5 Year Government/Credit Float Adjusted Index includes Median 1.40 2.64 1.25 1.96 0.60 3.46 all medium and larger issues of U.S.government,investment-grade Count 18 16 15 11 6 4 corporate,and investment-grade international dollar-denominated bonds _ that have maturities between 1 and 5 years and are publicly issued.All of Asset Allocation Top 15 Holdings its investments will be selected through the sampling process,and at least 80%of its assets will be invested in bonds held in the index. Inv Bmkl Portfolio Shares Cash% 0.95 Weighting% US Treasury Note 1.25% 768,246,300 1.50 Fees and Expenses US Equity% 0.00 US Treasury Note 1.25% 735,401,000 1.45 Max Front Load Non-US Equity% 0.00 US Treasury Note 1.375% 723,270,000 1.44 Bond% 99.05 US Treasury Note 1.375% 702,263,000 1.40 Management Fee 0.06 Other% 0.01 US Treasury Note 1.5% 686,024,000 1.38 Prospectus Gross Expense Ratio 0.07 US Treasury Note 1.125% 697,653,000 1.36 r00i 12b-1 Fee Equity Style Portfolio Statistics US Treasury Note 1.875% 670,005,000 1.34 Morningstar Equity Style Box'" p/E Ratio US Treasury Note 1.625% 662,760,000 1.33 Prospectus Net Expense Ratio 0.07 US Treasury Note 1.125% 653,087,500 1.27 Deferred Load P/C Ratio US Treasury Note 1.25% 624,678,500 1.25 P/B Ratio US Treasury Note 1.375% 613,845,000 1.21 Morningstar Ratings Not Available Avg Mkt Cap(mill US Treasury Note 1.625% 575,533,800 1.16 Morningstar Rating Overall US Treasury Note 1% 558,419,000 1.12 US Treasury Note 1.375% 555,036,000 1.10 Morningstar Rating 3 Yr *** US Treasury Note 1.375% 540,182,000 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 2.78 3 years 5 years 10 years cQ ° Inv Bmk1 _ Avg Eff Maturity 2.90 Americas/o Morningstar Return 0.98 1.00 2.39 Greater Europe% � Avg Credit Quality AA Morningstar Risk 0.02 0.02 0.03 Q Greater Asia% _ Avg Coupon 1.99 CD Avg Price 100.51 Sector Weightings Risk It MPT Statistics g Inv Bmkl 3 years 5 years 10 years Ltd Mod Ext Basic Materials% Std Dev 1.37 1.26 1.86 Credit Quality Consumer Cyclical% Median 0.11 0.12 0.23 Inv Bmk1 Financial Services% Sharpe Ratio 0.72 0.79 1.32 AAA% 70.65 Real Estate% Alpha -0.12 -0.13 -0.10 AA% 4.99 Consumer Defensive% Beta 1.03 1.02 1.01 A% 12.05 Healthcare% R2 99.53 99.45 99.45 BBB% 12.31 Utilities% 12 Mo Yield 1.53 BB% 0.00 Communication Services% B% 0.00 Energy% SEC Yield 1.69 B% 0.00 Industrials% Potential Capital Gains Exposure -0.08 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 49,885,926,202 Manager Tenure(Years) 4.42 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:6/30/2017 BND Benchmark 2:BBgBarc US Agg Float Adj TR USD Portfolio Date:6/30/2017 Category: US Fund Intermediate-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2812 to 6/30/2017 2017 0.90 1.50 2.96 115 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 5.96 108 2013 -0.03 -2.43 0.57 -0.24 -2.14 105 2012 0.21 2.13 1.58 0.07 4.04 103 Trailing Returns � 100 1 year 3 years 5 years 10 years 98 Risk-Adj Ret -1.12 2.08 1.86 3.81 2012 2013 2014 2015 2016 2017 Std Dev 0.93 3.13 3.02 3.38 Return -0.45 2.44 2.14 4.44 Vanguard Total Bond Market ETF 111.1 BBgBarc US Agg Bond TR USD 111.6 Ret+/-Index 0.14 0.04 0.08 0.04 YTD Cat Rank 2016 %Rank Cat 2015 Cat%Rank 2014 %Rank Cat 2013 Cat%Rank 2012 %Rank Cat Vanguard Total Bond Market ETF 2.42 58 2.57_ 70 _ 0.39 64 _5.96 50 -2.14 60 4.04 50 The investment seeks the performance of Bloomberg Barclays U.S. BBgBarc US Agg Bond TR USD 2.27 68 2.65 61 0.55 40 5.97 46 -2.02 46 4.21 34 Aggregate Float Adjusted Index.Bloomberg Barclays U.S.Aggregate - Heat Adjusted Index represents a wide spectrum of public,investment- Median 2.44 2.94 0.48 5.96 -2.08 4.04 grade,taxable,fixed income securities in the United States-including Count 25 18 15 11 11 9 government,corporate,and international dollar-denominated 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 through the Asset Allocation Top 15 Holdings sampling process,and at least 80%of its assets will be invested in bonds Inv Bmkl Portfolio held in the index. Shares Weighting% Cash% 1.90 US Treasury Note 3.625% 941,942,000 0.53 Fees and Expenses US Equity% 0.00 US Treasury Note 2.125% 976,901,500 0.52 Max Front Load Non-US Equity% 0.00 US Treasury Note 2.625% 853,684,000 0.47 Bond% 98.08 US Treasury Note 1°/n 870,142,000 0.47 Management Fee 0.04 Other% 0.02 US Treasury Note 1.75% 864,703,000 0.46 Prospectus Gross Expense Ratio 0.05 US Treasury Note 2.25% 750,907,000 0.40 rQ1i 12b-1 Fee Equity Style Portfolio Statistics US Treasury Note 1% 735,920,000 0.39 US Treasury Note 1.25% 709,298,000 0.38 Morningstar Equity Style Box'" p/E Ratio ry Prospectus Net Expense Ratio 0.05 US Treasury Note 1.625% 716,159,500 0.37 Deferred Load P/C Ratio US Treasury Note 2.5% 657,918,000 0.36 P/B Ratio US Treasury Note 3.375% 640,633,000 0.36 Morningstar Ratings Not Available Avg Mkt Cap(mill US Treasury Note 2.375% 659,189,900 0.36 Morningstar Rating Overall ,ter* US Treasury Bond 2.5% 708,277,000 0.36 US Treasury Note 1.625% 694,677,000 0.35 Morningstar Rating 3 Yr *** US Treasury Note 0.75% 644,537,000 0.34 Morningstar Rating 5 Yr *** Fixed Income Style Portfolio Statistics . Regional Exposure Morningstar Rating 10 Yr *** Morningstar Fixed Income Style Box'" Avg Eff Duration 6.14 3 years 5 years 10 years cQ ° Inv Bmk1 _ Avg Eff Maturity 8.40 Americas/o Morningstar Return 2.17 1.95 3.93Greater Europe% � Avg Credit Quality AA Morningstar Risk 0.10 0.09 0.12 Q Greater Asia% _ Avg Coupon 3.09 CD Avg Price 103.97 Sector Weightings Risk It MPT Statistics g Inv Bmkl 3 years 5 years 10 years Ltd Mod Ext Basic Materials% Std Dev 3.13 3.02 3.38 IN Consumer Cyclical Credit Oualdy Median 0.14 0.11 0.30 Inv Bmk1 Financial Services% Sharpe Ratio 0.70 0.65 1.16 AAA% 69.34 Real Estate% Alpha -0.20 -0.18 -0.14 AA% 4.02 Consumer Defensive% Beta 1.07 1.05 1.03 A% 11.69 Healthcare% R2 99.41 99.36 99.04 BBB% 14.95 Utilities% 12 Mo Yield 2.43 BB% 0.00 Communication Services% B% 0.00 Energy% SEC Yield 2.38 B% 0.00 Industrials% Potential Capital Gains Exposure 1.47 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 183,445,384,509 Manager Tenure(Years) 4.42 Minimum Initial Purchase Investment Type Exchange-Traded Fund Prospectus Objective Income Closed to New Inv No Turnover Ratio% 61.00 Virtus Seix Floating Rate High Inc IS Benchmark 1:W/LSTA Leveraged Loan TR Return Date:6/30/2017 SFRZX Benchmark 2:Credit Suisse Leveraged Loan USD Portfolio Date:6/30/2017 Category: US Fund Bank Loan Performance r Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Penod:2/3/2015 to 6/30/2017 2017 1.16 0.54 2.25 113 2016 1.97 3.38 3.24 2.23 11.25 110 2015 0.87 -1.79 -2.38 108 2014 2013 105 2012 103 Trailing Returns 100 1 year 3 years 5 years 10 years 98 Risk-AdjRet 6.69 6/2015 12/2015 6/2016 12/2016 6/2017 Std Day 0.47 Return 7.34 =Virtus Seix Floating Rate High Inc IS 111.8 -S&P/LSTA Leveraged Loan TR 111.1 Ret+/-Index -0.09YTD %Rank %Rank %Rank %Rank %Rank %Rank Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012_ Cat Virtus Seix Floating Rate High Inc IS 1.70 38 11.25 22 The investment seeks a high level of current income.The S6P/LSTA Leveraged Loan TR 1.91 25 10.16 35 -0.69 40 1.60 8_ 5.29 43 9.66 30 fund normally invests at least 80%of its net assets(plus Median 1.57 8.95 -1.22 0.51 5.15 8.88 any borrowings for investment purposes)in short duration Count 233 221 208 205 170 158 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 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 certain hedging transactions. o Weighting% Cash/0 6.59 Clarke Amern Corp Tranche B 6 Term Loan 108,198,004 1.68 Fees and Expenses US Equity% 0.07 Energy Transfer Equity L P Senior Secured Term Loan 86,605,000 1.34 Non-US Equity% 0.00 Ziggo Secd Fin B V Term Loan E 84,360,000 1.31 Max Front Load Bond% 86.17 Hilton Worldwide Fin He Term Loan 81,215,009 1.27 Management Fee 0.41 Level 3 Financing Inc Tranche B 2024 78,145,000 1.22 Other% 7.16 Caesars Entertainment Operatin Extended Term Loan B6 64,549,680 1.19 v Prospectus Gross Expense Ratio 0.64 Equity Style Portfolio Statistics Sprint Communications Inc Term Loan B 73,096,800 1.14 12b-1 Fee Morningstar Equity Style Box'" p/E Ratio Ineos Us Fin Llc 2022 Term Loan 67,766,340 1.06 Prospectus Net Expense Ratio 0.53 Clear Channel Communications Term Loan E 72,072,285 0.91 Deferred Load P/C Ratio 3.28 Centurylink Inc.2017 Term Loan B 57,710,000 0.89 P/B Ratio 1.28 Change Healthcare Hldgs Inc Term Loan B 56,618,100 0.88 Morningstar Ratings Not Available Avg Mkt Cap(mil) 2,490.08 Glp Ling LlcTerm Loan A 56,656,294 0.87 9 9 Morningstar Rating Overall Asurion Llc Second Lien 54,556,489 0.85 First Data Corp 20224 New Dollar Term Loans 54,774,811 0.85 Morningstar Rating 3 Yr Valeant Pharmaceuticals Int.Term Loan B F1 53,824,298 0.85 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 4.63 Americas% 100.00 Morningstar Return Avg Credit Quality B Greater Europe% 0.00 Morningstar Risk Not Available Avg Coupon 1.27 Greater Asia% 0.00 Av Risk It MPT Statistics g Price Sector Weightings Inv Bmk1 3 years 5 years 10 years Basic Materials% 0.00 Std Day Credit Quality Consumer Cyclical% 0.00 Median Inv Bmk1 Financial Services% 0.00 Sharpe Ratio AAA% Real Estate% 0.00 Alpha AA% Consumer Defensive% 0.00 Beta A% Healthcare% 0.00 R2 BBB% Utilities% 0.00 313% Communication Services% 0.00 12 Mo Yield 4.65 Energy% 100.00 B% SEC Yield 4.29 B% Industrials% 0.00 Potential Capital Gains Exposure -5.20 Not Rated% Technology% 0.00 Operations Firm Name Virtus Base Currency US Dollar Inception Date 2/2/2015 Manager Name George Goudelias Ticker SFRZX Fund Size 6,177,376,204 Manager Tenure(Years) 11.33 Minimum Initial Purchase 0 Investment Type Open-End Fund Prospectus Objective Income Closed to New Inv No Turnover Ratio% 79.00 Western Asset Core Plus Bond I Benchmark 1: BBgBarc US Agg Bond TR USD Return Date:6/30/2017 WACPX Benchmark 2:BBgBarc US Agg Bond TR USD Portfolio Date:6/30/2017 Category: US Fund Intermediate-Term Bond Performance Investment Growth 1 st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Time Period:7/1/2012 to 6/30/2017 2017 1.91 2.68 5.70 125 2016 2.59 2.91 1.58 -2.29 4.79 120 2015 2.18 -1.80 0.72 0.24 1.31 115 2014 2.78 2.84 0.35 1.52 7.68 2013 0.55 -2.64 0.64 0.41 -1.07 110 2012 2.17 2.33 2.90 0.80 8.44 105 Trailing Returns 100 1 year 3 years 5 years 10 years 95 Risk-Adj Ret 3.15 3.83 3.89 5.12 2012 2013 2014 2015 2016 2017 Std Dev 0.99 3.24 3.23 5.65 Return 3.86 4.21 4.19 5.97 -Western Asset Core Plus Bond 1 122.8 BBgBarc US Agg Bond TR USD 111.6 Rank %Rank %Rank %Rank %Rank %Rank Ret+/-Index 4.17 1.73 1.97 1.50 YTD Cat 2016 Cat 2015 Cat 2014 Cat 2013 Cat 2012 Cat Western Asset Core Plus Bond 1 4.64 2 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 2.27 66 2.65 62 0.55 21 5.97 28 -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 2.51 2.97 0.01 5.53 -1.63 6.63 normal market conditions,will invest at least 80%of its net assets in Count 997 940 870 833 799 725 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 Inv Bmkl Portfolio subadvisers.The fund may invest up to 20%of its total assets in non-U.S. Shares Weighting dollar denominated securities. Cash% -2.25 US Treasury Bond 3.75% 631,720,000 3.95 Fees and Expenses US Equity% 0.16 US Treasury Bond 3% 496,760,000 2.72 Max Front Load Non-US Equity% 0.00 Fed Natl Mort Assc 3.5% 480,600,000 2.61 Bond% 96.53 US Treasury Bond 3.375% 411,835,000 2.42 Management Fee 0.40 Other% 5.68 Govt Natl Mtg Asso 3.5% 438,600,000 2.40 v Prospectus Gross Expense Ratio 0.52 US Treasury Note 2.125°/n 413,050,000 2.20 12b-1 Fee Equity Style Portfolio Statistics FHLMC 3% 355,600,000 1.88 Morningstar Equity Style Box'" p/E Ratio US Treasury Bond 2.875% 310,755,000 1.66 Prospectus Net Expense Ratio 0.45 Govt Natl Mtg Asso 3% 304,000,000 1.62 Deferred Load P/C Ratio US Treasury Note 247,180,000 1.35 P/B Ratio US Treasury Note 2.125% 240,720,000 1.27 Morningstar Ratings ■ Avg Mkt Cap(mill FHLMC 3.5% 212,400,000 1.15 Morningstar Rating Overall d US Treasury Note 2°/n 218,585,000 1.15 FNMA 4% 180,371,820 1.01 Morningstar Rating 3 Yr ***** value Blend Growth Fed Natl Mort Assc 3% 189,480,000 1.00 Morningstar Rating 5 Yr ***** Fixed Income Style Portfolio Statistics Regional Exposure Morningstar Rating 10 Yr Morningstar Fixed Income Style Box'" Avg Eff Duration 6.77 3 years 5 years 10 years cQ ° Inv Bmk1 Avg Eff Maturity Americas/o Morningstar Return 3.94 3.99 5.45 Greater Europe% � Avg Credit Quality BBB Morningstar Risk 0.11 0.11 0.34 Q Greater Asia% Avg Coupon 3.91 CD Sector Weightings Risk It MPT Statistics AL Avg Price Inv Bmk1 3 years 5 years 10 years Ltd Mod Ext Basic Materials% Std Dev 3.24 3.23 5.65 Credit Quality Consumer Cyclical% Median 0.43 0.40 0.56 Inv Bmk1 Financial Services% Sharpe Ratio 1.21 1.23 0.96 AAA% 52.44 Real Estate% Alpha 1.70 1.84 1.11 AA% 4.41 Consumer Defensive% Beta 1.00 1.04 1.11 A% 14.75 Healthcare% R2 79.98 85.63 40.23 BBB% 11.53 Utilities% 12 Mo Yield 3.57 BB% 7.25 Communication Services% B% 3.60 Energy% SEC Yield 2.85 B% 3.60 Industrials% Potential Capital Gains Exposure 0.89 Not Rated% 2.42 Technology% Operations Firm Name Legg Mason Base Currency US Dollar Inception Date 7/8/1998 Manager Name Carl L.Eichstaedt Ticker WACPX Fund Size 19,507,528,979 Manager Tenure(Years) 19.00 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 H C!1 N V 4-J^^ nL W nE W m N V x 4-J 4A 4� E o - 0 C> Q c is 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 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 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 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- H c!� N vL 7 N"M Q) Mo. 401 > V N c y ° p ra aJ v 1 0 f OLVNf6 2 v t- N L r_ v c a ,�aU c a� vvi +' a c Dn 4� v+ ii ra NY fa fa �-+ a1 R t O c O L N C f6 U ,V+ Q ° H r6 N c N 0 CU IE v+�T ° v� i ?, O on CO O,, p_J U , on 3 L N Q) Q1 — a, T 3 N!U- �+-0 m 0 N Y M u a1 N Q) N_ L ra O M C C ��m N ja� � > � N fa aLn fa � H r6 v v N �N° > °oma ° � m� s� a v � u a E . u N a� �„� c u c o 0 c° lyJ +�+a)N R a�.N ie L O 0 rev Q, >a ^+ a, °v L O L a Q c +, nmN 3me>Ln -0 r ;, c E Ln CU O ua Ii c i N '^i ° j 7 C i E N on+, E .O O N W f6 O On LL- C: .L f6 Ci �"'' N07 Oa1C E +, Ln Npn m U L Z) a) N C TO V L'c ate-+ O ret fa OI i +� On O �-, c f6 C j of L f6 O U Ni m N Lcu mn on fa.- ate p ° 7 M � d N � ,.,0 > fe N C >,on,-, t6 N "0_ `O ra L 4- E N U C N y aJ U re U U > O Z ra N E a L OJNU0 C C•^fa fa> fO c 0 7 Oan C�L fa -0 u v L -.0 N --fa 0 •� cd Ln X N �c c vr°ac pc� L vim ' �� } v� aJ rLo u >, 7 Y N w�.- U r6 o H j L N N= Z -O U c 7r V UV.O favOi 00f6 NTfOfa Z) +O -pu M L QJ T N S V N i � u.c-p � N N� > c N r Y a•.+ d C c�Y 7a aOO ,r6 L`��0+.� .. �v "� rL6 Q� C N are C O N Z>,E T. p— N Ov CO > a Z) N C O ,^ aJ N o Y �J on 7 r6 m ra u -N 0.0 0. O C >_ C C E E '�.'^ O�+ r6 to L >'CO�-+3 i � C V C+-' Ql -O>'^ f6 fa on- ELn N CU cu C L E U l> ra HJ7 fad ya-�p R reO•L �f�e >c - C: on O O i N N 0 ( C u cu N a c on a; C Ln L ^ cv-0 vE >,cu c fn � vmL c Z)� ° u Qic c � � COw� �' a) N.re fa J N C p a� N �"0 rCp O Q) vOi t!f f6 ,, -(U � � >V� T °-6 Q) C w �� �J m N N aJ E 0p a, ce ��fa � a`omfe o �� faE > u_ +, m L 4, L�0 Ton "Ow • Cf6LNC a1 EU Q J j O i L,C Cy C 7 V a� a1 y, N N L N Dn L 7 N O DI E a fa T 'e a� V1 c N„ E .� cu ,O'V Q) } U U V) ac onauL v 4.- f, L° +,� EO Z c c u vOi R C U O C _ Y Ron a Y s C N '>o I ffa f�6 fie N/^7 °: E L `^ v+ ,•�N m-(u :50 fa 0 fa N-C r�6 � on T C C E Lf) ra Z Q,L fa N j io+ a 0 CU fa N C p V fa fa-0 O, Q) p ON -C70 N•� LOQ C C: fa O VN Orb � C C Qu _� m > � c o-0 3-0 ce c R N C u E v+ 'N > }+ V)fa m +TOcn °° � `6 > v C-fa �•r6 0. �; U r6 'n vvi 0 > �..� Q) p reon aJ t E ,N V C Y •U 7 L CV0 C ra NN �L+^' C O NiC c r6 C C L - -O LL ra N'a rce C N 3 d N L ON Ln+, n j O C Q) LL O Q1 �+a Q E fa Q) MM �+' C Q)c Y N to c O U OL E-0 0-9 L • a) v yam,.V O -°p'pn c 7 on c O QJ O_ Q1 cua 0-- Nw C i+ iLn I fa N -o.= •° on L N C O MLA(U Q, 3: Lm•° (uc� �*„ a fcey � � �iU� m c � u LA E 3 C �'n f6 y7) N ^n L O 'J N O p ra L Q) on�Q) 0 ^� C w+ a,N} Q) TZ a Zf to L m L 0 ++ C Vfc5 41 y•O R w R 7�v O a1 N i p •V °fa 7 �b Q� Q) ^ "� >� r�if .E O (C >c re E o re _ u c H— o c'C ���pnn p z O c c ro L a `l ,� >_ �+fa C O V ° C C N °v t.� C E N Q) r6 O m E oo a�'o - ���Nv va, f,� Ho 7� O c r"'o C N�, Q) C L 7 •� E L,V C 4- r6 on— p O E°c v.^ v�o a _ N7 v EE 0 i 0 -0 a, R�(U V u C C -p tem V \ N 0.- v v onN Q1 Q] 'y �' N •C CE �-0 fl(U u, v Nfa CN > C ° N �L ° re NJ C v v c`�0 N � cO.'^ aN+ C yiV., oMEcce fac Cv C-0 >� v J 2 m v OL E d �> N N L—� L N fa> c c L +, N O_ L t Eu. ya 01-0 ° v � �Hon:� ° cu vv _ c L- ro N v O E v Orr-C L c LnN ° 0 'n� 7 vy w on v a1 fa"� t7f N N N C L a -p Z, (� ra a, a� v 3 v L ('D a� c N fll T fa o re on L c Q' a C 3 c ui Q� r6 c L N V %-._ N fy^6 0 d L R V)0.> v v a1 fa O fa °0 .� L.1 Q) u j � M > ° m ��c `o (U -, u -C �vyonffaC � E `�E fuE � �� zJ m nTvN, y Q) Q) Q) a fa fa R O Rs CLO fv N '^s Op Q) Q1 O O � C io L (U�a� �� +(Uv N c ^3Uu� ° fa v3 Ccu U rodn°� c c M me ° a C V >,-a '^-a V O R a c N C C v•pn Z�+ Q1 Q1 '^ M L a � � � 3:: > fa °c y L C.0 L E 0 C: Q)0 fa Q) an C J U m ra }+ L 0 ++ VI y,-+(U E N �41 c R � ° � > V vOi�° .f^ � v L � r6 E � J � N E N ;6 � L O >O-a c p c>.0-0 z C: foa V c fa > c -^>0 as .�yvLi ra L O 7 Q1 ra N -O O z a cce fn(a rny;a o c o fn ��° on.— E a y ,off °% M Q� c > � a; 4; u w V �+�+N �+ r-+C C w a! �+ �,a, on N N +,V f6 y� +� p .. L (6 r6 >` O Z)�u �`� �fvv� E 0 Lon ruga Lon fa Q) Ev yr'i�`L m � L" Sn, N LL L LQ,E-0 H C LONp'cE �•C Ea Q1E L U 4. L DA 77E 7c 7�0R > Q 7v.> E�� Nfce -c s � j I.i C U 0 V)�a fn re V) -a E — fn— on a 0- , - -0 —fa H v, =1 ra